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rg BT 465.77 328.45 Td (Act. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.27 328.45 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.27 328.45 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.43 328.45 Td (Y) Tj ET Q q 0 0 0 rg BT 495.03 328.45 Td (es) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.53 328.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 504.78 326.51 cm /I3 Do Q /GS0 gs q 9.00 0 0 9.18 511.38 326.51 cm /I4 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.38 328.45 Td (No ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 533.63 326.51 cm /I5 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 316.75 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15\(d\) of the ) Tj ET Q q 0 0 0 rg BT 444.64 316.75 Td (Act. ) Tj ET Q q 0 0 0 rg BT 464.05 316.75 Td (Y) Tj ET Q q 0 0 0 rg BT 469.65 316.75 Td (es ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 479.39 314.81 cm /I6 Do Q /GS0 gs q 9.00 0 0 9.18 486.00 314.81 cm /I7 Do 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281.65 Td (����No��) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 306.82 279.71 cm /I10 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.43 281.65 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 269.95 Td (Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 149.83 258.25 Td ( \(�232.405 of this chapter\) during the preceding 12 months \(or for such shorter period that the registrant was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 246.55 Td (required to submit such files\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 166.39 246.55 Td (Y) Tj ET Q q 0 0 0 rg BT 171.99 246.55 Td (es) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 179.49 246.55 Td (��) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 183.99 244.61 cm /I11 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.59 246.55 Td (���No��) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 212.84 244.61 cm /I12 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.45 246.55 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 234.85 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 250.00 234.85 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 318.09 234.85 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 390.67 234.85 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 475.25 234.85 Td (, a smaller reporting ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 223.15 Td (company) Tj ET Q q 0 0 0 rg BT 82.41 223.15 Td (, or an emer) Tj ET Q q 0 0 0 rg BT 125.22 223.15 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 203.62 223.15 Td (. See the definitions of �lar) Tj ET Q q 0 0 0 rg BT 300.43 223.15 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 368.52 223.15 Td (,� �accelerated filer) Tj ET Q q 0 0 0 rg BT 438.34 223.15 Td (," �smaller reporting company) Tj ET Q q 0 0 0 rg BT 546.90 223.15 Td (,� ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 211.45 Td (and "emer) Tj ET Q q 0 0 0 rg BT 86.74 211.45 Td (ging growth company" in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 283.63 211.45 Td (Act.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 192.21 Td (Lar) Tj ET Q q 0 0 0 rg BT 65.41 192.21 Td (ge accelerated filer) Tj ET Q /GS0 gs q 6.60 0 0 8.44 179.65 190.01 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 192.21 Td (Accelerated filer) Tj ET Q /GS0 gs q 6.60 0 0 8.44 531.65 190.01 cm /I14 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 180.21 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 6.60 0 0 8.44 179.65 178.01 cm /I15 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 180.21 Td (Smaller reporting company) Tj ET Q /GS0 gs q 6.60 0 0 8.44 531.65 178.01 cm /I16 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 168.21 Td (Emer) Tj ET Q q 0 0 0 rg BT 424.33 168.21 Td (ging growth company) Tj ET Q /GS0 gs q 6.60 0 0 8.44 531.65 166.01 cm /I17 Do Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 153.75 Td (If an emer) Tj ET Q q 0 0 0 rg BT 95.81 153.75 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 174.22 153.75 Td (, indicate by check mark if the registrant has elected not to use the extended transition period for complying ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 142.05 Td (with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 437.88 142.05 Td (Act. ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 457.63 140.11 cm /I18 Do Q /GS0 gs q 9.00 0 0 9.18 464.23 140.11 cm /I19 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 130.35 Td (Indicate by check mark whether the registrant has filed a report on and attestation to its management�) Tj ET Q q 0 0 0 rg BT 423.37 130.35 Td (s assessment of the ef) Tj ET Q q 0 0 0 rg BT 501.19 130.35 Td (fectiveness of its ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 118.65 Td (internal control over financial reporting under Section 404\(b\) of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 355.15 118.65 Td (Act \(15 USC 7262\(b\)\) by the registered public ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 106.95 Td (accounting firm that prepared or issued its audit report. ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 254.94 105.01 cm /I20 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 95.25 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 449.12 95.25 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 476.02 95.25 Td (Y) Tj ET Q q 0 0 0 rg BT 481.62 95.25 Td (es ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 491.37 93.31 cm /I21 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.97 95.25 Td ( No ) Tj ET Q BT /F4 9.00 Tf ET /GS0 gs q 6.60 0 0 9.18 513.47 93.31 cm /I22 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 83.55 Td (As of September 30, 2019, the aggregate market value of the registrant's voting stock, consisting of the registrant's common stock, held by ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 71.85 Td (non-af) Tj ET Q q 0 0 0 rg BT 73.33 71.85 Td (filiates was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.31 71.85 Td ($3,101,728,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.56 71.85 Td (. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 60.15 Td (As of May 26, 2020, the number of shares outstanding of the registrant's common stock was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.06 60.15 Td (88,948,622) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.56 60.15 Td (.) Tj ET Q /GS0 gs q 80.00 0 0 19.00 265.00 548.67 cm /I23 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.95 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 256.17 741.90 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.58 741.90 Td ( CONTENTS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 536.90 709.19 Td (Page) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 694.62 Td (Forward-Looking Statements) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 694.62 Td (1) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.00 668.79 Td (P) Tj ET Q q 0 0 0 rg BT 298.63 668.79 Td (AR) Tj ET Q q 0 0 0 rg BT 313.43 668.79 Td (T) Tj ET Q q 0 0 0 rg BT 320.25 668.79 Td ( I) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 655.62 Td (Item�1.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 655.62 Td (Business) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 655.62 Td (3) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 641.62 Td (Item�1A.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 641.62 Td (Risk Factors) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 641.62 Td (18) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 627.62 Td (Item�1B.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 627.62 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 163.25 627.62 Td (f Comments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 627.62 Td (33) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 613.62 Td (Item�2.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 613.62 Td (Properties) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 613.62 Td (33) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 599.62 Td (Item�3.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 599.62 Td (Legal Proceedings) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 599.62 Td (33) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 585.62 Td (Item�4.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 585.62 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 585.62 Td (33) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 290.95 571.79 Td (P) Tj ET Q q 0 0 0 rg BT 296.58 571.79 Td (AR) Tj ET Q q 0 0 0 rg BT 311.38 571.79 Td (T) Tj ET Q q 0 0 0 rg BT 318.20 571.79 Td ( II) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 558.62 Td (Item�5.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 557.67 Td (Market for Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 264.11 557.67 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.50 547.17 Td (Securities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 558.62 Td (34) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 532.62 Td (Item�6.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 532.62 Td (Selected Financial Data) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 532.62 Td (36) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 518.62 Td (Item�7.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 518.62 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 224.84 518.62 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 518.62 Td (37) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 504.62 Td (Item�7A.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 504.62 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 268.13 504.62 Td (About Market Risk) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 504.62 Td (82) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 490.62 Td (Item�8.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 490.62 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 490.62 Td (83) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 476.62 Td (Item�9.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 476.62 Td (Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 227.70 476.62 Td (W) Tj ET Q q 0 0 0 rg BT 237.19 476.62 Td (ith ) Tj ET Q q 0 0 0 rg BT 250.32 476.62 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 317.98 476.62 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 476.62 Td (145) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 462.62 Td (Item�9A.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 462.62 Td (Controls and Procedures) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 462.62 Td (145) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 448.62 Td (Item�9B.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 448.62 Td (Other Information) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 448.62 Td (145) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.90 434.79 Td (P) Tj ET Q q 0 0 0 rg BT 294.53 434.79 Td (AR) Tj ET Q q 0 0 0 rg BT 309.33 434.79 Td (T) Tj ET Q q 0 0 0 rg BT 316.15 434.79 Td ( III) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 421.62 Td (Item�10.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 421.62 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 195.31 421.62 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 421.62 Td (146) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 407.62 Td (Item�1) Tj ET Q q 0 0 0 rg BT 78.23 407.62 Td (1.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 407.62 Td (Executive Compensation) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 407.62 Td (151) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 393.62 Td (Item�12.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 393.62 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 393.62 Td (184) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 379.62 Td (Item�13.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 379.62 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 241.12 379.62 Td (T) Tj ET Q q 0 0 0 rg BT 247.16 379.62 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 379.62 Td (186) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 365.62 Td (Item�14.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 365.62 Td (Principal ) Tj ET Q q 0 0 0 rg BT 135.46 365.62 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 365.62 Td (187) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 289.30 351.79 Td (P) Tj ET Q q 0 0 0 rg BT 294.93 351.79 Td (AR) Tj ET Q q 0 0 0 rg BT 309.73 351.79 Td (T) Tj ET Q q 0 0 0 rg BT 316.55 351.79 Td ( IV) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 338.62 Td (Item�15.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 338.62 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 338.62 Td (188) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 324.62 Td (Item�16.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 324.62 Td (Form 10-K Summary) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.75 324.62 Td (191) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (FOR) Tj ET Q q 0 0 0 rg BT 71.30 741.90 Td (W) Tj ET Q q 0 0 0 rg BT 80.63 741.90 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 172.91 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 179.71 741.90 Td (TEMENTS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 717.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 717.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.59 717.30 Td (have ) Tj ET Q q 0 0 0 rg BT 87.78 717.30 Td (made ) Tj ET Q q 0 0 0 rg BT 112.88 717.30 Td (in ) Tj ET Q q 0 0 0 rg BT 123.41 717.30 Td (this ) Tj ET Q q 0 0 0 rg BT 140.94 717.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 171.88 717.30 Td (on ) Tj ET Q q 0 0 0 rg BT 184.74 717.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 209.86 717.30 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 236.43 717.30 Td (and ) Tj ET Q q 0 0 0 rg BT 253.95 717.30 Td (from ) Tj ET Q q 0 0 0 rg BT 276.72 717.30 Td (time ) Tj ET Q q 0 0 0 rg BT 297.75 717.30 Td (to ) Tj ET Q q 0 0 0 rg BT 308.28 717.30 Td (time ) Tj ET Q q 0 0 0 rg BT 329.30 717.30 Td (may ) Tj ET Q q 0 0 0 rg BT 349.74 717.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 392.93 717.30 Td (make ) Tj ET Q q 0 0 0 rg BT 418.03 717.30 Td (in ) Tj ET Q q 0 0 0 rg BT 428.56 717.30 Td (our ) Tj ET Q q 0 0 0 rg BT 444.92 717.30 Td (public ) Tj ET Q q 0 0 0 rg BT 473.53 717.30 Td (filings, ) Tj ET Q q 0 0 0 rg BT 505.35 717.30 Td (press ) Tj ET Q q 0 0 0 rg BT 529.29 717.30 Td (releases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.16 704.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 111.97 704.70 Td (by ) Tj ET Q q 0 0 0 rg BT 123.97 704.70 Td (our ) Tj ET Q q 0 0 0 rg BT 139.46 704.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 197.23 704.70 Td ("forward-looking ) Tj ET Q q 0 0 0 rg BT 271.82 704.70 Td (statements" ) Tj ET Q q 0 0 0 rg BT 321.93 704.70 Td (within ) Tj ET Q q 0 0 0 rg BT 350.26 704.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.58 704.70 Td (meaning ) Tj ET Q q 0 0 0 rg BT 402.23 704.70 Td (of ) Tj ET Q q 0 0 0 rg BT 412.47 704.70 Td (the ) Tj ET Q q 0 0 0 rg BT 426.79 704.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 446.96 704.70 Td (Private ) Tj ET Q q 0 0 0 rg BT 478.20 704.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 521.10 704.70 Td (Litigation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Reform ) Tj ET Q q 0 0 0 rg BT 84.73 692.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 103.94 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.73 692.10 Td (1995, ) Tj ET Q q 0 0 0 rg BT 144.40 692.10 Td (including ) Tj ET Q q 0 0 0 rg BT 188.11 692.10 Td (information ) Tj ET Q q 0 0 0 rg BT 241.73 692.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 277.85 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.06 692.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 340.17 692.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 373.97 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.18 692.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 430.17 692.10 Td (mar) Tj ET Q q 0 0 0 rg BT 446.30 692.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 467.85 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 480.65 692.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 520.27 692.10 Td (per ) Tj ET Q q 0 0 0 rg BT 537.72 692.10 Td (share, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 679.50 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 99.34 679.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 136.94 679.50 Td (in ) Tj ET Q q 0 0 0 rg BT 148.89 679.50 Td (our ) Tj ET Q q 0 0 0 rg BT 166.67 679.50 Td (business ) Tj ET Q q 0 0 0 rg BT 206.04 679.50 Td (or ) Tj ET Q q 0 0 0 rg BT 218.57 679.50 Td (in ) Tj ET Q q 0 0 0 rg BT 230.52 679.50 Td (the ) Tj ET Q q 0 0 0 rg BT 247.12 679.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 282.40 679.50 Td (of ) Tj ET Q q 0 0 0 rg BT 294.93 679.50 Td (our ) Tj ET Q q 0 0 0 rg BT 312.71 679.50 Td (client ) Tj ET Q q 0 0 0 rg BT 339.81 679.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 368.09 679.50 Td (under ) Tj ET Q q 0 0 0 rg BT 395.78 679.50 Td (management ) Tj ET Q q 0 0 0 rg BT 453.21 679.50 Td (\(�AUM�\) ) Tj ET Q q 0 0 0 rg BT 497.80 679.50 Td (or ) Tj ET Q q 0 0 0 rg BT 510.33 679.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.61 679.50 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.90 Td (advisement ) Tj ET Q q 0 0 0 rg BT 98.89 666.90 Td (\(�AUA�\), ) Tj ET Q q 0 0 0 rg BT 142.14 666.90 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 189.77 666.90 Td (future ) Tj ET Q q 0 0 0 rg BT 216.40 666.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 271.02 666.90 Td (of ) Tj ET Q q 0 0 0 rg BT 281.33 666.90 Td (our ) Tj ET Q q 0 0 0 rg BT 296.89 666.90 Td (business, ) Tj ET Q q 0 0 0 rg BT 336.67 666.90 Td (including ) Tj ET Q q 0 0 0 rg BT 377.90 666.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 416.77 666.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 453.91 666.90 Td (per ) Tj ET Q q 0 0 0 rg BT 468.88 666.90 Td (share ) Tj ET Q q 0 0 0 rg BT 492.60 666.90 Td (in ) Tj ET Q q 0 0 0 rg BT 502.33 666.90 Td (future ) Tj ET Q q 0 0 0 rg BT 528.97 666.90 Td (periods, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 654.30 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 99.09 654.30 Td (future ) Tj ET Q q 0 0 0 rg BT 127.69 654.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 177.30 654.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 233.88 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 246.15 654.30 Td (our ) Tj ET Q q 0 0 0 rg BT 263.68 654.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 318.52 654.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 342.46 654.30 Td (management ) Tj ET Q q 0 0 0 rg BT 399.64 654.30 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 452.75 654.30 Td (\(which ) Tj ET Q q 0 0 0 rg BT 485.43 654.30 Td (we ) Tj ET Q q 0 0 0 rg BT 501.20 654.30 Td (refer ) Tj ET Q q 0 0 0 rg BT 524.54 654.30 Td (to ) Tj ET Q q 0 0 0 rg BT 536.24 654.30 Td (as ) Tj ET Q q 0 0 0 rg BT 548.52 654.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.70 Td (�af) Tj ET Q q 0 0 0 rg BT 62.13 641.70 Td (filiates�\), ) Tj ET Q q 0 0 0 rg BT 103.76 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 120.04 641.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 159.63 641.70 Td (future ) Tj ET Q q 0 0 0 rg BT 186.97 641.70 Td (net ) Tj ET Q q 0 0 0 rg BT 202.08 641.70 Td (client ) Tj ET Q q 0 0 0 rg BT 227.68 641.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 248.62 641.70 Td (flows, ) Tj ET Q q 0 0 0 rg BT 276.85 641.70 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 325.19 641.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 361.29 641.70 Td (levels, ) Tj ET Q q 0 0 0 rg BT 390.69 641.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 426.78 641.70 Td (in ) Tj ET Q q 0 0 0 rg BT 437.23 641.70 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 480.03 641.70 Td (the ) Tj ET Q q 0 0 0 rg BT 495.14 641.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 534.73 641.70 Td (ef) Tj ET Q q 0 0 0 rg BT 542.70 641.70 Td (fects ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.69 629.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 115.91 629.10 Td (including ) Tj ET Q q 0 0 0 rg BT 158.02 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.28 629.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 214.22 629.10 Td (mer) Tj ET Q q 0 0 0 rg BT 230.35 629.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 246.20 629.10 Td (between ) Tj ET Q q 0 0 0 rg BT 283.62 629.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 307.63 629.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 338.65 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.25 629.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 394.27 629.10 Td (Resources, ) Tj ET Q q 0 0 0 rg BT 442.49 629.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 460.96 629.10 Td (\(�Franklin ) Tj ET Q q 0 0 0 rg BT 506.97 629.10 Td (T) Tj ET Q q 0 0 0 rg BT 512.65 629.10 Td (empleton�\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 616.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.18 616.50 Td (expectations ) Tj ET Q q 0 0 0 rg BT 122.18 616.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 164.93 616.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 204.18 616.50 Td (market ) Tj ET Q q 0 0 0 rg BT 235.85 616.50 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 284.56 616.50 Td (The ) Tj ET Q q 0 0 0 rg BT 303.41 616.50 Td (words ) Tj ET Q q 0 0 0 rg BT 331.59 616.50 Td (or ) Tj ET Q q 0 0 0 rg BT 342.85 616.50 Td (phrases ) Tj ET Q q 0 0 0 rg BT 376.86 616.50 Td ("can ) Tj ET Q q 0 0 0 rg BT 398.24 616.50 Td (be," ) Tj ET Q q 0 0 0 rg BT 417.58 616.50 Td ("may ) Tj ET Q q 0 0 0 rg BT 442.46 616.50 Td (be," ) Tj ET Q q 0 0 0 rg BT 461.80 616.50 Td ("expects," ) Tj ET Q q 0 0 0 rg BT 507.01 616.50 Td ("may ) Tj ET Q q 0 0 0 rg BT 531.89 616.50 Td (af) Tj ET Q q 0 0 0 rg BT 539.86 616.50 Td (fect," ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.90 Td ("may ) Tj ET Q q 0 0 0 rg BT 74.94 603.90 Td (depend," ) Tj ET Q q 0 0 0 rg BT 115.26 603.90 Td ("believes," ) Tj ET Q q 0 0 0 rg BT 163.94 603.90 Td ("estimate," ) Tj ET Q q 0 0 0 rg BT 213.20 603.90 Td ("project," ) Tj ET Q q 0 0 0 rg BT 256.63 603.90 Td ("anticipate" ) Tj ET Q q 0 0 0 rg BT 309.10 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 327.34 603.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 359.58 603.90 Td (words ) Tj ET Q q 0 0 0 rg BT 388.33 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 406.57 603.90 Td (phrases ) Tj ET Q q 0 0 0 rg BT 441.14 603.90 Td (are ) Tj ET Q q 0 0 0 rg BT 457.04 603.90 Td (intended ) Tj ET Q q 0 0 0 rg BT 496.27 603.90 Td (to ) Tj ET Q q 0 0 0 rg BT 507.52 603.90 Td (identify ) Tj ET Q q 0 0 0 rg BT 543.26 603.90 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 591.30 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 123.21 591.30 Td (statements. ) Tj ET Q q 0 0 0 rg BT 175.05 591.30 Td (Such ) Tj ET Q q 0 0 0 rg BT 200.95 591.30 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 274.66 591.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 323.88 591.30 Td (are ) Tj ET Q q 0 0 0 rg BT 341.59 591.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 376.23 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 389.29 591.30 Td (various ) Tj ET Q q 0 0 0 rg BT 425.09 591.30 Td (known ) Tj ET Q q 0 0 0 rg BT 458.57 591.30 Td (and ) Tj ET Q q 0 0 0 rg BT 478.63 591.30 Td (unknown ) Tj ET Q q 0 0 0 rg BT 522.60 591.30 Td (risks ) Tj ET Q q 0 0 0 rg BT 547.34 591.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.70 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 105.71 578.70 Td (and ) Tj ET Q q 0 0 0 rg BT 123.44 578.70 Td (we ) Tj ET Q q 0 0 0 rg BT 138.26 578.70 Td (caution ) Tj ET Q q 0 0 0 rg BT 171.73 578.70 Td (readers ) Tj ET Q q 0 0 0 rg BT 204.61 578.70 Td (that ) Tj ET Q q 0 0 0 rg BT 222.93 578.70 Td (any ) Tj ET Q q 0 0 0 rg BT 240.66 578.70 Td (forward- ) Tj ET Q q 0 0 0 rg BT 279.95 578.70 Td (looking ) Tj ET Q q 0 0 0 rg BT 314.61 578.70 Td (information ) Tj ET Q q 0 0 0 rg BT 366.75 578.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 406.64 578.70 Td (by ) Tj ET Q q 0 0 0 rg BT 419.71 578.70 Td (or ) Tj ET Q q 0 0 0 rg BT 431.03 578.70 Td (on ) Tj ET Q q 0 0 0 rg BT 444.10 578.70 Td (behalf ) Tj ET Q q 0 0 0 rg BT 472.90 578.70 Td (of ) Tj ET Q q 0 0 0 rg BT 484.22 578.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 508.36 578.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 539.51 578.70 Td (is ) Tj ET Q q 0 0 0 rg BT 549.09 578.70 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 566.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 100.22 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.59 566.10 Td (future ) Tj ET Q q 0 0 0 rg BT 139.29 566.10 Td (performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.90 Td (Actual ) Tj ET Q q 0 0 0 rg BT 80.42 540.90 Td (results ) Tj ET Q q 0 0 0 rg BT 110.77 540.90 Td (may ) Tj ET Q q 0 0 0 rg BT 131.78 540.90 Td (dif) Tj ET Q q 0 0 0 rg BT 143.26 540.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 157.85 540.90 Td (materially ) Tj ET Q q 0 0 0 rg BT 203.35 540.90 Td (from ) Tj ET Q q 0 0 0 rg BT 226.69 540.90 Td (those ) Tj ET Q q 0 0 0 rg BT 251.79 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 262.89 540.90 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 334.64 540.90 Td (information ) Tj ET Q q 0 0 0 rg BT 387.15 540.90 Td (due ) Tj ET Q q 0 0 0 rg BT 405.24 540.90 Td (to ) Tj ET Q q 0 0 0 rg BT 416.35 540.90 Td (various ) Tj ET Q q 0 0 0 rg BT 450.19 540.90 Td (factors, ) Tj ET Q q 0 0 0 rg BT 484.32 540.90 Td (some ) Tj ET Q q 0 0 0 rg BT 509.42 540.90 Td (of ) Tj ET Q q 0 0 0 rg BT 521.10 540.90 Td (which ) Tj ET Q q 0 0 0 rg BT 549.69 540.90 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (beyond ) Tj ET Q q 0 0 0 rg BT 82.17 528.30 Td (our ) Tj ET Q q 0 0 0 rg BT 97.93 528.30 Td (control, ) Tj ET Q q 0 0 0 rg BT 132.06 528.30 Td (including, ) Tj ET Q q 0 0 0 rg BT 176.11 528.30 Td (but ) Tj ET Q q 0 0 0 rg BT 191.29 528.30 Td (not ) Tj ET Q q 0 0 0 rg BT 206.46 528.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 237.97 528.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 250.53 528.30 Td (those ) Tj ET Q q 0 0 0 rg BT 274.45 528.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 316.46 528.30 Td (below ) Tj ET Q q 0 0 0 rg BT 343.89 528.30 Td (and ) Tj ET Q q 0 0 0 rg BT 360.81 528.30 Td (those ) Tj ET Q q 0 0 0 rg BT 384.73 528.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 426.74 528.30 Td (under ) Tj ET Q q 0 0 0 rg BT 452.41 528.30 Td (the ) Tj ET Q q 0 0 0 rg BT 467.00 528.30 Td (heading ) Tj ET Q q 0 0 0 rg BT 502.00 528.30 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 527.30 528.30 Td (Factors" ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 515.70 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 111.65 515.70 Td (in ) Tj ET Q q 0 0 0 rg BT 122.32 515.70 Td (this ) Tj ET Q q 0 0 0 rg BT 140.00 515.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 171.08 515.70 Td (on ) Tj ET Q q 0 0 0 rg BT 184.09 515.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 209.35 515.70 Td (10-K ) Tj ET Q q 0 0 0 rg BT 233.43 515.70 Td (and ) Tj ET Q q 0 0 0 rg BT 251.10 515.70 Td (our ) Tj ET Q q 0 0 0 rg BT 267.60 515.70 Td (other ) Tj ET Q q 0 0 0 rg BT 291.68 515.70 Td (public ) Tj ET Q q 0 0 0 rg BT 320.44 515.70 Td (filings, ) Tj ET Q q 0 0 0 rg BT 352.40 515.70 Td (press ) Tj ET Q q 0 0 0 rg BT 376.49 515.70 Td (releases ) Tj ET Q q 0 0 0 rg BT 412.22 515.70 Td (and ) Tj ET Q q 0 0 0 rg BT 429.89 515.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 476.72 515.70 Td (by ) Tj ET Q q 0 0 0 rg BT 489.73 515.70 Td (our ) Tj ET Q q 0 0 0 rg BT 506.23 515.70 Td (management. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 69.72 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.61 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 102.58 503.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 127.76 503.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 184.13 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.01 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 226.31 503.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 260.23 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.19 503.10 Td (caution ) Tj ET Q q 0 0 0 rg BT 308.82 503.10 Td (each ) Tj ET Q q 0 0 0 rg BT 330.78 503.10 Td (person ) Tj ET Q q 0 0 0 rg BT 361.49 503.10 Td (receiving ) Tj ET Q q 0 0 0 rg BT 403.28 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 425.25 503.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 496.79 503.10 Td (information ) Tj ET Q q 0 0 0 rg BT 549.08 503.10 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.73 490.50 Td (place ) Tj ET Q q 0 0 0 rg BT 85.93 490.50 Td (undue ) Tj ET Q q 0 0 0 rg BT 114.65 490.50 Td (reliance ) Tj ET Q q 0 0 0 rg BT 150.93 490.50 Td (on ) Tj ET Q q 0 0 0 rg BT 164.49 490.50 Td (such ) Tj ET Q q 0 0 0 rg BT 186.80 490.50 Td (statements. ) Tj ET Q q 0 0 0 rg BT 236.81 490.50 Td (Further) Tj ET Q q 0 0 0 rg BT 267.30 490.50 Td (, ) Tj ET Q q 0 0 0 rg BT 272.98 490.50 Td (such ) Tj ET Q q 0 0 0 rg BT 295.28 490.50 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 367.16 490.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 414.54 490.50 Td (speak ) Tj ET Q q 0 0 0 rg BT 441.51 490.50 Td (only ) Tj ET Q q 0 0 0 rg BT 463.23 490.50 Td (as ) Tj ET Q q 0 0 0 rg BT 475.04 490.50 Td (of ) Tj ET Q q 0 0 0 rg BT 486.84 490.50 Td (the ) Tj ET Q q 0 0 0 rg BT 502.73 490.50 Td (date ) Tj ET Q q 0 0 0 rg BT 523.27 490.50 Td (on ) Tj ET Q q 0 0 0 rg BT 536.83 490.50 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.90 Td (such ) Tj ET Q q 0 0 0 rg BT 71.94 477.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 119.47 477.90 Td (are ) Tj ET Q q 0 0 0 rg BT 135.48 477.90 Td (made, ) Tj ET Q q 0 0 0 rg BT 164.04 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 182.40 477.90 Td (we ) Tj ET Q q 0 0 0 rg BT 197.84 477.90 Td (undertake ) Tj ET Q q 0 0 0 rg BT 242.44 477.90 Td (no ) Tj ET Q q 0 0 0 rg BT 256.14 477.90 Td (obligations ) Tj ET Q q 0 0 0 rg BT 306.00 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 317.37 477.90 Td (update ) Tj ET Q q 0 0 0 rg BT 348.55 477.90 Td (any ) Tj ET Q q 0 0 0 rg BT 366.91 477.90 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 438.92 477.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 482.36 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 493.72 477.90 Td (reflect ) Tj ET Q q 0 0 0 rg BT 523.73 477.90 Td (events ) Tj ET Q q 0 0 0 rg BT 553.76 477.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.30 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 111.35 465.30 Td (after ) Tj ET Q q 0 0 0 rg BT 132.95 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 148.15 465.30 Td (date ) Tj ET Q q 0 0 0 rg BT 168.01 465.30 Td (on ) Tj ET Q q 0 0 0 rg BT 180.89 465.30 Td (which ) Tj ET Q q 0 0 0 rg BT 208.92 465.30 Td (such ) Tj ET Q q 0 0 0 rg BT 230.54 465.30 Td (statement ) Tj ET Q q 0 0 0 rg BT 273.15 465.30 Td (is ) Tj ET Q q 0 0 0 rg BT 282.53 465.30 Td (made ) Tj ET Q q 0 0 0 rg BT 307.64 465.30 Td (or ) Tj ET Q q 0 0 0 rg BT 318.76 465.30 Td (to ) Tj ET Q q 0 0 0 rg BT 329.30 465.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 358.48 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 373.68 465.30 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 422.10 465.30 Td (of ) Tj ET Q q 0 0 0 rg BT 433.22 465.30 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 492.15 465.30 Td (events, ) Tj ET Q q 0 0 0 rg BT 523.98 465.30 Td (except ) Tj ET Q q 0 0 0 rg BT 553.75 465.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.70 Td (required ) Tj ET Q q 0 0 0 rg BT 87.11 452.70 Td (by ) Tj ET Q q 0 0 0 rg BT 100.23 452.70 Td (law) Tj ET Q q 0 0 0 rg BT 114.71 452.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.50 Td (Important ) Tj ET Q q 0 0 0 rg BT 93.12 427.50 Td (transaction-related ) Tj ET Q q 0 0 0 rg BT 173.47 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.85 427.50 Td (other ) Tj ET Q q 0 0 0 rg BT 214.64 427.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 232.61 427.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 263.39 427.50 Td (that ) Tj ET Q q 0 0 0 rg BT 281.35 427.50 Td (may ) Tj ET Q q 0 0 0 rg BT 301.65 427.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 327.19 427.50 Td (such ) Tj ET Q q 0 0 0 rg BT 348.65 427.50 Td (dif) Tj ET Q q 0 0 0 rg BT 360.12 427.50 Td (ferences ) Tj ET Q q 0 0 0 rg BT 397.31 427.50 Td (include: ) Tj ET Q q 0 0 0 rg BT 433.35 427.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 445.48 427.50 Td (the ) Tj ET Q q 0 0 0 rg BT 460.53 427.50 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 508.79 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 519.76 427.50 Td (any ) Tj ET Q q 0 0 0 rg BT 537.13 427.50 Td (event, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.90 Td (change ) Tj ET Q q 0 0 0 rg BT 82.67 414.90 Td (or ) Tj ET Q q 0 0 0 rg BT 94.85 414.90 Td (other ) Tj ET Q q 0 0 0 rg BT 119.86 414.90 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 182.77 414.90 Td (that ) Tj ET Q q 0 0 0 rg BT 201.96 414.90 Td (could ) Tj ET Q q 0 0 0 rg BT 228.72 414.90 Td (give ) Tj ET Q q 0 0 0 rg BT 250.24 414.90 Td (rise ) Tj ET Q q 0 0 0 rg BT 268.83 414.90 Td (to ) Tj ET Q q 0 0 0 rg BT 280.44 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 296.70 414.90 Td (termination ) Tj ET Q q 0 0 0 rg BT 348.54 414.90 Td (of ) Tj ET Q q 0 0 0 rg BT 360.73 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 376.99 414.90 Td (mer) Tj ET Q q 0 0 0 rg BT 393.13 414.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 409.97 414.90 Td (agreement ) Tj ET Q q 0 0 0 rg BT 457.13 414.90 Td (between ) Tj ET Q q 0 0 0 rg BT 495.55 414.90 Td (us ) Tj ET Q q 0 0 0 rg BT 508.32 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 526.92 414.90 Td (Franklin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 402.30 Td (empleton; ) Tj ET Q q 0 0 0 rg BT 100.13 402.30 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 115.91 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 131.69 402.30 Td (transaction ) Tj ET Q q 0 0 0 rg BT 180.72 402.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 214.01 402.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 260.71 402.30 Td (may ) Tj ET Q q 0 0 0 rg BT 281.74 402.30 Td (not ) Tj ET Q q 0 0 0 rg BT 298.12 402.30 Td (be ) Tj ET Q q 0 0 0 rg BT 310.98 402.30 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 348.93 402.30 Td (in ) Tj ET Q q 0 0 0 rg BT 360.06 402.30 Td (a ) Tj ET Q q 0 0 0 rg BT 367.67 402.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 397.46 402.30 Td (manner ) Tj ET Q q 0 0 0 rg BT 431.90 402.30 Td (or ) Tj ET Q q 0 0 0 rg BT 443.60 402.30 Td (at ) Tj ET Q q 0 0 0 rg BT 454.13 402.30 Td (all, ) Tj ET Q q 0 0 0 rg BT 470.21 402.30 Td (including ) Tj ET Q q 0 0 0 rg BT 512.83 402.30 Td (if ) Tj ET Q q 0 0 0 rg BT 522.20 402.30 Td (we ) Tj ET Q q 0 0 0 rg BT 537.40 402.30 Td (fail ) Tj ET Q q 0 0 0 rg BT 554.35 402.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (obtain ) Tj ET Q q 0 0 0 rg BT 77.11 389.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 121.62 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 138.14 389.70 Td (client ) Tj ET Q q 0 0 0 rg BT 162.82 389.70 Td (approvals; ) Tj ET Q q 0 0 0 rg BT 207.93 389.70 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 225.03 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 239.22 389.70 Td (announcement ) Tj ET Q q 0 0 0 rg BT 301.81 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 318.33 389.70 Td (pendency ) Tj ET Q q 0 0 0 rg BT 359.93 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 370.03 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 384.22 389.70 Td (mer) Tj ET Q q 0 0 0 rg BT 400.36 389.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 415.13 389.70 Td (may ) Tj ET Q q 0 0 0 rg BT 434.57 389.70 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 465.10 389.70 Td (our ) Tj ET Q q 0 0 0 rg BT 480.45 389.70 Td ( ) Tj ET Q q 0 0 0 rg BT 481.81 389.70 Td (business ) Tj ET Q q 0 0 0 rg BT 518.76 389.70 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 96.37 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.91 377.10 Td (threatened ) Tj ET Q q 0 0 0 rg BT 160.35 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.81 377.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 201.59 377.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 221.65 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.11 377.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 285.35 377.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 316.47 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 328.93 377.10 Td (suppliers\); ) Tj ET Q q 0 0 0 rg BT 376.97 377.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 395.85 377.10 Td (we ) Tj ET Q q 0 0 0 rg BT 411.80 377.10 Td (could ) Tj ET Q q 0 0 0 rg BT 438.85 377.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 488.03 377.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 528.47 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.93 377.10 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.50 Td (setbacks ) Tj ET Q q 0 0 0 rg BT 87.65 364.50 Td (if ) Tj ET Q q 0 0 0 rg BT 96.64 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 112.04 364.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 160.68 364.50 Td (encounters ) Tj ET Q q 0 0 0 rg BT 208.74 364.50 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 267.88 364.50 Td (problems; ) Tj ET Q q 0 0 0 rg BT 312.45 364.50 Td (and ) Tj ET Q q 0 0 0 rg BT 330.19 364.50 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 345.00 364.50 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 393.64 364.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 429.46 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 440.78 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 456.18 364.50 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 507.45 364.50 Td (including ) Tj ET Q q 0 0 0 rg BT 549.69 364.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.90 Td (realization ) Tj ET Q q 0 0 0 rg BT 96.26 351.90 Td (of ) Tj ET Q q 0 0 0 rg BT 107.46 351.90 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 145.76 351.90 Td (accretion, ) Tj ET Q q 0 0 0 rg BT 189.31 351.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.49 351.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 264.18 351.90 Td (or ) Tj ET Q q 0 0 0 rg BT 275.38 351.90 Td (returns ) Tj ET Q q 0 0 0 rg BT 306.99 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 324.60 351.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 360.87 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 378.48 351.90 Td (other ) Tj ET Q q 0 0 0 rg BT 402.51 351.90 Td (syner) Tj ET Q q 0 0 0 rg BT 425.06 351.90 Td (gies, ) Tj ET Q q 0 0 0 rg BT 447.05 351.90 Td (may ) Tj ET Q q 0 0 0 rg BT 467.58 351.90 Td (not ) Tj ET Q q 0 0 0 rg BT 483.45 351.90 Td (be ) Tj ET Q q 0 0 0 rg BT 495.81 351.90 Td (fully ) Tj ET Q q 0 0 0 rg BT 518.09 351.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 553.77 351.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (may ) Tj ET Q q 0 0 0 rg BT 70.20 339.30 Td (take ) Tj ET Q q 0 0 0 rg BT 90.32 339.30 Td (longer ) Tj ET Q q 0 0 0 rg BT 119.77 339.30 Td (to ) Tj ET Q q 0 0 0 rg BT 130.56 339.30 Td (realize ) Tj ET Q q 0 0 0 rg BT 161.16 339.30 Td (than ) Tj ET Q q 0 0 0 rg BT 181.86 339.30 Td (expected.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.78 314.10 Td (future ) Tj ET Q q 0 0 0 rg BT 96.81 314.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 137.08 314.10 Td (may ) Tj ET Q q 0 0 0 rg BT 158.11 314.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 197.80 314.10 Td (due ) Tj ET Q q 0 0 0 rg BT 215.91 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.04 314.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 271.40 314.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 305.55 314.10 Td (such ) Tj ET Q q 0 0 0 rg BT 327.75 314.10 Td (as: ) Tj ET Q q 0 0 0 rg BT 342.37 314.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 355.23 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.02 314.10 Td (total ) Tj ET Q q 0 0 0 rg BT 392.64 314.10 Td (value ) Tj ET Q q 0 0 0 rg BT 418.33 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.44 314.10 Td (composition ) Tj ET Q q 0 0 0 rg BT 491.32 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.02 314.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.32 314.10 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 549.69 314.10 Td (\(ii\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.36 301.50 Td (mix ) Tj ET Q q 0 0 0 rg BT 84.73 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 96.52 301.50 Td (our ) Tj ET Q q 0 0 0 rg BT 112.88 301.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 140.42 301.50 Td (among ) Tj ET Q q 0 0 0 rg BT 172.03 301.50 Td (our ) Tj ET Q q 0 0 0 rg BT 189.06 301.50 Td (af) Tj ET Q q 0 0 0 rg BT 197.03 301.50 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 231.26 301.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 254.71 301.50 Td (classes, ) Tj ET Q q 0 0 0 rg BT 289.53 301.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 338.64 301.50 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 378.70 301.50 Td (client ) Tj ET Q q 0 0 0 rg BT 405.06 301.50 Td (type ) Tj ET Q q 0 0 0 rg BT 426.18 301.50 Td (and ) Tj ET Q q 0 0 0 rg BT 444.37 301.50 Td (geography;\(iii\) ) Tj ET Q q 0 0 0 rg BT 510.39 301.50 Td ( ) Tj ET Q q 0 0 0 rg BT 513.42 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 529.29 301.50 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.90 Td (yield ) Tj ET Q q 0 0 0 rg BT 73.93 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 86.12 288.90 Td (our ) Tj ET Q q 0 0 0 rg BT 102.80 288.90 Td (AUM; ) Tj ET Q q 0 0 0 rg BT 133.66 288.90 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 152.26 288.90 Td (the ) Tj ET Q q 0 0 0 rg BT 168.52 288.90 Td (volatility ) Tj ET Q q 0 0 0 rg BT 209.88 288.90 Td (and ) Tj ET Q q 0 0 0 rg BT 228.48 288.90 Td (general ) Tj ET Q q 0 0 0 rg BT 262.81 288.90 Td (level ) Tj ET Q q 0 0 0 rg BT 286.66 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 298.84 288.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 341.94 288.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 370.45 288.90 Td (and ) Tj ET Q q 0 0 0 rg BT 389.05 288.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.39 288.90 Td (rates; ) Tj ET Q q 0 0 0 rg BT 449.57 288.90 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 465.25 288.90 Td (the ) Tj ET Q q 0 0 0 rg BT 481.52 288.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 516.44 288.90 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.12 276.30 Td (of ) Tj ET Q q 0 0 0 rg BT 118.43 276.30 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 206.57 276.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 256.21 276.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 283.11 276.30 Td (and ) Tj ET Q q 0 0 0 rg BT 301.84 276.30 Td (other ) Tj ET Q q 0 0 0 rg BT 326.99 276.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 350.97 276.30 Td (management ) Tj ET Q q 0 0 0 rg BT 408.18 276.30 Td (products ) Tj ET Q q 0 0 0 rg BT 447.91 276.30 Td (both ) Tj ET Q q 0 0 0 rg BT 470.15 276.30 Td (in ) Tj ET Q q 0 0 0 rg BT 481.88 276.30 Td (absolute ) Tj ET Q q 0 0 0 rg BT 520.44 276.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 547.34 276.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.70 Td (relative ) Tj ET Q q 0 0 0 rg BT 82.30 263.70 Td (to ) Tj ET Q q 0 0 0 rg BT 91.78 263.70 Td (competing ) Tj ET Q q 0 0 0 rg BT 137.42 263.70 Td (of) Tj ET Q q 0 0 0 rg BT 145.97 263.70 Td (ferings ) Tj ET Q q 0 0 0 rg BT 176.45 263.70 Td (and ) Tj ET Q q 0 0 0 rg BT 192.92 263.70 Td (market ) Tj ET Q q 0 0 0 rg BT 223.39 263.70 Td (indices; ) Tj ET Q q 0 0 0 rg BT 257.37 263.70 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 273.84 263.70 Td (investor ) Tj ET Q q 0 0 0 rg BT 308.98 263.70 Td (sentiment ) Tj ET Q q 0 0 0 rg BT 351.13 263.70 Td (and ) Tj ET Q q 0 0 0 rg BT 367.60 263.70 Td (confidence; ) Tj ET Q q 0 0 0 rg BT 417.89 263.70 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 437.28 263.70 Td (general ) Tj ET Q q 0 0 0 rg BT 469.50 263.70 Td (political ) Tj ET Q q 0 0 0 rg BT 505.22 263.70 Td (and ) Tj ET Q q 0 0 0 rg BT 521.69 263.70 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 98.90 251.10 Td (\(viii\) ) Tj ET Q q 0 0 0 rg BT 122.63 251.10 Td (catastrophic ) Tj ET Q q 0 0 0 rg BT 176.09 251.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 208.28 251.10 Td (such ) Tj ET Q q 0 0 0 rg BT 230.26 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 241.74 251.10 Td (an ) Tj ET Q q 0 0 0 rg BT 254.38 251.10 Td (epidemic, ) Tj ET Q q 0 0 0 rg BT 298.23 251.10 Td (including ) Tj ET Q q 0 0 0 rg BT 340.62 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.19 251.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 384.56 251.10 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 424.03 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.51 251.10 Td (respiratory ) Tj ET Q q 0 0 0 rg BT 483.73 251.10 Td (illness ) Tj ET Q q 0 0 0 rg BT 513.30 251.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 544.60 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 557.84 251.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.50 Td (novel ) Tj ET Q q 0 0 0 rg BT 75.94 238.50 Td (coronavirus ) Tj ET Q q 0 0 0 rg BT 128.62 238.50 Td (\(�COVID-19�\); ) Tj ET Q q 0 0 0 rg BT 198.21 238.50 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 216.48 238.50 Td (our ) Tj ET Q q 0 0 0 rg BT 233.59 238.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 263.54 238.50 Td (to ) Tj ET Q q 0 0 0 rg BT 274.82 238.50 Td (maintain ) Tj ET Q q 0 0 0 rg BT 314.67 238.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 363.86 238.50 Td (management ) Tj ET Q q 0 0 0 rg BT 420.62 238.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.89 238.50 Td (administrative ) Tj ET Q q 0 0 0 rg BT 502.07 238.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 522.09 238.50 Td (at ) Tj ET Q q 0 0 0 rg BT 532.78 238.50 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.90 Td (levels; ) Tj ET Q q 0 0 0 rg BT 79.25 225.90 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 93.83 225.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 145.74 225.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 191.82 225.90 Td (in ) Tj ET Q q 0 0 0 rg BT 202.33 225.90 Td (our ) Tj ET Q q 0 0 0 rg BT 218.66 225.90 Td (business; ) Tj ET Q q 0 0 0 rg BT 259.51 225.90 Td (\(xi\) ) Tj ET Q q 0 0 0 rg BT 277.00 225.90 Td (the ) Tj ET Q q 0 0 0 rg BT 292.17 225.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 321.34 225.90 Td (to ) Tj ET Q q 0 0 0 rg BT 331.84 225.90 Td (attract ) Tj ET Q q 0 0 0 rg BT 360.41 225.90 Td (and ) Tj ET Q q 0 0 0 rg BT 377.91 225.90 Td (retain ) Tj ET Q q 0 0 0 rg BT 404.15 225.90 Td (key ) Tj ET Q q 0 0 0 rg BT 421.65 225.90 Td (personnel; ) Tj ET Q q 0 0 0 rg BT 467.73 225.90 Td (\(xii\) ) Tj ET Q q 0 0 0 rg BT 488.14 225.90 Td (the ) Tj ET Q q 0 0 0 rg BT 503.31 225.90 Td (impact, ) Tj ET Q q 0 0 0 rg BT 536.85 225.90 Td (extent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.80 213.30 Td (timing ) Tj ET Q q 0 0 0 rg BT 98.36 213.30 Td (of ) Tj ET Q q 0 0 0 rg BT 110.25 213.30 Td (technological ) Tj ET Q q 0 0 0 rg BT 169.96 213.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 206.92 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 225.22 213.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.19 213.30 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 283.97 213.30 Td (of ) Tj ET Q q 0 0 0 rg BT 295.86 213.30 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 345.65 213.30 Td (property) Tj ET Q q 0 0 0 rg BT 380.54 213.30 Td (, ) Tj ET Q q 0 0 0 rg BT 386.31 213.30 Td (information ) Tj ET Q q 0 0 0 rg BT 439.02 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 457.32 213.30 Td (cybersecurity ) Tj ET Q q 0 0 0 rg BT 517.02 213.30 Td (protection; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 200.70 Td (\(xiii\) ) Tj ET Q q 0 0 0 rg BT 90.91 200.70 Td (the ) Tj ET Q q 0 0 0 rg BT 106.36 200.70 Td (introduction, ) Tj ET Q q 0 0 0 rg BT 162.94 200.70 Td (withdrawal, ) Tj ET Q q 0 0 0 rg BT 215.42 200.70 Td (success ) Tj ET Q q 0 0 0 rg BT 249.54 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 267.32 200.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 297.37 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 308.74 200.70 Td (business ) Tj ET Q q 0 0 0 rg BT 346.95 200.70 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 393.62 200.70 Td (strategies ) Tj ET Q q 0 0 0 rg BT 435.90 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 453.68 200.70 Td (acquisitions.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 741.75 Td (future ) Tj ET Q q 0 0 0 rg BT 96.08 741.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 138.32 741.75 Td (results ) Tj ET Q q 0 0 0 rg BT 168.33 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 183.74 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 203.24 741.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 235.58 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 246.33 741.75 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 294.41 741.75 Td (for) Tj ET Q q 0 0 0 rg BT 306.23 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 311.45 741.75 Td (among ) Tj ET Q q 0 0 0 rg BT 342.62 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 366.78 741.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 397.67 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 413.09 741.75 Td (following: ) Tj ET Q q 0 0 0 rg BT 459.43 741.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 471.93 741.75 Td (variations ) Tj ET Q q 0 0 0 rg BT 515.93 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 526.68 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 542.10 741.75 Td (level ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.86 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 121.80 729.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 158.23 729.15 Td (incurred ) Tj ET Q q 0 0 0 rg BT 195.83 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 207.20 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 214.47 729.15 Td (result ) Tj ET Q q 0 0 0 rg BT 240.42 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 251.78 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 288.21 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 299.00 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 314.44 729.15 Td (number ) Tj ET Q q 0 0 0 rg BT 349.13 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 360.50 729.15 Td (total ) Tj ET Q q 0 0 0 rg BT 381.78 729.15 Td (employees, ) Tj ET Q q 0 0 0 rg BT 431.92 729.15 Td (competitive ) Tj ET Q q 0 0 0 rg BT 484.11 729.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 517.92 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.35 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 716.55 Td (percentages ) Tj ET Q q 0 0 0 rg BT 116.67 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 127.80 716.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 167.51 716.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 187.98 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 199.12 716.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 259.83 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 270.97 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 294.94 716.55 Td (reasons; 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.09 628.35 Td (business ) Tj ET Q q 0 0 0 rg BT 107.93 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 118.19 628.35 Td (also ) Tj ET Q q 0 0 0 rg BT 138.36 628.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 171.36 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 182.78 628.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 230.95 628.35 Td (governmental ) Tj ET Q q 0 0 0 rg BT 291.94 628.35 Td (regulation ) Tj ET Q q 0 0 0 rg BT 337.76 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 356.18 628.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 393.25 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 404.68 628.35 Td (legal, ) Tj ET Q q 0 0 0 rg BT 430.96 628.35 Td (regulatory) Tj ET Q q 0 0 0 rg BT 473.43 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 479.31 628.35 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 531.26 628.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 547.35 628.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 100.52 615.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 157.96 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 176.33 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 197.03 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 219.48 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 226.76 615.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 274.30 615.75 Td (ef) Tj ET Q q 0 0 0 rg BT 282.27 615.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 300.63 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 313.76 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 330.38 615.75 Td (business ) Tj ET Q q 0 0 0 rg BT 368.59 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 386.38 615.75 Td (results ) Tj ET Q q 0 0 0 rg BT 416.42 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 427.79 615.75 Td (operations.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 289.00 741.90 Td (P) Tj ET Q q 0 0 0 rg BT 294.63 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 309.43 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 316.25 741.90 Td ( I) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 704.70 Td (ITEM 1. BUSINESS.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 679.50 Td (General) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 654.30 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.40 654.30 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.32 654.30 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.65 654.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.64 654.30 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.21 654.30 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.95 654.30 Td (management) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 273.60 654.30 Td ( ) Tj ET Q q 0 0 0 rg 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10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 616.50 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.45 616.50 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.65 616.50 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.93 616.50 Td (Management) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 603.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 603.90 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.62 603.90 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 591.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 591.30 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.44 591.30 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 578.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 578.70 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.21 578.70 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.58 578.70 Td (Global) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 566.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 566.10 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.70 566.10 Td (Currie) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 553.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 553.50 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.55 553.50 Td (Investors) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 540.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 540.90 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.13 540.90 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 528.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 528.30 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.95 528.30 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.23 528.30 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.50 515.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 515.70 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.57 515.70 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.69 515.70 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.65 515.70 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.09 515.70 Td (Company) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 490.50 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.11 490.50 Td (Acting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.04 490.50 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.05 490.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.40 490.50 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.16 490.50 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.15 490.50 Td (subsidiaries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.71 490.50 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.29 490.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.38 490.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.39 490.50 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.81 490.50 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.39 490.50 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.66 490.50 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.17 490.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 490.50 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.90 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.18 477.90 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.88 477.90 Td (own ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.74 477.90 Td (brand ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.42 477.90 Td (name, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.56 477.90 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.58 477.90 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.43 477.90 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.29 477.90 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.71 477.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.64 477.90 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.98 477.90 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.92 477.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.86 477.90 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.45 477.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.39 477.90 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 477.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 465.30 Td (individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.80 465.30 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.55 465.30 Td (company-sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.83 465.30 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.71 465.30 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.76 465.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.63 465.30 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.92 465.30 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.72 465.30 Td (vehicles. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.27 465.30 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.33 465.30 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.71 465.30 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.27 465.30 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.64 465.30 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.93 465.30 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.81 465.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 465.30 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 452.70 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.20 452.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.98 452.70 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.27 452.70 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.81 452.70 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.16 452.70 Td (intermediaries.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 427.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.66 427.50 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.40 427.50 Td (Mason, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.77 427.50 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.96 427.50 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.45 427.50 Td (incorporated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.67 427.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.00 427.50 Td (Maryland ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.98 427.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.31 427.50 Td (1981 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.47 427.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.80 427.50 Td (serve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.12 427.50 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.03 427.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.85 427.50 Td (holding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.09 427.50 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.74 427.50 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.15 427.50 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.23 427.50 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.30 427.50 Td (subsidiaries. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.90 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.08 414.90 Td (predecessor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.90 414.90 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.05 414.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.48 414.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.31 414.90 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.15 414.90 Td (trace ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.80 414.90 Td (back ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.88 414.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.30 414.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.13 414.90 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.55 414.90 Td (Co., ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.31 414.90 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.23 414.90 Td (Maryland-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.71 414.90 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.91 414.90 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.30 414.90 Td (formed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.88 414.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.30 414.90 Td (1899. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 546.19 414.90 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 402.30 Td (subsequent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.96 402.30 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.50 402.30 Td (occurred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.02 402.30 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.89 402.30 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.34 402.30 Td (internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.21 402.30 Td (expansion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.58 402.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.53 402.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.16 402.30 Td (acquisition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.03 402.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.57 402.30 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.77 402.30 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.21 402.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.17 402.30 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.36 402.30 Td (-dealer ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 389.70 Td (firms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.76 389.70 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.97 389.70 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.57 389.70 Td (2005, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.66 389.70 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.70 389.70 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.75 389.70 Td (completed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.95 389.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.08 389.70 Td (transaction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.61 389.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.25 389.70 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.37 389.70 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.67 389.70 Td (sold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.64 389.70 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.03 389.70 Td (primary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.74 389.70 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.93 389.70 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.54 389.70 Td (businesses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.34 389.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 377.10 Td (concentrate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.29 377.10 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.20 377.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.44 377.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.26 377.10 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.31 377.10 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.05 377.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 248.67 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.08 377.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 277.06 377.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 309.05 377.10 Td (is ) Tj ET Q q 0 0 0 rg BT 319.47 377.10 Td (an ) Tj ET Q q 0 0 0 rg BT 332.79 377.10 Td (independent, ) Tj ET Q q 0 0 0 rg BT 390.14 377.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 427.96 377.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 457.60 377.10 Td (company) Tj ET Q q 0 0 0 rg BT 495.41 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 501.44 377.10 Td (with ) Tj ET Q q 0 0 0 rg BT 523.52 377.10 Td (no ) Tj ET Q q 0 0 0 rg BT 537.43 377.10 Td (single ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.50 Td (majority ) Tj ET Q q 0 0 0 rg BT 87.86 364.50 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 139.63 364.50 Td (and ) Tj ET Q q 0 0 0 rg BT 157.57 364.50 Td (approximately ) Tj ET Q q 0 0 0 rg BT 221.01 364.50 Td (90% ) Tj ET Q q 0 0 0 rg BT 243.04 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 254.57 364.50 Td (its ) Tj ET Q q 0 0 0 rg BT 267.28 364.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 295.72 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 307.25 364.50 Td (Directors ) Tj ET Q q 0 0 0 rg BT 349.11 364.50 Td (consisted ) Tj ET Q q 0 0 0 rg BT 390.97 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 402.50 364.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 456.61 364.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 496.13 364.50 Td (as ) Tj ET Q q 0 0 0 rg BT 507.66 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 364.50 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 364.50 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.90 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 326.70 Td (Unless ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.11 326.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.96 326.70 Td (context ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.89 326.70 Td (otherwise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.73 326.70 Td (requires, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.20 326.70 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.71 326.70 Td (references ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.87 326.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.06 326.70 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.25 326.70 Td (Report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.85 326.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.04 326.70 Td (�we,� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.25 326.70 Td (�us,� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.56 326.70 Td (�our� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.90 326.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.08 326.70 Td (�Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.34 326.70 Td (Mason� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.61 326.70 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 314.10 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.43 314.10 Td (Mason, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.98 314.10 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.37 314.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.88 314.10 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.15 314.10 Td (predecessors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.15 314.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.66 314.10 Td (subsidiaries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.21 314.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.72 314.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.90 314.10 Td (term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.50 314.10 Td (�asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.92 314.10 Td (managers� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.16 314.10 Td (refers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.41 314.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.93 314.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.11 314.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.87 314.10 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 301.50 Td (businesses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.12 301.50 Td (operated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.56 301.50 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.35 301.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.63 301.50 Td (subsidiaries. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.13 301.50 Td (References ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.05 301.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.51 301.50 Td (�fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.20 301.50 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.55 301.50 Td (2020� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.50 301.50 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.54 301.50 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.40 301.50 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.43 301.50 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.88 301.50 Td (refer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.98 301.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.43 301.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.55 301.50 Td (12-month ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.67 301.50 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.90 Td (ended ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.20 288.90 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.23 288.90 Td (31st ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.35 288.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.73 288.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.18 288.90 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.87 288.90 Td (specified.) Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 263.70 Td (Business Developments During the Fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.08 263.70 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.50 263.70 Td (ear) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.88 263.70 Td ( Ended Mar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.95 263.70 Td (ch 31, 2020) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 238.50 Td (Pending ) Tj ET Q q 0 0 0 rg BT 87.12 238.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 104.22 238.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 120.84 238.50 Td (with ) Tj ET Q q 0 0 0 rg BT 141.56 238.50 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 180.93 238.50 Td (Resour) Tj ET Q q 0 0 0 rg BT 210.29 238.50 Td (ces, ) Tj ET Q q 0 0 0 rg BT 228.94 238.50 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 213.30 Td (As ) Tj ET Q q 0 0 0 rg BT 100.33 213.30 Td (previously ) Tj ET Q q 0 0 0 rg BT 147.83 213.30 Td (announced, ) Tj ET Q q 0 0 0 rg BT 199.10 213.30 Td (on ) Tj ET Q q 0 0 0 rg BT 212.76 213.30 Td (February ) Tj ET Q q 0 0 0 rg BT 253.83 213.30 Td (17, ) Tj ET Q q 0 0 0 rg BT 270.12 213.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 294.29 213.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 319.03 213.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 353.40 213.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 392.15 213.30 Td (Resources, ) Tj ET Q q 0 0 0 rg BT 441.09 213.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 460.29 213.30 Td (\(�Franklin ) Tj ET Q q 0 0 0 rg BT 506.96 213.30 Td (T) Tj ET Q q 0 0 0 rg BT 512.64 213.30 Td (empleton�\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.23 200.70 Td (Alpha ) Tj ET Q q 0 0 0 rg BT 93.91 200.70 Td (Sub ) Tj ET Q q 0 0 0 rg BT 112.27 200.70 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 132.94 200.70 Td (a ) Tj ET Q q 0 0 0 rg BT 139.62 200.70 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 182.45 200.70 Td (corporation ) Tj ET Q q 0 0 0 rg BT 232.87 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 250.05 200.70 Td (a ) Tj ET Q q 0 0 0 rg BT 256.72 200.70 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 319.40 200.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 364.58 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 375.34 200.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 412.79 200.70 Td (T) Tj ET Q q 0 0 0 rg BT 418.47 200.70 Td (empleton ) Tj ET Q q 0 0 0 rg BT 459.56 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 461.58 200.70 Td (\(�Mer) Tj ET Q q 0 0 0 rg BT 487.04 200.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 502.46 200.70 Td (Sub�\), ) Tj ET Q q 0 0 0 rg BT 531.60 200.70 Td (entered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (into ) Tj ET Q q 0 0 0 rg BT 68.30 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 80.14 188.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 129.26 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.89 188.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 168.02 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.24 188.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 196.54 188.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 212.42 188.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 231.22 188.10 Td (�Mer) Tj ET Q q 0 0 0 rg BT 253.18 188.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 268.51 188.10 Td (Agreement�\) ) Tj ET Q q 0 0 0 rg BT 325.79 188.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 369.09 188.10 Td (for ) Tj ET Q q 0 0 0 rg BT 383.80 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.10 188.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 447.65 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.86 188.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 482.91 188.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 513.96 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 526.93 188.10 Td (Franklin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 175.50 Td (empleton. ) Tj ET Q q 0 0 0 rg BT 98.98 175.50 Td (The ) Tj ET Q q 0 0 0 rg BT 117.57 175.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 134.87 175.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 150.04 175.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 198.95 175.50 Td (provides ) Tj ET Q q 0 0 0 rg BT 237.38 175.50 Td (that, ) Tj ET Q q 0 0 0 rg BT 258.01 175.50 Td (among ) Tj ET Q q 0 0 0 rg BT 288.85 175.50 Td (other ) Tj ET Q q 0 0 0 rg BT 312.69 175.50 Td (things, ) Tj ET Q q 0 0 0 rg BT 343.25 175.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 366.52 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 381.61 175.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 407.20 175.50 Td (and ) Tj ET Q q 0 0 0 rg BT 424.63 175.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 456.63 175.50 Td (to ) Tj ET Q q 0 0 0 rg BT 467.06 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 482.15 175.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 528.17 175.50 Td (set ) Tj ET Q q 0 0 0 rg BT 542.10 175.50 Td (forth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.90 Td (in ) Tj ET Q q 0 0 0 rg BT 60.34 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 75.84 162.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 93.15 162.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 108.64 162.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 160.58 162.90 Td (at ) Tj ET Q q 0 0 0 rg BT 170.84 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 186.34 162.90 Td (ef) Tj ET Q q 0 0 0 rg BT 194.31 162.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 225.54 162.90 Td (time ) Tj ET Q q 0 0 0 rg BT 246.88 162.90 Td (of ) Tj ET Q q 0 0 0 rg BT 258.30 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 273.80 162.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 291.11 162.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 307.19 162.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 326.19 162.90 Td (�Ef) Tj ET Q q 0 0 0 rg BT 340.57 162.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 371.61 162.90 Td (T) Tj ET Q q 0 0 0 rg BT 377.66 162.90 Td (ime�\), ) Tj ET Q q 0 0 0 rg BT 406.86 162.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 424.16 162.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 440.24 162.90 Td (Sub ) Tj ET Q q 0 0 0 rg BT 459.26 162.90 Td (will ) Tj ET Q q 0 0 0 rg BT 478.27 162.90 Td (mer) Tj ET Q q 0 0 0 rg BT 494.40 162.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 506.99 162.90 Td (with ) Tj ET Q q 0 0 0 rg BT 528.33 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 546.16 162.90 Td (into ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.90 150.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.32 150.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 124.47 150.30 Td (�Mer) Tj ET Q q 0 0 0 rg BT 146.43 150.30 Td (ger�\), ) Tj ET Q q 0 0 0 rg BT 173.45 150.30 Td (with ) Tj ET Q q 0 0 0 rg BT 194.95 150.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 219.35 150.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 250.76 150.30 Td (continuing ) Tj ET Q q 0 0 0 rg BT 298.51 150.30 Td (as ) Tj ET Q q 0 0 0 rg BT 310.08 150.30 Td (the ) Tj ET Q q 0 0 0 rg BT 325.74 150.30 Td (surviving ) Tj ET Q q 0 0 0 rg BT 368.23 150.30 Td (corporation ) Tj ET Q q 0 0 0 rg BT 419.46 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 437.45 150.30 Td (a ) Tj ET Q q 0 0 0 rg BT 444.94 150.30 Td (wholly ) Tj ET Q q 0 0 0 rg BT 476.94 150.30 Td (owned ) Tj ET Q q 0 0 0 rg BT 507.76 150.30 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 553.75 150.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 87.52 137.70 Td (T) Tj ET Q q 0 0 0 rg BT 93.20 137.70 Td (empleton.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 112.50 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 124.29 112.50 Td (to ) Tj ET Q q 0 0 0 rg BT 134.50 112.50 Td (the ) Tj ET Q q 0 0 0 rg BT 149.37 112.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 166.68 112.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 181.68 112.50 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 232.99 112.50 Td (which ) Tj ET Q q 0 0 0 rg BT 260.69 112.50 Td (was ) Tj ET Q q 0 0 0 rg BT 279.06 112.50 Td (unanimously ) Tj ET Q q 0 0 0 rg BT 335.36 112.50 Td (approved ) Tj ET Q q 0 0 0 rg BT 376.47 112.50 Td (by ) Tj ET Q q 0 0 0 rg BT 389.01 112.50 Td (the ) Tj ET Q q 0 0 0 rg BT 403.88 112.50 Td (boards ) Tj ET Q q 0 0 0 rg BT 433.91 112.50 Td (of ) Tj ET Q q 0 0 0 rg BT 444.70 112.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 483.48 112.50 Td (of ) Tj ET Q q 0 0 0 rg BT 494.27 112.50 Td (both ) Tj ET Q q 0 0 0 rg BT 514.98 112.50 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 74.61 99.90 Td (completion ) Tj ET Q q 0 0 0 rg BT 125.95 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 138.81 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 155.74 99.90 Td (mer) Tj ET Q q 0 0 0 rg BT 171.88 99.90 Td (ger) Tj ET Q q 0 0 0 rg BT 184.86 99.90 Td (, ) Tj ET Q q 0 0 0 rg BT 191.59 99.90 Td (each ) Tj ET Q q 0 0 0 rg BT 214.93 99.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 268.04 99.90 Td (share ) Tj ET Q q 0 0 0 rg BT 294.30 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 307.15 99.90 Td (common ) Tj ET Q q 0 0 0 rg BT 348.00 99.90 Td (stock, ) Tj ET Q q 0 0 0 rg BT 376.90 99.90 Td (par ) Tj ET Q q 0 0 0 rg BT 394.41 99.90 Td (value ) Tj ET Q q 0 0 0 rg BT 421.25 99.90 Td ($0.10 ) Tj ET Q q 0 0 0 rg BT 448.98 99.90 Td (per ) Tj ET Q q 0 0 0 rg BT 466.50 99.90 Td (share, ) Tj ET Q q 0 0 0 rg BT 495.38 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 508.24 99.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 99.90 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.30 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 101.29 87.30 Td (, ) Tj ET Q q 0 0 0 rg BT 105.89 87.30 Td (the ) Tj ET Q q 0 0 0 rg BT 120.69 87.30 Td (�Shares�\) ) Tj ET Q q 0 0 0 rg BT 163.47 87.30 Td (will ) Tj ET Q q 0 0 0 rg BT 181.77 87.30 Td (be ) Tj ET Q q 0 0 0 rg BT 193.65 87.30 Td (converted ) Tj ET Q q 0 0 0 rg BT 237.01 87.30 Td (into ) Tj ET Q q 0 0 0 rg BT 255.32 87.30 Td (the ) Tj ET Q q 0 0 0 rg BT 270.12 87.30 Td (right ) Tj ET Q q 0 0 0 rg BT 291.92 87.30 Td (to ) Tj ET Q q 0 0 0 rg BT 302.05 87.30 Td (receive ) Tj ET Q q 0 0 0 rg BT 334.33 87.30 Td ($50.00 ) Tj ET Q q 0 0 0 rg BT 365.17 87.30 Td (per ) Tj ET Q q 0 0 0 rg BT 380.55 87.30 Td (Share ) Tj ET Q q 0 0 0 rg BT 406.42 87.30 Td (in ) Tj ET Q q 0 0 0 rg BT 416.56 87.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 437.19 87.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 455.48 87.30 Td (�Mer) Tj ET Q q 0 0 0 rg BT 477.44 87.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 492.82 87.30 Td (Consideration�\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 62.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 130.59 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.33 62.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 162.63 62.10 Td (ger) Tj ET Q q 0 0 0 rg BT 175.62 62.10 Td (, ) Tj ET Q q 0 0 0 rg BT 180.16 62.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 203.64 62.10 Td (Mason�) Tj ET Q q 0 0 0 rg BT 235.15 62.10 Td (s ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.14 62.10 Td (independent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.37 62.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.70 62.10 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.26 62.10 Td (subsidiaries) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 421.84 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.75 62.10 Td (will ) Tj ET Q q 0 0 0 rg BT 442.00 62.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 473.06 62.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.14 62.10 Td (place ) Tj ET Q q 0 0 0 rg BT 507.20 62.10 Td (with ) Tj ET Q q 0 0 0 rg BT 527.78 62.10 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 49.50 Td (leadership, ) Tj ET Q q 0 0 0 rg BT 97.79 49.50 Td (strategies ) Tj ET Q q 0 0 0 rg BT 139.97 49.50 Td (and ) Tj ET Q q 0 0 0 rg BT 157.65 49.50 Td (brands, ) Tj ET Q q 0 0 0 rg BT 190.79 49.50 Td (except ) Tj ET Q q 0 0 0 rg BT 220.71 49.50 Td (that ) Tj ET Q q 0 0 0 rg BT 238.97 49.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 256.68 49.50 Td (rust ) Tj ET Q q 0 0 0 rg BT 274.95 49.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 306.05 49.50 Td (will ) Tj ET Q q 0 0 0 rg BT 324.91 49.50 Td (be ) Tj ET Q q 0 0 0 rg BT 337.34 49.50 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 390.58 49.50 Td (by ) Tj ET Q q 0 0 0 rg BT 403.60 49.50 Td (its ) Tj ET Q q 0 0 0 rg BT 416.04 49.50 Td (management ) Tj ET Q q 0 0 0 rg BT 472.21 49.50 Td (team ) Tj ET Q q 0 0 0 rg BT 495.13 49.50 Td (and ) Tj ET Q q 0 0 0 rg BT 512.81 49.50 Td (will ) Tj ET Q q 0 0 0 rg BT 531.67 49.50 Td (not ) Tj ET Q q 0 0 0 rg BT 547.61 49.50 Td (be ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (part ) Tj ET Q q 0 0 0 rg BT 67.64 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 78.20 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 92.85 741.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 136.07 741.75 Td (company) Tj ET Q q 0 0 0 rg BT 173.88 741.75 Td (. ) Tj ET Q q 0 0 0 rg BT 178.32 741.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 196.47 741.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 251.35 741.75 Td (will ) Tj ET Q q 0 0 0 rg BT 269.50 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 284.73 741.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 316.86 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 360.66 741.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 419.05 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 429.03 741.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 476.92 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 497.40 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.04 741.75 Td (repurchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 729.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 78.58 729.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 96.96 729.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 128.16 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 141.28 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 153.83 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 210.10 729.15 Td (team.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 104.79 716.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 138.08 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 149.79 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 165.58 716.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 182.88 716.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 199.25 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 209.22 716.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 241.92 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 253.05 716.55 Td (customary ) Tj ET Q q 0 0 0 rg BT 299.75 716.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 333.05 716.55 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 382.38 716.55 Td (including ) Tj ET Q q 0 0 0 rg BT 425.01 716.55 Td (receipt ) Tj ET Q q 0 0 0 rg BT 456.53 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 468.24 716.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 514.35 716.55 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 95.57 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 113.36 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 122.99 703.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 163.51 703.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 203.45 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.24 703.95 Td (occur ) Tj ET Q q 0 0 0 rg BT 240.18 703.95 Td (during ) Tj ET Q q 0 0 0 rg BT 270.22 703.95 Td (third ) Tj ET Q q 0 0 0 rg BT 292.68 703.95 Td (calendar ) Tj ET Q q 0 0 0 rg BT 330.86 703.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 363.22 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 374.59 703.95 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 678.75 Td (Please ) Tj ET Q q 0 0 0 rg BT 114.99 678.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 137.47 678.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.30 678.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.96 678.75 Td (�Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.53 678.75 Td (1A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.65 678.75 Td (Risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.57 678.75 Td (Factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.15 678.75 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.31 678.75 Td (Risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.32 678.75 Td (Related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.05 678.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.89 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.38 678.75 Td (Proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.13 678.75 Td (Mer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.43 678.75 Td (ger) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.42 678.75 Td (,� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.37 678.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.28 678.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.60 678.75 Td (discussion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.02 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.43 678.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.66 678.75 Td (risks ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.69 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.48 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.10 666.15 Td (proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.22 666.15 Td (Mer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.53 666.15 Td (ger ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.56 666.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.85 666.15 Td (Franklin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.87 666.15 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.55 666.15 Td (empleton.) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 640.95 Td (Recent ) Tj ET Q q 0 0 0 rg BT 80.69 640.95 Td (Developments) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 615.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.50 615.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.59 615.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.91 615.75 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.00 615.75 Td (continues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.92 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.77 615.75 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.91 615.75 Td (disruption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.17 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.01 615.75 Td (challenges, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.62 615.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.96 615.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.30 615.75 Td (shift ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.65 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.49 615.75 Td (lower) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.19 615.75 Td (-fee ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (passively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.23 603.15 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.78 603.15 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.22 603.15 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.52 603.15 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.99 603.15 Td (pressure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.63 603.15 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.44 603.15 Td (pressure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.08 603.15 Td (arising ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.31 603.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.37 603.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.85 603.15 Td (shift ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.17 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.99 603.15 Td (lower) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.69 603.15 Td (-fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.66 603.15 Td (passive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.22 603.15 Td (products\), ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.79 590.55 Td (changes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.38 590.55 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.44 590.55 Td (increasing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.73 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.04 590.55 Td (changing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.67 590.55 Td (role ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.14 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.03 590.55 Td (technology ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.83 590.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.14 590.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.70 590.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.49 590.55 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.08 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.05 590.55 Td (constant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.19 590.55 Td (introduction ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.04 577.95 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.34 577.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.30 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.26 577.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.87 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.83 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.46 577.95 Td (consolidation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.83 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.38 577.95 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.91 577.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.53 577.95 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.49 577.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.95 577.95 Td (mer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.09 577.95 Td (gers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.38 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.34 577.95 Td (acquisitions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.92 577.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.47 577.95 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 65.32 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 68.31 565.35 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 108.04 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 126.19 565.35 Td (global ) Tj ET Q q 0 0 0 rg BT 155.43 565.35 Td (spread ) Tj ET Q q 0 0 0 rg BT 185.83 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 197.57 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.39 565.35 Td (novel ) Tj ET Q q 0 0 0 rg BT 239.71 565.35 Td (coronavirus ) Tj ET Q q 0 0 0 rg BT 292.27 565.35 Td (\(�COVID-19�\), ) Tj ET Q q 0 0 0 rg BT 361.45 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 369.10 565.35 Td (highly ) Tj ET Q q 0 0 0 rg BT 398.93 565.35 Td (transmissible ) Tj ET Q q 0 0 0 rg BT 457.34 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 475.49 565.35 Td (pathogenic ) Tj ET Q q 0 0 0 rg BT 524.55 565.35 Td (disease, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (has ) Tj ET Q q 0 0 0 rg BT 65.10 552.75 Td (created ) Tj ET Q q 0 0 0 rg BT 97.02 552.75 Td (widespread ) Tj ET Q q 0 0 0 rg BT 146.44 552.75 Td (global ) Tj ET Q q 0 0 0 rg BT 174.29 552.75 Td (business ) Tj ET Q q 0 0 0 rg BT 211.48 552.75 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 259.76 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 269.53 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.97 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 305.98 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 361.24 552.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 397.26 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 414.03 552.75 Td (across ) Tj ET Q q 0 0 0 rg BT 441.87 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 465.05 552.75 Td (industries ) Tj ET Q q 0 0 0 rg BT 507.49 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.26 552.75 Td (resulted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 540.15 Td (extreme ) Tj ET Q q 0 0 0 rg BT 96.73 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 128.51 540.15 Td (volatility) Tj ET Q q 0 0 0 rg BT 165.74 540.15 Td (. ) Tj ET Q q 0 0 0 rg BT 170.99 540.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 514.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.40 514.95 Td (light ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.81 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.71 514.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.44 514.95 Td (challenges, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.54 514.95 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.11 514.95 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.00 514.95 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.23 514.95 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 311.01 514.95 Td (we ) Tj ET Q q 0 0 0 rg BT 326.41 514.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 370.97 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 382.29 514.95 Td (focus ) Tj ET Q q 0 0 0 rg BT 408.19 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 421.85 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 439.00 514.95 Td (strategy ) Tj ET Q q 0 0 0 rg BT 475.40 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 487.30 514.95 Td (expanding ) Tj ET Q q 0 0 0 rg BT 534.19 514.95 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (choice, ) Tj ET Q q 0 0 0 rg BT 82.80 502.35 Td (identifying ) Tj ET Q q 0 0 0 rg BT 132.14 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 150.58 502.35 Td (implementing ) Tj ET Q q 0 0 0 rg BT 212.17 502.35 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 270.86 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 286.37 502.35 Td (collaboration ) Tj ET Q q 0 0 0 rg BT 345.04 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 366.98 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 385.41 502.35 Td (across ) Tj ET Q q 0 0 0 rg BT 414.92 502.35 Td (af) Tj ET Q q 0 0 0 rg BT 422.89 502.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 454.74 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 473.17 502.35 Td (providing ) Tj ET Q q 0 0 0 rg BT 517.27 502.35 Td (expanded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (client ) Tj ET Q q 0 0 0 rg BT 76.45 489.75 Td (access ) Tj ET Q q 0 0 0 rg BT 106.88 489.75 Td (through ) Tj ET Q q 0 0 0 rg BT 143.17 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 159.62 489.75 Td (enhancement ) Tj ET Q q 0 0 0 rg BT 218.63 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 231.00 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 248.62 489.75 Td (centralized ) Tj ET Q q 0 0 0 rg BT 298.29 489.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 350.33 489.75 Td (function ) Tj ET Q q 0 0 0 rg BT 388.95 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.73 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.18 489.75 Td (development ) Tj ET Q q 0 0 0 rg BT 482.04 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.41 489.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 542.34 489.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (innovative ) Tj ET Q q 0 0 0 rg BT 96.45 477.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 147.49 477.15 Td (options.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 451.95 Td (Since ) Tj ET Q q 0 0 0 rg BT 111.06 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 126.13 451.95 Td (inception ) Tj ET Q q 0 0 0 rg BT 167.44 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 178.42 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 194.65 451.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 241.21 451.95 Td (announced ) Tj ET Q q 0 0 0 rg BT 288.93 451.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 326.73 451.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 382.62 451.95 Td (plan, ) Tj ET Q q 0 0 0 rg BT 405.56 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 420.04 451.95 Td (have ) Tj ET Q q 0 0 0 rg BT 442.09 451.95 Td (achieved ) Tj ET Q q 0 0 0 rg BT 481.64 451.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 511.86 451.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 531.01 451.95 Td (savings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.28 439.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 124.96 439.35 Td ($95 ) Tj ET Q q 0 0 0 rg BT 143.75 439.35 Td (million ) Tj ET Q q 0 0 0 rg BT 177.12 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 190.65 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 198.35 439.35 Td (run ) Tj ET Q q 0 0 0 rg BT 215.38 439.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 234.14 439.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 258.18 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 269.96 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 281.74 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 312.18 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 328.34 439.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 354.78 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 374.14 439.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 417.41 439.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 441.44 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 453.22 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 470.25 439.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 508.85 439.35 Td (restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 71.25 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 83.67 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.09 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 127.17 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.97 426.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 168.64 426.75 Td (were ) Tj ET Q q 0 0 0 rg BT 192.72 426.75 Td (revised ) Tj ET Q q 0 0 0 rg BT 226.71 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 238.55 426.75 Td (not ) Tj ET Q q 0 0 0 rg BT 255.64 426.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 288.46 426.75 Td ($105 ) Tj ET Q q 0 0 0 rg BT 313.13 426.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 349.77 426.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 414.09 426.75 Td (20% ) Tj ET Q q 0 0 0 rg BT 437.01 426.75 Td (less ) Tj ET Q q 0 0 0 rg BT 456.43 426.75 Td (than ) Tj ET Q q 0 0 0 rg BT 478.18 426.75 Td (what ) Tj ET Q q 0 0 0 rg BT 502.27 426.75 Td (we ) Tj ET Q q 0 0 0 rg BT 518.19 426.75 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 94.99 414.15 Td (See ) Tj ET Q q 0 0 0 rg BT 112.77 414.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 135.81 414.15 Td (18 ) Tj ET Q q 0 0 0 rg BT 148.94 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.31 414.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 187.43 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 198.22 414.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 256.26 414.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 297.96 414.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 346.66 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 361.53 414.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 406.15 414.15 Td (information.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 388.95 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.53 388.95 Td (�Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.30 388.95 Td (8. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.04 388.95 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.99 388.95 Td (Statements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.93 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.96 388.95 Td (Supplementary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.40 388.95 Td (Data� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.75 388.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.87 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.56 388.95 Td (revenues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.37 388.95 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.07 388.95 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.84 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.87 388.95 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.24 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.85 388.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.30 388.95 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.43 376.35 Td (operates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.69 376.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.13 376.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.06 376.35 Td (single ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.41 376.35 Td (reportable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.24 376.35 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.10 376.35 Td (segment. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.99 376.35 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.42 376.35 Td (Notes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.19 376.35 Td (13 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.96 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.40 376.35 Td (19 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.17 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.19 376.35 Td (Notes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.95 376.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.39 376.35 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.08 376.35 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.42 376.35 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.59 363.75 Td (Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.75 363.75 Td (8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.92 363.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.59 363.75 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.68 363.75 Td (Report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.18 363.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.35 363.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.26 363.75 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.50 363.75 Td (generated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.23 363.75 Td (in, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.94 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.02 363.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.94 363.75 Td (long-lived ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.02 363.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.44 363.75 Td (\(consisting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.44 363.75 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.44 363.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.10 363.75 Td (intangible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.02 363.75 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.68 351.15 Td (goodwill\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.54 351.15 Td (located ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.88 351.15 Td (in, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.70 351.15 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.95 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.72 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.57 351.15 Td (principal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.92 351.15 Td (geographic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.59 351.15 Td (regions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.52 351.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.71 351.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.40 351.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.66 351.15 Td (conduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.93 351.15 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.16 351.15 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.35 351.15 Td (Note ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.78 351.15 Td (7 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.05 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.82 351.15 Td (Notes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.34 351.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.79 338.55 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.74 338.55 Td (Statements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.70 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.74 338.55 Td (Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.86 338.55 Td (8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.99 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.61 338.55 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.66 338.55 Td (Report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.12 338.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.24 338.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.11 338.55 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.96 338.55 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.67 338.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.04 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.09 338.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.79 338.55 Td (aggregate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.48 338.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.60 338.55 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.97 338.55 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.34 338.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.79 325.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.65 325.95 Td (operate.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.65 300.75 Td (Overview) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 275.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.61 275.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 151.03 275.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 192.54 275.55 Td (combines ) Tj ET Q q 0 0 0 rg BT 237.56 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 256.34 275.55 Td (nine ) Tj ET Q q 0 0 0 rg BT 279.19 275.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 335.29 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 360.48 275.55 Td (managers, ) Tj ET Q q 0 0 0 rg BT 408.11 275.55 Td (each ) Tj ET Q q 0 0 0 rg BT 432.12 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 455.57 275.55 Td (diverse ) Tj ET Q q 0 0 0 rg BT 490.67 275.55 Td (perspectives ) Tj ET Q q 0 0 0 rg BT 547.34 275.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (specialized ) Tj ET Q q 0 0 0 rg BT 100.15 262.95 Td (expertise ) Tj ET Q q 0 0 0 rg BT 142.06 262.95 Td (across ) Tj ET Q q 0 0 0 rg BT 172.32 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 196.74 262.95 Td (classes ) Tj ET Q q 0 0 0 rg BT 229.91 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 249.08 262.95 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 295.37 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 318.05 262.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 372.23 262.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 424.66 262.95 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 476.49 262.95 Td (at ) Tj ET Q q 0 0 0 rg BT 488.08 262.95 Td (each ) Tj ET Q q 0 0 0 rg BT 511.32 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 524.08 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 542.09 262.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 91.62 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 108.67 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 115.23 250.35 Td (centralized ) Tj ET Q q 0 0 0 rg BT 163.17 250.35 Td (global ) Tj ET Q q 0 0 0 rg BT 191.30 250.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 241.62 250.35 Td (platform ) Tj ET Q q 0 0 0 rg BT 279.66 250.35 Td (focusing ) Tj ET Q q 0 0 0 rg BT 317.71 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 330.10 250.35 Td (retail ) Tj ET Q q 0 0 0 rg BT 353.57 250.35 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 406.50 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 407.98 250.35 Td (Acting ) Tj ET Q q 0 0 0 rg BT 438.44 250.35 Td (through ) Tj ET Q q 0 0 0 rg BT 473.00 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 488.89 250.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 542.09 250.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 93.74 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 116.42 237.75 Td (diverse ) Tj ET Q q 0 0 0 rg BT 150.76 237.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 192.67 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 204.85 237.75 Td (equity) Tj ET Q q 0 0 0 rg BT 230.41 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 237.05 237.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 262.64 237.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 300.18 237.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 348.50 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.68 237.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 407.28 237.75 Td (investments, ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.08 237.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.33 237.75 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.42 237.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.61 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.23 225.15 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.25 225.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.53 225.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.16 225.15 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.79 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.41 225.15 Td (individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.45 225.15 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.95 225.15 Td (company-sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.98 225.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.51 225.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.31 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.93 225.15 Td (retail ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.80 212.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.44 212.55 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.83 212.55 Td (programs) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 207.48 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 209.22 212.55 Td (globally ) Tj ET Q q 0 0 0 rg BT 245.38 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 255.28 212.55 Td (help ) Tj ET Q q 0 0 0 rg BT 275.10 212.55 Td (seek ) Tj ET Q q 0 0 0 rg BT 295.50 212.55 Td (better ) Tj ET Q q 0 0 0 rg BT 321.14 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.61 212.55 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 401.59 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 413.83 212.55 Td (expanding ) Tj ET Q q 0 0 0 rg BT 459.31 212.55 Td (choice ) Tj ET Q q 0 0 0 rg BT 488.45 212.55 Td (across ) Tj ET Q q 0 0 0 rg BT 516.43 212.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 94.37 199.95 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 131.37 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 149.12 199.95 Td (investor ) Tj ET Q q 0 0 0 rg BT 185.54 199.95 Td (access. ) Tj ET Q q 0 0 0 rg BT 217.57 199.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.16 199.95 Td (Operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.74 199.95 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.74 199.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.75 199.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.98 199.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.54 199.95 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.95 199.95 Td (located ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.86 199.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.62 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.04 199.95 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.21 199.95 Td (States, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.51 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.93 199.95 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (Kingdom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.02 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.03 187.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.54 187.35 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.46 187.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.06 187.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.48 187.35 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.82 187.35 Td (worldwide, ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 280.20 187.35 Td (we ) Tj ET Q q 0 0 0 rg BT 295.29 187.35 Td (deliver ) Tj ET Q q 0 0 0 rg BT 327.30 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 344.14 187.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 393.07 187.35 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 443.73 187.35 Td (through ) Tj ET Q q 0 0 0 rg BT 479.25 187.35 Td (varied ) Tj ET Q q 0 0 0 rg BT 508.33 187.35 Td (products ) Tj ET Q q 0 0 0 rg BT 547.34 187.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 86.53 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 104.33 174.75 Td (via ) Tj ET Q q 0 0 0 rg BT 119.79 174.75 Td (multiple ) Tj ET Q q 0 0 0 rg BT 157.42 174.75 Td (points ) Tj ET Q q 0 0 0 rg BT 185.72 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.10 174.75 Td (access, ) Tj ET Q q 0 0 0 rg BT 229.17 174.75 Td (including) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.83 174.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.46 174.75 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.16 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.96 174.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.25 174.75 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.79 174.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.16 174.75 Td (intermediaries. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.47 174.75 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.43 174.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.90 162.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.96 162.15 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.11 162.15 Td (discretionary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.17 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.57 162.15 Td (non-discretionary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.87 162.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.76 162.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.75 162.15 Td (separate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.38 162.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.70 162.15 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.68 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.09 162.15 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.12 149.55 Td (styles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.58 149.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.37 149.55 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.09 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.79 149.55 Td (individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.92 149.55 Td (investors. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.00 149.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.88 149.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.50 149.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.20 149.55 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.65 149.55 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.84 149.55 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.55 149.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.43 149.55 Td (ranging ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.28 136.95 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.23 136.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.75 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.28 136.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.23 136.95 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.19 136.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.72 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.25 136.95 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.20 136.95 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.10 136.95 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.72 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.25 136.95 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.93 136.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.63 136.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.90 136.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.44 136.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.47 136.95 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.25 136.95 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.77 136.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.81 124.35 Td (styles. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.42 124.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.49 124.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.38 124.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.53 124.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.08 124.35 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.97 124.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.77 124.35 Td (domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.91 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.31 124.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.86 124.35 Td (fshore ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.33 124.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.90 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.29 124.35 Td (both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.19 124.35 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.99 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.38 124.35 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.78 124.35 Td (investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.55 124.35 Td (privately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.11 124.35 Td (placed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.86 111.75 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.39 111.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.97 111.75 Td (hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.67 111.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.25 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.04 111.75 Td (funds-of-hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.81 111.75 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 86.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.46 86.55 Td (independent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.41 86.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.46 86.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.33 86.55 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.03 86.55 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.73 86.55 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.68 86.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.82 86.55 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.70 86.55 Td (ging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.00 86.55 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.54 86.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.41 86.55 Td (managing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.45 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.91 86.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.63 86.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 86.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.85 73.95 Td (Fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.41 73.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.54 73.95 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.60 73.95 Td (calculated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.46 73.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.53 73.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.50 73.95 Td (percentage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.28 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.34 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.48 73.95 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.53 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.08 73.95 Td (AUM; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.82 73.95 Td (accordingly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.70 73.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.64 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.78 73.95 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.91 73.95 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.13 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.19 73.95 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.74 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.80 73.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.11 73.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.16 61.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.92 61.35 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.09 61.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.91 61.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.08 61.35 Td (decrease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.64 61.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.82 61.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.16 61.35 Td (average ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.69 61.35 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.62 61.35 Td (increases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.53 61.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.70 61.35 Td (decreases. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.98 61.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.15 61.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.61 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.87 61.35 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.20 61.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.12 61.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.01 61.35 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (vary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.67 48.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.86 48.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.20 48.75 Td (type ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.80 48.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.06 48.75 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.23 48.75 Td (managed, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.27 48.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.62 48.75 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.63 48.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.89 48.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.91 48.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.59 48.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.94 48.75 Td (account, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.73 48.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.07 48.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.00 48.75 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.67 48.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.34 48.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.69 48.75 Td (type ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.28 48.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.55 48.75 Td (client. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (5) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (Increases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.27 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.56 741.75 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.77 741.75 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.55 741.75 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.60 741.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.72 741.75 Td (inflows ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.94 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.40 741.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.10 741.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.32 741.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.44 741.75 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.65 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.53 741.75 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.49 741.75 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.62 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.49 741.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.62 741.75 Td (appreciation ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.01 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.17 729.15 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.25 729.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.33 729.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.99 729.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.83 729.15 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.33 729.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.74 729.15 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.99 729.15 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.30 729.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.14 729.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.80 729.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.64 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.14 729.15 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.64 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.14 729.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.30 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.80 729.15 Td (currency ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.87 729.15 Td (exchange ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (rates\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.36 716.55 Td (Conversely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.50 716.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.04 716.55 Td (decreases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.18 716.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.61 716.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.03 716.55 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.01 716.55 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.25 716.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.57 716.55 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.81 716.55 Td (redemptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.63 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.70 716.55 Td (declines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.02 716.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.10 716.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.84 716.55 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.50 716.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.16 716.55 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.39 716.55 Td (assets. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.88 703.95 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.00 703.95 Td (may ) Tj ET Q q 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(decrease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.38 703.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.75 703.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.04 703.95 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.99 703.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.36 703.95 Td (dispositions.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 678.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 678.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.56 678.75 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.96 678.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.34 678.75 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.58 678.75 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.82 678.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.71 678.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.12 678.75 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.61 678.75 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.85 678.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.42 678.75 Td (exceeding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.31 678.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.69 678.75 Td (benchmarks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 678.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (hurdle ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.58 666.15 Td (rates. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.04 666.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.62 666.15 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.51 666.15 Td (gest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.67 666.15 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.26 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.26 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.51 666.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.81 666.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.97 666.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.22 666.15 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.45 666.15 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.62 666.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.37 666.15 Td (12-month ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.45 666.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.76 666.15 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.92 666.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.92 666.15 Td (end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 666.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.97 653.55 Td (fering ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.76 653.55 Td (quarters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.29 653.55 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.42 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.96 653.55 Td (year) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.60 653.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.94 653.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.32 653.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.69 653.55 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.74 653.55 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.36 653.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.57 653.55 Td (quarterly ) Tj ET Q q 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BT 62.35 640.95 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.02 640.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.53 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.63 640.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.80 640.95 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.13 640.95 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.06 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.25 640.95 Td (end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.76 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.86 640.95 Td (varying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.29 640.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.72 640.95 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.98 640.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.08 640.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.61 640.95 Td (multiple-year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.52 640.95 Td (intervals. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.66 640.95 Td (For ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.60 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.78 640.95 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.08 628.35 Td (ended ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.58 628.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.41 628.35 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.96 628.35 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.01 628.35 Td (2019 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.44 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.02 628.35 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.08 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.25 628.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.67 628.35 Td ($2.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.47 628.35 Td (billion, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.94 628.35 Td ($2.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.75 628.35 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.59 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.18 628.35 Td ($3.1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.98 628.35 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.83 628.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.42 628.35 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.51 628.35 Td (revenues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.88 628.35 Td ($99.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (million, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.50 615.75 Td ($84.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.15 615.75 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.52 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.72 615.75 Td ($227.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.62 615.75 Td (million, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.62 615.75 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.67 615.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.32 615.75 Td (represented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.75 615.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.83 615.75 Td (fees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.39 615.75 Td (During ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.17 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.03 615.75 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.80 615.75 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.99 615.75 Td (ended ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.09 615.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.60 603.15 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.20 603.15 Td (2019 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.18 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.31 603.15 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.91 603.15 Td ($42.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.51 603.15 Td (million, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.45 603.15 Td ($49.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.05 603.15 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.36 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.50 603.15 Td ($108.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.35 603.15 Td (million, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.28 603.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.33 603.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.93 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.65 603.15 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.20 603.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.23 603.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.11 603.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.93 590.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.88 590.55 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.82 590.55 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.68 590.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.62 590.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.57 590.55 Td (invested ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.01 590.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.13 590.55 Td (them ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.57 590.55 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.43 590.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.05 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.32 590.55 Td (closing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.10 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.30 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.74 590.55 Td (acquisition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.27 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.46 590.55 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.41 590.55 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.26 590.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.34 590.55 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (2016 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.68 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.03 577.95 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.61 577.95 Td (passed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.79 577.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.64 577.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.57 577.95 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.08 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.43 577.95 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.11 577.95 Td (Partners�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.23 577.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.42 577.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.25 577.95 Td (team ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.84 577.95 Td (pursuant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.18 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.53 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.55 577.95 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.06 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.99 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.00 577.95 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.63 565.35 Td (acquisition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.43 565.35 Td (agreement. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.50 565.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.22 565.35 Td (Exclusive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.35 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.21 565.35 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.44 565.35 Td (eligible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.65 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.54 565.35 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.33 565.35 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.10 565.35 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.73 565.35 Td (passed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.44 565.35 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.83 565.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.29 565.35 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.13 552.75 Td (Partners�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.25 552.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.38 552.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.16 552.75 Td (team, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.32 552.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.20 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.07 552.75 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.61 552.75 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.86 552.75 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.62 552.75 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.40 552.75 Td (7% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.52 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.40 552.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.53 552.75 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.32 552.75 Td (long-term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.39 552.75 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.02 552.75 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.48 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.78 552.75 Td (accounts ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.87 540.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.90 540.15 Td (eligible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.01 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.81 540.15 Td (pay ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.59 540.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.27 540.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.79 540.15 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.00 540.15 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.79 540.15 Td (point ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.00 540.15 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.04 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.49 540.15 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.85 540.15 Td (year) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.34 540.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 514.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 514.95 Td (As of March 31 of each of the last three fiscal years, we had the following aggregate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.38 514.95 Td (AUM \(in billions, except ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (percentages\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 422.85 m 149 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153 422.85 m 190 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194 422.85 m 231 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 422.85 m 276 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 422.85 m 320 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 422.85 m 382 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 422.85 m 447 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 422.85 m 502 422.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 422.85 m 557 422.85 l s BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 102.00 450.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 101.80 439.14 Td (Under) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 86.50 427.64 Td (Management) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 155.80 439.14 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 157.00 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 201.05 470.64 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 460.14 Td (T) Tj ET Q q 0 0 0 rg BT 206.54 460.14 Td (otal ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 207.60 449.64 Td (in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 196.80 438.14 Td (Equity ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 198.00 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 242.45 450.64 Td (Fixed) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 238.35 439.14 Td (Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 241.00 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.55 482.14 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.00 471.64 Td (T) Tj ET Q q 0 0 0 rg BT 294.04 471.64 Td (otal ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 295.10 461.14 Td (in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.95 449.64 Td (Fixed ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.85 439.14 Td (Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.50 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 327.10 438.14 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.50 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.05 461.14 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.80 449.64 Td (T) Tj ET Q q 0 0 0 rg BT 404.84 449.64 Td (otal in ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.60 439.14 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.00 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.45 439.14 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.50 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.05 461.14 Td (% of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 513.80 449.64 Td (T) Tj ET Q q 0 0 0 rg BT 519.84 449.64 Td (otal in ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 509.95 439.14 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 517.00 427.64 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 412.64 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 86.50 412.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 121.35 412.64 Td (730.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 155.50 412.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 162.35 412.64 Td (161.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 209.50 412.64 Td (22) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 220.00 412.64 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 237.50 412.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 248.35 412.64 Td (420.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.50 412.64 Td (58) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 309.00 412.64 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.50 412.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.60 412.64 Td (74.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.50 412.64 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 436.00 412.64 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 454.50 412.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.60 412.64 Td (75.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.50 412.64 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 546.00 412.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 398.07 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.35 398.07 Td (758.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.35 398.07 Td (202.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.50 398.07 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.35 398.07 Td (419.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 398.07 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.60 398.07 Td (68.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 398.07 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.60 398.07 Td (67.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.75 398.07 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 384.07 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.35 384.07 Td (754.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.35 384.07 Td (203.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.50 384.07 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.35 384.07 Td (422.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 384.07 Td (56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.60 384.07 Td (66.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 384.07 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.60 384.07 Td (62.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.75 384.07 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 367.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 355.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 355.15 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.14 355.15 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.68 355.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.74 355.15 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.91 355.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.79 355.15 Td (reported ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.65 355.15 Td (equity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.22 355.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.73 355.15 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.19 355.15 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.98 355.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.61 355.15 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.80 355.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.18 355.15 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.97 355.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.50 355.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.46 355.15 Td (exclude ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.00 355.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 342.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.40 342.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.81 342.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.78 342.55 Td (retained ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.75 342.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.08 342.55 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.89 342.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.54 342.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.36 342.55 Td (short-term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.26 342.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.17 342.55 Td (temporary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.47 342.55 Td (basis. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.03 342.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.10 342.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.92 342.55 Td (define ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.31 342.55 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.78 342.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.44 342.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.34 342.55 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.30 342.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.96 342.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.02 342.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 329.95 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.62 329.95 Td (Partners, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.28 329.95 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.99 329.95 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.36 329.95 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.57 329.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.35 329.95 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.98 329.95 Td (Infrastructure.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 304.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 304.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.93 304.75 Td (believe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.95 304.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.40 304.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.26 304.75 Td (conditions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.71 304.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.57 304.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.27 304.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.06 304.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.81 304.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.33 304.75 Td (critical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.18 304.75 Td (elements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.20 304.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.08 304.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.77 304.75 Td (attempts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.06 304.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.93 304.75 Td (grow ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 292.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.72 292.15 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.08 292.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.09 292.15 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.95 292.15 Td (When ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.87 292.15 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.38 292.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.98 292.15 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.57 292.15 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.32 292.15 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.42 292.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.09 292.15 Td (increasing, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.72 292.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.94 292.15 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.29 292.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.48 292.15 Td (tend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.41 292.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.43 292.15 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.68 292.15 Td (because ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.76 292.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 279.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.07 279.55 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.17 279.55 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.33 279.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.92 279.55 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.33 279.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.16 279.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.23 279.55 Td (revenues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.59 279.55 Td (Similarly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.99 279.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.04 279.55 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.87 279.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.53 279.55 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.52 279.55 Td (produce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.76 279.55 Td (positive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.43 279.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 266.95 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.07 266.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.40 266.95 Td (maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.30 266.95 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.02 266.95 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.00 266.95 Td (levels, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.28 266.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.74 266.95 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.40 266.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.90 266.95 Td (tend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.13 266.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.46 266.95 Td (increase. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.64 266.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.54 266.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.74 266.95 Td (favorable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.54 266.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.86 266.95 Td (conditions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.77 266.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 254.35 Td (strong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.88 254.35 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.50 254.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.71 254.35 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.90 254.35 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.60 254.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.06 254.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.37 254.35 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.14 254.35 Td (inflows ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.78 254.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.08 254.35 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.71 254.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.26 254.35 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.64 254.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.94 254.35 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.56 254.35 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.73 254.35 Td (Conversely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.88 254.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 241.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.43 241.75 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.10 241.75 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.61 241.75 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.02 241.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.53 241.75 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.03 241.75 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.70 241.75 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.70 241.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.28 241.75 Td (weak ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.19 241.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.70 241.75 Td (declining, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.16 241.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.67 241.75 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.18 241.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.19 241.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.77 241.75 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.95 241.75 Td (maintained ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.36 241.75 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.69 241.75 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 229.15 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.62 229.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.98 229.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.43 229.15 Td (produced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.12 229.15 Td (poor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.99 229.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.69 229.15 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.99 229.15 Td (absolute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.60 229.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.97 229.15 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.07 229.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.86 229.15 Td (benchmarks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.22 229.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.59 229.15 Td (peers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.99 229.15 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.45 229.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.07 229.15 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.61 229.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.40 229.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.93 229.15 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 216.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.97 216.55 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.76 216.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.55 216.55 Td (grow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.76 216.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.80 216.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.93 216.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.71 216.55 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.92 216.55 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.33 216.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.13 216.55 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.00 216.55 Td (periods, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.16 216.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.20 216.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.33 216.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.12 216.55 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.33 216.55 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.37 216.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.07 216.55 Td (decline.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 191.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 191.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.73 191.35 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.30 191.35 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.46 191.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.79 191.35 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.03 191.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.28 191.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.78 191.35 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.70 191.35 Td (pursuant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.36 191.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.03 191.35 Td (written ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.28 191.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.86 191.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.01 191.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.26 191.35 Td (sub-advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 178.75 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.43 178.75 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.44 178.75 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.63 178.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.40 178.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.43 178.75 Td (independent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.78 178.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.22 178.75 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.48 178.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.67 178.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.52 178.75 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.88 178.75 Td (\(or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.15 178.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.84 178.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.60 178.75 Td (intermediary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.27 178.75 Td (acting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.96 178.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.49 178.75 Td (behalf ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.75 178.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 166.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.89 166.15 Td (client\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.71 166.15 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.34 166.15 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.80 166.15 Td (usually ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.70 166.15 Td (specify) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.34 166.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.52 166.15 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.66 166.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.80 166.15 Td (things, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.66 166.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.04 166.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.25 166.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.72 166.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.44 166.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.92 166.15 Td (paid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.56 166.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.28 166.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.67 166.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.65 166.15 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.35 166.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 153.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.03 153.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.81 153.55 Td (strategy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.75 153.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.69 153.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.22 153.55 Td (account, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.19 153.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.06 153.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.57 153.55 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.34 153.55 Td (terminable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.94 153.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.14 153.55 Td (either ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.74 153.55 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.02 153.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.22 153.55 Td (relatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.57 153.55 Td (short ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.27 153.55 Td (notice. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.06 153.55 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.74 153.55 Td (ypically) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.88 153.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 140.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.52 140.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.11 140.95 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.96 140.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.98 140.95 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.34 140.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.20 140.95 Td (assigned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.31 140.95 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.41 140.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.10 140.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.71 140.95 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.98 140.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.68 140.95 Td (transactions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.40 140.95 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.59 140.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.29 140.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.89 140.95 Td (direct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.74 140.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.43 140.95 Td (indirect ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 128.35 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.13 128.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.77 128.35 Td (control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.40 128.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.04 128.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.77 128.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.07 128.35 Td (manager) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.80 128.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.32 128.35 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.62 128.35 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.35 128.35 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.50 128.35 Td (constitute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.22 128.35 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.02 128.35 Td (assignment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.16 128.35 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.97 128.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.69 128.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.60 128.35 Td (Advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.19 128.35 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.24 128.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.88 128.35 Td (1940, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 115.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.13 115.75 Td (amended, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.54 115.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.17 115.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.63 115.75 Td (applicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.66 115.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.69 115.75 Td (requirements\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.88 115.75 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.85 115.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.57 115.75 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.86 115.75 Td (consent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.82 115.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.45 115.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.16 115.75 Td (client. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.79 115.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.99 115.75 Td (Mer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.30 115.75 Td (ger ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.59 115.75 Td (constitutes ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 103.15 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.96 103.15 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.09 103.15 Td (assignment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.55 103.15 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.67 103.15 Td (US ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.31 103.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.94 103.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.79 103.15 Td (laws. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.88 103.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.94 103.15 Td (When ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.22 103.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.27 103.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.89 103.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.75 103.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.29 103.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.51 103.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.39 103.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.27 103.15 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.88 103.15 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.26 103.15 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 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0.12549019607843137 rg BT 49.50 615.75 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.07 615.75 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.13 615.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.82 615.75 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.33 615.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.52 615.75 Td (indirectly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.20 615.75 Td (owned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.63 615.75 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.57 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.76 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.03 615.75 Td (voting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.30 615.75 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.99 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.18 615.75 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.94 615.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.96 615.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.06 615.75 Td (Management, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.75 603.15 Td (Investments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.06 603.15 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.57 603.15 Td (Currie, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.96 603.15 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.32 603.15 Td (Investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.37 603.15 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.31 603.15 Td (Infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.39 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.27 603.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.34 603.15 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.70 603.15 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.97 603.15 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.72 603.15 Td (Company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.87 603.15 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.57 590.55 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.55 590.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.13 590.55 Td (18% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.95 590.55 Td (owned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.52 590.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.59 590.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.09 590.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.30 590.55 Td (team, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.91 590.55 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.62 590.55 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.94 590.55 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.09 590.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.67 590.55 Td (35% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.49 590.55 Td (owned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.06 590.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.13 590.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.63 590.55 Td (chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.19 590.55 Td (executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.99 590.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.55 590.55 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.35 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.93 577.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.53 577.95 Td (24.5% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.26 577.95 Td (owned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.86 577.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.96 577.95 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.48 577.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.73 577.95 Td (team. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.37 577.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.72 577.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.36 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.79 577.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.04 577.95 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.13 577.95 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.31 577.95 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.41 577.95 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.42 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.19 577.95 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.55 565.35 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.09 565.35 Td (owns ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.57 565.35 Td (non-voting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.95 565.35 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.51 565.35 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.81 565.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.28 565.35 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.83 565.35 Td (respective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.70 565.35 Td (businesses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.34 565.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.31 565.35 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.69 565.35 Td (them ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.99 565.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.97 565.35 Td (participation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.34 565.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 552.75 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.30 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.10 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.55 552.75 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.91 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.28 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.74 552.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.95 552.75 Td (\(subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.81 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.61 552.75 Td (appropriate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.04 552.75 Td (valuation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.74 552.75 Td (discounts\). ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 527.55 Td (Each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.67 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.59 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.77 527.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.36 527.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.77 527.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.96 527.55 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.20 527.55 Td (operated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.53 527.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.45 527.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.30 527.55 Td (separate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.87 527.55 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.64 527.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.56 527.55 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.48 527.55 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.90 527.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.00 527.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.35 527.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.90 514.95 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.39 514.95 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.89 514.95 Td (own ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.56 514.95 Td (brand ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.05 514.95 Td (name, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.99 514.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.24 514.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.39 514.95 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.39 514.95 Td (functions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.05 514.95 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.96 514.95 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.86 514.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.94 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.52 514.95 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.35 514.95 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.35 514.95 Td (platform ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.89 502.35 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.44 502.35 Td (cases. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.44 502.35 Td (Consistent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.00 502.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.89 502.35 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.28 502.35 Td (approach, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.61 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.07 502.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.11 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.50 502.35 Td (place ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.87 502.35 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.32 502.35 Td (sharing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.45 502.35 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.23 502.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.12 502.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.91 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.87 502.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.09 502.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (managers: ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.05 489.75 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.78 489.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.76 489.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.83 489.75 Td (Management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.67 489.75 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.39 489.75 Td (Investments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.16 489.75 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.39 489.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.46 489.75 Td (Partners, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.89 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.36 489.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.43 489.75 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.15 477.15 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.27 477.15 Td (Company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.42 477.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.36 477.15 Td (and/or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.50 477.15 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.37 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.43 477.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.99 477.15 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.46 477.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.02 477.15 Td (ficers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.27 477.15 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.83 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.97 477.15 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.61 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.67 477.15 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.55 477.15 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.10 477.15 Td (sharing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.32 477.15 Td (arrangements, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 56.40 464.55 Td (specified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.54 464.55 Td (percentage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.24 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.23 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.29 464.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.94 464.55 Td (manager's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.30 464.55 Td (revenues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.48 464.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.55 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.53 464.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.33 464.55 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.40 464.55 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.21 464.55 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.87 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.27 464.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.08 464.55 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.97 464.55 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.97 451.95 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.42 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.06 451.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.44 451.95 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.82 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.45 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.75 451.95 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.46 451.95 Td (owners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.26 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.47 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.77 451.95 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.45 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.08 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.38 451.95 Td (balance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.91 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.12 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.42 451.95 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.20 451.95 Td (\(or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.91 451.95 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.21 451.95 Td (revenues\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.49 451.95 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (retained ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.28 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.42 439.35 Td (pay ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.56 439.35 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.18 439.35 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.68 439.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.31 439.35 Td (salaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.77 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.90 439.35 Td (bonuses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.33 439.35 Td (but ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.72 439.35 Td (excluding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.10 439.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.63 439.35 Td (expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.51 439.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.73 439.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.45 439.35 Td (amortization ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.04 426.75 Td (acquired ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.99 426.75 Td (intangible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.77 426.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.07 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.03 426.75 Td (excluding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.23 426.75 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.93 426.75 Td (taxes. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.93 426.75 Td (Specific ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.13 426.75 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.25 426.75 Td (allocations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.53 426.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.15 426.75 Td (determined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.18 426.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.47 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.10 426.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (manager's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.46 414.15 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.57 414.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.15 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.15 414.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.56 414.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.98 414.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.46 414.15 Td (approval ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.03 414.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.04 414.15 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.44 414.15 Td (cases. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.43 414.15 Td (Although, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.56 414.15 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.48 414.15 Td (renegotiation, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.40 401.55 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.69 401.55 Td (sharing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.67 401.55 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.29 401.55 Td (impede ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.27 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.33 401.55 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.23 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.46 401.55 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.93 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.99 401.55 Td (profit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.38 401.55 Td (mar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.52 401.55 Td (gins ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.09 401.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.57 401.55 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.21 401.55 Td (businesses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.24 401.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.55 401.55 Td (believe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.93 401.55 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.74 388.95 Td (help ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.50 388.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.53 388.95 Td (retain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.11 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.96 388.95 Td (attract ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.87 388.95 Td (talented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.79 388.95 Td (employees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.01 388.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.44 388.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.16 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.67 388.95 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.58 388.95 Td (sharing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.18 388.95 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.42 388.95 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.88 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.36 376.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.67 376.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.81 376.35 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.78 376.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.18 376.35 Td (incentives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.49 376.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.39 376.35 Td (\(i\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.03 376.35 Td (grow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.35 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.91 376.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.05 376.35 Td (managers' ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.91 376.35 Td (revenues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.59 376.35 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.90 376.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.27 376.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.01 376.35 Td (able ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.74 363.75 Td (participate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.13 363.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.37 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.27 363.75 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.57 363.75 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.40 363.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.13 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.04 363.75 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.44 363.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.26 363.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.34 363.75 Td (retained; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.15 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.38 363.75 Td (\(ii\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.29 363.75 Td (control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.10 363.75 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.83 363.75 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.44 363.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.17 363.75 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.22 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.38 351.15 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.04 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.12 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.28 351.15 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.92 351.15 Td (retained ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.07 351.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.14 351.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.48 351.15 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.70 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.20 351.15 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.78 351.15 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.85 351.15 Td (initiatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.60 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.09 351.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.66 351.15 Td (incentive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.47 351.15 Td (compensation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.75 351.15 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.51 338.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.30 338.55 Td (chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.25 338.55 Td (executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.45 338.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.01 338.55 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.20 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.92 338.55 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.63 338.55 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.35 338.55 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.89 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.02 338.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.81 338.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.43 338.55 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.89 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.60 338.55 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.06 338.55 Td (Partners, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.06 338.55 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.35 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.63 325.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.75 325.95 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.38 325.95 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.93 325.95 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.23 325.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.70 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.83 325.95 Td (applicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.28 325.95 Td (company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.08 325.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.01 325.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.98 325.95 Td (helps ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.44 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.91 325.95 Td (align ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.21 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.34 325.95 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.64 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.69 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.82 325.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.77 325.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.29 313.35 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.26 313.35 Td (filiates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.46 313.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.75 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.20 313.35 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.82 313.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.19 313.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.81 313.35 Td (shareholders.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 288.15 Td (Asset Managers) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 262.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.39 262.95 Td (independent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.26 262.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.23 262.95 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.02 262.95 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.66 262.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.87 262.95 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.84 262.95 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.72 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.02 262.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.66 262.95 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.38 262.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.76 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.48 262.95 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.60 262.95 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.57 250.35 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.03 250.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.11 250.35 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.70 250.35 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.53 250.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.20 250.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.36 250.35 Td (pension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.45 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.03 250.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.03 250.35 Td (retirement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.59 250.35 Td (plans, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.80 250.35 Td (corporations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.33 250.35 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.98 250.35 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (endowments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.29 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.16 237.75 Td (foundations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.45 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.33 237.75 Td (governments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.90 237.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.36 237.75 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.15 237.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.61 237.75 Td (high ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.99 237.75 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.53 237.75 Td (worth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.74 237.75 Td (individuals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.12 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.99 237.75 Td (families, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.16 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.03 237.75 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.31 237.75 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.43 237.75 Td (who ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (participate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.85 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.05 225.15 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.65 225.15 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.59 225.15 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.28 225.15 Td (programs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.60 225.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.39 225.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.47 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.50 225.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.95 225.15 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.22 225.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.18 225.15 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.87 225.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.65 225.15 Td (sub-advise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.60 225.15 Td (various ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (groups ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.90 212.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.45 212.55 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.91 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.88 212.55 Td (non-proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.59 212.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.07 212.55 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.05 212.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.19 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.17 212.55 Td (ETFs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.73 212.55 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.94 212.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.66 212.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.30 212.55 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.77 212.55 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.79 212.55 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.77 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (1940, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.14 199.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.90 199.95 Td (amended, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.44 199.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.12 199.95 Td (equity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.69 199.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.33 199.95 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.92 199.95 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.47 199.95 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.07 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.25 199.95 Td (balanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.57 199.95 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.55 199.95 Td (Certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.47 199.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.23 199.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.25 199.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.67 199.95 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.92 199.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.85 199.95 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.87 187.35 Td (sub-advise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.40 187.35 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.44 187.35 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.13 187.35 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.92 187.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.88 187.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.25 187.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.69 187.35 Td (domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.31 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.09 187.35 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.63 187.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.42 187.35 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.54 187.35 Td (around ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.32 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.77 187.35 Td (globe.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 162.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 162.15 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.85 162.15 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.02 162.15 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.67 162.15 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.33 162.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.17 162.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.66 162.15 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.40 162.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.48 162.15 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.89 162.15 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.63 162.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.88 162.15 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.86 162.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.94 162.15 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.94 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.93 162.15 Td (retail ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.12 149.55 Td (Headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.50 149.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.24 149.55 Td (Pasadena, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.52 149.55 Td (California, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.11 149.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.18 149.55 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.26 149.55 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.18 149.55 Td (Management's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.55 149.55 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.87 149.55 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.36 149.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.02 149.55 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 149.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.83 136.95 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.36 136.95 Td (ork ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.30 136.95 Td (City) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.71 136.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.27 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.04 136.95 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.56 136.95 Td (Kingdom, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.79 136.95 Td (Japan, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.27 136.95 Td (Brazil, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.84 136.95 Td (Australia ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.27 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.37 136.95 Td (Singapore. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.30 136.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.37 136.95 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.73 136.95 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.01 136.95 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.76 136.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.32 136.95 Td (fers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.00 136.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.60 136.95 Td (broad ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.19 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.32 124.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.85 124.35 Td (spanning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.15 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.35 124.35 Td (yield ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.72 124.35 Td (curve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.42 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.95 124.35 Td (encompassing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.82 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.02 124.35 Td (world's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.88 124.35 Td (major ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.75 124.35 Td (bond ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.12 124.35 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.36 124.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.40 124.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.44 124.35 Td (suite ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.65 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 124.35 Td (limited ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (duration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.42 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 111.75 Td (core ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.50 111.75 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.21 111.75 Td (emer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.00 111.75 Td (ging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.60 111.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.67 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.76 111.75 Td (high ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.35 111.75 Td (yield ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.27 111.75 Td (portfolios, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.66 111.75 Td (municipal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.57 111.75 Td (portfolios ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.33 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.42 111.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.00 111.75 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.08 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.75 111.75 Td (sector) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.61 111.75 Td (-oriented ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.61 99.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.81 99.15 Td (products. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.33 99.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.40 99.15 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.78 99.15 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.06 99.15 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.83 99.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.69 99.15 Td (sub-advises ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.64 99.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.27 99.15 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.38 99.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.66 99.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.36 99.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.13 99.15 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.66 99.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.11 99.15 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.90 99.15 Td (parties. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (Among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.14 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.10 86.55 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.83 86.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.90 86.55 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.41 86.55 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.88 86.55 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.83 86.55 Td (provides ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.13 86.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.08 86.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.86 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.74 86.55 Td (separate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.27 86.55 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.14 86.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.44 86.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.25 86.55 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.54 86.55 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.35 73.95 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.77 73.95 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.36 73.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.12 73.95 Td (trust, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.10 73.95 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.27 73.95 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.91 73.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.66 73.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.68 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.53 73.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.79 73.95 Td (structured ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.46 73.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.22 73.95 Td (products. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.32 73.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.67 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.11 73.95 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.25 61.35 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.31 61.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.38 61.35 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.50 61.35 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.46 61.35 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.90 61.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.42 61.35 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.54 61.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.84 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.12 61.35 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.49 61.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.86 61.35 Td ($443.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.36 61.35 Td (billion.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (7) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.75 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.43 741.75 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.79 741.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.41 741.75 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.94 741.75 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.80 741.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.83 741.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.09 741.75 Td (firm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.78 741.75 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.30 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.09 741.75 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.99 741.75 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.52 741.75 Td (ork ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.14 741.75 Td (City ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.84 741.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.20 741.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.73 741.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.35 741.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.90 741.75 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 741.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (Baltimore, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.53 729.15 Td (Maryland ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.76 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.16 729.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.65 729.15 Td (ilmington, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.53 729.15 Td (Delaware. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.79 729.15 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.51 729.15 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.67 729.15 Td (provides ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.24 729.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.07 729.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.12 729.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.35 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.93 729.15 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.81 716.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.21 716.55 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.43 716.55 Td (balanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.80 716.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.20 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.42 716.55 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.97 716.55 Td (funds\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.86 716.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.09 716.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.98 716.55 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.62 716.55 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.27 716.55 Td (Funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.63 716.55 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.27 716.55 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.89 716.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.85 716.55 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (programs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.29 703.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.35 703.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.60 703.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.10 703.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.67 703.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.51 703.95 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.80 703.95 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.38 703.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.54 703.95 Td (separate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.44 703.95 Td (accounts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.30 703.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.97 703.95 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.65 703.95 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.19 703.95 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.92 691.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.50 691.35 Td (sub-advises ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.17 691.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.52 691.35 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.35 691.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.36 691.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.78 691.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.27 691.35 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.52 691.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.69 691.35 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.20 691.35 Td (parties. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.48 691.35 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.47 691.35 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.89 691.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.45 691.35 Td (fers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.86 691.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.19 691.35 Td (diverse ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (array ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.91 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.49 678.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.41 678.75 Td (styles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.17 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.18 678.75 Td (disciplines, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.56 678.75 Td (designed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.72 678.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.73 678.75 Td (address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.07 678.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.57 678.75 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.73 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.32 678.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.24 678.75 Td (objectives. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.27 678.75 Td (Significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.19 678.75 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.02 666.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.87 666.15 Td (styles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.57 666.15 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.25 666.15 Td (low ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.78 666.15 Td (volatility) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.01 666.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.42 666.15 Td (high ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.86 666.15 Td (active ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.70 666.15 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.72 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.66 666.15 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.34 666.15 Td (solutions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.67 666.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.19 666.15 Td (managing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.38 666.15 Td (assets, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.84 653.55 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.60 653.55 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.68 653.55 Td (utilizes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.03 653.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.71 653.55 Td (bottoms-up, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.19 653.55 Td (research ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.18 653.55 Td (intensive, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.74 653.55 Td (fundamental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.24 653.55 Td (approach ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.74 653.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.93 653.55 Td (security ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.19 653.55 Td (selection ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.77 640.95 Td (seeks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.05 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.75 640.95 Td (identify ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.93 640.95 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.37 640.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.56 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.92 640.95 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.19 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.89 640.95 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.49 640.95 Td (solid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.44 640.95 Td (economic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.79 640.95 Td (returns ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.48 640.95 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.49 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.18 640.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.96 640.95 Td (risk-adjusted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.72 640.95 Td (valuations. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.79 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.17 628.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.20 628.35 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.95 628.35 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.20 628.35 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.14 628.35 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.51 628.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.03 628.35 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.15 628.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.45 628.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.73 628.35 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.10 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.47 628.35 Td ($120.3 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.97 628.35 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 603.15 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.98 603.15 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.71 603.15 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.52 603.15 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.48 603.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.64 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.46 603.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.85 603.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.42 603.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.22 603.15 Td (firm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.45 603.15 Td (headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.07 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.39 603.15 Td (Philadelphia, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (Pennsylvania ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.13 590.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.44 590.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.00 590.55 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.46 590.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.02 590.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.83 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.29 590.55 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.51 590.55 Td (Kingdom, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.45 590.55 Td (Canada ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.57 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.37 590.55 Td (Singapore. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.21 590.55 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.18 590.55 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.40 590.55 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.69 590.55 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (provides ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.85 577.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.12 577.95 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.48 577.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.49 577.95 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.75 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.11 577.95 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.86 577.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.96 577.95 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.88 577.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.32 577.95 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.68 577.95 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.28 577.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.64 577.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.49 577.95 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.00 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.94 577.95 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.25 565.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.14 565.35 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.61 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.00 565.35 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.28 565.35 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.08 565.35 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.84 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.22 565.35 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.69 565.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.99 565.35 Td (strategies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.50 565.35 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.04 565.35 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.84 565.35 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.65 552.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.90 552.75 Td (provides ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.40 552.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.81 552.75 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.31 552.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.47 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.97 552.75 Td (high ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.97 552.75 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.14 552.75 Td (worth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.97 552.75 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.72 552.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.72 552.75 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.62 552.75 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.85 552.75 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (programs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.58 540.15 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.03 540.15 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.74 540.15 Td (non-proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.42 540.15 Td (wrap ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.20 540.15 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.73 540.15 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.11 540.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.40 540.15 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.02 540.15 Td (parties, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.43 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.38 540.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.09 540.15 Td (sub-advises ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.88 540.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.35 540.15 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.17 527.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.25 527.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.41 527.55 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.32 527.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.16 527.55 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.33 527.55 Td (parties. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.28 527.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.36 527.55 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.73 527.55 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.39 527.55 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.31 527.55 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.30 527.55 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.45 527.55 Td (manages ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.52 527.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.42 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.51 527.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.68 514.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.90 514.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.60 514.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.47 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.17 514.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.36 514.95 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.98 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.26 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.80 514.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.40 514.95 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.90 514.95 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.76 514.95 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.87 514.95 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.07 514.95 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.42 514.95 Td (pursues ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 56.69 502.35 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.97 502.35 Td (investing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.00 502.35 Td (approach ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.01 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.72 502.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.17 502.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.35 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.63 502.35 Td (both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.83 502.35 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.61 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.31 502.35 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.42 502.35 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.86 502.35 Td (assets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.96 502.35 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.16 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.44 502.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.38 502.35 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.04 502.35 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.20 502.35 Td (Brandywine ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.70 489.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.99 489.75 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.42 489.75 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.95 489.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.07 489.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.36 489.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.65 489.75 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.01 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.39 489.75 Td ($60.2 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.64 489.75 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 464.55 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.91 464.55 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.23 464.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.15 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.73 464.55 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.55 464.55 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.61 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.27 464.55 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.92 464.55 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.74 464.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.73 464.55 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.60 464.55 Td (Headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.31 464.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.40 464.55 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.70 464.55 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.24 464.55 Td (ork, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.77 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.51 464.55 Td (firm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.51 464.55 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.06 451.95 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.63 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.95 451.95 Td (Atlanta, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.24 451.95 Td (Barcelona, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.18 451.95 Td (Berlin, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.81 451.95 Td (Jersey) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.36 451.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.75 451.95 Td (London, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.79 451.95 Td (Los ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.69 451.95 Td (Angeles, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.48 451.95 Td (Seattle ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.81 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.52 451.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.59 451.95 Td (ashington, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.81 451.95 Td (DC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.15 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.07 451.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.62 451.95 Td (fers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.12 451.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.54 451.95 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.20 451.95 Td (range ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.32 439.35 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.13 439.35 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.11 439.35 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.83 439.35 Td (across ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.15 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.05 439.35 Td (risk/return ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.86 439.35 Td (spectrum ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.43 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.67 439.35 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.91 439.35 Td (investors. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.52 439.35 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.09 439.35 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.58 439.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.13 439.35 Td (fers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.95 439.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.94 439.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.83 439.35 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.77 426.75 Td (separate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.26 426.75 Td (accounts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.71 426.75 Td (privately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.13 426.75 Td (placed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.63 426.75 Td (open-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.79 426.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.22 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.48 426.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.57 426.75 Td (recently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.48 426.75 Td (launched ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.48 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.41 426.75 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.00 426.75 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.50 426.75 Td (Real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 426.75 Td (Estate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (Income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.17 414.15 Td (Fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.94 414.15 Td (Inc., ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.77 414.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.95 414.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.79 414.15 Td (publicly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.39 414.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.94 414.15 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.69 414.15 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.60 414.15 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.69 414.15 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.77 414.15 Td (fund. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.35 414.15 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.19 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.12 414.15 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.71 414.15 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.01 414.15 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.82 414.15 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.49 414.15 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.08 414.15 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.16 414.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.84 414.15 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 56.79 401.55 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.15 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.52 401.55 Td ($56.7 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.77 401.55 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 376.35 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.21 376.35 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.46 376.35 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.53 376.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.04 376.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.19 376.35 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.60 376.35 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.34 376.35 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.15 376.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.06 376.35 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.70 376.35 Td (specializing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.35 376.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.02 376.35 Td (providing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.35 376.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.92 376.35 Td (solutions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (public, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.60 363.75 Td (corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.46 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.85 363.75 Td (multi-employer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.39 363.75 Td (pension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.28 363.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.47 363.75 Td (foundations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.90 363.75 Td (endowments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.82 363.75 Td (sovereign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.87 363.75 Td (wealth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.08 363.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.27 363.75 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (companies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.71 351.15 Td (private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.54 351.15 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.34 351.15 Td (family ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.43 351.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.99 351.15 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.49 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.33 351.15 Td (high ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.68 351.15 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.19 351.15 Td (worth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.37 351.15 Td (individuals. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.34 351.15 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.05 351.15 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.48 351.15 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.74 351.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.41 351.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.17 351.15 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.35 351.15 Td (located ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 351.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (London, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.83 338.55 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.25 338.55 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.79 338.55 Td (ork ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.83 338.55 Td (City ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.96 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.17 338.55 Td (Paris ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.21 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.42 338.55 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.46 338.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.01 338.55 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.88 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.09 338.55 Td (Hong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.47 338.55 Td (Kong, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.48 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.68 338.55 Td (Singapore. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.26 338.55 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.97 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.76 338.55 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.21 338.55 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.38 338.55 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.05 338.55 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.76 338.55 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.70 325.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.23 325.95 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.35 325.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.64 325.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.93 325.95 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.29 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.67 325.95 Td ($13.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.92 325.95 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 300.75 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.43 300.75 Td (Currie ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.61 300.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.97 300.75 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.23 300.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.65 300.75 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.25 300.75 Td (specialist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.68 300.75 Td (headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.50 300.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.02 300.75 Td (Edinbur) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.66 300.75 Td (gh, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.13 300.75 Td (Scotland ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.23 300.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.26 300.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.60 300.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.16 300.75 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 300.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (London, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.74 288.15 Td (Melbourne ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.77 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.88 288.15 Td (Singapore. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.03 288.15 Td (It ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.40 288.15 Td (manages ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.09 288.15 Td (active ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.11 288.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.74 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.85 288.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.87 288.15 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.07 288.15 Td (portfolios ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.85 288.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.05 288.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.66 288.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.86 288.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.14 288.15 Td (base ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 288.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.45 275.55 Td (institutions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.97 275.55 Td (charities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.37 275.55 Td (foundations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.79 275.55 Td (endowments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.71 275.55 Td (pension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.59 275.55 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.76 275.55 Td (family ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.39 275.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.95 275.55 Td (fices, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.61 275.55 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.98 275.55 Td (agencies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 275.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.20 262.95 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.21 262.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.50 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.87 262.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.90 262.95 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.65 262.95 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.90 262.95 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.11 262.95 Td (Currie ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.56 262.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.08 262.95 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.35 262.95 Td ($12.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.60 262.95 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.65 262.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.86 262.95 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 237.75 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.35 237.75 Td (Investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.27 237.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.70 237.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.79 237.75 Td (customized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.04 237.75 Td (solutions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.39 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.98 237.75 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.66 237.75 Td (quantitative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.65 237.75 Td (equities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.74 237.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.25 237.75 Td (firm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.75 237.75 Td (providing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.01 237.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.85 237.75 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.33 225.15 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.16 225.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.65 225.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.48 225.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.81 225.15 Td (diverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.80 225.15 Td (array ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.04 225.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.45 225.15 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.29 225.15 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.00 225.15 Td (Headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.46 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.30 225.15 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.55 225.15 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.08 225.15 Td (ork ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.74 225.15 Td (City) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.15 225.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.44 225.15 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.54 225.15 Td (Investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.70 225.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.36 225.15 Td (developed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (approaches ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.62 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.67 212.55 Td (integrating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.05 212.55 Td (quantitative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.51 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.56 212.55 Td (behavioral ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.77 212.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.73 212.55 Td (insights ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.30 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.35 212.55 Td (dynamically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.14 212.55 Td (weighting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.03 212.55 Td (opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 212.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (response ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.70 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.33 199.95 Td (changing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.28 199.95 Td (conditions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.48 199.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.11 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.40 199.95 Td (economy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.35 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.97 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.25 199.95 Td (market. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.49 199.95 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.37 199.95 Td (Investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.33 199.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.89 199.95 Td (fers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.08 199.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.21 199.95 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.57 199.95 Td (spectrum ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.52 199.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.73 199.95 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 199.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.42 187.35 Td (actively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.59 187.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.42 187.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.02 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.11 187.35 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.62 187.35 Td (equities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.83 187.35 Td (Liquid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.34 187.35 Td (Alternatives, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.21 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.30 187.35 Td (Customized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.40 187.35 Td (Solutions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.20 187.35 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.80 187.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.48 187.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.81 187.35 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.87 187.35 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.55 174.75 Td (Investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.67 174.75 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.19 174.75 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.46 174.75 Td ($9.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.46 174.75 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.51 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.30 174.75 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 149.55 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.15 149.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.99 149.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.64 149.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.55 149.55 Td (advisor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.29 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.28 149.55 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.61 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.98 149.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.13 149.55 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.79 149.55 Td (Funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.92 149.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.41 149.55 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.88 149.55 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.03 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.60 149.55 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.68 149.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.18 149.55 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.17 149.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.33 149.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.91 136.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.73 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.72 136.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.96 136.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.28 136.95 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.48 136.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.47 136.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.76 136.95 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.83 136.95 Td (manages ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.81 136.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.64 136.95 Td (pooled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.46 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.87 136.95 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.68 136.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.82 136.95 Td (accounts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.43 136.95 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.73 124.35 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.90 124.35 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.92 124.35 Td (Headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.71 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.87 124.35 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.39 124.35 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.93 124.35 Td (ork ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.91 124.35 Td (City) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.32 124.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.94 124.35 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.75 124.35 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.81 124.35 Td (invests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.97 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.13 124.35 Td (smaller ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.03 124.35 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.51 124.35 Td (stocks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.37 124.35 Td (using ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.12 124.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.77 124.35 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (approach. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.92 111.75 Td (Royce�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.66 111.75 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.07 111.75 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.55 111.75 Td (selection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.19 111.75 Td (process ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.00 111.75 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.38 111.75 Td (seeks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.45 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.93 111.75 Td (identify ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.91 111.75 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.13 111.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.12 111.75 Td (strong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.69 111.75 Td (balance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.07 111.75 Td (sheets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.05 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.53 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.68 111.75 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.37 99.15 Td (generate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.63 99.15 Td (free ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.65 99.15 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.01 99.15 Td (flow) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.57 99.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.90 99.15 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.43 99.15 Td (pursues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.21 99.15 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.57 99.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.02 99.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.54 99.15 Td (priced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.48 99.15 Td (below ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.84 99.15 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.47 99.15 Td (estimate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.16 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.61 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.14 99.15 Td (issuer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.03 99.15 Td (�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.94 99.15 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.73 99.15 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.17 99.15 Td (worth. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.40 99.15 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.77 99.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.53 86.55 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.28 86.55 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.53 86.55 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.98 86.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.50 86.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.63 86.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.92 86.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.21 86.55 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.57 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.94 86.55 Td ($9.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.94 86.55 Td (billion.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 61.35 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.08 61.35 Td (Infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.79 61.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.37 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.60 61.35 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.42 61.35 Td (listed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.74 61.35 Td (infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.87 61.35 Td (investing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.95 61.35 Td (specialist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.59 61.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.91 61.35 Td (manages ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.22 61.35 Td (domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.71 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.44 61.35 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.18 48.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.69 48.75 Td (three ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.03 48.75 Td (distinct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.29 48.75 Td (strategies: ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.21 48.75 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.56 48.75 Td (Infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.80 48.75 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.22 48.75 Td (alue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.05 48.75 Td (\(a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.56 48.75 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.15 48.75 Td (strategy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.74 48.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.75 48.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.76 48.75 Td (mix ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.44 48.75 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.77 48.75 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.02 48.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.53 48.75 Td (capital ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (8) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (returns\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.17 741.75 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.56 741.75 Td (Emer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.11 741.75 Td (ging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.17 741.75 Td (Markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.97 741.75 Td (\(purely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.68 741.75 Td (focused ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.73 741.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.62 741.75 Td (emer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.41 741.75 Td (ging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.47 741.75 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.10 741.75 Td (infrastructure\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.55 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.10 741.75 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.49 741.75 Td (Infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.02 741.75 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (\(a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.95 729.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.49 729.15 Td (strategy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.02 729.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.98 729.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.93 729.15 Td (focus ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.96 729.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.75 729.15 Td (distributing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.47 729.15 Td (yield\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.88 729.15 Td (Headquartered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.96 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.42 729.15 Td (Sydney) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.24 729.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.21 729.15 Td (Australia, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.62 729.15 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.91 729.15 Td (Infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 729.15 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.77 716.55 Td ($3.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.77 716.55 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.82 716.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.03 716.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.16 716.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.53 716.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.90 716.55 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.93 716.55 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.68 716.55 Td (2020.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 691.35 Td (United States Funds) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 666.15 Td (Mutual Funds) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 640.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.09 640.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.01 640.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.43 640.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.02 640.95 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.35 640.95 Td (consist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.78 640.95 Td (of ) Tj ET Q 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0.12156862745098039 0.12549019607843137 rg BT 288.87 628.35 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.57 628.35 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.67 628.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.86 628.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.54 628.35 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.97 628.35 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.31 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.07 628.35 Td (domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.00 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.18 628.35 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.27 628.35 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.36 615.75 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.63 615.75 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.24 615.75 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.59 615.75 Td (utilizing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.28 615.75 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.89 615.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.67 615.75 Td (styles, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.91 615.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.27 615.75 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.70 615.75 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.98 615.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.83 615.75 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.29 615.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.32 615.75 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 615.75 Td (Funds ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.21 603.15 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.91 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.70 603.15 Td (smaller) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.40 603.15 Td (-cap ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.09 603.15 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.20 603.15 Td (stocks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.08 603.15 Td (using ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.46 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.74 603.15 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.11 603.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.81 603.15 Td (approach.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 577.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.20 577.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.16 577.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.12 577.95 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.18 577.95 Td (consist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.73 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.85 577.95 Td (1) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.71 577.95 Td (1) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.57 577.95 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.20 577.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.58 577.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.13 577.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.84 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.38 577.95 Td (27 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.26 577.95 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.12 577.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.84 577.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.38 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.59 577.95 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.55 577.95 Td (States, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.64 577.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 577.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.35 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.05 565.35 Td (sub-advised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.16 565.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.62 565.35 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.89 565.35 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.42 565.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.03 565.35 Td (Management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.43 565.35 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.87 565.35 Td (Partners, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.86 565.35 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.13 565.35 Td (Investments, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.95 552.75 Td (Currie, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.28 552.75 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.15 552.75 Td (Infrastructure, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.79 552.75 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.09 552.75 Td (Investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.45 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.35 552.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.42 552.75 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.96 552.75 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.16 552.75 Td (Management. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.34 552.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.54 552.75 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.58 552.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.78 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.82 552.75 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.18 552.75 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (within ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.79 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.08 540.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.11 540.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.15 540.15 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.28 540.15 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.65 540.15 Td (56 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.60 540.15 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.31 540.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.10 540.15 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.71 540.15 Td (balanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.48 540.15 Td (funds\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.77 540.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.97 540.15 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.51 540.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.13 540.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.25 540.15 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.12 540.15 Td (spectrum ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.06 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.27 540.15 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.19 527.55 Td (utilizing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.21 527.55 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.66 527.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.77 527.55 Td (styles, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.34 527.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.03 527.55 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.92 527.55 Td (ge- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.36 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.55 527.55 Td (mid-cap ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.98 527.55 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.76 527.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.13 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.32 527.55 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.42 527.55 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.19 527.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.14 514.95 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.12 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.34 514.95 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.00 514.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.23 514.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.63 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.86 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.75 514.95 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.30 514.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.70 514.95 Td (within ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.61 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.50 514.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.14 514.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.79 514.95 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.54 514.95 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.51 514.95 Td (82 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.08 514.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.48 514.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.29 514.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.85 514.95 Td (fer ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 57.66 502.35 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.58 502.35 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.23 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.48 502.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.06 502.35 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.22 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.88 502.35 Td (objectives, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.58 502.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.75 502.35 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.16 502.35 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.62 502.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.20 502.35 Td (grade ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.02 502.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.86 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.52 502.35 Td (municipal ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.40 489.75 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.88 489.75 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.80 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.79 489.75 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.44 489.75 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.81 489.75 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.05 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.46 489.75 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.32 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.40 489.75 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.22 489.75 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.04 489.75 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.96 489.75 Td (included ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.36 489.75 Td ($155.2 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.48 489.75 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.15 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.55 489.75 Td ($148.7 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.67 489.75 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 489.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.95 477.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.00 477.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.96 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.46 477.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.03 477.15 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.52 477.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.19 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.68 477.15 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.50 477.15 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.79 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.86 477.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.86 477.15 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.84 477.15 Td (32% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.41 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.91 477.15 Td (40%, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.11 477.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.16 477.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.11 477.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.06 464.55 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.49 464.55 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.45 464.55 Td (49% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.00 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.47 464.55 Td (46%, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.65 464.55 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.70 464.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.63 464.55 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.34 464.55 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.23 464.55 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.44 464.55 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.88 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.35 464.55 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.31 464.55 Td (19% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.86 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.33 464.55 Td (14% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.89 464.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.55 451.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.21 451.95 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.65 451.95 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.28 451.95 Td (assets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.99 451.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.70 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.49 451.95 Td (both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.20 451.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.64 451.95 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.81 451.95 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.85 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.05 451.95 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.72 451.95 Td (less ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.51 451.95 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.63 451.95 Td (1% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.66 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.45 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.32 451.95 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.86 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.07 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.94 451.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.55 451.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.17 451.95 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.53 439.35 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.46 439.35 Td (assets. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.68 414.15 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.35 414.15 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.88 414.15 Td (consist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.90 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.50 414.15 Td (13 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.85 414.15 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.87 414.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.05 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.07 414.15 Td (three ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.90 414.15 Td (closed-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.24 414.15 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.05 414.15 Td (most ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.32 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.92 414.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.43 414.15 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.37 414.15 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.29 414.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.31 414.15 Td (smaller) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.01 414.15 Td (- ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (cap ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.83 401.55 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.07 401.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.57 401.55 Td (micro-cap ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.89 401.55 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.13 401.55 Td (stocks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.14 401.55 Td (using ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.65 401.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.07 401.55 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.56 401.55 Td (approach. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.30 401.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.38 401.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.46 401.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.94 401.55 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.35 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.27 401.55 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.27 401.55 Td (approach ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.50 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.43 401.55 Td (investing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.68 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.61 401.55 Td (smaller ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.43 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.61 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.47 388.95 Td (universe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.06 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.83 388.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.51 388.95 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.95 388.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.64 388.95 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.74 388.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.33 388.95 Td (select. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.22 388.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.91 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.69 388.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.12 388.95 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.27 388.95 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.29 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.48 388.95 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.13 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.98 388.95 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.83 388.95 Td (Funds ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (included ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.05 376.35 Td ($7.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.81 376.35 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.62 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.17 376.35 Td ($1) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.28 376.35 Td (1.6 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.79 376.35 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.60 376.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.16 376.35 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.67 376.35 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.72 376.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.73 376.35 Td (substantially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.20 376.35 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.09 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.22 376.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.27 376.35 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.06 376.35 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.70 376.35 Td (assets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.97 376.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.68 376.35 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.10 363.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.84 363.75 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.67 363.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.26 363.75 Td (non-af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.48 363.75 Td (filiated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.14 363.75 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.30 363.75 Td (supermarkets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.83 363.75 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.33 363.75 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.84 363.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.34 363.75 Td (Distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.64 363.75 Td (non-af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.85 363.75 Td (filiated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.51 363.75 Td (wrap ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (programs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.39 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.15 351.15 Td (direct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.66 351.15 Td (distribution. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.31 351.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.66 351.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.31 351.15 Td (two ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.66 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.01 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.45 351.15 Td (portfolios ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.88 351.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.66 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.09 351.15 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.52 351.15 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.80 351.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.22 351.15 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.74 351.15 Td (only ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.01 351.15 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.28 351.15 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (companies.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 313.35 Td (Exchange T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.78 313.35 Td (raded Funds) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 288.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.86 288.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.46 288.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.08 288.15 Td (ETFs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.86 288.15 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.98 288.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.18 288.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.87 288.15 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.31 288.15 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.66 288.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.44 288.15 Td (domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.38 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.57 288.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.67 288.15 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.95 288.15 Td (securities. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.81 288.15 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.51 288.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.29 288.15 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.73 288.15 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.88 288.15 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.48 275.55 Td (Mason�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.98 275.55 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.47 275.55 Td (ETF ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.54 275.55 Td (lineup ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.19 275.55 Td (consisted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.67 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.82 275.55 Td (ten ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.05 275.55 Td (ETFs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.21 275.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.28 275.55 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.59 275.55 Td (aggregate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.05 275.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.96 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.10 275.55 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.16 275.55 Td ($1.3 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.93 275.55 Td (billion. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.38 275.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.78 275.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.52 275.55 Td (ETFs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.67 275.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.13 262.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.36 262.95 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.41 262.95 Td (Investments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.51 262.95 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.82 262.95 Td (Currie, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.00 262.95 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.15 262.95 Td (Investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.00 262.95 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.74 262.95 Td (Infrastructure, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.23 262.95 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.79 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.34 262.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.41 262.95 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.16 262.95 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (Management. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 109.92 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 141.35 225.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 182.09 225.15 Td (holds ) Tj ET Q q 0 0 0 rg BT 207.69 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 215.20 225.15 Td (19.9% ) Tj ET Q q 0 0 0 rg BT 245.17 225.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 274.26 225.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 308.01 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 319.02 225.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 361.52 225.15 Td (Investments� ) Tj ET Q q 0 0 0 rg BT 425.40 225.15 Td (\(�Precidian�\), ) Tj ET Q q 0 0 0 rg BT 486.84 225.15 Td (an ) Tj ET Q q 0 0 0 rg BT 499.60 225.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 536.86 225.15 Td (leader ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.53 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.22 212.55 Td (creation ) Tj ET Q q 0 0 0 rg BT 112.90 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 124.51 212.55 Td (innovative ) Tj ET Q q 0 0 0 rg BT 171.70 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.29 212.55 Td (products. ) Tj ET Q q 0 0 0 rg BT 252.94 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 255.80 212.55 Td (On ) Tj ET Q q 0 0 0 rg BT 271.50 212.55 Td (May ) Tj ET Q q 0 0 0 rg BT 293.61 212.55 Td (20, ) Tj ET Q q 0 0 0 rg BT 309.60 212.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 336.09 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 351.78 212.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 373.90 212.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 403.01 212.55 Td (an ) Tj ET Q q 0 0 0 rg BT 415.79 212.55 Td (order ) Tj ET Q q 0 0 0 rg BT 440.80 212.55 Td (granting ) Tj ET Q q 0 0 0 rg BT 478.66 212.55 Td (exemptive ) Tj ET Q q 0 0 0 rg BT 525.26 212.55 Td (relief ) Tj ET Q q 0 0 0 rg BT 550.27 212.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 63.86 199.95 Td (use ) Tj ET Q q 0 0 0 rg BT 79.39 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 89.67 199.95 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 130.85 199.95 Td (Investments�) Tj ET Q q 0 0 0 rg BT 184.31 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 185.51 199.95 Td (ActiveShares� ) Tj ET Q q 0 0 0 rg BT 251.00 199.95 Td (semi-transparent ) Tj ET Q q 0 0 0 rg BT 322.51 199.95 Td (ETF ) Tj ET Q q 0 0 0 rg BT 342.71 199.95 Td (methodology) Tj ET Q q 0 0 0 rg BT 397.44 199.95 Td (. ) Tj ET Q q 0 0 0 rg BT 401.48 199.95 Td (This ) Tj ET Q q 0 0 0 rg BT 421.68 199.95 Td (order ) Tj ET Q q 0 0 0 rg BT 445.37 199.95 Td (permits ) Tj ET Q q 0 0 0 rg BT 478.40 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 489.84 199.95 Td (actively ) Tj ET Q q 0 0 0 rg BT 524.60 199.95 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (ETF ) Tj ET Q q 0 0 0 rg BT 70.18 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 80.36 187.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 113.27 187.35 Td (without ) Tj ET Q q 0 0 0 rg BT 147.37 187.35 Td (being ) Tj ET Q q 0 0 0 rg BT 172.71 187.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 204.47 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 214.65 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 229.49 187.35 Td (current ) Tj ET Q q 0 0 0 rg BT 261.24 187.35 Td (daily ) Tj ET Q q 0 0 0 rg BT 284.25 187.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 323.01 187.35 Td (transparency ) Tj ET Q q 0 0 0 rg BT 378.66 187.35 Td (condition ) Tj ET Q q 0 0 0 rg BT 420.34 187.35 Td (included ) Tj ET Q q 0 0 0 rg BT 458.51 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 468.69 187.35 Td (actively ) Tj ET Q q 0 0 0 rg BT 503.94 187.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 543.85 187.35 Td (ETF ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (orders. ) Tj ET Q q 0 0 0 rg BT 81.01 174.75 Td (Following ) Tj ET Q q 0 0 0 rg BT 126.83 174.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 172.63 174.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 214.92 174.75 Td (approvals ) Tj ET Q q 0 0 0 rg BT 258.38 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 273.27 174.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 318.50 174.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 359.94 174.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 400.50 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 411.31 174.75 Td (those ) Tj ET Q q 0 0 0 rg BT 436.12 174.75 Td (products ) Tj ET Q q 0 0 0 rg BT 474.93 174.75 Td (will ) Tj ET Q q 0 0 0 rg BT 493.91 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 506.47 174.75 Td (able ) Tj ET Q q 0 0 0 rg BT 526.61 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 537.42 174.75 Td (invest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.44 162.15 Td (actively-managed ) Tj ET Q q 0 0 0 rg BT 137.85 162.15 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 163.38 162.15 Td (that ) Tj ET Q q 0 0 0 rg BT 181.90 162.15 Td (do ) Tj ET Q q 0 0 0 rg BT 195.17 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 211.36 162.15 Td (disclose ) Tj ET Q q 0 0 0 rg BT 247.97 162.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 293.32 162.15 Td (holdings ) Tj ET Q q 0 0 0 rg BT 332.27 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 345.55 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 352.98 162.15 Td (daily ) Tj ET Q q 0 0 0 rg BT 376.75 162.15 Td (basis, ) Tj ET Q q 0 0 0 rg BT 403.15 162.15 Td (yet ) Tj ET Q q 0 0 0 rg BT 418.76 162.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 442.52 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.45 162.15 Td (operate ) Tj ET Q q 0 0 0 rg BT 494.12 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 505.06 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 512.50 162.15 Td (manner ) Tj ET Q q 0 0 0 rg BT 546.76 162.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (is ) Tj ET Q q 0 0 0 rg BT 58.93 149.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 90.51 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 101.10 149.55 Td (traditional ) Tj ET Q q 0 0 0 rg BT 146.68 149.55 Td (ETFs. ) Tj ET Q q 0 0 0 rg BT 174.48 149.55 Td (On ) Tj ET Q q 0 0 0 rg BT 189.74 149.55 Td (January ) Tj ET Q q 0 0 0 rg BT 224.81 149.55 Td (21, ) Tj ET Q q 0 0 0 rg BT 240.36 149.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 266.41 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 290.41 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 321.41 149.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 361.16 149.55 Td (notice ) Tj ET Q q 0 0 0 rg BT 389.24 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 399.83 149.55 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 441.90 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 453.07 149.55 Td (its ) Tj ET Q q 0 0 0 rg BT 465.42 149.55 Td (intention ) Tj ET Q q 0 0 0 rg BT 505.17 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 515.76 149.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 552.57 149.55 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (option ) Tj ET Q q 0 0 0 rg BT 79.32 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 90.47 136.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 127.85 136.95 Td (its ) Tj ET Q q 0 0 0 rg BT 140.76 136.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 169.99 136.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.88 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 215.03 136.95 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(products ) Tj ET Q q 0 0 0 rg BT 329.73 124.35 Td (using ) Tj ET Q q 0 0 0 rg BT 355.33 124.35 Td (Precidian�) Tj ET Q q 0 0 0 rg BT 397.90 124.35 Td (s ) Tj ET Q q 0 0 0 rg BT 404.21 124.35 Td (ActiveShares� ) Tj ET Q q 0 0 0 rg BT 471.02 124.35 Td (semi-transparent ) Tj ET Q q 0 0 0 rg BT 543.84 124.35 Td (ETF ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (methodology) Tj ET Q q 0 0 0 rg BT 104.23 111.75 Td (. ) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 86.55 Td (Private Funds) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 61.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.93 61.35 Td (addition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.03 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.89 61.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.57 61.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.93 61.35 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.78 61.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.80 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.65 61.35 Td (ETFs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.71 61.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.39 61.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.49 61.35 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.41 61.35 Td (sponsor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.77 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.61 61.35 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.95 61.35 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.55 61.35 Td (unregistered, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 61.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (�private� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.34 48.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.05 48.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.16 48.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.35 48.75 Td (made ) Tj ET Q q 0.13725490196078433 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0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.99 48.75 Td (product. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.06 48.75 Td (Private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.17 48.75 Td (funds ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.35 31.25 Td (9) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.16 741.75 Td (pooled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.59 741.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.51 741.75 Td (vehicles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.76 741.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.36 741.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.02 741.75 Td (exempt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.77 741.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.03 741.75 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.28 741.75 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.70 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.71 741.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.30 741.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.96 741.75 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.55 741.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.11 741.75 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.52 741.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.54 741.75 Td (sophisticated, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.83 741.75 Td (high ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.95 729.15 Td (worth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.08 729.15 Td (investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.24 729.15 Td (corporations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.98 729.15 Td (sovereign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.43 729.15 Td (wealth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.04 729.15 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.63 729.15 Td (public ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.50 729.15 Td (pension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.79 729.15 Td (plans ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.58 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.37 729.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.57 729.15 Td (pooled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.77 729.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.47 729.15 Td (vehicles. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.96 716.55 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.33 716.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.89 716.55 Td (fers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.59 716.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.22 716.55 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.09 716.55 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.37 716.55 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(non-U.S.-or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.10 703.95 Td (ganized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.35 703.95 Td (private ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.19 691.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.30 691.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.85 691.35 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.87 691.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.89 691.35 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.66 691.35 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.34 691.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.44 691.35 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.11 691.35 Td (strategies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.75 691.35 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.43 691.35 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.37 691.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.38 691.35 Td (Management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.18 691.35 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (Investments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.32 678.75 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.35 678.75 Td (Currie, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.25 678.75 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.13 678.75 Td (Investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.70 678.75 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.16 678.75 Td (Infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.74 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.18 678.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.25 678.75 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.23 678.75 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.02 678.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.38 678.75 Td (sponsor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.51 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.12 678.75 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.22 678.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.33 678.75 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.20 678.75 Td (range ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.87 666.15 Td (private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.65 666.15 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.52 666.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.08 666.15 Td (ferings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.86 666.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.73 666.15 Td (qualifying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.51 666.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.81 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.60 666.15 Td (non-U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.14 666.15 Td (investors.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 640.95 Td (International Funds) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 615.75 Td (Outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.88 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.42 615.75 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.70 615.75 Td (States, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.12 615.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.08 615.75 Td (manage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.06 615.75 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.27 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.15 615.75 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.52 615.75 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.64 615.75 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.00 615.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.04 615.75 Td (across ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.00 615.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.37 615.75 Td (wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.49 615.75 Td (array ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.38 603.15 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.59 603.15 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.76 603.15 Td (liquidity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.66 603.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.92 603.15 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.80 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.60 603.15 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.54 603.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.26 603.15 Td (strategies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.17 603.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.14 603.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.84 603.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.81 603.15 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.35 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.64 603.15 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.19 603.15 Td (range ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.08 590.55 Td (cross ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 590.55 Td (border ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.74 590.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.92 590.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.50 590.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.15 590.55 Td (domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.98 590.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.99 590.55 Td (Ireland ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.56 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.56 590.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.21 590.55 Td (sold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.55 590.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.56 590.55 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.89 590.55 Td (across ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.34 590.55 Td (Asia, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.05 590.55 Td (Europe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.21 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.21 590.55 Td (Latin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.58 590.55 Td (America. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.19 590.55 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.45 577.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.66 577.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.45 577.95 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.24 577.95 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.53 577.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.65 577.95 Td (ranges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.94 577.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.57 577.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.26 577.95 Td (domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.14 577.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.18 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.89 577.95 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.35 577.95 Td (Kingdom, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.11 577.95 Td (Australia, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.10 577.95 Td (Japan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.89 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.93 577.95 Td (Singapore ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.67 565.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.23 565.35 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.80 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.98 565.35 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.91 565.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.09 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.92 565.35 Td (country ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.01 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.77 565.35 Td (domicile. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.14 565.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.48 565.35 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.56 565.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.91 565.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.73 565.35 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.66 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.83 565.35 Td (serviced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.82 565.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.33 565.35 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.92 565.35 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.34 552.75 Td (Distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.99 552.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.00 552.75 Td (discussed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.51 552.75 Td (below) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.49 552.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.38 552.75 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.97 552.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.30 552.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.53 552.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.45 552.75 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.62 552.75 Td (equity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.19 552.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.08 552.75 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.92 552.75 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.71 552.75 Td (alternative, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.91 552.75 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.56 540.15 Td (balanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.77 540.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.00 540.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.72 540.15 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.69 540.15 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.49 540.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.14 540.15 Td (sub-advised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.19 540.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.59 540.15 Td (Brandywine ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.82 540.15 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.29 540.15 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.85 540.15 Td (Management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.19 540.15 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (Investments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.44 527.55 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.15 527.55 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.48 527.55 Td (Global, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.26 527.55 Td (QS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.26 527.55 Td (Investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.95 527.55 Td (Martin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.11 527.55 Td (Currie, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.13 527.55 Td (RARE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.71 527.55 Td (Infrastructure, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.05 527.55 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.45 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.00 527.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.07 527.55 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.15 527.55 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.06 527.55 Td (Management. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.57 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.72 514.95 Td (aggregate, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.47 514.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.04 514.95 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.94 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.42 514.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.64 514.95 Td (186 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.71 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.19 514.95 Td (205 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.26 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.33 514.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.23 514.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.62 514.95 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.89 514.95 Td (respectively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.94 514.95 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.84 514.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.57 514.95 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.02 514.95 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.46 502.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.45 502.35 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.35 502.35 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.85 502.35 Td (dates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.75 502.35 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.25 502.35 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.49 502.35 Td (aggregate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.62 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.70 502.35 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.68 502.35 Td ($79.6 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.63 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.12 502.35 Td ($88.4 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.08 502.35 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.83 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.33 502.35 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.78 502.35 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.83 502.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.78 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.86 502.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.06 489.75 Td (14% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.21 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.28 489.75 Td (19%, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.06 489.75 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.10 489.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.63 489.75 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.94 489.75 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.10 489.75 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.13 489.75 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.68 489.75 Td (30% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.84 489.75 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.14 489.75 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.63 489.75 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.44 489.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.84 489.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.92 489.75 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.06 489.75 Td (period, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.25 477.15 Td (3% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.35 477.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.85 477.15 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.27 477.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.87 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.14 477.15 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.47 477.15 Td (period, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.03 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.29 477.15 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.04 477.15 Td (53% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.39 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.65 477.15 Td (48%, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.63 477.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.68 477.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.40 477.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.91 477.15 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (assets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.09 464.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.08 464.55 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.32 464.55 Td (above ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.05 464.55 Td (does ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.96 464.55 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.04 464.55 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.61 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.10 464.55 Td (funds-of-hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.90 464.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.90 464.55 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.14 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.96 464.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.52 464.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.69 464.55 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.40 464.55 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.81 464.55 Td (Global, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (Brazil-domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.65 451.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.98 451.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.88 451.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.24 451.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.31 451.95 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.94 451.95 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.28 451.95 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.09 451.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.84 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.67 451.95 Td (privately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.99 451.95 Td (placed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.40 451.95 Td (real ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.13 451.95 Td (estate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.04 451.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.37 451.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.93 451.95 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.50 451.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.00 451.95 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (Partners.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.15 Td (Retail Separately Managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.98 414.15 Td (Account Programs) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 388.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 388.95 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.07 388.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.73 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.24 388.95 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.99 388.95 Td (provider ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.40 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.99 388.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.25 388.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.74 388.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.40 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.41 388.95 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.82 388.95 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.23 388.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.97 388.95 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.46 388.95 Td (programs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.59 388.95 Td (commonly ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (known ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.44 376.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.55 376.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.81 376.35 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.82 376.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.93 376.35 Td (wrap ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.28 376.35 Td (programs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.61 376.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.05 376.35 Td (programs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.06 376.35 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.17 376.35 Td (allow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.86 376.35 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.87 376.35 Td (brokers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.72 376.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.83 376.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.77 376.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (intermediaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.16 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.94 363.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.49 363.75 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.75 363.75 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.60 363.75 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.62 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.05 363.75 Td (opportunity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.65 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.42 363.75 Td (choose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.19 363.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.20 363.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.47 363.75 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.15 363.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.50 363.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.52 363.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.77 363.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.19 363.75 Td (pursuing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.55 363.75 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.02 363.75 Td (ferent ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.25 351.15 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.58 351.15 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.58 351.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.76 351.15 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.60 351.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.02 351.15 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.27 351.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.36 351.15 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.89 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.73 351.15 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.47 351.15 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.35 351.15 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.94 351.15 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.52 351.15 Td (all-inclusive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.10 351.15 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.60 351.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.02 351.15 Td (covers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.10 351.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.54 338.55 Td (trade ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.30 338.55 Td (execution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.52 338.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.70 338.55 Td (allocation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.88 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.81 338.55 Td (custodial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.49 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.43 338.55 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.27 338.55 Td (services. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.07 338.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.14 338.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.57 338.55 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.42 338.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.82 325.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.31 325.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.65 325.95 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.89 325.95 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.64 325.95 Td (130 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.06 325.95 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.31 325.95 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.54 325.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.11 325.95 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.43 325.95 Td (programs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.76 325.95 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.02 325.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.19 325.95 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.77 325.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (institutions.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 288.15 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 262.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.59 262.95 Td (centralized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.40 262.95 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.41 262.95 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.59 262.95 Td (group, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.47 262.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.80 262.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.15 262.95 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.48 262.95 Td (Distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.62 262.95 Td (consists ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.64 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.14 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.73 262.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.16 262.95 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.68 262.95 Td (Group ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.43 250.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.03 250.35 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.45 250.35 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.98 250.35 Td (Group. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.00 250.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.10 250.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.55 250.35 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.07 250.35 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.67 250.35 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.31 250.35 Td (distributes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.83 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.77 250.35 Td (supports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.13 250.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.90 250.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.34 250.35 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.55 237.75 Td (ETFs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.40 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.66 237.75 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.32 237.75 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.98 237.75 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.97 237.75 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.71 237.75 Td (programs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.87 237.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.28 237.75 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.02 237.75 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.87 237.75 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.80 237.75 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.75 237.75 Td (distributes ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.51 225.15 Td (supports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.95 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.80 225.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.71 225.15 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.52 225.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.12 225.15 Td (general, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.49 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.34 225.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.86 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.88 225.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.79 225.15 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.06 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.07 225.15 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.49 225.15 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.83 225.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.50 225.15 Td (housed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.10 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.12 225.15 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.70 212.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.74 212.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.36 212.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.40 212.55 Td (managers.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 187.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.71 187.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.21 187.35 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.90 187.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.11 187.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.57 187.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.44 187.35 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.14 187.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.60 187.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.98 187.35 Td (own ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.52 187.35 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.40 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.02 187.35 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.05 187.35 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.01 187.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.21 187.35 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.34 187.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.72 187.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 187.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.47 174.75 Td (primarily) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.86 174.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.01 174.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.70 174.75 Td (most ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.64 174.75 Td (cases, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.94 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.63 174.75 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.33 174.75 Td (investors. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.28 174.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.13 174.75 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.82 174.75 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.75 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.44 174.75 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.53 174.75 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.55 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.82 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.34 174.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.27 174.75 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.09 162.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.44 162.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.01 162.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.76 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.86 162.15 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.53 162.15 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.50 162.15 Td (both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.10 162.15 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.10 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.19 162.15 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.79 162.15 Td (consultants. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.59 162.15 Td (Consultants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.11 162.15 Td (play ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.12 162.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.71 162.15 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.60 162.15 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (role ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.41 149.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.17 149.55 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.93 149.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.93 149.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.17 149.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.25 149.55 Td (helping ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.34 149.55 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.34 149.55 Td (select ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.83 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.58 149.55 Td (retain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.07 149.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.07 149.55 Td (managers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.52 149.55 Td (Institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.86 149.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.86 149.55 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.54 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.32 136.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.19 136.95 Td (consultants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.06 136.95 Td (tend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.76 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.56 136.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.09 136.95 Td (highly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.55 136.95 Td (sophisticated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.00 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.79 136.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.49 136.95 Td (performance-driven.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 111.75 Td (U.S. Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 86.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.55 86.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.95 86.55 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.43 86.55 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.98 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.45 86.55 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.75 86.55 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.06 86.55 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.36 86.55 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.84 86.55 Td (employs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.15 86.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.54 86.55 Td (team ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.67 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.14 86.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.54 86.55 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.17 86.55 Td (sales, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.93 86.55 Td (marketing ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.47 73.95 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.79 73.95 Td (staf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.76 73.95 Td (f ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.07 73.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.63 73.95 Td (market, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.22 73.95 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.70 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.67 73.95 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.99 73.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.80 73.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.28 73.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.26 73.95 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.03 73.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.51 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.15 73.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.54 73.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.93 73.95 Td (Funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.05 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.69 73.95 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (Funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.31 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.65 61.35 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.65 61.35 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.84 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.51 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.85 61.35 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.93 61.35 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.03 61.35 Td (ETFs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.73 61.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.80 61.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.97 61.35 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.15 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.49 61.35 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.57 61.35 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.66 61.35 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.85 61.35 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.43 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.10 61.35 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.27 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.44 61.35 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.87 48.75 Td (third-party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.40 48.75 Td (distributors.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (10) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 729.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.89 729.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.64 729.15 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.46 729.15 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.36 729.15 Td (distributes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.17 729.15 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.41 729.15 Td (share ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.64 729.15 Td (classes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.86 729.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.68 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.58 729.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.22 729.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.87 729.15 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.62 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.85 729.15 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.09 729.15 Td (clients ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.99 716.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.23 716.55 Td (distributes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.30 716.55 Td (variable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.44 716.55 Td (annuity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.26 716.55 Td (sub-advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.83 716.55 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.97 716.55 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.62 716.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.45 716.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.77 716.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.51 716.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.06 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.56 716.55 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.12 716.55 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.34 716.55 Td (\(including ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.79 703.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.74 703.95 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.20 703.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.50 703.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.19 703.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.07 703.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.03 703.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.74 703.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.45 703.95 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.26 703.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.14 703.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.08 703.95 Td (specifically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.61 703.95 Td (designed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.07 703.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.44 703.95 Td (purchase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.89 703.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 703.95 Td (variable ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (annuity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.94 691.35 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.79 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.90 691.35 Td (variable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.65 691.35 Td (life ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.59 691.35 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.77 691.35 Td (policies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.38 691.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.94 691.35 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.45 691.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.89 691.35 Td (participating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.90 691.35 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.08 691.35 Td (companies\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.05 691.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.33 691.35 Td (institutional ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.77 678.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.79 678.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.29 678.75 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.05 678.75 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.65 678.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.64 678.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.71 678.75 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.88 678.75 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.90 678.75 Td (Management�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.63 678.75 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.40 678.75 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.50 678.75 Td (team. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.02 678.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.03 678.75 Td (Royce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.54 678.75 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.90 678.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.40 678.75 Td (distributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 678.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (Royce�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.24 666.15 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.95 666.15 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.99 666.15 Td (team ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.02 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.81 666.15 Td (addition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.85 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.64 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.10 666.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.40 666.15 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.77 666.15 Td (Group.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 640.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.72 640.95 Td (addition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.60 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.24 640.95 Td (distributing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.13 640.95 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.55 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.85 640.95 Td (wholesalers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.89 640.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.53 640.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.57 640.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.63 640.95 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.67 640.95 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.90 640.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.28 640.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.90 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.53 640.95 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 640.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.00 628.35 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 628.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.33 628.35 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.91 628.35 Td (program ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.41 628.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.17 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.26 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.02 628.35 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.53 628.35 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.04 628.35 Td (ETFs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.07 628.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.08 628.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.83 628.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.58 628.35 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.83 628.35 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (programs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.78 615.75 Td (sponsored ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.99 615.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.11 615.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.40 615.75 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.18 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.55 615.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.90 615.75 Td (institutions.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 590.55 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.54 590.55 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 565.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.23 565.35 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.28 565.35 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.43 565.35 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.67 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.82 565.35 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.79 565.35 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.78 565.35 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.76 565.35 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.92 565.35 Td (employs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.90 565.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.97 565.35 Td (team ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.78 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.93 565.35 Td (sales, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.37 565.35 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.75 552.75 Td (staf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.73 552.75 Td (f ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.98 552.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.47 552.75 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.09 552.75 Td (distributes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.60 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.51 552.75 Td (supports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.85 552.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.60 552.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.42 552.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.51 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.43 552.75 Td (individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.76 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.67 552.75 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.60 552.75 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.27 552.75 Td (across ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (Asia ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.50 540.15 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.58 540.15 Td (Australia ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.81 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.72 540.15 Td (Japan\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.50 540.15 Td (Europe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.57 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.48 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.23 540.15 Td (Americas. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.56 540.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.64 540.15 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.03 540.15 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.53 540.15 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.11 540.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.85 540.15 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.01 540.15 Td (teams ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.04 527.55 Td (out ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.35 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.99 527.55 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.30 527.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.86 527.55 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.57 527.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.63 527.55 Td (18 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.02 527.55 Td (cities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.07 527.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.13 527.55 Td (15 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.52 527.55 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.90 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.95 527.55 Td (distributing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.26 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.15 527.55 Td (cross ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.62 527.55 Td (border ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.91 527.55 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.87 527.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.09 527.55 Td (globally ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.12 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.58 514.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.10 514.95 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.97 514.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.67 514.95 Td (ranges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.54 514.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.16 514.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.87 514.95 Td (respective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.89 514.95 Td (countries. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.28 514.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.07 514.95 Td (goal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.60 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.81 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.27 514.95 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.37 514.95 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.58 514.95 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.87 514.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 514.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.14 502.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.53 502.35 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.51 502.35 Td (partner ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.97 502.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.94 502.35 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.84 502.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.31 502.35 Td (utilize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.28 502.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.76 502.35 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.15 502.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.29 502.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.67 502.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.56 502.35 Td (around ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.45 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.01 502.35 Td (world, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.86 502.35 Td (but ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.01 502.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.65 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.55 502.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.19 502.35 Td (viewed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.17 489.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.75 489.75 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.08 489.75 Td (partner ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.74 489.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.32 489.75 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.16 489.75 Td (understanding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.57 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.24 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.99 489.75 Td (nuances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.73 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.81 489.75 Td (needs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.65 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.31 489.75 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.47 489.75 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.80 489.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.87 489.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.54 489.75 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.54 489.75 Td (cover) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.28 489.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.69 489.75 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.69 489.75 Td (distributors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (seek ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.11 477.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.24 477.15 Td (develop ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.44 477.15 Td (deep ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.21 477.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.59 477.15 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.21 477.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.83 477.15 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.36 477.15 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.44 477.15 Td (private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.55 477.15 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.63 477.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.00 477.15 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.81 477.15 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.02 477.15 Td (platforms, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.84 477.15 Td (pension ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (plans ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.89 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.28 464.55 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.74 464.55 Td (plans. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.76 464.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.31 464.55 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.61 464.55 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.26 464.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.81 464.55 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.86 464.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.00 464.55 Td (work ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.81 464.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.71 464.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.93 464.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.57 464.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.03 464.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.76 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.65 464.55 Td (case-by-case ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.50 464.55 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.35 451.95 Td (take ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.53 451.95 Td (advantage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.78 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.21 451.95 Td (preferences ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.27 451.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.20 451.95 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.30 451.95 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.82 451.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.25 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.11 451.95 Td (meet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.20 451.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.04 451.95 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.54 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.39 451.95 Td (distributing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.50 451.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.94 439.35 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.90 439.35 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.77 439.35 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.80 439.35 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.98 414.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.56 414.15 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.52 414.15 Td (forts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.92 414.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.90 414.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.47 414.15 Td (limited ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.37 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.69 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.67 414.15 Td (locations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.73 414.15 Td (where ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.54 414.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.94 414.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.91 414.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.47 414.15 Td (fices, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.07 414.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.97 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.95 414.15 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.75 414.15 Td (Distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (Group ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.07 401.55 Td (distributes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.56 401.55 Td (cross ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.88 401.55 Td (border ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.03 401.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.10 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.01 401.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.33 401.55 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.15 401.55 Td (26 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.39 401.55 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.62 401.55 Td (around ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.52 401.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.09 401.55 Td (world. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.83 401.55 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.24 401.55 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.23 401.55 Td (presence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.69 401.55 Td (provides ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.60 401.55 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.91 401.55 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.93 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.52 388.95 Td (capabilities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.10 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.03 388.95 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.87 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.30 388.95 Td (platform ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.22 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.73 388.95 Td (sales, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.53 388.95 Td (service, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.65 388.95 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.98 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.91 388.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.83 388.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.34 388.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.68 388.95 Td (cater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.84 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.77 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.36 388.95 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.83 388.95 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.08 388.95 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (dynamics ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.32 376.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.06 376.35 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.87 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.19 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.59 376.35 Td (regions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.08 376.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.40 376.35 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.81 376.35 Td (covers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.41 376.35 Td (Client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.66 376.35 Td (coverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.12 376.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.70 376.35 Td (local, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.31 376.35 Td (coordinated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.44 376.35 Td (across ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.26 376.35 Td (regions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.37 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.11 376.35 Td (encompasses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.50 376.35 Td (multiple ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.77 363.75 Td (channels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.36 363.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.88 363.75 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.07 363.75 Td (-dealers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.78 363.75 Td (funds-of-funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.67 363.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.93 363.75 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.64 363.75 Td (independent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.81 363.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.40 363.75 Td (advisers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.28 363.75 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.26 363.75 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (platforms, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.79 351.15 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.45 351.15 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.77 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.36 351.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.36 351.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.20 351.15 Td (partners. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.89 351.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.64 351.15 Td (extent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.72 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.31 351.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.40 351.15 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.06 351.15 Td (channel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.13 351.15 Td (takes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.13 351.15 Td (precedence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.76 351.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 351.15 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 338.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.06 338.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.69 338.55 Td (governed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.39 338.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.51 338.55 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.54 338.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.32 338.55 Td (dynamics.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 313.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.99 313.35 Td (Australia, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.35 313.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.59 313.35 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.25 313.35 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.23 313.35 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.14 313.35 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.78 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.19 313.35 Td (cross ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.01 313.35 Td (border ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.65 313.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.23 313.35 Td (sub-advised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.63 313.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.37 313.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.61 313.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.26 313.35 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.62 300.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.83 300.75 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.45 300.75 Td (investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.04 300.75 Td (pension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.75 300.75 Td (plans, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.58 300.75 Td (fund-of-funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.95 300.75 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.85 300.75 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.13 300.75 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.08 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.28 300.75 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.48 300.75 Td (funds/agencies. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.45 288.15 Td (Japan, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.20 288.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.40 288.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.03 288.15 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.98 288.15 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.85 288.15 Td (domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.97 288.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.25 288.15 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.42 288.15 Td (cross ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.21 288.15 Td (border ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.82 288.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.36 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.73 288.15 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.10 288.15 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.38 275.55 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.59 275.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.89 275.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.86 275.55 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.57 275.55 Td (market, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.49 275.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.29 275.55 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.42 275.55 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.13 275.55 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.39 275.55 Td (private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.68 275.55 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.94 275.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.50 275.55 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.49 275.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.96 275.55 Td (platforms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 275.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.36 262.95 Td (companies.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 237.75 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.21 237.75 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.13 237.75 Td (Global�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.62 237.75 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.88 237.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.20 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.53 237.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.52 237.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.50 237.75 Td (sold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.17 237.75 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.67 237.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.67 237.75 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.41 237.75 Td (States ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.66 237.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.00 237.75 Td (non-U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.08 237.75 Td (high ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.92 237.75 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.91 237.75 Td (worth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.58 237.75 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.61 225.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.72 225.15 Td (network ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.57 225.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.77 225.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.95 225.15 Td (intermediaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.45 225.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.40 225.15 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.11 225.15 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.31 225.15 Td (Global�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.80 225.15 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.34 225.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.20 225.15 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.39 225.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.59 225.15 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.11 225.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.31 225.15 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.42 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.86 225.15 Td (International ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.88 212.55 Td (Group. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.96 212.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.34 212.55 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.00 212.55 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.71 212.55 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.09 212.55 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.30 212.55 Td (distributes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.67 212.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.22 212.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.01 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.80 212.55 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.24 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.04 212.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.34 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.13 212.55 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.82 212.55 Td (institutions ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.79 199.95 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.50 199.95 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.87 199.95 Td (Global�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.37 199.95 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.08 199.95 Td (internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.78 199.95 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.82 199.95 Td (teams.) Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 174.75 Td (Employees) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 149.55 Td (At ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.43 149.55 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.26 149.55 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.81 149.55 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.86 149.55 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.91 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.49 149.55 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.54 149.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.21 149.55 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.80 149.55 Td (3,059, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.47 149.55 Td (3,246, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.15 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.73 149.55 Td (3,275 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.78 149.55 Td (employees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.74 149.55 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.78 149.55 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.83 149.55 Td (None ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.00 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.18 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.60 149.55 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.02 136.95 Td (covered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.95 136.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.15 136.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.51 136.95 Td (collective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.02 136.95 Td (bar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.24 136.95 Td (gaining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.44 136.95 Td (agreement. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.36 136.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.43 136.95 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.80 136.95 Td (consider ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.07 136.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.77 136.95 Td (relations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.62 136.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.99 136.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.69 136.95 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.29 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.16 136.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.77 136.95 Td (satisfactory) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.49 136.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.82 136.95 Td (However) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.88 136.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.81 124.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.20 124.35 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.06 124.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.62 124.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.42 124.35 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.39 124.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.54 124.35 Td (intense ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.43 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.74 124.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.29 124.35 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.11 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.42 124.35 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.23 124.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.62 124.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.85 124.35 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.47 124.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.27 124.35 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 124.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (valuable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.69 111.75 Td (personnel. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.57 111.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.64 111.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.93 111.75 Td (recognize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.36 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.81 111.75 Td (importance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.67 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.46 111.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.08 111.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.30 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.67 111.75 Td (hiring, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.00 111.75 Td (training ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.28 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.07 111.75 Td (retaining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.02 111.75 Td (skilled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.64 111.75 Td (professionals.) Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 86.55 Td (Competition) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 61.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 61.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.97 61.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.53 61.35 Td (engaged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.25 61.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.15 61.35 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.80 61.35 Td (extremely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.52 61.35 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.83 61.35 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.16 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.06 61.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.62 61.35 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.10 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.01 61.35 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.66 61.35 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.56 61.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.46 61.35 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.70 61.35 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 61.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.98 48.75 Td (business. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 104.58 48.75 Td (The ) Tj ET Q q 0 0 0 rg BT 122.39 48.75 Td (success ) Tj ET Q q 0 0 0 rg BT 155.36 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.60 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 181.08 48.75 Td (business ) Tj ET Q q 0 0 0 rg BT 218.16 48.75 Td (depends ) Tj ET Q q 0 0 0 rg BT 254.05 48.75 Td (on ) Tj ET Q q 0 0 0 rg BT 266.04 48.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 308.94 48.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 341.62 48.75 Td (including ) Tj ET Q q 0 0 0 rg BT 382.77 48.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 430.33 48.75 Td (style, ) Tj ET Q q 0 0 0 rg BT 454.27 48.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 501.84 48.75 Td (performance, ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.90 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 305.76 31.25 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 81.90 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.89 741.75 Td (advice, ) Tj ET Q q 0 0 0 rg BT 127.16 741.75 Td (track ) Tj ET Q q 0 0 0 rg BT 151.39 741.75 Td (records, ) Tj ET Q q 0 0 0 rg BT 188.15 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.22 741.75 Td (level ) Tj ET Q q 0 0 0 rg BT 227.87 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 239.86 741.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 262.63 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.70 741.75 Td (range ) Tj ET Q q 0 0 0 rg BT 305.26 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.25 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 356.65 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 365.21 741.75 Td (fered, ) Tj ET Q q 0 0 0 rg BT 392.64 741.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 419.79 741.75 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 473.48 741.75 Td (business ) Tj ET Q q 0 0 0 rg BT 512.30 741.75 Td (reputation, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.00 729.15 Td (strength, ) Tj ET Q q 0 0 0 rg BT 132.23 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.83 729.15 Td (depth ) Tj ET Q q 0 0 0 rg BT 177.93 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 197.86 729.15 Td (continuity ) Tj ET Q q 0 0 0 rg BT 245.21 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 258.73 729.15 Td (relationships, ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.79 729.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.98 729.15 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.42 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.35 729.15 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.44 729.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.00 729.15 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 729.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (distributors) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 97.34 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 99.33 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 116.49 716.55 Td (quality ) Tj ET Q q 0 0 0 rg BT 147.64 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 158.38 716.55 Td (service. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.74 716.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.06 716.55 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.21 716.55 Td (includes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.83 716.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.49 716.55 Td (respect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.22 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.38 716.55 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.53 716.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.27 716.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.84 716.55 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.16 716.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.90 716.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.89 716.55 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.10 716.55 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.62 703.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.97 703.95 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.83 703.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.70 703.95 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.89 703.95 Td (-dealers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.45 703.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.32 703.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.27 703.95 Td (complexes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.50 703.95 Td (hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.28 703.95 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.94 703.95 Td (commercial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.21 703.95 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.03 703.95 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.97 703.95 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.95 691.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.24 691.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.76 691.35 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.54 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.58 691.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.03 691.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.64 691.35 Td (institutions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.82 691.35 Td (Many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.19 691.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.81 691.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.26 691.35 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.82 691.35 Td (ganizations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.52 691.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.08 691.35 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.61 691.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.64 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 691.35 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.42 678.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.42 678.75 Td (similar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.76 678.75 Td (to, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.74 678.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.66 678.75 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.41 678.75 Td (with, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.88 678.75 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.22 678.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.65 678.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.20 678.75 Td (fer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.44 678.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.24 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.58 678.75 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.09 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.01 678.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.77 678.75 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.33 678.75 Td (ganizations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.33 678.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.33 678.75 Td (substantially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.59 678.75 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.34 678.75 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (greater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.51 666.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.10 666.15 Td (resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.61 666.15 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.55 666.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.66 666.15 Td (have. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.97 666.15 Td (Some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.75 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.36 666.15 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.80 666.15 Td (competitors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.24 666.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.92 666.15 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.43 666.15 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.45 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.48 666.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.76 666.15 Td (channels ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.76 653.55 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.01 653.55 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.36 653.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.44 653.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.92 653.55 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.59 653.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.34 653.55 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.19 653.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.87 653.55 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.95 653.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.13 653.55 Td (them. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.27 653.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.52 653.55 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.07 653.55 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.91 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.17 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.68 653.55 Td (competitors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.77 653.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.10 653.55 Td (long-standing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.36 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (established ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.47 640.95 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.45 640.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.43 640.95 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.59 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.06 640.95 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.41 640.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.49 640.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.13 640.95 Td (primary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.69 640.95 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.57 640.95 Td (factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.45 640.95 Td (relating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.84 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.32 640.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.64 640.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.54 640.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 640.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (quality ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.29 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.67 628.35 Td (advice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.70 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.49 628.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.94 628.35 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.90 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.69 628.35 Td (investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.86 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.32 628.35 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.00 628.35 Td (records ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.53 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.91 628.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.29 628.35 Td (advice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.32 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.11 628.35 Td (service, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.10 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.55 628.35 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.97 615.75 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.10 615.75 Td (providing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.57 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.04 615.75 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.12 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.59 615.75 Td (price ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.22 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.61 615.75 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.69 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.16 615.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.96 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.76 615.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.22 615.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.78 615.75 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.98 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.78 615.75 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.85 615.75 Td (relationships ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.26 603.15 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.18 603.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.74 603.15 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.90 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.67 603.15 Td (distributors. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.73 603.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 221.21 603.15 Td (W) Tj ET Q q 0 0 0 rg BT 230.28 603.15 Td (e ) Tj ET Q q 0 0 0 rg BT 236.54 603.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 268.46 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 285.81 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 301.40 603.15 Td (focus ) Tj ET Q q 0 0 0 rg BT 325.75 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 337.84 603.15 Td (expanding ) Tj ET Q q 0 0 0 rg BT 383.18 603.15 Td (client ) Tj ET Q q 0 0 0 rg BT 408.11 603.15 Td (choice ) Tj ET Q q 0 0 0 rg BT 437.11 603.15 Td (through ) Tj ET Q q 0 0 0 rg BT 471.37 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 477.63 603.15 Td (variety ) Tj ET Q q 0 0 0 rg BT 508.38 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 518.73 603.15 Td (products, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 86.53 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 104.31 590.55 Td (access ) Tj ET Q q 0 0 0 rg BT 133.75 590.55 Td (enable ) Tj ET Q q 0 0 0 rg BT 163.78 590.55 Td (us ) Tj ET Q q 0 0 0 rg BT 175.74 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 186.53 590.55 Td (compete ) Tj ET Q q 0 0 0 rg BT 224.72 590.55 Td (ef) Tj ET Q q 0 0 0 rg BT 232.69 590.55 Td (fectively ) Tj ET Q q 0 0 0 rg BT 272.05 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 282.84 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 298.29 590.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 347.00 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 403.27 590.55 Td (business.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 565.35 Td (Competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.57 565.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.31 565.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.88 565.35 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.03 565.35 Td (periodically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.75 565.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.32 565.35 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.71 565.35 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.68 565.35 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.89 565.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.96 565.35 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.86 565.35 Td (developments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.75 565.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.48 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.88 565.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.86 565.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.24 552.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.85 552.75 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.00 552.75 Td (�Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.89 552.75 Td (1A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.34 552.75 Td (Risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.59 552.75 Td (Factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.49 552.75 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.98 552.75 Td (Risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.31 552.75 Td (Related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.37 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.53 552.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.63 552.75 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.96 552.75 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.76 552.75 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.09 552.75 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.58 552.75 Td (Competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.07 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.23 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.17 552.75 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.94 540.15 Td (Industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.56 540.15 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.86 540.15 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.97 540.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.59 540.15 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.04 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.82 540.15 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.61 540.15 Td (Income.�) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 514.95 Td (Risk Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 489.75 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 489.75 Td (e are committed to continually strengthening and refining our risk management approach and believe our risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (management ef) Tj ET Q q 0 0 0 rg BT 113.74 477.15 Td (forts, along with the diversity of asset classes and products that we of) Tj ET Q q 0 0 0 rg BT 404.87 477.15 Td (fer) Tj ET Q q 0 0 0 rg BT 416.10 477.15 Td (, are key factors in our ability to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (manage through various market cycles. Our risk management approach reaches across Legg Mason and its af) Tj ET Q q 0 0 0 rg BT 508.24 464.55 Td (filiates and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (encourages consistent and meaningful conversations about potential risk across the company) Tj ET Q q 0 0 0 rg BT 438.39 451.95 Td (.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 426.75 Td (Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 401.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.16 401.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.90 401.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.88 401.55 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.64 401.55 Td (generally) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.02 401.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.98 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.47 401.55 Td (virtually ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.38 401.55 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.21 401.55 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.87 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.95 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.28 401.55 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.83 401.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.16 401.55 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.24 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.74 401.55 Td (extensive ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 525.73 401.55 Td (federal, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (state ) Tj ET Q q 0 0 0 rg BT 71.16 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 88.75 388.95 Td (international ) Tj ET Q q 0 0 0 rg BT 144.23 388.95 Td (laws ) Tj ET Q q 0 0 0 rg BT 165.90 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 183.48 388.95 Td (regulations) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.14 388.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.56 388.95 Td (promulgated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.05 388.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.98 388.95 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.31 388.95 Td (governments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.59 388.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.67 388.95 Td (exchanges, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.44 388.95 Td (central ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.43 388.95 Td (banks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 388.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.52 376.35 Td (bodies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.44 376.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.31 376.35 Td (Some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.10 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.72 376.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.17 376.35 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.29 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.33 376.35 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.86 376.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.55 376.35 Td (summarized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.74 376.35 Td (below ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.27 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.31 376.35 Td (almost ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.18 376.35 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.55 376.35 Td (are) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.37 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 460.24 376.35 Td (intended ) Tj ET Q q 0 0 0 rg BT 499.27 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 510.31 376.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 542.34 376.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (protect ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.95 363.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.32 363.75 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.77 363.75 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.48 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.93 363.75 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.14 363.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.60 363.75 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.29 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.75 363.75 Td (unregistered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.94 363.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.31 363.75 Td (companies) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 485.21 363.75 Td (. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.13 363.75 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.17 363.75 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 363.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.86 351.15 Td (activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.71 351.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.56 351.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.58 351.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.43 351.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.12 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.23 351.15 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.74 351.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.18 351.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.19 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.29 351.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.90 351.15 Td (federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.98 351.15 Td (agencies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.70 351.15 Td (self-regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.06 338.55 Td (ganizations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.63 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.54 338.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.94 338.55 Td (commissions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.53 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.44 338.55 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.36 338.55 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.02 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.94 338.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.35 338.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.34 338.55 Td (conduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.33 338.55 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.29 338.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.04 338.55 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.03 338.55 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.36 338.55 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (regulations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.20 325.95 Td (agencies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.77 325.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.93 325.95 Td (regulate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.17 325.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.66 325.95 Td (advisers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.12 325.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.62 325.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.37 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.95 325.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.94 325.95 Td (individuals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.03 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.61 325.95 Td (entities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.36 325.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.60 325.95 Td (broad ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.00 313.35 Td (powers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.38 313.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.47 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.73 313.35 Td (power ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.40 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.99 313.35 Td (limit, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.88 313.35 Td (restrict ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.47 313.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.64 313.35 Td (prohibit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.32 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.58 313.35 Td (regulated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.07 313.35 Td (entity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.41 313.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.58 313.35 Td (person ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.01 313.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.85 313.35 Td (conducting ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.83 300.75 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.99 300.75 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.57 300.75 Td (fails ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.40 300.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.31 300.75 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.55 300.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.96 300.75 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.95 300.75 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.95 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.85 300.75 Td (regulations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.88 300.75 Td (Regulators ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.12 300.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.78 300.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.34 300.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.75 300.75 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.65 300.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.14 300.75 Td (informal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.04 300.75 Td (enforcement ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (mechanisms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.28 288.15 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.04 288.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.66 288.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.85 288.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.55 288.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.08 288.15 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.27 288.15 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.71 288.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.08 288.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.95 288.15 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.03 288.15 Td (Due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.39 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.43 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.13 288.15 Td (extensive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.65 288.15 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.77 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.80 288.15 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 288.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.37 275.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.82 275.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.84 275.55 Td (subject, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.41 275.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.86 275.55 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.49 275.55 Td (devote ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.68 275.55 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.80 275.55 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.30 275.55 Td (expense ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.32 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.69 275.55 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.65 275.55 Td (fort ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.02 275.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.39 275.55 Td (remaining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.17 275.55 Td (vigilant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.46 275.55 Td (about, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.61 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.98 275.55 Td (addressing, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.25 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.75 262.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.24 262.95 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.97 262.95 Td (matters. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.84 262.95 Td (Moreover) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.83 262.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.79 262.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.28 262.95 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.44 262.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.95 262.95 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.45 262.95 Td (jurisdiction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.62 262.95 Td (often ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.53 262.95 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.50 262.95 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.58 262.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.91 262.95 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.26 250.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.45 250.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.05 250.35 Td (jurisdictions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.61 250.35 Td (Possible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.64 250.35 Td (sanctions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.74 250.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.00 250.35 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.35 250.35 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.77 250.35 Td (failures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.27 250.35 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.20 250.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.05 250.35 Td (suspension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.16 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.93 250.35 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (employees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.49 237.75 Td (limitations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.88 237.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.85 237.75 Td (engaging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.80 237.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.43 237.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.46 237.75 Td (lines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.76 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.97 237.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.03 237.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.73 237.75 Td (specified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.10 237.75 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.48 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.69 237.75 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.44 237.75 Td (revocation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.22 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.44 237.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (adviser ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.43 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.20 225.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.39 225.15 Td (registrations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.53 225.15 Td (censures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.29 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.07 225.15 Td (fines. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.14 225.15 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.14 225.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.75 225.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.51 225.15 Td (proceeding, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.39 225.15 Td (regardless ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.57 225.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.93 225.15 Td (whether ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.36 225.15 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.80 225.15 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.83 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.61 225.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.88 225.15 Td (sanction, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.70 212.55 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.05 212.55 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.59 212.55 Td (expenditures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.87 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.65 212.55 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.85 212.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.30 212.55 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.83 212.55 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.52 212.55 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.49 212.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.85 212.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.97 212.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.60 212.55 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.79 212.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.16 212.55 Td (business.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 187.35 Td (Regulatory Reform) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 162.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 162.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.97 162.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.53 162.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.01 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.92 162.15 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.07 162.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.95 162.15 Td (reform ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.26 162.15 Td (initiatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.41 162.15 Td (around ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.31 162.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.88 162.15 Td (world. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.13 162.15 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.96 162.15 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.94 162.15 Td (initiative, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.63 162.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.12 162.15 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.02 162.15 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.25 162.15 Td (laws ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.80 149.55 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.01 149.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.31 149.55 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.69 149.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.41 149.55 Td (enforcement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.43 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.73 149.55 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.54 149.55 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.34 149.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.64 149.55 Td (regulations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.47 149.55 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.36 149.55 Td (materially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.48 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.19 149.55 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.98 149.55 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.11 149.55 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 149.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.36 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.48 136.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.03 136.95 Td (disruptions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.28 136.95 Td (requiring ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.72 136.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.01 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.14 136.95 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.82 136.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.34 136.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.88 136.95 Td (practices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.15 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.27 136.95 Td (exposing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.14 136.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.43 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.55 136.95 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.50 136.95 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.71 124.35 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.15 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.35 124.35 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.81 124.35 Td (costs\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.68 124.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.06 124.35 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.51 124.35 Td (governing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.13 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.01 124.35 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.63 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.42 124.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.20 124.35 Td (institutions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.92 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.13 124.35 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.42 124.35 Td (holding ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.39 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.54 111.75 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.10 111.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.91 111.75 Td (very ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.55 111.75 Td (detailed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.77 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.92 111.75 Td (technical. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.77 111.75 Td (Accordingly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.57 111.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.18 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.00 111.75 Td (discussion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.74 111.75 Td (below ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.38 111.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.37 111.75 Td (general ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.26 111.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.41 111.75 Td (nature, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.26 111.75 Td (does ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.54 99.15 Td (purport ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.08 99.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.87 99.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.41 99.15 Td (complete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.52 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.30 99.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.93 99.15 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.29 99.15 Td (only ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.58 99.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.95 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.32 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.78 99.15 Td (date ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.89 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.26 99.15 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.06 99.15 Td (report.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (12) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.75 Td (Dodd-Frank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.62 741.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.40 741.75 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.11 741.75 Td (Str) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.97 741.75 Td (eet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.84 741.75 Td (Reform ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.71 666.15 Td (Dodd-Frank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.17 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.45 666.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.15 666.15 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 666.15 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (still ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.54 653.55 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.14 653.55 Td (adopted, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.29 653.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.73 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.84 653.55 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.69 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.72 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.82 653.55 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.51 653.55 Td (already ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.69 653.55 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.21 653.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.82 653.55 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.75 653.55 Td (evident ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.94 653.55 Td (over ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.88 653.55 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.44 653.55 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.56 653.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.84 653.55 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.54 653.55 Td (yet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.65 653.55 Td (possible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.35 653.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (predict ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.66 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.50 640.95 Td (ultimate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.91 640.95 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.88 640.95 Td (fects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.71 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.47 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.30 640.95 Td (Dodd-Frank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.97 640.95 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.14 640.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.90 640.95 Td (subsequent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.57 640.95 Td (implementing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.90 640.95 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.57 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.74 640.95 Td (decisions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.82 640.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.17 640.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 640.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (our) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.50 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 66.12 628.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 106.96 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.31 628.35 Td (condition, ) Tj ET Q q 0 0 0 rg BT 191.23 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 209.01 628.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.29 628.35 Td (activities) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.20 628.35 Td (.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 603.15 Td (Systemically Important Financial Institution \(�SIFI�\) Review) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 577.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.06 577.95 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.36 577.95 Td (Stability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.19 577.95 Td (Oversight ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.83 577.95 Td (Council ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.31 577.95 Td (\(�FSOC�\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.75 577.95 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.98 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.04 577.95 Td (authority ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.18 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.58 577.95 Td (designate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.47 577.95 Td (nonbank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.86 577.95 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.83 577.95 Td (institutions ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.74 565.35 Td (SIFIs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.63 565.35 Td (FSOC�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.81 565.35 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.39 565.35 Td (most ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.31 565.35 Td (recent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.45 565.35 Td (statements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.28 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.93 565.35 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.17 565.35 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.73 565.35 Td (indicate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.47 565.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.71 565.35 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.04 565.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.54 565.35 Td (focused ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.69 565.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.69 565.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.35 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.01 565.35 Td (activities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.03 565.35 Td (rather ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.23 552.75 Td (designation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.29 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.69 552.75 Td (entities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.30 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.12 552.75 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.70 552.75 Td (review ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.92 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.32 552.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.38 552.75 Td (managers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.70 552.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.49 552.75 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.53 552.75 Td (reasury ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.09 552.75 Td (report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.81 552.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.97 552.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.03 552.75 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.95 552.75 Td (issued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.86 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 552.75 Td (October ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (2017, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.90 540.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.58 540.15 Td (expressed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.75 540.15 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.69 540.15 Td (view) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.42 540.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.82 540.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.33 540.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.14 540.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.08 540.15 Td (November ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.17 540.15 Td (2017, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.36 540.15 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.41 540.15 Td (reasury ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.08 540.15 Td (made ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.59 540.15 Td (recommendations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.00 540.15 Td (concerning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.42 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.02 540.15 Td (process ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.38 527.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.43 527.55 Td (FSOC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.08 527.55 Td (designates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.20 527.55 Td (nonbanks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.84 527.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.97 527.55 Td (SIFIs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.74 527.55 Td (further ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.69 527.55 Td (supporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.99 527.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.03 527.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.58 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.13 527.55 Td (activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.42 527.55 Td (approach ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.28 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.83 527.55 Td (addressing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.12 527.55 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 527.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.12 514.95 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.61 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.98 514.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.36 514.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.97 514.95 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.81 514.95 Td (FSOC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.29 514.95 Td (issued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.75 514.95 Td (proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.46 514.95 Td (interpretive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.06 514.95 Td (guidance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.18 514.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.13 514.95 Td (calls ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.59 514.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.04 514.95 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.17 514.95 Td (�activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.94 514.95 Td (based� ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (designation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.31 502.35 Td (approach. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.80 502.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.20 502.35 Td (Currently) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.76 502.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.78 502.35 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.16 502.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.38 502.35 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.27 502.35 Td (non-bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.32 502.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.45 502.35 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.75 502.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.81 502.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.87 502.35 Td (SIFI ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.94 502.35 Td (designation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.37 502.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.76 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.40 502.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.61 502.35 Td (designated ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.87 489.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.16 489.75 Td (SIFI, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.08 489.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.95 489.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.90 489.75 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.18 489.75 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.54 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.34 489.75 Td (direct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.86 489.75 Td (supervision ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.90 489.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.03 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.48 489.75 Td (Federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.59 489.75 Td (Reserve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.04 489.75 Td (System.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 464.55 Td (Both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.36 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.63 464.55 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.14 464.55 Td (Stability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.17 464.55 Td (Board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.27 464.55 Td (\(�FSB�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.33 464.55 Td (working ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.77 464.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.88 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.14 464.55 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.23 464.55 Td (Or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.12 464.55 Td (ganization ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.29 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.48 464.55 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.32 464.55 Td (Commissions ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (\(�IOSCO�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.61 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.44 451.95 Td (FSOC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.99 451.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.47 451.95 Td (considering ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.13 451.95 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.53 451.95 Td (systemic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.94 451.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.36 451.95 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.59 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.42 451.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.50 451.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.80 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.63 451.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.11 451.95 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.68 451.95 Td (focused ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 451.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 57.99 439.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.97 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.96 439.35 Td (activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.69 439.35 Td (approach ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.00 439.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.99 439.35 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.06 439.35 Td (review ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.45 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.03 439.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.26 439.35 Td (managers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.95 439.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.52 439.35 Td (January ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.00 439.35 Td (2017, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.45 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.11 439.35 Td (FSB ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.62 439.35 Td (announced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.92 439.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.67 439.35 Td (Policy ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (Recommendations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.07 426.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.13 426.75 Td (Address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.97 426.75 Td (Structural ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.62 426.75 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.57 426.75 Td (ulnerabilities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.81 426.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.11 426.75 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.87 426.75 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.57 426.75 Td (Activities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.45 426.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.53 426.75 Td (concentrates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.42 426.75 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.02 414.15 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.21 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.39 414.15 Td (activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.32 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.50 414.15 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.52 414.15 Td (14 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.04 414.15 Td (recommendations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.71 414.15 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.59 414.15 Td (gely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.69 414.15 Td (focused ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.37 414.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.89 414.15 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.50 414.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.69 414.15 Td (open-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.78 414.15 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.76 414.15 Td (leverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 414.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.45 401.55 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.67 401.55 Td (risk, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.04 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.19 401.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.84 401.55 Td (lending, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.95 401.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.50 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.24 401.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.90 401.55 Td (IOSCO ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.39 401.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.39 401.55 Td (expected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.69 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.85 401.55 Td (engage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.57 401.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.07 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.22 401.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.04 401.55 Td (future. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.52 401.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.83 401.55 Td (FSB ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.95 388.95 Td (indicated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.88 388.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.07 388.95 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.36 388.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.89 388.95 Td (develop ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.57 388.95 Td (criteria ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.75 388.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.44 388.95 Td (designation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.30 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.50 388.95 Td (nonbank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.11 388.95 Td (non-insurers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.05 388.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.67 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.94 388.95 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.46 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.08 388.95 Td (address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.02 388.95 Td (�residual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.37 388.95 Td (risks�. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 560.12 388.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 562.74 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.27 376.35 Td (measures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.02 376.35 Td (applied ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.61 376.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.47 376.35 Td (relation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.22 376.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.07 376.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.42 376.35 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.35 376.35 Td (systemically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.53 376.35 Td (important ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.04 376.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.46 376.35 Td (institution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.73 376.35 Td (\(�G-SIFI�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.48 376.35 Td (designation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.58 376.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (FSB ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.50 363.75 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.07 363.75 Td (need ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.20 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.69 363.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.91 363.75 Td (implemented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.05 363.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.03 363.75 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.59 363.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.06 363.75 Td (processes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.61 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.09 363.75 Td (procedures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.47 363.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.28 363.75 Td (relevant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.41 363.75 Td (national ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.55 363.75 Td (authorities.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.50 338.55 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.55 338.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.84 338.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.64 338.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.85 338.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.48 338.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.94 338.55 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.14 338.55 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.60 338.55 Td (designated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.55 338.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.26 338.55 Td (SIFI ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.99 338.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.79 338.55 Td (G-SIFI, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.22 338.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.51 338.55 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.89 338.55 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.60 338.55 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.39 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.61 338.55 Td (enhanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.30 338.55 Td (prudential, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (capital, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.84 325.95 Td (supervisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.57 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.46 325.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.77 325.95 Td (requirements, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.94 325.95 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.92 325.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.40 325.95 Td (risk-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.29 325.95 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.01 325.95 Td (requirements, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.18 325.95 Td (leverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.47 325.95 Td (limits, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.75 325.95 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.07 325.95 Td (requirements, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (resolution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.17 313.35 Td (plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.93 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.76 313.35 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.34 313.35 Td (exposure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.92 313.35 Td (report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.67 313.35 Td (requirements, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.79 313.35 Td (concentration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.60 313.35 Td (limits, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.83 313.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.17 313.35 Td (contingent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.17 313.35 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.83 313.35 Td (requirement, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.86 313.35 Td (enhanced ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (public ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.56 300.75 Td (disclosures, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.66 300.75 Td (short-term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.22 300.75 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.11 300.75 Td (limits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.85 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.82 300.75 Td (overall ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.79 300.75 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.36 300.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.82 300.75 Td (requirements. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.07 300.75 Td (Requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.21 300.75 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.27 300.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.83 300.75 Td (these, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.85 300.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.45 288.15 Td (designed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.33 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.05 288.15 Td (regulate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.41 288.15 Td (banking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.79 288.15 Td (institutions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.64 288.15 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.44 288.15 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.91 288.15 Td (need ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.28 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.00 288.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.46 288.15 Td (modified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.92 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.64 288.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.10 288.15 Td (applicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.80 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.51 288.15 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.98 288.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.94 288.15 Td (manager) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.50 288.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 288.15 Td (No ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (proposals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.37 275.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.82 275.55 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.27 275.55 Td (made ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.63 275.55 Td (indicating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.25 275.55 Td (how ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.95 275.55 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.83 275.55 Td (measures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.52 275.55 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.39 275.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.93 275.55 Td (adapted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.20 275.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.07 275.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.11 275.55 Td (managers.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.50 250.35 Td (Securities and Exchange Commission Review of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.03 250.35 Td (Asset Managers and Mutual Funds) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.50 225.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.60 225.15 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.96 225.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.82 225.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.51 225.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.19 225.15 Td (impacted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.45 225.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.72 225.15 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.49 225.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.41 225.15 Td (initiatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.60 225.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.87 225.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.47 225.15 Td (SEC. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.13 225.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.65 225.15 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.24 225.15 Td (2016, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.64 225.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.24 225.15 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.27 225.15 Td (adopted ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.27 212.55 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.95 212.55 Td (\(as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.46 212.55 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.81 212.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.83 212.55 Td (amendments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.17 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.61 212.55 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.13 212.55 Td (rules\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.31 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.75 212.55 Td (modernize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.34 212.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.44 212.55 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.20 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.63 212.55 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.48 212.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.49 212.55 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.34 212.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.11 212.55 Td (registered ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.97 199.95 Td (companies) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.88 199.95 Td (, ) Tj ET Q q 0 0 0 rg BT 147.90 199.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.95 199.95 Td (\(i\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.26 199.95 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.15 199.95 Td (monthly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.54 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.10 199.95 Td (annual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.48 199.95 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.36 199.95 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.57 199.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.21 199.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.17 199.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.24 199.95 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.03 199.95 Td (funds; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 199.95 Td (\(ii\) ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (enhanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.76 187.35 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.87 187.35 Td (regimes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.72 187.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.58 187.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.28 187.35 Td (advisers; ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 272.22 187.35 Td (these ) Tj ET Q q 0 0 0 rg BT 296.41 187.35 Td (rules, ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.07 187.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.68 187.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.12 187.35 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.38 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.83 187.35 Td (Funds�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.22 187.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.84 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.62 187.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.23 187.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.52 187.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.55 187.35 Td (managers�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 557.50 187.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (public ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.74 174.75 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.23 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.38 174.75 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.95 174.75 Td (requirements. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.73 174.75 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.81 174.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.79 174.75 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.04 174.75 Td (oversight ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.12 174.75 Td (relating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.19 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.35 174.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.17 174.75 Td (above, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.86 174.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.61 174.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.43 174.75 Td (introduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 174.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 162.15 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.41 162.15 Td (reporting, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.15 162.15 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.35 162.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.73 162.15 Td (control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.10 162.15 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.54 162.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.49 162.15 Td (expose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.28 162.15 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.24 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.04 162.15 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.66 162.15 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.68 162.15 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.31 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.10 162.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.80 162.15 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.16 162.15 Td (us ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.29 149.55 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.65 149.55 Td (how ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.36 149.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.23 149.55 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.75 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.37 149.55 Td (business.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.50 124.35 Td (Regulation of Exchange-T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.15 124.35 Td (raded Funds) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.50 99.15 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.97 99.15 Td (part ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.10 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.65 99.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.11 99.15 Td (focus ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.65 99.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.96 99.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.49 99.15 Td (stability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.12 99.15 Td (issues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.01 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.98 99.15 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.94 99.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.91 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.54 99.15 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.66 99.15 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.21 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.76 99.15 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.73 99.15 Td (product ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.61 99.15 Td (class ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.82 99.15 Td (over ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.28 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.91 99.15 Td (last ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (few ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.97 86.55 Td (years, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.47 86.55 Td (regulators ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.18 86.55 Td (globally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.32 86.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.86 86.55 Td (examining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.91 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.46 86.55 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.93 86.55 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.49 86.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.38 86.55 Td (ETFs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.49 86.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.88 86.55 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.44 86.55 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.73 86.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.62 86.55 Td (transparency) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.58 86.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.93 86.55 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.56 73.95 Td (structural ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.12 73.95 Td (resiliency) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.26 73.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.58 73.95 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.96 73.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.44 73.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.25 73.95 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.66 73.95 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.38 73.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.03 73.95 Td (structural ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.58 73.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.23 73.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.29 73.95 Td (reforms, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.47 73.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.04 73.95 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.68 73.95 Td (rulemaking ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.82 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.47 61.35 Td (SEC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.17 61.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.32 61.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.05 61.35 Td (implemented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.69 61.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.68 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.15 61.35 Td (manner ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.46 61.35 Td (favorable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.92 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.91 61.35 Td (us, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.69 61.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.25 61.35 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.65 61.35 Td (all. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.59 61.35 Td (Depending ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.48 61.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.80 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.45 61.35 Td (outcome ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.42 61.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.99 61.35 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.98 61.35 Td (renewed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.36 61.35 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (analysis, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.00 48.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.80 48.75 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.00 48.75 Td (associated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.20 48.75 Td (structural ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.90 48.75 Td (reforms, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.23 48.75 Td (ETF ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.95 48.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.16 48.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.28 48.75 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.98 48.75 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.77 48.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.99 48.75 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.68 48.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.87 48.75 Td (scrutiny ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 48.75 Td (or ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (13) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (restrictions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.84 741.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.56 741.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.70 741.75 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.49 741.75 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.88 741.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.11 741.75 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.74 741.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.79 741.75 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.25 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.46 741.75 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.01 741.75 Td (expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.98 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.19 741.75 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.49 741.75 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.45 741.75 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.25 741.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.30 741.75 Td (business.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 557.52 741.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.50 729.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 99.79 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 110.22 729.15 Td (September ) Tj ET Q q 0 0 0 rg BT 157.37 729.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 183.25 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 198.33 729.15 Td (SEC ) Tj ET Q q 0 0 0 rg BT 219.85 729.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 255.34 729.15 Td (Rule ) Tj ET Q q 0 0 0 rg BT 277.43 729.15 Td (6c-1) Tj ET Q q 0 0 0 rg BT 295.69 729.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 303.20 729.15 Td (under ) Tj ET Q q 0 0 0 rg BT 329.36 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 344.44 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 393.35 729.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 435.94 729.15 Td (Act ) Tj ET Q q 0 0 0 rg BT 453.36 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 464.36 729.15 Td (1940 ) Tj ET Q q 0 0 0 rg BT 487.61 729.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 506.19 729.15 Td (�Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.68 716.55 Td (Act�\) ) Tj ET Q q 0 0 0 rg BT 119.01 716.55 Td (known ) Tj ET Q q 0 0 0 rg BT 150.60 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 162.36 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 178.20 716.55 Td (�ETF ) Tj ET Q q 0 0 0 rg BT 204.54 716.55 Td (Rule�. ) Tj ET Q q 0 0 0 rg BT 234.45 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 253.78 716.55 Td (ETF ) Tj ET Q q 0 0 0 rg BT 275.46 716.55 Td (Rule ) Tj ET Q q 0 0 0 rg BT 298.30 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 308.32 716.55 Td (intended ) Tj ET Q q 0 0 0 rg BT 347.49 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 358.66 716.55 Td (establish ) Tj ET Q q 0 0 0 rg BT 398.42 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 406.09 716.55 Td (clear ) Tj ET Q q 0 0 0 rg BT 429.50 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 447.67 716.55 Td (consistent ) Tj ET Q q 0 0 0 rg BT 492.68 716.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 541.75 716.55 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (allows ) Tj ET Q q 0 0 0 rg BT 80.94 703.95 Td (many ) Tj ET Q q 0 0 0 rg BT 108.30 703.95 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 135.09 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 178.77 703.95 Td (under ) Tj ET Q q 0 0 0 rg BT 206.70 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 223.56 703.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 274.25 703.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.22 703.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 337.41 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 349.61 703.95 Td (come ) Tj ET Q q 0 0 0 rg BT 376.38 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 388.57 703.95 Td (market ) Tj ET Q q 0 0 0 rg BT 421.75 703.95 Td (without ) Tj ET Q q 0 0 0 rg BT 457.87 703.95 Td (applying ) Tj ET Q q 0 0 0 rg BT 498.64 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 514.92 703.95 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (exemptive ) Tj ET Q q 0 0 0 rg BT 95.86 691.35 Td (orders.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.72 691.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.35 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.97 691.35 Td ( ) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.50 666.15 Td (Regulation of Swaps and Derivatives) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.50 640.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.34 640.95 Td (SEC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.73 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.08 640.95 Td (Internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.24 640.95 Td (Revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.49 640.95 Td (Service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.49 640.95 Td (\(�IRS�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.66 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.33 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.67 640.95 Td (Commodity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.36 640.95 Td (Futures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.19 640.95 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.24 640.95 Td (rading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.58 640.95 Td (Commission ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.19 640.95 Td (\(�CFTC�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.27 640.95 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.83 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.18 628.35 Td (review ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.93 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.94 628.35 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.11 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.04 628.35 Td (futures, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.00 628.35 Td (swaps ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.84 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.18 628.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.94 628.35 Td (derivatives. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.81 628.35 Td (Such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.99 628.35 Td (reviews ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.82 628.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.33 628.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.83 628.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.18 628.35 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.02 628.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.94 628.35 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.58 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.66 615.75 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.90 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.90 615.75 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.39 615.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.80 615.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.55 615.75 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.96 615.75 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.16 615.75 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.40 615.75 Td (adopted, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.51 615.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.34 615.75 Td (limitations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.50 615.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.08 615.75 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.06 615.75 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.64 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.05 615.75 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.03 615.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.84 615.75 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.25 615.75 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.00 603.15 Td (practices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.22 603.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.88 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.96 603.15 Td (register ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.36 603.15 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.26 603.15 Td (entities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.50 603.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.09 603.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.83 603.15 Td (CFTC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.62 603.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.20 603.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.44 603.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.68 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.76 603.15 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.66 603.15 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.58 603.15 Td (and/ ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.57 603.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.23 603.15 Td (restrictions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 560.13 603.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.52 590.55 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.94 590.55 Td (2015, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.84 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.94 590.55 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.47 590.55 Td (proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.24 590.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.18 590.55 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.94 590.55 Td (rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.54 590.55 Td (governing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.39 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.50 590.55 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.77 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.79 590.55 Td (derivatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.13 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.57 590.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.42 590.55 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.42 590.55 Td (commitment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.93 577.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.71 577.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.06 577.95 Td (companies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.87 577.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.90 577.95 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.31 577.95 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.22 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.32 577.95 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.86 577.95 Td (re-proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.28 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.39 577.95 Td (rule, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.62 577.95 Td (making ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.39 577.95 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.99 577.95 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.09 577.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.46 565.35 Td (original ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.25 565.35 Td (proposal. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.17 565.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.07 565.35 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.87 565.35 Td (proposal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.17 565.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.29 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.25 565.35 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.13 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.42 565.35 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.29 565.35 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.76 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.05 565.35 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.92 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.80 565.35 Td (restrict ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.08 565.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.77 565.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.98 565.35 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.77 565.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (practices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.44 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.22 552.75 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.42 552.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.04 552.75 Td (costs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.29 552.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.72 552.75 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.83 552.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.46 552.75 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.58 552.75 Td (indication ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.20 552.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.57 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.37 552.75 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.73 552.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.11 552.75 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.14 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.60 552.75 Td (final ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.46 552.75 Td (Rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.92 552.75 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.88 552.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.42 552.75 Td (adopted.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.50 527.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.57 527.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.47 527.55 Td (report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.77 527.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.57 527.55 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.38 527.55 Td (about ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.95 527.55 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.92 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.90 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.13 527.55 Td (private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.52 527.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.09 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.50 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.56 527.55 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.05 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.45 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.52 527.55 Td (CFTC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.64 527.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.78 527.55 Td (systemic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.76 527.55 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.51 514.95 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.85 514.95 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.62 514.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.64 514.95 Td (both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.83 514.95 Td (agencies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.95 514.95 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.54 514.95 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.56 514.95 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.75 514.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.10 514.95 Td (required, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.23 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.91 514.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.77 514.95 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.46 514.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.15 514.95 Td (require, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.80 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.10 502.35 Td (people ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.22 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.52 502.35 Td (systems ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.91 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.21 502.35 Td (assure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.58 502.35 Td (timely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.55 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.84 502.35 Td (accurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.95 502.35 Td (reporting. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.04 502.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.50 502.35 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.04 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.34 502.35 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.13 502.35 Td (applicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.41 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.71 502.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.27 502.35 Td (fshore ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.16 489.75 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.59 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.45 489.75 Td (counterparties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.62 489.75 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.66 489.75 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.09 489.75 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.12 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.99 489.75 Td (build ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.27 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.13 489.75 Td (implement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.74 489.75 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.93 489.75 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.02 489.75 Td (monitoring ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.39 489.75 Td (procedures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.15 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.01 489.75 Td (address ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.89 477.15 Td (enhanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.09 477.15 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.06 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.37 477.15 Td (oversight ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.01 477.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.74 477.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.96 477.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.76 477.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.66 477.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.13 477.15 Td (subject. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.95 477.15 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.58 477.15 Td (rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.47 477.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.84 477.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.32 477.15 Td (introduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.53 477.15 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.59 477.15 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.96 477.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.77 477.15 Td (centrally ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (clearing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.72 464.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.68 464.55 Td (swap, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.29 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.85 464.55 Td (eventually ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.99 464.55 Td (security-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.04 464.55 Td (swap, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.65 464.55 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.20 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.77 464.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.41 464.55 Td (executing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.63 464.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.60 464.55 Td (swap, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.21 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.77 464.55 Td (eventually ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (security-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.52 451.95 Td (swap, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.09 451.95 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.62 451.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.49 451.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.61 451.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.65 451.95 Td (CFTC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.28 451.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.40 451.95 Td (SEC-registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.92 451.95 Td (trading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.04 451.95 Td (venues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.19 451.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.57 451.95 Td (Jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.03 451.95 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.73 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.93 451.95 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (States ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.91 439.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.40 439.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.38 439.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.95 439.35 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.17 439.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.41 439.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.56 439.35 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.12 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.60 439.35 Td (implemented, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.37 439.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.44 439.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.59 439.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.08 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.23 439.35 Td (process ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.04 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.12 439.35 Td (considering, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.05 439.35 Td (adopting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.12 439.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.19 439.35 Td (implementing ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.75 426.75 Td (pervasive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.67 426.75 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.92 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.34 426.75 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.35 426.75 Td (elements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.35 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.77 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.28 426.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.69 426.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.19 426.75 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.93 426.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.23 426.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.57 426.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.58 426.75 Td (further ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.82 426.75 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.08 426.75 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.09 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.93 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.44 426.75 Td (broader ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (markets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.97 414.15 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.46 414.15 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.26 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.90 414.15 Td (implementation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.62 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.18 414.15 Td (mandated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.81 414.15 Td (central ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.19 414.15 Td (clearing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.82 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.38 414.15 Td (swaps ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.86 414.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.84 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.48 414.15 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.52 414.15 Td (Union ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.59 414.15 Td (\(�EU�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.71 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (implementation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.32 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.99 401.55 Td (trade ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.89 401.55 Td (reporting, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.93 401.55 Td (documentation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.87 401.55 Td (central ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.35 401.55 Td (clearing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.09 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.17 401.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.66 401.55 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.39 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.48 401.55 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.31 401.55 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.15 401.55 Td (globally) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.88 401.55 Td (. ) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 376.35 Td (SEC�) Tj ET Q q 0 0 0 rg BT 106.31 376.35 Td (s ) Tj ET Q q 0 0 0 rg BT 113.02 376.35 Td (Pr) Tj ET Q q 0 0 0 rg BT 123.13 376.35 Td (oposals ) Tj ET Q q 0 0 0 rg BT 157.85 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 168.64 376.35 Td (Enhance ) Tj ET Q q 0 0 0 rg BT 208.00 376.35 Td (Pr) Tj ET Q q 0 0 0 rg BT 218.11 376.35 Td (otections ) Tj ET Q q 0 0 0 rg BT 258.65 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 273.53 376.35 Td (Retail ) Tj ET Q q 0 0 0 rg BT 301.23 376.35 Td (Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 96.49 351.15 Td (June ) Tj ET Q q 0 0 0 rg BT 117.98 351.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 143.85 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 158.92 351.15 Td (SEC ) Tj ET Q q 0 0 0 rg BT 180.42 351.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 215.91 351.15 Td (rules ) Tj ET Q q 0 0 0 rg BT 238.56 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 255.97 351.15 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 318.86 351.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 358.43 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 368.84 351.15 Td (enhance ) Tj ET Q q 0 0 0 rg BT 405.48 351.15 Td (protections ) Tj ET Q q 0 0 0 rg BT 454.38 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 468.87 351.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 492.68 351.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 532.84 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 543.25 351.15 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (relationships ) Tj ET Q q 0 0 0 rg BT 105.40 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 126.32 338.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.29 338.55 Td (professionals, ) Tj ET Q q 0 0 0 rg BT 225.57 338.55 Td (including ) Tj ET Q q 0 0 0 rg BT 267.48 338.55 Td (broker) Tj ET Q q 0 0 0 rg BT 294.67 338.55 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 330.14 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 347.55 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 395.87 338.55 Td (advisers, ) Tj ET Q q 0 0 0 rg BT 435.15 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 456.06 338.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 488.04 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 498.45 338.55 Td (both ) Tj ET Q q 0 0 0 rg BT 519.36 338.55 Td (retirement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 68.23 325.95 Td (non-retirement ) Tj ET Q q 0 0 0 rg BT 134.20 325.95 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 177.13 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 180.70 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 184.27 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 187.85 325.95 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 237.50 325.95 Td (Best ) Tj ET Q q 0 0 0 rg BT 259.74 325.95 Td (Interest, ) Tj ET Q q 0 0 0 rg BT 297.42 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 326.65 325.95 Td (will ) Tj ET Q q 0 0 0 rg BT 346.56 325.95 Td (take ) Tj ET Q q 0 0 0 rg BT 367.62 325.95 Td (ef) Tj ET Q q 0 0 0 rg BT 375.59 325.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 394.90 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 408.97 325.95 Td (June ) Tj ET Q q 0 0 0 rg BT 431.79 325.95 Td (30, ) Tj ET Q q 0 0 0 rg BT 448.49 325.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 473.06 325.95 Td (following ) Tj ET Q q 0 0 0 rg BT 517.46 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 525.70 325.95 Td (one ) Tj ET Q q 0 0 0 rg BT 544.43 325.95 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (implementation ) Tj ET Q q 0 0 0 rg BT 119.62 313.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 153.28 313.35 Td (will ) Tj ET Q q 0 0 0 rg BT 173.82 313.35 Td (impose ) Tj ET Q q 0 0 0 rg BT 208.37 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 217.24 313.35 Td (�best ) Tj ET Q q 0 0 0 rg BT 243.02 313.35 Td (interest� ) Tj ET Q q 0 0 0 rg BT 282.80 313.35 Td (standard ) Tj ET Q q 0 0 0 rg BT 322.58 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 335.54 313.35 Td (conduct ) Tj ET Q q 0 0 0 rg BT 372.99 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 389.45 313.35 Td (broker) Tj ET Q q 0 0 0 rg BT 416.64 313.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 454.08 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 473.45 313.35 Td (their ) Tj ET Q q 0 0 0 rg BT 496.90 313.35 Td (representatives. ) Tj ET Q q 0 0 0 rg BT 565.13 313.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 97.76 300.75 Td (Best ) Tj ET Q q 0 0 0 rg BT 118.61 300.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 152.28 300.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 188.85 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.86 300.75 Td (current ) Tj ET Q q 0 0 0 rg BT 235.77 300.75 Td (�suitability� ) Tj ET Q q 0 0 0 rg BT 289.28 300.75 Td (standard ) Tj ET Q q 0 0 0 rg BT 327.03 300.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 372.36 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 382.71 300.75 Td (broker) Tj ET Q q 0 0 0 rg BT 409.90 300.75 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 445.31 300.75 Td (by ) Tj ET Q q 0 0 0 rg BT 457.99 300.75 Td (imposing ) Tj ET Q q 0 0 0 rg BT 499.26 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 511.36 300.75 Td (explicit ) Tj ET Q q 0 0 0 rg BT 545.03 300.75 Td (care ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 95.12 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 113.33 288.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.36 288.15 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 203.98 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 222.18 288.15 Td (conflict ) Tj ET Q q 0 0 0 rg BT 257.30 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 269.09 288.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 303.04 288.15 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 349.24 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 361.03 288.15 Td (elimination ) Tj ET Q q 0 0 0 rg BT 411.90 288.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 469.76 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 483.30 288.15 Td (broker) Tj ET Q q 0 0 0 rg BT 510.50 288.15 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 546.77 288.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (make ) Tj ET Q q 0 0 0 rg BT 74.04 275.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 115.50 275.55 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 191.96 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 201.93 275.55 Td (retail ) Tj ET Q q 0 0 0 rg BT 225.31 275.55 Td (investors. ) Tj ET Q q 0 0 0 rg BT 267.65 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 269.46 275.55 Td (In ) Tj ET Q q 0 0 0 rg BT 280.01 275.55 Td (addition ) Tj ET Q q 0 0 0 rg BT 316.23 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 326.20 275.55 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 374.09 275.55 Td (Best ) Tj ET Q q 0 0 0 rg BT 394.56 275.55 Td (Interest, ) Tj ET Q q 0 0 0 rg BT 430.48 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 445.11 275.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 466.18 275.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 494.23 275.55 Td (an ) Tj ET Q q 0 0 0 rg BT 505.95 275.55 Td (interpretation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (\(�the ) Tj ET Q q 0 0 0 rg BT 73.02 262.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 121.66 262.95 Td (Adviser ) Tj ET Q q 0 0 0 rg BT 157.44 262.95 Td (Interpretation�\) ) Tj ET Q q 0 0 0 rg BT 225.28 262.95 Td (setting ) Tj ET Q q 0 0 0 rg BT 255.81 262.95 Td (forth ) Tj ET Q q 0 0 0 rg BT 278.76 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 294.13 262.95 Td (SEC�) Tj ET Q q 0 0 0 rg BT 316.30 262.95 Td (s ) Tj ET Q q 0 0 0 rg BT 322.93 262.95 Td (view ) Tj ET Q q 0 0 0 rg BT 345.88 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 357.16 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 367.87 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 383.24 262.95 Td (nature ) Tj ET Q q 0 0 0 rg BT 412.01 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 423.29 262.95 Td (an ) Tj ET Q q 0 0 0 rg BT 435.74 262.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 484.36 262.95 Td (adviser) Tj ET Q q 0 0 0 rg BT 515.07 262.95 Td (�) Tj ET Q q 0 0 0 rg BT 517.99 262.95 Td (s ) Tj ET Q q 0 0 0 rg BT 524.61 262.95 Td (fiduciary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 98.55 250.35 Td (under ) Tj ET Q q 0 0 0 rg BT 124.83 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 140.04 250.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 188.56 250.35 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 227.74 250.35 Td (Act ) Tj ET Q q 0 0 0 rg BT 245.28 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 256.41 250.35 Td (1940. ) Tj ET Q q 0 0 0 rg BT 282.41 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 284.79 250.35 Td (In ) Tj ET Q q 0 0 0 rg BT 295.92 250.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 332.72 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 343.26 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 358.47 250.35 Td (SEC�) Tj ET Q q 0 0 0 rg BT 380.65 250.35 Td (s ) Tj ET Q q 0 0 0 rg BT 387.11 250.35 Td (activity) Tj ET Q q 0 0 0 rg BT 417.92 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 422.93 250.35 Td (several ) Tj ET Q q 0 0 0 rg BT 455.04 250.35 Td (states ) Tj ET Q q 0 0 0 rg BT 480.75 250.35 Td (have ) Tj ET Q q 0 0 0 rg BT 502.95 250.35 Td (adopted ) Tj ET Q q 0 0 0 rg BT 538.57 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 549.70 250.35 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (considering ) Tj ET Q q 0 0 0 rg BT 100.27 237.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 122.45 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 139.98 237.75 Td (would ) Tj ET Q q 0 0 0 rg BT 168.00 237.75 Td (establish ) Tj ET Q q 0 0 0 rg BT 206.52 237.75 Td (heightened ) Tj ET Q q 0 0 0 rg BT 254.37 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 264.89 237.75 Td (more ) Tj ET Q q 0 0 0 rg BT 288.24 237.75 Td (explicit ) Tj ET Q q 0 0 0 rg BT 321.51 237.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 362.94 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.47 237.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 408.48 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 422.50 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.01 237.75 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 522.85 237.75 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.47 225.15 Td (such ) Tj ET Q q 0 0 0 rg BT 82.52 225.15 Td (states. ) Tj ET Q q 0 0 0 rg BT 111.28 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 114.08 225.15 Td (It ) Tj ET Q q 0 0 0 rg BT 123.30 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 133.11 225.15 Td (unclear ) Tj ET Q q 0 0 0 rg BT 166.81 225.15 Td (how ) Tj ET Q q 0 0 0 rg BT 187.69 225.15 Td (these ) Tj ET Q q 0 0 0 rg BT 212.07 225.15 Td (state ) Tj ET Q q 0 0 0 rg BT 234.12 225.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 278.33 225.15 Td (will ) Tj ET Q q 0 0 0 rg BT 297.47 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 310.18 225.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 351.47 225.15 Td (by ) Tj ET Q q 0 0 0 rg BT 364.77 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.41 225.15 Td (implementation ) Tj ET Q q 0 0 0 rg BT 449.11 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 460.66 225.15 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 509.54 225.15 Td (Best ) Tj ET Q q 0 0 0 rg BT 531.02 225.15 Td (Interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 66.16 212.55 Td (possible ) Tj ET Q q 0 0 0 rg BT 102.08 212.55 Td (pre-emption ) Tj ET Q q 0 0 0 rg BT 154.89 212.55 Td (challenges. ) Tj ET Q q 0 0 0 rg BT 203.33 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 204.72 212.55 Td (W) Tj ET Q q 0 0 0 rg BT 213.79 212.55 Td (e ) Tj ET Q q 0 0 0 rg BT 219.95 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 236.61 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 252.11 212.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.02 212.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 315.75 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 335.33 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 346.74 212.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 388.47 212.55 Td (impacted ) Tj ET Q q 0 0 0 rg BT 428.46 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 440.46 212.55 Td (such ) Tj ET Q q 0 0 0 rg BT 461.20 212.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 481.96 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 498.62 212.55 Td (state ) Tj ET Q q 0 0 0 rg BT 519.36 212.55 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 94.35 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 105.95 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 122.21 199.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 147.21 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 196.72 199.95 Td (space ) Tj ET Q q 0 0 0 rg BT 223.47 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 235.07 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 251.33 199.95 Td (extent ) Tj ET Q q 0 0 0 rg BT 280.42 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 299.60 199.95 Td (they ) Tj ET Q q 0 0 0 rg BT 321.11 199.95 Td (lead ) Tj ET Q q 0 0 0 rg BT 342.03 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 353.63 199.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 390.88 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 402.48 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.99 199.95 Td (preferences ) Tj ET Q q 0 0 0 rg BT 503.80 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 517.74 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 534.00 199.95 Td (part ) Tj ET Q q 0 0 0 rg BT 553.75 199.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 187.35 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 151.54 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 169.33 187.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 209.87 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 227.65 187.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 269.92 187.35 Td (pressure ) Tj ET Q q 0 0 0 rg BT 307.53 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 320.66 187.35 Td (product ) Tj ET Q q 0 0 0 rg BT 355.36 187.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 374.89 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 392.67 187.35 Td (expenses.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 85.50 162.15 Td (Revised ) Tj ET Q q 0 0 0 rg BT 120.77 162.15 Td (EU ) Tj ET Q q 0 0 0 rg BT 137.40 162.15 Td (Capital ) Tj ET Q q 0 0 0 rg BT 171.53 162.15 Td (Requir) Tj ET Q q 0 0 0 rg BT 199.72 162.15 Td (ements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 136.95 Td (EU ) Tj ET Q q 0 0 0 rg BT 100.91 136.95 Td (regulators ) Tj ET Q q 0 0 0 rg BT 144.31 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 158.55 136.95 Td (considering ) Tj ET Q q 0 0 0 rg BT 208.95 136.95 Td (how ) Tj ET Q q 0 0 0 rg BT 228.45 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 238.03 136.95 Td (design ) Tj ET Q q 0 0 0 rg BT 266.86 136.95 Td (an ) Tj ET Q q 0 0 0 rg BT 278.19 136.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 327.41 136.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 356.81 136.95 Td (regime ) Tj ET Q q 0 0 0 rg BT 387.38 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 401.04 136.95 Td (non-systemically ) Tj ET Q q 0 0 0 rg BT 474.19 136.95 Td (important ) Tj ET Q q 0 0 0 rg BT 516.43 136.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (firms ) Tj ET Q q 0 0 0 rg BT 74.52 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 86.13 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 101.81 124.35 Td (current ) Tj ET Q q 0 0 0 rg BT 134.41 124.35 Td (regime ) Tj ET Q q 0 0 0 rg BT 166.42 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 176.28 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 203.04 124.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 226.90 124.35 Td (banking ) Tj ET Q q 0 0 0 rg BT 263.59 124.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 321.26 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 339.28 124.35 Td (has ) Tj ET Q q 0 0 0 rg BT 356.14 124.35 Td (not ) Tj ET Q q 0 0 0 rg BT 372.41 124.35 Td (been ) Tj ET Q q 0 0 0 rg BT 395.09 124.35 Td (materially ) Tj ET Q q 0 0 0 rg BT 440.52 124.35 Td (modified ) Tj ET Q q 0 0 0 rg BT 481.28 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 496.39 124.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 519.66 124.35 Td (managers. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.13 111.75 Td (December ) Tj ET Q q 0 0 0 rg BT 107.15 111.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 133.66 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.37 111.75 Td (European ) Tj ET Q q 0 0 0 rg BT 192.49 111.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 248.47 111.75 Td (published ) Tj ET Q q 0 0 0 rg BT 292.19 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 299.73 111.75 Td (legislative ) Tj ET Q q 0 0 0 rg BT 345.77 111.75 Td (proposal ) Tj ET Q q 0 0 0 rg BT 384.81 111.75 Td (addressed ) Tj ET Q q 0 0 0 rg BT 429.10 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 440.15 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.86 111.75 Td (European ) Tj ET Q q 0 0 0 rg BT 498.98 111.75 Td (Parliament ) Tj ET Q q 0 0 0 rg BT 547.35 111.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Council ) Tj ET Q q 0 0 0 rg BT 85.37 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 100.24 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 107.53 99.15 Td (new ) Tj ET Q q 0 0 0 rg BT 127.65 99.15 Td (Directive ) Tj ET Q q 0 0 0 rg BT 169.34 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 187.12 99.15 Td (new ) Tj ET Q q 0 0 0 rg BT 207.24 99.15 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 255.94 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 269.07 99.15 Td (prudential ) Tj ET Q q 0 0 0 rg BT 314.26 99.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 371.70 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 386.57 99.15 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 418.37 99.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 467.07 99.15 Td (firms. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 73.95 Td (The ) Tj ET Q q 0 0 0 rg BT 103.51 73.95 Td (new ) Tj ET Q q 0 0 0 rg BT 122.68 73.95 Td (legislative ) Tj ET Q q 0 0 0 rg BT 167.52 73.95 Td (package, ) Tj ET Q q 0 0 0 rg BT 206.22 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 233.57 73.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 270.24 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 284.76 73.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 333.10 73.95 Td (Firms ) Tj ET Q q 0 0 0 rg BT 359.29 73.95 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 407.05 73.95 Td (\(IFR\) ) Tj ET Q q 0 0 0 rg BT 432.06 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 448.91 73.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 497.25 73.95 Td (Firms ) Tj ET Q q 0 0 0 rg BT 523.44 73.95 Td (Directive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (\(IFD\) ) Tj ET Q q 0 0 0 rg BT 75.96 61.35 Td (will ) Tj ET Q q 0 0 0 rg BT 94.84 61.35 Td (make ) Tj ET Q q 0 0 0 rg BT 120.13 61.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 167.00 61.35 Td (alterations ) Tj ET Q q 0 0 0 rg BT 213.28 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 223.99 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 239.37 61.35 Td (prudential ) Tj ET Q q 0 0 0 rg BT 284.49 61.35 Td (framework ) Tj ET Q q 0 0 0 rg BT 333.10 61.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 378.22 61.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 426.84 61.35 Td (firms, ) Tj ET Q q 0 0 0 rg BT 454.18 61.35 Td (including ) Tj ET Q q 0 0 0 rg BT 496.39 61.35 Td (deviations ) Tj ET Q q 0 0 0 rg BT 542.09 61.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.75 48.75 Td (current ) Tj ET Q q 0 0 0 rg BT 96.91 48.75 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 128.51 48.75 Td (approach ) Tj ET Q q 0 0 0 rg BT 169.42 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.27 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 197.69 48.75 Td (use ) Tj ET Q q 0 0 0 rg BT 214.11 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.29 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.71 48.75 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 279.71 48.75 Td (K-factors. ) Tj ET Q q 0 0 0 rg BT 324.41 48.75 Td (IFR ) Tj ET Q q 0 0 0 rg BT 343.17 48.75 Td (becomes ) Tj ET Q q 0 0 0 rg BT 382.34 48.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 416.83 48.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 462.40 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 473.00 48.75 Td (EU ) Tj ET Q q 0 0 0 rg BT 489.42 48.75 Td (member ) Tj ET Q q 0 0 0 rg BT 526.25 48.75 Td (states ) Tj ET Q q 0 0 0 rg BT 552.01 48.75 Td (on ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (June ) Tj ET Q q 0 0 0 rg BT 70.77 741.75 Td (26, ) Tj ET Q q 0 0 0 rg BT 85.92 741.75 Td (2021. ) Tj ET Q q 0 0 0 rg BT 111.58 741.75 Td (IFD ) Tj ET Q q 0 0 0 rg BT 130.52 741.75 Td (comes ) Tj ET Q q 0 0 0 rg BT 159.37 741.75 Td (into ) Tj ET Q q 0 0 0 rg BT 177.73 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 185.70 741.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 203.46 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 215.99 741.75 Td (June ) Tj ET Q q 0 0 0 rg BT 237.26 741.75 Td (26, ) Tj ET Q q 0 0 0 rg BT 252.42 741.75 Td (2021 ) Tj ET Q q 0 0 0 rg BT 275.44 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.63 741.75 Td (EU ) Tj ET Q q 0 0 0 rg BT 308.65 741.75 Td (member ) Tj ET Q q 0 0 0 rg BT 345.08 741.75 Td (states ) Tj ET Q q 0 0 0 rg BT 370.44 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 392.28 741.75 Td (18 ) Tj ET Q q 0 0 0 rg BT 404.81 741.75 Td (months ) Tj ET Q q 0 0 0 rg BT 437.76 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 447.95 741.75 Td (adopt ) Tj ET Q q 0 0 0 rg BT 473.31 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 490.49 741.75 Td (publish ) Tj ET Q q 0 0 0 rg BT 523.44 741.75 Td (measures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.10 729.15 Td (implement ) Tj ET Q q 0 0 0 rg BT 107.44 729.15 Td (it. ) Tj ET Q q 0 0 0 rg BT 118.16 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 136.92 729.15 Td (implementation ) Tj ET Q q 0 0 0 rg BT 205.25 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.43 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 252.68 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 263.28 729.15 Td (adopt ) Tj ET Q q 0 0 0 rg BT 289.04 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 306.64 729.15 Td (comply ) Tj ET Q q 0 0 0 rg BT 340.57 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 361.67 729.15 Td (IFR ) Tj ET Q q 0 0 0 rg BT 380.44 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 398.03 729.15 Td (IFD ) Tj ET Q q 0 0 0 rg BT 417.38 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 434.98 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 453.75 729.15 Td (result ) Tj ET Q q 0 0 0 rg BT 479.51 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 490.11 729.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 519.36 729.15 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 80.38 716.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 138.10 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 153.24 716.55 Td (impacted ) Tj ET Q q 0 0 0 rg BT 194.62 716.55 Td (firms, ) Tj ET Q q 0 0 0 rg BT 222.31 716.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 254.95 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 266.02 716.55 Td (transitional ) Tj ET Q q 0 0 0 rg BT 316.16 716.55 Td (phasing ) Tj ET Q q 0 0 0 rg BT 351.73 716.55 Td (in. ) Tj ET Q q 0 0 0 rg BT 365.21 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 374.28 716.55 Td (e ) Tj ET Q q 0 0 0 rg BT 381.84 716.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 420.89 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 431.96 716.55 Td (analyze ) Tj ET Q q 0 0 0 rg BT 466.92 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 482.65 716.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 522.29 716.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.76 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (IFR ) Tj ET Q q 0 0 0 rg BT 68.46 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 86.25 703.95 Td (IFD ) Tj ET Q q 0 0 0 rg BT 105.79 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 118.92 703.95 Td (us ) Tj ET Q q 0 0 0 rg BT 130.88 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 148.67 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 165.29 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 188.33 703.95 Td (managers.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 85.50 678.75 Td (Revised ) Tj ET Q q 0 0 0 rg BT 120.77 678.75 Td (Retail ) Tj ET Q q 0 0 0 rg BT 148.48 678.75 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 194.27 678.75 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 234.72 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 242.01 678.75 Td (Requir) Tj ET Q q 0 0 0 rg BT 270.19 678.75 Td (ements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 653.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 102.63 653.55 Td (legislators ) Tj ET Q q 0 0 0 rg BT 148.92 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 171.87 653.55 Td (introduced ) Tj ET Q q 0 0 0 rg BT 219.91 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 227.70 653.55 Td (new ) Tj ET Q q 0 0 0 rg BT 248.32 653.55 Td (�Key ) Tj ET Q q 0 0 0 rg BT 273.61 653.55 Td (Information ) Tj ET Q q 0 0 0 rg BT 326.89 653.55 Td (Document� ) Tj ET Q q 0 0 0 rg BT 378.43 653.55 Td (\(�KID�\), ) Tj ET Q q 0 0 0 rg BT 419.16 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 447.95 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 458.09 653.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 504.36 653.55 Td (where ) Tj ET Q q 0 0 0 rg BT 533.15 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 540.94 653.55 Td (retail ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (consumer ) Tj ET Q q 0 0 0 rg BT 91.93 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 100.54 640.95 Td (sold ) Tj ET Q q 0 0 0 rg BT 119.64 640.95 Td (Packaged ) Tj ET Q q 0 0 0 rg BT 161.48 640.95 Td (Retail ) Tj ET Q q 0 0 0 rg BT 188.16 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 204.93 640.95 Td (Insurance-based ) Tj ET Q q 0 0 0 rg BT 274.75 640.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 323.01 640.95 Td (Products ) Tj ET Q q 0 0 0 rg BT 361.37 640.95 Td (\(�PRIIPs�\) ) Tj ET Q q 0 0 0 rg BT 409.05 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 425.82 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 453.08 640.95 Td (came ) Tj ET Q q 0 0 0 rg BT 476.84 640.95 Td (into ) Tj ET Q q 0 0 0 rg BT 494.78 640.95 Td (ef) Tj ET Q q 0 0 0 rg BT 502.74 640.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 520.08 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 529.86 640.95 Td (January ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 72.65 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 89.95 628.35 Td (will ) Tj ET Q q 0 0 0 rg BT 108.43 628.35 Td (become ) Tj ET Q q 0 0 0 rg BT 143.23 628.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 188.52 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 198.83 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 224.31 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 234.62 628.35 Td (December ) Tj ET Q q 0 0 0 rg BT 279.91 628.35 Td (2021. ) Tj ET Q q 0 0 0 rg BT 305.52 628.35 Td (The ) Tj ET Q q 0 0 0 rg BT 323.99 628.35 Td (KID ) Tj ET Q q 0 0 0 rg BT 344.80 628.35 Td (must ) Tj ET Q q 0 0 0 rg BT 367.37 628.35 Td (include ) Tj ET Q q 0 0 0 rg BT 400.42 628.35 Td (specific ) Tj ET Q q 0 0 0 rg BT 435.22 628.35 Td (information ) Tj ET Q q 0 0 0 rg BT 486.94 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 499.58 628.35 Td (costs, ) Tj ET Q q 0 0 0 rg BT 525.35 628.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 547.33 628.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 106.71 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 115.78 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 122.09 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 136.55 615.75 Td (required ) Tj ET Q q 0 0 0 rg BT 173.18 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.00 615.75 Td (produce ) Tj ET Q q 0 0 0 rg BT 218.47 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 224.78 615.75 Td (KID ) Tj ET Q q 0 0 0 rg BT 245.09 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 258.98 615.75 Td (each ) Tj ET Q q 0 0 0 rg BT 279.86 615.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 300.76 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 310.58 615.75 Td (scope, ) Tj ET Q q 0 0 0 rg BT 338.76 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 349.16 615.75 Td (well ) Tj ET Q q 0 0 0 rg BT 368.88 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 379.28 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 389.10 615.75 Td (make ) Tj ET Q q 0 0 0 rg BT 413.49 615.75 Td (information ) Tj ET Q q 0 0 0 rg BT 464.71 615.75 Td (available ) Tj ET Q q 0 0 0 rg BT 504.25 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 514.07 615.75 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (partners ) Tj ET Q q 0 0 0 rg BT 85.94 603.15 Td (who ) Tj ET Q q 0 0 0 rg BT 106.65 603.15 Td (sell ) Tj ET Q q 0 0 0 rg BT 123.86 603.15 Td (these ) Tj ET Q q 0 0 0 rg BT 148.06 603.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 174.02 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 184.81 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 200.26 603.15 Td (EU.) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 577.95 Td (British Exit fr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.86 577.95 Td (om the Eur) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.14 577.95 Td (opean Union) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 552.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.14 552.75 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.04 552.75 Td (Kingdom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.02 552.75 Td (\(�U.K.�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.07 552.75 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.47 552.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.44 552.75 Td (referendum ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.15 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.64 552.75 Td (June ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.20 552.75 Td (2016 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.52 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.00 552.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.98 552.75 Td (voters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.96 552.75 Td (approved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.35 552.75 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.57 552.75 Td (exit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.64 552.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.36 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.51 552.75 Td (EU ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (\("Brexit"\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.32 540.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.37 540.15 Td (resulted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.99 540.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.54 540.15 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.25 540.15 Td (volatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.55 540.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.10 540.15 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.22 540.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.67 540.15 Td (markets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.92 540.15 Td (On ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.13 540.15 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.92 540.15 Td (29, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.43 540.15 Td (2017, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.44 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.65 540.15 Td (U.K. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.45 540.15 Td (delivered ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (notice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.84 527.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.84 527.55 Td (Article ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.67 527.55 Td (50 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.86 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.28 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.80 527.55 Td (Lisbon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.45 527.55 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.50 527.55 Td (reaty ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.17 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.59 527.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.20 527.55 Td (intent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.79 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.64 527.55 Td (leave ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.48 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.99 527.55 Td (EU, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.29 527.55 Td (beginning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.97 527.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 410.31 527.55 Td (two-year ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 450.31 527.55 Td (negotiation ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 500.23 527.55 Td (period ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 529.74 527.55 Td (for ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 544.67 527.55 Td (the) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 557.50 527.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 49.50 514.95 Td (U.K. ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 72.80 514.95 Td (and ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 90.84 514.95 Td (the ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 106.55 514.95 Td (27 ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 119.93 514.95 Td (remaining ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 165.38 514.95 Td (members ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 206.75 514.95 Td (of ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 218.38 514.95 Td (the ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 234.09 514.95 Td (EU ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 250.97 514.95 Td (to ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 262.02 514.95 Td (reach ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 287.63 514.95 Td (agreement ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 334.23 514.95 Td (on ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 347.61 514.95 Td (the ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 363.32 514.95 Td (terms ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 389.53 514.95 Td (of ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 401.16 514.95 Td (the ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 416.87 514.95 Td (exit. ) Tj ET Q q 0.2823529411764706 0.2784313725490196 0.28627450980392155 rg BT 438.12 514.95 Td (On) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.96 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 453.84 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 484.12 514.95 Td (23, ) Tj ET Q q 0 0 0 rg BT 500.13 514.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 526.64 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 542.34 514.95 Td (UK ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.26 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 82.69 502.35 Td (EU ) Tj ET Q q 0 0 0 rg BT 99.28 502.35 Td (leaders ) Tj ET Q q 0 0 0 rg BT 131.61 502.35 Td (endorsed ) Tj ET Q q 0 0 0 rg BT 172.11 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 179.37 502.35 Td (21-month ) Tj ET Q q 0 0 0 rg BT 222.80 502.35 Td (transition ) Tj ET Q q 0 0 0 rg BT 265.06 502.35 Td (period ) Tj ET Q q 0 0 0 rg BT 294.49 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 312.83 502.35 Td (would ) Tj ET Q q 0 0 0 rg BT 341.68 502.35 Td (begin ) Tj ET Q q 0 0 0 rg BT 367.60 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 380.70 502.35 Td (March ) Tj ET Q q 0 0 0 rg BT 410.71 502.35 Td (29, ) Tj ET Q q 0 0 0 rg BT 426.43 502.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 450.03 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 467.79 502.35 Td (end ) Tj ET Q q 0 0 0 rg BT 485.54 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 498.64 502.35 Td (December ) Tj ET Q q 0 0 0 rg BT 544.38 502.35 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 73.58 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.82 489.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 128.14 489.75 Td (negotiating ) Tj ET Q q 0 0 0 rg BT 178.46 489.75 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 224.69 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 238.27 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.18 489.75 Td (future ) Tj ET Q q 0 0 0 rg BT 282.33 489.75 Td (EU-UK ) Tj ET Q q 0 0 0 rg BT 318.07 489.75 Td (relationship.� ) Tj ET Q q 0 0 0 rg BT 375.97 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 378.83 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 398.23 489.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 424.64 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.46 489.75 Td (this ) Tj ET Q q 0 0 0 rg BT 454.71 489.75 Td (transitional ) Tj ET Q q 0 0 0 rg BT 505.03 489.75 Td (arrangement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (were ) Tj ET Q q 0 0 0 rg BT 72.33 477.15 Td (not ) Tj ET Q q 0 0 0 rg BT 88.19 477.15 Td (binding ) Tj ET Q q 0 0 0 rg BT 122.71 477.15 Td (unless ) Tj ET Q q 0 0 0 rg BT 151.39 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 164.32 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 194.16 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 209.72 477.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 235.78 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 242.88 477.15 Td (formal ) Tj ET Q q 0 0 0 rg BT 273.30 477.15 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 322.97 477.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 369.13 477.15 Td (between ) Tj ET Q q 0 0 0 rg BT 406.54 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 421.81 477.15 Td (UK ) Tj ET Q q 0 0 0 rg BT 439.41 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 457.00 477.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.26 477.15 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.93 477.15 Td (Economic ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (Area ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.53 464.55 Td (\(�EEA�\)) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 109.26 464.55 Td (had ) Tj ET Q q 0 0 0 rg BT 127.05 464.55 Td (been ) Tj ET Q q 0 0 0 rg BT 149.50 464.55 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 195.87 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 206.67 464.55 Td (full ) Tj ET Q q 0 0 0 rg BT 223.88 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 241.67 464.55 Td (agreed, ) Tj ET Q q 0 0 0 rg BT 274.91 464.55 Td (ratified ) Tj ET Q q 0 0 0 rg BT 307.85 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 320.99 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 336.45 464.55 Td (European ) Tj ET Q q 0 0 0 rg BT 379.31 464.55 Td (Parliament ) Tj ET Q q 0 0 0 rg BT 427.43 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 445.22 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 460.68 464.55 Td (European ) Tj ET Q q 0 0 0 rg BT 503.54 464.55 Td (Council; ) Tj ET Q q 0 0 0 rg BT 542.34 464.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (ratified ) Tj ET Q q 0 0 0 rg BT 82.71 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 96.10 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 111.83 451.95 Td (UK ) Tj ET Q q 0 0 0 rg BT 129.89 451.95 Td (\(which ) Tj ET Q q 0 0 0 rg BT 161.94 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 171.84 451.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 198.64 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 209.71 451.95 Td (require ) Tj ET Q q 0 0 0 rg BT 242.33 451.95 Td (an ) Tj ET Q q 0 0 0 rg BT 254.50 451.95 Td (Act ) Tj ET Q q 0 0 0 rg BT 272.55 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 284.19 451.95 Td (Parliament\). ) Tj ET Q q 0 0 0 rg BT 338.70 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 341.38 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 360.60 451.95 Td (UK ) Tj ET Q q 0 0 0 rg BT 378.66 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 396.72 451.95 Td (EU ) Tj ET Q q 0 0 0 rg BT 413.61 451.95 Td (leaders ) Tj ET Q q 0 0 0 rg BT 446.23 451.95 Td (were ) Tj ET Q q 0 0 0 rg BT 469.53 451.95 Td (unable ) Tj ET Q q 0 0 0 rg BT 500.41 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 511.47 451.95 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 552.85 451.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (formal ) Tj ET Q q 0 0 0 rg BT 79.35 439.35 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 128.45 439.35 Td (agreement ) Tj ET Q q 0 0 0 rg BT 174.03 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 186.39 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 215.66 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 230.65 439.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 253.51 439.35 Td (but ) Tj ET Q q 0 0 0 rg BT 268.79 439.35 Td (agreed ) Tj ET Q q 0 0 0 rg BT 298.63 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 308.66 439.35 Td (extend ) Tj ET Q q 0 0 0 rg BT 338.51 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 353.19 439.35 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 381.30 439.35 Td (date ) Tj ET Q q 0 0 0 rg BT 400.65 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 410.68 439.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 444.62 439.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 488.47 439.35 Td (time ) Tj ET Q q 0 0 0 rg BT 508.99 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 519.02 439.35 Td (complete ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (negotiations. ) Tj ET Q q 0 0 0 rg BT 105.42 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 123.87 426.75 Td (UK ) Tj ET Q q 0 0 0 rg BT 141.16 426.75 Td (withdrew ) Tj ET Q q 0 0 0 rg BT 182.94 426.75 Td (from ) Tj ET Q q 0 0 0 rg BT 205.47 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.42 426.75 Td (EU ) Tj ET Q q 0 0 0 rg BT 236.54 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 249.16 426.75 Td (January ) Tj ET Q q 0 0 0 rg BT 283.94 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 299.19 426.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 324.78 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 343.23 426.75 Td (timeline ) Tj ET Q q 0 0 0 rg BT 379.76 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 390.05 426.75 Td (conclude ) Tj ET Q q 0 0 0 rg BT 430.07 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 436.86 426.75 Td (new ) Tj ET Q q 0 0 0 rg BT 456.47 426.75 Td (UK/EU ) Tj ET Q q 0 0 0 rg BT 490.68 426.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 513.78 426.75 Td (agreement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 62.03 414.15 Td (December ) Tj ET Q q 0 0 0 rg BT 107.20 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.36 414.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 145.39 414.15 Td (has ) Tj ET Q q 0 0 0 rg BT 161.41 414.15 Td (been ) Tj ET Q q 0 0 0 rg BT 183.26 414.15 Td (challenged ) Tj ET Q q 0 0 0 rg BT 230.77 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 240.97 414.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 268.65 414.15 Td (weeks ) Tj ET Q q 0 0 0 rg BT 296.92 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 309.45 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.31 414.15 Td (global ) Tj ET Q q 0 0 0 rg BT 352.58 414.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 395.43 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 412.62 414.15 Td (health ) Tj ET Q q 0 0 0 rg BT 440.31 414.15 Td (crisis ) Tj ET Q q 0 0 0 rg BT 464.50 414.15 Td (caused ) Tj ET Q q 0 0 0 rg BT 495.10 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 507.63 414.15 Td (COVID-19, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 401.55 Td (final ) Tj ET Q q 0 0 0 rg BT 104.61 401.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 130.56 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 148.35 401.55 Td (implementation ) Tj ET Q q 0 0 0 rg BT 216.87 401.55 Td (date ) Tj ET Q q 0 0 0 rg BT 236.99 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 248.36 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 255.65 401.55 Td (new ) Tj ET Q q 0 0 0 rg BT 275.76 401.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 299.37 401.55 Td (agreement ) Tj ET Q q 0 0 0 rg BT 345.72 401.55 Td (remain ) Tj ET Q q 0 0 0 rg BT 377.50 401.55 Td (uncertain.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 376.35 Td (A) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 93.08 376.35 Td (s ) Tj ET Q q 0 0 0 rg BT 99.70 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 106.90 376.35 Td (result ) Tj ET Q q 0 0 0 rg BT 132.76 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 144.04 376.35 Td (Brexit, ) Tj ET Q q 0 0 0 rg BT 175.44 376.35 Td (we ) Tj ET Q q 0 0 0 rg BT 190.22 376.35 Td (have, ) Tj ET Q q 0 0 0 rg BT 215.19 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 232.89 376.35 Td (may ) Tj ET Q q 0 0 0 rg BT 253.50 376.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 292.19 376.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 305.51 376.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 329.62 376.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 374.14 376.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.68 376.35 Td (due ) Tj ET Q q 0 0 0 rg BT 415.37 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 426.07 376.35 Td (having ) Tj ET Q q 0 0 0 rg BT 457.18 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 467.88 376.35 Td (locate ) Tj ET Q q 0 0 0 rg BT 495.48 376.35 Td (more ) Tj ET Q q 0 0 0 rg BT 519.59 376.35 Td (activities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (within ) Tj ET Q q 0 0 0 rg BT 78.94 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.38 363.75 Td (EU. ) Tj ET Q q 0 0 0 rg BT 113.42 363.75 Td (There ) Tj ET Q q 0 0 0 rg BT 140.51 363.75 Td (could ) Tj ET Q q 0 0 0 rg BT 166.45 363.75 Td (also ) Tj ET Q q 0 0 0 rg BT 185.97 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 198.49 363.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 234.92 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 245.69 363.75 Td (UK ) Tj ET Q q 0 0 0 rg BT 263.47 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.24 363.75 Td (EU ) Tj ET Q q 0 0 0 rg BT 297.84 363.75 Td (immigration ) Tj ET Q q 0 0 0 rg BT 352.36 363.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 387.63 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 398.99 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.26 363.75 Td (result ) Tj ET Q q 0 0 0 rg BT 432.19 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.55 363.75 Td (Brexit, ) Tj ET Q q 0 0 0 rg BT 475.03 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 503.30 363.75 Td (could ) Tj ET Q q 0 0 0 rg BT 529.23 363.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 549.33 363.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 98.17 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 110.69 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 125.53 351.15 Td (free ) Tj ET Q q 0 0 0 rg BT 143.86 351.15 Td (movement ) Tj ET Q q 0 0 0 rg BT 190.20 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 200.97 351.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 249.06 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 266.24 351.15 Td (support ) Tj ET Q q 0 0 0 rg BT 299.75 351.15 Td (staf) Tj ET Q q 0 0 0 rg BT 314.73 351.15 Td (f ) Tj ET Q q 0 0 0 rg BT 320.24 351.15 Td (between ) Tj ET Q q 0 0 0 rg BT 357.24 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 372.08 351.15 Td (UK ) Tj ET Q q 0 0 0 rg BT 389.26 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 406.44 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 421.28 351.15 Td (EU. ) Tj ET Q q 0 0 0 rg BT 439.92 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.79 351.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.86 351.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.54 351.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.89 351.15 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.06 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.25 351.15 Td (monitor ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.73 338.55 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.87 338.55 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.85 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.99 338.55 Td (Brexit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.64 338.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.54 338.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.94 338.55 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.93 338.55 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.07 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.63 338.55 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.76 338.55 Td (condition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.82 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.39 338.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.61 338.55 Td (implemented ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.83 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 490.89 338.55 Td (number ) Tj ET Q q 0 0 0 rg BT 525.36 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 536.51 338.55 Td (steps ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.38 325.95 Td (prepare ) Tj ET Q q 0 0 0 rg BT 94.57 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 109.53 325.95 Td (various ) Tj ET Q q 0 0 0 rg BT 143.15 325.95 Td (outcomes, ) Tj ET Q q 0 0 0 rg BT 188.73 325.95 Td (including ) Tj ET Q q 0 0 0 rg BT 231.11 325.95 Td (establishing ) Tj ET Q q 0 0 0 rg BT 283.99 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 296.61 325.95 Td (of) Tj ET Q q 0 0 0 rg BT 305.17 325.95 Td (fice ) Tj ET Q q 0 0 0 rg BT 323.62 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 334.50 325.95 Td (Dublin, ) Tj ET Q q 0 0 0 rg BT 369.00 325.95 Td (Ireland, ) Tj ET Q q 0 0 0 rg BT 404.07 325.95 Td (ef) Tj ET Q q 0 0 0 rg BT 412.04 325.95 Td (fecting ) Tj ET Q q 0 0 0 rg BT 443.91 325.95 Td (or) Tj ET Q q 0 0 0 rg BT 452.46 325.95 Td (ganizational, ) Tj ET Q q 0 0 0 rg BT 509.11 325.95 Td (governance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 69.95 313.35 Td (operational ) Tj ET Q q 0 0 0 rg BT 122.47 313.35 Td (changes, ) Tj ET Q q 0 0 0 rg BT 164.20 313.35 Td (applying ) Tj ET Q q 0 0 0 rg BT 206.24 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 223.77 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 244.22 313.35 Td (receiving ) Tj ET Q q 0 0 0 rg BT 288.57 313.35 Td (licenses ) Tj ET Q q 0 0 0 rg BT 327.10 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 347.55 313.35 Td (permissions ) Tj ET Q q 0 0 0 rg BT 403.01 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 416.46 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 434.58 313.35 Td (EU, ) Tj ET Q q 0 0 0 rg BT 456.49 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 476.94 313.35 Td (engaging ) Tj ET Q q 0 0 0 rg BT 520.72 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 534.18 313.35 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (communications. ) Tj ET Q q 0 0 0 rg BT 123.54 300.75 Td (These ) Tj ET Q q 0 0 0 rg BT 150.77 300.75 Td (steps, ) Tj ET Q q 0 0 0 rg BT 176.56 300.75 Td (many ) Tj ET Q q 0 0 0 rg BT 202.05 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.96 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 240.78 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 262.76 300.75 Td (been ) Tj ET Q q 0 0 0 rg BT 284.75 300.75 Td (time-consuming ) Tj ET Q q 0 0 0 rg BT 355.15 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 372.47 300.75 Td (costly) Tj ET Q q 0 0 0 rg BT 396.88 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 401.66 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 416.64 300.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 456.11 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 466.44 300.75 Td (add ) Tj ET Q q 0 0 0 rg BT 483.77 300.75 Td (complexity ) Tj ET Q q 0 0 0 rg BT 533.17 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 543.50 300.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (European ) Tj ET Q q 0 0 0 rg BT 92.36 288.15 Td (operations.) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 262.95 Td (Existing U.S. Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 237.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.03 237.75 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.49 237.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.70 237.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.73 237.75 Td (federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.07 237.75 Td (agency ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.01 237.75 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.89 237.75 Td (ged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.25 237.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.12 237.75 Td (administration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.98 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.93 237.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.96 237.75 Td (federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.31 237.75 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.17 237.75 Td (laws. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.24 237.75 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.77 237.75 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.65 237.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.27 237.75 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.47 225.15 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.02 225.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.93 225.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.16 225.15 Td (advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.72 225.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.54 225.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.53 225.15 Td (SEC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.56 225.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.47 225.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.44 225.15 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.33 225.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.23 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.38 225.15 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.60 225.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.17 225.15 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.18 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.49 225.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.47 225.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.54 225.15 Td (required ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.15 212.55 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.36 212.55 Td (notice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.50 212.55 Td (filings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.81 212.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.45 212.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.49 212.55 Td (states. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.75 212.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.82 212.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.96 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.59 212.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.63 212.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.86 212.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.33 212.55 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.30 212.55 Td (filiates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.35 212.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.65 212.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.04 212.55 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.42 212.55 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.64 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.28 212.55 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.33 212.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.31 212.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.61 212.55 Td (SEC, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.04 199.95 Td (Department ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.31 199.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.76 199.95 Td (Labor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.54 199.95 Td (\(the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.58 199.95 Td (�DOL�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.31 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.85 199.95 Td (Federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.04 199.95 Td (Reserve, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.19 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.73 199.95 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.51 199.95 Td (Industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.22 199.95 Td (Regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.98 199.95 Td (Authority ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.52 199.95 Td (\(�FINRA�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 199.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (National ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.87 187.35 Td (Futures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.87 187.35 Td (Association ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.66 187.35 Td (\(�NF) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.47 187.35 Td (A�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.04 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.08 187.35 Td (CFTC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.56 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.93 187.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.71 187.35 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.08 187.35 Td (agencies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.44 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.81 187.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.17 187.35 Td (bodies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.42 187.35 Td (Certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.54 187.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 187.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 57.47 174.75 Td (filiates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.84 174.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.46 174.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.17 174.75 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.71 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.67 174.75 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.38 174.75 Td (anti-terrorist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.66 174.75 Td (financing, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.74 174.75 Td (privacy) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.54 174.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.96 174.75 Td (anti-money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.58 174.75 Td (laundering ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.28 174.75 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.74 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.70 174.75 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (sanctions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.20 162.15 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.08 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.86 162.15 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.14 162.15 Td (established ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.43 162.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.55 162.15 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.09 162.15 Td (agencies.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 136.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.06 136.95 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.24 136.95 Td (Advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.10 136.95 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.50 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.48 136.95 Td (1940 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.72 136.95 Td (imposes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.38 136.95 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.03 136.95 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.94 136.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.68 136.95 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.31 136.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.63 136.95 Td (advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.27 136.95 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 136.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.35 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.38 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.67 124.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.36 124.35 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.51 124.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.46 124.35 Td (recordkeeping, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.42 124.35 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.94 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.39 124.35 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.25 124.35 Td (requirements, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.97 124.35 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.83 124.35 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.56 111.75 Td (prohibitions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.20 111.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.60 111.75 Td (fraudulent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.65 111.75 Td (activities. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.93 111.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.15 111.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.71 111.75 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.02 111.75 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.07 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.71 111.75 Td (1940 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.61 111.75 Td (imposes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.92 111.75 Td (stringent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.57 111.75 Td (governance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.48 111.75 Td (compliance, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (operational, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.38 99.15 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.97 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.15 99.15 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.73 99.15 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.42 99.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.94 99.15 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.35 99.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.45 99.15 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.37 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.55 99.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.81 99.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.91 99.15 Td (advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 99.15 Td (and) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 557.50 99.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (distributors. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.98 86.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.47 86.55 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.90 86.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.08 86.55 Td (authorized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.57 86.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.91 86.55 Td (institute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.91 86.55 Td (proceedings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.82 86.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.15 86.55 Td (impose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.65 86.55 Td (sanctions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.91 86.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.32 86.55 Td (violations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.91 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.83 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.83 86.55 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.18 86.55 Td (Advisers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.78 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.65 73.95 Td (1940 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.78 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.06 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.01 73.95 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.79 73.95 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.06 73.95 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.35 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.22 73.95 Td (1940, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.96 73.95 Td (ranging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.16 73.95 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.70 73.95 Td (fines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.23 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.52 73.95 Td (censure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.70 73.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.99 73.95 Td (termination ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.52 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.39 73.95 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.43 73.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (adviser) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.21 61.35 Td (�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.13 61.35 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.36 61.35 Td (registration. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.95 61.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.75 61.35 Td (advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.30 61.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.36 61.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.32 61.35 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.20 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.51 61.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.22 61.35 Td (state ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.61 61.35 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.40 61.35 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.79 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.10 61.35 Td (regulations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.52 61.35 Td (Non-compliance ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (15) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.73 741.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.12 741.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.77 741.75 Td (Advisers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.10 741.75 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.82 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.13 741.75 Td (1940, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.32 741.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.71 741.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.93 741.75 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.76 741.75 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.48 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.79 741.75 Td (1940 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.35 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.66 741.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.80 741.75 Td (federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.50 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.22 741.75 Td (state ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.03 741.75 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.24 741.75 Td (laws ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 729.15 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.57 729.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.52 729.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.47 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.27 729.15 Td (investigations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.85 729.15 Td (sanctions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.18 729.15 Td (disgor) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.24 729.15 Td (gement, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.39 729.15 Td (fines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.43 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.22 729.15 Td (reputational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.99 729.15 Td (damage.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 703.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.51 703.95 Td (trading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.93 703.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.77 703.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.52 703.95 Td (activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.10 703.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.03 703.95 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.03 703.95 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.44 703.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.94 703.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.53 703.95 Td (regulated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.27 703.95 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.85 703.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.36 703.95 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.45 703.95 Td (Exchange ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.93 703.95 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.77 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (1934 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.96 691.35 Td (\(the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.75 691.35 Td (�Exchange ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.51 691.35 Td (Act�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.91 691.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.12 691.35 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.67 691.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.88 691.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.17 691.35 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.04 691.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.25 691.35 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.63 691.35 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.76 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.39 691.35 Td (non-U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.77 691.35 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.89 691.35 Td (exchanges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.08 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.70 691.35 Td (self-regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.06 678.75 Td (ganizations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.04 678.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.23 678.75 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.01 678.75 Td (governing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.12 678.75 Td (trading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.40 678.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.43 678.75 Td (inside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.04 678.75 Td (information, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.78 678.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.46 678.75 Td (manipulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.40 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.10 678.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.29 678.75 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.73 678.75 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.34 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.62 678.75 Td (technical ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.94 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.72 666.15 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.50 666.15 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.70 666.15 Td (policies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.98 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.78 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.23 666.15 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.43 666.15 Td (States ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.14 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.93 666.15 Td (globally) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.66 666.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 640.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.32 640.95 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.51 640.95 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.14 640.95 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.21 640.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.51 640.95 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.75 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.40 640.95 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.54 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.78 640.95 Td (cover ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.58 640.95 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.57 640.95 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.38 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.61 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.93 640.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.07 640.95 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.77 640.95 Td (Much ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 640.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.74 628.35 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.73 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.89 628.35 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.08 628.35 Td (-dealers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.72 628.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.13 628.35 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.37 628.35 Td (delegated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.01 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.59 628.35 Td (self-regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.81 628.35 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.37 628.35 Td (ganizations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.23 628.35 Td (principally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.13 628.35 Td (FINRA. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.35 628.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.84 628.35 Td (self-) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.13 615.75 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.69 615.75 Td (ganizations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.00 615.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.30 615.75 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.03 615.75 Td (extensive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.17 615.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.80 615.75 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.10 615.75 Td (relating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.66 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.31 615.75 Td (matters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.70 615.75 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.43 615.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.67 615.75 Td (sales ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.56 615.75 Td (practices, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.28 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.90 603.15 Td (disclosure, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.56 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.18 603.15 Td (conduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.87 603.15 Td (periodic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.74 603.15 Td (examinations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.18 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.39 603.15 Td (member ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.25 603.15 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.44 603.15 Td (-dealers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.13 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.76 603.15 Td (accordance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.42 603.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.55 603.15 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.42 603.15 Td (they ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.66 590.55 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.24 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.74 590.55 Td (amended ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.98 590.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.73 590.55 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.73 590.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.24 590.55 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.86 590.55 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.95 590.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.45 590.55 Td (approval ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.53 590.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.37 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.53 590.55 Td (SEC. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.59 590.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.25 590.55 Td (SEC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.47 590.55 Td (self-regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.62 590.55 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.18 590.55 Td (ganizations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (state ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.15 577.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.20 577.95 Td (commissions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.44 577.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.92 577.95 Td (conduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.56 577.95 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.04 577.95 Td (proceedings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.17 577.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.32 577.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.29 577.95 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.02 577.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.59 577.95 Td (censure, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.69 577.95 Td (fine, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.04 577.95 Td (suspension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.53 577.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.68 577.95 Td (expulsion ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.84 565.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.09 565.35 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.28 565.35 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.37 565.35 Td (dealer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.60 565.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.81 565.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.33 565.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.88 565.35 Td (ficers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.79 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.13 565.35 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.12 565.35 Td (employees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.98 565.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.64 565.35 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.30 565.35 Td (proceedings, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.25 565.35 Td (whether ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.66 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.00 565.35 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.01 565.35 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.35 565.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.47 552.75 Td (findings, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.42 552.75 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.89 552.75 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.53 552.75 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.35 552.75 Td (expenditures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.90 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.97 552.75 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.44 552.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.17 552.75 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.98 552.75 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.95 552.75 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.43 552.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.83 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.57 552.75 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.04 552.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.69 552.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.18 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.83 552.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.69 540.15 Td (-dealer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.26 540.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.36 540.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.43 540.15 Td (principal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.50 540.15 Td (purpose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.50 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.99 540.15 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.31 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.22 540.15 Td (discipline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.80 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.29 540.15 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.49 540.15 Td (-dealers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.47 540.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.22 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.80 540.15 Td (protection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.11 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.61 540.15 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.77 540.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.78 527.55 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.27 527.55 Td (rather ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.38 527.55 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.08 527.55 Td (protection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.27 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.65 527.55 Td (creditors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.01 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.79 527.55 Td (stockholders ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.49 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.86 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.32 527.55 Td (regulated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.01 527.55 Td (entity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.24 527.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 502.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.72 502.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.23 502.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.70 502.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.58 502.35 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.29 502.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.68 502.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.23 502.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.61 502.35 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.83 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.47 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.77 502.35 Td (Employee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.81 502.35 Td (Retirement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.93 502.35 Td (Income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.89 502.35 Td (Security ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.81 502.35 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.45 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.66 502.35 Td (1974, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 502.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (amended ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.75 489.75 Td (\(�ERISA�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.38 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.90 489.75 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.81 489.75 Td (regulations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.45 489.75 Td (particularly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.19 489.75 Td (insofar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.71 489.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.81 489.75 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.24 489.75 Td (act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.83 489.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.93 489.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.94 489.75 Td (�fiduciary� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.52 489.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.62 489.75 Td (�investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.71 489.75 Td (manager� ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.57 477.15 Td (ERISA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.32 477.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.48 477.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.31 477.15 Td (respect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.20 477.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.53 477.15 Td (benefit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.84 477.15 Td (plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.08 477.15 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.28 477.15 Td (ERISA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.03 477.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.19 477.15 Td (imposes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.77 477.15 Td (duties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.01 477.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.67 477.15 Td (persons ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.91 477.15 Td (who ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.15 477.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.13 477.15 Td (fiduciaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.61 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.51 477.15 Td (ERISA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.27 477.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.43 477.15 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.22 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.06 464.55 Td (ERISA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.82 464.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.50 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.34 464.55 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.59 464.55 Td (provisions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.02 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.45 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.96 464.55 Td (Internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.29 464.55 Td (Revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.71 464.55 Td (Code ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.55 464.55 Td (prohibit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.48 464.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.73 464.55 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.56 464.55 Td (involving ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.50 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.01 464.55 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.73 451.95 Td (ERISA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.49 451.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.97 451.95 Td (plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.53 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.17 451.95 Td (Individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.81 451.95 Td (Retirement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.40 451.95 Td (Account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.45 451.95 Td (\(�IRA�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.33 451.95 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.22 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.86 451.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.91 451.95 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.54 451.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.52 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.83 451.95 Td (fiduciaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.63 451.95 Td (\(and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 451.95 Td (several ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.21 439.35 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.91 439.35 Td (parties\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.53 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.83 439.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.21 439.35 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.39 439.35 Td (Non-compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.50 439.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.30 439.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.68 439.35 Td (ERISA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.44 439.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.57 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.87 439.35 Td (Internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.65 439.35 Td (Revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.52 439.35 Td (Code ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.82 439.35 Td (provisions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.71 439.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.18 439.35 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.29 426.75 Td (sanctions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.62 426.75 Td (damages, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.61 426.75 Td (disgor) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.67 426.75 Td (gement, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.82 426.75 Td (penalties, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.40 426.75 Td (fines, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.06 426.75 Td (excise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.92 426.75 Td (taxes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.12 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.90 426.75 Td (reputational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.68 426.75 Td (damage.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 401.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.07 401.55 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.70 401.55 Td (2016, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.15 401.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.80 401.55 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.87 401.55 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.93 401.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.41 401.55 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.73 401.55 Td (rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.87 401.55 Td (\(and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.35 401.55 Td (amendments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.24 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.23 401.55 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.30 401.55 Td (rules\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.02 401.55 Td (designed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.17 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.16 401.55 Td (promote ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.97 401.55 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.94 401.55 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.10 388.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.86 388.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.51 388.95 Td (throughout ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.60 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.44 388.95 Td (open-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.52 388.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.78 388.95 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.51 388.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.15 388.95 Td (thereby ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.64 388.95 Td (reducing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.39 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.22 388.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.98 388.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.74 388.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.08 388.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.43 388.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.35 388.95 Td (unable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.35 388.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (meet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.97 376.35 Td (redemption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.85 376.35 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.57 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.79 376.35 Td (mitigating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.02 376.35 Td (dilution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.75 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.55 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.44 376.35 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.49 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.30 376.35 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.61 376.35 Td (shareholders. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.14 376.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.52 376.35 Td (amendments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.65 376.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.62 376.35 Td (seek ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (enhance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.71 363.75 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.11 363.75 Td (regarding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.16 363.75 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.23 363.75 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.63 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.61 363.75 Td (redemption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.25 363.75 Td (practices. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.01 363.75 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.66 363.75 Td (rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.80 363.75 Td (22e-4 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.53 363.75 Td (requires ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.17 363.75 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.22 363.75 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.43 363.75 Td (open-end ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (fund,) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 71.37 351.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.54 351.15 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.37 351.15 Td (open-end ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.61 351.15 Td (ETFs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.54 351.15 Td (\(but ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.62 351.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.21 351.15 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.04 351.15 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.79 351.15 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.11 351.15 Td (funds\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.74 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.07 351.15 Td (establish ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.99 351.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.82 351.15 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.58 351.15 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.50 351.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.31 351.15 Td (program. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.05 338.55 Td (Commission ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.38 338.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.52 338.55 Td (adopted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.98 338.55 Td (amendments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.28 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.68 338.55 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.15 338.55 Td (rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.71 338.55 Td (22c-1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.84 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.24 338.55 Td (permit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.87 338.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.76 338.55 Td (fund, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.86 338.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.00 338.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.79 338.55 Td (circumstances, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.11 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.51 338.55 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (�swing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.07 325.95 Td (pricing,� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.92 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.57 325.95 Td (process ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.88 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.45 325.95 Td (adjusting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.77 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.42 325.95 Td (NA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.24 325.95 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.63 325.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.45 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.02 325.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.50 325.95 Td (fund�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.67 325.95 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.58 325.95 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.64 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.63 325.95 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.60 325.95 Td (fectively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.15 325.95 Td (pass ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.06 325.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.38 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.03 325.95 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.85 325.95 Td (stemming ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.09 325.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (shareholder ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.33 313.35 Td (purchase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.49 313.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.09 313.35 Td (redemption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.76 313.35 Td (activity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.10 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.11 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.79 313.35 Td (shareholders ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.71 313.35 Td (associated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.71 313.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.22 313.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.82 313.35 Td (activity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.63 313.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.90 313.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.07 313.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.25 313.35 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.50 313.35 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 313.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.13 300.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.93 300.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.62 300.75 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.07 300.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.95 300.75 Td (rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.41 300.75 Td (22e-4 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.45 300.75 Td (beginning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.57 300.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.21 300.75 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.48 300.75 Td (1, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.48 300.75 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.24 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.53 300.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.24 300.75 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.69 300.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.57 300.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.53 300.75 Td (Rule ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.49 300.75 Td (beginning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.62 300.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.25 300.75 Td (June ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (1, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.32 288.15 Td (2019. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.76 288.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.03 288.15 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.23 288.15 Td (delayed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.83 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.61 288.15 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.58 288.15 Td (fective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.09 288.15 Td (date ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.52 288.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.22 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.00 288.15 Td (amendments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.02 288.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.71 288.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.99 288.15 Td (permit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.35 288.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.63 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.75 288.15 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.69 288.15 Td (swing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.73 288.15 Td (pricing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.42 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.53 288.15 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.56 288.15 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (intermediaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.43 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.47 275.55 Td (service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.08 275.55 Td (providers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.61 275.55 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.15 275.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.19 275.55 Td (work ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.65 275.55 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.18 275.55 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.29 275.55 Td (issues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.88 275.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.62 275.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.82 275.55 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.43 275.55 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.88 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.50 275.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.21 275.55 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.58 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.61 275.55 Td (amended ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.54 262.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.66 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.11 262.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.07 262.95 Td (and/or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.52 262.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.14 262.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.36 262.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.98 262.95 Td (unclear) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.30 262.95 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 237.75 Td (Existing International Regulation) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 212.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.73 212.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.21 212.55 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.76 212.55 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.46 212.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.18 212.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.49 212.55 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.22 212.55 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.97 212.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.87 212.55 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.62 212.55 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.81 212.55 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.44 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.08 212.55 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.21 199.95 Td (domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.33 199.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.62 199.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.41 199.95 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.62 199.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.49 199.95 Td (jurisdictions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.16 199.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.04 199.95 Td (Australia, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.29 199.95 Td (Brazil, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.70 199.95 Td (Canada, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.93 199.95 Td (Japan, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.60 199.95 Td (Hong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.06 199.95 Td (Kong, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.14 199.95 Td (Ireland, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (Singapore, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.94 187.35 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.62 187.35 Td (aiwan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.10 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.68 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.92 187.35 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.91 187.35 Td (Kingdom. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.61 187.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.85 187.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.33 187.35 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.33 187.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.56 187.35 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.71 187.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.29 187.35 Td (extensive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.36 187.35 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.34 187.35 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.66 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.90 187.35 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.56 187.35 Td (of, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 187.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.97 174.75 Td (supervision ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.68 174.75 Td (by) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.50 174.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.42 174.75 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.45 174.75 Td (authorities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.07 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.53 174.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.98 174.75 Td (agencies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.42 174.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.89 174.75 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.42 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.47 174.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.34 174.75 Td (jurisdictions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.18 174.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.14 174.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.76 174.75 Td (Australian ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.99 162.15 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.24 162.15 Td (Investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.07 162.15 Td (Commission ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.25 162.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.58 162.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.98 162.15 Td (Australian ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.80 162.15 Td (businesses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.84 162.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 359.76 162.15 Td (Comiss�o ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 404.26 162.15 Td (de ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 417.03 162.15 Td (V) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 423.45 162.15 Td (alores ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 451.61 162.15 Td (Mobili�rios ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 503.69 162.15 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 519.02 162.15 Td (Brazilian ) Tj ET Q BT /F1 10.50 Tf ET q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 49.50 149.55 Td (business, ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 90.26 149.55 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 105.64 149.55 Td (Ontario ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 140.27 149.55 Td (Securities ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 184.23 149.55 Td (Commission ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 239.88 149.55 Td (in ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 250.60 149.55 Td (Canada ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 284.63 149.55 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 299.43 149.55 Td (our ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 315.98 149.55 Td (Canadian ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 358.18 149.55 Td (business, ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 398.95 149.55 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 414.33 149.55 Td (Financial ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 455.95 149.55 Td (Services ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 493.51 149.55 Td (Agency ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 528.72 149.55 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 543.51 149.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 49.50 136.95 Td (Japanese ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 89.87 136.95 Td (business, ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 131.13 136.95 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 147.02 136.95 Td (Securities ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 191.48 136.95 Td (Futures ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 226.03 136.95 Td (Commission ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 282.18 136.95 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 297.48 136.95 Td (our ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 314.53 136.95 Td (Hong ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 340.91 136.95 Td (Kong ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 367.30 136.95 Td (business, ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 408.56 136.95 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 424.45 136.95 Td (Central ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 458.40 136.95 Td (Bank ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 483.62 136.95 Td (of ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 495.42 136.95 Td (Ireland ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 528.21 136.95 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 543.50 136.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 49.50 124.35 Td (Irish ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 71.79 124.35 Td (business, ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 113.05 124.35 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 128.92 124.35 Td (Monetary ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 172.12 124.35 Td (Authority ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 216.00 124.35 Td (of ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 227.79 124.35 Td (Singapore ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 273.41 124.35 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 288.70 124.35 Td (our ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 305.74 124.35 Td (Singapore ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 351.36 124.35 Td (business, ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 392.62 124.35 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 408.49 124.35 Td (Financial ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 450.61 124.35 Td (Supervisory ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 504.40 124.35 Td (Commission ) Tj ET Q BT /F1 10.50 Tf ET q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 49.50 111.75 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 64.35 111.75 Td (our ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 80.77 111.75 Td (T) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 86.45 111.75 Td (aiwan ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 114.14 111.75 Td (business ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 152.33 111.75 Td (and ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 170.11 111.75 Td (the ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 185.54 111.75 Td (Financial ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 227.23 111.75 Td (Conduct ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 264.85 111.75 Td (Authority ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 308.29 111.75 Td (for ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 323.14 111.75 Td (our ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 339.75 111.75 Td (UK ) Tj ET Q q 0.09019607843137255 0.1607843137254902 0.2196078431372549 rg BT 357.53 111.75 Td (business) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.11 111.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.35 111.75 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.29 111.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.97 111.75 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.16 111.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.59 111.75 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (authorized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.21 99.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.35 99.15 Td (licensed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.15 99.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.71 99.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.27 99.15 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.31 99.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.95 99.15 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.51 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.06 99.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.28 99.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.84 99.15 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.96 99.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.93 99.15 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.82 99.15 Td (around ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.37 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.59 99.15 Td (world, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.11 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.66 99.15 Td (thus ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.56 99.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 99.15 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.29 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.75 86.55 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.62 86.55 Td (of, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.61 86.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.40 86.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.19 86.55 Td (supervision ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.23 86.55 Td (by) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.05 86.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.30 86.55 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.66 86.55 Td (authorities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.61 86.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.40 86.55 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.60 86.55 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.22 86.55 Td (countries.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 61.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.05 61.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.61 61.35 Td (fshore ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.08 61.35 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.95 61.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.51 61.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.55 61.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.69 61.35 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.66 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.05 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.10 61.35 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.58 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.96 61.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.34 61.35 Td (bodies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.98 61.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.95 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.00 61.35 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.14 61.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.54 61.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.18 691.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.73 691.35 Td (registered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.75 691.35 Td (employees.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 666.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.26 666.15 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.92 666.15 Td (businesses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.31 666.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.49 666.15 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.00 666.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.17 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.60 666.15 Td (Irish ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.28 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.87 666.15 Td (UK ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.47 666.15 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.54 666.15 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.93 666.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.18 666.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.35 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.95 666.15 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.79 666.15 Td (EU ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.22 666.15 Td (regulations, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.15 653.55 Td (mainly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.31 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.13 653.55 Td (Markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.53 653.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.69 653.55 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.75 653.55 Td (Instruments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.33 653.55 Td (Directive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.38 653.55 Td (\(�MiFID�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.49 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.65 653.55 Td (Alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.87 653.55 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.52 653.55 Td (Fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.10 653.55 Td (Managers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (Directive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.10 640.95 Td (\(�AIFMD�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.79 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.48 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.85 640.95 Td (Undertaking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.87 640.95 Td (For ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.99 640.95 Td (Collective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.68 640.95 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.87 640.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.25 640.95 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.29 640.95 Td (ransferable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.46 640.95 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.41 640.95 Td (Directive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.00 640.95 Td (\(�UCITS ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (Directive�\).) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 603.15 Td (MiFID) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 577.95 Td (Certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.56 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.46 577.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.61 577.95 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.34 577.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.24 577.95 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.47 577.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.70 577.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.67 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.99 577.95 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.56 577.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.88 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.86 577.95 Td (EEA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.69 577.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.84 577.95 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.42 577.95 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.07 577.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.89 577.95 Td (MiFID, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 577.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (regulates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.35 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.13 565.35 Td (provision ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.74 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.44 565.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.47 565.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.23 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.34 565.35 Td (activities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.20 565.35 Td (throughout ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.23 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.01 565.35 Td (EEA. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.99 565.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.94 565.35 Td (MiFID ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.06 565.35 Td (originally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.84 565.35 Td (became ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.85 565.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.82 565.35 Td (fective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 565.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (2007 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.19 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.05 552.75 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.67 552.75 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.69 552.75 Td (enhanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.03 552.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.38 552.75 Td (adoption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.82 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.27 552.75 Td (MiFID ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.13 552.75 Td (II, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.45 552.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.80 552.75 Td (became ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.56 552.75 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.52 552.75 Td (fective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.78 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.64 552.75 Td (January ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.99 552.75 Td (2018. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.31 552.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.01 552.75 Td (MiFID ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.87 552.75 Td (II) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.87 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 514.56 552.75 Td (built ) Tj ET Q q 0 0 0 rg BT 536.51 552.75 Td (upon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (many ) Tj ET Q q 0 0 0 rg BT 75.30 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 86.52 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 101.82 540.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 145.71 540.15 Td (introduced ) Tj ET Q q 0 0 0 rg BT 193.08 540.15 Td (through ) Tj ET Q q 0 0 0 rg BT 228.22 540.15 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 259.86 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 277.50 540.15 Td (introduced ) Tj ET Q q 0 0 0 rg BT 324.87 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 332.01 540.15 Td (number ) Tj ET Q q 0 0 0 rg BT 366.55 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.77 540.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.06 540.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.28 540.15 Td (significantly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.25 540.15 Td (impacted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.20 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 540.15 Td (EU ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.03 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.07 527.55 Td (derivatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.02 527.55 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.76 527.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.30 527.55 Td (\(i\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.09 527.55 Td (enhanced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.61 527.55 Td (investor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.32 527.55 Td (protection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.77 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.81 527.55 Td (governance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.08 527.55 Td (standards, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.24 527.55 Td (\(ii\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.95 527.55 Td (prescriptive ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.80 514.95 Td (regarding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.91 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.63 514.95 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.34 514.95 Td (o) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 162.59 514.95 Td (f ) Tj ET Q q 0 0 0 rg BT 167.97 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 190.27 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 245.80 514.95 Td (firms ) Tj ET Q q 0 0 0 rg BT 269.85 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 271.74 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 281.79 514.95 Td (receive ) Tj ET Q q 0 0 0 rg BT 313.98 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.03 514.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 348.07 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 362.20 514.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 410.16 514.95 Td (research ) Tj ET Q q 0 0 0 rg BT 447.02 514.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 480.98 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 491.03 514.95 Td (all ) Tj ET Q q 0 0 0 rg BT 503.41 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 525.71 514.95 Td (classes, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 68.50 502.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 92.17 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 105.93 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.01 502.35 Td (identification ) Tj ET Q q 0 0 0 rg BT 181.25 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 199.67 502.35 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 249.59 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 261.60 502.35 Td (tar) Tj ET Q q 0 0 0 rg BT 272.48 502.35 Td (get ) Tj ET Q q 0 0 0 rg BT 288.57 502.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 325.06 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 340.56 502.35 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 372.99 502.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.98 502.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 465.24 502.35 Td (by ) Tj ET Q q 0 0 0 rg BT 478.99 502.35 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 511.42 502.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 76.72 489.75 Td (who ) Tj ET Q q 0 0 0 rg BT 99.87 489.75 Td (manufacture ) Tj ET Q q 0 0 0 rg BT 157.40 489.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 189.28 489.75 Td (distribute ) Tj ET Q q 0 0 0 rg BT 234.00 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 258.31 489.75 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 314.99 489.75 Td (\(iv\)�enhanced ) Tj ET Q q 0 0 0 rg BT 377.48 489.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 425.11 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 438.91 489.75 Td (algorithmic ) Tj ET Q q 0 0 0 rg BT 492.38 489.75 Td (trading, ) Tj ET Q q 0 0 0 rg BT 529.81 489.75 Td (\(v\)�the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (movement ) Tj ET Q q 0 0 0 rg BT 95.93 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 106.79 477.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 138.65 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 148.92 477.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 179.60 477.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 207.95 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 225.22 477.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 273.40 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 286.01 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 296.29 477.15 Td (regulated ) Tj ET Q q 0 0 0 rg BT 337.46 477.15 Td (execution ) Tj ET Q q 0 0 0 rg BT 380.39 477.15 Td (venues, ) Tj ET Q q 0 0 0 rg BT 414.28 477.15 Td (\(vi\)�the ) Tj ET Q q 0 0 0 rg BT 447.01 477.15 Td (extension ) Tj ET Q q 0 0 0 rg BT 489.36 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 500.22 477.15 Td (pre- ) Tj ET Q q 0 0 0 rg BT 519.23 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 536.51 477.15 Td (post-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 72.94 464.55 Td (transparency ) Tj ET Q q 0 0 0 rg BT 129.04 464.55 Td (requirements ) Tj ET Q q 0 0 0 rg BT 186.31 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 196.93 464.55 Td (wider ) Tj ET Q q 0 0 0 rg BT 223.29 464.55 Td (categories ) Tj ET Q q 0 0 0 rg BT 268.31 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.51 464.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.70 464.55 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 372.78 464.55 Td (\(vii\)�restrictions ) Tj ET Q q 0 0 0 rg BT 442.60 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 455.55 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 470.84 464.55 Td (use ) Tj ET Q q 0 0 0 rg BT 487.29 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 498.49 464.55 Td (so-called ) Tj ET Q q 0 0 0 rg BT 538.85 464.55 Td (dark ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (pool ) Tj ET Q q 0 0 0 rg BT 70.03 451.95 Td (trading, ) Tj ET Q q 0 0 0 rg BT 104.25 451.95 Td (\(viii\)�the ) Tj ET Q q 0 0 0 rg BT 142.56 451.95 Td (creation ) Tj ET Q q 0 0 0 rg BT 178.23 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 188.84 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 195.35 451.95 Td (new ) Tj ET Q q 0 0 0 rg BT 214.71 451.95 Td (type ) Tj ET Q q 0 0 0 rg BT 234.64 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 245.25 451.95 Td (trading ) Tj ET Q q 0 0 0 rg BT 276.85 451.95 Td (venue ) Tj ET Q q 0 0 0 rg BT 303.78 451.95 Td (called ) Tj ET Q q 0 0 0 rg BT 330.70 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 345.39 451.95 Td (Or) Tj ET Q q 0 0 0 rg BT 356.28 451.95 Td (ganized ) Tj ET Q q 0 0 0 rg BT 390.65 451.95 Td (T) Tj ET Q q 0 0 0 rg BT 396.70 451.95 Td (rading ) Tj ET Q q 0 0 0 rg BT 425.38 451.95 Td (Facility ) Tj ET Q q 0 0 0 rg BT 459.32 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 473.42 451.95 Td (non-equity ) Tj ET Q q 0 0 0 rg BT 520.77 451.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 103.00 439.35 Td (\(ix\)�new ) Tj ET Q q 0 0 0 rg BT 140.16 439.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 189.86 439.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 233.72 439.35 Td (position ) Tj ET Q q 0 0 0 rg BT 269.44 439.35 Td (limits ) Tj ET Q q 0 0 0 rg BT 295.24 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 312.27 439.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 352.64 439.35 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 411.96 439.35 Td (\(x\)�a ) Tj ET Q q 0 0 0 rg BT 433.36 439.35 Td (move ) Tj ET Q q 0 0 0 rg BT 458.56 439.35 Td (away ) Tj ET Q q 0 0 0 rg BT 482.60 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 504.88 439.35 Td (vertical ) Tj ET Q q 0 0 0 rg BT 538.24 439.35 Td (silos ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 426.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 105.90 426.75 Td (clearing ) Tj ET Q q 0 0 0 rg BT 142.11 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 159.66 426.75 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 207.84 426.75 Td (\(xi\)�an ) Tj ET Q q 0 0 0 rg BT 237.93 426.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 279.96 426.75 Td (role ) Tj ET Q q 0 0 0 rg BT 298.68 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 313.32 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.54 426.75 Td (European ) Tj ET Q q 0 0 0 rg BT 371.17 426.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 414.97 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 432.53 426.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 468.80 426.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 512.03 426.75 Td (\(�ESMA�\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.37 414.15 Td (supervising ) Tj ET Q q 0 0 0 rg BT 109.49 414.15 Td (EU ) Tj ET Q q 0 0 0 rg BT 125.20 414.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.56 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 183.42 414.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 231.20 414.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 266.14 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 283.01 414.15 Td (\(xii\)�new ) Tj ET Q q 0 0 0 rg BT 322.91 414.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 379.43 414.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 421.37 414.15 Td (non-EU ) Tj ET Q q 0 0 0 rg BT 456.32 414.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 504.10 414.15 Td (firms�) Tj ET Q q 0 0 0 rg BT 528.99 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 530.69 414.15 Td (access ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 401.55 Td (EU ) Tj ET Q q 0 0 0 rg BT 76.41 401.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 115.51 401.55 Td (market. ) Tj ET Q q 0 0 0 rg BT 149.66 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 152.03 401.55 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 205.14 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 226.18 401.55 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 257.72 401.55 Td (II ) Tj ET Q q 0 0 0 rg BT 267.09 401.55 Td (has ) Tj ET Q q 0 0 0 rg BT 283.45 401.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 325.47 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 340.67 401.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 364.04 401.55 Td (some ) Tj ET Q q 0 0 0 rg BT 388.57 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 399.69 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 416.06 401.55 Td (af) Tj ET Q q 0 0 0 rg BT 424.03 401.55 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 457.60 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 468.72 401.55 Td (they ) Tj ET Q q 0 0 0 rg BT 489.17 401.55 Td (have ) Tj ET Q q 0 0 0 rg BT 511.36 401.55 Td (had ) Tj ET Q q 0 0 0 rg BT 528.89 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 539.43 401.55 Td (start ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (paying ) Tj ET Q q 0 0 0 rg BT 80.70 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 95.57 388.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 143.10 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 191.80 388.95 Td (research ) Tj ET Q q 0 0 0 rg BT 229.40 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 240.19 388.95 Td (comply ) Tj ET Q q 0 0 0 rg BT 274.31 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 295.60 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 311.06 388.95 Td (MiFID ) Tj ET Q q 0 0 0 rg BT 342.86 388.95 Td (II ) Tj ET Q q 0 0 0 rg BT 352.47 388.95 Td (inducement ) Tj ET Q q 0 0 0 rg BT 404.08 388.95 Td (rules.) Tj ET Q BT /F5 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 363.75 Td (Alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.78 363.75 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.89 363.75 Td (Fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.67 363.75 Td (Managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.88 363.75 Td (Dir) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.08 363.75 Td (ective) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.95 338.55 Td (AIFMD ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.24 338.55 Td (regulates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.59 338.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.27 338.55 Td (of, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.10 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.71 338.55 Td (service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.89 338.55 Td (providers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.00 338.55 Td (to, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.24 338.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.35 338.55 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.71 338.55 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.47 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.67 338.55 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.43 338.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.96 338.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.74 338.55 Td (\(�AIFs�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.51 338.55 Td (domiciled ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (within ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.04 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.91 325.95 Td (\(depending ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.85 325.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.06 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.59 325.95 Td (precise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.03 325.95 Td (circumstances\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.71 325.95 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.75 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.29 325.95 Td (EU. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.42 325.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.86 325.95 Td (AIFMD ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.40 325.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.02 325.95 Td (regulates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.63 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.17 325.95 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.44 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.90 325.95 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.50 325.95 Td (AIFs ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (inside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.16 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 313.35 Td (EEA. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.18 313.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.50 313.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.62 313.35 Td (AIFMD�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.37 313.35 Td (s ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 188.04 313.35 Td (scope ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 215.52 313.35 Td (is ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 226.11 313.35 Td (broad ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 253.59 313.35 Td (and, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 274.96 313.35 Td (with ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 297.20 313.35 Td (a ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 305.44 313.35 Td (few ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 324.76 313.35 Td (exceptions, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 375.87 313.35 Td (covers ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 406.85 313.35 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 423.26 313.35 Td (management, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 483.11 313.35 Td (administration ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 547.34 313.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 300.75 Td (marketing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 94.11 300.75 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 104.45 300.75 Td (AIFs. ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 130.12 300.75 Td ( ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 132.15 300.75 Td (In ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 142.94 300.75 Td (particular) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 182.75 300.75 Td (, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 187.41 300.75 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 201.83 300.75 Td (AIFMD ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 237.71 300.75 Td (introduced ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 284.65 300.75 Td (new ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 304.18 300.75 Td (rules ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 326.63 300.75 Td (governing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 371.25 300.75 Td (\(1\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 385.53 300.75 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 400.39 300.75 Td (registration ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 450.25 300.75 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 467.45 300.75 Td (licensing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 507.40 300.75 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 518.19 300.75 Td (alternative ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 288.15 Td (investment ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 97.20 288.15 Td (fund ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 118.06 288.15 Td (managers ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 159.92 288.15 Td (\(�AIFMs�\), ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 210.82 288.15 Td (\(2\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 224.68 288.15 Td (conduct ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 259.54 288.15 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 269.91 288.15 Td (business ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 307.12 288.15 Td (\(fair ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 326.80 288.15 Td (treatment ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 368.07 288.15 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 378.44 288.15 Td (investors, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 420.60 288.15 Td (conflicts ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 458.38 288.15 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 468.74 288.15 Td (interest, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 503.89 288.15 Td (remuneration, ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 275.55 Td (risk ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 66.72 275.55 Td (management, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 124.46 275.55 Td (valuation, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 167.62 275.55 Td (disclosure ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 211.67 275.55 Td (to ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 221.30 275.55 Td (investors ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 260.68 275.55 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 277.31 275.55 Td (regulators\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 324.26 275.55 Td (for ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 337.65 275.55 Td (AIFMs, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 372.08 275.55 Td (\(3\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 385.80 275.55 Td (regulatory ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 430.41 275.55 Td (capital ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 459.87 275.55 Td (requirements ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 516.15 275.55 Td (for ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 529.53 275.55 Td (AIFMs, ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 262.95 Td (\(4\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 63.90 262.95 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 78.89 262.95 Td (safekeeping ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 131.19 262.95 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 142.10 262.95 Td (investments ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 194.42 262.95 Td (\(via ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 212.90 262.95 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 227.89 262.95 Td (mandatory ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 274.95 262.95 Td (appointment ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 329.60 262.95 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 340.51 262.95 Td (depositaries ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 392.82 262.95 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 410.14 262.95 Td (custodians\), ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 462.75 262.95 Td (\(5\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 477.15 262.95 Td (delegation ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 523.04 262.95 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 533.95 262.95 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 250.35 Td (tasks, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 75.51 250.35 Td (including ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 117.56 250.35 Td (portfolio ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 156.70 250.35 Td (management ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 212.73 250.35 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 230.28 250.35 Td (risk ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 248.42 250.35 Td (management, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 307.07 250.35 Td (\(6\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 321.71 250.35 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 336.92 250.35 Td (marketing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 381.88 250.35 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 392.49 250.35 Td (AIFs ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 415.88 250.35 Td (to ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 426.44 250.35 Td (professional ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 480.15 250.35 Td (investors ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 520.45 250.35 Td (within ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 549.67 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 237.75 Td (EEA) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 69.33 237.75 Td ( ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 71.96 237.75 Td (via ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 87.41 237.75 Td (a ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 94.70 237.75 Td (passport ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 132.32 237.75 Td (regime, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 166.72 237.75 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 184.51 237.75 Td (\(7\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 199.37 237.75 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 214.83 237.75 Td (use ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 231.45 237.75 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 242.82 237.75 Td (leverage ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 281.00 237.75 Td (by ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 293.55 237.75 Td (AIFMs ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 326.52 237.75 Td (for ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 341.38 237.75 Td (all ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 353.93 237.75 Td (AIFs ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 377.56 237.75 Td (under ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 404.09 237.75 Td (management.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 212.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 212.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.50 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.93 212.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.19 212.55 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.16 212.55 Td (filiates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.00 212.55 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.16 212.55 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.33 212.55 Td (licensed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.28 212.55 Td (AIFMs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.89 212.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.32 212.55 Td (Ireland, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.95 212.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.04 212.55 Td (UK ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.47 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.90 212.55 Td (France. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.36 212.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.39 212.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.46 212.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.39 212.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.48 212.55 Td (incurred, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 212.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (expect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.39 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.05 199.95 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.69 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.35 199.95 Td (incur) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.51 199.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.62 199.95 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.10 199.95 Td (expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.50 199.95 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.55 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.21 199.95 Td (satisfying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.53 199.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.60 199.95 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.58 199.95 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.47 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.12 199.95 Td (disclosure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.18 199.95 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 199.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.95 187.35 Td (associated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.73 187.35 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.10 187.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.37 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.16 187.35 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.27 187.35 Td (requirements.) Tj ET Q BT /F5 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 162.15 Td (Undertakings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.29 162.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.17 162.15 Td (Collective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.36 162.15 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.46 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.26 162.15 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.52 162.15 Td (ransferable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.56 162.15 Td (Securities) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 136.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 136.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.99 136.95 Td (UCITS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.50 136.95 Td (Directive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.73 136.95 Td (established ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.56 136.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.39 136.95 Td (single ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.64 136.95 Td (EU-wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.71 136.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.03 136.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.44 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.44 136.95 Td (sale ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.93 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.85 136.95 Td (EU ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.01 136.95 Td (domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.17 136.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.50 136.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.01 136.95 Td (\(�UCITS ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (funds�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.75 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.68 124.35 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.02 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.94 124.35 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.87 124.35 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.55 124.35 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.22 124.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.64 124.35 Td (common, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.78 124.35 Td (harmonized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.10 124.35 Td (set ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.53 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.04 124.35 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.21 124.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.72 124.35 Td (govern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.64 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.23 124.35 Td (management, ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 111.75 Td (administration ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 112.94 111.75 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 130.89 111.75 Td (marketing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 176.25 111.75 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 187.78 111.75 Td (UCITS ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 220.90 111.75 Td (funds. ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 249.64 111.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.23 111.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.30 111.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.74 111.75 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.43 111.75 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.11 111.75 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.54 111.75 Td (UCITS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.66 111.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.78 111.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.73 111.75 Td (Ireland ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.25 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.19 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.81 111.75 Td (UK ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 546.76 111.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.94 99.15 Td (authorized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.88 99.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.01 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.46 99.15 Td (Central ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.99 99.15 Td (Bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.78 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.15 99.15 Td (Ireland ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.51 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.29 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.75 99.15 Td (UK�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.83 99.15 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.54 99.15 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.24 99.15 Td (Conduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.87 99.15 Td (Authority) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.02 99.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.27 99.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.32 99.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 73.95 Td (T) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 91.91 73.95 Td (he ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 106.15 73.95 Td (UCITS ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 140.82 73.95 Td (Directive ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 184.21 73.95 Td (established ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 235.20 73.95 Td (rules ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 259.94 73.95 Td (that ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 280.02 73.95 Td (govern ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 313.50 73.95 Td (\(1\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 330.08 73.95 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 347.23 73.95 Td (registration ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 399.38 73.95 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 418.88 73.95 Td (licensing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 461.11 73.95 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 474.19 73.95 Td (UCITS ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 508.86 73.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 61.35 Td (companies ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 97.34 61.35 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 115.44 61.35 Td (UCITS ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 148.72 61.35 Td (funds, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 177.62 61.35 Td (\(2\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 192.80 61.35 Td (conduct ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 228.98 61.35 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 240.67 61.35 Td (business ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 279.20 61.35 Td (\(fair ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 300.21 61.35 Td (treatment ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 342.80 61.35 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 354.48 61.35 Td (investors, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 397.96 61.35 Td (conflicts ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 437.06 61.35 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 448.75 61.35 Td (interest, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 485.22 61.35 Td (remuneration, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 546.76 61.35 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 48.75 Td (management, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 108.61 48.75 Td (valuation, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 153.15 48.75 Td (disclosure ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 198.57 48.75 Td (to ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 209.57 48.75 Td (investors ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 250.33 48.75 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 268.33 48.75 Td (regulators\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 316.65 48.75 Td (for ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 331.74 48.75 Td (UCITS, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 367.54 48.75 Td (\(3\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 382.62 48.75 Td (regulatory ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 428.61 48.75 Td (capital ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 459.44 48.75 Td (requirements ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 517.09 48.75 Td (for ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 532.17 48.75 Td (UCITS ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (17) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 741.75 Td (management ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 106.38 741.75 Td (companies, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 157.14 741.75 Td (\(4\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 172.61 741.75 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 188.67 741.75 Td (custody ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 224.57 741.75 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 242.96 741.75 Td (safekeeping ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 296.34 741.75 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 308.32 741.75 Td (investments ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 361.72 741.75 Td (held ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 383.03 741.75 Td (by ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 396.76 741.75 Td (UCITS ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 430.33 741.75 Td (funds, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 459.52 741.75 Td (\(5\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 474.99 741.75 Td (delegation ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 521.96 741.75 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 533.94 741.75 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 49.50 729.15 Td (tasks, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 75.15 729.15 Td (including ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 116.84 729.15 Td (portfolio ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 155.62 729.15 Td (management ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 211.29 729.15 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 228.48 729.15 Td (risk ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 246.26 729.15 Td (management, ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 304.56 729.15 Td (\(6\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 318.83 729.15 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 333.68 729.15 Td (marketing ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 378.28 729.15 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 389.06 729.15 Td (UCITS ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 421.42 729.15 Td (to ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 431.62 729.15 Td (retail ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 455.21 729.15 Td (and ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 472.40 729.15 Td (institutional ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 524.60 729.15 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0.24705882352941178 0.24705882352941178 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0.24705882352941178 0.24705882352941178 rg BT 280.45 716.55 Td (\(7\) ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 295.32 716.55 Td (the ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 310.77 716.55 Td (use ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 327.39 716.55 Td (of ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 338.77 716.55 Td (leverage ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 376.95 716.55 Td (by ) Tj ET Q q 0.24705882352941178 0.24705882352941178 0.24705882352941178 rg BT 390.07 716.55 Td (UCITS.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 691.35 Td (UCITS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.89 691.35 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.12 691.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.04 691.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.99 691.35 Td (came ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.44 691.35 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.06 691.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.03 691.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.06 691.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.52 691.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.22 691.35 Td (2016 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.51 691.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.47 691.35 Td (further ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.33 691.35 Td (measures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.69 691.35 Td (implemented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.81 691.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.27 691.35 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.38 691.35 Td (2016, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.30 691.35 Td (seeks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.33 691.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (align ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.30 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.94 678.75 Td (depositary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.48 678.75 Td (regime, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.06 678.75 Td (remuneration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.85 678.75 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.06 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.03 678.75 Td (sanctioning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.25 678.75 Td (powers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.38 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.93 678.75 Td (regulators ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.72 678.75 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.43 678.75 Td (UCITS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.58 678.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.05 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.68 678.75 Td (requirements ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.30 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.73 666.15 Td (AIFMD. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.25 666.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.06 666.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.15 666.15 Td (ESMA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.74 666.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.80 666.15 Td (guidelines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.02 666.15 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.98 666.15 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.45 666.15 Td (relating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.57 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.80 666.15 Td (collateral ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.91 666.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.61 666.15 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.48 666.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.78 666.15 Td (UCITS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.18 666.15 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (concerning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.05 653.55 Td (collateral ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.02 653.55 Td (received ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.48 653.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.55 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.28 653.55 Td (context ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.10 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.75 653.55 Td (derivatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.72 653.55 Td (using ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.38 653.55 Td (Ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.10 653.55 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.83 653.55 Td (Portfolio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.07 653.55 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.79 653.55 Td (\(�EPM�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.60 653.55 Td (techniques ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.15 640.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.29 640.95 Td (lending\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.77 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.41 640.95 Td (over) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.86 640.95 Td (-the-counter ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.65 640.95 Td (derivative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.12 640.95 Td (transactions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.28 640.95 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.84 640.95 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.74 640.95 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.21 640.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.03 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.68 640.95 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.91 640.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.06 640.95 Td (series ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.45 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.68 640.95 Td (changes ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.15 628.35 Td (collateral ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.69 628.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.81 628.35 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.85 628.35 Td (applicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.48 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.12 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.43 628.35 Td (EPM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.50 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.73 628.35 Td (UCITS ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.55 628.35 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.27 628.35 Td (ranges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.16 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.80 628.35 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.60 628.35 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.42 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.06 628.35 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.12 628.35 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.59 628.35 Td (expenses ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (associated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.28 615.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.57 615.75 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.94 615.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.21 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.00 615.75 Td (reporting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.11 615.75 Td (requirements.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 590.55 Td (Net Capital Requirements) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 565.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 565.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.76 565.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.11 565.35 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.37 565.35 Td (small, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.27 565.35 Td (non-clearing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.86 565.35 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.06 565.35 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.73 565.35 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.84 565.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.11 565.35 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.71 565.35 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.91 565.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.43 565.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.29 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.98 565.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.09 565.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.55 552.75 Td (products. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.49 552.75 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.96 552.75 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.15 552.75 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.70 552.75 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.68 552.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.89 552.75 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.04 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.60 552.75 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.83 552.75 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.22 552.75 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.03 552.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.18 552.75 Td (mandate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.14 552.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.29 552.75 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.77 552.75 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.32 540.15 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.07 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.08 540.15 Td (capital. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.95 540.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.95 540.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.25 540.15 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.07 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.07 540.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.33 540.15 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.17 540.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.17 540.15 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.32 540.15 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.91 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.00 540.15 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.84 540.15 Td (States ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.18 540.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.25 540.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.26 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 540.15 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.78 527.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.82 527.55 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.70 527.55 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.81 527.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.28 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.40 527.55 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.61 527.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.08 527.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.03 527.55 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.41 527.55 Td (operate. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.22 527.55 Td (For ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.10 527.55 Td (example, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.59 527.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.05 527.55 Td (addition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.76 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.23 527.55 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 527.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.47 514.95 Td (jurisdictions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.41 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.80 514.95 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.78 514.95 Td (Kingdom-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.25 514.95 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.22 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.78 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.17 514.95 Td (Singapore-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.55 514.95 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.53 514.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.74 514.95 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.88 514.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.44 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 514.95 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.11 502.35 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.55 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.92 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.37 502.35 Td (FCA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.22 502.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.84 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.63 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.08 502.35 Td (Monetary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.95 502.35 Td (Authority ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.41 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.78 502.35 Td (Singapore, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.60 502.35 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.65 502.35 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 477.15 Td (Additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.64 477.15 Td (Information) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 105.86 451.95 Td (SEC ) Tj ET Q q 0 0 0 rg BT 129.15 451.95 Td (maintains ) Tj ET Q q 0 0 0 rg BT 174.01 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 182.71 451.95 Td (website ) Tj ET Q q 0 0 0 rg BT 218.81 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 238.59 451.95 Td (contains ) Tj ET Q q 0 0 0 rg BT 277.62 451.95 Td (reports, ) Tj ET Q q 0 0 0 rg BT 313.44 451.95 Td (proxy ) Tj ET Q q 0 0 0 rg BT 341.97 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 361.16 451.95 Td (information ) Tj ET Q q 0 0 0 rg BT 414.77 451.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 463.13 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 482.32 451.95 Td (other ) Tj ET Q q 0 0 0 rg BT 507.93 451.95 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 96.37 439.35 Td (issuers ) Tj ET Q q 0 0 0 rg BT 131.59 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 156.89 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 176.35 439.35 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 204.87 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 219.08 439.35 Td (www) Tj ET Q q 0 0 0 rg BT 241.15 439.35 Td (.sec.gov) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.88 439.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.66 439.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.73 439.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.02 439.35 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.40 439.35 Td (available, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.55 439.35 Td (free ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.50 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.88 439.35 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.76 439.35 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.31 439.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.44 439.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.08 439.35 Td (website, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.41 439.35 Td (http://) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (www) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.57 426.75 Td (.leggmason.com, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.23 426.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.45 426.75 Td (annual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.66 426.75 Td (reports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.04 426.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.76 426.75 Td (Form ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.73 426.75 Td (10-K, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.16 426.75 Td (quarterly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.28 426.75 Td (reports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.65 426.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.37 426.75 Td (Form ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.35 426.75 Td (10-Q, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.77 426.75 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.72 426.75 Td (reports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.10 426.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.82 426.75 Td (Form ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.80 426.75 Td (8-K ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 426.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (amendments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.18 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.96 414.15 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.74 414.15 Td (reports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.51 414.15 Td (filed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.36 414.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.72 414.15 Td (furnished ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.99 414.15 Td (pursuant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.77 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.55 414.15 Td (Section ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.65 414.15 Td (13\(a\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.42 414.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.78 414.15 Td (15\(d\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.14 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.49 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.93 414.15 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.95 414.15 Td (Exchange ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.39 414.15 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.16 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.52 414.15 Td (1934 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.40 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.15 401.55 Td (proxy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.39 401.55 Td (statements. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.81 401.55 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.63 401.55 Td (reports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.53 401.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.09 401.55 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.73 401.55 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.14 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.88 401.55 Td (website ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.70 401.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.19 401.55 Td (soon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.77 401.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.26 401.55 Td (reasonably ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.49 401.55 Td (practicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.28 401.55 Td (after ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.26 401.55 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (electronically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.06 388.95 Td (file ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.47 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.72 388.95 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.54 388.95 Td (with, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.26 388.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.42 388.95 Td (furnish ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.59 388.95 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.85 388.95 Td (to, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.06 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.31 388.95 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.14 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.72 388.95 Td (Exchange ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.54 388.95 Td (Commission ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.06 388.95 Td (\(�SEC�\). ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.68 388.95 Td (Investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.59 388.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.58 388.95 Td (find ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.83 376.35 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.56 376.35 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.63 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.61 376.35 Td (�Investor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.84 376.35 Td (Relations� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.32 376.35 Td (section ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.22 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.12 376.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.28 376.35 Td (website. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.14 376.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.04 376.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.24 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.10 351.15 Td (Investor ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (Relations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.90 338.55 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.13 338.55 Td (Governance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.58 338.55 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.81 338.55 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.53 338.55 Td (Governance�. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.67 338.55 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.68 338.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.41 691.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.48 691.50 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.13 691.50 Td (filings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.04 691.50 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.78 691.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.68 691.50 Td (SEC, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.64 691.50 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.04 691.50 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.43 691.50 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.90 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.54 678.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.33 678.90 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.81 678.90 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.09 678.90 Td (materially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.28 678.90 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.31 678.90 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.10 678.90 Td (forward-looking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.54 678.90 Td (statements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.49 678.90 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.86 678.90 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.73 678.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.10 678.90 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.88 678.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.26 678.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.88 678.90 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.41 678.90 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.11 678.90 Td (make.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 653.70 Td (Risks ) Tj ET Q q 0 0 0 rg BT 76.64 653.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 113.67 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 125.04 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.67 653.70 Td (Pr) Tj ET Q q 0 0 0 rg BT 152.55 653.70 Td (oposed ) Tj ET Q q 0 0 0 rg BT 186.10 653.70 Td (Merger) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 628.50 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 135.47 628.50 Td (Approvals ) Tj ET Q q 0 0 0 rg BT 181.74 628.50 Td (May ) Tj ET Q q 0 0 0 rg BT 203.49 628.50 Td (Not ) Tj ET Q q 0 0 0 rg BT 221.75 628.50 Td (be ) Tj ET Q q 0 0 0 rg BT 234.17 628.50 Td (Received, ) Tj ET Q q 0 0 0 rg BT 277.78 628.50 Td (May ) Tj ET Q q 0 0 0 rg BT 299.54 628.50 Td (T) Tj ET Q q 0 0 0 rg BT 304.99 628.50 Td (ake ) Tj ET Q q 0 0 0 rg BT 322.66 628.50 Td (Longer ) Tj ET Q q 0 0 0 rg BT 356.67 628.50 Td (Than ) Tj ET Q q 0 0 0 rg BT 382.53 628.50 Td (Expected ) Tj ET Q q 0 0 0 rg BT 424.69 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 436.53 628.50 Td (May ) Tj ET Q q 0 0 0 rg BT 458.29 628.50 Td (Impose ) Tj ET Q q 0 0 0 rg BT 492.30 628.50 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 542.08 628.50 Td (That ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (Are ) Tj ET Q q 0 0 0 rg BT 67.88 615.90 Td (Not ) Tj ET Q q 0 0 0 rg BT 86.25 615.90 Td (Presently ) Tj ET Q q 0 0 0 rg BT 128.73 615.90 Td (Anticipated ) Tj ET Q q 0 0 0 rg BT 180.94 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 192.90 615.90 Td (Cannot ) Tj ET Q q 0 0 0 rg BT 227.63 615.90 Td (be ) Tj ET Q q 0 0 0 rg BT 240.16 615.90 Td (Met.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 590.70 Td (Before ) Tj ET Q q 0 0 0 rg BT 116.60 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 131.96 590.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 184.65 590.70 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 243.75 590.70 Td (by ) Tj ET Q q 0 0 0 rg BT 256.78 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 272.15 590.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 289.45 590.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 304.83 590.70 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 356.64 590.70 Td (including ) Tj ET Q q 0 0 0 rg BT 398.83 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 414.20 590.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 431.50 590.70 Td (ger) Tj ET Q q 0 0 0 rg BT 444.49 590.70 Td (, ) Tj ET Q q 0 0 0 rg BT 449.65 590.70 Td (may ) Tj ET Q q 0 0 0 rg BT 470.26 590.70 Td (be ) Tj ET Q q 0 0 0 rg BT 482.70 590.70 Td (completed, ) Tj ET Q q 0 0 0 rg BT 531.60 590.70 Td (various ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (approvals ) Tj ET Q q 0 0 0 rg BT 92.48 578.10 Td (must ) Tj ET Q q 0 0 0 rg BT 115.05 578.10 Td (be ) Tj ET Q q 0 0 0 rg BT 127.12 578.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 165.43 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 187.99 578.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 233.30 578.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 282.25 578.10 Td (These ) Tj ET Q q 0 0 0 rg BT 309.47 578.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 354.78 578.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 401.26 578.10 Td (may ) Tj ET Q q 0 0 0 rg BT 421.49 578.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 453.98 578.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 499.88 578.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.54 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 578.10 Td (granting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 61.24 565.50 Td (such ) Tj ET Q q 0 0 0 rg BT 83.49 565.50 Td (approvals. ) Tj ET Q q 0 0 0 rg BT 129.93 565.50 Td (Such ) Tj ET Q q 0 0 0 rg BT 153.93 565.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 200.68 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 212.43 565.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 249.24 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 267.40 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 283.23 565.50 Td (process ) Tj ET Q q 0 0 0 rg BT 317.72 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 329.46 565.50 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 372.12 565.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 418.27 565.50 Td (approvals ) Tj ET Q q 0 0 0 rg BT 462.09 565.50 Td (could ) Tj ET Q q 0 0 0 rg BT 488.41 565.50 Td (have ) Tj ET Q q 0 0 0 rg BT 511.23 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 527.06 565.50 Td (ef) Tj ET Q q 0 0 0 rg BT 535.03 565.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 553.76 565.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (delaying ) Tj ET Q q 0 0 0 rg BT 88.43 552.90 Td (completion ) Tj ET Q q 0 0 0 rg BT 138.45 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 149.97 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 165.58 552.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 182.88 552.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 199.07 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 210.59 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 222.11 552.90 Td (imposing ) Tj ET Q q 0 0 0 rg BT 263.98 552.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 308.74 552.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 332.52 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 344.04 552.90 Td (limitations ) Tj ET Q q 0 0 0 rg BT 391.74 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 405.02 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 420.62 552.90 Td (combined ) Tj ET Q q 0 0 0 rg BT 464.80 552.90 Td (company ) Tj ET Q q 0 0 0 rg BT 506.07 552.90 Td (following ) Tj ET Q q 0 0 0 rg BT 549.68 552.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 66.80 540.30 Td (ger) Tj ET Q q 0 0 0 rg BT 79.63 540.30 Td (. ) Tj ET Q q 0 0 0 rg BT 85.72 540.30 Td (The ) Tj ET Q q 0 0 0 rg BT 105.78 540.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 152.66 540.30 Td (approvals ) Tj ET Q q 0 0 0 rg BT 197.22 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 219.03 540.30 Td (not ) Tj ET Q q 0 0 0 rg BT 236.18 540.30 Td (be ) Tj ET Q q 0 0 0 rg BT 249.83 540.30 Td (received ) Tj ET Q q 0 0 0 rg BT 289.12 540.30 Td (at ) Tj ET Q q 0 0 0 rg BT 300.43 540.30 Td (all, ) Tj ET Q q 0 0 0 rg BT 317.28 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 339.10 540.30 Td (not ) Tj ET Q q 0 0 0 rg BT 356.25 540.30 Td (be ) Tj ET Q q 0 0 0 rg BT 369.89 540.30 Td (received ) Tj ET Q q 0 0 0 rg BT 409.18 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 421.08 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 429.48 540.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 460.04 540.30 Td (fashion, ) Tj ET Q q 0 0 0 rg BT 497.31 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 509.79 540.30 Td (may ) Tj ET Q q 0 0 0 rg BT 531.61 540.30 Td (contain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 96.07 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 109.40 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 125.05 527.70 Td (completion ) Tj ET Q q 0 0 0 rg BT 175.12 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 186.69 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.34 527.70 Td (mer) Tj ET Q q 0 0 0 rg BT 218.48 527.70 Td (gers ) Tj ET Q q 0 0 0 rg BT 238.80 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 257.37 527.70 Td (are ) Tj ET Q q 0 0 0 rg BT 273.01 527.70 Td (not ) Tj ET Q q 0 0 0 rg BT 289.26 527.70 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 338.14 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 349.71 527.70 Td (cannot ) Tj ET Q q 0 0 0 rg BT 380.53 527.70 Td (be ) Tj ET Q q 0 0 0 rg BT 393.26 527.70 Td (met. ) Tj ET Q q 0 0 0 rg BT 414.46 527.70 Td (If ) Tj ET Q q 0 0 0 rg BT 424.28 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 439.93 527.70 Td (consummation ) Tj ET Q q 0 0 0 rg BT 504.58 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 516.16 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 531.81 527.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 549.11 527.70 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.81 515.10 Td (delayed, ) Tj ET Q q 0 0 0 rg BT 96.39 515.10 Td (including ) Tj ET Q q 0 0 0 rg BT 138.36 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 151.17 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.14 515.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 183.18 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.66 515.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 224.53 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.58 515.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 278.70 515.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 324.16 515.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 369.91 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.05 515.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 425.57 515.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.60 515.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 506.58 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.04 515.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.77 515.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.29 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 106.09 502.50 Td (each ) Tj ET Q q 0 0 0 rg BT 127.37 502.50 Td (company ) Tj ET Q q 0 0 0 rg BT 167.92 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 188.05 502.50 Td (also ) Tj ET Q q 0 0 0 rg BT 207.01 502.50 Td (be ) Tj ET Q q 0 0 0 rg BT 218.98 502.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 263.59 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 280.81 502.50 Td (adversely ) Tj ET Q q 0 0 0 rg BT 323.09 502.50 Td (af) Tj ET Q q 0 0 0 rg BT 331.06 502.50 Td (fected. ) Tj ET Q q 0 0 0 rg BT 361.38 502.50 Td (See ) Tj ET Q q 0 0 0 rg BT 378.60 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 393.48 502.50 Td (section ) Tj ET Q q 0 0 0 rg BT 425.27 502.50 Td (entitled ) Tj ET Q q 0 0 0 rg BT 458.81 502.50 Td (�The ) Tj ET Q q 0 0 0 rg BT 481.85 502.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 499.16 502.50 Td (ger) Tj ET Q q 0 0 0 rg BT 512.35 502.50 Td (-Regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (Approvals ) Tj ET Q q 0 0 0 rg BT 97.02 489.90 Td (Required ) Tj ET Q q 0 0 0 rg BT 139.28 489.90 Td (for ) Tj ET Q q 0 0 0 rg BT 155.30 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 171.90 489.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 189.20 489.90 Td (ger� ) Tj ET Q q 0 0 0 rg BT 211.04 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 222.98 489.90 Td (our ) Tj ET Q q 0 0 0 rg BT 240.75 489.90 Td (definitive ) Tj ET Q q 0 0 0 rg BT 284.77 489.90 Td (proxy ) Tj ET Q q 0 0 0 rg BT 313.04 489.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 357.05 489.90 Td (filed ) Tj ET Q q 0 0 0 rg BT 380.06 489.90 Td (with ) Tj ET Q q 0 0 0 rg BT 402.50 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 419.11 489.90 Td (SEC ) Tj ET Q q 0 0 0 rg BT 442.14 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 456.41 489.90 Td (March ) Tj ET Q q 0 0 0 rg BT 487.59 489.90 Td (27, ) Tj ET Q q 0 0 0 rg BT 504.49 489.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 529.26 489.90 Td (\(�Proxy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (Statement�\). ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td ( ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 452.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 120.72 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.01 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.97 452.10 Td (Merger ) Tj ET Q q 0 0 0 rg BT 182.60 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.31 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 205.77 452.10 Td (Completed, ) Tj ET Q q 0 0 0 rg BT 257.01 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.97 452.10 Td (T) Tj ET Q q 0 0 0 rg BT 278.42 452.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 328.82 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.11 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.07 452.10 Td (Merger ) Tj ET Q q 0 0 0 rg BT 390.32 452.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 440.11 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.99 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.78 452.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 510.17 452.10 Td (Delay ) Tj ET Q q 0 0 0 rg BT 537.79 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.09 452.10 Td (the ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (Consummation ) Tj ET Q q 0 0 0 rg BT 118.65 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 130.03 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 146.07 439.50 Td (Merger ) Tj ET Q q 0 0 0 rg BT 180.77 439.50 Td (could ) Tj ET Q q 0 0 0 rg BT 207.32 439.50 Td (Negatively ) Tj ET Q q 0 0 0 rg BT 255.42 439.50 Td (Impact ) Tj ET Q q 0 0 0 rg BT 288.38 439.50 Td (Us.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 414.30 Td (The ) Tj ET Q q 0 0 0 rg BT 103.78 414.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 121.09 414.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 136.02 414.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 184.63 414.30 Td (is ) Tj ET Q q 0 0 0 rg BT 193.59 414.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 225.30 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 235.42 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 242.04 414.30 Td (number ) Tj ET Q q 0 0 0 rg BT 276.08 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 286.79 414.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 332.50 414.30 Td (which ) Tj ET Q q 0 0 0 rg BT 360.12 414.30 Td (must ) Tj ET Q q 0 0 0 rg BT 382.50 414.30 Td (be ) Tj ET Q q 0 0 0 rg BT 394.37 414.30 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 430.15 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 440.28 414.30 Td (order ) Tj ET Q q 0 0 0 rg BT 464.39 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 474.52 414.30 Td (complete ) Tj ET Q q 0 0 0 rg BT 514.96 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 529.75 414.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 547.06 414.30 Td (ger) Tj ET Q q 0 0 0 rg BT 559.89 414.30 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (Please ) Tj ET Q q 0 0 0 rg BT 78.37 401.70 Td (see ) Tj ET Q q 0 0 0 rg BT 93.83 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 108.71 401.70 Td (section ) Tj ET Q q 0 0 0 rg BT 140.50 401.70 Td (entitled ) Tj ET Q q 0 0 0 rg BT 174.04 401.70 Td (�The ) Tj ET Q q 0 0 0 rg BT 196.62 401.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 245.31 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 262.52 401.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 283.24 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 294.03 401.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 311.34 401.70 Td (ger) Tj ET Q q 0 0 0 rg BT 324.54 401.70 Td (-Conditions ) Tj ET Q q 0 0 0 rg BT 376.17 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 386.39 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 401.26 401.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 418.57 401.70 Td (ger� ) Tj ET Q q 0 0 0 rg BT 438.69 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 448.90 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 463.78 401.70 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 490.91 401.70 Td (Statement. ) Tj ET Q q 0 0 0 rg BT 537.43 401.70 Td (These ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 96.00 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.91 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.48 389.10 Td (consummation ) Tj ET Q q 0 0 0 rg BT 187.06 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.55 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.13 389.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 231.43 389.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 247.58 389.10 Td (may ) Tj ET Q q 0 0 0 rg BT 268.41 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 284.57 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 297.23 389.10 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 333.80 389.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 354.33 389.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 403.22 389.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.59 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.16 389.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 441.47 389.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 457.62 389.10 Td (may ) Tj ET Q q 0 0 0 rg BT 478.44 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 494.61 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 507.27 389.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 553.75 389.10 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 104.90 376.50 Td (delayed. ) Tj ET Q q 0 0 0 rg BT 143.07 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 145.98 376.50 Td (In ) Tj ET Q q 0 0 0 rg BT 157.63 376.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 197.57 376.50 Td (if ) Tj ET Q q 0 0 0 rg BT 206.88 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 222.62 376.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 239.92 376.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 256.23 376.50 Td (is ) Tj ET Q q 0 0 0 rg BT 266.14 376.50 Td (not ) Tj ET Q q 0 0 0 rg BT 282.46 376.50 Td (completed ) Tj ET Q q 0 0 0 rg BT 329.10 376.50 Td (by ) Tj ET Q q 0 0 0 rg BT 342.50 376.50 Td (February ) Tj ET Q q 0 0 0 rg BT 383.31 376.50 Td (17, ) Tj ET Q q 0 0 0 rg BT 399.34 376.50 Td (2021, ) Tj ET Q q 0 0 0 rg BT 425.86 376.50 Td (either ) Tj ET Q q 0 0 0 rg BT 452.67 376.50 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 490.95 376.50 Td (T) Tj ET Q q 0 0 0 rg BT 496.63 376.50 Td (empleton ) Tj ET Q q 0 0 0 rg BT 538.60 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 550.25 376.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (may ) Tj ET Q q 0 0 0 rg BT 70.94 363.90 Td (choose ) Tj ET Q q 0 0 0 rg BT 103.45 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 114.97 363.90 Td (terminate ) Tj ET Q q 0 0 0 rg BT 157.98 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 174.16 363.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 191.47 363.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 207.49 363.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 257.50 363.90 Td (at ) Tj ET Q q 0 0 0 rg BT 268.43 363.90 Td (any ) Tj ET Q q 0 0 0 rg BT 286.95 363.90 Td (time ) Tj ET Q q 0 0 0 rg BT 308.97 363.90 Td (after ) Tj ET Q q 0 0 0 rg BT 331.56 363.90 Td (that ) Tj ET Q q 0 0 0 rg BT 350.66 363.90 Td (date ) Tj ET Q q 0 0 0 rg BT 371.51 363.90 Td (if ) Tj ET Q q 0 0 0 rg BT 381.28 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 397.46 363.90 Td (failure ) Tj ET Q q 0 0 0 rg BT 428.22 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 439.74 363.90 Td (consummate ) Tj ET Q q 0 0 0 rg BT 496.17 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 512.35 363.90 Td (transactions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 108.20 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 120.84 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 135.81 351.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 153.11 351.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 168.18 351.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 216.97 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 226.11 351.30 Td (not ) Tj ET Q q 0 0 0 rg BT 241.67 351.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 282.88 351.30 Td (caused ) Tj ET Q q 0 0 0 rg BT 313.58 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 326.22 351.30 Td (any ) Tj ET Q q 0 0 0 rg BT 343.52 351.30 Td (failure ) Tj ET Q q 0 0 0 rg BT 373.06 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 383.36 351.30 Td (fulfil ) Tj ET Q q 0 0 0 rg BT 406.50 351.30 Td (any ) Tj ET Q q 0 0 0 rg BT 423.80 351.30 Td (obligation ) Tj ET Q q 0 0 0 rg BT 468.52 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 483.48 351.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 500.79 351.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 515.86 351.30 Td (Agreement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (by ) Tj ET Q q 0 0 0 rg BT 61.96 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.75 338.70 Td (party ) Tj ET Q q 0 0 0 rg BT 100.28 338.70 Td (electing ) Tj ET Q q 0 0 0 rg BT 135.48 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 145.60 338.70 Td (terminate ) Tj ET Q q 0 0 0 rg BT 187.21 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.00 338.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 219.31 338.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 234.24 338.70 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 285.47 338.70 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 342.54 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 357.33 338.70 Td (consummation ) Tj ET Q q 0 0 0 rg BT 421.12 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 431.82 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 446.61 338.70 Td (mer) Tj ET Q q 0 0 0 rg BT 462.75 338.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 478.11 338.70 Td (may ) Tj ET Q q 0 0 0 rg BT 498.15 338.70 Td (be ) Tj ET Q q 0 0 0 rg BT 510.02 338.70 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (delayed ) Tj ET Q q 0 0 0 rg BT 84.77 326.10 Td (due ) Tj ET Q q 0 0 0 rg BT 102.56 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.35 326.10 Td (various ) Tj ET Q q 0 0 0 rg BT 146.89 326.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 180.71 326.10 Td (including ) Tj ET Q q 0 0 0 rg BT 223.00 326.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 262.36 326.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 302.90 326.10 Td (related ) Tj ET Q q 0 0 0 rg BT 334.09 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.88 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.34 326.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 377.64 326.10 Td (ger) Tj ET Q q 0 0 0 rg BT 390.47 326.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 300.90 Td (If ) Tj ET Q q 0 0 0 rg BT 94.80 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 109.93 300.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 127.23 300.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 142.95 300.90 Td (is ) Tj ET Q q 0 0 0 rg BT 152.26 300.90 Td (not ) Tj ET Q q 0 0 0 rg BT 167.98 300.90 Td (consummated ) Tj ET Q q 0 0 0 rg BT 228.60 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 239.65 300.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 294.45 300.90 Td (delayed, ) Tj ET Q q 0 0 0 rg BT 332.03 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 348.33 300.90 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 385.05 300.90 Td (business, ) Tj ET Q q 0 0 0 rg BT 425.57 300.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.61 300.90 Td (condition ) Tj ET Q q 0 0 0 rg BT 506.57 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 524.04 300.90 Td (results ) Tj ET Q q 0 0 0 rg BT 553.76 300.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 97.13 288.30 Td (may ) Tj ET Q q 0 0 0 rg BT 119.10 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 132.90 288.30 Td (materially ) Tj ET Q q 0 0 0 rg BT 179.36 288.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 223.48 288.30 Td (af) Tj ET Q q 0 0 0 rg BT 231.45 288.30 Td (fected ) Tj ET Q q 0 0 0 rg BT 260.99 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 280.04 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 296.76 288.30 Td (market ) Tj ET Q q 0 0 0 rg BT 329.81 288.30 Td (price ) Tj ET Q q 0 0 0 rg BT 354.68 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 367.32 288.30 Td (our ) Tj ET Q q 0 0 0 rg BT 385.21 288.30 Td (common ) Tj ET Q q 0 0 0 rg BT 425.85 288.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 451.90 288.30 Td (may ) Tj ET Q q 0 0 0 rg BT 473.87 288.30 Td (decline ) Tj ET Q q 0 0 0 rg BT 508.08 288.30 Td (significantly) Tj ET Q q 0 0 0 rg BT 559.89 288.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (particularly ) Tj ET Q q 0 0 0 rg BT 100.70 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 111.67 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 127.31 275.70 Td (extent ) Tj ET Q q 0 0 0 rg BT 155.77 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 174.32 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 189.95 275.70 Td (current ) Tj ET Q q 0 0 0 rg BT 222.49 275.70 Td (market ) Tj ET Q q 0 0 0 rg BT 254.45 275.70 Td (price ) Tj ET Q q 0 0 0 rg BT 278.24 275.70 Td (reflects ) Tj ET Q q 0 0 0 rg BT 311.94 275.70 Td (a ) Tj ET Q q 0 0 0 rg BT 319.41 275.70 Td (market ) Tj ET Q q 0 0 0 rg BT 351.37 275.70 Td (assumption ) Tj ET Q q 0 0 0 rg BT 402.01 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 420.56 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 436.20 275.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 453.50 275.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 469.71 275.70 Td (will ) Tj ET Q q 0 0 0 rg BT 488.85 275.70 Td (be ) Tj ET Q q 0 0 0 rg BT 501.57 275.70 Td (consummated. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (If ) Tj ET Q q 0 0 0 rg BT 59.29 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.92 263.10 Td (consummation ) Tj ET Q q 0 0 0 rg BT 139.55 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.10 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.73 263.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 184.04 263.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 200.25 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 210.05 263.10 Td (delayed, ) Tj ET Q q 0 0 0 rg BT 248.13 263.10 Td (including ) Tj ET Q q 0 0 0 rg BT 290.59 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 303.89 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.52 263.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 350.89 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.44 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.90 263.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 417.03 263.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 465.90 263.10 Td (proposal, ) Tj ET Q q 0 0 0 rg BT 507.49 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.29 263.10 Td (business, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 250.50 Td (condition ) Tj ET Q q 0 0 0 rg BT 131.14 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 148.93 250.50 Td (results ) Tj ET Q q 0 0 0 rg BT 178.97 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 190.34 250.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 236.71 250.50 Td (may ) Tj ET Q q 0 0 0 rg BT 257.41 250.50 Td (be ) Tj ET Q q 0 0 0 rg BT 269.94 250.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 315.14 250.50 Td (adversely ) Tj ET Q q 0 0 0 rg BT 357.99 250.50 Td (af) Tj ET Q q 0 0 0 rg BT 365.96 250.50 Td (fected.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 225.30 Td (In ) Tj ET Q q 0 0 0 rg BT 96.30 225.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 135.40 225.30 Td (we ) Tj ET Q q 0 0 0 rg BT 149.70 225.30 Td (have ) Tj ET Q q 0 0 0 rg BT 171.58 225.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 208.62 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 225.83 225.30 Td (will ) Tj ET Q q 0 0 0 rg BT 244.23 225.30 Td (incur ) Tj ET Q q 0 0 0 rg BT 267.86 225.30 Td (substantial ) Tj ET Q q 0 0 0 rg BT 314.83 225.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 354.79 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 365.02 225.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 413.14 225.30 Td (with ) Tj ET Q q 0 0 0 rg BT 433.87 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 448.75 225.30 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 498.05 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 515.27 225.30 Td (completion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.70 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 77.98 212.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 131.59 212.70 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 191.61 212.70 Td (by ) Tj ET Q q 0 0 0 rg BT 205.56 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 221.84 212.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 239.15 212.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 255.25 212.70 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 307.97 212.70 Td (If ) Tj ET Q q 0 0 0 rg BT 318.42 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 334.70 212.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 352.01 212.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 368.87 212.70 Td (is ) Tj ET Q q 0 0 0 rg BT 379.33 212.70 Td (not ) Tj ET Q q 0 0 0 rg BT 396.20 212.70 Td (completed ) Tj ET Q q 0 0 0 rg BT 443.39 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 455.59 212.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 511.53 212.70 Td (delayed, ) Tj ET Q q 0 0 0 rg BT 550.26 212.70 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (would ) Tj ET Q q 0 0 0 rg BT 77.80 200.10 Td (have ) Tj ET Q q 0 0 0 rg BT 99.68 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.90 200.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 152.75 200.10 Td (these ) Tj ET Q q 0 0 0 rg BT 176.38 200.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 216.34 200.10 Td (without ) Tj ET Q q 0 0 0 rg BT 250.48 200.10 Td (realizing ) Tj ET Q q 0 0 0 rg BT 289.26 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.14 200.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 343.50 200.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 378.79 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.59 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.47 200.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 421.78 200.10 Td (ger) Tj ET Q q 0 0 0 rg BT 434.61 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.83 200.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 458.97 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.76 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.64 200.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 530.14 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.94 200.10 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (risks ) Tj ET Q q 0 0 0 rg BT 71.64 187.50 Td (arising ) Tj ET Q q 0 0 0 rg BT 102.53 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 113.00 187.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 161.38 187.50 Td (with ) Tj ET Q q 0 0 0 rg BT 182.35 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 197.49 187.50 Td (failure ) Tj ET Q q 0 0 0 rg BT 227.20 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 238.25 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 249.30 187.50 Td (delay ) Tj ET Q q 0 0 0 rg BT 274.35 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 284.82 187.50 Td (consummating ) Tj ET Q q 0 0 0 rg BT 348.96 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 364.09 187.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 381.40 187.50 Td (ger) Tj ET Q q 0 0 0 rg BT 394.38 187.50 Td (, ) Tj ET Q q 0 0 0 rg BT 399.32 187.50 Td (including ) Tj ET Q q 0 0 0 rg BT 441.29 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 456.42 187.50 Td (diversion ) Tj ET Q q 0 0 0 rg BT 497.81 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 508.86 187.50 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (attention ) Tj ET Q q 0 0 0 rg BT 88.85 174.90 Td (from ) Tj ET Q q 0 0 0 rg BT 111.86 174.90 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 151.22 174.90 Td (other ) Tj ET Q q 0 0 0 rg BT 175.40 174.90 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 233.42 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 251.19 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 266.62 174.90 Td (constraints ) Tj ET Q q 0 0 0 rg BT 314.72 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 325.49 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 340.93 174.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 358.23 174.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 373.67 174.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 422.92 174.90 Td (on ) Tj ET Q q 0 0 0 rg BT 436.03 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 452.63 174.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 482.07 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 492.84 174.90 Td (make ) Tj ET Q q 0 0 0 rg BT 518.19 174.90 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.02 162.30 Td (to 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(business ) Tj ET Q q 0 0 0 rg BT 165.19 653.70 Td (relationships ) Tj ET Q q 0 0 0 rg BT 220.87 653.70 Td (with ) Tj ET Q q 0 0 0 rg BT 241.55 653.70 Td (us. ) Tj ET Q q 0 0 0 rg BT 255.53 653.70 Td (In ) Tj ET Q q 0 0 0 rg BT 266.30 653.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 305.35 653.70 Td (competitors ) Tj ET Q q 0 0 0 rg BT 356.94 653.70 Td (may ) Tj ET Q q 0 0 0 rg BT 377.04 653.70 Td (tar) Tj ET Q q 0 0 0 rg BT 387.92 653.70 Td (get ) Tj ET Q q 0 0 0 rg BT 402.77 653.70 Td (our ) Tj ET Q q 0 0 0 rg BT 418.78 653.70 Td (existing ) Tj ET Q q 0 0 0 rg BT 454.05 653.70 Td (customers ) Tj ET Q q 0 0 0 rg BT 498.64 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 511.16 653.70 Td (highlighting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 88.87 641.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 145.14 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.92 641.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 211.04 641.10 Td (dif) Tj ET Q q 0 0 0 rg BT 222.51 641.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 258.96 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 277.33 641.10 Td (may ) Tj ET Q q 0 0 0 rg BT 298.03 641.10 Td (result ) Tj ET Q q 0 0 0 rg BT 323.99 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 347.02 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.48 641.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 379.78 641.10 Td (ger) Tj ET Q q 0 0 0 rg BT 392.61 641.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 615.90 Td (The ) Tj ET Q q 0 0 0 rg BT 103.59 615.90 Td (pursuit ) Tj ET Q q 0 0 0 rg BT 134.52 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 145.02 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 159.61 615.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 176.92 615.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 192.08 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 209.01 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.60 615.90 Td (preparation ) Tj ET Q q 0 0 0 rg BT 273.17 615.90 Td (for ) Tj ET Q q 0 0 0 rg BT 287.17 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 301.76 615.90 Td (integration ) Tj ET Q q 0 0 0 rg BT 349.01 615.90 Td (may ) Tj ET Q q 0 0 0 rg BT 368.85 615.90 Td (place ) Tj ET Q q 0 0 0 rg BT 392.76 615.90 Td (a ) Tj ET Q q 0 0 0 rg BT 399.18 615.90 Td (burden ) Tj ET Q q 0 0 0 rg BT 430.10 615.90 Td (on ) Tj ET Q q 0 0 0 rg BT 442.36 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 458.12 615.90 Td (management ) Tj ET Q q 0 0 0 rg BT 513.53 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 530.45 615.90 Td (internal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (resources. ) Tj ET Q q 0 0 0 rg BT 94.30 603.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 115.62 603.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 163.18 603.30 Td (diversion ) Tj ET Q q 0 0 0 rg BT 205.50 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 217.48 603.30 Td (management ) Tj ET Q q 0 0 0 rg BT 274.36 603.30 Td (attention ) Tj ET Q q 0 0 0 rg BT 314.34 603.30 Td (away ) Tj ET Q q 0 0 0 rg BT 339.73 603.30 Td (from ) Tj ET Q q 0 0 0 rg BT 363.38 603.30 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 401.04 603.30 Td (business ) Tj ET Q q 0 0 0 rg BT 439.86 603.30 Td (concerns ) Tj ET Q q 0 0 0 rg BT 480.42 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 498.81 603.30 Td (any ) Tj ET Q q 0 0 0 rg BT 517.21 603.30 Td (dif) Tj ET Q q 0 0 0 rg BT 528.69 603.30 Td (ficulties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (encountered ) Tj ET Q q 0 0 0 rg BT 104.40 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 116.16 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 132.58 590.70 Td (transition ) Tj ET Q q 0 0 0 rg BT 175.84 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 194.59 590.70 Td (integration ) Tj ET Q q 0 0 0 rg BT 243.67 590.70 Td (process ) Tj ET Q q 0 0 0 rg BT 278.75 590.70 Td (could ) Tj ET Q q 0 0 0 rg BT 305.68 590.70 Td (have ) Tj ET Q q 0 0 0 rg BT 329.09 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 337.34 590.70 Td (material ) Tj ET Q q 0 0 0 rg BT 375.33 590.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 410.99 590.70 Td (ef) Tj ET Q q 0 0 0 rg BT 418.96 590.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 438.29 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 452.38 590.70 Td (each ) Tj ET Q q 0 0 0 rg BT 475.21 590.70 Td (company�) Tj ET Q q 0 0 0 rg BT 516.61 590.70 Td (s ) Tj ET Q q 0 0 0 rg BT 524.29 590.70 Td (business, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 578.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 131.14 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.93 578.10 Td (results ) Tj ET Q q 0 0 0 rg BT 178.97 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.34 578.10 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 552.90 Td (In ) Tj ET Q q 0 0 0 rg BT 97.31 552.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 137.41 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 153.30 552.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 170.61 552.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 186.40 552.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 236.11 552.90 Td (restricts ) Tj ET Q q 0 0 0 rg BT 272.42 552.90 Td (us ) Tj ET Q q 0 0 0 rg BT 284.82 552.90 Td (from ) Tj ET Q q 0 0 0 rg BT 308.29 552.90 Td (taking ) Tj ET Q q 0 0 0 rg BT 337.60 552.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 369.23 552.90 Td (actions ) Tj ET Q q 0 0 0 rg BT 402.03 552.90 Td (without ) Tj ET Q q 0 0 0 rg BT 437.18 552.90 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 475.60 552.90 Td (T) Tj ET Q q 0 0 0 rg BT 481.29 552.90 Td (empleton�) Tj ET Q q 0 0 0 rg BT 523.28 552.90 Td (s ) Tj ET Q q 0 0 0 rg BT 530.43 552.90 Td (consent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (while ) Tj ET Q q 0 0 0 rg BT 75.43 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 90.86 540.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 108.17 540.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 124.18 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 133.78 540.30 Td (pending. ) Tj ET Q q 0 0 0 rg BT 172.84 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 175.44 540.30 Td (If ) Tj ET Q q 0 0 0 rg BT 185.04 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 200.47 540.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 217.77 540.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 233.79 540.30 Td (is ) Tj ET Q q 0 0 0 rg BT 243.39 540.30 Td (not ) Tj ET Q q 0 0 0 rg BT 259.41 540.30 Td (completed, ) Tj ET Q q 0 0 0 rg BT 308.38 540.30 Td (these ) Tj ET Q q 0 0 0 rg BT 332.55 540.30 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 381.81 540.30 Td (could ) Tj ET Q q 0 0 0 rg BT 407.74 540.30 Td (have ) Tj ET Q q 0 0 0 rg BT 430.17 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 437.43 540.30 Td (material ) Tj ET Q q 0 0 0 rg BT 474.43 540.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 509.10 540.30 Td (ef) Tj ET Q q 0 0 0 rg BT 517.07 540.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 535.41 540.30 Td (on ) Tj ET Q q 0 0 0 rg BT 548.51 540.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 90.23 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.48 527.70 Td (condition ) Tj ET Q q 0 0 0 rg BT 171.65 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 189.33 527.70 Td (results ) Tj ET Q q 0 0 0 rg BT 219.26 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 230.53 527.70 Td (operations. ) Tj ET Q q 0 0 0 rg BT 279.41 527.70 Td (Please ) Tj ET Q q 0 0 0 rg BT 308.75 527.70 Td (see ) Tj ET Q q 0 0 0 rg BT 324.67 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 340.02 527.70 Td (section ) Tj ET Q q 0 0 0 rg BT 372.27 527.70 Td (entitled ) Tj ET Q q 0 0 0 rg BT 406.28 527.70 Td (�The ) Tj ET Q q 0 0 0 rg BT 429.23 527.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 478.39 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 496.07 527.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 517.25 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 528.51 527.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 545.82 527.70 Td (ger) Tj ET Q q 0 0 0 rg BT 559.02 527.70 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Covenants ) Tj ET Q q 0 0 0 rg BT 95.90 515.10 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 141.71 515.10 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 179.36 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.17 515.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 229.59 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.16 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.05 515.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.95 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.19 515.10 Td (its ) Tj ET Q q 0 0 0 rg BT 329.18 515.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 382.58 515.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 405.65 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.89 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.78 515.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 448.09 515.10 Td (ger� ) Tj ET Q q 0 0 0 rg BT 468.23 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.46 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.36 515.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 520.52 515.10 Td (Statement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 71.65 502.50 Td (description ) Tj ET Q q 0 0 0 rg BT 120.94 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.31 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 147.76 502.50 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 192.37 502.50 Td (covenants ) Tj ET Q q 0 0 0 rg BT 236.98 502.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 282.75 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 293.54 502.50 Td (us ) Tj ET Q q 0 0 0 rg BT 305.50 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 323.29 502.50 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 361.30 502.50 Td (T) Tj ET Q q 0 0 0 rg BT 366.99 502.50 Td (empleton.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 477.30 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 129.81 477.30 Td (Against ) Tj ET Q q 0 0 0 rg BT 165.10 477.30 Td (Us ) Tj ET Q q 0 0 0 rg BT 178.79 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 190.14 477.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 231.27 477.30 Td (T) Tj ET Q q 0 0 0 rg BT 236.72 477.30 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 281.03 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 292.38 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 307.82 477.30 Td (Members ) Tj ET Q q 0 0 0 rg BT 350.09 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 360.85 477.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 380.38 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 391.74 477.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 432.86 477.30 Td (T) Tj ET Q q 0 0 0 rg BT 438.31 477.30 Td (empleton ) Tj ET Q q 0 0 0 rg BT 480.00 477.30 Td (Board ) Tj ET Q q 0 0 0 rg BT 508.86 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 519.63 477.30 Td (Directors, ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (Could ) Tj ET Q q 0 0 0 rg BT 78.39 464.70 Td (Prevent ) Tj ET Q q 0 0 0 rg BT 114.25 464.70 Td (or ) Tj ET Q q 0 0 0 rg BT 126.21 464.70 Td (Delay ) Tj ET Q q 0 0 0 rg BT 153.91 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 169.95 464.70 Td (Completion ) Tj ET Q q 0 0 0 rg BT 222.75 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 234.12 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 250.17 464.70 Td (Merger) Tj ET Q q 0 0 0 rg BT 281.67 464.70 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 439.50 Td (While ) Tj ET Q q 0 0 0 rg BT 113.63 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 128.35 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 145.98 439.50 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 183.85 439.50 Td (T) Tj ET Q q 0 0 0 rg BT 189.54 439.50 Td (empleton ) Tj ET Q q 0 0 0 rg BT 231.08 439.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 263.87 439.50 Td (that ) Tj ET Q q 0 0 0 rg BT 282.09 439.50 Td (any ) Tj ET Q q 0 0 0 rg BT 299.72 439.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 329.61 439.50 Td (that ) Tj ET Q q 0 0 0 rg BT 347.82 439.50 Td (may ) Tj ET Q q 0 0 0 rg BT 368.37 439.50 Td (be ) Tj ET Q q 0 0 0 rg BT 380.76 439.50 Td (asserted ) Tj ET Q q 0 0 0 rg BT 417.05 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 430.02 439.50 Td (purported ) Tj ET Q q 0 0 0 rg BT 473.32 439.50 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 524.78 439.50 Td (plaintif) Tj ET Q q 0 0 0 rg BT 554.92 439.50 Td (fs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (related ) Tj ET Q q 0 0 0 rg BT 80.54 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 91.18 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 106.48 426.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 123.79 426.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 139.67 426.90 Td (would ) Tj ET Q q 0 0 0 rg BT 168.40 426.90 Td (be ) Tj ET Q q 0 0 0 rg BT 180.78 426.90 Td (without ) Tj ET Q q 0 0 0 rg BT 215.34 426.90 Td (merit, ) Tj ET Q q 0 0 0 rg BT 242.60 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.91 426.90 Td (results ) Tj ET Q q 0 0 0 rg BT 287.80 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.02 426.90 Td (any ) Tj ET Q q 0 0 0 rg BT 316.65 426.90 Td (such ) Tj ET Q q 0 0 0 rg BT 338.38 426.90 Td (potential ) Tj ET Q q 0 0 0 rg BT 377.59 426.90 Td (legal ) Tj ET Q q 0 0 0 rg BT 400.47 426.90 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 453.68 426.90 Td (are ) Tj ET Q q 0 0 0 rg BT 468.97 426.90 Td (dif) Tj ET Q q 0 0 0 rg BT 480.45 426.90 Td (ficult ) Tj ET Q q 0 0 0 rg BT 505.08 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 515.73 426.90 Td (predict ) Tj ET Q q 0 0 0 rg BT 547.35 426.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (could ) Tj ET Q q 0 0 0 rg BT 74.45 414.30 Td (delay ) Tj ET Q q 0 0 0 rg BT 98.80 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 109.17 414.30 Td (prevent ) Tj ET Q q 0 0 0 rg BT 142.27 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 156.72 414.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 174.02 414.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 189.05 414.30 Td (from ) Tj ET Q q 0 0 0 rg BT 211.08 414.30 Td (being ) Tj ET Q q 0 0 0 rg BT 236.03 414.30 Td (competed ) Tj ET Q q 0 0 0 rg BT 278.46 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 288.25 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 294.53 414.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 322.98 414.30 Td (manner) Tj ET Q q 0 0 0 rg BT 353.88 414.30 Td (. ) Tj ET Q q 0 0 0 rg BT 358.13 414.30 Td (Moreover) Tj ET Q q 0 0 0 rg BT 399.11 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 403.35 414.30 Td (any ) Tj ET Q q 0 0 0 rg BT 420.13 414.30 Td (litigation ) Tj ET Q q 0 0 0 rg BT 459.66 414.30 Td (could ) Tj ET Q q 0 0 0 rg BT 484.61 414.30 Td (be ) Tj ET Q q 0 0 0 rg BT 496.14 414.30 Td (time ) Tj ET Q q 0 0 0 rg BT 516.42 414.30 Td (consuming ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.78 401.70 Td (expensive, ) Tj ET Q q 0 0 0 rg BT 115.52 401.70 Td (could ) Tj ET Q q 0 0 0 rg BT 141.97 401.70 Td (divert ) Tj ET Q q 0 0 0 rg BT 169.58 401.70 Td (our ) Tj ET Q q 0 0 0 rg BT 186.70 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 204.98 401.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 243.46 401.70 Td (T) Tj ET Q q 0 0 0 rg BT 249.14 401.70 Td (empleton�) Tj ET Q q 0 0 0 rg BT 291.14 401.70 Td (s ) Tj ET Q q 0 0 0 rg BT 298.34 401.70 Td (management�) Tj ET Q q 0 0 0 rg BT 354.91 401.70 Td (s ) Tj ET Q q 0 0 0 rg BT 362.12 401.70 Td (attention ) Tj ET Q q 0 0 0 rg BT 401.98 401.70 Td (away ) Tj ET Q q 0 0 0 rg BT 427.26 401.70 Td (from ) Tj ET Q q 0 0 0 rg BT 450.79 401.70 Td (their ) Tj ET Q q 0 0 0 rg BT 473.15 401.70 Td (regular ) Tj ET Q q 0 0 0 rg BT 506.01 401.70 Td (business ) Tj ET Q q 0 0 0 rg BT 544.72 401.70 Td (and, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.95 389.10 Td (lawsuit ) Tj ET Q q 0 0 0 rg BT 99.57 389.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 142.09 389.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 179.95 389.10 Td (against ) Tj ET Q q 0 0 0 rg BT 211.99 389.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 226.24 389.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 263.94 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 269.62 389.10 Td (empleton ) Tj ET Q q 0 0 0 rg BT 310.99 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.02 389.10 Td (members ) Tj ET Q q 0 0 0 rg BT 362.80 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.83 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.12 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 401.16 389.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 438.86 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 444.54 389.10 Td (empleton ) Tj ET Q q 0 0 0 rg BT 485.91 389.10 Td (board ) Tj ET Q q 0 0 0 rg BT 512.10 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.14 389.10 Td (directors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (could ) Tj ET Q q 0 0 0 rg BT 75.45 376.50 Td (have ) Tj ET Q q 0 0 0 rg BT 97.90 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 105.19 376.50 Td (material ) Tj ET Q q 0 0 0 rg BT 142.21 376.50 Td (adverse ) Tj ET Q q 0 0 0 rg BT 176.90 376.50 Td (ef) Tj ET Q q 0 0 0 rg BT 184.87 376.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 203.23 376.50 Td (on ) Tj ET Q q 0 0 0 rg BT 216.35 376.50 Td (each ) Tj ET Q q 0 0 0 rg BT 238.21 376.50 Td (party�) Tj ET Q q 0 0 0 rg BT 262.70 376.50 Td (s ) Tj ET Q q 0 0 0 rg BT 269.41 376.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 310.25 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.61 376.50 Td (condition ) Tj ET Q q 0 0 0 rg BT 391.89 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 409.68 376.50 Td (results ) Tj ET Q q 0 0 0 rg BT 439.72 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 451.09 376.50 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 351.30 Td (One ) Tj ET Q q 0 0 0 rg BT 105.71 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 117.17 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 132.71 351.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 179.18 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 190.06 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 205.60 351.30 Td (consummation ) Tj ET Q q 0 0 0 rg BT 270.15 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 281.61 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.15 351.30 Td (mer) Tj ET Q q 0 0 0 rg BT 313.28 351.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 329.41 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 339.13 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 354.67 351.30 Td (absence ) Tj ET Q q 0 0 0 rg BT 390.61 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 402.07 351.30 Td (any ) Tj ET Q q 0 0 0 rg BT 419.95 351.30 Td (statute, ) Tj ET Q q 0 0 0 rg BT 452.70 351.30 Td (rule, ) Tj ET Q q 0 0 0 rg BT 474.36 351.30 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 522.27 351.30 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (order) Tj ET Q q 0 0 0 rg BT 71.23 338.70 Td (, ) Tj ET Q q 0 0 0 rg BT 76.78 338.70 Td (decree, ) Tj ET Q q 0 0 0 rg BT 109.72 338.70 Td (ruling, ) Tj ET Q q 0 0 0 rg BT 140.35 338.70 Td (temporary ) Tj ET Q q 0 0 0 rg BT 186.42 338.70 Td (restraining ) Tj ET Q q 0 0 0 rg BT 234.24 338.70 Td (order) Tj ET Q q 0 0 0 rg BT 255.98 338.70 Td (, ) Tj ET Q q 0 0 0 rg BT 261.52 338.70 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 313.43 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 325.10 338.70 Td (permanent ) Tj ET Q q 0 0 0 rg BT 372.34 338.70 Td (injunction ) Tj ET Q q 0 0 0 rg BT 417.84 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 429.51 338.70 Td (other ) Tj ET Q q 0 0 0 rg BT 454.00 338.70 Td (order ) Tj ET Q q 0 0 0 rg BT 479.08 338.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 508.25 338.70 Td (by ) Tj ET Q q 0 0 0 rg BT 521.68 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 529.26 338.70 Td (court ) Tj ET Q q 0 0 0 rg BT 553.76 338.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.93 326.10 Td (government ) Tj ET Q q 0 0 0 rg BT 126.94 326.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 153.71 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.31 326.10 Td (competent ) Tj ET Q q 0 0 0 rg BT 211.90 326.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 262.59 326.10 Td (having ) Tj ET Q q 0 0 0 rg BT 294.02 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.71 326.10 Td (ef) Tj ET Q q 0 0 0 rg BT 317.67 326.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 336.27 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.87 326.10 Td (making ) Tj ET Q q 0 0 0 rg BT 382.22 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.90 326.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 415.21 326.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 431.47 326.10 Td (illegal ) Tj ET Q q 0 0 0 rg BT 460.57 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.17 326.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 515.85 326.10 Td (prohibiting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (consummation ) Tj ET Q q 0 0 0 rg BT 113.98 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 125.39 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 140.87 313.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 158.18 313.50 Td (ger) Tj ET Q q 0 0 0 rg BT 171.01 313.50 Td (. ) Tj ET Q q 0 0 0 rg BT 176.29 313.50 Td (Consequently) Tj ET Q q 0 0 0 rg BT 233.35 313.50 Td (, ) Tj ET Q q 0 0 0 rg BT 238.64 313.50 Td (if ) Tj ET Q q 0 0 0 rg BT 247.71 313.50 Td (a ) Tj ET Q q 0 0 0 rg BT 255.02 313.50 Td (settlement ) Tj ET Q q 0 0 0 rg BT 300.84 313.50 Td (or ) Tj ET Q q 0 0 0 rg BT 312.24 313.50 Td (other ) Tj ET Q q 0 0 0 rg BT 336.47 313.50 Td (resolution ) Tj ET Q q 0 0 0 rg BT 381.13 313.50 Td (is ) Tj ET Q q 0 0 0 rg BT 390.79 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 406.86 313.50 Td (reached ) Tj ET Q q 0 0 0 rg BT 442.16 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 452.98 313.50 Td (any ) Tj ET Q q 0 0 0 rg BT 470.80 313.50 Td (lawsuit ) Tj ET Q q 0 0 0 rg BT 503.79 313.50 Td (that ) Tj ET Q q 0 0 0 rg BT 522.19 313.50 Td (is ) Tj ET Q q 0 0 0 rg BT 531.85 313.50 Td (filed ) Tj ET Q q 0 0 0 rg BT 553.75 313.50 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (any ) Tj ET Q q 0 0 0 rg BT 67.02 300.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 112.52 300.90 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 161.53 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 179.04 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 186.06 300.90 Td (claimant ) Tj ET Q q 0 0 0 rg BT 224.57 300.90 Td (secures ) Tj ET Q q 0 0 0 rg BT 257.83 300.90 Td (injunctive ) Tj ET Q q 0 0 0 rg BT 302.18 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 313.28 300.90 Td (other ) Tj ET Q q 0 0 0 rg BT 337.21 300.90 Td (relief ) Tj ET Q q 0 0 0 rg BT 361.72 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 372.82 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 379.84 300.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 425.35 300.90 Td (authority ) Tj ET Q q 0 0 0 rg BT 465.61 300.90 Td (issues ) Tj ET Q q 0 0 0 rg BT 493.06 300.90 Td (an ) Tj ET Q q 0 0 0 rg BT 505.32 300.90 Td (order ) Tj ET Q q 0 0 0 rg BT 529.84 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 540.94 300.90 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (directive ) Tj ET Q q 0 0 0 rg BT 89.25 288.30 Td (having ) Tj ET Q q 0 0 0 rg BT 120.84 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 136.69 288.30 Td (ef) Tj ET Q q 0 0 0 rg BT 144.65 288.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 163.40 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 175.17 288.30 Td (making ) Tj ET Q q 0 0 0 rg BT 209.68 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 225.52 288.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 242.83 288.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 259.25 288.30 Td (illegal ) Tj ET Q q 0 0 0 rg BT 288.51 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 300.27 288.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 344.11 288.30 Td (prohibiting ) Tj ET Q q 0 0 0 rg BT 393.79 288.30 Td (consummation ) Tj ET Q q 0 0 0 rg BT 458.64 288.30 Td (of ) Tj ET Q q 0 0 0 rg BT 470.40 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 486.24 288.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 503.55 288.30 Td (ger) Tj ET Q q 0 0 0 rg BT 516.53 288.30 Td (, ) Tj ET Q q 0 0 0 rg BT 522.17 288.30 Td (then ) Tj ET Q q 0 0 0 rg BT 543.27 288.30 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (injunctive ) Tj ET Q q 0 0 0 rg BT 94.12 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 105.49 275.70 Td (other ) Tj ET Q q 0 0 0 rg BT 129.69 275.70 Td (relief ) Tj ET Q q 0 0 0 rg BT 154.46 275.70 Td (may ) Tj ET Q q 0 0 0 rg BT 175.17 275.70 Td (prevent ) Tj ET Q q 0 0 0 rg BT 209.28 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 224.73 275.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 242.03 275.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 258.06 275.70 Td (from ) Tj ET Q q 0 0 0 rg BT 281.10 275.70 Td (becoming ) Tj ET Q q 0 0 0 rg BT 325.13 275.70 Td (ef) Tj ET Q q 0 0 0 rg BT 333.10 275.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 364.29 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 375.08 275.70 Td (a ) Tj ET Q q 0 0 0 rg BT 382.37 275.70 Td (timely ) Tj ET Q q 0 0 0 rg BT 411.82 275.70 Td (manner ) Tj ET Q q 0 0 0 rg BT 445.93 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 457.30 275.70 Td (at ) Tj ET Q q 0 0 0 rg BT 467.51 275.70 Td (all.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.50 Td (Risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.64 250.50 Td (Related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.67 250.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.04 250.50 Td (our) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.60 250.50 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.65 250.50 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.19 250.50 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.72 250.50 Td (Business) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.50 225.30 Td (Poor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.79 225.30 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.92 225.30 Td (Performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.79 225.30 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.34 225.30 Td (Lead ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.21 225.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.67 225.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.21 225.30 Td (Loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.34 225.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.03 225.30 Td (Assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.17 225.30 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.88 225.30 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.34 225.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.98 225.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.52 225.30 Td (Decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.05 225.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.10 225.30 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 200.10 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 200.10 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.04 200.10 Td (believe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.16 200.10 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.72 200.10 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.60 200.10 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.46 200.10 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.27 200.10 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.24 200.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.80 200.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.43 200.10 Td (most ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.66 200.10 Td (important ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.30 200.10 Td (factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.67 200.10 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.73 200.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.36 200.10 Td (maintenance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.23 200.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.19 200.10 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 200.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.06 187.50 Td (AUM. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.48 187.50 Td (Poor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.60 187.50 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.97 187.50 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.93 187.50 Td (either ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.12 187.50 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.91 187.50 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.11 187.50 Td (absolute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.40 187.50 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.43 187.50 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.20 187.50 Td (basis, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.12 187.50 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.73 187.50 Td (impair ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.43 187.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.72 187.50 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.32 187.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 187.50 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.90 Td (because:) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 162.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 162.30 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.05 162.30 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.77 162.30 Td (might ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.57 162.30 Td (withdraw ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.53 162.30 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.17 162.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.64 162.30 Td (favor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.10 162.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.15 162.30 Td (better ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.35 162.30 Td (performing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.89 162.30 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.98 162.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.95 162.30 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.50 162.30 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.13 162.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.60 162.30 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 149.70 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.20 149.70 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.99 149.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.77 149.70 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.97 149.70 Td (fees;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 137.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 137.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.12 137.10 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.58 137.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.37 137.10 Td (attract ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.23 137.10 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.18 137.10 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.22 137.10 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.09 137.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.88 137.10 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.00 137.10 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.03 137.10 Td (might ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.16 137.10 Td (diminish; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.46 137.10 Td (and) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 124.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 124.50 Td (negative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.69 124.50 Td (absolute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.31 124.50 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.01 124.50 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.69 124.50 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.65 124.50 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.34 124.50 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.95 124.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.57 124.50 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.09 124.50 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.22 124.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.00 124.50 Td (revenues.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 99.30 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.87 99.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.25 99.30 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.95 99.30 Td (decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.65 99.30 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.11 99.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.16 99.30 Td (commensurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.77 99.30 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.80 99.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.35 99.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.73 99.30 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.64 99.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.02 99.30 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.22 99.30 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.51 99.30 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.23 99.30 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.52 99.30 Td (reduced. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.76 99.30 Td (From ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.70 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.47 86.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.95 86.70 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.54 86.70 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.59 86.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.64 86.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.95 86.70 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.67 86.70 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.21 86.70 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.34 86.70 Td (generated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.45 86.70 Td (poor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.01 86.70 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.39 86.70 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.38 86.70 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.19 86.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.15 86.70 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.94 86.70 Td (basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.25 86.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.31 86.70 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.53 86.70 Td (absolute ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 74.10 Td (basis, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.18 74.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.40 74.10 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.02 74.10 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.23 74.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.04 74.10 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.83 74.10 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.63 74.10 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.76 74.10 Td (managed, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.34 74.10 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.05 74.10 Td (contributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.93 74.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.15 74.10 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.86 74.10 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.24 74.10 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.95 74.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.17 74.10 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.79 74.10 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 74.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.50 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.90 61.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.15 61.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.89 61.50 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.63 61.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.88 61.50 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.02 61.50 Td (fees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.63 61.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.88 61.50 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.13 61.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.96 61.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.04 61.50 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.54 61.50 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.86 61.50 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.84 61.50 Td (face ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.41 61.50 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.07 61.50 Td (issues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.72 61.50 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.79 61.50 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.53 61.50 Td (face ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.10 61.50 Td (periodic ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.90 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.29 48.90 Td (issues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.11 48.90 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.52 48.90 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.82 48.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.31 48.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.04 48.90 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.57 48.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.46 48.90 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.19 48.90 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.93 48.90 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.41 48.90 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.81 48.90 Td (lag ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.38 48.90 Td (before ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.93 48.90 Td (improvements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.74 48.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.65 48.90 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.46 48.90 Td (performance ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (20) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (produce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.22 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.79 741.75 Td (positive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.94 741.75 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.91 741.75 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.54 741.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.95 741.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.26 741.75 Td (flows. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.12 741.75 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.77 741.75 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.72 741.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.45 741.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.76 741.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.31 741.75 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.63 741.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.53 741.75 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.15 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.72 741.75 Td (continued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.03 741.75 Td (weakening ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.53 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.22 729.15 Td (correlation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.55 729.15 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.40 729.15 Td (strong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.51 729.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.44 729.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.35 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.37 729.15 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.88 729.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.15 729.15 Td (flows. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.83 729.15 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.17 729.15 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.60 729.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.38 729.15 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.73 729.15 Td (assurances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.49 729.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.10 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.13 729.15 Td (when, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.87 716.55 Td (if, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.54 716.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.24 716.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.91 716.55 Td (issues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.63 716.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.59 716.55 Td (cease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.94 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.73 716.55 Td (negatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.09 716.55 Td (influence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.78 716.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.82 716.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.95 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.74 716.55 Td (revenues.) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 73.50 691.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.74 691.35 Td (Business ) Tj ET Q q 0 0 0 rg BT 132.99 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 151.05 691.35 Td (Operations ) Tj ET Q q 0 0 0 rg BT 200.62 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 216.35 691.35 Td (Subject ) Tj ET Q q 0 0 0 rg BT 250.16 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 259.80 691.35 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 295.94 691.35 Td (Ef) Tj ET Q q 0 0 0 rg BT 306.25 691.35 Td (fects ) Tj ET Q q 0 0 0 rg BT 327.80 691.35 Td (from ) Tj ET Q q 0 0 0 rg BT 350.53 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 365.67 691.35 Td (Outbreak ) Tj ET Q q 0 0 0 rg BT 408.24 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 426.31 691.35 Td (Spread ) Tj ET Q q 0 0 0 rg BT 458.37 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 468.84 691.35 Td (Contagious ) Tj ET Q q 0 0 0 rg BT 520.18 691.35 Td (Diseases ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Such ) Tj ET Q q 0 0 0 rg BT 74.31 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 86.27 678.75 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 138.77 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 157.55 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 166.10 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 173.39 678.75 Td (Expect ) Tj ET Q q 0 0 0 rg BT 205.76 678.75 Td (Such ) Tj ET Q q 0 0 0 rg BT 230.17 678.75 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 267.21 678.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 277.52 678.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 299.96 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 310.76 678.75 Td (Continue.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.65 678.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 103.74 653.55 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 142.40 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 159.48 653.55 Td (spread ) Tj ET Q q 0 0 0 rg BT 188.80 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 199.47 653.55 Td (contagious ) Tj ET Q q 0 0 0 rg BT 246.88 653.55 Td (diseases ) Tj ET Q q 0 0 0 rg BT 283.21 653.55 Td (such ) Tj ET Q q 0 0 0 rg BT 304.37 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 315.04 653.55 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 366.83 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 373.41 653.55 Td (highly ) Tj ET Q q 0 0 0 rg BT 402.16 653.55 Td (transmissible ) Tj ET Q q 0 0 0 rg BT 459.49 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 476.57 653.55 Td (pathogenic ) Tj ET Q q 0 0 0 rg BT 524.56 653.55 Td (disease, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (has ) Tj ET Q q 0 0 0 rg BT 66.12 640.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 101.99 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 119.78 640.95 Td (will ) Tj ET Q q 0 0 0 rg BT 138.74 640.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 165.28 640.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 204.07 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.86 640.95 Td (result ) Tj ET Q q 0 0 0 rg BT 240.82 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 251.61 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 258.90 640.95 Td (widespread ) Tj ET Q q 0 0 0 rg BT 309.34 640.95 Td (national ) Tj ET Q q 0 0 0 rg BT 345.79 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 363.58 640.95 Td (global ) Tj ET Q q 0 0 0 rg BT 392.46 640.95 Td (public ) Tj ET Q q 0 0 0 rg BT 421.33 640.95 Td (health ) Tj ET Q q 0 0 0 rg BT 449.61 640.95 Td (crisis, ) Tj ET Q q 0 0 0 rg BT 477.03 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 505.32 640.95 Td (has ) Tj ET Q q 0 0 0 rg BT 521.94 640.95 Td (had, ) Tj ET Q q 0 0 0 rg BT 542.36 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 63.89 628.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.44 628.35 Td (will ) Tj ET Q q 0 0 0 rg BT 111.92 628.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 150.22 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 160.54 628.35 Td (have, ) Tj ET Q q 0 0 0 rg BT 185.13 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 197.19 628.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 231.40 628.35 Td (ef) Tj ET Q q 0 0 0 rg BT 239.37 628.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 257.25 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 269.90 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 286.04 628.35 Td (business, ) Tj ET Q q 0 0 0 rg BT 326.40 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 365.28 628.35 Td (condition ) Tj ET Q q 0 0 0 rg BT 407.09 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 424.40 628.35 Td (results ) Tj ET Q q 0 0 0 rg BT 453.96 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 464.85 628.35 Td (operations. ) Tj ET Q q 0 0 0 rg BT 513.36 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 515.51 628.35 Td (Infectious ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (illness ) Tj ET Q q 0 0 0 rg BT 79.48 615.75 Td (outbreaks ) Tj ET Q q 0 0 0 rg BT 123.45 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 135.35 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 160.07 615.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 195.28 615.75 Td (public ) Tj ET Q q 0 0 0 rg BT 224.68 615.75 Td (health ) Tj ET Q q 0 0 0 rg BT 253.48 615.75 Td (developments ) Tj ET Q q 0 0 0 rg BT 314.95 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 326.27 615.75 Td (countries ) Tj ET Q q 0 0 0 rg BT 367.90 615.75 Td (where ) Tj ET Q q 0 0 0 rg BT 396.70 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 412.09 615.75 Td (operate, ) Tj ET Q q 0 0 0 rg BT 448.76 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 460.66 615.75 Td (well ) Tj ET Q q 0 0 0 rg BT 481.88 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 493.78 615.75 Td (any ) Tj ET Q q 0 0 0 rg BT 512.09 615.75 Td (local, ) Tj ET Q q 0 0 0 rg BT 538.27 615.75 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (and/or ) Tj ET Q q 0 0 0 rg BT 80.99 603.15 Td (national ) Tj ET Q q 0 0 0 rg BT 119.48 603.15 Td (government ) Tj ET Q q 0 0 0 rg BT 174.29 603.15 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 220.94 603.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 264.67 603.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 324.16 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 336.99 603.15 Td (control ) Tj ET Q q 0 0 0 rg BT 371.39 603.15 Td (such ) Tj ET Q q 0 0 0 rg BT 395.30 603.15 Td (outbreaks, ) Tj ET Q q 0 0 0 rg BT 443.42 603.15 Td (could ) Tj ET Q q 0 0 0 rg BT 471.41 603.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 516.30 603.15 Td (af) Tj ET Q q 0 0 0 rg BT 524.27 603.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 544.67 603.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (economies ) Tj ET Q q 0 0 0 rg BT 97.38 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 109.10 590.55 Td (many ) Tj ET Q q 0 0 0 rg BT 135.41 590.55 Td (nations ) Tj ET Q q 0 0 0 rg BT 168.71 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 180.44 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 196.24 590.55 Td (entire ) Tj ET Q q 0 0 0 rg BT 223.12 590.55 Td (global ) Tj ET Q q 0 0 0 rg BT 252.34 590.55 Td (economy) Tj ET Q q 0 0 0 rg BT 290.15 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 295.75 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 311.55 590.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 351.26 590.55 Td (condition ) Tj ET Q q 0 0 0 rg BT 393.90 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 405.62 590.55 Td (individual ) Tj ET Q q 0 0 0 rg BT 451.18 590.55 Td (issuers ) Tj ET Q q 0 0 0 rg BT 482.74 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 494.46 590.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 542.34 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.05 577.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 116.49 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 126.23 577.95 Td (ways ) Tj ET Q q 0 0 0 rg BT 149.38 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 166.69 577.95 Td (cannot ) Tj ET Q q 0 0 0 rg BT 196.25 577.95 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 244.47 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 255.95 577.95 Td (foreseen, ) Tj ET Q q 0 0 0 rg BT 295.71 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 312.44 577.95 Td (such ) Tj ET Q q 0 0 0 rg BT 333.26 577.95 Td (impacts ) Tj ET Q q 0 0 0 rg BT 367.49 577.95 Td (could ) Tj ET Q q 0 0 0 rg BT 392.38 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 403.87 577.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 449.76 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 466.49 577.95 Td (long ) Tj ET Q q 0 0 0 rg BT 486.73 577.95 Td (term. ) Tj ET Q q 0 0 0 rg BT 510.17 577.95 Td (In ) Tj ET Q q 0 0 0 rg BT 520.48 577.95 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (these ) Tj ET Q q 0 0 0 rg BT 73.48 565.35 Td (events ) Tj ET Q q 0 0 0 rg BT 102.71 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 120.27 565.35 Td (their ) Tj ET Q q 0 0 0 rg BT 141.92 565.35 Td (aftermaths ) Tj ET Q q 0 0 0 rg BT 188.63 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 209.12 565.35 Td (cause ) Tj ET Q q 0 0 0 rg BT 234.84 565.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 271.07 565.35 Td (fear ) Tj ET Q q 0 0 0 rg BT 289.79 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 307.35 565.35 Td (panic, ) Tj ET Q q 0 0 0 rg BT 335.12 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 363.18 565.35 Td (could ) Tj ET Q q 0 0 0 rg BT 388.91 565.35 Td (further ) Tj ET Q q 0 0 0 rg BT 419.88 565.35 Td (adversely ) Tj ET Q q 0 0 0 rg BT 462.52 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 470.49 565.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 488.63 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 499.20 565.35 Td (unforeseeable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (ways ) Tj ET Q q 0 0 0 rg BT 73.47 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 88.69 552.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 134.81 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 152.36 552.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.80 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.94 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.16 552.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 284.07 552.75 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 318.25 552.75 Td (nations, ) Tj ET Q q 0 0 0 rg BT 353.59 552.75 Td (regions ) Tj ET Q q 0 0 0 rg BT 386.89 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 397.45 552.75 Td (which ) Tj ET Q q 0 0 0 rg BT 425.50 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 440.13 552.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 467.60 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.15 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.27 552.75 Td (markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 61.01 540.15 Td (general. ) Tj ET Q q 0 0 0 rg BT 97.64 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 117.31 540.15 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 167.90 540.15 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 212.06 540.15 Td (has ) Tj ET Q q 0 0 0 rg BT 229.40 540.15 Td (already ) Tj ET Q q 0 0 0 rg BT 263.64 540.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 307.22 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 315.19 540.15 Td (fected ) Tj ET Q q 0 0 0 rg BT 344.18 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 362.69 540.15 Td (will ) Tj ET Q q 0 0 0 rg BT 382.37 540.15 Td (likely ) Tj ET Q q 0 0 0 rg BT 409.63 540.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 449.13 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 460.64 540.15 Td (adversely ) Tj ET Q q 0 0 0 rg BT 504.22 540.15 Td (af) Tj ET Q q 0 0 0 rg BT 512.19 540.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 531.27 540.15 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (economies ) Tj ET Q q 0 0 0 rg BT 97.20 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 115.16 527.55 Td (markets, ) Tj ET Q q 0 0 0 rg BT 153.83 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 171.79 527.55 Td (has ) Tj ET Q q 0 0 0 rg BT 188.58 527.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 224.62 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 235.59 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 243.05 527.55 Td (global ) Tj ET Q q 0 0 0 rg BT 272.09 527.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 315.71 527.55 Td (downturn ) Tj ET Q q 0 0 0 rg BT 358.76 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 376.72 527.55 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 426.19 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 437.15 527.55 Td (commerce ) Tj ET Q q 0 0 0 rg BT 483.68 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 502.22 527.55 Td (will ) Tj ET Q q 0 0 0 rg BT 521.36 527.55 Td (continue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.11 514.95 Td (evolve, ) Tj ET Q q 0 0 0 rg BT 93.16 514.95 Td (including ) Tj ET Q q 0 0 0 rg BT 135.27 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 156.37 514.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 188.55 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 199.15 514.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.33 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 255.93 514.95 Td (other ) Tj ET Q q 0 0 0 rg BT 279.94 514.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 323.20 514.95 Td (activities, ) Tj ET Q q 0 0 0 rg BT 366.17 514.95 Td (services, ) Tj ET Q q 0 0 0 rg BT 405.06 514.95 Td (travel ) Tj ET Q q 0 0 0 rg BT 431.40 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 449.00 514.95 Td (supply ) Tj ET Q q 0 0 0 rg BT 479.44 514.95 Td (chains. ) Tj ET Q q 0 0 0 rg BT 511.33 514.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 542.35 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (national ) Tj ET Q q 0 0 0 rg BT 84.82 502.35 Td (health ) Tj ET Q q 0 0 0 rg BT 111.98 502.35 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 153.42 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 170.08 502.35 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 218.82 502.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 260.55 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 274.88 502.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 304.95 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 315.20 502.35 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 366.57 502.35 Td (could ) Tj ET Q q 0 0 0 rg BT 391.40 502.35 Td (lead ) Tj ET Q q 0 0 0 rg BT 410.39 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 420.06 502.35 Td (further ) Tj ET Q q 0 0 0 rg BT 450.13 502.35 Td (and/or ) Tj ET Q q 0 0 0 rg BT 478.45 502.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 519.60 502.35 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.18 489.75 Td (global ) Tj ET Q q 0 0 0 rg BT 88.94 489.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 119.44 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.12 489.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 163.53 489.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 201.91 489.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 244.66 489.75 Td (af) Tj ET Q q 0 0 0 rg BT 252.63 489.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.88 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 287.39 489.75 Td (key ) Tj ET Q q 0 0 0 rg BT 305.06 489.75 Td (executives ) Tj ET Q q 0 0 0 rg BT 351.89 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.57 489.75 Td (other ) Tj ET Q q 0 0 0 rg BT 393.66 489.75 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 439.62 489.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 472.17 489.75 Td (investors, ) Tj ET Q q 0 0 0 rg BT 515.22 489.75 Td (providers, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (suppliers, ) Tj ET Q q 0 0 0 rg BT 92.67 477.15 Td (lessees, ) Tj ET Q q 0 0 0 rg BT 127.07 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 144.86 477.15 Td (other ) Tj ET Q q 0 0 0 rg BT 169.06 477.15 Td (third ) Tj ET Q q 0 0 0 rg BT 191.52 477.15 Td (parties, ) Tj ET Q q 0 0 0 rg BT 224.75 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 242.54 477.15 Td (negatively ) Tj ET Q q 0 0 0 rg BT 288.90 477.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 320.10 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 336.14 477.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 365.89 477.15 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 408.46 477.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 444.61 477.15 Td (business ) Tj ET Q q 0 0 0 rg BT 482.83 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 500.61 477.15 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 451.95 Td (Like ) Tj ET Q q 0 0 0 rg BT 108.87 451.95 Td (many ) Tj ET Q q 0 0 0 rg BT 136.33 451.95 Td (other ) Tj ET Q q 0 0 0 rg BT 162.04 451.95 Td (global ) Tj ET Q q 0 0 0 rg BT 192.41 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 242.62 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 300.40 451.95 Td (or) Tj ET Q q 0 0 0 rg BT 308.95 451.95 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 363.53 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 381.66 451.95 Td (business ) Tj ET Q q 0 0 0 rg BT 421.37 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 440.66 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 457.62 451.95 Td (businesses ) Tj ET Q q 0 0 0 rg BT 506.09 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 518.96 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 537.09 451.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 105.81 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 113.77 439.35 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 147.63 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 170.12 439.35 Td (been ) Tj ET Q q 0 0 0 rg BT 192.60 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 210.42 439.35 Td (will ) Tj ET Q q 0 0 0 rg BT 229.42 439.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 255.99 439.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 294.81 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 305.64 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 318.21 439.35 Td (negatively ) Tj ET Q q 0 0 0 rg BT 364.60 439.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 405.75 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 418.91 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 434.40 439.35 Td (current ) Tj ET Q q 0 0 0 rg BT 466.79 439.35 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 516.70 439.35 Td (pandemic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.35 426.75 Td (ensuing ) Tj ET Q q 0 0 0 rg BT 100.70 426.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 143.21 426.75 Td (downturn ) Tj ET Q q 0 0 0 rg BT 185.14 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 195.00 426.75 Td (global ) Tj ET Q q 0 0 0 rg BT 222.93 426.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.35 426.75 Td (markets. ) Tj ET Q q 0 0 0 rg BT 298.78 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 316.79 426.75 Td (global ) Tj ET Q q 0 0 0 rg BT 344.73 426.75 Td (spread ) Tj ET Q q 0 0 0 rg BT 373.82 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.25 426.75 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 435.81 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 452.66 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.18 426.75 Td (various ) Tj ET Q q 0 0 0 rg BT 499.78 426.75 Td (governmental ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (actions ) Tj ET Q q 0 0 0 rg BT 81.09 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 98.09 414.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 140.75 414.15 Td (ef) Tj ET Q q 0 0 0 rg BT 148.72 414.15 Td (fects ) Tj ET Q q 0 0 0 rg BT 170.38 414.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 208.97 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 231.23 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 233.07 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 247.74 414.15 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 293.03 414.15 Td (have ) Tj ET Q q 0 0 0 rg BT 314.69 414.15 Td (had, ) Tj ET Q q 0 0 0 rg BT 334.32 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 351.32 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 365.98 414.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 405.14 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 415.15 414.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 453.15 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 463.16 414.15 Td (have, ) Tj ET Q q 0 0 0 rg BT 487.45 414.15 Td (negative ) Tj ET Q q 0 0 0 rg BT 524.86 414.15 Td (impacts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.36 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 78.71 401.55 Td (business ) Tj ET Q q 0 0 0 rg BT 116.65 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.17 401.55 Td (operations, ) Tj ET Q q 0 0 0 rg BT 182.89 401.55 Td (including ) Tj ET Q q 0 0 0 rg BT 224.91 401.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 268.65 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 291.42 401.55 Td (values, ) Tj ET Q q 0 0 0 rg BT 323.22 401.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 358.81 401.55 Td (demand ) Tj ET Q q 0 0 0 rg BT 394.40 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 409.00 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 425.35 401.55 Td (products ) Tj ET Q q 0 0 0 rg BT 463.87 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 481.39 401.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 520.19 401.55 Td (concerns ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.97 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 83.36 388.95 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 133.25 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 146.98 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 164.20 388.95 Td (personnel ) Tj ET Q q 0 0 0 rg BT 208.25 388.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 254.64 388.95 Td (health ) Tj ET Q q 0 0 0 rg BT 283.52 388.95 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 326.69 388.95 Td (quarantines, ) Tj ET Q q 0 0 0 rg BT 380.95 388.95 Td (shelter) Tj ET Q q 0 0 0 rg BT 408.72 388.95 Td (-in-place ) Tj ET Q q 0 0 0 rg BT 449.26 388.95 Td (orders ) Tj ET Q q 0 0 0 rg BT 478.73 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 497.12 388.95 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 547.01 388.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (travel\), ) Tj ET Q q 0 0 0 rg BT 82.46 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 100.55 376.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 143.13 376.35 Td (cyber ) Tj ET Q q 0 0 0 rg BT 169.38 376.35 Td (security ) Tj ET Q q 0 0 0 rg BT 205.55 376.35 Td (risks. ) Tj ET Q q 0 0 0 rg BT 230.73 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 249.99 376.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 293.74 376.35 Td (downturn ) Tj ET Q q 0 0 0 rg BT 336.92 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 368.41 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 379.51 376.35 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 429.69 376.35 Td (has ) Tj ET Q q 0 0 0 rg BT 446.62 376.35 Td (caused ) Tj ET Q q 0 0 0 rg BT 478.12 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 481.06 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 499.15 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 509.09 376.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 549.33 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 87.90 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 98.31 363.75 Td (cause, ) Tj ET Q q 0 0 0 rg BT 126.49 363.75 Td (decreases ) Tj ET Q q 0 0 0 rg BT 168.95 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 186.35 363.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 238.17 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 248.58 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 264.32 363.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 293.69 363.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 333.24 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 350.65 363.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 386.42 363.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 428.30 363.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 466.13 363.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 488.21 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 505.61 363.75 Td (redemptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.51 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 77.35 351.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 103.53 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 121.53 351.15 Td (other ) Tj ET Q q 0 0 0 rg BT 145.95 351.15 Td (products ) Tj ET Q q 0 0 0 rg BT 184.95 351.15 Td (\(which ) Tj ET Q q 0 0 0 rg BT 216.95 351.15 Td (could ) Tj ET Q q 0 0 0 rg BT 243.12 351.15 Td (result ) Tj ET Q q 0 0 0 rg BT 269.29 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 280.30 351.15 Td (dif) Tj ET Q q 0 0 0 rg BT 291.78 351.15 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 328.44 351.15 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 370.95 351.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 392.45 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 403.46 351.15 Td (settle ) Tj ET Q q 0 0 0 rg BT 428.46 351.15 Td (redemptions\), ) Tj ET Q q 0 0 0 rg BT 489.34 351.15 Td (poor ) Tj ET Q q 0 0 0 rg BT 511.42 351.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.60 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 117.40 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 134.44 338.55 Td (products ) Tj ET Q q 0 0 0 rg BT 173.65 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 191.86 338.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 234.55 338.55 Td (investments, ) Tj ET Q q 0 0 0 rg BT 290.39 338.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 333.08 338.55 Td (focus ) Tj ET Q q 0 0 0 rg BT 358.88 338.55 Td (on ) Tj ET Q q 0 0 0 rg BT 372.43 338.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 409.29 338.55 Td (management, ) Tj ET Q q 0 0 0 rg BT 468.61 338.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.65 338.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 542.34 338.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 80.69 325.95 Td (planning, ) Tj ET Q q 0 0 0 rg BT 122.68 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 140.47 325.95 Td (could ) Tj ET Q q 0 0 0 rg BT 166.42 325.95 Td (cause ) Tj ET Q q 0 0 0 rg BT 192.37 325.95 Td (reputational ) Tj ET Q q 0 0 0 rg BT 245.14 325.95 Td (harm, ) Tj ET Q q 0 0 0 rg BT 271.96 325.95 Td (legal ) Tj ET Q q 0 0 0 rg BT 295.00 325.95 Td (claims, ) Tj ET Q q 0 0 0 rg BT 327.66 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 345.44 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 369.64 325.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 400.83 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 419.21 325.95 Td (may ) Tj ET Q q 0 0 0 rg BT 439.91 325.95 Td (arise ) Tj ET Q q 0 0 0 rg BT 462.35 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 473.73 325.95 Td (develop. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 300.75 Td (In ) Tj ET Q q 0 0 0 rg BT 99.14 300.75 Td (order ) Tj ET Q q 0 0 0 rg BT 126.19 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 139.25 300.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 173.30 300.75 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 230.39 300.75 Td (we ) Tj ET Q q 0 0 0 rg BT 247.52 300.75 Td (must ) Tj ET Q q 0 0 0 rg BT 272.84 300.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 313.89 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.95 300.75 Td (perform ) Tj ET Q q 0 0 0 rg BT 365.66 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 384.55 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 409.86 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 468.40 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 488.45 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 521.91 300.75 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 116.17 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 131.50 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 148.59 288.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 179.08 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 197.33 288.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 238.33 288.15 Td (properly ) Tj ET Q q 0 0 0 rg BT 276.99 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 295.24 288.15 Td (ef) Tj ET Q q 0 0 0 rg BT 303.21 288.15 Td (fectively ) Tj ET Q q 0 0 0 rg BT 343.03 288.15 Td (throughout ) Tj ET Q q 0 0 0 rg BT 392.20 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 408.11 288.15 Td (course ) Tj ET Q q 0 0 0 rg BT 438.61 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 450.44 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 466.36 288.15 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 516.69 288.15 Td (pandemic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.36 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.88 275.55 Td (following ) Tj ET Q q 0 0 0 rg BT 126.41 275.55 Td (recovery) Tj ET Q q 0 0 0 rg BT 162.45 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 167.77 275.55 Td (which, ) Tj ET Q q 0 0 0 rg BT 198.75 275.55 Td (among ) Tj ET Q q 0 0 0 rg BT 230.03 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 254.30 275.55 Td (matters, ) Tj ET Q q 0 0 0 rg BT 290.52 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 300.22 275.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 346.07 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 359.26 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 374.79 275.55 Td (health ) Tj ET Q q 0 0 0 rg BT 403.14 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 420.99 275.55 Td (safety ) Tj ET Q q 0 0 0 rg BT 448.76 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 460.20 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 476.89 275.55 Td (personnel ) Tj ET Q q 0 0 0 rg BT 520.41 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 538.27 275.55 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 79.14 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 90.12 262.95 Td (work ) Tj ET Q q 0 0 0 rg BT 114.51 262.95 Td (remotely ) Tj ET Q q 0 0 0 rg BT 154.64 262.95 Td (successfully) Tj ET Q q 0 0 0 rg BT 205.28 262.95 Td (. ) Tj ET Q q 0 0 0 rg BT 210.51 262.95 Td (While ) Tj ET Q q 0 0 0 rg BT 238.98 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 254.03 262.95 Td (have ) Tj ET Q q 0 0 0 rg BT 276.66 262.95 Td (implemented ) Tj ET Q q 0 0 0 rg BT 334.29 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 351.09 262.95 Td (business ) Tj ET Q q 0 0 0 rg BT 389.49 262.95 Td (continuity ) Tj ET Q q 0 0 0 rg BT 434.88 262.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 459.86 262.95 Td (globally ) Tj ET Q q 0 0 0 rg BT 497.08 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 508.06 262.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 543.51 262.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (business ) Tj ET Q q 0 0 0 rg BT 87.62 250.35 Td (during ) Tj ET Q q 0 0 0 rg BT 117.56 250.35 Td (this ) Tj ET Q q 0 0 0 rg BT 135.26 250.35 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 181.24 250.35 Td (including ) Tj ET Q q 0 0 0 rg BT 223.43 250.35 Td (broad ) Tj ET Q q 0 0 0 rg BT 249.87 250.35 Td (work-from-home ) Tj ET Q q 0 0 0 rg BT 324.71 250.35 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 375.06 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 389.83 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 406.36 250.35 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 452.33 250.35 Td (there ) Tj ET Q q 0 0 0 rg BT 475.85 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 485.38 250.35 Td (no ) Tj ET Q q 0 0 0 rg BT 498.41 250.35 Td (assurance ) Tj ET Q q 0 0 0 rg BT 541.75 250.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.14 237.75 Td (ef) Tj ET Q q 0 0 0 rg BT 74.11 237.75 Td (forts ) Tj ET Q q 0 0 0 rg BT 96.01 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 113.81 237.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 153.21 237.75 Td (will ) Tj ET Q q 0 0 0 rg BT 172.19 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 184.75 237.75 Td (suf) Tj ET Q q 0 0 0 rg BT 197.39 237.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 226.86 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.67 237.75 Td (protect ) Tj ET Q q 0 0 0 rg BT 269.47 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.95 237.75 Td (health ) Tj ET Q q 0 0 0 rg BT 313.25 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 331.06 237.75 Td (safety ) Tj ET Q q 0 0 0 rg BT 358.78 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 370.17 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 386.81 237.75 Td (personnel ) Tj ET Q q 0 0 0 rg BT 430.28 237.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 459.75 237.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 499.14 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 514.62 237.75 Td (success ) Tj ET Q q 0 0 0 rg BT 548.75 237.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 66.61 225.15 Td (business. ) Tj ET Q q 0 0 0 rg BT 107.93 225.15 Td (Further) Tj ET Q q 0 0 0 rg BT 138.42 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 144.15 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 159.51 225.15 Td (depend ) Tj ET Q q 0 0 0 rg BT 192.94 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 206.55 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 214.32 225.15 Td (number ) Tj ET Q q 0 0 0 rg BT 249.50 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.36 225.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 309.37 225.15 Td (providers ) Tj ET Q q 0 0 0 rg BT 352.14 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 363.41 225.15 Td (support ) Tj ET Q q 0 0 0 rg BT 398.02 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 415.13 225.15 Td (operations, ) Tj ET Q q 0 0 0 rg BT 464.60 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 482.87 225.15 Td (any ) Tj ET Q q 0 0 0 rg BT 501.14 225.15 Td (failure ) Tj ET Q q 0 0 0 rg BT 531.65 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 543.51 225.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 96.77 212.55 Td (providers ) Tj ET Q q 0 0 0 rg BT 138.79 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 149.31 212.55 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 175.59 212.55 Td (their ) Tj ET Q q 0 0 0 rg BT 197.19 212.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 246.22 212.55 Td (could ) Tj ET Q q 0 0 0 rg BT 271.91 212.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 314.51 212.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 345.45 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 361.80 212.55 Td (business. ) Tj ET Q q 0 0 0 rg BT 402.38 212.55 Td (Moreover) Tj ET Q q 0 0 0 rg BT 443.36 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 448.35 212.55 Td (we ) Tj ET Q q 0 0 0 rg BT 462.95 212.55 Td (now ) Tj ET Q q 0 0 0 rg BT 483.40 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 505.58 212.55 Td (an ) Tj ET Q q 0 0 0 rg BT 517.85 212.55 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (dependency ) Tj ET Q q 0 0 0 rg BT 102.56 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 115.98 199.95 Td (remote ) Tj ET Q q 0 0 0 rg BT 148.06 199.95 Td (equipment ) Tj ET Q q 0 0 0 rg BT 195.30 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 213.38 199.95 Td (connectivity ) Tj ET Q q 0 0 0 rg BT 268.21 199.95 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 327.69 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 338.77 199.95 Td (access ) Tj ET Q q 0 0 0 rg BT 368.51 199.95 Td (critical ) Tj ET Q q 0 0 0 rg BT 400.58 199.95 Td (business ) Tj ET Q q 0 0 0 rg BT 439.09 199.95 Td (systems ) Tj ET Q q 0 0 0 rg BT 475.26 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 493.93 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 514.93 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 527.76 199.95 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.02 187.35 Td (failure, ) Tj ET Q q 0 0 0 rg BT 92.41 187.35 Td (disruption ) Tj ET Q q 0 0 0 rg BT 137.35 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 148.45 187.35 Td (unavailability ) Tj ET Q q 0 0 0 rg BT 208.55 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 226.65 187.35 Td (could ) Tj ET Q q 0 0 0 rg BT 252.33 187.35 Td (negatively ) Tj ET Q q 0 0 0 rg BT 298.42 187.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 329.35 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 345.71 187.35 Td (business ) Tj ET Q q 0 0 0 rg BT 383.65 187.35 Td (operations. ) Tj ET Q q 0 0 0 rg BT 431.85 187.35 Td (Additionally) Tj ET Q q 0 0 0 rg BT 484.25 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 489.24 187.35 Td (multiple ) Tj ET Q q 0 0 0 rg BT 526.59 187.35 Td (regions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.69 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 89.37 174.75 Td (we ) Tj ET Q q 0 0 0 rg BT 104.63 174.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 138.54 174.75 Td (have ) Tj ET Q q 0 0 0 rg BT 161.38 174.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 219.22 174.75 Td (movement ) Tj ET Q q 0 0 0 rg BT 266.56 174.75 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 318.86 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 347.54 174.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 379.14 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 396.15 174.75 Td (personnel ) Tj ET Q q 0 0 0 rg BT 439.99 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.17 174.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 506.09 174.75 Td (vendors ) Tj ET Q q 0 0 0 rg BT 542.35 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (service ) Tj ET Q q 0 0 0 rg BT 81.74 162.15 Td (providers ) Tj ET Q q 0 0 0 rg BT 123.91 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 141.58 162.15 Td (may ) Tj ET Q q 0 0 0 rg BT 162.16 162.15 Td (af) Tj ET Q q 0 0 0 rg BT 170.13 162.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 188.37 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 204.88 162.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 234.22 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 244.89 162.15 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 274.82 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 286.07 162.15 Td (respond ) Tj ET Q q 0 0 0 rg BT 321.82 162.15 Td (timely ) Tj ET Q q 0 0 0 rg BT 351.16 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 361.84 162.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 401.09 162.15 Td (technology ) Tj ET Q q 0 0 0 rg BT 450.25 162.15 Td (issues ) Tj ET Q q 0 0 0 rg BT 477.85 162.15 Td (or ) Tj ET Q q 0 0 0 rg BT 489.10 162.15 Td (needs ) Tj ET Q q 0 0 0 rg BT 515.52 162.15 Td (impacting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 65.90 149.55 Td (business ) Tj ET Q q 0 0 0 rg BT 103.90 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 121.47 149.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 170.24 149.55 Td (If ) Tj ET Q q 0 0 0 rg BT 179.64 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 196.04 149.55 Td (cyber ) Tj ET Q q 0 0 0 rg BT 221.77 149.55 Td (security ) Tj ET Q q 0 0 0 rg BT 257.41 149.55 Td (diligence ) Tj ET Q q 0 0 0 rg BT 298.31 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 315.87 149.55 Td (ef) Tj ET Q q 0 0 0 rg BT 323.84 149.55 Td (forts ) Tj ET Q q 0 0 0 rg BT 345.50 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 356.07 149.55 Td (of) Tj ET Q q 0 0 0 rg BT 364.63 149.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 382.20 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 397.43 149.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 439.48 149.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 461.73 149.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 507.28 149.55 Td (with ) Tj ET Q q 0 0 0 rg BT 528.36 149.55 Td (greater ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (reliance ) Tj ET Q q 0 0 0 rg BT 85.21 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 98.20 136.95 Td (mobile, ) Tj ET Q q 0 0 0 rg BT 132.47 136.95 Td (collaborative ) Tj ET Q q 0 0 0 rg BT 189.77 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 207.42 136.95 Td (remote ) Tj ET Q q 0 0 0 rg BT 239.06 136.95 Td (technologies ) Tj ET Q q 0 0 0 rg BT 294.61 136.95 Td (during ) Tj ET Q q 0 0 0 rg BT 324.51 136.95 Td (this ) Tj ET Q q 0 0 0 rg BT 342.17 136.95 Td (health ) Tj ET Q q 0 0 0 rg BT 370.32 136.95 Td (crisis ) Tj ET Q q 0 0 0 rg BT 394.97 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 410.27 136.95 Td (not ) Tj ET Q q 0 0 0 rg BT 426.18 136.95 Td (ef) Tj ET Q q 0 0 0 rg BT 434.14 136.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 465.19 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 476.43 136.95 Td (successful, ) Tj ET Q q 0 0 0 rg BT 524.69 136.95 Td (we ) Tj ET Q q 0 0 0 rg BT 539.43 136.95 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (be ) Tj ET Q q 0 0 0 rg BT 62.04 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 72.24 124.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 114.51 124.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 132.88 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 147.75 124.35 Td (cyber ) Tj ET Q q 0 0 0 rg BT 173.69 124.35 Td (security ) Tj ET Q q 0 0 0 rg BT 209.56 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 220.93 124.35 Td (data ) Tj ET Q q 0 0 0 rg BT 241.04 124.35 Td (privacy ) Tj ET Q q 0 0 0 rg BT 275.15 124.35 Td (incidents.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 103.94 99.15 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 153.31 99.15 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 196.24 99.15 Td (continues ) Tj ET Q q 0 0 0 rg BT 238.60 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 248.89 99.15 Td (evolve, ) Tj ET Q q 0 0 0 rg BT 281.62 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 298.90 99.15 Td (it ) Tj ET Q q 0 0 0 rg BT 306.85 99.15 Td (is ) Tj ET Q q 0 0 0 rg BT 315.97 99.15 Td (not ) Tj ET Q q 0 0 0 rg BT 331.50 99.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 368.04 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 378.33 99.15 Td (predict ) Tj ET Q q 0 0 0 rg BT 409.60 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 424.54 99.15 Td (extent ) Tj ET Q q 0 0 0 rg BT 452.32 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 462.60 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 490.38 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 505.33 99.15 Td (coronavirus, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (or ) Tj ET Q q 0 0 0 rg BT 60.47 86.55 Td (any ) Tj ET Q q 0 0 0 rg BT 77.86 86.55 Td (inability ) Tj ET Q q 0 0 0 rg BT 115.09 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 126.06 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 141.12 86.55 Td (global ) Tj ET Q q 0 0 0 rg BT 169.59 86.55 Td (economy ) Tj ET Q q 0 0 0 rg BT 210.31 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 220.70 86.55 Td (successfully ) Tj ET Q q 0 0 0 rg BT 274.25 86.55 Td (recover ) Tj ET Q q 0 0 0 rg BT 307.96 86.55 Td (from ) Tj ET Q q 0 0 0 rg BT 330.59 86.55 Td (it, ) Tj ET Q q 0 0 0 rg BT 341.28 86.55 Td (will ) Tj ET Q q 0 0 0 rg BT 359.84 86.55 Td (adversely ) Tj ET Q q 0 0 0 rg BT 402.30 86.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 433.10 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 449.33 86.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 489.77 86.55 Td (liquidity) Tj ET Q q 0 0 0 rg BT 524.67 86.55 Td (, ) Tj ET Q q 0 0 0 rg BT 529.53 86.55 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (resources, ) Tj ET Q q 0 0 0 rg BT 94.11 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 111.61 73.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 150.67 73.95 Td (results ) Tj ET Q q 0 0 0 rg BT 180.43 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 197.92 73.95 Td (operations, ) Tj ET Q q 0 0 0 rg BT 246.62 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 274.62 73.95 Td (impacts ) Tj ET Q q 0 0 0 rg BT 309.62 73.95 Td (will ) Tj ET Q q 0 0 0 rg BT 328.29 73.95 Td (depend ) Tj ET Q q 0 0 0 rg BT 360.95 73.95 Td (on ) Tj ET Q q 0 0 0 rg BT 373.78 73.95 Td (numerous ) Tj ET Q q 0 0 0 rg BT 417.53 73.95 Td (developing ) Tj ET Q q 0 0 0 rg BT 466.52 73.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 497.43 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 515.51 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 530.66 73.95 Td (highly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 91.29 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 109.19 61.35 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 141.66 61.35 Td (changing. ) Tj ET Q q 0 0 0 rg BT 185.31 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 204.36 61.35 Td (impacts ) Tj ET Q q 0 0 0 rg BT 239.76 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.65 61.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 280.22 61.35 Td (described ) Tj ET Q q 0 0 0 rg BT 323.18 61.35 Td (herein ) Tj ET Q q 0 0 0 rg BT 352.15 61.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 386.95 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 397.85 61.35 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 447.83 61.35 Td (augment ) Tj ET Q q 0 0 0 rg BT 486.71 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 502.27 61.35 Td (discussion ) Tj ET Q q 0 0 0 rg BT 548.76 61.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (overlapping ) Tj ET Q q 0 0 0 rg BT 102.28 48.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 124.74 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 135.53 48.75 Td (our ) Tj ET Q q 0 0 0 rg BT 152.15 48.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 170.53 48.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 201.72 48.75 Td (below) Tj ET Q q 0 0 0 rg BT 226.70 48.75 Td (, ) Tj ET Q q 0 0 0 rg BT 231.95 48.75 Td (which ) Tj ET Q q 0 0 0 rg BT 260.24 48.75 Td (may ) Tj ET Q q 0 0 0 rg BT 280.94 48.75 Td (be ) Tj ET Q q 0 0 0 rg BT 293.48 48.75 Td (heightened ) Tj ET Q q 0 0 0 rg BT 342.17 48.75 Td (by ) Tj ET Q q 0 0 0 rg BT 355.29 48.75 Td (COVID-19.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (21) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 729.15 Td (Increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.38 729.15 Td (Geopolitical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.17 729.15 Td (Unrest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.64 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.27 729.15 Td (Other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.66 729.15 Td (Events ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.12 729.15 Td (Outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.68 729.15 Td (Of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.05 729.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.86 729.15 Td (Control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.42 729.15 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.49 729.15 Td (Adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.28 729.15 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.59 729.15 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.62 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.34 729.15 Td (Global ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (Economy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.45 716.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.90 716.55 Td (Specific ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.42 716.55 Td (International, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.94 716.55 Td (Regional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.15 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.60 716.55 Td (Domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.97 716.55 Td (Markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.00 716.55 Td (Which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.71 716.55 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.08 716.55 Td (Cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.03 716.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.05 716.55 Td (AUM, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.71 716.55 Td (Revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.16 716.55 Td (and ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (Earnings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.40 703.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.19 703.95 Td (Decline.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 678.75 Td (Geopolitical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.79 678.75 Td (risks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.64 678.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.69 678.75 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.24 678.75 Td (arising ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.21 678.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.01 678.75 Td (trade ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.38 678.75 Td (tension, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.73 678.75 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.34 678.75 Td (fragmentation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.25 678.75 Td (unrest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.30 678.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.86 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.07 678.75 Td (Middle ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.79 678.75 Td (East, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (post-Brexit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.50 666.15 Td (negotiations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.58 666.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.08 666.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.91 666.15 Td (pose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.90 666.15 Td (challenges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.97 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.89 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.64 666.15 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.62 666.15 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.11 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.03 666.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.11 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.03 666.15 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.77 666.15 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.52 666.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.52 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.27 666.15 Td (European ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.92 653.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.35 653.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.10 653.55 Td (impede ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.69 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.37 653.55 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.79 653.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.22 653.55 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.47 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.15 653.55 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.56 653.55 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.92 653.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.76 653.55 Td (terrorist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.68 653.55 Td (activity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.49 653.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.79 653.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.22 653.55 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.98 653.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.41 653.55 Td (acts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.41 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.84 653.55 Td (civil ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.84 640.95 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.49 640.95 Td (hostility) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.24 640.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.45 640.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.86 640.95 Td (increasing. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.23 640.95 Td (Similarly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.63 640.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.85 640.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.01 640.95 Td (events ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.43 640.95 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.35 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.69 640.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.27 640.95 Td (control, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.23 640.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.49 640.95 Td (natural ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.23 640.95 Td (disasters, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.61 640.95 Td (pandemics ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.39 628.35 Td (health ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.18 628.35 Td (crises ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.23 628.35 Td (\(such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.12 628.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.00 628.35 Td (COVID-19\)\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.01 628.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.22 628.35 Td (arise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.19 628.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.74 628.35 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.54 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.85 628.35 Td (time. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.58 628.35 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.81 628.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.19 628.35 Td (events, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.78 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.08 628.35 Td (responses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.05 628.35 Td (thereto, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.97 628.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.19 628.35 Td (cause ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.83 615.75 Td (volatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.75 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.91 615.75 Td (declines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.32 615.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.49 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.32 615.75 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.57 615.75 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.43 615.75 Td (disruptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.11 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.28 615.75 Td (commerce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.00 615.75 Td (\(including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.17 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.34 615.75 Td (economic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.16 615.75 Td (activity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.97 615.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.60 615.75 Td (travel ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.33 603.15 Td (supply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.00 603.15 Td (chains\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.62 603.15 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.63 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.05 603.15 Td (life ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.71 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.54 603.15 Td (property ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.78 603.15 Td (damage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.73 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.56 603.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.30 603.15 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.21 603.15 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.17 603.15 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.58 603.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.08 603.15 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.99 603.15 Td (economy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.15 603.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.57 603.15 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.22 603.15 Td (markets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 603.15 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.88 590.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.93 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.07 590.55 Td (Company�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.82 590.55 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.21 590.55 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.30 590.55 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.64 590.55 Td (vendors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.18 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.65 590.55 Td (employees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.48 590.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.45 590.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.83 590.55 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.45 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.02 590.55 Td (AUM, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.45 590.55 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.99 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.45 590.55 Td (earnings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 590.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (decline.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.50 552.75 Td (Assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.97 552.75 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.01 552.75 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.81 552.75 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.68 552.75 Td (Be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.78 552.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.73 552.75 Td (ithdrawn, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.89 552.75 Td (Which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.11 552.75 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.98 552.75 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.68 552.75 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.82 552.75 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.85 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.82 552.75 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.61 552.75 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 527.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.35 527.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.94 527.55 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.62 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.29 527.55 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.88 527.55 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.29 527.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.63 527.55 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.21 527.55 Td (terminable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.62 527.55 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.71 527.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.56 527.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.83 527.55 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.34 527.55 Td (relatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.51 527.55 Td (short ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (notice, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.60 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.57 514.95 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.30 514.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.29 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.93 514.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.91 514.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.06 514.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.62 514.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.68 514.95 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.15 514.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.04 514.95 Td (redeem ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.75 514.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.81 514.95 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.79 514.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.77 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.42 514.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.57 514.95 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.96 514.95 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.94 514.95 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.42 514.95 Td (without ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.65 502.35 Td (notice. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.67 502.35 Td (Institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.15 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.05 502.35 Td (individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.37 502.35 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.52 502.35 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.83 502.35 Td (terminate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.21 502.35 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.19 502.35 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.59 502.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.00 502.35 Td (us, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.70 502.35 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.41 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.98 502.35 Td (aggregate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.52 502.35 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 502.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (AUM, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.80 489.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.72 489.75 Td (shift ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.57 489.75 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.98 489.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.49 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.83 489.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.58 489.75 Td (types ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.92 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.84 489.75 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.75 489.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.60 489.75 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.07 489.75 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.73 489.75 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.64 489.75 Td (structures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.64 489.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.05 489.75 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.39 489.75 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.64 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.56 489.75 Td (reasons, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.85 489.75 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.05 477.15 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.21 477.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.50 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.14 477.15 Td (prevailing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.19 477.15 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.57 477.15 Td (rates, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.50 477.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.79 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.44 477.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.99 477.15 Td (preferences ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.85 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.07 477.15 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.58 477.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.88 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.52 477.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.53 464.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.15 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.44 464.55 Td (marketplace, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.82 464.55 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.10 464.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.72 464.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.82 464.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.03 464.55 Td (control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.23 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.43 464.55 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.30 464.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.50 464.55 Td (third-party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.86 464.55 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.15 464.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.28 464.55 Td (whom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.99 464.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.69 464.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (relationships, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.26 451.95 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.08 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.30 451.95 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.93 451.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.49 451.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.61 451.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.83 451.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.88 451.95 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.17 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.81 451.95 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.02 451.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.64 451.95 Td (performance. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.79 451.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.02 451.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.53 451.95 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.98 439.35 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.29 439.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.44 439.35 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.50 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.74 439.35 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.14 439.35 Td (shifting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.72 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.37 439.35 Td (alternative, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.79 439.35 Td (passive, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.82 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.47 439.35 Td (smart ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.28 439.35 Td (beta ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.26 439.35 Td (strategies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.48 439.35 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.63 439.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.78 439.35 Td (result, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.22 439.35 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.88 439.35 Td (actively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.60 439.35 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (core ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.70 426.75 Td (equities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.49 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.78 426.75 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.48 426.75 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.51 426.75 Td (portfolios ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.48 426.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.42 426.75 Td (declining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.62 426.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.50 426.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.29 426.75 Td (share ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.57 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.45 426.75 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.13 426.75 Td (AUM. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.39 426.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.52 426.75 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.39 426.75 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.56 426.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.86 426.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.65 426.75 Td (declining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.85 426.75 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (market, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.86 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.27 414.15 Td (pace ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.09 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.42 414.15 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.16 414.15 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.99 414.15 Td (redemptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.48 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.23 414.15 Td (withdrawal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.04 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.37 414.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.46 414.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.45 414.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.61 414.15 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.93 414.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.84 414.15 Td (accelerate. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.00 414.15 Td (Poor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.42 414.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.76 401.55 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.04 401.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.00 401.55 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.70 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.08 401.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.87 401.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.16 401.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.02 401.55 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.40 401.55 Td (tends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.78 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.17 401.55 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.71 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.09 401.55 Td (decreased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.69 401.55 Td (purchases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.31 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.27 401.55 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (shares, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.99 388.95 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.26 388.95 Td (redemptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.79 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.16 388.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.03 388.95 Td (shares, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.52 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.31 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.76 388.95 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.73 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.10 388.95 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.89 388.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.27 388.95 Td (individual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.47 388.95 Td (accounts.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 363.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 363.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.18 363.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.96 363.75 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.63 363.75 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.41 363.75 Td (outflows ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.11 363.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.81 363.75 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.57 363.75 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.03 363.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.22 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.00 363.75 Td (last ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.54 363.75 Td (15 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.99 363.75 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.68 363.75 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.79 363.75 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.90 363.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.02 363.75 Td (part ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.30 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.42 363.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.45 363.75 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (issues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.09 351.15 Td (During ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.72 351.15 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.34 351.15 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.37 351.15 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.25 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.29 351.15 Td (2019, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.79 351.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.91 351.15 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.95 351.15 Td ($6.4 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.21 351.15 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.51 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.55 351.15 Td ($8.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.80 351.15 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.10 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.72 351.15 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.43 351.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.63 351.15 Td (outflows, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.89 351.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.93 351.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.44 351.15 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.29 338.55 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.16 338.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.29 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.08 338.55 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.44 338.55 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.14 338.55 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.76 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.55 338.55 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.25 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.04 338.55 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.91 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.69 338.55 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.89 338.55 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.42 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.22 338.55 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.58 338.55 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.27 338.55 Td (2019.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 313.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.23 313.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.79 313.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.42 313.35 Td (Are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.48 313.35 Td (Unable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.29 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.77 313.35 Td (Maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.35 313.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.17 313.35 Td (Fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.81 313.35 Td (Levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.52 313.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.17 313.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.07 313.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.55 313.35 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.61 313.35 Td (Mix ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.43 313.35 Td (Changes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.30 313.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.79 313.35 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.51 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.16 313.35 Td (Margins ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.24 313.35 Td (Could ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (Be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.79 300.75 Td (Reduced) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 275.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.17 275.55 Td (profit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.84 275.55 Td (mar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.98 275.55 Td (gins ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.83 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.33 275.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 198.50 275.55 Td (income ) Tj ET Q q 0 0 0 rg BT 231.75 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 246.91 275.55 Td (dependent ) Tj ET Q q 0 0 0 rg BT 292.41 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 302.92 275.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 349.58 275.55 Td (part ) Tj ET Q q 0 0 0 rg BT 368.25 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 381.09 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 397.43 275.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 426.61 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 437.12 275.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 476.20 275.55 Td (current ) Tj ET Q q 0 0 0 rg BT 508.28 275.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 523.44 275.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 550.28 275.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 262.95 Td (products ) Tj ET Q q 0 0 0 rg BT 103.82 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 121.64 262.95 Td (services ) Tj ET Q q 0 0 0 rg BT 158.12 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 176.53 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 193.19 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 216.27 262.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 259.16 262.95 Td (of) Tj ET Q q 0 0 0 rg BT 267.72 262.95 Td (fer) Tj ET Q q 0 0 0 rg BT 278.80 262.95 Td (. ) Tj ET Q q 0 0 0 rg BT 283.89 262.95 Td (There ) Tj ET Q q 0 0 0 rg BT 311.04 262.95 Td (has ) Tj ET Q q 0 0 0 rg BT 327.70 262.95 Td (been ) Tj ET Q q 0 0 0 rg BT 350.18 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 357.51 262.95 Td (trend ) Tj ET Q q 0 0 0 rg BT 381.75 262.95 Td (toward ) Tj ET Q q 0 0 0 rg BT 413.57 262.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 440.14 262.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 459.71 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 470.54 262.95 Td (many ) Tj ET Q q 0 0 0 rg BT 496.53 262.95 Td (segments ) Tj ET Q q 0 0 0 rg BT 538.27 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 262.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.23 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 128.18 250.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 164.92 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 182.39 250.35 Td (there ) Tj ET Q q 0 0 0 rg BT 205.69 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 215.01 250.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 230.14 250.35 Td (pressure ) Tj ET Q q 0 0 0 rg BT 267.44 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 277.92 250.35 Td (many ) Tj ET Q q 0 0 0 rg BT 303.56 250.35 Td (portions ) Tj ET Q q 0 0 0 rg BT 340.29 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 351.35 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 366.49 250.35 Td (active ) Tj ET Q q 0 0 0 rg BT 393.87 250.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 422.43 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 439.91 250.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 463.79 250.35 Td (income ) Tj ET Q q 0 0 0 rg BT 497.01 250.35 Td (industry) Tj ET Q q 0 0 0 rg BT 530.75 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 535.69 250.35 Td (driven ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.44 237.75 Td (part ) Tj ET Q q 0 0 0 rg BT 79.55 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 92.82 237.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 127.10 237.75 Td (into ) Tj ET Q q 0 0 0 rg BT 146.21 237.75 Td (low-fee ) Tj ET Q q 0 0 0 rg BT 181.06 237.75 Td (passive ) Tj ET Q q 0 0 0 rg BT 214.75 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 237.94 237.75 Td (management ) Tj ET Q q 0 0 0 rg BT 294.36 237.75 Td (products ) Tj ET Q q 0 0 0 rg BT 333.30 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 351.23 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 366.25 237.75 Td (face ) Tj ET Q q 0 0 0 rg BT 386.51 237.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 430.69 237.75 Td (market ) Tj ET Q q 0 0 0 rg BT 462.62 237.75 Td (pressure ) Tj ET Q q 0 0 0 rg BT 500.39 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 521.83 237.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 554.34 237.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 66.13 225.15 Td (levels ) Tj ET Q q 0 0 0 rg BT 94.43 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 110.49 225.15 Td (many ) Tj ET Q q 0 0 0 rg BT 137.63 225.15 Td (products. ) Tj ET Q q 0 0 0 rg BT 180.23 225.15 Td (In ) Tj ET Q q 0 0 0 rg BT 192.79 225.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 233.64 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 245.62 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 262.26 225.15 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 301.64 225.15 Td (course ) Tj ET Q q 0 0 0 rg BT 332.86 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 345.41 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 363.22 225.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 405.25 225.15 Td (we ) Tj ET Q q 0 0 0 rg BT 421.30 225.15 Td (may ) Tj ET Q q 0 0 0 rg BT 443.19 225.15 Td (reduce ) Tj ET Q q 0 0 0 rg BT 474.98 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 487.54 225.15 Td (waive ) Tj ET Q q 0 0 0 rg BT 516.43 225.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (management ) Tj ET Q q 0 0 0 rg BT 104.90 212.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 126.19 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 136.69 212.55 Td (limit ) Tj ET Q q 0 0 0 rg BT 158.29 212.55 Td (total ) Tj ET Q q 0 0 0 rg BT 178.71 212.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 221.00 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 233.25 212.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 263.57 212.55 Td (products ) Tj ET Q q 0 0 0 rg BT 301.49 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 312.00 212.55 Td (services ) Tj ET Q q 0 0 0 rg BT 347.57 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 361.57 212.55 Td (particular ) Tj ET Q q 0 0 0 rg BT 403.56 212.55 Td (time ) Tj ET Q q 0 0 0 rg BT 423.98 212.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 456.65 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 466.57 212.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 500.98 212.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 521.98 212.55 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 60.02 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 74.03 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 97.37 199.95 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 133.26 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 150.19 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 160.12 199.95 Td (help ) Tj ET Q q 0 0 0 rg BT 179.97 199.95 Td (retain ) Tj ET Q q 0 0 0 rg BT 205.64 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 216.16 199.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 252.32 199.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 291.99 199.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 320.88 199.95 Td (No ) Tj ET Q q 0 0 0 rg BT 335.48 199.95 Td (assurances ) Tj ET Q q 0 0 0 rg BT 382.15 199.95 Td (can ) Tj ET Q q 0 0 0 rg BT 398.49 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 410.17 199.95 Td (given ) Tj ET Q q 0 0 0 rg BT 435.27 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 452.78 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 466.79 199.95 Td (will ) Tj ET Q q 0 0 0 rg BT 484.90 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 496.58 199.95 Td (able ) Tj ET Q q 0 0 0 rg BT 515.84 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 525.77 199.95 Td (maintain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 66.34 187.35 Td (current ) Tj ET Q q 0 0 0 rg BT 98.91 187.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 114.57 187.35 Td (structure. ) Tj ET Q q 0 0 0 rg BT 156.77 187.35 Td (Competition ) Tj ET Q q 0 0 0 rg BT 212.12 187.35 Td (could ) Tj ET Q q 0 0 0 rg BT 238.29 187.35 Td (lead ) Tj ET Q q 0 0 0 rg BT 258.62 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 269.63 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 286.47 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 309.72 187.35 Td (managers ) Tj ET Q q 0 0 0 rg BT 352.79 187.35 Td (reducing ) Tj ET Q q 0 0 0 rg BT 392.37 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 408.04 187.35 Td (fees) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.94 187.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.79 187.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.37 187.35 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.29 187.35 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.17 187.35 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.92 187.35 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.01 187.35 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 550.26 187.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.05 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.60 174.75 Td (services. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.43 174.75 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.98 174.75 Td (�Competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.53 174.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.09 174.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.78 174.75 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.50 174.75 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.71 174.75 Td (Industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.09 174.75 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.15 174.75 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.03 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.41 174.75 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.63 174.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.18 174.75 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.73 174.75 Td (Income.� ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.14 162.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.07 162.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.96 162.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.26 162.15 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.38 162.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.35 162.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.16 162.15 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.03 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.09 162.15 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.96 162.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.09 162.15 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.80 162.15 Td (levels, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.81 162.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.45 162.15 Td (restructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.23 162.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.95 162.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.75 162.15 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.72 162.15 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.60 162.15 Td (ge, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.02 162.15 Td (because ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 551.15 162.15 Td (of, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.81 149.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.12 149.55 Td (things, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.15 149.55 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.03 149.55 Td (initiatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.18 149.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.66 149.55 Td (proceedings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.13 149.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.61 149.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.16 149.55 Td (either ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.80 149.55 Td (industry-wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.85 149.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.34 149.55 Td (specifically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.46 149.55 Td (tar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.35 149.55 Td (geted, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.45 149.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.93 149.55 Td (court ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (decisions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.54 136.95 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.54 136.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.54 136.95 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.20 136.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.36 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.19 136.95 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.10 136.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.84 136.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.84 136.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.25 136.95 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.48 136.95 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.36 136.95 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.27 136.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.51 136.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.75 136.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.91 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.07 136.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.89 136.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.23 136.95 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.20 136.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.20 136.95 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 124.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.24 124.35 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.84 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.46 124.35 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.92 124.35 Td (income. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.88 124.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.58 124.35 Td (factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.77 124.35 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.31 124.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.27 124.35 Td (inhibit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.31 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.93 124.35 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.39 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.18 124.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.20 124.35 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.73 124.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.60 124.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.79 124.35 Td (products.) 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302.28 99.15 Td (dollar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.40 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.78 99.15 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.31 99.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.44 99.15 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.99 99.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.12 99.15 Td (factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.32 99.15 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.20 99.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.58 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.04 99.15 Td (type ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 99.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.42 86.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.82 86.55 Td (\(alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.13 86.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.13 86.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.80 86.55 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.55 86.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.55 86.55 Td (generally ) Tj ET Q q 0.13725490196078433 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320.88 73.95 Td (clients\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.77 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.95 73.95 Td (type ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.38 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.48 73.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.25 73.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.25 73.95 Td (product ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.68 73.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.78 73.95 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (provided ) Tj ET Q q 0.13725490196078433 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0.12549019607843137 rg BT 516.70 48.75 Td (aggregate ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (22) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.97 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.33 741.75 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.90 741.75 Td (remains ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.20 741.75 Td (unchanged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.75 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.57 741.75 Td (increases. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.28 741.75 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.28 741.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.35 741.75 Td (decrease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.55 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.79 741.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.85 741.75 Td (revenues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.86 741.75 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.01 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.73 741.75 Td (commensurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.03 741.75 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.75 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.98 741.75 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.46 729.15 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.06 729.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.69 729.15 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.14 729.15 Td (income.) 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0.12549019607843137 rg BT 372.25 703.95 Td (Which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.71 703.95 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.84 703.95 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.78 703.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.83 703.95 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.12 703.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.33 703.95 Td (Net ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 678.75 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.50 678.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.11 678.75 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.05 678.75 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.99 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.35 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.96 678.75 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.80 678.75 Td (comes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.23 678.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.25 678.75 Td (managing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.27 678.75 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.55 678.75 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.33 678.75 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.71 678.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.78 678.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.05 678.75 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.72 678.75 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.98 678.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.17 678.75 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (pursuant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.96 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.43 666.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.37 666.15 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.57 666.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.54 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.67 666.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.30 666.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.35 666.15 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.07 666.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.28 666.15 Td (renewed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.15 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.61 666.15 Td (approved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.97 666.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.77 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.90 666.15 Td (funds' ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.43 666.15 Td (boards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.72 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.77 666.15 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (annually) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.97 653.55 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.49 653.55 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.49 653.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.91 653.55 Td (majority ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.91 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.08 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.33 653.55 Td (directors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.48 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.65 653.55 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.31 653.55 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.89 653.55 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.56 653.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.80 653.55 Td (independent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.54 653.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.37 653.55 Td (us. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.22 653.55 Td (Although ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.31 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.56 653.55 Td (funds' ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.20 653.55 Td (boards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.62 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.79 653.55 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.58 640.95 Td (historically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.09 640.95 Td (approved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.42 640.95 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.92 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.93 640.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.19 640.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.10 640.95 Td (contracts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.89 640.95 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.13 640.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.97 640.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.14 640.95 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.91 640.95 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.98 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.99 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.08 640.95 Td (board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.25 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.27 640.95 Td (directors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.26 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.27 640.95 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.91 628.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.82 628.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.23 628.35 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.04 628.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.54 628.35 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.86 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.19 628.35 Td (approve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.17 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.16 628.35 Td (funds�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.21 628.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.38 628.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.19 628.35 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.25 628.35 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.64 628.35 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.88 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.79 628.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.28 628.35 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.87 628.35 Td (condition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.69 628.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.78 628.35 Td (approval ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.09 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.00 615.75 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.41 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.25 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.16 615.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.89 615.75 Td (contract ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.79 615.75 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.20 615.75 Td (revised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.61 615.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.86 615.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.61 615.75 Td (way ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.19 615.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.02 615.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.11 615.75 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.26 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.51 615.75 Td (us. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.56 615.75 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.64 615.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.38 615.75 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.63 615.75 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.96 615.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.69 615.75 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.84 603.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.59 603.15 Td (renewed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.49 603.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.57 603.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.91 603.15 Td (revised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.57 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.07 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.07 603.15 Td (way ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.90 603.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.98 603.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.32 603.15 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.72 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.22 603.15 Td (us, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.52 603.15 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.69 603.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.35 603.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.01 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.52 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.51 603.15 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.50 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.00 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.34 603.15 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.99 603.15 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.11 603.15 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.86 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.19 603.15 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.44 590.55 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.15 590.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.44 590.55 Td (commensurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.29 590.55 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.57 590.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.36 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.98 590.55 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.14 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.76 590.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.21 590.55 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.74 590.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.70 590.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.24 590.55 Td (reduced.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 565.35 Td (Unavailability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.53 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.79 565.35 Td (Appropriate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.49 565.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.10 565.35 Td (Opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.40 565.35 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.43 565.35 Td (Hamper ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.79 565.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.75 565.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.36 565.35 Td (Performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.71 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.83 565.35 Td (Growth) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 540.15 Td (An ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.37 540.15 Td (important ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.23 540.15 Td (component ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.92 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.71 540.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.82 540.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.90 540.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.94 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.81 540.15 Td (availability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.08 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.86 540.15 Td (appropriate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.71 540.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.82 540.15 Td (opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.27 540.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.72 527.55 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.78 527.55 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.46 527.55 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.18 527.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.07 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.55 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.28 527.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.42 527.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.38 527.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.92 527.55 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.07 527.55 Td (able ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.29 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.19 527.55 Td (find ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.83 527.55 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.47 527.55 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.02 527.55 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.91 527.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.89 527.55 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.11 527.55 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.16 527.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.39 527.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.29 527.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.67 527.55 Td (timely ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (manner) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.56 514.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.95 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.54 514.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.72 514.95 Td (manager's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.60 514.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.44 514.95 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.25 514.95 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.35 514.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.02 514.95 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.01 514.95 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.98 514.95 Td (fected. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.63 514.95 Td (Alternatively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.34 514.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.73 514.95 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.91 514.95 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.83 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.34 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.10 514.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.27 514.95 Td (managers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (does ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.95 502.35 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.57 502.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.60 502.35 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.24 502.35 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.27 502.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.55 502.35 Td (opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.17 502.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.62 502.35 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.31 502.35 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.48 502.35 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.52 502.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.80 502.35 Td (elect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.82 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.19 502.35 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.23 502.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.36 502.35 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.31 502.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.02 502.35 Td (reducing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.96 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.99 502.35 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.93 502.35 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.47 489.75 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.62 489.75 Td (receives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.32 489.75 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.12 489.75 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.39 489.75 Td (Depending ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.77 489.75 Td (on, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.21 489.75 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.10 489.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.98 489.75 Td (factors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.48 489.75 Td (prevailing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.36 489.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.83 489.75 Td (conditions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.51 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.65 489.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.37 489.75 Td (manager's ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.06 477.15 Td (style, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.00 477.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.63 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.27 477.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.33 477.15 Td (limits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.73 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.37 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.68 477.15 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.32 477.15 Td (sectors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.96 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.60 477.15 Td (types ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.25 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.47 477.15 Td (opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.37 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.02 477.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.16 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.47 477.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.36 477.15 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.45 464.55 Td (invests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.83 464.55 Td (\(such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.79 464.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.75 464.55 Td (less ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.71 464.55 Td (capitalized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.40 464.55 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.51 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.88 464.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.67 464.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.46 464.55 Td (thinly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.17 464.55 Td (traded ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.62 464.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.48 464.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.86 464.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.74 464.55 Td (relatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.60 464.55 Td (smaller ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.76 451.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.67 451.95 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.51 451.95 Td (made\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.46 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.39 451.95 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.32 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.16 451.95 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.67 451.95 Td (having ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.35 451.95 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.99 451.95 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.91 451.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.08 451.95 Td (opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.59 451.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.76 451.95 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.25 451.95 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.09 451.95 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.09 451.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (manager ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.36 439.35 Td (increases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.56 439.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.82 439.35 Td (AUM, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.67 439.35 Td (particularly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.78 439.35 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.25 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.79 439.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.91 439.35 Td (occurs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.03 439.35 Td (very ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.40 439.35 Td (quickly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.22 439.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.56 439.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.27 439.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.99 439.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.12 439.35 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.07 439.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.61 439.35 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.74 439.35 Td (able ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.95 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.84 439.35 Td (identify ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.14 426.75 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.50 426.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.10 426.75 Td (opportunities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.05 426.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.82 426.75 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.85 426.75 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.70 426.75 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.19 426.75 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.97 426.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.57 426.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.16 426.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.43 426.75 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.80 426.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.49 426.75 Td (grow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.60 426.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.21 426.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.66 426.75 Td (reduced.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 401.55 Td (Changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.06 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.44 401.55 Td (Securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.65 401.55 Td (Markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.86 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.83 401.55 Td (Prices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.28 401.55 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.76 401.55 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.07 401.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.43 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.23 401.55 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.27 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.23 401.55 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.02 401.55 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 376.35 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.50 376.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.12 376.35 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.00 376.35 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.53 376.35 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.47 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.83 376.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.44 376.35 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.28 376.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.90 376.35 Td (derived ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.00 376.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.02 376.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.71 376.35 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.49 376.35 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.00 376.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.28 376.35 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.93 376.35 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.78 376.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.97 376.35 Td (contracts, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.48 363.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.71 363.75 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.03 363.75 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.08 363.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.48 363.75 Td (receive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.94 363.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.91 363.75 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.81 363.75 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.87 363.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.52 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.50 363.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.81 363.75 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.70 363.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.91 363.75 Td (AUM. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.49 363.75 Td (Accordingly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.29 363.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.07 363.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.89 363.75 Td (decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.36 363.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 363.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (prices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.20 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.57 351.15 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.85 351.15 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.54 351.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.24 351.15 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.18 351.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.80 351.15 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.74 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.53 351.15 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.06 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.85 351.15 Td (decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.79 351.15 Td (by:) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 325.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 325.95 Td (causing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.20 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.65 325.95 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.02 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.39 325.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.43 325.95 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.56 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.35 325.95 Td (decrease, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.74 325.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.02 325.95 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.90 325.95 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.85 325.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.65 325.95 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.18 325.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.88 325.95 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.67 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.45 325.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.65 325.95 Td (fees;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 313.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 313.35 Td (causing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.79 313.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.01 313.35 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.64 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.02 313.35 Td (withdraw ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.90 313.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.45 313.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.84 313.35 Td (favor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.21 313.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.18 313.35 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.56 313.35 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.86 313.35 Td (perceive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.63 313.35 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.19 313.35 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.06 313.35 Td (greater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.42 313.35 Td (opportunity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.64 313.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.61 313.35 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 300.75 Td (risk, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.50 300.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.79 300.75 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.66 300.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.20 300.75 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.16 300.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.95 300.75 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.48 300.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.18 300.75 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.97 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.75 300.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.95 300.75 Td (fees; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.40 300.75 Td (or) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 288.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 288.15 Td (decreasing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.02 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.47 288.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.15 288.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.68 288.15 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.28 288.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.40 288.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.03 288.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.06 288.15 Td (managers.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 262.95 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.39 262.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.62 262.95 Td (often ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.60 262.95 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.93 262.95 Td (fluctuations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.91 262.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.49 262.95 Td (price ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.88 262.95 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.79 262.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.36 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.60 262.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.66 262.95 Td (markets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.76 262.95 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.25 262.95 Td (fluctuations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.23 262.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.21 262.95 Td (occur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.94 262.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.85 262.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (daily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.52 250.35 Td (basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.55 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.74 250.35 Td (over ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.42 250.35 Td (longer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.28 250.35 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.21 250.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.99 250.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.68 250.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.03 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.81 250.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.49 250.35 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.67 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.45 250.35 Td (factors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.67 250.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.36 250.35 Td (national ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.21 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.40 250.35 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.49 250.35 Td (economic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 250.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (political ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.82 237.75 Td (events, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.19 237.75 Td (broad ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.01 237.75 Td (trends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.58 237.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.66 237.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.16 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.23 237.75 Td (finance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.67 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.74 237.75 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.56 237.75 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.21 237.75 Td (movements. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.16 237.75 Td (Reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.81 237.75 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.37 237.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.44 237.75 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.33 225.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.17 225.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.27 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.20 225.15 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.19 225.15 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.27 225.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.45 225.15 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.12 225.15 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.38 225.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.06 225.15 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.33 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.26 225.15 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.36 225.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.88 225.15 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.30 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.23 225.15 Td (advisory) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.71 225.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.10 225.15 Td (incentive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 225.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.32 212.55 Td (fees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.63 212.55 Td (Periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.90 212.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.42 212.55 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.42 212.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.35 212.55 Td (prices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.19 212.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.05 212.55 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.05 212.55 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.02 212.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.53 212.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.30 212.55 Td (profitability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.23 212.55 Td (because ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.23 212.55 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.58 212.55 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.35 212.55 Td (remain ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (relatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.34 199.95 Td (unchanged. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.63 199.95 Td (Because ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.80 199.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.23 199.95 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.31 199.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.67 199.95 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.02 199.95 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.75 199.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.57 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.58 199.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.36 199.95 Td (cycles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.78 199.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.71 199.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.90 199.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.50 199.95 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.92 199.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.18 199.95 Td (occur ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (contemporaneously) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.05 187.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.60 187.35 Td (Consequently) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.67 187.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.23 187.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.99 187.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.95 187.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.62 187.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.30 187.35 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.15 187.35 Td (economic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.89 187.35 Td (downturn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.07 187.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.08 187.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.84 187.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.43 187.35 Td (magnified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.94 187.35 Td (negative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.43 187.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.40 187.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.07 187.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 187.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 149.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.33 149.55 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.45 149.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.28 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.10 149.55 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.59 149.55 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.80 149.55 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.50 149.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.25 149.55 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.24 149.55 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.65 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.48 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.56 149.55 Td (invested ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.63 149.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.21 149.55 Td (consisted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.38 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.20 149.55 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.94 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.18 149.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.84 149.55 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.94 136.95 Td (investments. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.65 136.95 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.65 136.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.11 136.95 Td (decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.89 136.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.51 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.80 136.95 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.00 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.20 136.95 Td (alternatives, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.68 136.95 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.38 136.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.59 136.95 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.62 136.95 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.99 136.95 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.10 136.95 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.89 136.95 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.25 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.54 136.95 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.74 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.94 136.95 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.83 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.16 124.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.66 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.00 124.35 Td (declines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.57 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.91 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.07 124.35 Td (non-operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.14 124.35 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.21 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.54 124.35 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.54 124.35 Td (income. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.24 124.35 Td (Increases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.47 124.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.38 124.35 Td (decreases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.78 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.11 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.11 124.35 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.02 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.93 124.35 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.29 111.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.24 111.75 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.26 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.71 111.75 Td (volatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.25 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.63 111.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.25 111.75 Td (earnings.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (23) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.90 Td (Changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.06 741.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.44 741.90 Td (Interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.32 741.90 Td (Rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.86 741.90 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.75 741.90 Td (Have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.72 741.90 Td (Adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.75 741.90 Td (Ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.06 741.90 Td (fects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.51 741.90 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.23 741.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.64 741.90 Td (Assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.10 741.90 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.15 741.90 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 716.70 Td (Increases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.53 716.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.67 716.70 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.55 716.70 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.35 716.70 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.40 716.70 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.61 716.70 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.57 716.70 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.28 716.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.09 716.70 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.89 716.70 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.27 716.70 Td (values ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.07 716.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.79 716.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.11 716.70 Td (AUM. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.21 716.70 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.93 716.70 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.94 716.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.08 716.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.71 716.70 Td (rising ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.61 716.70 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 704.10 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.84 704.10 Td (environment, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.14 704.10 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.92 704.10 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.44 704.10 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.13 704.10 Td (shift ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.40 704.10 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.60 704.10 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.70 704.10 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.05 704.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.91 704.10 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.16 704.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.94 704.10 Td (pooled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.12 704.10 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.81 704.10 Td (vehicles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.82 704.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.59 704.10 Td (direct ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.50 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.17 691.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.85 691.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.19 691.50 Td (types ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.87 691.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.12 691.50 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.13 691.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.81 691.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.98 691.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.32 691.50 Td (pooled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.41 691.50 Td (vehicles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.33 691.50 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.92 691.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.60 691.50 Td (order ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.26 691.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.94 691.50 Td (realize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.42 691.50 Td (higher ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.76 691.50 Td (yields ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.35 691.50 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.94 691.50 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.62 691.50 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.73 678.90 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.36 678.90 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.58 678.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.80 678.90 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.43 678.90 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.65 678.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.46 678.90 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.17 678.90 Td (holding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.32 678.90 Td (lower) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.01 678.90 Td (-yielding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.98 678.90 Td (instruments. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.67 678.90 Td (Furthermore, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.84 678.90 Td (increases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.38 678.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.60 678.90 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.30 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.73 666.30 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.21 666.30 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.94 666.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.51 666.30 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.14 666.30 Td (prices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.62 666.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.19 666.30 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.84 666.30 Td (markets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.10 666.30 Td (Conversely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.25 666.30 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.28 666.30 Td (decreases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.90 666.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.47 666.30 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.78 666.30 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.01 666.30 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.74 666.30 Td (lead ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.63 666.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.20 666.30 Td (outflows ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.36 666.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.93 666.30 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.70 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.00 653.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.34 653.70 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.52 653.70 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.61 653.70 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.94 653.70 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.78 653.70 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.02 653.70 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.36 653.70 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.87 653.70 Td (seek ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.11 653.70 Td (higher ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.53 653.70 Td (yields. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.26 653.70 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.93 653.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.27 653.70 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.44 653.70 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.41 653.70 Td (fects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.82 653.70 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.74 653.70 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.24 653.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.26 653.70 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 653.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 641.10 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.30 641.10 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.57 641.10 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.47 641.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.95 641.10 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.75 641.10 Td (decline ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.55 641.10 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.12 641.10 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.26 641.10 Td (commensurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.97 641.10 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.11 641.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.76 641.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.24 641.10 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.25 641.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.73 641.10 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.05 641.10 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.44 641.10 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.26 641.10 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.65 641.10 Td (reduced.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 615.90 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.99 615.90 Td (low ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.90 615.90 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.97 615.90 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.86 615.90 Td (environment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.09 615.90 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.97 615.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.30 615.90 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.87 615.90 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.19 615.90 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.58 615.90 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.55 615.90 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.36 615.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.35 615.90 Td (yields ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.59 615.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.50 615.90 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.24 615.90 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.55 615.90 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.09 603.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.84 603.30 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.67 603.30 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.10 603.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.86 603.30 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.70 603.30 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.04 603.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.79 603.30 Td (underlying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.21 603.30 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.80 603.30 Td (less ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.48 603.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.24 603.30 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.82 603.30 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.75 603.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.42 603.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.18 603.30 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.93 603.30 Td (When ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.93 603.30 Td (short-term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.60 603.30 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.70 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.58 590.70 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.66 590.70 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.49 590.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.50 590.70 Td (near ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.82 590.70 Td (zero, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.77 590.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.86 590.70 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.77 590.70 Td (expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.94 590.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.94 590.70 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.78 590.70 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.19 590.70 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.78 590.70 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.12 590.70 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.02 590.70 Td (greater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.42 590.70 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.76 590.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.85 590.70 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.01 590.70 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 590.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 578.10 Td (underlying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.41 578.10 Td (securities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.10 578.10 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.17 578.10 Td (reduces ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.65 578.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.89 578.10 Td (yield ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.30 578.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.46 578.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.70 578.10 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.70 578.10 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.26 578.10 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.01 578.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.59 578.10 Td (very ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.66 578.10 Td (low ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.82 578.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.98 578.10 Td (negative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.97 578.10 Td (levels. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.50 578.10 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.66 578.10 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.11 578.10 Td (bank ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.50 Td (deposits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.09 565.50 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.34 565.50 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.17 565.50 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.92 565.50 Td (attractive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.15 565.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.49 565.50 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.58 565.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.91 565.50 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.67 565.50 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.99 565.50 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.50 565.50 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.00 565.50 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.64 565.50 Td (redemptions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.35 565.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.18 565.50 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.90 Td (decrease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.77 552.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.89 552.90 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.33 552.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.62 552.90 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.58 552.90 Td (income. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.24 552.90 Td (During ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.12 552.90 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.99 552.90 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.18 552.90 Td (2014 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.31 552.90 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.10 552.90 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.97 552.90 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.17 552.90 Td (2017, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.92 552.90 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.30 552.90 Td (voluntarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.50 552.90 Td (waived ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.95 552.90 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.30 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.15 540.30 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.65 540.30 Td (assumed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.56 540.30 Td (expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.21 540.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.70 540.30 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.03 540.30 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.93 540.30 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.01 540.30 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.00 540.30 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.32 540.30 Td (reasons, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.18 540.30 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.18 540.30 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.67 540.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.59 540.30 Td (maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.08 540.30 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.40 540.30 Td (yields, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.85 540.30 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.70 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.59 527.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.45 527.70 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.48 527.70 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.16 527.70 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.93 527.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.96 527.70 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.65 527.70 Td (income. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.91 527.70 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.10 527.70 Td (actual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.04 527.70 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.40 527.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.01 527.70 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.78 527.70 Td (waived ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.96 527.70 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.16 527.70 Td (dependent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.17 527.70 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.54 527.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.06 527.70 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.00 527.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.61 527.70 Td (variables ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 515.10 Td (including, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.40 515.10 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.59 515.10 Td (others, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.48 515.10 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.91 515.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.69 515.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.13 515.10 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.57 515.10 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.68 515.10 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.37 515.10 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.48 515.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.09 515.10 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.28 515.10 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.04 515.10 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.61 515.10 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.04 515.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.82 515.10 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.58 515.10 Td (yields, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.90 515.10 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 515.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.43 502.50 Td (expense ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.34 502.50 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.94 502.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.78 502.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.71 502.50 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.77 502.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.03 502.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.12 502.50 Td (willingness ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.06 502.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.32 502.50 Td (voluntarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.50 502.50 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.76 502.50 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.10 502.50 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.02 502.50 Td (waivers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.17 502.50 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.24 502.50 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.00 502.50 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.82 502.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.58 502.50 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.68 502.50 Td (higher ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.90 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.65 489.90 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.63 489.90 Td (environment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.94 489.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.36 489.90 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.34 489.90 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.74 489.90 Td (2019 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.98 489.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.39 489.90 Td (2020 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.63 489.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.04 489.90 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.10 489.90 Td (waivers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.00 489.90 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.48 489.90 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.30 489.90 Td (reasons ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.03 489.90 Td (did ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.69 489.90 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.36 489.90 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.76 489.90 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.34 489.90 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.30 Td (years. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.29 477.30 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.08 477.30 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.42 477.30 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.16 477.30 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.08 477.30 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.99 477.30 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.74 477.30 Td (environment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.82 477.30 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.57 477.30 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.99 477.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.83 477.30 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.80 477.30 Td (fects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.63 477.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.39 477.30 Td (COVID ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.65 477.30 Td (19 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.16 477.30 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.24 477.30 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.58 477.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.76 477.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.43 477.30 Td (return ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.51 477.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 477.30 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.70 Td (waivers.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 439.50 Td (Competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.22 439.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.60 439.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.25 439.50 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.63 439.50 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.43 439.50 Td (Industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.82 439.50 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.71 439.50 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.41 439.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.21 439.50 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.25 439.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.21 439.50 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.00 439.50 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.30 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.16 414.30 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.90 414.30 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.88 414.30 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.63 414.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.13 414.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.12 414.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.70 414.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.85 414.30 Td (engaged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.16 414.30 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.50 414.30 Td (extremely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.81 414.30 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.71 414.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.20 414.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.78 414.30 Td (face ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.59 414.30 Td (substantial ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.70 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.21 401.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.93 401.70 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.98 401.70 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.85 401.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.15 401.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.70 401.70 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.28 401.70 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.35 401.70 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.56 401.70 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.68 401.70 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.14 401.70 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.19 401.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.40 401.70 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.03 401.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.33 401.70 Td (factors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.07 401.70 Td (including: ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.20 401.70 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.83 401.70 Td (performance, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 389.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.53 389.10 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.14 389.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.09 389.10 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.19 389.10 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.07 389.10 Td (ged, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.06 389.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.09 389.10 Td (quality ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.46 389.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.82 389.10 Td (diversity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.77 389.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.72 389.10 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.74 389.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.10 389.10 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.46 389.10 Td (provided, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.61 389.10 Td (name ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.56 389.10 Td (recognition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.58 389.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.94 389.10 Td (reputation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 389.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.72 376.50 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.94 376.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.51 376.50 Td (develop ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.14 376.50 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.02 376.50 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.49 376.50 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.54 376.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.10 376.50 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.65 376.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.21 376.50 Td (meet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.01 376.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.23 376.50 Td (changing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.11 376.50 Td (needs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.41 376.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.55 376.50 Td (investors. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.31 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 495.03 376.50 Td (introduction ) Tj ET Q q 0 0 0 rg BT 548.75 376.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (new ) Tj ET Q q 0 0 0 rg BT 70.01 363.90 Td (technologies, ) Tj ET Q q 0 0 0 rg BT 128.72 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 140.48 363.90 Td (well ) Tj ET Q q 0 0 0 rg BT 161.57 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 173.33 363.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 219.49 363.90 Td (changes, ) Tj ET Q q 0 0 0 rg BT 258.95 363.90 Td (have ) Tj ET Q q 0 0 0 rg BT 281.78 363.90 Td (altered ) Tj ET Q q 0 0 0 rg BT 313.36 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 329.20 363.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 381.78 363.90 Td (landscape ) Tj ET Q q 0 0 0 rg BT 426.19 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 441.45 363.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 464.87 363.90 Td (managers, ) Tj ET Q q 0 0 0 rg BT 510.74 363.90 Td (which ) Tj ET Q q 0 0 0 rg BT 539.42 363.90 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (lead ) Tj ET Q q 0 0 0 rg BT 69.11 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 79.40 351.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 94.35 351.30 Td (compression ) Tj ET Q q 0 0 0 rg BT 149.55 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 160.42 351.30 Td (require ) Tj ET Q q 0 0 0 rg BT 192.27 351.30 Td (us ) Tj ET Q q 0 0 0 rg BT 203.73 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 214.02 351.30 Td (spend ) Tj ET Q q 0 0 0 rg BT 240.65 351.30 Td (more ) Tj ET Q q 0 0 0 rg BT 264.34 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 274.64 351.30 Td (modify ) Tj ET Q q 0 0 0 rg BT 307.09 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 317.96 351.30 Td (adapt ) Tj ET Q q 0 0 0 rg BT 342.82 351.30 Td (our ) Tj ET Q q 0 0 0 rg BT 358.95 351.30 Td (product ) Tj ET Q q 0 0 0 rg BT 393.14 351.30 Td (of) Tj ET Q q 0 0 0 rg BT 401.70 351.30 Td (ferings ) Tj ET Q q 0 0 0 rg BT 432.98 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 443.27 351.30 Td (attract ) Tj ET Q q 0 0 0 rg BT 471.63 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 488.91 351.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 514.94 351.30 Td (customers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.20 338.70 Td (remain ) Tj ET Q q 0 0 0 rg BT 98.89 338.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 151.00 338.70 Td (with ) Tj ET Q q 0 0 0 rg BT 172.20 338.70 Td (products ) Tj ET Q q 0 0 0 rg BT 210.90 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 228.60 338.70 Td (services ) Tj ET Q q 0 0 0 rg BT 264.96 338.70 Td (of) Tj ET Q q 0 0 0 rg BT 273.52 338.70 Td (fered ) Tj ET Q q 0 0 0 rg BT 297.62 338.70 Td (by ) Tj ET Q q 0 0 0 rg BT 310.66 338.70 Td (other ) Tj ET Q q 0 0 0 rg BT 334.77 338.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 374.04 338.70 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 425.88 338.70 Td (technology ) Tj ET Q q 0 0 0 rg BT 475.07 338.70 Td (companies, ) Tj ET Q q 0 0 0 rg BT 525.14 338.70 Td (trading, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.83 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.74 326.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 124.32 326.10 Td (management ) Tj ET Q q 0 0 0 rg BT 181.13 326.10 Td (firms. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.08 326.10 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.58 326.10 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.90 326.10 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.06 326.10 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.64 326.10 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.87 326.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.20 326.10 Td (domestic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.27 326.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.85 326.10 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.50 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.86 313.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.22 313.50 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.42 313.50 Td (-dealers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.47 313.50 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.83 313.50 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.27 313.50 Td (complexes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.00 313.50 Td (hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.27 313.50 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.43 313.50 Td (commercial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.18 313.50 Td (banks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.50 313.50 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.93 313.50 Td (companies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.66 313.50 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.43 313.50 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.90 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.99 300.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.73 300.90 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.89 300.90 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.21 300.90 Td (institutions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.09 300.90 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.68 300.90 Td (Many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.76 300.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.09 300.90 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.25 300.90 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.80 300.90 Td (ganizations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.21 300.90 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.77 300.90 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.00 300.90 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.75 300.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.49 300.90 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.90 300.90 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.23 300.90 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.63 300.90 Td (similar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.38 300.90 Td (to, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 300.90 Td (or) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 557.50 300.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.30 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.73 288.30 Td (with, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.68 288.30 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.51 288.30 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.06 288.30 Td (fered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.29 288.30 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.45 288.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.11 288.30 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.18 288.30 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.08 288.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.90 288.30 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.38 288.30 Td (substantially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.12 288.30 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.36 288.30 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.84 288.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.66 288.30 Td (greater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.47 288.30 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.86 288.30 Td (resources ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.70 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.14 275.70 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.94 275.70 Td (do. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.62 275.70 Td (Some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.09 275.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.40 275.70 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.53 275.70 Td (competitors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.66 275.70 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.04 275.70 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.24 275.70 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.96 275.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.68 275.70 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.66 275.70 Td (channels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.95 275.70 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.25 275.70 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.55 275.70 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.94 275.70 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.07 275.70 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.55 275.70 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.26 275.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 263.10 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.55 263.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.44 263.10 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.73 263.10 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.11 263.10 Td (them. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.45 263.10 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.92 263.10 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.67 263.10 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.72 263.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.18 263.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.90 263.10 Td (competitors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.19 263.10 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.73 263.10 Td (long-standing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.19 263.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.07 263.10 Td (established ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.45 263.10 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.83 263.10 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.50 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.19 250.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.21 250.50 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.10 250.50 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.71 250.50 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.23 250.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.26 250.50 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.40 250.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.26 250.50 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.52 250.50 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.61 250.50 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.39 250.50 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.81 250.50 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.33 250.50 Td (each ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.42 250.50 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.85 250.50 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.96 250.50 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.22 250.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.24 250.50 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.59 250.50 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.90 Td (management. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.10 237.90 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.76 237.90 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.91 237.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.41 237.90 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.31 237.90 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.71 237.90 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.95 237.90 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.51 237.90 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.48 237.90 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.45 237.90 Td (if, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.82 237.90 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.73 237.90 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.63 237.90 Td (things, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.25 237.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.58 237.90 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.32 237.90 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.88 237.90 Td (lose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.12 237.90 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.61 237.90 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.30 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 57.83 225.30 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.41 225.30 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.12 225.30 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.08 225.30 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.87 225.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.66 225.30 Td (case ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.69 225.30 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.89 225.30 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.42 225.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.13 225.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.92 225.30 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.04 225.30 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.90 225.30 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.37 225.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.33 225.30 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.70 225.30 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.52 225.30 Td (under) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.22 225.30 Td (-perform ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.49 225.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.62 225.30 Td (comparison ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.57 225.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.70 225.30 Td (relevant ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.70 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.17 212.70 Td (benchmarks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.53 212.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.90 212.70 Td (peer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.60 212.70 Td (groups.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 187.50 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.29 187.50 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.18 187.50 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.29 187.50 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.18 187.50 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.65 187.50 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.83 187.50 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.72 187.50 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.85 187.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.49 187.50 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.62 187.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.92 187.50 Td (entry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.96 187.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.18 187.50 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.98 187.50 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.94 187.50 Td (firms, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.20 187.50 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.42 187.50 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.97 187.50 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.19 187.50 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.90 Td (consolidation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.82 174.90 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.31 174.90 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.46 174.90 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.61 174.90 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.99 174.90 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.90 174.90 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.46 174.90 Td (either ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.10 174.90 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.66 174.90 Td (acquired ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.55 174.90 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.79 174.90 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.11 174.90 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.58 174.90 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.14 174.90 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.04 174.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.53 174.90 Td (ceased ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.30 Td (operations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.63 162.30 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.15 162.30 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.24 162.30 Td (cases, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.79 162.30 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.73 162.30 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.49 162.30 Td (resulted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.50 162.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.43 162.30 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.36 162.30 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.80 162.30 Td (greater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.71 162.30 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.21 162.30 Td (resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.62 162.30 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.47 162.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.48 162.30 Td (have. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.69 162.30 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.20 162.30 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.01 162.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.44 162.30 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.49 149.70 Td (heavily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.64 149.70 Td (capitalized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.35 149.70 Td (companies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.12 149.70 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.03 149.70 Td (commercial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.83 149.70 Td (banks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.57 149.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.97 149.70 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.53 149.70 Td (entities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.10 149.70 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.16 149.70 Td (made ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.14 149.70 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.55 149.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.96 149.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.36 149.70 Td (acquired ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 137.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.24 137.10 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.21 137.10 Td (firms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.59 137.10 Td (Access ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.66 137.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.16 137.10 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.65 137.10 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.22 137.10 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.97 137.10 Td (channels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.03 137.10 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.36 137.10 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.60 137.10 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.58 137.10 Td (increasingly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.22 137.10 Td (competitive. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.01 137.10 Td (All ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 137.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.50 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.94 124.50 Td (factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.37 124.50 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.56 124.50 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.16 124.50 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.86 124.50 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.29 124.50 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.77 124.50 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.79 124.50 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.90 124.50 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.09 124.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.12 124.50 Td (compete, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.18 124.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.20 124.50 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.56 124.50 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.24 124.50 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.67 124.50 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.44 124.50 Td (given ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.64 124.50 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.24 124.50 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.35 124.50 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.55 124.50 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.32 124.50 Td (successful ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 124.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.90 Td (competing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.68 111.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.70 111.90 Td (growing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.55 111.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.77 111.90 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.13 111.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.15 111.90 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.21 111.90 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.06 111.90 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.33 111.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.35 111.90 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.94 111.90 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.21 111.90 Td (decide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.47 111.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.49 111.90 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.34 111.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.03 111.90 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.70 111.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.30 111.90 Td (competitors, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.30 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.08 99.30 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.16 99.30 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.89 99.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.63 99.30 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.69 99.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.60 99.30 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.10 99.30 Td (rate, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.21 99.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.11 99.30 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.28 99.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.02 99.30 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.08 99.30 Td (decrease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.97 99.30 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.80 99.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.21 99.30 Td (commensurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.19 99.30 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.59 99.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 99.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.70 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.49 86.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.94 86.70 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.23 86.70 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.59 86.70 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.38 86.70 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.75 86.70 Td (reduced. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.06 86.70 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.26 86.70 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.89 86.70 Td (regard, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.79 86.70 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.23 86.70 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.51 86.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.62 86.70 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.15 86.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.36 86.70 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.23 86.70 Td (classes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.84 86.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.46 86.70 Td (product ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.99 86.70 Td (types ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.61 86.70 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.82 86.70 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.09 86.70 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 74.10 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.72 74.10 Td (covered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.09 74.10 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.73 74.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.87 74.10 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.74 74.10 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.04 74.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.34 74.10 Td (services. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.77 74.10 Td (When ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.98 74.10 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.70 74.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.25 74.10 Td (classes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.55 74.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.44 74.10 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.74 74.10 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.70 74.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.01 74.10 Td (favor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.30 74.10 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.11 74.10 Td (investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.79 74.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.17 74.10 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.50 Td (miss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.65 61.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.37 61.50 Td (opportunity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.26 61.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.32 61.50 Td (gain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.29 61.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.01 61.50 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.40 61.50 Td (under ) Tj ET Q q 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Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.52 61.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.24 61.50 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.88 61.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.52 61.50 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.90 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.85 48.90 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.79 48.90 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.57 48.90 Td (withdrawn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.92 48.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.54 48.90 Td (favor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.14 48.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.34 48.90 Td (competitors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.36 48.90 Td (who ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.89 48.90 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.41 48.90 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.68 48.90 Td (covering ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.86 48.90 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.88 48.90 Td (classes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.49 48.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.68 48.90 Td (products. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.92 48.90 Td (For ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (24) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (example, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.21 741.75 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.71 741.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.23 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.41 741.75 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.50 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.19 741.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.54 741.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.46 741.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.63 741.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.73 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.42 741.75 Td (favor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.09 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.35 741.75 Td (passive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.78 741.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.46 741.75 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.23 741.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.49 741.75 Td (index ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.34 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.01 741.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.09 741.75 Td (types ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.78 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (ETFs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.58 729.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.20 729.15 Td (like ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.65 729.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.34 729.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.46 729.15 Td (managers. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.01 729.15 Td (Investors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.83 716.55 Td (increasingly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.65 716.55 Td (attracted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.30 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.98 716.55 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.39 716.55 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.72 716.55 Td (passive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.14 716.55 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.43 716.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.60 716.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.93 716.55 Td (gained ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.43 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.10 716.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.69 716.55 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.35 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.03 716.55 Td (gain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.61 716.55 Td (share ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.27 716.55 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.36 716.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.70 716.55 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.07 703.95 Td (active ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.96 703.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.95 703.95 Td (like ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.52 703.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.17 703.95 Td (ones ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.25 703.95 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.97 703.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.30 703.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.12 703.95 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.09 703.95 Td (filiates, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.11 703.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.10 703.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 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BT 63.27 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.94 678.75 Td (extent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.44 678.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.02 678.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.11 678.75 Td (compete ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.51 678.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.85 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.52 678.75 Td (basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.36 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.95 678.75 Td (price ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.78 678.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.78 678.75 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.78 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.37 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.21 678.75 Td (businesses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.01 678.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.09 678.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.01 678.75 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.27 678.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.02 678.75 Td (able ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.35 678.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.36 678.75 Td (maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.94 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 678.75 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.93 666.15 Td (structure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.27 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.05 666.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.41 666.15 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.23 666.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.50 666.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.44 666.15 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.28 666.15 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.25 666.15 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.59 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.20 666.15 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.12 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.89 666.15 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.33 666.15 Td (income. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.47 666.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.83 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.27 666.15 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.45 666.15 Td (separately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.62 666.15 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (account ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.82 653.55 Td (program ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.07 653.55 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.95 653.55 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.61 653.55 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.28 653.55 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.77 653.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.11 653.55 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.35 653.55 Td (toward ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.19 653.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.43 653.55 Td (open ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.52 653.55 Td (programs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.85 653.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.27 653.55 Td (involve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.43 653.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.68 653.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.77 653.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.67 653.55 Td (who ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.43 653.55 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (only ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.91 640.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.74 640.95 Td (models ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.82 640.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.23 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.80 640.95 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.28 640.95 Td (institution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.62 640.95 Td (sponsor's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.01 640.95 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.66 640.95 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.41 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.32 640.95 Td (allocate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.71 640.95 Td (assets. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.20 640.95 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.20 640.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.95 640.95 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.77 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.27 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.84 640.95 Td (programs ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.91 628.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.74 628.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.15 628.35 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.40 628.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.39 628.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.38 628.35 Td (followed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.87 628.35 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.21 628.35 Td (trend, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.58 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.91 628.35 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.07 628.35 Td (programs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.90 628.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.39 628.35 Td (do ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.06 628.35 Td (so ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.57 628.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.90 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.90 628.35 Td (future. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.61 628.35 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.45 628.35 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.19 628.35 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.33 615.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.66 615.75 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.67 615.75 Td (retention ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.49 615.75 Td (issues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.07 615.75 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.73 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.40 615.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.89 615.75 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.55 615.75 Td (within ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.88 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.21 615.75 Td (programs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.99 615.75 Td (particularly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.89 615.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.63 615.75 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.29 615.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.46 615.75 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (issues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.66 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.26 603.15 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.93 603.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.02 603.15 Td (fees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.00 603.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.10 603.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.37 603.15 Td (typical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.38 603.15 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.24 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.43 603.15 Td (providing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.71 603.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.23 603.15 Td (models ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.01 603.15 Td (rather ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.93 603.15 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.46 603.15 Td (advisory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.06 603.15 Td (services.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 577.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.59 577.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.95 577.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.71 577.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.89 577.95 Td (management. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.32 577.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.75 577.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.18 577.95 Td (result, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.89 577.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.90 577.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.74 577.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.42 577.95 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.76 577.95 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.73 577.95 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.14 577.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.40 577.95 Td (trends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.83 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.75 577.95 Td (issues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.61 577.95 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.57 577.95 Td (fecting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.49 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.08 577.95 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.43 565.35 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.16 565.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.07 565.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.60 565.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.63 565.35 Td (industry-wide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.24 565.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.67 565.35 Td (issues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.04 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.49 565.35 Td (inquiries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.14 565.35 Td (publicity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.75 565.35 Td (about, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.99 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.43 565.35 Td (public ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.96 565.35 Td (perceptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.64 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 565.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.24 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.72 552.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.45 552.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.41 552.75 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.15 552.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.62 552.75 Td (cycles, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.80 552.75 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.20 552.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.09 552.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.14 552.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.28 552.75 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.50 552.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.56 552.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.70 552.75 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.60 552.75 Td (diversified ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (businesses.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 514.95 Td (Failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.30 514.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.59 514.95 Td (Properly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.73 514.95 Td (Address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.27 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.81 514.95 Td (Increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.52 514.95 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.54 514.95 Td (ransformative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.34 514.95 Td (Pressures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.15 514.95 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.46 514.95 Td (fecting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.33 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.56 514.95 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.44 514.95 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.73 514.95 Td (Industry ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.39 502.35 Td (Negatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.49 502.35 Td (Impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.45 502.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.25 502.35 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 477.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.65 477.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.89 477.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.37 477.15 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.61 477.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.45 477.15 Td (facing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.51 477.15 Td (transformative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.57 477.15 Td (pressures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.47 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.46 477.15 Td (trends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.95 477.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.19 477.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.68 477.15 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.66 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.23 477.15 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.71 477.15 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.02 477.15 Td (sources ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (including:) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 451.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 451.95 Td (Increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.35 451.95 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.79 451.95 Td (pressure;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 439.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 439.35 Td (Increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.35 439.35 Td (demand ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.21 439.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.25 439.35 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.28 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.07 439.35 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.53 439.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.40 439.35 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.35 439.35 Td (engagement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.70 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.48 439.35 Td (value-added ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.42 439.35 Td (services;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 426.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 426.75 Td (Diver) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.22 426.75 Td (gent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.66 426.75 Td (central ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.58 426.75 Td (bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.35 426.75 Td (monetary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.36 426.75 Td (policies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.38 426.75 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.72 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.91 426.75 Td (U.S ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.32 426.75 Td (Federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.16 426.75 Td (Reserve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.34 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.86 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.05 426.75 Td (central ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.97 426.75 Td (banks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.83 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.93 426.75 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 414.15 Td (developed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.27 414.15 Td (economies;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 401.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 401.55 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.50 401.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.83 401.55 Td (continued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.56 401.55 Td (shift ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.55 401.55 Td (away ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.03 401.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.76 401.55 Td (actively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.32 401.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.55 401.55 Td (core ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.94 401.55 Td (equities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.92 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.41 401.55 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.31 401.55 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.54 401.55 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.51 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.00 401.55 Td (towards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.57 401.55 Td (alternative, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 388.95 Td (passive, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.66 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.45 388.95 Td (smart ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.40 388.95 Td (beta ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.51 388.95 Td (strategies;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 376.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 376.35 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.50 376.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.98 376.35 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.03 376.35 Td (towards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.76 376.35 Td (institutions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.91 376.35 Td (developing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.05 376.35 Td (fewer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.42 376.35 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.56 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.20 376.35 Td (partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.50 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.13 376.35 Td (reducing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.35 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.65 376.35 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.21 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.43 376.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 363.75 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.36 363.75 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.06 363.75 Td (work ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.27 363.75 Td (with;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 351.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 351.15 Td (Increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.04 351.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.50 351.15 Td (activity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.31 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.78 351.15 Td (scrutiny ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.93 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.99 351.15 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.63 351.15 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.27 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.33 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.47 351.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.20 351.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.16 351.15 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.90 351.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.84 351.15 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 338.55 Td (transparency/unbundling ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.05 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.96 338.55 Td (fees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.65 338.55 Td (inducements, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.51 338.55 Td (conflicts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.83 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.73 338.55 Td (interest, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.43 338.55 Td (capital, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.20 338.55 Td (liquidity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.10 338.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.89 338.55 Td (solvency) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.53 338.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.32 338.55 Td (leverage, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 325.95 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.36 325.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.73 325.95 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.63 325.95 Td (controls ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.08 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.87 325.95 Td (compensation;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 313.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 313.35 Td (Addressing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.38 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.27 313.35 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.48 313.35 Td (emer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.28 313.35 Td (ging ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.00 313.35 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.29 313.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.51 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.40 313.35 Td (world, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.57 313.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.87 313.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.68 313.35 Td (China ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.81 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.03 313.35 Td (India, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.28 313.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.00 313.35 Td (often ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.62 313.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.50 313.35 Td (populations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 300.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.79 300.75 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.27 300.75 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.37 300.75 Td (needs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.53 300.75 Td (preferences ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.54 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.32 300.75 Td (horizons ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.11 300.75 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.81 300.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.26 300.75 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.46 300.75 Td (developed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.24 300.75 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.54 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.32 300.75 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.18 300.75 Td (markets; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.96 300.75 Td (and) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 288.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 288.15 Td (Advances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.53 288.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.32 288.15 Td (technology ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.60 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.39 288.15 Td (increasing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.16 288.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.11 288.15 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.64 288.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.43 288.15 Td (interacting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.96 288.15 Td (digitally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.58 288.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.87 288.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.74 288.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.44 288.15 Td (portfolios.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 262.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.30 262.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.10 262.95 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.56 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.45 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.41 262.95 Td (trends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.21 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.50 262.95 Td (pressures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.71 262.95 Td (discussed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.09 262.95 Td (above, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.93 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.89 262.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.44 262.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.22 262.95 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.77 262.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.91 262.95 Td (facing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.28 262.95 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.33 262.95 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.10 262.95 Td (level ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.18 250.35 Td (disruption. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.33 250.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.26 250.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.43 250.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.19 250.35 Td (unable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.11 250.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.21 250.35 Td (adapt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.89 250.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.82 250.35 Td (strategy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.99 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.09 250.35 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.61 250.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.71 250.35 Td (adequately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.13 250.35 Td (address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.55 250.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.06 250.35 Td (trends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.66 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.75 250.35 Td (pressures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.76 250.35 Td (listed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (above, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.26 237.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.56 237.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.70 237.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.67 237.75 Td (unable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.72 237.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.95 237.75 Td (satisfactorily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.25 237.75 Td (meet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.71 237.75 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.10 237.75 Td (needs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.69 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.75 237.75 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.38 237.75 Td (position ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.28 237.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.42 237.75 Td (weaken, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.17 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.39 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.45 237.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.10 237.75 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 225.15 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.65 225.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.35 225.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.89 225.15 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.75 225.15 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.71 225.15 Td (fected.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 199.95 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.06 199.95 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.40 199.95 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.33 199.95 Td (Support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.44 199.95 Td (Government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.79 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.81 199.95 Td (Retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.16 199.95 Td (Money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.59 199.95 Td (Market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.77 199.95 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.47 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.32 199.95 Td (Maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.27 199.95 Td (Their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.87 199.95 Td (Stable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.39 199.95 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.83 199.95 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.27 199.95 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.11 199.95 Td (alues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.17 199.95 Td (or ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.35 Td (Other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.21 187.35 Td (Products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.15 187.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.71 187.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.00 187.35 Td (Manage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.64 187.35 Td (Which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.86 187.35 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.36 187.35 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.67 187.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.03 187.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.83 187.35 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.87 187.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.83 187.35 Td (Operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.21 187.35 Td (Results) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 162.15 Td (Approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.71 162.15 Td (6% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.34 162.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.72 162.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.77 162.15 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.91 162.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.29 162.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.67 162.15 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.71 162.15 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.47 162.15 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.73 162.15 Td (consisted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.45 162.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.83 162.15 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.96 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.76 162.15 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.55 162.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.93 162.15 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.14 162.15 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.35 162.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.05 149.55 Td (Money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.39 149.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.13 149.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.06 149.55 Td (seek ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.31 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.07 149.55 Td (preserve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.22 149.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.47 149.55 Td (stable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.56 149.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.98 149.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.98 149.55 Td (value. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.75 149.55 Td (While ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.00 149.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.42 149.55 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.27 149.55 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.85 149.55 Td (implemented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.27 149.55 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.27 149.55 Td (requiring ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 149.55 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.53 136.95 Td (prime ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.89 136.95 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.33 136.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.34 136.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.45 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.47 136.95 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.50 136.95 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.53 136.95 Td (municipal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.38 136.95 Td (\(or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.49 136.95 Td (tax-exempt\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.08 136.95 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.52 136.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.53 136.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.64 136.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.25 136.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.12 136.95 Td (registered ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.52 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.46 124.35 Td (Investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.23 124.35 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.49 124.35 Td (Act ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.76 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.62 124.35 Td (1940 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.74 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.02 124.35 Td (utilize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.37 124.35 Td (market-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.04 124.35 Td (valuations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.32 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.60 124.35 Td (calculate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.02 124.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.79 124.35 Td (floating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.56 124.35 Td (NA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.38 124.35 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.60 124.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.34 124.35 Td (government ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.97 111.75 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.85 111.75 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.73 111.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.19 111.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.84 111.75 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.71 111.75 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.18 111.75 Td (using ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.24 111.75 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.28 111.75 Td (pricing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.33 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.80 111.75 Td (accounting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.18 111.75 Td (methods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.07 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.54 111.75 Td (seek ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.51 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.98 111.75 Td (maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.03 111.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.00 111.75 Td (stable ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (NA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.31 99.15 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.54 99.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.03 99.15 Td (Market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.21 99.15 Td (conditions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.83 99.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.02 99.15 Td (lead ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.37 99.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.40 99.15 Td (severe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.07 99.15 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.52 99.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.13 99.15 Td (security ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.23 99.15 Td (pricing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.84 99.15 Td (issues, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.41 99.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.94 99.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.13 99.15 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.56 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.25 99.15 Td (NA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.07 99.15 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.46 99.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.32 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.93 99.15 Td (money ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.50 86.55 Td (funds. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.30 86.55 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.14 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.81 86.55 Td (NA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.62 86.55 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.01 86.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.86 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.45 86.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.95 86.55 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.38 86.55 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.37 86.55 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.46 86.55 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.21 86.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.55 86.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.39 86.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.65 86.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.73 86.55 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.97 86.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.98 86.55 Td (fall ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.82 86.55 Td (below ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.32 86.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.09 86.55 Td (stable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.43 86.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.10 86.55 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (value, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.94 73.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.25 73.95 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.57 73.95 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.56 73.95 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.10 73.95 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.50 73.95 Td (redemptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.48 73.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.04 73.95 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.61 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.84 73.95 Td (reputational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.07 73.95 Td (harm, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.34 73.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.07 73.95 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.47 73.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.36 73.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.10 73.95 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.19 61.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.16 61.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.52 61.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.64 61.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.26 61.35 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.20 61.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.58 61.35 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.03 61.35 Td (income.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (25) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.75 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.07 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.30 741.75 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.03 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.35 741.75 Td (retail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.49 741.75 Td (money ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.64 741.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.37 741.75 Td (fund's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.17 741.75 Td (stable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.24 741.75 Td (NA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.05 741.75 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.44 741.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.02 741.75 Td (comes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.41 741.75 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.90 741.75 Td (pressure, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.08 741.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.90 741.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.55 741.75 Td (elect, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.57 741.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.89 741.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.70 741.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.10 741.75 Td (done ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.23 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.61 729.15 Td (past, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.71 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.44 729.15 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.07 729.15 Td (credit, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.16 729.15 Td (liquidity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.06 729.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.25 729.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.55 729.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.68 729.15 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.74 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.47 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.86 729.15 Td (fund. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.10 729.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.17 729.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.39 729.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.03 729.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.50 729.15 Td (elect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.88 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.60 729.15 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.24 729.15 Td (similar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.96 729.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.26 729.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.40 729.15 Td (support, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.75 716.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.83 716.55 Td (providing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.25 716.55 Td (liquidity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.42 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.18 716.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.42 716.55 Td (fund, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.88 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.63 716.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.79 716.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.54 716.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.37 716.55 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.60 716.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.43 716.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.18 716.55 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.84 716.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.17 716.55 Td (reasons. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.87 716.55 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.45 716.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.28 716.55 Td (elect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.68 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.43 716.55 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (support, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.69 703.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.00 703.95 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.40 703.95 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.04 703.95 Td (losses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.19 703.95 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.67 703.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.56 703.95 Td (support ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.13 703.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.44 703.95 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.58 703.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.80 703.95 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.44 703.95 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.50 703.95 Td (costs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.19 703.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.92 703.95 Td (financing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.64 703.95 Td (costs, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.33 703.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (connection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.19 691.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.48 691.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.94 691.35 Td (support. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.50 691.35 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.20 691.35 Td (losses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.91 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.69 691.35 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.31 691.35 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.94 691.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.89 691.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.42 691.35 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.45 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.23 691.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.19 691.35 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.04 691.35 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.01 691.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.37 691.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.99 691.35 Td (earnings. ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 666.15 Td (Failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.81 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.61 666.15 Td (Comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.30 666.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.24 666.15 Td (ith ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.55 666.15 Td (Contractual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.11 666.15 Td (Requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.83 666.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.80 666.15 Td (Guidelines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.11 666.15 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.00 666.15 Td (Result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.06 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.44 666.15 Td (Liability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.24 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.21 666.15 Td (Loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.68 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.66 666.15 Td (Assets ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.54 653.55 Td (Management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.97 653.55 Td (Both ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.60 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.79 653.55 Td (Which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.00 653.55 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.89 653.55 Td (Cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.36 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.16 653.55 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.94 653.55 Td (Income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.23 653.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.03 653.55 Td (Decline) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 628.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.01 628.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.60 628.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.43 628.35 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.51 628.35 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.60 628.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.44 628.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.86 628.35 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.70 628.35 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.20 628.35 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.51 628.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.35 628.35 Td (contracts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.43 628.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.28 628.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.54 628.35 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (often ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.48 615.75 Td (specify ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.21 615.75 Td (guidelines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.78 615.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.94 615.75 Td (contractual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.99 615.75 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.21 615.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.37 615.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.02 615.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.24 615.75 Td (obligated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.73 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.30 615.75 Td (observe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.37 615.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.94 615.75 Td (providing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.18 615.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.00 615.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.06 615.75 Td (services. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 56.50 603.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.41 603.15 Td (failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.71 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.78 603.15 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.18 603.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.75 603.15 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.23 603.15 Td (guidelines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.29 603.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.94 603.15 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.66 603.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.89 603.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.12 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.19 603.15 Td (damage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.75 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.82 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.72 603.15 Td (reputation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.82 603.15 Td (liability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.38 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.46 603.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.19 603.15 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (or) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 58.25 590.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.76 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.10 590.55 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.94 590.55 Td (reducing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.18 590.55 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.62 590.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.63 590.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.05 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.55 590.55 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.34 590.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.01 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.27 590.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.44 590.55 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.28 590.55 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.11 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.62 590.55 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.45 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.12 590.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.46 590.55 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.88 590.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.56 590.55 Td (decline. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.06 577.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.69 577.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.59 577.95 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.12 577.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.50 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.22 577.95 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.68 577.95 Td (toward ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.73 577.95 Td (customized, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.06 577.95 Td (specialized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.59 577.95 Td (mandates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.13 577.95 Td (seen ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.68 577.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.06 577.95 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.28 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.92 577.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.80 577.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.10 577.95 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 577.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (tends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.29 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.08 565.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.04 565.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.83 565.35 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.03 565.35 Td (complex ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.81 565.35 Td (mandates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.09 565.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.46 565.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.90 565.35 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.10 565.35 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.58 565.35 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.36 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.15 565.35 Td (administer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.90 565.35 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 540.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.04 540.15 Td (Soundness ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.36 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.73 540.15 Td (Other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.44 540.15 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.66 540.15 Td (Institutions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.90 540.15 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.40 540.15 Td (Adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.62 540.15 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.93 540.15 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.29 540.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.09 540.15 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 514.95 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.73 514.95 Td (olatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.08 514.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.92 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.43 514.95 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.35 514.95 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.03 514.95 Td (highlighted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.54 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.05 514.95 Td (interconnection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.04 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.47 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.98 514.95 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.91 514.95 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.83 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.67 514.95 Td (demonstrated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.92 514.95 Td (how ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (deteriorating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.57 502.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.72 502.35 Td (condition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.81 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.98 502.35 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.57 502.35 Td (institution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.58 502.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.08 502.35 Td (materially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.07 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.66 502.35 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.31 502.35 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.31 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.56 502.35 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.04 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.21 502.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.21 502.35 Td (institutions. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.57 489.75 Td (e, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.46 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.22 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.65 489.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.58 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.34 489.75 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.68 489.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.03 489.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.87 489.75 Td (manage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.75 489.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.17 489.75 Td (exposure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.67 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.44 489.75 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.37 489.75 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.85 489.75 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.93 489.75 Td (industries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.36 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.13 489.75 Td (counterparties, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.83 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.59 489.75 Td (routinely ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (execute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.01 477.15 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.62 477.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.74 477.15 Td (counterparties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.67 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.29 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.58 477.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.76 477.15 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.50 477.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.33 477.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.40 477.15 Td (e, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.14 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.75 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.03 477.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.82 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.44 477.15 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.63 477.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.32 477.15 Td (manage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.05 477.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.58 477.15 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (exposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.11 464.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.47 464.55 Td (credit, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.20 464.55 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.63 464.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.58 464.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.35 464.55 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.30 464.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.67 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.69 464.55 Td (event ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.63 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.58 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.44 464.55 Td (default ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.79 464.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.49 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.35 464.55 Td (counterparty ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.61 464.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.55 464.55 Td (client, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.70 464.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.65 464.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.01 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.04 464.55 Td (event ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.98 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.93 464.55 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (unrelated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.19 451.95 Td (systemic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.56 451.95 Td (failures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.67 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.46 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.92 451.95 Td (markets.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 426.75 Td (Performance-Based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.44 426.75 Td (Fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.00 426.75 Td (Arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.48 426.75 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.35 426.75 Td (Increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.31 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.35 426.75 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.19 426.75 Td (olatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.48 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.85 426.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.65 426.75 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 401.55 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.50 401.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.60 401.55 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.02 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.86 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.95 401.55 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.70 401.55 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.11 401.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.20 401.55 Td (derived ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.78 401.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.28 401.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.42 401.55 Td (fees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.04 401.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.47 401.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.97 401.55 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.29 401.55 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.45 401.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.60 401.55 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.59 401.55 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.24 388.95 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.75 388.95 Td (agreements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.74 388.95 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.34 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.35 388.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.60 388.95 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.84 388.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.18 388.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.19 388.95 Td (portfolio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.12 388.95 Td (meets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.79 388.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.72 388.95 Td (exceeds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.13 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.97 388.95 Td (specified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.05 388.95 Td (benchmark. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.51 388.95 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.42 376.35 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.31 376.35 Td (does ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.40 376.35 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.67 376.35 Td (meet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.91 376.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.50 376.35 Td (exceed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.49 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.16 376.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.08 376.35 Td (return ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.00 376.35 Td (benchmark ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.49 376.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.57 376.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.08 376.35 Td (particular ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.15 376.35 Td (period, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.44 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.11 376.35 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.37 376.35 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.76 363.75 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.10 363.75 Td (generate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.58 363.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.17 363.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.14 363.75 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.88 363.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.05 363.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.72 363.75 Td (period ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.47 363.75 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.18 363.75 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.51 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.27 363.75 Td (benchmark ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.83 363.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.76 363.75 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.59 363.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.02 363.75 Td (cumulative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.59 363.75 Td (returns, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.30 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.05 363.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.39 363.75 Td (manager's ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.55 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.94 351.15 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.23 351.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.50 351.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.62 351.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.01 351.15 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.30 351.15 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.43 351.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.73 351.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.86 351.15 Td (impaired. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.54 351.15 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.43 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.39 351.15 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.02 351.15 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.36 351.15 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.21 351.15 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.08 351.15 Td (1) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.94 351.15 Td (1% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.15 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.12 351.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.34 351.15 Td (long-) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.32 338.55 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.12 338.55 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.76 338.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.23 338.55 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.27 338.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.31 338.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.78 338.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.83 338.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.95 338.55 Td (eligible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.74 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.21 338.55 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.59 338.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.94 338.55 Td (fees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.77 338.55 Td (Performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.71 338.55 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.92 338.55 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.20 338.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.01 338.55 Td (historic ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.18 325.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.52 325.95 Td (place ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.84 325.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.77 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.69 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.69 325.95 Td (closing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.20 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.12 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.12 325.95 Td (acquisition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.37 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.29 325.95 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.97 325.95 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.55 325.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.52 325.95 Td (April ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.86 325.95 Td (13, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.16 325.95 Td (2016 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.34 325.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.33 325.95 Td (fully ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.34 325.95 Td (passed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.50 325.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.34 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 325.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.88 313.35 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.17 313.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.69 313.35 Td (team, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.61 313.35 Td (per ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.89 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.60 313.35 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.81 313.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.44 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.15 313.35 Td (acquisition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.11 313.35 Td (agreement. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.13 313.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.20 313.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.74 313.35 Td (expect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.02 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.73 313.35 Td (pass ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.70 313.35 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.24 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.29 313.35 Td (phase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.08 313.35 Td (out ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.27 300.75 Td (five ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.72 300.75 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.99 300.75 Td (post-closing. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.07 300.75 Td (Excluding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.88 300.75 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.51 300.75 Td (eligible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.12 300.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.41 300.75 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.60 300.75 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.77 300.75 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.79 300.75 Td (passed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.91 300.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.69 300.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.56 300.75 Td (compensation, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.33 288.15 Td (7% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.50 288.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.42 288.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.60 288.15 Td (long-term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.70 288.15 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.38 288.15 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.89 288.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.24 288.15 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.15 288.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.07 288.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.65 288.15 Td (eligible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.32 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.67 288.15 Td (earn ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.91 288.15 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.14 288.15 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.22 288.15 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.98 288.15 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.32 288.15 Td (point ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.08 288.15 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.51 275.55 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.84 275.55 Td (2020. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.73 275.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.83 275.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.90 275.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.83 275.55 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.07 275.55 Td ($99.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.97 275.55 Td (million, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.19 275.55 Td ($84.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.08 275.55 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.69 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.12 275.55 Td ($227.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.26 275.55 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.86 275.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.29 275.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.61 275.55 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.78 275.55 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.46 275.55 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.47 275.55 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.89 275.55 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (2019 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.25 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.15 262.95 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.53 262.95 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.57 262.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.94 262.95 Td (Of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.77 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.34 262.95 Td ($99.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.72 262.95 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.80 262.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.71 262.95 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.51 262.95 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.16 262.95 Td (earned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.89 262.95 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.05 262.95 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.53 262.95 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.35 262.95 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.72 262.95 Td ($42.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.09 262.95 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.17 262.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (passed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.73 250.35 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.62 250.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.02 250.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.09 250.35 Td (Clarion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.81 250.35 Td (Partners ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.46 250.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.33 250.35 Td (team. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.10 250.35 Td (An ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.17 250.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.80 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.78 250.35 Td (decrease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.15 250.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.55 250.35 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.83 250.35 Td (fees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.59 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.57 250.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.97 250.35 Td (performance-) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.03 237.75 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.48 237.75 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.66 237.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.95 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.57 237.75 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.23 237.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.19 237.75 Td (create ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.87 237.75 Td (greater ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.63 237.75 Td (fluctuations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.83 237.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.63 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.25 237.75 Td (revenues.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 212.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.06 212.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.34 212.55 Td (Rely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.21 212.55 Td (Significantly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.26 212.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.97 212.55 Td (Third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.11 212.55 Td (Parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.06 212.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.86 212.55 Td (Distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.66 212.55 Td (Mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.38 212.55 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.03 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.99 212.55 Td (Certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.29 212.55 Td (Other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.01 212.55 Td (Products) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 187.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.14 187.35 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.29 187.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.77 187.35 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.23 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.71 187.35 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.69 187.35 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.16 187.35 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.81 187.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.28 187.35 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.16 187.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.05 187.35 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.44 187.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.91 187.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.97 187.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.53 187.35 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 550.49 187.35 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.75 Td (significantly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.82 174.75 Td (dependent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.79 174.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.11 174.75 Td (access ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.75 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.74 174.75 Td (third-party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.47 174.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.02 174.75 Td (intermediaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.91 174.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.48 174.75 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.96 174.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.36 174.75 Td (products. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.77 174.75 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.66 174.75 Td (distributors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.09 162.15 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.92 162.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.11 162.15 Td (contractually ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.69 162.15 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.44 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.37 162.15 Td (distribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.81 162.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.57 162.15 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.13 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.06 162.15 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.57 162.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.13 162.15 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.55 162.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.56 162.15 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.74 162.15 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.42 162.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.89 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.28 149.55 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.96 149.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.85 149.55 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.73 149.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.12 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.52 149.55 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.19 149.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.59 149.55 Td (addition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.24 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.63 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.03 149.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.43 149.55 Td (competition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.82 149.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.71 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.94 149.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 149.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (services. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.92 136.95 Td (Relying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.15 136.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.63 136.95 Td (third-party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.51 136.95 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.32 136.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.21 136.95 Td (exposes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.43 136.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.75 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.89 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.70 136.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.43 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.15 136.95 Td (increasing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.28 136.95 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.26 136.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.98 136.95 Td (distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.00 136.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.73 136.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.95 136.95 Td (compensate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (them ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.17 124.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.08 124.35 Td (selling ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.75 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.41 124.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.25 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.08 124.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.56 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.40 124.35 Td (amounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.65 124.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.07 124.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.56 124.35 Td (agreed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.21 124.35 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.86 124.35 Td (them ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.52 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.35 124.35 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.36 124.35 Td (but ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.45 124.35 Td (which, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.40 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.24 124.35 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.24 124.35 Td (cases, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 124.35 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.39 111.75 Td (gely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.46 111.75 Td (determined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.68 111.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.17 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.99 111.75 Td (distributor) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.16 111.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.56 111.75 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.03 111.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.02 111.75 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.84 111.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.49 111.75 Td (continuing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.39 111.75 Td (trend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.96 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.70 111.75 Td (increasing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.84 111.75 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.74 111.75 Td (paid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.81 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.96 111.75 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.52 111.75 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.35 111.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.16 99.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.40 99.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.87 99.15 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.91 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.90 99.15 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.29 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.87 99.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.69 99.15 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.94 99.15 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.77 99.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.42 99.15 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.89 99.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.47 99.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.96 99.15 Td (result. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.46 99.15 Td (While ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.95 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.61 99.15 Td (third-party ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.11 86.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.69 86.55 Td (compensated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.28 86.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.29 86.55 Td (distributing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.48 86.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.25 86.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.18 86.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.11 86.55 Td (services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.32 86.55 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.08 86.55 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.42 86.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.10 86.55 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.37 86.55 Td (assurances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.04 86.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.56 86.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.57 86.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.67 86.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.35 86.55 Td (successful ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.77 73.95 Td (distributing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.28 73.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.38 73.95 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.64 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.89 73.95 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.81 73.95 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.57 73.95 Td (them. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.29 73.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.14 73.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.27 73.95 Td (mer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.41 73.95 Td (gers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.00 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.26 73.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.93 73.95 Td (corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.67 73.95 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.92 73.95 Td (among ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (distributors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.80 61.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.34 61.35 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.31 61.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.51 61.35 Td 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411.71 61.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.34 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.96 61.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.25 61.35 Td (successfully) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.89 61.35 Td (, ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (26) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.73 741.75 Td (will ) Tj ET Q q 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Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 703.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.63 703.95 Td (Funds-of-Hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.01 703.95 Td (Funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.65 703.95 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.80 703.95 Td (Entails ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.35 703.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.23 703.95 Td (Number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.44 703.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.42 703.95 Td (Additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.56 703.95 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 678.75 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.21 678.75 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.51 678.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.65 678.75 Td (operates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.18 678.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.40 678.75 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.28 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.58 678.75 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.06 678.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.20 678.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.92 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.31 678.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.93 678.75 Td (funds-of-hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.62 678.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.51 678.75 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.28 678.75 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 550.49 678.75 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.19 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.31 666.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.92 666.15 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.94 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.64 666.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.74 666.15 Td (authorities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.01 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.12 666.15 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.89 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.00 666.15 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.48 666.15 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.91 666.15 Td (jurisdictions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.26 666.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.54 666.15 Td (funds-of-hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.63 666.15 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.91 666.15 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (typically ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.88 653.55 Td (involves ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.10 653.55 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.15 653.55 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.11 653.55 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.99 653.55 Td (ged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.79 653.55 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.33 653.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.47 653.55 Td (two ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.86 653.55 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.99 653.55 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.12 653.55 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.34 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.80 653.55 Td (funds-of-funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.85 653.55 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.89 653.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.69 653.55 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.90 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.37 653.55 Td (underlying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.50 653.55 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.47 653.55 Td (level. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.41 640.95 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.16 640.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.08 640.95 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.83 640.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.31 640.95 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.06 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.06 640.95 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.95 640.95 Td (fees. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.12 640.95 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.44 640.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.86 640.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.61 640.95 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.95 640.95 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.61 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.19 640.95 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.90 640.95 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.49 640.95 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.91 640.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.09 640.95 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.80 628.35 Td (forced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.01 628.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.57 628.35 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.69 628.35 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.01 628.35 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.22 628.35 Td (structures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.43 628.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.33 628.35 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.29 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.43 628.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.40 628.35 Td (pressures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.86 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.00 628.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.14 628.35 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.85 628.35 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.99 628.35 Td (Global's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.94 628.35 Td (fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.15 628.35 Td (structures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.37 628.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.09 628.35 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (hamper ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.25 615.75 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.43 615.75 Td (growth. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.83 615.75 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.41 615.75 Td (funds-of-hedge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.82 615.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.41 615.75 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.09 615.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.35 615.75 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.43 615.75 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.60 615.75 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.18 615.75 Td (pressure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.43 615.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.86 615.75 Td (recent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.76 615.75 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.18 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.60 615.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.86 615.75 Td (seen ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.39 603.15 Td (outflows. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.22 603.15 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.28 603.15 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.42 603.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.90 603.15 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.96 603.15 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.34 603.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.66 603.15 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.40 603.15 Td (pressure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.96 603.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.86 603.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.85 603.15 Td (continue. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.20 603.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.51 603.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.12 603.15 Td (EnT) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.83 603.15 Td (rust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.15 603.15 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.29 603.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.94 603.15 Td (generate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.04 590.55 Td (performance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.30 590.55 Td (fees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.42 590.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.05 590.55 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.93 590.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.31 590.55 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.81 590.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.69 590.55 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.23 590.55 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.84 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.88 590.55 Td (volatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.01 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.97 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.18 590.55 Td (revenues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.34 590.55 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.72 590.55 Td (�Performance-) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (Based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.79 577.95 Td (Fee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.99 577.95 Td (Arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.10 577.95 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.97 577.95 Td (Increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.57 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.83 577.95 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.06 577.95 Td (olatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.35 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.72 577.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.34 577.95 Td (Revenues.�) Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 552.75 Td (Risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.64 552.75 Td (Related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.67 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.04 552.75 Td (our) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.60 552.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.23 552.75 Td (Company) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 527.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.63 527.55 Td (Leverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.90 527.55 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.38 527.55 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.70 527.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.06 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.86 527.55 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.00 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.97 527.55 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.84 527.55 Td (Restrict ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.71 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.52 527.55 Td (Operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.90 527.55 Td (Results) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 502.35 Td (At ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.13 502.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.65 502.35 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.90 502.35 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.65 502.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.28 502.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.07 502.35 Td (consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.26 502.35 Td (basis, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.01 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.38 502.35 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.67 502.35 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.44 502.35 Td ($2.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.94 502.35 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.48 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.78 502.35 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.57 502.35 Td (indebtedness, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.56 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.84 502.35 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (stockholders' ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.53 489.75 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.85 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.66 489.75 Td ($3.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.10 489.75 Td (billion, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.21 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.44 489.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.50 489.75 Td (goodwill ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.90 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.13 489.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.77 489.75 Td (intangible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.83 489.75 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.39 489.75 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.86 489.75 Td ($1.8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.30 489.75 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.79 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.02 489.75 Td ($3.4 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.46 489.75 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (respectively) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.55 477.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.13 477.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.20 477.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.98 477.15 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.00 477.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.94 477.15 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.96 477.15 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.07 477.15 Td ($500.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.06 477.15 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.51 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.37 477.15 Td (borrowing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.23 477.15 Td (capacity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.32 477.15 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.33 477.15 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.35 477.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.46 477.15 Td (revolving ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.81 477.15 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.83 477.15 Td (facility) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.89 477.15 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.89 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.27 464.55 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.31 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.78 464.55 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.67 464.55 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.30 464.55 Td (indebtedness, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.89 464.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.85 464.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.39 464.55 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.00 464.55 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.70 464.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.59 464.55 Td (use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.31 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.69 464.55 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.74 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.20 464.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.92 464.55 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.29 464.55 Td (flow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.26 464.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.15 464.55 Td (service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.60 464.55 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.74 451.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.48 451.95 Td (debt, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.93 451.95 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.33 451.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.41 451.95 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.99 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.56 451.95 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.96 451.95 Td (flow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.96 451.95 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.59 451.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.58 451.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.90 451.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.23 451.95 Td (opportunities. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.01 451.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.50 451.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.28 451.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.60 451.95 Td (servicing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.83 451.95 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.46 439.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.48 439.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.27 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.72 439.35 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.42 439.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.79 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.25 439.35 Td (principal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.19 439.35 Td (payments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.06 439.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.18 439.35 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.98 439.35 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.68 439.35 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.96 439.35 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.74 439.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.11 439.35 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.15 439.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.02 439.35 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.22 439.35 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.84 439.35 Td (indebtedness.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.73 414.15 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.46 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.53 414.15 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.17 414.15 Td (scheduled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.06 414.15 Td (payments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.20 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.85 414.15 Td (principal, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.69 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.76 414.15 Td (pay ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.82 414.15 Td (interest, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.26 414.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.90 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.97 414.15 Td (refinance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.93 414.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.82 414.15 Td (indebtedness ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.96 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.03 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.09 414.15 Td (satisfy ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.41 401.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.90 401.55 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.89 401.55 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.47 401.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.72 401.55 Td (depend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.95 401.55 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.87 401.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.78 401.55 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.76 401.55 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.33 401.55 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.92 401.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.49 401.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.48 401.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.31 401.55 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.28 401.55 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.84 401.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.25 401.55 Td (general ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.06 401.55 Td (economic, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (financial, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.12 388.95 Td (competitive, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.58 388.95 Td (legislative, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.63 388.95 Td (regulatory) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.10 388.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.99 388.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.84 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.27 388.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.11 388.95 Td (factors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.94 388.95 Td (beyond ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.12 388.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.38 388.95 Td (control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.39 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.82 388.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.58 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.51 388.95 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.93 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.94 388.95 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (specific ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.77 376.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.57 376.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.19 376.35 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 351.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.45 351.15 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.48 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.85 351.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.47 351.15 Td (indebtedness ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.34 351.15 Td (could:) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.50 325.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 325.95 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.99 325.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.63 325.95 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.11 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.93 325.95 Td (obtain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.82 325.95 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.47 325.95 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.19 325.95 Td (financing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.50 325.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.31 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.79 325.95 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.51 325.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.91 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.72 325.95 Td (borrow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.70 325.95 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.26 325.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.90 325.95 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.80 325.95 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.35 325.95 Td (facilities ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 313.35 Td (\(our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.83 313.35 Td (principal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.00 313.35 Td (bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.25 313.35 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.17 313.35 Td (facility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.74 313.35 Td (requires ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.40 313.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.99 313.35 Td (\(i\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.74 313.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.58 313.35 Td (ratio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.66 313.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.25 313.35 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.92 313.35 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.84 313.35 Td (\() Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.33 313.35 Td (total ) Tj ET Q q 0 0 0 rg BT 410.84 313.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 430.76 313.35 Td (less ) Tj ET Q q 0 0 0 rg BT 448.35 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 463.02 313.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 496.35 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 506.94 313.35 Td (unrestricted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.50 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.77 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 139.54 300.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 169.56 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.91 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.35 300.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 228.10 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 239.45 300.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 285.23 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 306.49 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 317.85 300.75 Td ($300 ) Tj ET Q q 0 0 0 rg BT 341.46 300.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 377.03 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.46 300.75 Td (lesser ) Tj ET Q q 0 0 0 rg BT 418.98 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 430.33 300.75 Td (50% ) Tj ET Q q 0 0 0 rg BT 452.19 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 463.54 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.98 300.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 522.40 300.75 Td (�amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.50 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 118.40 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 134.55 288.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 155.36 288.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 185.49 288.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 237.81 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 248.71 288.15 Td ($125 ) Tj ET Q q 0 0 0 rg BT 271.86 288.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 306.97 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 324.29 288.15 Td (an ) Tj ET Q q 0 0 0 rg BT 336.35 288.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 370.00 288.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 394.89 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 405.21 288.15 Td (50% ) Tj ET Q q 0 0 0 rg BT 426.60 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 437.50 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 453.65 288.15 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 483.22 288.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 513.35 288.15 Td (securities) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.01 288.15 Td (\) ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 275.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.98 275.55 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.71 275.55 Td (EBITDA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.63 275.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.94 275.55 Td (\(as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.50 275.55 Td (defined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.30 275.55 Td (therein\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.26 275.55 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.00 275.55 Td (exceed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.45 275.55 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.77 275.55 Td (3 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.33 275.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.82 275.55 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.38 275.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.32 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.80 275.55 Td (\(ii\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.94 275.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.25 275.55 Td (ratio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.81 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.87 275.55 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.60 275.55 Td (EBITDA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 556.51 275.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.29 262.95 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.58 262.95 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.86 262.95 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.40 262.95 Td (payments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.26 262.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.39 262.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.58 262.95 Td (Indebtedness ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.02 262.95 Td (\(as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.89 262.95 Td (defined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.00 262.95 Td (therein\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.27 262.95 Td (exceeds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.13 262.95 Td (4.0 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.88 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.67 262.95 Td (1\);) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.50 250.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 250.35 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.81 250.35 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.95 250.35 Td (flow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.67 250.35 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.05 250.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.77 250.35 Td (general ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.14 250.35 Td (corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.26 250.35 Td (purposes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.07 250.35 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.71 250.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.35 250.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.66 250.35 Td (ongoing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.55 250.35 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.69 250.35 Td (flow ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.41 250.35 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.70 250.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.43 250.35 Td (debt ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 237.75 Td (service;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.50 225.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 225.15 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.69 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.05 225.15 Td (flexibility) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.78 225.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.76 225.15 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.78 225.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.14 225.15 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.32 225.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.85 225.15 Td (react ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.60 225.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.13 225.15 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.05 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.57 225.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.50 225.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.68 225.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.21 225.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.39 225.15 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.17 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.68 225.15 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 212.55 Td (conditions; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.79 212.55 Td (and) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.50 199.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 199.95 Td (place ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.27 199.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.24 199.95 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.44 199.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.72 199.95 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.92 199.95 Td (disadvantage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.36 199.95 Td (compared ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.38 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.17 199.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.79 199.95 Td (competitors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.99 199.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.36 199.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.81 199.95 Td (less ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.19 199.95 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 174.75 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.28 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.14 174.75 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.65 174.75 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.88 174.75 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.62 174.75 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.64 174.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.57 174.75 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.01 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.87 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.98 174.75 Td (bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.50 174.75 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.51 174.75 Td (agreement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.34 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.45 174.75 Td (ratio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.80 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.66 174.75 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.60 174.75 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.78 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.06 174.75 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.58 174.75 Td (EBITDA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 557.50 174.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.05 162.15 Td (1.9 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.39 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.77 162.15 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.24 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.61 162.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.83 162.15 Td (ratio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.29 162.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.25 162.15 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.88 162.15 Td (EBITDA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.79 162.15 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.01 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.39 162.15 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.52 162.15 Td (expense ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.55 162.15 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.10 162.15 Td (6.1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.44 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.82 162.15 Td (1, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.91 162.15 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.92 162.15 Td (therefore, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.65 162.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.11 162.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.72 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.11 162.15 Td (compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.75 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.32 149.55 Td (bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.32 149.55 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.63 149.55 Td (covenants. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.82 149.55 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.39 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.97 149.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.38 149.55 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.86 149.55 Td (significantly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.93 149.55 Td (declines ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.92 149.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.74 149.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.48 149.55 Td (reason, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.09 149.55 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.51 149.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.16 149.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.65 149.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.13 149.55 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.87 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.62 149.55 Td (remain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.35 149.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.01 136.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.80 136.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.49 136.95 Td (covenants. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.21 136.95 Td (Similarly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.62 136.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.36 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.64 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.59 136.95 Td (extent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.36 136.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.22 136.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.58 136.95 Td (spend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.19 136.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.31 136.95 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.32 136.95 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.09 136.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.45 136.95 Td (purposes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.90 136.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.59 136.95 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.78 136.95 Td (repaying ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.15 124.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.47 124.35 Td (acquiring ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.69 124.35 Td (businesses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.60 124.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.91 124.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.88 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.44 124.35 Td (EBITDA, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.13 124.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.95 124.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.85 124.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.82 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.38 124.35 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.78 124.35 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.43 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.17 124.35 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.16 124.35 Td (EBITDA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.07 124.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.64 124.35 Td (ratio. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (Although ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.70 111.75 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.23 111.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.58 111.75 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.86 111.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.14 111.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.92 111.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.54 111.75 Td (take ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.56 111.75 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.51 111.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.05 111.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.31 111.75 Td (covenant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.75 111.75 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.68 111.75 Td (becomes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.95 111.75 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.40 111.75 Td (issue, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.56 111.75 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.09 111.75 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.19 111.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.64 111.75 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.68 111.75 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.87 99.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.74 99.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.70 99.15 Td (remain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.48 99.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.27 99.15 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.29 99.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.58 99.15 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.13 99.15 Td (bank ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.17 99.15 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.87 99.15 Td (covenants.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 73.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.42 73.95 Td (access ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.82 73.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.57 73.95 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.06 73.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.14 73.95 Td (reasonable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.62 73.95 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.54 73.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.12 73.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.62 73.95 Td (partially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.20 73.95 Td (dependent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.93 73.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.02 73.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.60 73.95 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.09 73.95 Td (ratings. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.88 73.95 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.46 73.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.04 73.95 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.53 73.95 Td (ratings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.69 73.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (downgraded, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.15 61.35 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.10 61.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.56 61.35 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.59 61.35 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.36 61.35 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.06 61.35 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.53 61.35 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.82 61.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.10 61.35 Td (costly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.30 61.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.66 61.35 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.12 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.41 61.35 Td (access ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.35 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.30 61.35 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.32 61.35 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.68 61.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.55 61.35 Td (otherwise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.49 61.35 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.19 61.35 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.80 61.35 Td (debt.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (27) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.75 Td (Upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.85 741.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.69 741.75 Td (occurrence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.76 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.52 741.75 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.45 741.75 Td (events, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.91 741.75 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.18 741.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.94 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.62 741.75 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.36 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.13 741.75 Td (control, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.51 741.75 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.69 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.45 741.75 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.96 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.73 741.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.74 741.75 Td (outstanding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.76 741.75 Td (debt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.85 741.75 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.64 729.15 Td (come ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.45 729.15 Td (due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.68 729.15 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.15 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.39 729.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.69 729.15 Td (maturity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.34 729.15 Td (dates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.98 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.20 729.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.35 729.15 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.15 729.15 Td (payments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.45 729.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.69 729.15 Td (excess ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.16 729.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.97 729.15 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.28 729.15 Td (outstanding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.34 729.15 Td (amounts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.62 729.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.34 729.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.69 716.55 Td (circumstances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.79 716.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.49 716.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.03 716.55 Td (significant.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 691.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.71 691.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.51 691.35 Td (Reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.98 691.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.61 691.35 Td (Harmed, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.25 691.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.81 691.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.09 691.35 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.98 691.35 Td (Suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.97 691.35 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.84 691.35 Td (Losses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.04 691.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.43 691.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.23 691.35 Td (Business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.00 691.35 Td (Revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.04 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.00 691.35 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.79 691.35 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 666.15 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.83 666.15 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.42 666.15 Td (depends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.83 666.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.33 666.15 Td (earning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.81 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.98 666.15 Td (maintaining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.14 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.97 666.15 Td (trust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.63 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.80 666.15 Td (confidence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.85 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.60 666.15 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.01 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.17 666.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.75 666.15 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.90 666.15 Td (participants, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.64 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.45 653.55 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.18 653.55 Td (good ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.16 653.55 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.71 653.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.69 653.55 Td (critical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.82 653.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.97 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.95 653.55 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.14 653.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.45 653.55 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.00 653.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.98 653.55 Td (vulnerable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.28 653.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.43 653.55 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.73 653.55 Td (threats ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.70 653.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.43 653.55 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.98 653.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.87 653.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.35 653.55 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.16 640.95 Td (impossible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.58 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.67 640.95 Td (control, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.95 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.03 640.95 Td (costly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.03 640.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.70 640.95 Td (impossible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.12 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.20 640.95 Td (remediate. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.14 640.95 Td (Regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.71 640.95 Td (inquiries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.00 640.95 Td (employee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.73 640.95 Td (misconduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.06 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.14 640.95 Td (rumors, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.63 628.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.76 628.35 Td (things, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.61 628.35 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.74 628.35 Td (substantially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.37 628.35 Td (damage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.57 628.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.12 628.35 Td (reputation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.87 628.35 Td (even ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.25 628.35 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.22 628.35 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.85 628.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.22 628.35 Td (baseless ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.18 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.48 628.35 Td (satisfactorily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.27 628.35 Td (addressed. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.85 628.35 Td (Regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (sanctions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.42 615.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.00 615.75 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.90 615.75 Td (litigation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.65 615.75 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.90 615.75 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.31 615.75 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.06 615.75 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.22 615.75 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.97 615.75 Td (damage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.45 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.46 615.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.29 615.75 Td (reputation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.70 615.75 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.62 615.75 Td (damage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.10 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.11 615.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.94 615.75 Td (reputation ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.16 603.15 Td (impede ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.40 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.73 603.15 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.89 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.39 603.15 Td (attract ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.96 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.45 603.15 Td (retain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.69 603.15 Td (clients ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.43 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.92 603.15 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.42 603.15 Td (personnel, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.20 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.69 603.15 Td (lead ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.51 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.01 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.01 603.15 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.99 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.49 603.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.65 603.15 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.48 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.56 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.38 603.15 Td (AUM, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.66 590.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.94 590.55 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.90 590.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.34 590.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.63 590.55 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.65 590.55 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.34 590.55 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.31 590.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.67 590.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.79 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.42 590.55 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.36 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.14 590.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.60 590.55 Td (income.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.50 565.35 Td (Failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.62 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.24 565.35 Td (Properly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.35 565.35 Td (Address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.23 565.35 Td (Conflicts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.76 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.96 565.35 Td (Interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.66 565.35 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.37 565.35 Td (Harm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.49 565.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.12 565.35 Td (Reputation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.04 565.35 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.01 565.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.80 565.35 Td (Results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 565.35 Td (of ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 527.55 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.79 527.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.66 527.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.11 527.55 Td (expanded ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.96 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.41 527.55 Td (scope ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.95 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.32 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.94 527.55 Td (businesses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.90 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.68 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.30 527.55 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.25 527.55 Td (base, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.16 527.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.02 527.55 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.07 527.55 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.85 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.64 527.55 Td (address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.76 527.55 Td (conflicts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.54 527.55 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.35 514.95 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.21 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.23 514.95 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.25 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.85 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.71 514.95 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.60 514.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.21 514.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.10 514.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.79 514.95 Td (SEC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.91 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.92 514.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.36 514.95 Td (regulators ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.20 514.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.88 514.95 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.38 514.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.48 514.95 Td (scrutiny ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.17 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.78 514.95 Td (potential ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (conflicts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.42 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.93 502.35 Td (interest. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.96 502.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.03 502.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.45 502.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.04 502.35 Td (procedures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.86 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.79 502.35 Td (controls ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.38 502.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.89 502.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.48 502.35 Td (reasonably ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.72 502.35 Td (designed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.81 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.74 502.35 Td (address ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.00 502.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.34 502.35 Td (issues. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.82 502.35 Td (However) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.88 502.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (appropriately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.53 489.75 Td (dealing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.50 489.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.22 489.75 Td (conflicts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.43 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.24 489.75 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.20 489.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.26 489.75 Td (complex ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.47 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.69 489.75 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.16 489.75 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.38 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.60 489.75 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.07 489.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.37 489.75 Td (fail, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.04 489.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.84 489.75 Td (appear ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.88 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.10 489.75 Td (fail, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.77 489.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.00 489.75 Td (deal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.54 489.75 Td (appropriately ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.15 477.15 Td (conflicts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.28 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 477.15 Td (interest, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.51 477.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.73 477.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.04 477.15 Td (face ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.50 477.15 Td (reputational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.62 477.15 Td (damage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.87 477.15 Td (litigation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.77 477.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.49 477.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.62 477.15 Td (proceedings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.33 477.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.05 477.15 Td (penalties, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.98 477.15 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.11 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 477.15 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.20 464.55 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.06 464.55 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.03 464.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.39 464.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.01 464.55 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.95 464.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.32 464.55 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.77 464.55 Td (income.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.50 439.35 Td (Loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.96 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.33 439.35 Td (Key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.28 439.35 Td (Personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.66 439.35 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.55 439.35 Td (Harm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.85 439.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.65 439.35 Td (Business) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 414.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.05 414.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.69 414.15 Td (dependent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.66 414.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.98 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.63 414.15 Td (continued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.86 414.15 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.50 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.07 414.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.89 414.15 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.87 414.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.10 414.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.57 414.15 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.21 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.19 414.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.01 414.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.48 414.15 Td (team. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 69.04 401.55 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.60 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.56 401.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.94 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.90 401.55 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.36 401.55 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.40 401.55 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.70 401.55 Td (adequate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.23 401.55 Td (replacement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.74 401.55 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.29 401.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.32 401.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.20 401.55 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.82 401.55 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.10 401.55 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.06 401.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.02 401.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.73 401.55 Td (us. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.91 401.55 Td (Moreover) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.89 401.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.69 388.95 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.87 388.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.23 388.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.83 388.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.86 388.95 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.71 388.95 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.21 388.95 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.50 388.95 Td (lean ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.60 388.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.86 388.95 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.96 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.74 388.95 Td (contribute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.92 388.95 Td (significantly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.02 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.81 388.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.42 388.95 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 388.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.85 376.35 Td (income, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.91 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.26 376.35 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.13 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.40 376.35 Td (even ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.75 376.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.93 376.35 Td (small ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.21 376.35 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.80 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.08 376.35 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.76 376.35 Td (personnel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.11 376.35 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.21 376.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.31 376.35 Td (businesses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.17 376.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.02 376.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.37 376.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.56 376.35 Td (disproportionate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.90 376.35 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 376.35 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.09 363.75 Td (overall ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.84 363.75 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.07 363.75 Td (Additionally) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.47 363.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.69 363.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.53 363.75 Td (need ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.94 363.75 Td (qualified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.86 363.75 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.69 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.44 363.75 Td (skilled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.03 363.75 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.53 363.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.79 363.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.80 363.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.04 363.75 Td (experience ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.94 351.15 Td (order ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.37 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.81 351.15 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.98 351.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.26 351.15 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.12 351.15 Td (successfully) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.76 351.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.42 351.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.02 351.15 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.45 351.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.97 351.15 Td (experienced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.96 351.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.65 351.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.57 351.15 Td (professionals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.25 351.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.53 351.15 Td (extremely ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.96 338.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.02 338.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.92 338.55 Td (increasingly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.13 338.55 Td (characterized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.98 338.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.37 338.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.09 338.55 Td (movement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.31 338.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.95 338.55 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.75 338.55 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.22 338.55 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.70 338.55 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.07 338.55 Td (firms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.76 338.55 Td (Due ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.15 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.21 338.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.93 338.55 Td (competitive ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.44 325.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.46 325.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.66 325.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.08 325.95 Td (professionals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.27 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.22 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.83 325.95 Td (success ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.10 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.63 325.95 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.58 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.11 325.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.89 325.95 Td (employees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.20 325.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.98 325.95 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.76 325.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.71 325.95 Td (attract ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.73 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.67 325.95 Td (retain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 325.95 Td (key ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.48 313.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.37 313.35 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.77 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.00 313.35 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.41 313.35 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.40 313.35 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.86 313.35 Td (over ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.59 313.35 Td (time. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.96 313.35 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.78 313.35 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.52 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.76 313.35 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.12 313.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.44 313.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.59 313.35 Td (work ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.25 313.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.99 313.35 Td (key ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.22 313.35 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.20 313.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.44 313.35 Td (revise ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.87 300.75 Td (sharing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.92 300.75 Td (arrangements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.61 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.91 300.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.62 300.75 Td (employment-related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.31 300.75 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.78 300.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.08 300.75 Td (reflect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.03 300.75 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.90 300.75 Td (circumstances, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.14 300.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.94 300.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.25 300.75 Td (situations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (where ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.13 288.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.77 288.15 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.97 288.15 Td (sharing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.86 288.15 Td (arrangement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.31 288.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.37 288.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.67 288.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.82 288.15 Td (insuf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.63 288.15 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.43 288.15 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.72 288.15 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.02 288.15 Td (retained ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.81 288.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.29 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.10 288.15 Td (subsidiary) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.58 288.15 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.18 288.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.91 288.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.92 288.15 Td (since ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.20 275.55 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.15 275.55 Td (track ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.00 275.55 Td (record ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.69 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.31 275.55 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.51 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.12 275.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.99 275.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.02 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.06 275.55 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.75 275.55 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.62 275.55 Td (often ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.07 275.55 Td (attributed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.18 275.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.21 275.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.75 275.55 Td (small ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.37 275.55 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.31 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.93 275.55 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (employees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.79 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.72 262.95 Td (sometimes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.40 262.95 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.33 262.95 Td (person, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.71 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.31 262.95 Td (departure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.72 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.23 262.95 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.16 262.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.67 262.95 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.01 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.52 262.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.86 262.95 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.53 262.95 Td (could) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.86 262.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.63 262.95 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.71 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.31 262.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.66 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.59 262.95 Td (lose ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.84 250.35 Td (accounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.59 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.35 250.35 Td (managed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.26 250.35 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.39 250.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.07 250.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.41 250.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.24 250.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.92 250.35 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.33 250.35 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.41 250.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.38 250.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.12 250.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.64 250.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.65 250.35 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.08 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.84 250.35 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.59 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.76 250.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (condition. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.28 237.75 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.77 237.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.51 237.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.83 237.75 Td (unable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.31 237.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.97 237.75 Td (attract ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.70 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.36 237.75 Td (retain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.75 237.75 Td (qualified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.57 237.75 Td (individuals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.73 237.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.97 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.47 237.75 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.96 237.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.63 237.75 Td (do ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.62 237.75 Td (so ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.45 237.75 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.34 237.75 Td (significantly) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.15 237.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.27 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.77 237.75 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 225.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.64 225.15 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.68 225.15 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.56 225.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.09 225.15 Td (materially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.28 225.15 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.14 225.15 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.11 225.15 Td (fected.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.50 199.95 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.63 199.95 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.78 199.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.41 199.95 Td (Subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.12 199.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.91 199.95 Td (Numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.05 199.95 Td (Operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.60 199.95 Td (Risks) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 174.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 174.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.07 174.75 Td (face ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.39 174.75 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.65 174.75 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.72 174.75 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.40 174.75 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.81 174.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.82 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.66 174.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.09 174.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.43 174.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.93 174.75 Td (day-to-day ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.26 174.75 Td (basis. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.10 174.75 Td (Among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.44 174.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.86 174.75 Td (things, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.00 174.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.09 174.75 Td (must ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.21 162.15 Td (able ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.49 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.45 162.15 Td (consistently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.41 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.37 162.15 Td (reliably ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.24 162.15 Td (obtain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.28 162.15 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.73 162.15 Td (pricing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.27 162.15 Td (information, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.26 162.15 Td (process ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.55 162.15 Td (trading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.09 162.15 Td (activity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.90 162.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.32 162.15 Td (process ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.60 162.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.72 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 162.15 Td (investor ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.61 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.73 149.55 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.76 149.55 Td (reports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.88 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.00 149.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.53 149.55 Td (customer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.98 149.55 Td (service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.67 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.80 149.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.75 149.55 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.75 149.55 Td (investors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.62 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.74 149.55 Td (distributors. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.16 149.55 Td (Failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.86 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.99 149.55 Td (keep ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 149.55 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.58 136.95 Td (accurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.47 136.95 Td (books ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.47 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.55 136.95 Td (records ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.38 136.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.87 136.95 Td (render ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.60 136.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.86 136.95 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.52 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.61 136.95 Td (disciplinary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.10 136.95 Td (action ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.68 136.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.10 136.95 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.75 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.83 136.95 Td (self-regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.56 136.95 Td (authorities, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.38 124.35 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.58 124.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.46 124.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.76 124.35 Td (claims ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.29 124.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.92 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.05 124.35 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.74 124.35 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.75 124.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.88 124.35 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.34 124.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.21 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.34 124.35 Td (software ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.62 124.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.75 124.35 Td (licensed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.28 124.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.82 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.11 124.35 Td (supported ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.65 124.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.28 124.35 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.74 124.35 Td (vendors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.11 124.35 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.24 124.35 Td (whom ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.27 111.75 Td (rely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.13 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.82 111.75 Td (prevent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.84 111.75 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.02 111.75 Td (system ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.72 111.75 Td (failure. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.71 111.75 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.71 111.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.24 111.75 Td (suspension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.86 111.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.13 111.75 Td (termination ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.07 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.34 111.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.45 111.75 Td (licenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.22 111.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.49 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.85 111.75 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.94 111.75 Td (support, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.60 111.75 Td (upgrades ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.27 99.15 Td (maintenance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.93 99.15 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.87 99.15 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.79 99.15 Td (system ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.57 99.15 Td (delays ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.00 99.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.36 99.15 Td (interruption. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.17 99.15 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.77 99.15 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.53 99.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.89 99.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.49 99.15 Td (financial, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.46 99.15 Td (portfolio ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.81 99.15 Td (accounting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.49 99.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.84 99.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.02 99.15 Td (data ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 86.55 Td (processing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.80 86.55 Td (systems, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.07 86.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.21 86.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.44 86.55 Td (systems ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.08 86.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.22 86.55 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.45 86.55 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.83 86.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.72 86.55 Td (whom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.37 86.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.00 86.55 Td (rely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.65 86.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.66 86.55 Td (do ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.56 86.55 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.37 86.55 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.66 86.55 Td (properly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.62 86.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.76 86.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.97 86.55 Td (disabled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.36 86.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.50 86.55 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.30 86.55 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 86.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.72 73.95 Td (shortcomings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.95 73.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.34 73.95 Td (failures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.47 73.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.28 73.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.93 73.95 Td (internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.64 73.95 Td (processes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.15 73.95 Td (people ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.79 73.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.18 73.95 Td (systems, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.70 73.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.09 73.95 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.90 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.30 73.95 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.77 73.95 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.41 73.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.55 73.95 Td (whom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.45 73.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.34 73.95 Td (rely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.98 73.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.25 73.95 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.66 61.35 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.31 61.35 Td (fer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.80 61.35 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.55 61.35 Td (impairment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.79 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.79 61.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.62 61.35 Td (liquidity) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.53 61.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.99 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.49 61.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.06 61.35 Td (loss, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.86 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.35 61.35 Td (disruption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.78 61.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.36 61.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.19 61.35 Td (businesses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.99 61.35 Td (liability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.49 61.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.49 61.35 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.37 61.35 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 48.75 Td (problems ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.91 48.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.99 48.75 Td (damage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.96 48.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.46 48.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.79 48.75 Td (reputation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.15 48.75 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.55 48.75 Td (systems ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.13 48.75 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.54 48.75 Td (fail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.86 48.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.36 48.75 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.59 48.75 Td (properly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.49 48.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.57 48.75 Td (become ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.54 48.75 Td (disabled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.87 48.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.94 48.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.94 48.75 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.59 48.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.67 48.75 Td (events ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (28) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.80 741.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.17 741.75 Td (wholly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.89 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.19 741.75 Td (partially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.74 741.75 Td (beyond ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.20 741.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.75 741.75 Td (control, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.67 741.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.89 741.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.11 741.75 Td (disruption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.25 741.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.55 741.75 Td (electrical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.57 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.87 741.75 Td (communications ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.83 741.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.20 741.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 741.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (inability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.11 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.89 729.15 Td (occupy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.82 729.15 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.59 729.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.95 729.15 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.13 729.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.69 729.15 Td (fices. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.75 729.15 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.11 729.15 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.75 729.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.36 729.15 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.71 729.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.14 729.15 Td (dependent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.90 729.15 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.51 729.15 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.70 729.15 Td (from, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (communications ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.67 716.55 Td (with, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.72 716.55 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.31 716.55 Td (parties, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.68 716.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.60 716.55 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.59 716.55 Td (problems ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.43 716.55 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.77 716.55 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.36 716.55 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.11 716.55 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.95 716.55 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.94 716.55 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.91 716.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.40 716.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.16 716.55 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.75 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.68 716.55 Td (carry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 716.55 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.12 703.95 Td (business.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 678.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 678.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.15 678.75 Td (depend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.40 678.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.82 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.74 678.75 Td (headquarters, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.93 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.68 678.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.24 678.75 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.99 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.66 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.58 678.75 Td (subsidiaries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.71 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.63 678.75 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.29 678.75 Td (centers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.95 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.03 678.75 Td (third-party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.86 678.75 Td (providers ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.85 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.78 666.15 Td (continued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.29 666.15 Td (operation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.04 666.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.89 666.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.99 666.15 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.16 666.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.59 666.15 Td (failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.09 666.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.36 666.15 Td (maintain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.21 666.15 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.22 666.15 Td (infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.88 666.15 Td (commensurate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.21 666.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.98 666.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.92 666.15 Td (size ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.34 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.61 666.15 Td (scope ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.82 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.38 653.55 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.16 653.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.39 653.55 Td (disaster ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.04 653.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.35 653.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.58 653.55 Td (disruption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.74 653.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.47 653.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.87 653.55 Td (infrastructure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.99 653.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.31 653.55 Td (supports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.46 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.03 653.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.01 653.55 Td (managers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.44 653.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.75 653.55 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.23 653.55 Td (event ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.54 653.55 Td (disrupting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 653.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.06 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.55 640.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.28 640.95 Td (employees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.91 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.82 640.95 Td (perform ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.37 640.95 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.35 640.95 Td (job ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.50 640.95 Td (functions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.94 640.95 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.33 640.95 Td (terrorist ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.31 640.95 Td (attacks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.82 640.95 Td (pandemic, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.00 640.95 Td (health ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.39 640.95 Td (crisis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.29 640.95 Td (\(such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.76 640.95 Td (COVID-19\) ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.49 628.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.40 628.35 Td (disruption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.24 628.35 Td (involving ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.74 628.35 Td (electrical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.46 628.35 Td (communications, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.73 628.35 Td (transportation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.30 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.30 628.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.12 628.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.19 628.35 Td (used ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.68 628.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.43 628.35 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.01 628.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.01 628.35 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.09 628.35 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.33 628.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.24 628.35 Td (whom ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.85 615.75 Td (conduct ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.19 615.75 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.51 615.75 Td (directly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.68 615.75 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.65 615.75 Td (fecting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.90 615.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.00 615.75 Td (headquarters, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.37 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.30 615.75 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.86 615.75 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.79 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.64 615.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.74 615.75 Td (subsidiaries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.04 615.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.14 615.75 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.99 615.75 Td (centers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.82 615.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.67 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.60 615.75 Td (travel ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.08 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.91 603.15 Td (sales, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.78 603.15 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.94 603.15 Td (service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.51 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.50 603.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.91 603.15 Td (personnel, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.19 603.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.10 603.15 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.76 603.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.25 603.15 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.48 603.15 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.38 603.15 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.79 603.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.13 603.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.96 603.15 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.62 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.62 603.15 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.61 603.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.61 603.15 Td (operate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.02 590.55 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.13 590.55 Td (without ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.73 590.55 Td (interruption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.83 590.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.09 590.55 Td (impede ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.52 590.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.87 590.55 Td (growth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.14 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.41 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.92 590.55 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.10 590.55 Td (Although ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.29 590.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.06 590.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.40 590.55 Td (disaster ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.99 590.55 Td (recovery ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.24 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.92 590.55 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (continuity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.02 577.95 Td (programs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.63 577.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.74 577.95 Td (place, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.46 577.95 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.39 577.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.90 577.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.76 577.95 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.20 577.95 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.96 577.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.65 577.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.17 577.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.45 577.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.30 577.95 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.95 577.95 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.71 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.82 577.95 Td (mitigate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.18 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.95 577.95 Td (harm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.47 577.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.16 577.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.18 577.95 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.27 565.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.89 565.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.91 565.35 Td (disaster ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.35 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.46 565.35 Td (disruption. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.03 565.35 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.39 565.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.00 565.35 Td (fail ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.35 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.89 565.35 Td (keep ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.07 565.35 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.02 565.35 Td (continuity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.97 565.35 Td (plans ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.49 565.35 Td (up-to-date ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.01 565.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.12 565.35 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.90 565.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.51 565.35 Td (plans, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.66 565.35 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.69 565.35 Td (secure ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (back-up ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.13 552.75 Td (facilities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.09 552.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.06 552.75 Td (systems, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.75 552.75 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.38 552.75 Td (improperly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.84 552.75 Td (implemented ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.47 552.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.03 552.75 Td (deployed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.33 552.75 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.55 552.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.02 552.75 Td (disruption, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.04 552.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.85 552.75 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.49 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.46 552.75 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.17 552.75 Td (could ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.20 540.15 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.23 540.15 Td (impacted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.50 540.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.04 540.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.83 540.15 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.45 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.41 540.15 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.70 540.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.16 540.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.10 540.15 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.56 540.15 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.25 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.21 540.15 Td (reputational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.15 540.15 Td (harm, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.14 540.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.08 540.15 Td (fines ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.29 527.55 Td (sanctions. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.61 527.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.99 527.55 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.65 527.55 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.51 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.29 527.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.49 527.55 Td (safeguards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.02 527.55 Td (might ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.14 527.55 Td (only ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.44 527.55 Td (partially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.05 527.55 Td (reimburse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.66 527.55 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.62 527.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.49 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.11 527.55 Td (losses.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 502.35 Td (Failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.97 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.94 502.35 Td (implement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.24 502.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.20 502.35 Td (fective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.98 502.35 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.71 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.85 502.35 Td (cybersecurity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.79 502.35 Td (policies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.88 502.35 Td (procedures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.50 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.64 502.35 Td (capabilities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.44 502.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.15 502.35 Td (disrupt ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.63 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.60 489.75 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.72 489.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.44 489.75 Td (losses) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 464.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.28 464.55 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.47 464.55 Td (rely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.25 464.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.20 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.48 464.55 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.44 464.55 Td (fectiveness ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.54 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.74 464.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.19 464.55 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.21 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.82 464.55 Td (cybersecurity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.83 464.55 Td (policies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.56 464.55 Td (procedures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.08 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.69 464.55 Td (capabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.46 451.95 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.33 451.95 Td (secure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.95 451.95 Td (processing, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.28 451.95 Td (storage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.39 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.35 451.95 Td (transmission ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.23 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.78 451.95 Td (confidential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.72 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.68 451.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.05 451.95 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.42 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.38 451.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.18 451.95 Td (computer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.63 451.95 Td (systems, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (networks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.48 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.12 439.35 Td (mobile ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.76 439.35 Td (devices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.73 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.37 439.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.35 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.66 439.35 Td (computer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.80 439.35 Td (systems, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.16 439.35 Td (networks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.13 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.78 439.35 Td (mobile ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.42 439.35 Td (devices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.39 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.62 439.35 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.93 439.35 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.40 439.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.38 439.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.52 439.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.25 439.35 Td (rely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 559.89 439.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (Although ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.97 426.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.01 426.75 Td (take ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.30 426.75 Td (protective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.08 426.75 Td (measures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.95 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.91 426.75 Td (endeavor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.18 426.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.15 426.75 Td (modify ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.28 426.75 Td (them ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.08 426.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.62 426.75 Td (circumstances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.90 426.75 Td (warrant, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.39 426.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.18 426.75 Td (computer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.64 426.75 Td (systems, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (software, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.46 414.15 Td (networks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.14 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.48 414.15 Td (mobile ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.82 414.15 Td (devices, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.12 414.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.46 414.15 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.81 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.74 414.15 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.75 414.15 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.92 414.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.61 414.15 Td (whom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.04 414.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.47 414.15 Td (rely) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.11 414.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.92 414.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.18 414.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.27 414.15 Td (vulnerable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.77 414.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.12 414.15 Td (cyber) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.22 414.15 Td (-attacks, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (sabotage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.00 401.55 Td (unauthorized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.95 401.55 Td (access, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.53 401.55 Td (computer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.32 401.55 Td (viruses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.84 401.55 Td (worms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.56 401.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.44 401.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.16 401.55 Td (malicious ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.13 401.55 Td (code, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.71 401.55 Td (phishing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.02 401.55 Td (scams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.82 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.12 401.55 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.84 401.55 Td (events ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.80 401.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.68 401.55 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 56.68 388.95 Td (security ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.43 388.95 Td (impact) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 121.01 388.95 Td (. ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.15 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 128.66 388.95 Td (In ) Tj ET Q q 0 0 0 rg BT 139.93 388.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 179.48 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 195.99 388.95 Td (interconnectivity ) Tj ET Q q 0 0 0 rg BT 269.65 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 290.84 388.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 338.26 388.95 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 376.64 388.95 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 416.78 388.95 Td (central ) Tj ET Q q 0 0 0 rg BT 447.86 388.95 Td (agents, ) Tj ET Q q 0 0 0 rg BT 479.83 388.95 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 528.70 388.95 Td (clearing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (houses ) Tj ET Q q 0 0 0 rg BT 80.83 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 98.74 376.35 Td (other ) Tj ET Q q 0 0 0 rg BT 123.06 376.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.53 376.35 Td (institutions ) Tj ET Q q 0 0 0 rg BT 211.96 376.35 Td (may ) Tj ET Q q 0 0 0 rg BT 232.78 376.35 Td (be ) Tj ET Q q 0 0 0 rg BT 245.44 376.35 Td (adversely ) Tj ET Q q 0 0 0 rg BT 288.41 376.35 Td (af) Tj ET Q q 0 0 0 rg BT 296.38 376.35 Td (fected ) Tj ET Q q 0 0 0 rg BT 324.77 376.35 Td (if ) Tj ET Q q 0 0 0 rg BT 333.93 376.35 Td (any ) Tj ET Q q 0 0 0 rg BT 351.84 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 363.33 376.35 Td (them ) Tj ET Q q 0 0 0 rg BT 387.07 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 402.64 376.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 435.12 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 446.04 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 453.44 376.35 Td (successful ) Tj ET Q q 0 0 0 rg BT 499.34 376.35 Td (cyber) Tj ET Q q 0 0 0 rg BT 522.45 376.35 Td (-attack ) Tj ET Q q 0 0 0 rg BT 553.76 376.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 74.85 363.75 Td (information ) Tj ET Q q 0 0 0 rg BT 128.21 363.75 Td (security ) Tj ET Q q 0 0 0 rg BT 165.23 363.75 Td (event. ) Tj ET Q q 0 0 0 rg BT 194.37 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 197.88 363.75 Td (While ) Tj ET Q q 0 0 0 rg BT 227.31 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 243.34 363.75 Td (collaborate ) Tj ET Q q 0 0 0 rg BT 293.76 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 316.21 363.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 350.02 363.75 Td (vendors ) Tj ET Q q 0 0 0 rg BT 387.04 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 405.98 363.75 Td (other ) Tj ET Q q 0 0 0 rg BT 431.34 363.75 Td (third ) Tj ET Q q 0 0 0 rg BT 454.95 363.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 486.72 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 498.67 363.75 Td (develop ) Tj ET Q q 0 0 0 rg BT 535.69 363.75 Td (secure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (transmission ) Tj ET Q q 0 0 0 rg BT 104.94 351.15 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 155.11 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 172.62 351.15 Td (protect ) Tj ET Q q 0 0 0 rg BT 204.13 351.15 Td (against ) Tj ET Q q 0 0 0 rg BT 236.23 351.15 Td (cyber) Tj ET Q q 0 0 0 rg BT 259.33 351.15 Td (-attacks, ) Tj ET Q q 0 0 0 rg BT 296.96 351.15 Td (we ) Tj ET Q q 0 0 0 rg BT 311.56 351.15 Td (cannot ) Tj ET Q q 0 0 0 rg BT 341.90 351.15 Td (ensure ) Tj ET Q q 0 0 0 rg BT 371.66 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 389.76 351.15 Td (we ) Tj ET Q q 0 0 0 rg BT 404.36 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 415.46 351.15 Td (any ) Tj ET Q q 0 0 0 rg BT 432.97 351.15 Td (third ) Tj ET Q q 0 0 0 rg BT 455.16 351.15 Td (parties ) Tj ET Q q 0 0 0 rg BT 485.50 351.15 Td (has ) Tj ET Q q 0 0 0 rg BT 501.85 351.15 Td (all ) Tj ET Q q 0 0 0 rg BT 514.70 351.15 Td (appropriate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (controls ) Tj ET Q q 0 0 0 rg BT 87.08 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 98.99 338.55 Td (place ) Tj ET Q q 0 0 0 rg BT 124.89 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 136.81 338.55 Td (protect ) Tj ET Q q 0 0 0 rg BT 169.71 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 186.28 338.55 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 251.26 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 263.76 338.55 Td (such ) Tj ET Q q 0 0 0 rg BT 286.75 338.55 Td (information) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.33 338.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 338.95 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 342.70 338.55 Td (In ) Tj ET Q q 0 0 0 rg BT 355.19 338.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 395.98 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 413.73 338.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 457.12 338.55 Td (use ) Tj ET Q q 0 0 0 rg BT 474.86 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 487.36 338.55 Td (mobile ) Tj ET Q q 0 0 0 rg BT 520.27 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 539.18 338.55 Td (cloud ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (technologies ) Tj ET Q q 0 0 0 rg BT 103.93 325.95 Td (could ) Tj ET Q q 0 0 0 rg BT 128.62 325.95 Td (heighten ) Tj ET Q q 0 0 0 rg BT 166.14 325.95 Td (these ) Tj ET Q q 0 0 0 rg BT 189.08 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 205.60 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 228.54 325.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 277.13 325.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 298.33 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 314.85 325.95 Td (any ) Tj ET Q q 0 0 0 rg BT 331.38 325.95 Td (failure ) Tj ET Q q 0 0 0 rg BT 360.14 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 372.00 325.95 Td (mobile ) Tj ET Q q 0 0 0 rg BT 402.53 325.95 Td (technology ) Tj ET Q q 0 0 0 rg BT 450.55 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 467.07 325.95 Td (cloud ) Tj ET Q q 0 0 0 rg BT 491.76 325.95 Td (service ) Tj ET Q q 0 0 0 rg BT 522.85 325.95 Td (providers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.65 313.35 Td (adequately ) Tj ET Q q 0 0 0 rg BT 107.11 313.35 Td (safeguard ) Tj ET Q q 0 0 0 rg BT 149.91 313.35 Td (their ) Tj ET Q q 0 0 0 rg BT 171.14 313.35 Td (systems ) Tj ET Q q 0 0 0 rg BT 206.38 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 223.52 313.35 Td (prevent ) Tj ET Q q 0 0 0 rg BT 256.99 313.35 Td (cyber) Tj ET Q q 0 0 0 rg BT 280.10 313.35 Td (-attacks, ) Tj ET Q q 0 0 0 rg BT 317.36 313.35 Td (could ) Tj ET Q q 0 0 0 rg BT 342.67 313.35 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 373.82 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 389.80 313.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 435.53 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 452.67 313.35 Td (result ) Tj ET Q q 0 0 0 rg BT 477.98 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 488.14 313.35 Td (misappropriation, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (corruption ) Tj ET Q q 0 0 0 rg BT 95.86 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 107.24 300.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 126.20 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.57 300.75 Td (personal, ) Tj ET Q q 0 0 0 rg BT 178.39 300.75 Td (confidential ) Tj ET Q q 0 0 0 rg BT 231.17 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 242.54 300.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 291.81 300.75 Td (information.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 275.55 Td (An ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.49 275.55 Td (externally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.63 275.55 Td (caused ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.36 275.55 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.09 275.55 Td (security ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.49 275.55 Td (incident, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.10 275.55 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.50 275.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.41 275.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.23 275.55 Td (hacker ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.36 275.55 Td (attack, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.21 275.55 Td (virus ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.37 275.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.28 275.55 Td (worm, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.56 275.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.47 275.55 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.53 275.55 Td (internally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.93 275.55 Td (caused ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (issue, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.74 262.95 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.60 262.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.97 262.95 Td (failure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.98 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.76 262.95 Td (control ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.12 262.95 Td (access ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.55 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.33 262.95 Td (sensitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.70 262.95 Td (systems, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.19 262.95 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.13 262.95 Td (materially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.32 262.95 Td (interrupt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.09 262.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.29 262.95 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.64 262.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.01 262.95 Td (cause ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.94 262.95 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.37 250.35 Td (modification ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.14 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.01 250.35 Td (sensitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.87 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.74 250.35 Td (confidential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.01 250.35 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.45 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.32 250.35 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.01 250.35 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.70 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.98 250.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.43 250.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.88 250.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.16 250.35 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.68 250.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.53 250.35 Td (loss, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.47 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.84 237.75 Td (competitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.03 237.75 Td (position, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.12 237.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.89 237.75 Td (actions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.89 237.75 Td (breach ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.49 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.86 237.75 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.81 237.75 Td (contracts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.96 237.75 Td (reputational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.73 237.75 Td (harm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.93 237.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.31 237.75 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.34 237.75 Td (liability) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.32 237.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 212.55 Td (There ) Tj ET Q q 0 0 0 rg BT 112.18 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 134.20 212.55 Td (been ) Tj ET Q q 0 0 0 rg BT 156.22 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 163.08 212.55 Td (number ) Tj ET Q q 0 0 0 rg BT 197.36 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 208.30 212.55 Td (highly ) Tj ET Q q 0 0 0 rg BT 237.34 212.55 Td (publicized ) Tj ET Q q 0 0 0 rg BT 283.27 212.55 Td (cases ) Tj ET Q q 0 0 0 rg BT 307.63 212.55 Td (involving ) Tj ET Q q 0 0 0 rg BT 350.08 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.01 212.55 Td (services ) Tj ET Q q 0 0 0 rg BT 425.03 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 442.39 212.55 Td (consumer) Tj ET Q q 0 0 0 rg BT 483.00 212.55 Td (-based ) Tj ET Q q 0 0 0 rg BT 512.61 212.55 Td (companies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.48 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 103.81 199.95 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 160.11 199.95 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 204.18 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 214.43 199.95 Td (client ) Tj ET Q q 0 0 0 rg BT 239.24 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 249.49 199.95 Td (customer ) Tj ET Q q 0 0 0 rg BT 289.47 199.95 Td (information, ) Tj ET Q q 0 0 0 rg BT 343.16 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 353.40 199.95 Td (well ) Tj ET Q q 0 0 0 rg BT 372.98 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 383.22 199.95 Td (cyber) Tj ET Q q 0 0 0 rg BT 406.33 199.95 Td (-attacks ) Tj ET Q q 0 0 0 rg BT 440.47 199.95 Td (involving ) Tj ET Q q 0 0 0 rg BT 482.22 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 496.54 199.95 Td (dissemination, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (theft ) Tj ET Q q 0 0 0 rg BT 71.52 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 89.47 187.35 Td (destruction ) Tj ET Q q 0 0 0 rg BT 138.91 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 150.44 187.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 192.86 187.35 Td (information ) Tj ET Q q 0 0 0 rg BT 245.22 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 256.75 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 281.11 187.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 311.01 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 322.54 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 329.98 187.35 Td (result ) Tj ET Q q 0 0 0 rg BT 356.10 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 367.63 187.35 Td (failure ) Tj ET Q q 0 0 0 rg BT 397.81 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 408.76 187.35 Td (follow ) Tj ET Q q 0 0 0 rg BT 438.95 187.35 Td (procedures ) Tj ET Q q 0 0 0 rg BT 487.80 187.35 Td (by ) Tj ET Q q 0 0 0 rg BT 501.08 187.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 548.77 187.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (contractors ) Tj ET Q q 0 0 0 rg BT 100.47 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 113.53 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 126.60 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 135.58 174.75 Td (result ) Tj ET Q q 0 0 0 rg BT 163.23 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.29 174.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 210.35 174.75 Td (by ) Tj ET Q q 0 0 0 rg BT 225.17 174.75 Td (third ) Tj ET Q q 0 0 0 rg BT 249.32 174.75 Td (parties, ) Tj ET Q q 0 0 0 rg BT 284.26 174.75 Td (including ) Tj ET Q q 0 0 0 rg BT 328.24 174.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 362.30 174.75 Td (by ) Tj ET Q q 0 0 0 rg BT 377.12 174.75 Td (terrorist ) Tj ET Q q 0 0 0 rg BT 414.68 174.75 Td (or) Tj ET Q q 0 0 0 rg BT 423.24 174.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 475.38 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 494.86 174.75 Td (hostile ) Tj ET Q q 0 0 0 rg BT 527.18 174.75 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (governments. ) Tj ET Q q 0 0 0 rg BT 108.50 162.15 Td (Cyber) Tj ET Q q 0 0 0 rg BT 133.95 162.15 Td (-security ) Tj ET Q q 0 0 0 rg BT 172.82 162.15 Td (incidents ) Tj ET Q q 0 0 0 rg BT 212.87 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 230.16 162.15 Td (cyber) Tj ET Q q 0 0 0 rg BT 253.27 162.15 Td (-attacks ) Tj ET Q q 0 0 0 rg BT 288.06 162.15 Td (have ) Tj ET Q q 0 0 0 rg BT 310.01 162.15 Td (been ) Tj ET Q q 0 0 0 rg BT 331.97 162.15 Td (occurring ) Tj ET Q q 0 0 0 rg BT 374.34 162.15 Td (globally ) Tj ET Q q 0 0 0 rg BT 410.88 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 420.60 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 427.39 162.15 Td (more ) Tj ET Q q 0 0 0 rg BT 451.10 162.15 Td (frequent ) Tj ET Q q 0 0 0 rg BT 488.22 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 505.52 162.15 Td (severe ) Tj ET Q q 0 0 0 rg BT 534.47 162.15 Td (level. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 149.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.99 149.55 Td (have ) Tj ET Q q 0 0 0 rg BT 88.58 149.55 Td (been ) Tj ET Q q 0 0 0 rg BT 111.16 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 126.75 149.55 Td (tar) Tj ET Q q 0 0 0 rg BT 137.64 149.55 Td (get ) Tj ET Q q 0 0 0 rg BT 153.23 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 164.73 149.55 Td (attempted ) Tj ET Q q 0 0 0 rg BT 208.90 149.55 Td (cyber) Tj ET Q q 0 0 0 rg BT 232.01 149.55 Td (-attacks ) Tj ET Q q 0 0 0 rg BT 267.42 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 285.34 149.55 Td (must ) Tj ET Q q 0 0 0 rg BT 308.52 149.55 Td (monitor ) Tj ET Q q 0 0 0 rg BT 344.54 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 362.46 149.55 Td (develop ) Tj ET Q q 0 0 0 rg BT 398.46 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 415.22 149.55 Td (systems ) Tj ET Q q 0 0 0 rg BT 451.24 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 462.17 149.55 Td (protect ) Tj ET Q q 0 0 0 rg BT 494.08 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 510.84 149.55 Td (technology ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 107.66 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 124.43 136.95 Td (data ) Tj ET Q q 0 0 0 rg BT 143.53 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 165.55 136.95 Td (misappropriation ) Tj ET Q q 0 0 0 rg BT 238.89 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 249.25 136.95 Td (corruption, ) Tj ET Q q 0 0 0 rg BT 297.22 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 307.57 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 322.01 136.95 Td (failure ) Tj ET Q q 0 0 0 rg BT 351.01 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 360.79 136.95 Td (do ) Tj ET Q q 0 0 0 rg BT 372.90 136.95 Td (so ) Tj ET Q q 0 0 0 rg BT 383.84 136.95 Td (could ) Tj ET Q q 0 0 0 rg BT 408.78 136.95 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 439.55 136.95 Td (our ) Tj ET Q q 0 0 0 rg BT 455.16 136.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 500.50 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 517.27 136.95 Td (adversely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 124.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 76.16 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 93.11 124.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 133.63 124.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 176.26 124.35 Td (we ) Tj ET Q q 0 0 0 rg BT 191.46 124.35 Td (take ) Tj ET Q q 0 0 0 rg BT 211.90 124.35 Td (protective ) Tj ET Q q 0 0 0 rg BT 256.84 124.35 Td (measures ) Tj ET Q q 0 0 0 rg BT 298.87 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 316.98 124.35 Td (endeavors ) Tj ET Q q 0 0 0 rg BT 362.51 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 373.63 124.35 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 420.33 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 437.28 124.35 Td (computer ) Tj ET Q q 0 0 0 rg BT 479.89 124.35 Td (systems, ) Tj ET Q q 0 0 0 rg BT 518.73 124.35 Td (software, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 98.59 111.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 125.52 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.11 111.75 Td (networks ) Tj ET Q q 0 0 0 rg BT 184.04 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 194.63 111.75 Td (prevent ) Tj ET Q q 0 0 0 rg BT 228.55 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.14 111.75 Td (address ) Tj ET Q q 0 0 0 rg BT 280.07 111.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 319.24 111.75 Td (cyber) Tj ET Q q 0 0 0 rg BT 342.35 111.75 Td (-attacks, ) Tj ET Q q 0 0 0 rg BT 380.05 111.75 Td (there ) Tj ET Q q 0 0 0 rg BT 403.47 111.75 Td (can ) Tj ET Q q 0 0 0 rg BT 420.47 111.75 Td (be ) Tj ET Q q 0 0 0 rg BT 432.82 111.75 Td (no ) Tj ET Q q 0 0 0 rg BT 445.75 111.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 488.99 111.75 Td (that ) Tj ET Q q 0 0 0 rg BT 507.17 111.75 Td (any ) Tj ET Q q 0 0 0 rg BT 524.76 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 535.94 111.75 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 91.19 99.15 Td (prove ) Tj ET Q q 0 0 0 rg BT 117.73 99.15 Td (ef) Tj ET Q q 0 0 0 rg BT 125.69 99.15 Td (fective.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 73.95 Td (Any ) Tj ET Q q 0 0 0 rg BT 105.55 73.95 Td (information ) Tj ET Q q 0 0 0 rg BT 157.08 73.95 Td (security ) Tj ET Q q 0 0 0 rg BT 192.28 73.95 Td (incident ) Tj ET Q q 0 0 0 rg BT 228.07 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 238.78 73.95 Td (cyber) Tj ET Q q 0 0 0 rg BT 261.89 73.95 Td (-attack ) Tj ET Q q 0 0 0 rg BT 292.41 73.95 Td (against ) Tj ET Q q 0 0 0 rg BT 324.12 73.95 Td (us ) Tj ET Q q 0 0 0 rg BT 335.42 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 346.13 73.95 Td (third ) Tj ET Q q 0 0 0 rg BT 367.92 73.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 397.87 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 418.50 73.95 Td (whom ) Tj ET Q q 0 0 0 rg BT 446.71 73.95 Td (we ) Tj ET Q q 0 0 0 rg BT 460.92 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 475.70 73.95 Td (connected, ) Tj ET Q q 0 0 0 rg BT 522.85 73.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (any ) Tj ET Q q 0 0 0 rg BT 66.30 61.35 Td (interception, ) Tj ET Q q 0 0 0 rg BT 120.72 61.35 Td (mishandling ) Tj ET Q q 0 0 0 rg BT 174.27 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 184.66 61.35 Td (misuse ) Tj ET Q q 0 0 0 rg BT 215.47 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 225.86 61.35 Td (personal, ) Tj ET Q q 0 0 0 rg BT 265.69 61.35 Td (confidential ) Tj ET Q q 0 0 0 rg BT 317.48 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 327.87 61.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 376.16 61.35 Td (information, ) Tj ET Q q 0 0 0 rg BT 430.00 61.35 Td (could ) Tj ET Q q 0 0 0 rg BT 454.96 61.35 Td (result ) Tj ET Q q 0 0 0 rg BT 479.93 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 489.74 61.35 Td (material ) Tj ET Q q 0 0 0 rg BT 525.78 61.35 Td (financial ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (29) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (loss, ) Tj ET Q q 0 0 0 rg BT 71.55 741.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 90.98 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.81 741.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 155.47 741.75 Td (position, ) Tj ET Q q 0 0 0 rg BT 195.02 741.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 241.25 741.75 Td (fines ) Tj ET Q q 0 0 0 rg BT 264.75 741.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 294.66 741.75 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 339.45 741.75 Td (breach ) Tj ET Q q 0 0 0 rg BT 370.52 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.35 741.75 Td (client ) Tj ET Q q 0 0 0 rg BT 408.76 741.75 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 452.37 741.75 Td (reputational ) Tj ET Q q 0 0 0 rg BT 505.61 741.75 Td (harm ) Tj ET Q q 0 0 0 rg BT 530.27 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 542.10 741.75 Td (legal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (liability) Tj ET Q q 0 0 0 rg BT 81.48 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 86.73 729.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 117.65 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 128.44 729.15 Td (turn, ) Tj ET Q q 0 0 0 rg BT 150.60 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 171.30 729.15 Td (cause ) Tj ET Q q 0 0 0 rg BT 197.25 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 213.87 729.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 249.72 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 267.51 729.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 305.71 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 316.50 729.15 Td (decline.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 85.50 703.95 Td (Failure ) Tj ET Q q 0 0 0 rg BT 120.86 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 131.71 703.95 Td (Establish ) Tj ET Q q 0 0 0 rg BT 174.27 703.95 Td (Adequate ) Tj ET Q q 0 0 0 rg BT 217.78 703.95 Td (Controls ) Tj ET Q q 0 0 0 rg BT 257.82 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 276.84 703.95 Td (Risk ) Tj ET Q q 0 0 0 rg BT 298.78 703.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 358.64 703.95 Td (Policies, ) Tj ET Q q 0 0 0 rg BT 397.77 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 409.79 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 425.89 703.95 Td (Circumvention ) Tj ET Q q 0 0 0 rg BT 493.34 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 504.77 703.95 Td (Controls ) Tj ET Q q 0 0 0 rg BT 544.41 703.95 Td (And ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Policies ) Tj ET Q q 0 0 0 rg BT 85.95 691.35 Td (Could ) Tj ET Q q 0 0 0 rg BT 114.83 691.35 Td (Have ) Tj ET Q q 0 0 0 rg BT 140.20 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 153.52 691.35 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 190.56 691.35 Td (Ef) Tj ET Q q 0 0 0 rg BT 200.87 691.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 219.23 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 232.94 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 250.74 691.35 Td (Reputation ) Tj ET Q q 0 0 0 rg BT 301.22 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.18 691.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 365.40 691.35 Td (Position.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 67.57 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 74.66 666.15 Td (have ) Tj ET Q q 0 0 0 rg BT 96.92 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 104.01 666.15 Td (multiple ) Tj ET Q q 0 0 0 rg BT 141.44 666.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 159.62 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 215.70 666.15 Td (process ) Tj ET Q q 0 0 0 rg BT 249.62 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 267.21 666.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 305.80 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 316.40 666.15 Td (enhance ) Tj ET Q q 0 0 0 rg BT 353.22 666.15 Td (various ) Tj ET Q q 0 0 0 rg BT 386.56 666.15 Td (controls, ) Tj ET Q q 0 0 0 rg BT 425.45 666.15 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 476.57 666.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 511.66 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 529.25 666.15 Td (systems ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.74 653.55 Td (monitor ) Tj ET Q q 0 0 0 rg BT 97.06 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 115.30 653.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 151.02 653.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 173.93 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 185.17 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 202.24 653.55 Td (business; ) Tj ET Q q 0 0 0 rg BT 243.82 653.55 Td (however) Tj ET Q q 0 0 0 rg BT 279.55 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 285.25 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 300.57 653.55 Td (cannot ) Tj ET Q q 0 0 0 rg BT 331.63 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 344.62 653.55 Td (assured ) Tj ET Q q 0 0 0 rg BT 379.18 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 398.00 653.55 Td (such ) Tj ET Q q 0 0 0 rg BT 420.32 653.55 Td (controls, ) Tj ET Q q 0 0 0 rg BT 459.85 653.55 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 511.61 653.55 Td (policies ) Tj ET Q q 0 0 0 rg BT 547.34 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (systems ) Tj ET Q q 0 0 0 rg BT 85.14 640.95 Td (will ) Tj ET Q q 0 0 0 rg BT 103.87 640.95 Td (successfully ) Tj ET Q q 0 0 0 rg BT 157.58 640.95 Td (identify ) Tj ET Q q 0 0 0 rg BT 192.62 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 210.17 640.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 245.21 640.95 Td (internal ) Tj ET Q q 0 0 0 rg BT 279.67 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 297.22 640.95 Td (external ) Tj ET Q q 0 0 0 rg BT 333.42 640.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 355.64 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 366.20 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 382.58 640.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 423.01 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 432.08 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 439.13 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 454.33 640.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 486.46 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 497.02 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 512.23 640.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 530.37 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 548.50 640.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 100.77 628.35 Td (contractors ) Tj ET Q q 0 0 0 rg BT 151.16 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 163.64 628.35 Td (other ) Tj ET Q q 0 0 0 rg BT 188.96 628.35 Td (third ) Tj ET Q q 0 0 0 rg BT 212.53 628.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 244.26 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 266.08 628.35 Td (deliberately ) Tj ET Q q 0 0 0 rg BT 319.38 628.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 341.77 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 353.68 628.35 Td (circumvent ) Tj ET Q q 0 0 0 rg BT 404.65 628.35 Td (established ) Tj ET Q q 0 0 0 rg BT 455.05 628.35 Td (controls ) Tj ET Q q 0 0 0 rg BT 492.62 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 504.53 628.35 Td (commit ) Tj ET Q q 0 0 0 rg BT 540.35 628.35 Td (fraud ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (\(including ) Tj ET Q q 0 0 0 rg BT 94.81 615.75 Td (through ) Tj ET Q q 0 0 0 rg BT 129.63 615.75 Td (cyber) Tj ET Q q 0 0 0 rg BT 152.74 615.75 Td (-breaches\) ) Tj ET Q q 0 0 0 rg BT 198.61 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 209.50 615.75 Td (act ) Tj ET Q q 0 0 0 rg BT 223.90 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 234.21 615.75 Td (ways ) Tj ET Q q 0 0 0 rg BT 257.95 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 275.84 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 290.81 615.75 Td (inconsistent ) Tj ET Q q 0 0 0 rg BT 343.13 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 363.95 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 380.10 615.75 Td (controls, ) Tj ET Q q 0 0 0 rg BT 418.70 615.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 453.52 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.83 615.75 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 521.67 615.75 Td (Persistent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.48 603.15 Td (repeated ) Tj ET Q q 0 0 0 rg BT 98.28 603.15 Td (attempts ) Tj ET Q q 0 0 0 rg BT 136.09 603.15 Td (involving ) Tj ET Q q 0 0 0 rg BT 178.58 603.15 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 216.97 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.96 603.15 Td (interests, ) Tj ET Q q 0 0 0 rg BT 267.81 603.15 Td (circumvention ) Tj ET Q q 0 0 0 rg BT 330.70 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 341.68 603.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 376.58 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 393.98 603.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 430.04 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 441.02 603.15 Td (fraud ) Tj ET Q q 0 0 0 rg BT 465.42 603.15 Td (could ) Tj ET Q q 0 0 0 rg BT 490.98 603.15 Td (have ) Tj ET Q q 0 0 0 rg BT 513.04 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 519.94 603.15 Td (materially ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 84.19 590.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 115.39 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 128.51 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 145.14 590.55 Td (reputation ) Tj ET Q q 0 0 0 rg BT 190.33 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 208.12 590.55 Td (could ) Tj ET Q q 0 0 0 rg BT 234.07 590.55 Td (lead ) Tj ET Q q 0 0 0 rg BT 254.18 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 264.98 590.55 Td (costly ) Tj ET Q q 0 0 0 rg BT 292.68 590.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 338.46 590.55 Td (inquiries.) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 565.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.06 565.35 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.34 565.35 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.21 565.35 Td (Incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.35 565.35 Td (Right ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.91 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.28 565.35 Td (Use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.84 565.35 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.22 565.35 Td (Impairment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.19 565.35 Td (Charges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.99 565.35 Td (Related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.28 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.07 565.35 Td (Leased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.02 565.35 Td (Facilities) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 540.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 540.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.89 540.15 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.71 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.53 540.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.10 540.15 Td (exposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.17 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.00 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.49 540.15 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.90 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.30 540.15 Td (incurring ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.45 540.15 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.33 540.15 Td (ges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.99 540.15 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.21 540.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.04 540.15 Td (subleases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.35 540.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.76 540.15 Td (vacant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.82 540.15 Td (space ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.80 540.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.70 540.15 Td (several ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.09 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.50 540.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (leased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.86 527.55 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.42 527.55 Td (fices. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.30 527.55 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.09 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.97 527.55 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.50 527.55 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.75 527.55 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.50 527.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.62 527.55 Td (right-of-use ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.31 527.55 Td (\(�ROU�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.92 527.55 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.54 527.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.34 527.55 Td (commitments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.62 527.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.16 527.55 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.12 527.55 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.23 527.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.26 527.55 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (cancellable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.63 514.95 Td (subleases ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.21 514.95 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.53 514.95 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.09 514.95 Td ($72 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.76 514.95 Td (million. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.00 514.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.58 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.25 514.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.57 514.95 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.61 514.95 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.16 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.07 514.95 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.65 514.95 Td (ROU ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.74 514.95 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.15 514.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.31 514.95 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.87 514.95 Td (fice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.52 514.95 Td (space ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.76 514.95 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.24 502.35 Td (vacated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.80 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.46 502.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.78 502.35 Td (seeking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.35 502.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.02 502.35 Td (sublease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.09 502.35 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.99 502.35 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.14 502.35 Td ($2 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.14 502.35 Td (million, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.60 502.35 Td (after ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.33 502.35 Td (impairment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.23 502.35 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.11 502.35 Td (ges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.61 502.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.85 502.35 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 502.35 Td ($4 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.07 489.75 Td (recognized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.37 489.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.77 489.75 Td (fiscal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.75 489.75 Td (year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.05 489.75 Td (2020. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.91 489.75 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.39 489.75 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.69 489.75 Td (accepted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.65 489.75 Td (accounting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.95 489.75 Td (principles, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.22 489.75 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.20 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.27 489.75 Td (carrying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.49 489.75 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.46 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.44 489.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.34 489.75 Td (ROU ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.74 477.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.57 477.15 Td (deemed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.05 477.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.05 477.15 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.29 477.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.03 477.15 Td (fully ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.69 477.15 Td (recoverable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.48 477.15 Td (\(i.e. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.64 477.15 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.04 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.70 477.15 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.19 477.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.68 477.15 Td (sublease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.08 477.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.92 477.15 Td (entered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.64 477.15 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.80 477.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.38 477.15 Td (space ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.53 477.15 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.36 477.15 Td (deemed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.84 477.15 Td (abandoned\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.27 477.15 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.88 464.55 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.41 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.03 464.55 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.91 464.55 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.78 464.55 Td (equal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.48 464.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.60 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.39 464.55 Td (present ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.67 464.55 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.37 464.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.07 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.86 464.55 Td (amounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.40 464.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.86 464.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.48 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.26 464.55 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.80 464.55 Td (rental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.66 464.55 Td (commitments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.78 464.55 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.65 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.43 464.55 Td (lease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.38 464.55 Td (exceed ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.36 451.95 Td (amounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.97 451.95 Td (expected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.32 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.51 451.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.46 451.95 Td (received ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.05 451.95 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.98 451.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.68 451.95 Td (sublease, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.91 451.95 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.35 451.95 Td (any) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.83 451.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.04 451.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.74 451.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.43 451.95 Td (result, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.42 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.62 451.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.31 451.95 Td (period ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.17 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.94 451.95 Td (declining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.05 451.95 Td (commercial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.64 451.95 Td (lease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.66 451.95 Td (markets, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.50 439.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.07 439.35 Td (exposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.23 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.15 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.74 439.35 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.24 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.74 439.35 Td (incurring ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.99 439.35 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.86 439.35 Td (ges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.62 439.35 Td (relating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.44 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.36 439.35 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.28 439.35 Td (premises ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.36 439.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.36 439.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.93 439.35 Td (seeking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.76 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.68 439.35 Td (sublease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.01 439.35 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.51 439.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.67 439.35 Td (longer ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (periods ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.48 426.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.73 426.75 Td (identify ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.46 426.75 Td (sub-tenants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.36 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.59 426.75 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.90 426.75 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.12 426.75 Td (rent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.52 426.75 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.42 426.75 Td (leading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.40 426.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.64 426.75 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.20 426.75 Td (sub-tenants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.10 426.75 Td (paying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.76 426.75 Td (less ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.58 426.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.82 426.75 Td (rent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.22 426.75 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.37 426.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 426.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (paying ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.97 414.15 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.77 414.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.66 414.15 Td (lease. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.52 414.15 Td (Also, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.88 414.15 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.18 414.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.73 414.15 Td (sub-tenant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.36 414.15 Td (defaults ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.49 414.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.89 414.15 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.70 414.15 Td (sublease, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.79 414.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.92 414.15 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.07 414.15 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.87 414.15 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.34 414.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.89 414.15 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.77 414.15 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.57 414.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.70 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.42 414.15 Td (rent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.64 414.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.28 414.15 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.87 401.55 Td (incur ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.47 401.55 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.92 401.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.78 401.55 Td (period ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.64 401.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.41 401.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.69 401.55 Td (expect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.12 401.55 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.40 401.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.34 401.55 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.36 401.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.56 401.55 Td (sublease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.16 401.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.02 401.55 Td (premises ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.38 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.57 401.55 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.76 401.55 Td (reduction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.45 401.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.65 401.55 Td (rent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.00 401.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.78 401.55 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.48 388.95 Td (rent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.64 388.95 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.29 388.95 Td (lead ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.61 388.95 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.78 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.78 388.95 Td (expect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.01 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.50 388.95 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.83 388.95 Td (sub-tenant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.40 388.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.57 388.95 Td (pay) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.05 388.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.37 388.95 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.68 388.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.09 388.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.83 388.95 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.16 388.95 Td (assurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.80 388.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.38 388.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.46 388.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.62 388.95 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.87 388.95 Td (recognize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.51 388.95 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (lease-related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.17 376.35 Td (impairment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.20 376.35 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.08 376.35 Td (ges, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.33 376.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.61 376.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.32 376.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.85 376.35 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.88 376.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.67 376.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.29 376.35 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.33 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.70 376.35 Td (operations. ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 351.15 Td (Potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.18 351.15 Td (Impairment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.12 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.47 351.15 Td (Goodwill ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.16 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.09 351.15 Td (Intangible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.24 351.15 Td (Assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.67 351.15 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.53 351.15 Td (Increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.46 351.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.24 351.15 Td (Expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.67 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.61 351.15 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.28 351.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.67 351.15 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 325.95 Td (Determining ) Tj ET Q q 0 0 0 rg BT 140.85 325.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 180.47 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 197.91 325.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 242.19 325.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 271.59 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 289.03 325.95 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 335.05 325.95 Td (them ) Tj ET Q q 0 0 0 rg BT 358.33 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 372.85 325.95 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 426.16 325.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 462.26 325.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 508.87 325.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 90.91 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 108.41 313.35 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 153.04 313.35 Td (including ) Tj ET Q q 0 0 0 rg BT 195.04 313.35 Td (estimating ) Tj ET Q q 0 0 0 rg BT 241.12 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 266.20 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 283.70 313.35 Td (assessing ) Tj ET Q q 0 0 0 rg BT 325.12 313.35 Td (life ) Tj ET Q q 0 0 0 rg BT 341.45 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 351.95 313.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 400.36 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 421.36 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 313.35 Td (allocation ) Tj ET Q q 0 0 0 rg BT 480.27 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 491.35 313.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 531.01 313.35 Td (price ) Tj ET Q q 0 0 0 rg BT 554.33 313.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.47 300.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 112.68 300.75 Td (creating ) Tj ET Q q 0 0 0 rg BT 148.64 300.75 Td (them. ) Tj ET Q q 0 0 0 rg BT 174.40 300.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 192.87 300.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.34 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.64 300.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 293.77 300.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 320.41 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 340.62 300.75 Td (become ) Tj ET Q q 0 0 0 rg BT 375.41 300.75 Td (impaired ) Tj ET Q q 0 0 0 rg BT 414.87 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 425.76 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 432.56 300.75 Td (result ) Tj ET Q q 0 0 0 rg BT 458.03 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 468.91 300.75 Td (any ) Tj ET Q q 0 0 0 rg BT 486.21 300.75 Td (number ) Tj ET Q q 0 0 0 rg BT 520.43 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 531.31 300.75 Td (factors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (including ) Tj ET Q q 0 0 0 rg BT 90.87 288.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 117.67 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 128.12 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 175.91 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 231.26 288.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 270.87 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 281.33 288.15 Td (declines ) Tj ET Q q 0 0 0 rg BT 317.44 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 327.31 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.85 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 366.30 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 376.75 288.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 416.36 288.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 444.81 288.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 464.61 288.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 514.72 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.18 288.15 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 61.88 275.55 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 111.59 275.55 Td (could ) Tj ET Q q 0 0 0 rg BT 138.55 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 162.00 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 170.29 275.55 Td (material ) Tj ET Q q 0 0 0 rg BT 208.32 275.55 Td (adverse ) Tj ET Q q 0 0 0 rg BT 244.02 275.55 Td (ef) Tj ET Q q 0 0 0 rg BT 251.98 275.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 271.35 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 285.48 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 303.11 275.55 Td (results ) Tj ET Q q 0 0 0 rg BT 334.16 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 346.54 275.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 396.53 275.55 Td (For ) Tj ET Q q 0 0 0 rg BT 414.75 275.55 Td (example, ) Tj ET Q q 0 0 0 rg BT 456.57 275.55 Td (during ) Tj ET Q q 0 0 0 rg BT 487.62 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 504.08 275.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 537.44 275.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (December ) Tj ET Q q 0 0 0 rg BT 94.30 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 109.08 262.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 134.36 262.95 Td (we ) Tj ET Q q 0 0 0 rg BT 148.26 262.95 Td (incurred ) Tj ET Q q 0 0 0 rg BT 184.90 262.95 Td ($365.2 ) Tj ET Q q 0 0 0 rg BT 215.43 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 247.42 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 257.82 262.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 300.29 262.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 350.35 262.95 Td (char) Tj ET Q q 0 0 0 rg BT 368.23 262.95 Td (ges. ) Tj ET Q q 0 0 0 rg BT 386.39 262.95 Td (These ) Tj ET Q q 0 0 0 rg BT 413.11 262.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 463.18 262.95 Td (char) Tj ET Q q 0 0 0 rg BT 481.05 262.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 496.71 262.95 Td (were ) Tj ET Q q 0 0 0 rg BT 518.76 262.95 Td (comprised ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.12 250.35 Td ($274.6 ) Tj ET Q q 0 0 0 rg BT 90.87 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 123.09 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 140.13 250.35 Td ($18.2 ) Tj ET Q q 0 0 0 rg BT 165.63 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 197.84 250.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 242.87 250.35 Td (with ) Tj ET Q q 0 0 0 rg BT 263.41 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 279.29 250.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 322.57 250.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 340.28 250.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 357.90 250.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 388.36 250.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 447.96 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 469.08 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 524.61 250.35 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 73.71 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 92.67 237.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 117.46 237.75 Td (name ) Tj ET Q q 0 0 0 rg BT 144.00 237.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 170.83 237.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 220.88 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 227.31 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.27 237.75 Td ($65.0 ) Tj ET Q q 0 0 0 rg BT 273.69 237.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 310.46 237.75 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 332.63 237.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 369.39 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.35 237.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 410.53 237.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 447.29 237.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 494.24 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 516.71 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 534.51 237.75 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 108.33 225.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 167.75 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 188.70 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 244.04 225.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 283.63 225.15 Td (asset, ) Tj ET Q q 0 0 0 rg BT 308.37 225.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 359.62 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 380.56 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 435.90 225.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 475.50 225.15 Td (asset, ) Tj ET Q q 0 0 0 rg BT 500.23 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 517.09 225.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 539.77 225.15 Td (name ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 77.25 212.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 127.30 212.55 Td (. ) Tj ET Q q 0 0 0 rg BT 134.64 212.55 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 187.77 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 200.65 212.55 Td (December ) Tj ET Q q 0 0 0 rg BT 248.50 212.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 266.34 212.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 294.68 212.55 Td (no ) Tj ET Q q 0 0 0 rg BT 309.90 212.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 356.60 212.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 403.31 212.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 428.43 212.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 481.55 212.55 Td (char) Tj ET Q q 0 0 0 rg BT 499.43 212.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 518.14 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 542.68 212.55 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 101.18 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 103.51 199.95 Td (As ) Tj ET Q q 0 0 0 rg BT 118.18 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 129.92 199.95 Td (October ) Tj ET Q q 0 0 0 rg BT 166.73 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.85 199.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 209.47 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.30 199.95 Td (date ) Tj ET Q q 0 0 0 rg BT 245.78 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 257.52 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 274.52 199.95 Td (most ) Tj ET Q q 0 0 0 rg BT 297.93 199.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 326.58 199.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 357.56 199.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 408.96 199.95 Td (testing, ) Tj ET Q q 0 0 0 rg BT 442.58 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 458.40 199.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 493.48 199.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 511.05 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 536.78 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 548.52 199.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 80.28 187.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 106.43 187.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 164.07 187.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 205.38 187.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 224.54 187.35 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 266.41 187.35 Td (its ) Tj ET Q q 0 0 0 rg BT 279.16 187.35 Td (carry ) Tj ET Q q 0 0 0 rg BT 303.54 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 329.11 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 340.67 187.35 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 361.87 187.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 392.11 187.35 Td (by ) Tj ET Q q 0 0 0 rg BT 405.44 187.35 Td (22%. ) Tj ET Q q 0 0 0 rg BT 430.13 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 432.95 187.35 Td (Further) Tj ET Q q 0 0 0 rg BT 463.44 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 468.89 187.35 Td (it ) Tj ET Q q 0 0 0 rg BT 477.55 187.35 Td (was ) Tj ET Q q 0 0 0 rg BT 496.70 187.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 546.75 187.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.49 174.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 83.20 174.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 102.12 174.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 133.86 174.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 194.76 174.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 217.17 174.75 Td (management ) Tj ET Q q 0 0 0 rg BT 273.98 174.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 315.05 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.37 174.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 357.52 174.75 Td (name ) Tj ET Q q 0 0 0 rg BT 383.43 174.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 411.09 174.75 Td (each ) Tj ET Q q 0 0 0 rg BT 433.49 174.75 Td (experienced ) Tj ET Q q 0 0 0 rg BT 487.37 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 495.20 174.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 539.77 174.75 Td (event ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (during ) Tj ET Q q 0 0 0 rg BT 79.55 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 95.01 162.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 127.38 162.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 155.09 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 185.13 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 200.89 162.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 226.56 162.15 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 278.37 162.15 Td (, ) Tj ET Q q 0 0 0 rg BT 283.63 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 299.09 162.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 350.13 162.15 Td (tests ) Tj ET Q q 0 0 0 rg BT 371.44 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 386.32 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 410.53 162.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.66 162.15 Td (were ) Tj ET Q q 0 0 0 rg BT 460.70 162.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 496.57 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 507.95 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.33 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 549.37 162.15 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 72.95 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 90.55 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 105.83 149.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 145.02 149.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 162.04 149.55 Td (values ) Tj ET Q q 0 0 0 rg BT 191.31 149.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 232.81 149.55 Td (their ) Tj ET Q q 0 0 0 rg BT 254.49 149.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 299.50 149.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 336.93 149.55 Td (values ) Tj ET Q q 0 0 0 rg BT 366.20 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 377.39 149.55 Td ($126.8 ) Tj ET Q q 0 0 0 rg BT 408.71 149.55 Td (million ) Tj ET Q q 0 0 0 rg BT 441.49 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 459.10 149.55 Td ($10.3 ) Tj ET Q q 0 0 0 rg BT 485.17 149.55 Td (million ) Tj ET Q q 0 0 0 rg BT 517.96 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 530.90 149.55 Td (1% ) Tj ET Q q 0 0 0 rg BT 547.34 149.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (3%, ) Tj ET Q q 0 0 0 rg BT 68.91 136.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 118.96 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 124.37 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 127.16 136.95 Td (Changes ) Tj ET Q q 0 0 0 rg BT 166.11 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 177.07 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 192.68 136.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 247.40 136.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 295.68 136.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 337.53 136.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 358.98 136.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 385.10 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 408.30 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 423.92 136.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 451.20 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 462.74 136.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 504.02 136.95 Td (unit, ) Tj ET Q q 0 0 0 rg BT 525.77 136.95 Td (resulting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 72.54 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 104.31 124.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 153.31 124.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 188.59 124.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 215.71 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 227.09 124.35 Td (other ) Tj ET Q q 0 0 0 rg BT 251.29 124.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 285.10 124.35 Td (could ) Tj ET Q q 0 0 0 rg BT 311.06 124.35 Td (result ) Tj ET Q q 0 0 0 rg BT 337.01 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 347.80 124.35 Td (an ) Tj ET Q q 0 0 0 rg BT 360.34 124.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 411.37 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 422.74 124.35 Td (any ) Tj ET Q q 0 0 0 rg BT 440.53 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 451.90 124.35 Td (these ) Tj ET Q q 0 0 0 rg BT 476.10 124.35 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 99.15 Td (There ) Tj ET Q q 0 0 0 rg BT 112.66 99.15 Td (can ) Tj ET Q q 0 0 0 rg BT 129.91 99.15 Td (be ) Tj ET Q q 0 0 0 rg BT 142.49 99.15 Td (no ) Tj ET Q q 0 0 0 rg BT 155.67 99.15 Td (assurances ) Tj ET Q q 0 0 0 rg BT 203.24 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 221.67 99.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 265.75 99.15 Td (market ) Tj ET Q q 0 0 0 rg BT 297.58 99.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 347.48 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 358.91 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 382.00 99.15 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 424.05 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 435.47 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 459.72 99.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 493.59 99.15 Td (will ) Tj ET Q q 0 0 0 rg BT 512.60 99.15 Td (not ) Tj ET Q q 0 0 0 rg BT 528.70 99.15 Td (produce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.83 86.55 Td (impairments. ) Tj ET Q q 0 0 0 rg BT 149.29 86.55 Td (See ) Tj ET Q q 0 0 0 rg BT 165.79 86.55 Td ("Item ) Tj ET Q q 0 0 0 rg BT 190.66 86.55 Td (7. ) Tj ET Q q 0 0 0 rg BT 199.88 86.55 Td (Management's ) Tj ET Q q 0 0 0 rg BT 262.01 86.55 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 309.44 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 325.64 86.55 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 363.74 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 373.82 86.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 414.24 86.55 Td (Condition ) Tj ET Q q 0 0 0 rg BT 457.59 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 474.09 86.55 Td (Results ) Tj ET Q q 0 0 0 rg BT 506.35 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 516.44 86.55 Td (Operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (- ) Tj ET Q q 0 0 0 rg BT 54.76 73.95 Td (Critical ) Tj ET Q q 0 0 0 rg BT 87.62 73.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 138.38 73.95 Td (Policies ) Tj ET Q q 0 0 0 rg BT 173.39 73.95 Td (- ) Tj ET Q q 0 0 0 rg BT 178.65 73.95 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 222.59 73.95 Td (Assets ) Tj ET Q q 0 0 0 rg BT 251.77 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 268.70 73.95 Td (Goodwill" ) Tj ET Q q 0 0 0 rg BT 314.41 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.33 73.95 Td ("Note ) Tj ET Q q 0 0 0 rg BT 357.79 73.95 Td (5 ) Tj ET Q q 0 0 0 rg BT 364.81 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 375.32 73.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 401.58 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 411.50 73.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 468.68 73.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 509.52 73.95 Td (Statements.") Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (30) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.90 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.63 741.90 Td (Deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.74 741.90 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.19 741.90 Td (ax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.93 741.90 Td (Assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.40 741.90 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.27 741.90 Td (Not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.64 741.90 Td (Be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.93 741.90 Td (Fully ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.90 741.90 Td (Realizable) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 716.70 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.68 716.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.94 716.70 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.85 716.70 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.48 716.70 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.62 716.70 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.37 716.70 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.04 716.70 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.20 716.70 Td ($627 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.71 716.70 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.56 716.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.24 716.70 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.42 716.70 Td (federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.07 716.70 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.55 716.70 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.89 716.70 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.52 716.70 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.69 716.70 Td (represent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.68 716.70 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 704.10 Td (benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.79 704.10 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.58 704.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.87 704.10 Td (expect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.31 704.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.52 704.10 Td (realize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.54 704.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.76 704.10 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.88 704.10 Td (periods. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.46 704.10 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.74 704.10 Td (accounting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.86 704.10 Td (rules, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.94 704.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.23 704.10 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.09 704.10 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.12 704.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.33 704.10 Td (recognize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.19 704.10 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.89 704.10 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.77 704.10 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.73 704.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.94 704.10 Td (earnings ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.70 691.50 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.72 691.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.75 691.50 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.76 691.50 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.63 691.50 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.16 691.50 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.61 691.50 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.48 691.50 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.52 691.50 Td (determined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.79 691.50 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.57 691.50 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.77 691.50 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.88 691.50 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.74 691.50 Td (benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.02 691.50 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.87 691.50 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.33 691.50 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.28 691.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.48 691.50 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.43 691.50 Td (realized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.69 691.50 Td (before ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.54 691.50 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.65 691.50 Td (expire. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.90 Td (Deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.68 678.90 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.38 678.90 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.75 678.90 Td (generated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.43 678.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.47 678.90 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.01 678.90 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.80 678.90 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.42 678.90 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.71 678.90 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.41 678.90 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.93 678.90 Td (losses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.89 678.90 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.83 678.90 Td (expire ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.94 678.90 Td (20 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.31 678.90 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.33 678.90 Td (after ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.44 678.90 Td (they ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.66 666.30 Td (generated. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.26 666.30 Td (Those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.26 666.30 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.34 666.30 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.09 666.30 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.75 666.30 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.91 666.30 Td (credits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.24 666.30 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.64 666.30 Td (expire ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.21 666.30 Td (10 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.05 666.30 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.54 666.30 Td (after ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.11 666.30 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.53 666.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.69 666.30 Td (generated. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.46 666.30 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.54 666.30 Td (order ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.03 666.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.54 666.30 Td (realize ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.70 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.31 653.70 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.61 653.70 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.67 653.70 Td (benefits, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.76 653.70 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.23 653.70 Td (estimate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.45 653.70 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.43 653.70 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.90 653.70 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.56 653.70 Td (generate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.34 653.70 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.22 653.70 Td ($3 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.95 653.70 Td (billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.60 653.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.00 653.70 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.30 653.70 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.21 653.70 Td (earnings, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.63 653.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.61 653.70 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.50 653.70 Td ($349 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 641.10 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.66 641.10 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.91 641.10 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.65 641.10 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.80 641.10 Td (sourced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.28 641.10 Td (earnings, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.30 641.10 Td (before ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.94 641.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.59 641.10 Td (benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.66 641.10 Td (expire. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.14 641.10 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.45 641.10 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.85 641.10 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.58 641.10 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.91 641.10 Td (assurances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.63 641.10 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.21 641.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.28 641.10 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.44 641.10 Td (achieve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.32 641.10 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.50 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.91 628.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.67 628.50 Td (earnings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.25 628.50 Td (before ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.07 628.50 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.25 628.50 Td (portion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.58 628.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.34 628.50 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.92 628.50 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.76 628.50 Td (benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.01 628.50 Td (expires. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.96 628.50 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.72 628.50 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.76 628.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.77 628.50 Td (belief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.68 628.50 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.43 628.50 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.69 628.50 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.03 628.50 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.95 628.50 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.87 628.50 Td (able ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.37 628.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.54 628.50 Td (realize ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.90 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.81 615.90 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.61 615.90 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.18 615.90 Td (benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.15 615.90 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.89 615.90 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.53 615.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.43 615.90 Td (part ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.49 615.90 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.22 615.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.95 615.90 Td (estimates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.76 615.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.24 615.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.80 615.90 Td (timing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.96 615.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.44 615.90 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.75 615.90 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.22 615.90 Td (ferences ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.93 615.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.83 615.90 Td (revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.79 615.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.69 615.90 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.30 Td (recognition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.16 603.30 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.97 603.30 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.64 603.30 Td (returns ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.63 603.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.63 603.30 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.19 603.30 Td (statements, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.98 603.30 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.38 603.30 Td (planning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.96 603.30 Td (strategies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.45 603.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.44 603.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.28 603.30 Td (understanding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.60 603.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.18 603.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.85 603.30 Td (application ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.94 590.70 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.46 590.70 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.81 590.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.66 590.70 Td (ability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.18 590.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.04 590.70 Td (implement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.64 590.70 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.90 590.70 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.42 590.70 Td (planning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.85 590.70 Td (strategies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.83 590.70 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.18 590.70 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.95 590.70 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.55 590.70 Td (revised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.56 590.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.42 590.70 Td (incorporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.93 590.70 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.69 590.70 Td (changes ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 578.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.22 578.10 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.59 578.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.89 578.10 Td (accounting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.50 578.10 Td (regulations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.33 578.10 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.63 578.10 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.21 578.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.59 578.10 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.88 578.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.17 578.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.72 578.10 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.24 578.10 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.61 578.10 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.66 578.10 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.21 578.10 Td (based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.67 578.10 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.72 578.10 Td (enacted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.33 578.10 Td (corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.52 578.10 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.89 578.10 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 550.26 578.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.50 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.48 565.50 Td (periods. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.93 565.50 Td (Legislative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.49 565.50 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.22 565.50 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.70 565.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.78 565.50 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.26 565.50 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.00 565.50 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.16 565.50 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.80 565.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.37 565.50 Td (measurement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.26 565.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.92 565.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.83 565.50 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.71 565.50 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.45 565.50 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.86 565.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.94 565.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.68 565.50 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.87 552.90 Td (enactment. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 527.70 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.59 527.70 Td (estimates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.43 527.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.35 527.70 Td (assumptions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.03 527.70 Td (do ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.29 527.70 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.47 527.70 Td (contemplate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.55 527.70 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.87 527.70 Td (possible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.05 527.70 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.88 527.70 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.46 527.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.39 527.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.98 527.70 Td (ownership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.49 527.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.99 527.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.75 527.70 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 515.10 Td (stock, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.71 515.10 Td (which, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.42 515.10 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.75 515.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.99 515.10 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.09 515.10 Td (Internal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.16 515.10 Td (Revenue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.31 515.10 Td (Code ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.90 515.10 Td (\(the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.65 515.10 Td (�Code�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.67 515.10 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.42 515.10 Td (limit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.68 515.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.10 515.10 Td (utilization ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.10 515.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.26 515.10 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.51 515.10 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.59 515.10 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.35 515.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.50 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.32 502.50 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.65 502.50 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.05 502.50 Td (benefits. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.42 502.50 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.16 502.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.49 502.50 Td (relevant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.80 502.50 Td (Code ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.47 502.50 Td (provisions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.35 502.50 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.76 502.50 Td (�ownership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.66 502.50 Td (change� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.56 502.50 Td (occurs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.46 502.50 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.38 502.50 Td (there ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.86 502.50 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.37 502.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.53 502.50 Td (cumulative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.68 502.50 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.90 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.41 489.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.08 489.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.43 489.90 Td (aggregate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.74 489.90 Td (ownership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.00 489.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.26 489.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.77 489.90 Td (common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.03 489.90 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.70 489.90 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.71 489.90 Td (�5% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.88 489.90 Td (shareholders� ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.12 489.90 Td (\(as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.88 489.90 Td (defined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.88 489.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.56 489.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.90 489.90 Td (Code\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.07 489.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.33 489.90 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.41 489.90 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.00 489.90 Td (50 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.30 Td (percent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.38 477.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.12 477.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.93 477.30 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.58 477.30 Td (outstanding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.57 477.30 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.80 477.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.54 477.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.52 477.30 Td (common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.25 477.30 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.41 477.30 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.81 477.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.46 477.30 Td (rolling ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.44 477.30 Td (three-year ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.98 477.30 Td (period. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.98 477.30 Td (An ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.80 477.30 Td (ownership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.53 477.30 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.25 477.30 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.70 Td (prospectively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.74 464.70 Td (establish ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.15 464.70 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.73 464.70 Td (annual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.39 464.70 Td (limitation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.89 464.70 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.06 464.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.56 464.70 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.73 464.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.14 464.70 Td (pre-change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.45 464.70 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.94 464.70 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.27 464.70 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.28 464.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.11 464.70 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.10 464.70 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.59 464.70 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 452.10 Td (carryforwards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.01 452.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.89 452.10 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.84 452.10 Td (utilize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.71 452.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.51 452.10 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.12 452.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.74 452.10 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.20 452.10 Td (liability) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.18 452.10 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.25 452.10 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.20 452.10 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.33 452.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.70 452.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.16 452.10 Td (limitation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.62 452.10 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.50 452.10 Td (generally ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.19 452.10 Td (equal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.56 452.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.02 452.10 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.32 439.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.40 439.50 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.62 439.50 Td (capitalization ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.26 439.50 Td (immediately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.82 439.50 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.31 439.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.55 439.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.46 439.50 Td (ownership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.28 439.50 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.08 439.50 Td (multiplied ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.33 439.50 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.90 439.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.81 439.50 Td (long-term ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.29 439.50 Td (tax-exempt ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.60 439.50 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.90 Td (rate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 68.07 426.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.07 426.90 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.03 426.90 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.60 426.90 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.01 426.90 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.59 426.90 Td (time. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.71 426.90 Td (Such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.54 426.90 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.28 426.90 Td (ownership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.86 426.90 Td (change ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.42 426.90 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.50 426.90 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.91 426.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.57 426.90 Td (timing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.82 426.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.40 426.90 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.72 426.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.30 426.90 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.96 426.90 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.45 426.90 Td (loss ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.62 426.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.20 426.90 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.30 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.99 414.30 Td (credit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.55 414.30 Td (benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.44 414.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.34 414.30 Td (ultimately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.58 414.30 Td (realize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.21 414.30 Td (before ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.68 414.30 Td (they ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.41 414.30 Td (expire. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.93 414.30 Td (If ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.58 414.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.48 414.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.96 414.30 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.60 414.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.42 414.30 Td (recognize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.89 414.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.20 414.30 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.08 414.30 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.65 414.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.48 414.30 Td (earnings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.70 414.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.53 414.30 Td (reduce ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.12 401.70 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.72 401.70 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.17 401.70 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.92 401.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.37 401.70 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.25 401.70 Td (ge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.79 401.70 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.49 401.70 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.03 401.70 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.05 401.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.84 401.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.46 401.70 Td (earnings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.66 401.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 342.03 401.70 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.39 401.70 Td (condition.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 376.50 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.06 376.50 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.95 376.50 Td (Are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.33 376.50 Td (Exposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.70 376.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.50 376.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.37 376.50 Td (Number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.58 376.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.96 376.50 Td (Risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.53 376.50 Td (Arising ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.26 376.50 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.39 376.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.19 376.50 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.59 376.50 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 351.30 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.03 351.30 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.65 351.30 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.08 351.30 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.18 351.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.55 351.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.42 351.30 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.69 351.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.64 351.30 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.76 351.30 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.30 351.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.25 351.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.28 351.30 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.06 351.30 Td (States ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.35 351.30 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.05 351.30 Td (behalf ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.49 351.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.44 351.30 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.70 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.30 338.70 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.37 338.70 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.93 338.70 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.65 338.70 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.21 338.70 Td (fices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.93 338.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.00 338.70 Td (numerous ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.31 338.70 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.70 338.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.76 338.70 Td (many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.99 338.70 Td (cross ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.47 338.70 Td (border ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.78 338.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.84 338.70 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.15 338.70 Td (proprietary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.69 338.70 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.93 338.70 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.57 338.70 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.29 338.70 Td (domiciled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.19 338.70 Td (outside ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 326.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.72 326.10 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.70 326.10 Td (States. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.80 326.10 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.53 326.10 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.99 326.10 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.12 326.10 Td (require ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.25 326.10 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.98 326.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.54 326.10 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.44 326.10 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.50 326.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.72 326.10 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.52 326.10 Td (requirements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.73 326.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.88 326.10 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.18 326.10 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.50 Td (jurisdictions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.80 313.50 Td (expose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.71 313.50 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.80 313.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.72 313.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.30 313.50 Td (political ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.46 313.50 Td (consequences ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.94 313.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.44 313.50 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.85 313.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.77 313.50 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.84 313.50 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.51 313.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.43 313.50 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.92 313.50 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.01 313.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.93 313.50 Td (expropriation ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.90 Td (risks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.98 300.90 Td (expatriation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.16 300.90 Td (controls ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.01 300.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.19 300.90 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.95 300.90 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.04 300.90 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.89 300.90 Td (consequences ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.64 300.90 Td (which, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.95 300.90 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.55 300.90 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.15 300.90 Td (things, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.46 300.90 Td (make ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.23 300.90 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.08 300.90 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.68 300.90 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.16 300.90 Td (ficult ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.34 300.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.30 Td (repatriate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.65 288.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.33 288.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.68 288.30 Td (United ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.77 288.30 Td (States ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.37 288.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.71 288.30 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.88 288.30 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.14 288.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.90 288.30 Td (generate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.97 288.30 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.82 288.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.16 288.30 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.80 288.30 Td (At ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.81 288.30 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.73 288.30 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.37 288.30 Td (2020, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.51 288.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.02 288.30 Td (total ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.20 288.30 Td (liquid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.21 288.30 Td (assets, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.85 288.30 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.70 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.65 275.70 Td (cash, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.19 275.70 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.09 275.70 Td (equivalents ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.16 275.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.57 275.70 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.38 275.70 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.36 275.70 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.69 275.70 Td (securities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.21 275.70 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.86 275.70 Td ($1.1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.48 275.70 Td (billion. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.54 275.70 Td (These ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.86 275.70 Td (liquid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.61 275.70 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.36 275.70 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 263.10 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.91 263.10 Td ($334 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.68 263.10 Td (million ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.78 263.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.29 263.10 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.71 263.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.63 263.10 Td (investments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.56 263.10 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.40 263.10 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.67 263.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.43 263.10 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.51 263.10 Td (subsidiaries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.48 263.10 Td (some ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.41 263.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.92 263.10 Td (which, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.97 263.10 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.15 263.10 Td (repatriated, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.42 263.10 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.50 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.04 250.50 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.40 250.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.20 250.50 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.22 250.50 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.67 250.50 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.64 250.50 Td (fects.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 225.30 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.01 225.30 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.81 225.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.81 225.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.40 225.30 Td (exposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.56 225.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.49 225.30 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.82 225.30 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.42 225.30 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.75 225.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.67 225.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.27 225.30 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.74 225.30 Td (ferent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.98 225.30 Td (currencies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.89 225.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.82 225.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.24 225.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.24 225.30 Td (transact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.66 225.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.58 225.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.17 225.30 Td (home ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.70 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.20 212.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.74 212.70 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.08 212.70 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.52 212.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.48 212.70 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.92 212.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.31 212.70 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.60 212.70 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.39 212.70 Td (invested. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.79 212.70 Td (Uncertainties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.56 212.70 Td (regarding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.57 212.70 Td (developments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.68 212.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.63 212.70 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.58 212.70 Td (jurisdictions ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 200.10 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.40 200.10 Td (produce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.55 200.10 Td (volatility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.79 200.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.29 200.10 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.86 200.10 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.92 200.10 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.49 200.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.98 200.10 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.54 200.10 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.44 200.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.77 200.10 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.51 200.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.58 200.10 Td (operations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.28 200.10 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.37 200.10 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.36 200.10 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.77 200.10 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.67 200.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.50 Td (levels ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.71 187.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.58 187.50 Td (composition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.21 187.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.68 187.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.01 187.50 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.23 187.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.10 187.50 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.73 187.50 Td (negatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.18 187.50 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.47 187.50 Td (investor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.01 187.50 Td (sentiment, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.18 187.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.56 187.50 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.60 187.50 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.64 187.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.52 187.50 Td (reduced ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.47 187.50 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.93 187.50 Td (negative ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 174.90 Td (flows. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.09 174.90 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.47 174.90 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.14 174.90 Td (because ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.01 174.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.47 174.90 Td (U.K. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.52 174.90 Td (Pound ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.99 174.90 Td (Sterling ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.88 174.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.67 174.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.13 174.90 Td (Euro ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.18 174.90 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.63 174.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.09 174.90 Td (currency ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.45 174.90 Td (used ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.33 174.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.13 174.90 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.33 174.90 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.28 174.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.67 174.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.30 174.90 Td (business, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.30 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.65 162.30 Td (weakening ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.12 162.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.86 162.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.67 162.30 Td (U.K. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.08 162.30 Td (Pound ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.91 162.30 Td (Sterling ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.15 162.30 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.88 162.30 Td (Euro ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.28 162.30 Td (relative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.75 162.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.91 162.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.73 162.30 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.39 162.30 Td (Dollar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.20 162.30 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.52 162.30 Td (negatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.25 162.30 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.81 162.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.79 162.30 Td (reported ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.77 162.30 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.70 Td (results.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (31) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 741.75 Td (Despite ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.74 741.75 Td (controls ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.72 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.04 741.75 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.78 741.75 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.68 741.75 Td (reasonably ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.32 741.75 Td (designed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.81 741.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.13 741.75 Td (mitigate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.70 741.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.44 741.75 Td (risks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.06 741.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.22 741.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.44 741.75 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.34 741.75 Td (expose ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.77 729.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.88 729.15 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.65 729.15 Td (arising ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.16 729.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.51 729.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.44 729.15 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.12 729.15 Td (responsibility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.22 729.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.40 729.15 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.08 729.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.76 729.15 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.53 729.15 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.04 729.15 Td (agents ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.80 729.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.89 729.15 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.40 729.15 Td (representatives ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.31 729.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.99 729.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.92 729.15 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 716.55 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.69 716.55 Td (outside ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.56 716.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.09 716.55 Td (primary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.86 716.55 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.31 716.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.60 716.55 Td (operation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.41 716.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.27 716.55 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.13 716.55 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.25 716.55 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.53 716.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.88 716.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.33 716.55 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.61 716.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.31 716.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.67 716.55 Td (following ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 703.95 Td (risks:) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 678.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 678.75 Td (dif) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.97 678.75 Td (ficulty ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.01 678.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.80 678.75 Td (managing, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.46 678.75 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.74 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.52 678.75 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.72 678.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.34 678.75 Td (international ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.03 678.75 Td (operations;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 666.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 666.15 Td (fluctuations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.04 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.18 666.15 Td (currency ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.87 666.15 Td (exchange ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.48 666.15 Td (rates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.27 666.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.90 666.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.95 666.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.25 666.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.39 666.15 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.27 666.15 Td (negative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.80 666.15 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.77 666.15 Td (fects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.56 666.15 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.60 666.15 Td (AUM ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.07 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.20 666.15 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 653.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.29 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.91 653.55 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.21 653.55 Td (dollar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.49 653.55 Td (-based ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.52 653.55 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.88 653.55 Td (statements; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.75 653.55 Td (and) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 640.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 640.95 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.45 640.95 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.14 640.95 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.58 640.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.38 640.95 Td (foreign ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.32 640.95 Td (political, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.98 640.95 Td (economic, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.05 640.95 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.08 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.86 640.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.64 640.95 Td (environments.) Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (Legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.21 615.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.76 615.75 Td (Regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.54 615.75 Td (Risks) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 590.55 Td (Regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.96 590.55 Td (Matters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.84 590.55 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.71 590.55 Td (Negatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.43 590.55 Td (Af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.74 590.55 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.10 590.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.90 590.55 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.04 590.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.01 590.55 Td (Results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.15 590.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.52 590.55 Td (Operations) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 565.35 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.39 565.35 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.54 565.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.10 565.35 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.41 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.13 565.35 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.26 565.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.33 565.35 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.80 565.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.51 565.35 Td (authorities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.39 565.35 Td (around ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.11 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.50 565.35 Td (world ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.56 565.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.86 565.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.24 565.35 Td (char) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.12 565.35 Td (ged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.84 565.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (protecting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.56 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.88 552.75 Td (interests ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.37 552.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.61 552.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.10 552.75 Td (clients. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.52 552.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.58 552.75 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.74 552.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.56 552.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.96 552.75 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.20 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.86 552.75 Td (civil ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.01 552.75 Td (liability) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.99 552.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.11 552.75 Td (criminal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.59 552.75 Td (liability) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.58 552.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.69 552.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.93 552.75 Td (sanction, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.04 552.75 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.20 552.75 Td (revocation ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.38 540.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.50 540.15 Td (subsidiaries' ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.10 540.15 Td (registrations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.14 540.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.01 540.15 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.22 540.15 Td (advisers, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.38 540.15 Td (revocation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.82 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.70 540.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.66 540.15 Td (licenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.03 540.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.90 540.15 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.03 540.15 Td (employees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.68 540.15 Td (censures, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.59 540.15 Td (fines, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 540.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 527.55 Td (temporary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.63 527.55 Td (suspension ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.70 527.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.43 527.55 Td (permanent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 199.73 527.55 Td (bar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.12 527.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.51 527.55 Td (conducting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.15 527.55 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.35 527.55 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.74 527.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.97 527.55 Td (violate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.53 527.55 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.76 527.55 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.99 527.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.72 527.55 Td (regulations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.54 527.55 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.61 527.55 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.84 527.55 Td (liability ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.85 514.95 Td (sanction ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.45 514.95 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.39 514.95 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.81 514.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.08 514.95 Td (material ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.08 514.95 Td (adverse ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.75 514.95 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.72 514.95 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.06 514.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.17 514.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.77 514.95 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.11 514.95 Td (condition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.00 514.95 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.02 514.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.38 514.95 Td (operations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.35 514.95 Td (reputation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.15 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.91 514.95 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (prospects. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.36 502.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.68 502.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.29 502.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.69 502.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.41 502.35 Td (environment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.05 502.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.79 502.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.03 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.84 502.35 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.31 502.35 Td (frequently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.03 502.35 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.42 502.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.16 502.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.73 502.35 Td (seen ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.96 502.35 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.86 502.35 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.26 489.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.62 489.75 Td (recent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.46 489.75 Td (years. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.42 489.75 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.94 489.75 Td (profitability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.29 489.75 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 262.81 489.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.91 489.75 Td (materially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.67 489.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.02 489.75 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.44 489.75 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.41 489.75 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.25 489.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.94 489.75 Td (modification ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.78 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.72 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.74 489.75 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.34 489.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.91 477.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.41 477.15 Td (impact ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.73 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.31 477.15 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.65 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.56 477.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.05 477.15 Td (communities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.04 477.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.96 477.15 Td (general, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.24 477.15 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.65 477.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.22 477.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.14 477.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.72 477.15 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.72 477.15 Td (governing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.05 477.15 Td (taxation, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (antitrust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.25 464.55 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.15 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.65 464.55 Td (electronic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.37 464.55 Td (commerce. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.06 464.55 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.14 464.55 Td (particular) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.95 464.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.91 464.55 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.48 464.55 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.64 464.55 Td (incurred, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.58 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.08 464.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.75 464.55 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.24 464.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.74 464.55 Td (incur) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.89 464.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.85 464.55 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.51 464.55 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.70 451.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.65 451.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.52 451.95 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.05 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.99 451.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.35 451.95 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.37 451.95 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.33 451.95 Td (fecting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.69 451.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.56 451.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.93 451.95 Td (funds, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.09 451.95 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.11 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.48 451.95 Td (European ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.91 451.95 Td (mutual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.28 451.95 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.73 451.95 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.50 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.86 451.95 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.94 439.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.74 439.35 Td (data ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.85 439.35 Td (privacy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.96 439.35 Td (regulation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.16 439.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.95 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.40 439.35 Td (U.K. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.44 439.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.23 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.68 439.35 Td (EU ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.30 439.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.59 439.35 Td (came ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.36 439.35 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.32 439.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.29 439.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.65 439.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.44 439.35 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.32 439.35 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 414.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 414.15 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.50 414.15 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.85 414.15 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.04 414.15 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.54 414.15 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.51 414.15 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.43 414.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.45 414.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.38 414.15 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.98 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.00 414.15 Td (new ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.77 414.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.79 414.15 Td (revised ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.38 414.15 Td (legislation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.40 414.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.42 414.15 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.35 414.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.36 414.15 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.14 414.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.23 414.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (interpretation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.38 401.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.45 401.55 Td (enforcement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.24 401.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.31 401.55 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.88 401.55 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.45 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.93 401.55 Td (regulations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.29 401.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.94 401.55 Td (challenges ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.57 401.55 Td (associated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.04 401.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.03 401.55 Td (consistently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.52 401.55 Td (interpreting ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.55 388.95 Td (issued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.20 388.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.76 388.95 Td (multiple ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.16 388.95 Td (countries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.04 388.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.51 388.95 Td (add ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.07 388.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.63 388.95 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.28 388.95 Td (risks. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.96 388.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.68 388.95 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.75 388.95 Td (federal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.29 388.95 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.83 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.39 388.95 Td (governments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.03 388.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.59 388.95 Td (non-U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (jurisdictions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.88 376.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.52 376.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.65 376.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.35 376.35 Td (operate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.72 376.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.00 376.35 Td (made, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.83 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.46 376.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.75 376.35 Td (proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.71 376.35 Td (further) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.86 376.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.95 376.35 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.74 376.35 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.02 376.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.66 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.95 376.35 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.57 376.35 Td (structure ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.77 376.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.89 363.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.17 363.75 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.55 363.75 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.29 363.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.47 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.19 363.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.99 363.75 Td (expect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.94 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.67 363.75 Td (spend ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.72 363.75 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.94 363.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.66 363.75 Td (resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.86 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.59 363.75 Td (comply ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.64 363.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.87 363.75 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.00 363.75 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.71 363.75 Td (changes. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.71 363.75 Td (For ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.85 363.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (summary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.20 351.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.58 351.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.03 351.15 Td (laws, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.53 351.15 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.81 351.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.59 351.15 Td (regulators ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.20 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.00 351.15 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.28 351.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.15 351.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.59 351.15 Td (subject, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.59 351.15 Td (see ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.62 351.15 Td (�Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.15 351.15 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.02 351.15 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.14 351.15 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.11 351.15 Td (- ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.23 351.15 Td (Regulation.�) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 325.95 Td (Instances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.53 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.23 325.95 Td (criminal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.17 325.95 Td (activity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.62 325.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.74 325.95 Td (fraud ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.85 325.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.31 325.95 Td (participants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.25 325.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.37 325.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.16 325.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.53 325.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.13 325.95 Td (industry) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.87 325.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.45 325.95 Td (disclosures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.07 325.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.77 325.95 Td (trading ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 66.57 313.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.05 313.35 Td (abuses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.96 313.35 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.36 313.35 Td (participants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.26 313.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.33 313.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.07 313.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.71 313.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.44 313.35 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.76 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.83 313.35 Td (significant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.07 313.35 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.71 313.35 Td (intervention ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.35 313.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.42 313.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.45 300.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.07 300.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.58 300.75 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.61 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.55 300.75 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.07 300.75 Td (firms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.02 300.75 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.63 300.75 Td (led ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.24 300.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.86 300.75 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.31 300.75 Td (government ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.25 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.20 300.75 Td (regulators ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.97 300.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.92 300.75 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.10 300.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.72 300.75 Td (rules ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.91 300.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.86 300.75 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (governing, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.81 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.08 288.15 Td (oversight ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.26 288.15 Td (of, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.74 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.68 288.15 Td (U.S. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.46 288.15 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.30 288.15 Td (system. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.98 288.15 Td (This ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.75 288.15 Td (activity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.35 288.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.46 288.15 Td (resulted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.81 288.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.08 288.15 Td (changes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.01 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.29 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.22 288.15 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.58 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.85 288.15 Td (regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (governing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.81 275.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.37 275.55 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.52 275.55 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.90 275.55 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.05 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.95 275.55 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.26 275.55 Td (aggressive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.31 275.55 Td (enforcement ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.52 275.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.00 275.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.56 275.55 Td (existing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.54 275.55 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.53 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.42 275.55 Td (regulations. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.17 275.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (ongoing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.15 262.95 Td (revisions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.30 262.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.71 262.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.77 262.95 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.25 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.65 262.95 Td (regulations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.54 262.95 Td (governing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.35 262.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.58 262.95 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.41 262.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.46 262.95 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.60 262.95 Td (ongoing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.26 262.95 Td (process. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.37 262.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.93 262.95 Td (cumulative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.82 262.95 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.79 262.95 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.66 250.35 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.99 250.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.66 250.35 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.57 250.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.32 250.35 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.55 250.35 Td (expenses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.67 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.00 250.35 Td (lower ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.50 250.35 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.73 250.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.06 250.35 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.22 250.35 Td (fees, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.34 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.09 250.35 Td (therefore ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.56 250.35 Td (adversely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.38 250.35 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.35 250.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.67 250.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (revenues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.44 237.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.81 237.75 Td (profitability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.60 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.97 237.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.59 237.75 Td (business.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 212.55 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.01 212.55 Td (Business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.52 212.55 Td (Involves ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.68 212.55 Td (Risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.02 212.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.77 212.55 Td (Being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.44 212.55 Td (Engaged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.94 212.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.69 212.55 Td (Litigation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.90 212.55 Td (Regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.74 212.55 Td (Proceedings ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.81 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.15 212.55 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.60 212.55 Td (ax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.10 212.55 Td (Disputes, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.91 212.55 Td (Which ) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.37 199.95 Td (Result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.42 199.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.80 199.95 Td (Liability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.59 199.95 Td (That ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.64 199.95 Td (Could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.52 199.95 Td (Increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.48 199.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.28 199.95 Td (Expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.74 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.71 199.95 Td (Reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.41 199.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.21 199.95 Td (Net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.00 199.95 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 174.75 Td (Many ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.48 174.75 Td (aspects ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.28 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.51 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.98 174.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.05 174.75 Td (involve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.03 174.75 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.42 174.75 Td (risks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.74 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.96 174.75 Td (liability) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.95 174.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.05 174.75 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.28 174.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.59 174.75 Td (normal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.81 174.75 Td (course ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.69 174.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.92 174.75 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.61 174.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.09 174.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.15 162.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.38 162.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.20 162.15 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.28 162.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.86 162.15 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.94 162.15 Td (named ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.34 162.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.50 162.15 Td (defendants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.40 162.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.56 162.15 Td (co-defendants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.86 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.44 162.15 Td (lawsuits, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.90 162.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.06 162.15 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.29 162.15 Td (involved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.45 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.03 162.15 Td (disputes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.86 162.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.02 162.15 Td (involve ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 65.86 149.55 Td (threat ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.29 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.57 149.55 Td (lawsuits, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.15 149.55 Td (seeking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.75 149.55 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.20 149.55 Td (damages. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.84 149.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.91 149.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.10 149.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.45 149.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.89 149.55 Td (involved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.17 149.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.11 149.55 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.31 149.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.00 149.55 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.20 149.55 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.90 149.55 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.16 149.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.85 149.55 Td (self- ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.61 136.95 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.17 136.95 Td (ganization ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.86 136.95 Td (investigations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.16 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.28 136.95 Td (proceedings. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.60 136.95 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.56 136.95 Td (No ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.35 136.95 Td (assurances ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.21 136.95 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.74 136.95 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.61 136.95 Td (given ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.90 136.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.61 136.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.74 136.95 Td (how ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.78 136.95 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.90 136.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 502.01 136.95 Td (matter) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.41 136.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.00 136.95 Td (might ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.19 124.35 Td (resolved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.54 124.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.07 124.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.68 124.35 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.65 124.35 Td (fect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.17 124.35 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.78 124.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.64 124.35 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.24 124.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.53 124.35 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.64 124.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.17 124.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.95 124.35 Td (business. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.94 124.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 312.47 124.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.29 124.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.31 124.35 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.91 124.35 Td (involved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.44 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.39 124.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.83 124.35 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.44 124.35 Td (dispute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.55 124.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.50 124.35 Td (Brazil ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.94 124.35 Td (arising ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.42 111.75 Td (matters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.84 111.75 Td (relating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.43 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.11 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.45 111.75 Td (tax ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.79 111.75 Td (deductibility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.38 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.64 111.75 Td (goodwill ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.49 111.75 Td (amortization ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.07 111.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.25 111.75 Td (respect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.50 111.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.18 111.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.52 111.75 Td (Brazilian ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.52 111.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 486.62 111.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.88 111.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.39 111.75 Td (subsidiary) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.88 111.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.57 99.15 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.36 99.15 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.91 99.15 Td (Management. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.39 99.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.93 99.15 Td (assessments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.88 99.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.84 99.15 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.45 99.15 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.40 99.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.77 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.81 99.15 Td (dispute ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.35 99.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.80 99.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.84 99.15 Td (years ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 426.20 99.15 Td (2006 ) Tj ET Q q 0 0 0 rg BT 449.41 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 466.78 99.15 Td (2007 ) Tj ET Q q 0 0 0 rg BT 489.99 99.15 Td (were ) Tj ET Q q 0 0 0 rg BT 512.60 99.15 Td (withdrawn ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (after ) Tj ET Q q 0 0 0 rg BT 70.59 86.55 Td (we ) Tj ET Q q 0 0 0 rg BT 84.70 86.55 Td (received ) Tj ET Q q 0 0 0 rg BT 122.11 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 128.63 86.55 Td (favorable ) Tj ET Q q 0 0 0 rg BT 170.13 86.55 Td (ruling ) Tj ET Q q 0 0 0 rg BT 197.08 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 207.10 86.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 269.03 86.55 Td (court.� ) Tj ET Q q 0 0 0 rg BT 297.58 86.55 Td (The ) Tj ET Q q 0 0 0 rg BT 315.77 86.55 Td (assessments ) Tj ET Q q 0 0 0 rg BT 368.38 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 382.48 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 397.17 86.55 Td (years ) Tj ET Q q 0 0 0 rg BT 421.18 86.55 Td (2008 ) Tj ET Q q 0 0 0 rg BT 444.04 86.55 Td (through ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.57 86.55 Td (2010 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.43 86.55 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.69 86.55 Td (recently ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 73.95 Td (upheld ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.46 73.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.33 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.54 73.95 Td (judgment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.58 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.70 73.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.91 73.95 Td (same ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.86 73.95 Td (level ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.65 73.95 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.09 73.95 Td (court ) 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0.12549019607843137 rg BT 325.10 703.95 Td (timing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.50 703.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.23 703.95 Td (outcome ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.37 703.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.10 703.95 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.25 703.95 Td (dispute, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.19 703.95 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.92 703.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.65 703.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.88 703.95 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.19 703.95 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.35 691.35 Td (favorable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.86 691.35 Td (judgments ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.47 691.35 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.50 691.35 Td (connection ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.43 691.35 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.96 691.35 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.99 691.35 Td (matter) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.39 691.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.88 691.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.99 691.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.01 691.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.87 691.35 Td (local ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.14 691.35 Td (advisors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.00 691.35 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.02 691.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.04 691.35 Td (believe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.22 691.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.83 691.35 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.69 691.35 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (position ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.42 678.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.50 678.75 Td (correct, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.34 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.58 678.75 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.49 678.75 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.57 678.75 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.22 678.75 Td (likely ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.21 678.75 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.36 678.75 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.85 678.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.68 678.75 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.00 678.75 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.41 678.75 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.90 678.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.89 678.75 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.95 678.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.19 678.75 Td (pay ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.43 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.33 678.75 Td (taxes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.98 678.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.23 678.75 Td (question ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.88 678.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.71 678.75 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.94 678.75 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 666.15 Td (interest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.03 666.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.82 666.15 Td (penalties) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 640.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.41 640.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.60 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.59 640.95 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.83 640.95 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.32 640.95 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.22 640.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.38 640.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.95 640.95 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.34 640.95 Td (manage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.15 640.95 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.12 640.95 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.02 640.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.35 640.95 Td (actual ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.58 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.90 640.95 Td (threatened ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.78 640.95 Td (lawsuits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 542.36 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.37 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.67 628.35 Td (self-regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.61 628.35 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.17 628.35 Td (ganization ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.04 628.35 Td (investigations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.51 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.81 628.35 Td (proceedings, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.30 628.35 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.60 628.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.49 628.35 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.29 628.35 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.75 628.35 Td (harm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.46 628.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.43 628.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (returns ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.29 615.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.66 615.75 Td (reputation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.86 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.23 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.69 615.75 Td (applicable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.46 615.75 Td (fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.34 615.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.71 615.75 Td (result ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.67 615.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.46 615.75 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.09 615.75 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.13 615.75 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.99 615.75 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.94 615.75 Td (liable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.90 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.69 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.15 615.75 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.11 615.75 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.98 615.75 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.77 615.75 Td (resulting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.14 615.75 Td (damages. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 75.94 603.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.90 603.15 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.68 603.15 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.55 603.15 Td (increased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.16 603.15 Td (incidence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.35 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.05 603.15 Td (litigation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.93 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.05 603.15 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.16 603.15 Td (investigations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.46 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.58 603.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.37 603.15 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.75 603.15 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.35 603.15 Td (industry ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.73 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.86 603.15 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (years, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.75 590.55 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.88 590.55 Td (customer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.85 590.55 Td (claims ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.73 590.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.94 590.55 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.49 590.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.71 590.55 Td (class ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.60 590.55 Td (action ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.72 590.55 Td (suits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.45 590.55 Td (seeking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.00 590.55 Td (substantial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.38 590.55 Td (damages. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.67 590.55 Td (Any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.22 590.55 Td (litigation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.61 590.55 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.65 590.55 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.52 590.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (expenses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.03 577.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.82 577.95 Td (reduce ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 138.42 577.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.04 577.95 Td (net ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.49 577.95 Td (income.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 552.75 Td (Insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.48 552.75 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.35 552.75 Td (Not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.72 552.75 Td (Be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.62 552.75 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.85 552.75 Td (vailable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.29 552.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.01 552.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.88 552.75 Td (Cost-Ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.95 552.75 Td (fective ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.55 552.75 Td (Basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.52 552.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.31 552.75 Td (Protect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.84 552.75 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.39 552.75 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.52 552.75 Td (Liability) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 527.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.57 527.55 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.24 527.55 Td (face ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.72 527.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.55 527.55 Td (inherent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.96 527.55 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.72 527.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.47 527.55 Td (liability ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.14 527.55 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.71 527.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.89 527.55 Td (litigation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.81 527.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.22 527.55 Td (clients, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.27 527.55 Td (third-party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.17 527.55 Td (vendors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.42 527.55 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.18 527.55 Td (others ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.84 527.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 508.01 527.55 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.76 527.55 Td (taken ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 514.95 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 63.24 514.95 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.63 514.95 Td (agencies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.40 514.95 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.08 514.95 Td (o ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.57 514.95 Td (help ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.89 514.95 Td (protect ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.28 514.95 Td (against ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.26 514.95 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.08 514.95 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.06 514.95 Td (liabilities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.00 514.95 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.48 514.95 Td (purchase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.04 514.95 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.51 514.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.91 514.95 Td (amounts, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.36 514.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.76 514.95 Td (against ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 502.35 Td (risks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.50 502.35 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.78 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.56 502.35 Td (consider ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.67 502.35 Td (appropriate, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.64 502.35 Td (where ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.82 502.35 Td (such ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.61 502.35 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.37 502.35 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.91 502.35 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.34 502.35 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.46 502.35 Td (prices ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.06 502.35 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.84 502.35 Td (deem ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.12 502.35 Td (acceptable. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.47 502.35 Td (There ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.48 502.35 Td (can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.59 502.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.04 502.35 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.07 502.35 Td (assurance, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 489.75 Td (however) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.23 489.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.18 489.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.25 489.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.24 489.75 Td (claim ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.89 489.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.96 489.75 Td (claims ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.69 489.75 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.35 489.75 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.59 489.75 Td (covered ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.14 489.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.97 489.75 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.53 489.75 Td (or) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.85 489.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.80 489.75 Td (if ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.54 489.75 Td (covered, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.72 489.75 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.38 489.75 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.12 489.75 Td (exceed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.59 489.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.75 489.75 Td (limits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.99 489.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.07 489.75 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.29 489.75 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 477.15 Td (coverage, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.03 477.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.79 477.15 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.96 477.15 Td (insurer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.13 477.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.48 477.15 Td (remain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.65 477.15 Td (solvent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.99 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.16 477.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.51 477.15 Td (meet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.93 477.15 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.87 477.15 Td (obligations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.55 477.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.73 477.15 Td (provide ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.82 477.15 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.17 477.15 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.85 477.15 Td (coverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.75 477.15 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.51 477.15 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.27 477.15 Td (insurance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (coverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.45 464.55 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.85 464.55 Td (continue ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.07 464.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.31 464.55 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.28 464.55 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.24 464.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.97 464.55 Td (suf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.62 464.55 Td (ficient ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.50 464.55 Td (limits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.49 464.55 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.13 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.86 464.55 Td (reasonable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.81 464.55 Td (cost. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.42 464.55 Td (Insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.29 464.55 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.36 464.55 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.24 464.55 Td (impacted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.79 464.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.36 464.55 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (conditions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.35 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.60 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.53 451.95 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.37 451.95 Td (profile ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.46 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.30 451.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.22 451.95 Td (insured ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.23 451.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.49 451.95 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.66 451.95 Td (increase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.15 451.95 Td (significantly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.74 451.95 Td (over ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.49 451.95 Td (relatively ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.23 451.95 Td (short ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.33 451.95 Td (periods. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.96 451.95 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.80 451.95 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.94 451.95 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.20 439.35 Td (coverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.56 439.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.11 439.35 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.00 439.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.38 439.35 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.74 439.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.96 439.35 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.51 439.35 Td (only ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.64 439.35 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.02 439.35 Td (available ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.39 439.35 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.44 439.35 Td (prohibitive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.98 439.35 Td (costs. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.08 439.35 Td (Renewals ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.37 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.59 439.35 Td (insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.29 439.35 Td (policies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.42 439.35 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (expose ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.28 426.75 Td (us ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.24 426.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.04 426.75 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.65 426.75 Td (costs ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.28 426.75 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.57 426.75 Td (higher ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.02 426.75 Td (premiums ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.64 426.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.01 426.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.46 426.75 Td (assumption ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.92 426.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.30 426.75 Td (higher ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.75 426.75 Td (deductibles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.19 426.75 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.56 426.75 Td (co-insurance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.83 426.75 Td (liability) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.81 426.75 Td (.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (33) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 741.90 Td (1B. ) Tj ET Q q 0 0 0 rg BT 97.63 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 100.26 741.90 Td (UNRESOL) Tj ET Q q 0 0 0 rg BT 150.06 741.90 Td (VED ) Tj ET Q q 0 0 0 rg BT 174.85 741.90 Td (ST) Tj ET Q q 0 0 0 rg BT 186.92 741.90 Td (AFF) Tj ET Q q 0 0 0 rg BT 206.94 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 209.56 741.90 Td (COMMENTS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 717.30 Td (None.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 692.70 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 692.70 Td (2. ) Tj ET Q q 0 0 0 rg BT 90.63 692.70 Td ( ) Tj ET Q q 0 0 0 rg BT 93.25 692.70 Td (PROPER) Tj ET Q q 0 0 0 rg BT 136.05 692.70 Td (TIES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 668.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.50 668.10 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.57 668.10 Td (e ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.78 668.10 Td (lease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.32 668.10 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.37 668.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.67 668.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.22 668.10 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.78 668.10 Td (fice ) Tj ET Q q 0.13725490196078433 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ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.20 668.10 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.66 668.10 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.22 668.10 Td (fice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.51 668.10 Td (building ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 655.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.77 655.50 Td (Baltimore, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.49 655.50 Td (Maryland, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.04 655.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.31 655.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.08 655.50 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.42 655.50 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.43 655.50 Td (hold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.20 655.50 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.21 655.50 Td (lease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.30 655.50 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.05 655.50 Td (346,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.28 655.50 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.79 655.50 Td (feet, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.25 655.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.10 655.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.86 655.50 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 642.90 Td (175,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.66 642.90 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.09 642.90 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.86 642.90 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.89 642.90 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.75 642.90 Td (subleased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.60 642.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.80 642.90 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.67 642.90 Td (parties ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.69 642.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.88 642.90 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.16 642.90 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.85 642.90 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.13 642.90 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.98 642.90 Td (seeking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.09 642.90 Td (tenants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.86 642.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.06 642.90 Td (sublease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 477.67 642.90 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.61 642.90 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.63 642.90 Td (41,000 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 630.30 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.53 630.30 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.89 630.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.26 630.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.71 630.30 Td (space.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 605.10 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.86 605.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.31 605.10 Td (managers ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 171.58 605.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.77 605.10 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.38 605.10 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.00 605.10 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.85 605.10 Td (housed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.63 605.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 567.30 Td (ClearBridge ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.60 567.30 Td (Investments, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.40 567.30 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.47 567.30 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.27 567.30 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.38 567.30 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.97 567.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.91 567.30 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.69 567.30 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.89 567.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.83 567.30 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.68 567.30 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 554.70 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.64 554.70 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.10 554.70 Td (occupy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.98 554.70 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.19 554.70 Td (130,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.87 554.70 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.84 554.70 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.13 554.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.86 554.70 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.33 554.70 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.88 554.70 Td (fice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.18 554.70 Td (building ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.74 554.70 Td (located ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.62 554.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.35 554.70 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.35 554.70 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 540.88 554.70 Td (ork, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 542.10 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.88 542.10 Td (Y) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.41 542.10 Td (ork ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.41 542.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.57 542.10 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.23 542.10 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.47 542.10 Td (hold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.14 542.10 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.04 542.10 Td (lease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.03 542.10 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.67 542.10 Td (193,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.80 542.10 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.20 542.10 Td (feet. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.34 542.10 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 452.66 542.10 Td (remaining ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.23 542.10 Td (63,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.10 542.10 Td (square ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 529.50 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.86 529.50 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.48 529.50 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.93 529.50 Td (subleased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.38 529.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.17 529.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.45 529.50 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.91 529.50 Td (party;) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.50 516.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 516.90 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.57 516.90 Td (estern ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.72 516.90 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.71 516.90 Td (Management�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.44 516.90 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.19 516.90 Td (headquarters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.49 516.90 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.16 516.90 Td (housed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.57 516.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.40 516.90 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.97 516.90 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.53 516.90 Td (fice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.93 516.90 Td (building ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.59 516.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.42 516.90 Td (Pasadena, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.78 516.90 Td (California ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.01 516.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.84 516.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 504.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.92 504.30 Td (occupy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.42 504.30 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.24 504.30 Td (190,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.54 504.30 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.12 504.30 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.04 504.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.37 504.30 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.79 504.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.63 504.30 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.05 504.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.04 504.30 Td (seeking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.29 504.30 Td (tenants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.21 504.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.56 504.30 Td (sublease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.31 504.30 Td (9,300 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.11 504.30 Td (square ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 491.70 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.86 491.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.23 491.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.69 491.70 Td (space; ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.55 491.70 Td (and) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 89.50 479.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 479.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.31 479.10 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.55 479.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.53 479.10 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.41 479.10 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.05 479.10 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.44 479.10 Td (occupy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.58 479.10 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.05 479.10 Td (79,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.74 479.10 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.96 479.10 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.51 479.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.49 479.10 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.22 479.10 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.78 479.10 Td (fice ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 466.50 Td (building ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.92 466.50 Td (located ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.66 466.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.25 466.50 Td (Stamford, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.38 466.50 Td (Connecticut ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.54 466.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.12 466.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.21 466.50 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.87 466.50 Td (hold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.96 466.50 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.29 466.50 Td (lease ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.70 466.50 Td (approximately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.77 466.50 Td (137,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.31 466.50 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.14 466.50 Td (feet. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.50 453.90 Td (58,000 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.00 453.90 Td (square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.03 453.90 Td (feet ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.39 453.90 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.01 453.90 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.46 453.90 Td (subleased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.91 453.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.70 453.90 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.98 453.90 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.44 453.90 Td (party) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.33 453.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 428.70 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.64 428.70 Td (Note ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.04 428.70 Td (8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.27 428.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.00 428.70 Td (Notes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.48 428.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.63 428.70 Td (Consolidated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.02 428.70 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.08 428.70 Td (Statements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.14 428.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.29 428.70 Td (Item ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.52 428.70 Td (8 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.75 428.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.48 428.70 Td (this ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.63 428.70 Td (Report ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.19 428.70 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.42 428.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.06 428.70 Td (discussion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.80 428.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.53 428.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.51 428.70 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 416.10 Td (obligations.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 390.90 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 390.90 Td (3. ) Tj ET Q q 0 0 0 rg BT 90.63 390.90 Td ( ) Tj ET Q q 0 0 0 rg BT 93.25 390.90 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 129.44 390.90 Td ( ) Tj ET Q q 0 0 0 rg BT 132.06 390.90 Td (PROCEEDINGS.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 365.70 Td (Our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.99 365.70 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.87 365.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.19 365.70 Td (former ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.91 365.70 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.65 365.70 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.63 365.70 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.60 365.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.59 365.70 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.48 365.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.39 365.70 Td (customer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.03 365.70 Td (complaints ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.27 365.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.58 365.70 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.56 365.70 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.63 365.70 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.61 365.70 Td (named ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.75 365.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 353.10 Td (defendants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.62 353.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.42 353.10 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.96 353.10 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.00 353.10 Td (actions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.37 353.10 Td (arising ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.59 353.10 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.29 353.10 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.34 353.10 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.38 353.10 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.28 353.10 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 417.57 353.10 Td (brokerage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.18 353.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.97 353.10 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.68 353.10 Td (banking ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 340.50 Td (activities, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.10 340.50 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.83 340.50 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.46 340.50 Td (class ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.94 340.50 Td (actions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.38 340.50 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.11 340.50 Td (primarily ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.25 340.50 Td (allege ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.39 340.50 Td (violations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.88 340.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 371.69 340.50 Td (securities ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.41 340.50 Td (laws ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.73 340.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.96 340.50 Td (seek ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.69 340.50 Td (unspecified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.15 340.50 Td (damages, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 327.90 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.36 327.90 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.88 327.90 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.99 327.90 Td (substantial. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.73 327.90 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.67 327.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.70 327.90 Td (normal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.64 327.90 Td (course ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.24 327.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.19 327.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.38 327.90 Td (business, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.79 327.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.99 327.90 Td (current ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.92 327.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.27 327.90 Td (former ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.04 327.90 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.82 327.90 Td (have ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.84 327.90 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.95 327.90 Td (received ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 315.30 Td (subpoenas ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.06 315.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.04 315.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.68 315.30 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.40 315.30 Td (involved ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.97 315.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.95 315.30 Td (governmental ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.50 315.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.49 315.30 Td (self-regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.11 315.30 Td (agency ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.66 315.30 Td (inquiries, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.85 315.30 Td (investigations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.01 315.30 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.61 315.30 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.84 315.30 Td (time ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 302.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.88 302.70 Td (time, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.37 302.70 Td (proceedings. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.71 302.70 Td (While ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.58 302.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.61 302.70 Td (ultimate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.23 302.70 Td (resolution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.44 302.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.39 302.70 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.76 302.70 Td (threatened ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.70 302.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.65 302.70 Td (pending ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.69 302.70 Td (litigation, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.44 302.70 Td (regulatory ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.80 302.70 Td (investigations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.34 302.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 290.10 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.62 290.10 Td (matters ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.07 290.10 Td (cannot ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.61 290.10 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 150.06 290.10 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.51 290.10 Td (determined, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.91 290.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.62 290.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.00 290.10 Td (opinion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.63 290.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.92 290.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.46 290.10 Td (management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.27 290.10 Td (after ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.05 290.10 Td (consultation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.93 290.10 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.14 290.10 Td (legal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.09 290.10 Td (counsel, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.34 290.10 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 277.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.09 277.50 Td (part ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.84 277.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.43 277.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.68 277.50 Td (preliminary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.09 277.50 Td (nature ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.75 277.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.92 277.50 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.90 277.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.07 277.50 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.07 277.50 Td (matters, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.03 277.50 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.69 277.50 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.94 277.50 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.26 277.50 Td (unable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.67 277.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.26 277.50 Td (estimate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.67 277.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.92 277.50 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.84 277.50 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.01 277.50 Td (range ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.75 277.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 264.90 Td (potential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.45 264.90 Td (losses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.76 264.90 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.38 264.90 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.17 264.90 Td (matters, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 202.91 264.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.29 264.90 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.50 264.90 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.44 264.90 Td (condition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.94 264.90 Td (results ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.57 264.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.53 264.90 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.48 264.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.86 264.90 Td (cash ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.73 264.90 Td (flows ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.28 264.90 Td (could ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.82 264.90 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 519.94 264.90 Td (materially ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 252.30 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 57.47 252.30 Td (fected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.46 252.30 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.22 252.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.23 252.30 Td (period ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.41 252.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.92 252.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.93 252.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.94 252.30 Td (matter ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.11 252.30 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.46 252.30 Td (ultimately ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.38 252.30 Td (resolved. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.93 252.30 Td (See ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.44 252.30 Td (Note ) Tj ET Q q 0.13725490196078433 0.12156862745098039 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Q q 0 0 0 rg BT 465.37 542.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 490.71 542.30 Td (of ) Tj ET Q q 0 0 0 rg BT 501.47 542.30 Td (the ) Tj ET Q q 0 0 0 rg BT 515.87 542.30 Td (Agreement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 529.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.53 529.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 89.06 529.70 Td (of ) Tj ET Q q 0 0 0 rg BT 100.67 529.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 117.97 529.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 134.25 529.70 Td (\("Mer) Tj ET Q q 0 0 0 rg BT 159.33 529.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 174.97 529.70 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 232.27 529.70 Td (with ) Tj ET Q q 0 0 0 rg BT 253.80 529.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 292.04 529.70 Td (T) Tj ET Q q 0 0 0 rg BT 297.72 529.70 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 342.28 529.70 Td (as ) Tj ET Q q 0 0 0 rg BT 353.90 529.70 Td (further ) Tj ET Q q 0 0 0 rg BT 385.33 529.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 428.44 529.70 Td (below) Tj ET Q q 0 0 0 rg BT 453.42 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498.19 504.50 Td (relevant, ) Tj ET Q q 0 0 0 rg BT 536.85 504.50 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 491.90 Td (may ) Tj ET Q q 0 0 0 rg BT 70.40 491.90 Td (include ) Tj ET Q q 0 0 0 rg BT 104.13 491.90 Td (our ) Tj ET Q q 0 0 0 rg BT 120.96 491.90 Td (results ) Tj ET Q q 0 0 0 rg BT 151.20 491.90 Td (of ) Tj ET Q q 0 0 0 rg BT 162.77 491.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 209.33 491.90 Td (and ) Tj ET Q q 0 0 0 rg BT 227.32 491.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.88 491.90 Td (condition, ) Tj ET Q q 0 0 0 rg BT 311.99 491.90 Td (our ) Tj ET Q q 0 0 0 rg BT 328.81 491.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.37 491.90 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 428.63 491.90 Td (general ) Tj ET Q q 0 0 0 rg BT 462.35 491.90 Td (business ) Tj ET Q q 0 0 0 rg BT 500.76 491.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 547.34 491.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 479.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.18 479.30 Td (availability ) Tj ET Q q 0 0 0 rg BT 115.27 479.30 Td (of ) Tj ET Q q 0 0 0 rg BT 126.88 479.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 153.06 479.30 Td (from ) Tj ET Q q 0 0 0 rg BT 176.33 479.30 Td (our ) Tj ET Q q 0 0 0 rg BT 193.18 479.30 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 248.24 479.30 Td (including ) Tj ET Q q 0 0 0 rg BT 290.76 479.30 Td (all ) Tj ET Q q 0 0 0 rg BT 304.11 479.30 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 353.62 479.30 Td (on ) Tj ET Q q 0 0 0 rg BT 366.97 479.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.65 479.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 412.34 479.30 Td (of ) Tj ET Q q 0 0 0 rg BT 423.94 479.30 Td (our ) Tj ET Q q 0 0 0 rg BT 440.79 479.30 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 493.23 479.30 Td (to ) Tj ET Q q 0 0 0 rg BT 504.25 479.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 539.18 479.30 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 466.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 466.70 Td (us.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 442.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 85.71 442.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 101.12 442.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 150.34 442.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 176.84 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.42 442.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 222.82 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.57 442.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 251.30 442.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 294.71 442.10 Td (while ) Tj ET Q q 0 0 0 rg BT 320.62 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.02 442.10 Td (mer) Tj ET Q q 0 0 0 rg BT 352.16 442.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 368.14 442.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 416.78 442.10 Td (is ) Tj ET Q q 0 0 0 rg BT 426.36 442.10 Td (pending; ) Tj ET Q q 0 0 0 rg BT 465.68 442.10 Td (however) Tj ET Q q 0 0 0 rg BT 501.41 442.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.62 442.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 538.93 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 442.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 429.50 Td (approval ) Tj ET Q q 0 0 0 rg BT 89.07 429.50 Td (of ) Tj ET Q q 0 0 0 rg BT 100.64 429.50 Td (our ) Tj ET Q q 0 0 0 rg BT 117.47 429.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 145.96 429.50 Td (of ) Tj ET Q q 0 0 0 rg BT 157.54 429.50 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 202.06 429.50 Td (we ) Tj ET Q q 0 0 0 rg BT 217.13 429.50 Td (may ) Tj ET Q q 0 0 0 rg BT 238.04 429.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 277.03 429.50 Td (to ) Tj ET Q q 0 0 0 rg BT 288.03 429.50 Td (pay ) Tj ET Q q 0 0 0 rg BT 306.02 429.50 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 346.75 429.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 368.23 429.50 Td (dividends ) Tj ET Q q 0 0 0 rg BT 411.90 429.50 Td (not ) Tj ET Q q 0 0 0 rg BT 428.14 429.50 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 473.53 429.50 Td ($0.40 ) Tj ET Q q 0 0 0 rg BT 499.99 429.50 Td (per ) Tj ET Q q 0 0 0 rg BT 516.23 429.50 Td (share, ) Tj ET Q q 0 0 0 rg BT 543.84 429.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 416.90 Td (declaration, ) Tj ET Q q 0 0 0 rg BT 101.39 416.90 Td (record ) Tj ET Q q 0 0 0 rg BT 130.83 416.90 Td (and ) Tj ET Q q 0 0 0 rg BT 148.62 416.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 187.40 416.90 Td (dates ) Tj ET Q q 0 0 0 rg BT 211.60 416.90 Td (substantially ) Tj ET Q q 0 0 0 rg BT 267.30 416.90 Td (consistent ) Tj ET Q q 0 0 0 rg BT 311.93 416.90 Td (with ) Tj ET Q q 0 0 0 rg BT 333.22 416.90 Td (those ) Tj ET Q q 0 0 0 rg BT 358.01 416.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 378.71 416.90 Td (during ) Tj ET Q q 0 0 0 rg BT 408.75 416.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 434.12 416.90 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 392.30 Td (On ) Tj ET Q q 0 0 0 rg BT 64.58 392.30 Td (April ) Tj ET Q q 0 0 0 rg BT 89.64 392.30 Td (28, ) Tj ET Q q 0 0 0 rg BT 105.65 392.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 132.16 392.30 Td (our ) Tj ET Q q 0 0 0 rg BT 149.05 392.30 Td (Board ) Tj ET Q q 0 0 0 rg BT 177.59 392.30 Td (of ) Tj ET Q q 0 0 0 rg BT 189.23 392.30 Td (Directors ) Tj ET Q q 0 0 0 rg BT 231.18 392.30 Td (declared ) Tj ET Q q 0 0 0 rg BT 269.63 392.30 Td (a ) Tj ET Q q 0 0 0 rg BT 277.18 392.30 Td (regular) Tj ET Q q 0 0 0 rg BT 306.49 392.30 Td (, ) Tj ET Q q 0 0 0 rg BT 312.00 392.30 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 352.79 392.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 374.33 392.30 Td (dividend ) Tj ET Q q 0 0 0 rg BT 413.97 392.30 Td (of ) Tj ET Q q 0 0 0 rg BT 425.60 392.30 Td ($0.40 ) Tj ET Q q 0 0 0 rg BT 452.11 392.30 Td (per ) Tj ET Q q 0 0 0 rg BT 468.41 392.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 496.08 392.30 Td (payable ) Tj ET Q q 0 0 0 rg BT 531.61 392.30 Td (on ) Tj ET Q q 0 0 0 rg BT 545.00 392.30 Td (July ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 379.70 Td (13, ) Tj ET Q q 0 0 0 rg BT 65.25 379.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 88.88 379.70 Td (to ) Tj ET Q q 0 0 0 rg BT 99.67 379.70 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 155.36 379.70 Td (of ) Tj ET Q q 0 0 0 rg BT 166.73 379.70 Td (record ) Tj ET Q q 0 0 0 rg BT 196.17 379.70 Td (at ) Tj ET Q q 0 0 0 rg BT 206.37 379.70 Td (the ) Tj ET Q q 0 0 0 rg BT 221.83 379.70 Td (close ) Tj ET Q q 0 0 0 rg BT 246.03 379.70 Td (of ) Tj ET Q q 0 0 0 rg BT 257.40 379.70 Td (business ) Tj ET Q q 0 0 0 rg BT 295.61 379.70 Td (on ) Tj ET Q q 0 0 0 rg BT 308.73 379.70 Td (June ) Tj ET Q q 0 0 0 rg BT 330.61 379.70 Td (16, ) Tj ET Q q 0 0 0 rg BT 346.36 379.70 Td (2020.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 66.22 355.10 Td (chases ) Tj ET Q q 0 0 0 rg BT 97.43 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.81 355.10 Td (our) Tj ET Q q 0 0 0 rg BT 124.37 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.99 355.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 171.03 355.10 Td (Stock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 330.50 Td (The following table sets out information regarding our purchases of Legg Mason common stock during the quarter ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 317.90 Td (March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.28 317.90 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 234.39999999999998 m 174 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 234.39999999999998 m 249 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253 234.39999999999998 m 319 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 234.39999999999998 m 436 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 234.39999999999998 m 563 234.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 162.39999999999998 m 174 162.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 148.39999999999998 m 174 148.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 162.39999999999998 m 249 162.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 148.39999999999998 m 249 148.39999999999998 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 96.60 239.19 Td (Period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 206.85 272.69 Td (\(a\) ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 182.50 261.19 Td (T) Tj ET Q q 0 0 0 rg BT 188.54 261.19 Td (otal number) Tj ET Q q 0 0 0 rg BT 243.48 261.19 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 193.10 250.69 Td (of shar) Tj ET Q q 0 0 0 rg BT 224.12 250.69 Td (es) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.75 239.19 Td (pur) Tj ET Q q 0 0 0 rg BT 201.90 239.19 Td (chased) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 232.24 243.95 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.19 239.19 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.05 283.19 Td (\(b\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 267.20 271.69 Td (A) Tj ET Q q 0 0 0 rg BT 274.00 271.69 Td (verage ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 274.10 261.19 Td (price) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 266.75 249.69 Td (paid per) Tj ET Q q 0 0 0 rg BT 304.19 249.69 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 268.05 239.19 Td (shar) Tj ET Q q 0 0 0 rg BT 287.70 239.19 Td (e ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 294.98 243.95 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.15 296.69 Td (\(c\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 342.80 285.19 Td (T) Tj ET Q q 0 0 0 rg BT 348.84 285.19 Td (otal number) Tj ET Q q 0 0 0 rg BT 403.78 285.19 Td ( of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 340.20 273.69 Td (shar) Tj ET Q q 0 0 0 rg BT 359.85 273.69 Td (es pur) Tj ET Q q 0 0 0 rg BT 387.37 273.69 Td (chased) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.70 262.19 Td (as part of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 335.05 250.69 Td (publicly announced) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 337.75 239.19 Td (plans or) Tj ET Q q 0 0 0 rg BT 374.03 239.19 Td ( pr) Tj ET Q q 0 0 0 rg BT 386.96 239.19 Td (ograms) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 494.55 295.69 Td (\(d\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.40 284.19 Td (Appr) Tj ET Q q 0 0 0 rg BT 467.13 284.19 Td (oximate dollar) Tj ET Q q 0 0 0 rg BT 531.98 284.19 Td ( value ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 481.00 273.69 Td (that may) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 463.15 262.19 Td (yet be pur) Tj ET Q q 0 0 0 rg BT 508.46 262.19 Td (chased) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.05 250.69 Td (under) Tj ET Q q 0 0 0 rg BT 492.70 250.69 Td ( the plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.05 239.19 Td (or) Tj ET Q q 0 0 0 rg BT 482.77 239.19 Td ( pr) Tj ET Q q 0 0 0 rg BT 495.71 239.19 Td (ograms) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 224.62 Td (January�1, 2020 ) Tj ET Q q 0 0 0 rg BT 121.81 224.62 Td (Through) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 214.12 Td (January�31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.10 215.17 Td (42,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.50 215.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.35 215.17 Td (35.65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 215.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.50 215.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 215.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 200.62 Td (February�1, 2020 ) Tj ET Q q 0 0 0 rg BT 127.06 200.62 Td (Through) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 190.12 Td (February�29, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.25 191.17 Td (328) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.35 191.17 Td (39.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 191.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 191.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 176.62 Td (March�1, 2020 ) Tj ET Q q 0 0 0 rg BT 116.46 176.62 Td (Through) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 166.12 Td (March�31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.25 167.17 Td (376) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.35 167.17 Td (48.65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 167.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 167.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 152.62 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 152.62 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.10 152.62 Td (43,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.50 152.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.35 152.62 Td (35.79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 152.62 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 138.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 138.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.66 138.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 122.26 138.70 Td (received ) Tj ET Q q 0 0 0 rg BT 153.40 138.70 Td (on ) Tj ET Q q 0 0 0 rg BT 164.26 138.70 Td (vesting ) Tj ET Q q 0 0 0 rg BT 191.18 138.70 Td (of ) Tj ET Q q 0 0 0 rg BT 200.62 138.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 234.60 138.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 254.91 138.70 Td (units, ) Tj ET Q q 0 0 0 rg BT 275.92 138.70 Td (surrendered ) Tj ET Q q 0 0 0 rg BT 318.40 138.70 Td (to ) Tj ET Q q 0 0 0 rg BT 327.38 138.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 347.20 138.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 372.70 138.70 Td (to ) Tj ET Q q 0 0 0 rg BT 381.67 138.70 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 406.23 138.70 Td (related ) Tj ET Q q 0 0 0 rg BT 431.71 138.70 Td (income ) Tj ET Q q 0 0 0 rg BT 459.09 138.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 471.84 138.70 Td (withholding ) Tj ET Q q 0 0 0 rg BT 515.28 138.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 555.42 138.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 128.50 Td (employees ) Tj ET Q q 0 0 0 rg BT 105.98 128.50 Td (via ) Tj ET Q q 0 0 0 rg BT 118.49 128.50 Td (net ) Tj ET Q q 0 0 0 rg BT 131.00 128.50 Td (share ) Tj ET Q q 0 0 0 rg BT 151.05 128.50 Td (transactions.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 118.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 118.30 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 100.80 118.30 Td (exclude ) Tj ET Q q 0 0 0 rg BT 129.35 118.30 Td (fees. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 93.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.08 93.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 93.66 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.66 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.74 93.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 137.04 93.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 152.20 93.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 201.10 93.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 232.51 93.10 Td (our ) Tj ET Q q 0 0 0 rg BT 248.75 93.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 277.84 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.26 93.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 327.82 93.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 356.32 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.31 93.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.56 93.10 Td (common ) Tj ET Q q 0 0 0 rg BT 422.56 93.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.98 93.10 Td (while ) Tj ET Q q 0 0 0 rg BT 472.56 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.64 93.10 Td (mer) Tj ET Q q 0 0 0 rg BT 503.77 93.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 519.43 93.10 Td (is ) Tj ET Q q 0 0 0 rg BT 528.69 93.10 Td (pending ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 80.50 Td (other ) Tj ET Q q 0 0 0 rg BT 73.70 80.50 Td (than ) Tj ET Q q 0 0 0 rg BT 94.40 80.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.59 80.50 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 173.12 80.50 Td (including ) Tj ET Q q 0 0 0 rg BT 215.41 80.50 Td (in ) Tj ET Q q 0 0 0 rg BT 226.20 80.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 274.89 80.50 Td (with ) Tj ET Q q 0 0 0 rg BT 296.19 80.50 Td (net ) Tj ET Q q 0 0 0 rg BT 311.64 80.50 Td (share ) Tj ET Q q 0 0 0 rg BT 336.42 80.50 Td (settlements ) Tj ET Q q 0 0 0 rg BT 386.28 80.50 Td (of ) Tj ET Q q 0 0 0 rg BT 397.66 80.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 449.28 80.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 478.15 80.50 Td (awards.) 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Tj ET Q /GS0 gs q 411.00 0 0 271.00 100.50 402.90 cm /I24 Do Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 364.8 m 292 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 364.8 m 296 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 364.8 m 346 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 364.8 m 350 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 364.8 m 400 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 364.8 m 404 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 364.8 m 454 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 364.8 m 458 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 364.8 m 508 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 364.8 m 512 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 364.8 m 562 364.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 349.8 m 238 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 349.8 m 292 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 349.8 m 346 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 349.8 m 400 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 349.8 m 454 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 349.8 m 508 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 349.8 m 562 349.8 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.15 369.57 Td (Y) Tj ET Q q 0 0 0 rg BT 359.21 369.57 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 354.57 Td (Index) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.00 354.57 Td (2015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.00 354.57 Td (2016) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.00 354.57 Td (2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.00 354.57 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.00 354.57 Td (2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 526.00 354.59 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 339.57 Td (Legg Mason, Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 244.50 339.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.10 339.57 Td (100.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 339.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.35 339.57 Td (64.08) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.50 339.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.35 339.57 Td (68.49) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.50 339.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.35 339.57 Td (79.28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 339.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.35 339.57 Td (55.89) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 514.50 339.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 339.59 Td (104.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 324.57 Td (S&P) Tj ET Q q 0 0 0 rg BT 71.15 324.57 Td ( 500 Index) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.10 324.57 Td (100.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.10 324.57 Td (101.78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.10 324.57 Td (1) Tj ET Q q 0 0 0 rg BT 372.35 324.57 Td (19.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.10 324.57 Td (135.95) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.10 324.57 Td (148.86) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 324.59 Td (138.47) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 309.57 Td (SNL) Tj ET Q q 0 0 0 rg BT 70.95 309.57 Td ( ) Tj ET Q q 0 0 0 rg BT 72.99 309.57 Td (Asset Manager Index) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.10 309.57 Td (100.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.35 309.57 Td (82.79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.35 309.57 Td (92.39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.10 309.57 Td (1) Tj ET Q q 0 0 0 rg BT 426.35 309.57 Td (13.89) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.10 309.57 Td (100.63) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 309.59 Td (96.23) Tj ET Q BT /F1 10.00 Tf ET BT /F6 8.50 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (Prepared by S&P) Tj ET Q q 0 0 0 rg BT 110.09 295.10 Td ( Global Market Intelligence, a division of S&P) Tj ET Q q 0 0 0 rg BT 272.70 295.10 Td ( Global Inc.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (36) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 210.83 741.90 Td ( DA) Tj ET Q q 0 0 0 rg BT 227.84 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 234.06 741.90 Td (A. ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 67.50 729.30 Td (\(Dollars in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 228.69 729.30 Td (e amounts or unless otherwise noted\) ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 705.8 m 349 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 705.8 m 353 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 705.8 m 402 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 705.8 m 456 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 705.8 m 460 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 705.8 m 509 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 705.8 m 513 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 705.8 m 562 705.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 692.8 m 296 692.8 l s 0 0 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J 0 j 3 M 460 598.8 m 509 598.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 598.8 m 562 598.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 574.8 m 296 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 574.8 m 349 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 574.8 m 402 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 574.8 m 456 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 574.8 m 509 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 574.8 m 562 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 574.8 m 349 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 574.8 m 402 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 574.8 m 456 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 574.8 m 509 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 574.8 m 562 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 550.8 m 296 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 550.8 m 349 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 550.8 m 402 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 550.8 m 456 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 550.8 m 509 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 550.8 m 562 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 538.8 m 296 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 538.8 m 349 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 538.8 m 402 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 538.8 m 456 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 538.8 m 509 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 538.8 m 562 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 380.79999999999995 m 296 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 380.79999999999995 m 349 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 380.79999999999995 m 402 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 380.79999999999995 m 456 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 380.79999999999995 m 509 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 380.79999999999995 m 562 380.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 260.79999999999995 m 296 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 260.79999999999995 m 349 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 260.79999999999995 m 402 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 260.79999999999995 m 456 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 260.79999999999995 m 509 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 260.79999999999995 m 562 260.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.55 710.05 Td (Y) Tj ET Q q 0 0 0 rg BT 398.93 710.05 Td (ears ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.00 697.03 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.00 697.05 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.50 697.05 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.00 697.05 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 697.05 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 684.88 Td (OPERA) Tj ET Q q 0 0 0 rg BT 98.20 684.88 Td (TING RESUL) Tj ET Q q 0 0 0 rg BT 146.66 684.88 Td (TS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 672.75 Td (Operating Revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 672.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 672.88 Td (2,922,125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 672.75 Td (2,903,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 672.75 Td (3,140,322) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 672.75 Td (2,886,902) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 672.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 672.75 Td (2,660,844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 660.75 Td (Operating expenses, excluding impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 660.88 Td (2,416,965) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 660.75 Td (2,434,957) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 660.75 Td (2,587,321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 660.75 Td (2,429,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 660.75 Td (2,239,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 648.75 Td (Impairment of intangible assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.50 648.88 Td (�) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 648.75 Td (365,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 648.75 Td (229,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 648.75 Td (35,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 648.75 Td (371,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 636.75 Td (Operating Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 636.88 Td (505,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 636.75 Td (103,102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 636.75 Td (324,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 636.75 Td (422,243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 636.75 Td (50,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 624.05 Td (Non-operating expense, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.80 624.03 Td (\(1) Tj ET Q q 0 0 0 rg BT 318.46 624.03 Td (10,888) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 624.03 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 624.05 Td (\(74,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 624.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.10 624.05 Td (\(99,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 624.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.10 624.05 Td (\(64,694) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 624.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 624.05 Td (\(68,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 624.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 611.05 Td (Non-operating income \(expense\) of consolidated investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 603.05 Td (vehicles, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 603.03 Td (16,262) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 603.05 Td (\(565) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 603.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 603.05 Td (9,781) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 603.05 Td (13,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 603.05 Td (\(7,243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 603.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 590.75 Td (Income \(Loss\) before Income ) Tj ET Q q 0 0 0 rg BT 167.28 590.75 Td (T) Tj ET Q q 0 0 0 rg BT 171.81 590.75 Td (ax Provision \(Benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 590.88 Td (410,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 590.75 Td (28,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 590.75 Td (233,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 590.75 Td (370,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 590.75 Td (\(25,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 590.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 578.75 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 578.88 Td (106,048) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 578.75 Td (20,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.10 578.75 Td (\(102,510) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 578.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 578.75 Td (84,175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 578.75 Td (7,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 566.75 Td (Net Income \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 566.88 Td (304,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 566.75 Td (7,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 566.75 Td (336,350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 566.75 Td (286,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 566.75 Td (\(32,910) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 566.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 554.75 Td (Less: Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 554.88 Td (53,1) Tj ET Q q 0 0 0 rg BT 332.50 554.88 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 554.75 Td (36,442) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 554.75 Td (51,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 554.75 Td (59,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 554.75 Td (\(7,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 554.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 542.75 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 132.26 542.75 Td (Attributable to Legg Mason,�Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 542.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 542.88 Td (251,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 542.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 542.75 Td (\(28,508) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 542.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 542.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 542.75 Td (285,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 542.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 542.75 Td (227,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 542.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 542.75 Td (\(25,032) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 542.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 526.03 Td (PER SHARE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 513.05 Td (Net Income \(Loss\) per Share ) Tj ET Q q 0 0 0 rg BT 164.47 513.05 Td (Attributable to Legg Mason,�Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.50 505.05 Td (Shareholders:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 492.75 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 492.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 492.88 Td (2.80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 492.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.10 492.75 Td (\(0.38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 492.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 492.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 492.75 Td (3.03) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 492.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 492.75 Td (2.19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 492.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 492.75 Td (\(0.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 492.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 480.75 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 480.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 480.88 Td (2.79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 480.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.10 480.75 Td (\(0.38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 480.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 480.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 480.75 Td (3.01) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 480.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 480.75 Td (2.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 480.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 480.75 Td (\(0.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 480.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 468.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.41 468.75 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 108.80 468.75 Td (verage Number of Shares Outstanding: ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 235.66 472.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 456.75 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 456.88 Td (86,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 456.75 Td (85,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 456.75 Td (90,734) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 456.75 Td (100,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 456.75 Td (107,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.50 444.75 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 444.88 Td (87,337) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 444.75 Td (85,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 444.75 Td (91,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 444.75 Td (100,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 444.75 Td (107,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 432.75 Td (Dividends declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 432.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 432.88 Td (1.60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 432.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 432.75 Td (1.36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 432.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 432.75 Td (1.12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 432.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 432.75 Td (0.88) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 432.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 432.75 Td (0.80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 420.88 Td (BALANCE SHEET) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 408.75 Td (T) Tj ET Q q 0 0 0 rg BT 75.11 408.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 88.60 408.75 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 408.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 408.88 Td (8,006,120) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 408.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 408.75 Td (7,794,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 408.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 408.75 Td (8,152,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 408.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 408.75 Td (8,290,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 408.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 408.75 Td (7,520,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 396.75 Td (Long-term debt, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 396.88 Td (1,972,733) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 396.75 Td (2,221,752) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 396.75 Td (2,221,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 396.75 Td (2,221,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 396.75 Td (1,740,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 384.75 Td (T) Tj ET Q q 0 0 0 rg BT 75.11 384.75 Td (otal Stockholders' Equity ) Tj ET Q q 0 0 0 rg BT 157.15 384.75 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 384.88 Td (3,792,369) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 384.75 Td (3,659,755) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.75 384.75 Td (3,824,405) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.75 384.75 Td (3,983,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 384.75 Td (4,213,563) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 70.50 372.88 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 115.39 372.88 Td ( RA) Tj ET Q q 0 0 0 rg BT 128.36 372.88 Td (TIOS ) Tj ET Q q 0 0 0 rg BT 149.04 372.88 Td (AND OTHER DA) Tj ET Q q 0 0 0 rg BT 210.22 372.88 Td (T) Tj ET Q q 0 0 0 rg BT 214.96 372.88 Td (A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 360.75 Td (Adjusted Net Income) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 138.93 364.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 360.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 360.88 Td (338,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 360.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 360.75 Td (288,619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 360.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 360.75 Td (322,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.70 360.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.70 360.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 348.75 Td (Adjusted Earnings per Diluted Share) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 188.25 352.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 348.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 348.88 Td (3.76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 348.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 348.75 Td (3.26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 348.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 348.75 Td (3.41) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.70 348.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.70 348.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 336.75 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 117.74 336.75 Td (gin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 336.88 Td (17.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 336.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 336.75 Td (3.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 336.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 336.75 Td (10.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 336.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 336.75 Td (14.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 336.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 336.75 Td (1.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 336.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 324.75 Td (Adjusted Operating Mar) Tj ET Q q 0 0 0 rg BT 148.56 324.75 Td (gin ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 160.78 328.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 324.88 Td (24.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 324.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 324.75 Td (22.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 324.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 324.75 Td (23.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 324.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.70 324.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.70 324.75 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 318.30 119.53 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.50 312.75 Td (Cash provided by operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 312.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 312.88 Td (560,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 312.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 312.75 Td (560,866) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 312.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 312.75 Td (489,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 312.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 312.75 Td (534,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 312.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 312.75 Td (442,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 300.75 Td (Adjusted EBITDA) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 130.71 304.38 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 300.88 Td (645,003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 300.75 Td (622,224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 300.75 Td (637,228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 300.75 Td (560,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 300.75 Td (561,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 288.75 Td (T) Tj ET Q q 0 0 0 rg BT 74.83 288.75 Td (otal debt to total capi) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 142.36 294.30 10.00 -7.27 re f /GS0 gs q 0 0 0 rg BT 142.36 288.75 Td (tal ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 152.36 297.92 6.06 -7.27 re f /GS0 gs BT /F1 5.20 Tf ET q 0 0 0 rg BT 152.36 292.38 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 288.88 Td (34.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 288.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 288.75 Td (38.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 288.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.75 288.75 Td (38.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 288.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 288.75 Td (36.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.80 288.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 288.75 Td (29.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 288.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 276.75 Td (Assets under management) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 154.48 276.75 Td ( \(in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 276.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 276.88 Td (730,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 276.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 276.75 Td (757,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 276.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 276.75 Td (754,131) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.50 276.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 276.75 Td (728,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 276.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 276.75 Td (669,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.50 264.75 Td (Full-time employees) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.50 264.88 Td (3,059) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 264.75 Td (3,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 264.75 Td (3,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 264.75 Td (3,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 264.75 Td (3,066) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 251.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 78.83 251.70 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 251.70 Td (Basic ) Tj ET Q q 0 0 0 rg BT 105.46 251.70 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 251.70 Td (diluted ) Tj ET Q q 0 0 0 rg BT 143.59 251.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 165.76 251.70 Td (are ) Tj ET Q q 0 0 0 rg BT 177.71 251.70 Td (the ) Tj ET Q q 0 0 0 rg BT 189.66 251.70 Td (same ) Tj ET Q q 0 0 0 rg BT 208.28 251.70 Td (for ) Tj ET Q q 0 0 0 rg BT 219.79 251.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 245.53 251.70 Td (with ) Tj ET Q q 0 0 0 rg BT 261.93 251.70 Td (a ) Tj ET Q q 0 0 0 rg BT 267.66 251.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 281.39 251.70 Td (Loss ) Tj ET Q q 0 0 0 rg BT 298.21 251.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 339.05 251.70 Td (to ) Tj ET Q q 0 0 0 rg BT 347.45 251.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 366.07 251.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 392.03 251.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 406.42 251.70 Td ( ) Tj ET Q q 0 0 0 rg BT 408.61 251.70 Td (See ) Tj ET Q q 0 0 0 rg BT 422.34 251.70 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.07 251.70 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.07 251.70 Td ( ) Tj ET Q q 0 0 0 rg BT 450.25 251.70 Td (of ) Tj ET Q q 0 0 0 rg BT 459.10 251.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 479.94 251.70 Td (to ) Tj ET Q q 0 0 0 rg BT 488.35 251.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 532.75 251.70 Td (Financial ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 242.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 122.61 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.83 242.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 147.49 242.10 Td (8. ) Tj ET Q q 0 0 0 rg BT 155.49 242.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 187.26 242.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 224.36 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.91 242.10 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 283.91 242.10 Td (Data.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 232.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 85.50 232.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 117.23 232.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 131.63 232.50 Td (Income, ) Tj ET Q q 0 0 0 rg BT 159.83 232.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 191.56 232.50 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 222.84 232.50 Td (per ) Tj ET Q q 0 0 0 rg BT 235.90 232.50 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 262.74 232.50 Td (Share, ) Tj ET Q q 0 0 0 rg BT 285.80 232.50 Td (and ) Tj ET Q q 0 0 0 rg BT 299.57 232.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 331.30 232.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 366.13 232.50 Td (Mar) Tj ET Q q 0 0 0 rg BT 379.31 232.50 Td (gin ) Tj ET Q q 0 0 0 rg BT 392.38 232.50 Td (are ) Tj ET Q q 0 0 0 rg BT 404.99 232.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 441.14 232.50 Td ( ) Tj ET Q q 0 0 0 rg BT 443.98 232.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 487.24 232.50 Td (measures ) Tj ET Q q 0 0 0 rg BT 519.85 232.50 Td (and ) Tj ET Q q 0 0 0 rg BT 533.62 232.50 Td (Adjusted ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 222.90 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 114.39 222.90 Td ( ) Tj ET Q q 0 0 0 rg BT 116.16 222.90 Td (is ) Tj ET Q q 0 0 0 rg BT 123.28 222.90 Td (a ) Tj ET Q q 0 0 0 rg BT 128.60 222.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 164.75 222.90 Td ( ) Tj ET Q q 0 0 0 rg BT 166.53 222.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 195.42 222.90 Td (measure. ) Tj ET Q q 0 0 0 rg BT 225.85 222.90 Td ( ) Tj ET Q q 0 0 0 rg BT 227.49 222.90 Td (There ) Tj ET Q q 0 0 0 rg BT 247.92 222.90 Td (were ) Tj ET Q q 0 0 0 rg BT 265.24 222.90 Td (no ) Tj ET Q q 0 0 0 rg BT 275.02 222.90 Td (comparable ) Tj ET Q q 0 0 0 rg BT 314.11 222.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 350.26 222.90 Td ( ) Tj ET Q q 0 0 0 rg BT 352.03 222.90 Td (measures ) Tj ET Q q 0 0 0 rg BT 383.57 222.90 Td (for ) Tj ET Q q 0 0 0 rg BT 394.29 222.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 424.95 222.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 438.28 222.90 Td (Income, ) Tj ET Q q 0 0 0 rg BT 465.65 222.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 496.31 222.90 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 526.53 222.90 Td (per ) Tj ET Q q 0 0 0 rg BT 538.52 222.90 Td (Diluted ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 213.30 Td (Share ) Tj ET Q q 0 0 0 rg BT 105.29 213.30 Td (or ) Tj ET Q q 0 0 0 rg BT 113.18 213.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 143.64 213.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 177.20 213.30 Td (Mar) Tj ET Q q 0 0 0 rg BT 190.38 213.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 202.18 213.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 219.30 213.30 Td (to ) Tj ET Q q 0 0 0 rg BT 227.10 213.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 246.00 213.30 Td (2018. ) Tj ET Q q 0 0 0 rg BT 265.57 213.30 Td ( ) Tj ET Q q 0 0 0 rg BT 267.14 213.30 Td (See ) Tj ET Q q 0 0 0 rg BT 280.27 213.30 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 325.83 213.30 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 363.76 213.30 Td ( ) Tj ET Q q 0 0 0 rg BT 365.33 213.30 Td (Information ) Tj ET Q q 0 0 0 rg BT 405.12 213.30 Td (in ) Tj ET Q q 0 0 0 rg BT 412.91 213.30 Td (Item�7. ) Tj ET Q q 0 0 0 rg BT 437.15 213.30 Td (Management's ) Tj ET Q q 0 0 0 rg BT 485.03 213.30 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 521.72 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 534.50 213.30 Td (Analysis ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 203.70 Td (of ) Tj ET Q q 0 0 0 rg BT 94.16 203.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 125.93 203.70 Td (Condition ) Tj ET Q q 0 0 0 rg BT 159.94 203.70 Td (and ) Tj ET Q q 0 0 0 rg BT 173.49 203.70 Td (Results ) Tj ET Q q 0 0 0 rg BT 199.05 203.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.71 203.70 Td (Operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 192.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 85.50 192.10 Td (Calculated ) Tj ET Q q 0 0 0 rg BT 121.88 192.10 Td (based ) Tj ET Q q 0 0 0 rg BT 142.26 192.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.43 192.10 Td (total ) Tj ET Q q 0 0 0 rg BT 168.82 192.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 187.89 192.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 203.83 192.10 Td (as ) Tj ET Q q 0 0 0 rg BT 212.67 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.39 192.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 255.20 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.03 192.10 Td (total ) Tj ET Q q 0 0 0 rg BT 280.42 192.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 303.91 192.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 322.97 192.10 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 367.02 192.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 389.18 192.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.79 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.18 192.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 454.79 192.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 480.74 192.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 495.12 192.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 510.63 192.10 Td (total ) Tj ET Q q 0 0 0 rg BT 527.02 192.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 546.08 192.10 Td (debt\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 182.50 Td (as ) Tj ET Q q 0 0 0 rg BT 94.16 182.50 Td (of ) Tj ET Q q 0 0 0 rg BT 102.83 182.50 Td (March�31.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (37) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (ITEM 7.��MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 0 rg BT 250.21 741.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 275.00 741.90 Td (ANAL) Tj ET Q q 0 0 0 rg BT 303.79 741.90 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 343.95 741.90 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 405.51 741.90 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 472.02 741.90 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 531.44 741.90 Td (TS OF) Tj ET Q q 0 0 0 rg BT 561.10 741.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (OPERA) Tj ET Q q 0 0 0 rg BT 85.47 729.30 Td (TIONS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 704.70 Td (EXECUTIVE OVER) Tj ET Q q 0 0 0 rg BT 145.02 704.70 Td (VIEW) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.53 692.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 108.69 692.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 127.67 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.63 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.24 692.10 Td (global ) Tj ET Q q 0 0 0 rg BT 174.44 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 197.80 692.10 Td (management ) Tj ET Q q 0 0 0 rg BT 254.40 692.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 275.43 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 294.12 692.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 336.15 692.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 374.08 692.10 Td (through ) Tj ET Q q 0 0 0 rg BT 409.70 692.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 430.73 692.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 485.00 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.36 692.10 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 679.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 101.08 679.50 Td (\(collectively ) Tj ET Q q 0 0 0 rg BT 155.06 679.50 Td (with ) Tj ET Q q 0 0 0 rg BT 175.22 679.50 Td (its ) Tj ET Q q 0 0 0 rg BT 186.64 679.50 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 240.35 679.50 Td (�Legg ) Tj ET Q q 0 0 0 rg BT 268.08 679.50 Td (Mason�\). ) Tj ET Q q 0 0 0 rg BT 308.84 679.50 Td (W) Tj ET Q q 0 0 0 rg BT 317.91 679.50 Td (e ) Tj ET Q q 0 0 0 rg BT 324.07 679.50 Td (help ) Tj ET Q q 0 0 0 rg BT 343.65 679.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 383.06 679.50 Td (globally ) Tj ET Q q 0 0 0 rg BT 418.97 679.50 Td (to ) Tj ET Q q 0 0 0 rg BT 428.64 679.50 Td (pursue ) Tj ET Q q 0 0 0 rg BT 458.13 679.50 Td (better ) Tj ET Q q 0 0 0 rg BT 483.54 679.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 521.77 679.50 Td (outcomes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.90 Td (by ) Tj ET Q q 0 0 0 rg BT 63.52 666.90 Td (expanding ) Tj ET Q q 0 0 0 rg BT 110.28 666.90 Td (choice ) Tj ET Q q 0 0 0 rg BT 140.70 666.90 Td (across ) Tj ET Q q 0 0 0 rg BT 169.96 666.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 219.06 666.90 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 264.36 666.90 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 301.78 666.90 Td (and ) Tj ET Q q 0 0 0 rg BT 319.96 666.90 Td (investor ) Tj ET Q q 0 0 0 rg BT 356.81 666.90 Td (access ) Tj ET Q q 0 0 0 rg BT 386.64 666.90 Td (through ) Tj ET Q q 0 0 0 rg BT 422.33 666.90 Td (independent ) Tj ET Q q 0 0 0 rg BT 476.66 666.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 500.10 666.90 Td (managers ) Tj ET Q q 0 0 0 rg BT 543.35 666.90 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 654.30 Td (diverse ) Tj ET Q q 0 0 0 rg BT 82.63 654.30 Td (expertise ) Tj ET Q q 0 0 0 rg BT 122.84 654.30 Td (in ) Tj ET Q q 0 0 0 rg BT 133.32 654.30 Td (equity) Tj ET Q q 0 0 0 rg BT 158.89 654.30 Td (, ) Tj ET Q q 0 0 0 rg BT 163.82 654.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 187.71 654.30 Td (income, ) Tj ET Q q 0 0 0 rg BT 223.55 654.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 270.17 654.30 Td (and ) Tj ET Q q 0 0 0 rg BT 287.64 654.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 325.54 654.30 Td (investments. ) Tj ET Q q 0 0 0 rg BT 380.13 654.30 Td (Acting ) Tj ET Q q 0 0 0 rg BT 411.02 654.30 Td (through ) Tj ET Q q 0 0 0 rg BT 446.00 654.30 Td (our ) Tj ET Q q 0 0 0 rg BT 462.30 654.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 515.93 654.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.70 Td (managers, ) Tj ET Q q 0 0 0 rg BT 96.40 641.70 Td (which ) Tj ET Q q 0 0 0 rg BT 125.61 641.70 Td (we ) Tj ET Q q 0 0 0 rg BT 141.40 641.70 Td (often ) Tj ET Q q 0 0 0 rg BT 166.52 641.70 Td (refer ) Tj ET Q q 0 0 0 rg BT 189.88 641.70 Td (to ) Tj ET Q q 0 0 0 rg BT 201.59 641.70 Td (as ) Tj ET Q q 0 0 0 rg BT 213.88 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 231.42 641.70 Td (af) Tj ET Q q 0 0 0 rg BT 239.39 641.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 274.13 641.70 Td (we ) Tj ET Q q 0 0 0 rg BT 289.92 641.70 Td (deliver ) Tj ET Q q 0 0 0 rg BT 322.62 641.70 Td (our ) Tj ET Q q 0 0 0 rg BT 340.16 641.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.79 641.70 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 441.15 641.70 Td (through ) Tj ET Q q 0 0 0 rg BT 477.36 641.70 Td (varied ) Tj ET Q q 0 0 0 rg BT 507.14 641.70 Td (products ) Tj ET Q q 0 0 0 rg BT 546.85 641.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 86.81 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.37 629.10 Td (via ) Tj ET Q q 0 0 0 rg BT 119.61 629.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 157.01 629.10 Td (points ) Tj ET Q q 0 0 0 rg BT 185.09 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.24 629.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 228.08 629.10 Td (including ) Tj ET Q q 0 0 0 rg BT 270.15 629.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 304.63 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.19 629.10 Td (through ) Tj ET Q q 0 0 0 rg BT 357.26 629.10 Td (various ) Tj ET Q q 0 0 0 rg BT 390.58 629.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.71 629.10 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 494.80 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.21 629.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 515.94 629.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 616.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.32 616.50 Td (services ) Tj ET Q q 0 0 0 rg BT 126.30 616.50 Td (include ) Tj ET Q q 0 0 0 rg BT 160.36 616.50 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 218.33 616.50 Td (and ) Tj ET Q q 0 0 0 rg BT 236.65 616.50 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 313.87 616.50 Td (management ) Tj ET Q q 0 0 0 rg BT 370.67 616.50 Td (of ) Tj ET Q q 0 0 0 rg BT 382.58 616.50 Td (separate ) Tj ET Q q 0 0 0 rg BT 420.13 616.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 469.37 616.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 509.26 616.50 Td (in ) Tj ET Q q 0 0 0 rg BT 520.59 616.50 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.84 603.90 Td (styles ) Tj ET Q q 0 0 0 rg BT 127.53 603.90 Td (for ) Tj ET Q q 0 0 0 rg BT 143.53 603.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 197.47 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 216.39 603.90 Td (individual ) Tj ET Q q 0 0 0 rg BT 262.74 603.90 Td (investors. ) Tj ET Q q 0 0 0 rg BT 307.04 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 310.81 603.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 330.90 603.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.74 603.90 Td (products ) Tj ET Q q 0 0 0 rg BT 420.67 603.90 Td (include ) Tj ET Q q 0 0 0 rg BT 455.34 603.90 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 505.75 603.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 538.68 603.90 Td (funds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 591.30 Td (ranging ) Tj ET Q q 0 0 0 rg BT 84.84 591.30 Td (from ) Tj ET Q q 0 0 0 rg BT 108.02 591.30 Td (money ) Tj ET Q q 0 0 0 rg BT 139.37 591.30 Td (market ) Tj ET Q q 0 0 0 rg BT 171.29 591.30 Td (and ) Tj ET Q q 0 0 0 rg BT 189.22 591.30 Td (other ) Tj ET Q q 0 0 0 rg BT 213.56 591.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 251.92 591.30 Td (products ) Tj ET Q q 0 0 0 rg BT 290.85 591.30 Td (to ) Tj ET Q q 0 0 0 rg BT 301.78 591.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 326.13 591.30 Td (income, ) Tj ET Q q 0 0 0 rg BT 362.43 591.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.44 591.30 Td (and ) Tj ET Q q 0 0 0 rg BT 409.37 591.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 456.45 591.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 482.55 591.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 523.22 591.30 Td (in ) Tj ET Q q 0 0 0 rg BT 534.15 591.30 Td (a ) Tj ET Q q 0 0 0 rg BT 541.58 591.30 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 82.70 578.70 Td (of ) Tj ET Q q 0 0 0 rg BT 94.99 578.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.62 578.70 Td (styles. ) Tj ET Q q 0 0 0 rg BT 174.71 578.70 Td ( ) Tj ET Q q 0 0 0 rg BT 178.00 578.70 Td (W) Tj ET Q q 0 0 0 rg BT 187.07 578.70 Td (e ) Tj ET Q q 0 0 0 rg BT 195.27 578.70 Td (also ) Tj ET Q q 0 0 0 rg BT 215.73 578.70 Td (of) Tj ET Q q 0 0 0 rg BT 224.29 578.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 239.49 578.70 Td (other ) Tj ET Q q 0 0 0 rg BT 264.61 578.70 Td (domestic ) Tj ET Q q 0 0 0 rg BT 306.07 578.70 Td (and ) Tj ET Q q 0 0 0 rg BT 324.78 578.70 Td (of) Tj ET Q q 0 0 0 rg BT 333.33 578.70 Td (fshore ) Tj ET Q q 0 0 0 rg BT 363.12 578.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 390.00 578.70 Td (to ) Tj ET Q q 0 0 0 rg BT 401.71 578.70 Td (both ) Tj ET Q q 0 0 0 rg BT 423.93 578.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 449.04 578.70 Td (and ) Tj ET Q q 0 0 0 rg BT 467.75 578.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 521.47 578.70 Td (investors, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 89.96 566.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 120.01 566.10 Td (real ) Tj ET Q q 0 0 0 rg BT 138.38 566.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 164.93 566.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 193.53 566.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 221.25 566.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 247.22 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.03 566.10 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 331.81 566.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 360.41 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.06 566.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 382.03 566.10 Td (centralized ) Tj ET Q q 0 0 0 rg BT 430.73 566.10 Td (global ) Tj ET Q q 0 0 0 rg BT 459.61 566.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 510.68 566.10 Td (group, ) Tj ET Q q 0 0 0 rg BT 540.44 566.10 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 553.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.78 553.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 111.55 553.50 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 167.12 553.50 Td (markets, ) Tj ET Q q 0 0 0 rg BT 205.17 553.50 Td (distributes ) Tj ET Q q 0 0 0 rg BT 251.11 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 268.47 553.50 Td (supports ) Tj ET Q q 0 0 0 rg BT 306.25 553.50 Td (our ) Tj ET Q q 0 0 0 rg BT 322.43 553.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 370.70 553.50 Td (products. ) Tj ET Q q 0 0 0 rg BT 411.68 553.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 430.20 553.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 476.13 553.50 Td (are ) Tj ET Q q 0 0 0 rg BT 491.14 553.50 Td (principally ) Tj ET Q q 0 0 0 rg BT 538.82 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 553.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.76 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 90.00 540.90 Td (the ) Tj ET Q q 0 0 0 rg BT 105.91 540.90 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 129.41 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 147.65 540.90 Td (we ) Tj ET Q q 0 0 0 rg BT 162.98 540.90 Td (also ) Tj ET Q q 0 0 0 rg BT 182.97 540.90 Td (have ) Tj ET Q q 0 0 0 rg BT 205.88 540.90 Td (of) Tj ET Q q 0 0 0 rg BT 214.44 540.90 Td (fices ) Tj ET Q q 0 0 0 rg BT 237.34 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 247.91 540.90 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 292.11 540.90 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 323.47 540.90 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 360.66 540.90 Td (Chile, ) Tj ET Q q 0 0 0 rg BT 389.12 540.90 Td (China, ) Tj ET Q q 0 0 0 rg BT 419.91 540.90 Td (Dubai, ) Tj ET Q q 0 0 0 rg BT 451.28 540.90 Td (France, ) Tj ET Q q 0 0 0 rg BT 485.55 540.90 Td (Germany) Tj ET Q q 0 0 0 rg BT 523.94 540.90 Td (, ) Tj ET Q q 0 0 0 rg BT 529.65 540.90 Td (Ireland, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 528.30 Td (Italy) Tj ET Q q 0 0 0 rg BT 68.56 528.30 Td (, ) Tj ET Q q 0 0 0 rg BT 73.81 528.30 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 102.97 528.30 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 150.79 528.30 Td (Spain, ) Tj ET Q q 0 0 0 rg BT 179.96 528.30 Td (Switzerland ) Tj ET Q q 0 0 0 rg BT 232.74 528.30 Td (and ) Tj ET Q q 0 0 0 rg BT 250.34 528.30 Td (T) Tj ET Q q 0 0 0 rg BT 256.02 528.30 Td (aiwan. ) Tj ET Q q 0 0 0 rg BT 286.34 528.30 Td (For ) Tj ET Q q 0 0 0 rg BT 303.55 528.30 Td (further ) Tj ET Q q 0 0 0 rg BT 334.74 528.30 Td (information ) Tj ET Q q 0 0 0 rg BT 386.94 528.30 Td (see ) Tj ET Q q 0 0 0 rg BT 402.97 528.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 424.84 528.30 Td (1. ) Tj ET Q q 0 0 0 rg BT 435.34 528.30 Td (Business, ) Tj ET Q q 0 0 0 rg BT 477.93 528.30 Td (included ) Tj ET Q q 0 0 0 rg BT 516.71 528.30 Td (herein.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (All ) Tj ET Q q 0 0 0 rg BT 66.00 503.10 Td (references ) Tj ET Q q 0 0 0 rg BT 111.70 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.45 503.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 147.76 503.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 173.97 503.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 197.54 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.87 503.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 235.07 503.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 257.46 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.21 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.78 503.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 310.10 503.10 Td (year ) Tj ET Q q 0 0 0 rg BT 330.74 503.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 358.39 503.10 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 401.50 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.82 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 431.15 503.10 Td (year) Tj ET Q q 0 0 0 rg BT 448.63 503.10 Td (. ) Tj ET Q q 0 0 0 rg BT 453.65 503.10 Td (T) Tj ET Q q 0 0 0 rg BT 459.33 503.10 Td (erms ) Tj ET Q q 0 0 0 rg BT 482.32 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 504.15 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 515.47 503.10 Td ("we," ) Tj ET Q q 0 0 0 rg BT 541.49 503.10 Td ("us," ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 490.50 Td ("our) Tj ET Q q 0 0 0 rg BT 67.86 490.50 Td (," ) Tj ET Q q 0 0 0 rg BT 77.40 490.50 Td (and ) Tj ET Q q 0 0 0 rg BT 95.18 490.50 Td ("Company" ) Tj ET Q q 0 0 0 rg BT 147.21 490.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 169.65 490.50 Td (to ) Tj ET Q q 0 0 0 rg BT 180.44 490.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 204.64 490.50 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 465.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 82.42 465.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 119.50 465.30 Td (experienced ) Tj ET Q q 0 0 0 rg BT 174.06 465.30 Td (extreme ) Tj ET Q q 0 0 0 rg BT 211.71 465.30 Td (volatility ) Tj ET Q q 0 0 0 rg BT 253.47 465.30 Td (beginning ) Tj ET Q q 0 0 0 rg BT 299.31 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 311.32 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 327.99 465.30 Td (second ) Tj ET Q q 0 0 0 rg BT 360.98 465.30 Td (half ) Tj ET Q q 0 0 0 rg BT 381.15 465.30 Td (of ) Tj ET Q q 0 0 0 rg BT 393.74 465.30 Td (February ) Tj ET Q q 0 0 0 rg BT 435.48 465.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 460.33 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 472.33 465.30 Td (reaction ) Tj ET Q q 0 0 0 rg BT 509.99 465.30 Td (to ) Tj ET Q q 0 0 0 rg BT 522.00 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 538.67 465.30 Td (novel ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.70 Td (coronavirus ) Tj ET Q q 0 0 0 rg BT 101.15 452.70 Td (\("COVID-19"\) ) Tj ET Q q 0 0 0 rg BT 165.55 452.70 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 207.95 452.70 Td (as ) Tj ET Q q 0 0 0 rg BT 218.29 452.70 Td (social ) Tj ET Q q 0 0 0 rg BT 244.36 452.70 Td (containment ) Tj ET Q q 0 0 0 rg BT 297.85 452.70 Td (measures ) Tj ET Q q 0 0 0 rg BT 338.50 452.70 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 392.57 452.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 433.22 452.70 Td (business ) Tj ET Q q 0 0 0 rg BT 470.39 452.70 Td (activity ) Tj ET Q q 0 0 0 rg BT 503.47 452.70 Td (despite ) Tj ET Q q 0 0 0 rg BT 534.79 452.70 Td (ef) Tj ET Q q 0 0 0 rg BT 542.76 452.70 Td (forts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (by ) Tj ET Q q 0 0 0 rg BT 63.75 440.10 Td (governments ) Tj ET Q q 0 0 0 rg BT 121.23 440.10 Td (across ) Tj ET Q q 0 0 0 rg BT 150.72 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.79 440.10 Td (globe ) Tj ET Q q 0 0 0 rg BT 193.37 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.78 440.10 Td (support ) Tj ET Q q 0 0 0 rg BT 239.53 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.94 440.10 Td (stimulate ) Tj ET Q q 0 0 0 rg BT 299.68 440.10 Td (economies. ) Tj ET Q q 0 0 0 rg BT 350.45 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.98 440.10 Td (As ) Tj ET Q q 0 0 0 rg BT 367.90 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.81 440.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 405.01 440.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 452.58 440.10 Td (market ) Tj ET Q q 0 0 0 rg BT 484.98 440.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 535.46 440.10 Td (exists, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 427.50 Td (including ) Tj ET Q q 0 0 0 rg BT 92.29 427.50 Td (recessionary ) Tj ET Q q 0 0 0 rg BT 147.39 427.50 Td (fear) Tj ET Q q 0 0 0 rg BT 163.28 427.50 Td (, ) Tj ET Q q 0 0 0 rg BT 168.53 427.50 Td (which ) Tj ET Q q 0 0 0 rg BT 196.82 427.50 Td (may ) Tj ET Q q 0 0 0 rg BT 217.52 427.50 Td (have ) Tj ET Q q 0 0 0 rg BT 239.97 427.50 Td (a ) Tj ET Q q 0 0 0 rg BT 247.25 427.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 294.20 427.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 325.40 427.50 Td (on ) Tj ET Q q 0 0 0 rg BT 338.53 427.50 Td (our ) Tj ET Q q 0 0 0 rg BT 355.15 427.50 Td (business.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 402.30 Td (Merger ) Tj ET Q q 0 0 0 rg BT 84.32 402.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 134.19 402.30 Td (for ) Tj ET Q q 0 0 0 rg BT 149.26 402.30 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 201.48 402.30 Td (by ) Tj ET Q q 0 0 0 rg BT 214.02 402.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 255.75 402.30 Td (Resources, ) Tj ET Q q 0 0 0 rg BT 305.33 402.30 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.70 Td (On ) Tj ET Q q 0 0 0 rg BT 64.51 389.70 Td (February ) Tj ET Q q 0 0 0 rg BT 104.09 389.70 Td (17, ) Tj ET Q q 0 0 0 rg BT 118.89 389.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 144.19 389.70 Td (we ) Tj ET Q q 0 0 0 rg BT 158.11 389.70 Td (entered ) Tj ET Q q 0 0 0 rg BT 190.68 389.70 Td (into ) Tj ET Q q 0 0 0 rg BT 208.69 389.70 Td (an ) Tj ET Q q 0 0 0 rg BT 219.91 389.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.23 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 285.06 389.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 305.41 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 315.83 389.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 333.13 389.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 348.21 389.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 366.21 389.70 Td ("Mer) Tj ET Q q 0 0 0 rg BT 387.81 389.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 402.52 389.70 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 458.62 389.70 Td (with ) Tj ET Q q 0 0 0 rg BT 478.97 389.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 516.22 389.70 Td (Resources, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 67.71 377.10 Td (\("Franklin ) Tj ET Q q 0 0 0 rg BT 112.62 377.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.30 377.10 Td (empleton"\) ) Tj ET Q q 0 0 0 rg BT 166.83 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.30 377.10 Td (Alpha ) Tj ET Q q 0 0 0 rg BT 210.63 377.10 Td (Sub, ) Tj ET Q q 0 0 0 rg BT 231.27 377.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 248.97 377.10 Td (\("Mer) Tj ET Q q 0 0 0 rg BT 274.06 377.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 289.14 377.10 Td (Sub"\), ) Tj ET Q q 0 0 0 rg BT 317.56 377.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.89 377.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 354.73 377.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 384.40 377.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 429.24 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.66 377.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 476.79 377.10 Td (T) Tj ET Q q 0 0 0 rg BT 482.47 377.10 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 525.84 377.10 Td (pursuant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 364.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.40 364.50 Td (which ) Tj ET Q q 0 0 0 rg BT 88.30 364.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 112.11 364.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 145.55 364.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 163.82 364.50 Td (\(the ) Tj ET Q q 0 0 0 rg BT 182.38 364.50 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 237.52 364.50 Td (will ) Tj ET Q q 0 0 0 rg BT 256.09 364.50 Td (be ) Tj ET Q q 0 0 0 rg BT 268.23 364.50 Td (mer) Tj ET Q q 0 0 0 rg BT 284.37 364.50 Td (ged ) Tj ET Q q 0 0 0 rg BT 301.76 364.50 Td (into ) Tj ET Q q 0 0 0 rg BT 320.33 364.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 337.64 364.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 353.28 364.50 Td (Sub ) Tj ET Q q 0 0 0 rg BT 371.86 364.50 Td (\(the ) Tj ET Q q 0 0 0 rg BT 390.42 364.50 Td ("Mer) Tj ET Q q 0 0 0 rg BT 412.01 364.50 Td (ger"\), ) Tj ET Q q 0 0 0 rg BT 438.06 364.50 Td (with ) Tj ET Q q 0 0 0 rg BT 458.96 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 474.02 364.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 517.09 364.50 Td (continuing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.90 Td (as ) Tj ET Q q 0 0 0 rg BT 61.37 351.90 Td (the ) Tj ET Q q 0 0 0 rg BT 76.83 351.90 Td (surviving ) Tj ET Q q 0 0 0 rg BT 119.12 351.90 Td (corporation ) Tj ET Q q 0 0 0 rg BT 170.14 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 187.93 351.90 Td (a ) Tj ET Q q 0 0 0 rg BT 195.21 351.90 Td (wholly ) Tj ET Q q 0 0 0 rg BT 227.01 351.90 Td (owned ) Tj ET Q q 0 0 0 rg BT 257.63 351.90 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 303.42 351.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.79 351.90 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 352.80 351.90 Td (T) Tj ET Q q 0 0 0 rg BT 358.49 351.90 Td (empleton.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.70 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 89.96 326.70 Td (to ) Tj ET Q q 0 0 0 rg BT 101.33 326.70 Td (the ) Tj ET Q q 0 0 0 rg BT 117.37 326.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 134.67 326.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 150.58 326.70 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 203.06 326.70 Td (each ) Tj ET Q q 0 0 0 rg BT 225.50 326.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 277.70 326.70 Td (share ) Tj ET Q q 0 0 0 rg BT 303.06 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 315.02 326.70 Td (common ) Tj ET Q q 0 0 0 rg BT 354.97 326.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 380.34 326.70 Td (of ) Tj ET Q q 0 0 0 rg BT 392.30 326.70 Td (the ) Tj ET Q q 0 0 0 rg BT 408.33 326.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 452.37 326.70 Td (will ) Tj ET Q q 0 0 0 rg BT 471.91 326.70 Td (be ) Tj ET Q q 0 0 0 rg BT 485.03 326.70 Td (converted ) Tj ET Q q 0 0 0 rg BT 529.63 326.70 Td (into ) Tj ET Q q 0 0 0 rg BT 549.17 326.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (right ) Tj ET Q q 0 0 0 rg BT 71.79 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.91 314.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 114.17 314.10 Td (from ) Tj ET Q q 0 0 0 rg BT 136.53 314.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 173.93 314.10 Td (T) Tj ET Q q 0 0 0 rg BT 179.61 314.10 Td (empleton ) Tj ET Q q 0 0 0 rg BT 220.64 314.10 Td ($50.00 ) Tj ET Q q 0 0 0 rg BT 251.47 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.59 314.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 284.83 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.64 314.10 Td (The ) Tj ET Q q 0 0 0 rg BT 304.92 314.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 352.94 314.10 Td (is ) Tj ET Q q 0 0 0 rg BT 361.90 314.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 401.17 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.29 314.10 Td (close ) Tj ET Q q 0 0 0 rg BT 434.82 314.10 Td (by ) Tj ET Q q 0 0 0 rg BT 447.27 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.06 314.10 Td (end ) Tj ET Q q 0 0 0 rg BT 479.17 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.87 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.65 314.10 Td (third ) Tj ET Q q 0 0 0 rg BT 526.44 314.10 Td (calendar ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 82.90 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 94.82 301.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 121.61 301.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 154.53 301.50 Td (to ) Tj ET Q q 0 0 0 rg BT 165.86 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 181.86 301.50 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 232.85 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 244.77 301.50 Td (customary ) Tj ET Q q 0 0 0 rg BT 291.68 301.50 Td (closing ) Tj ET Q q 0 0 0 rg BT 325.18 301.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 372.10 301.50 Td (for ) Tj ET Q q 0 0 0 rg BT 387.51 301.50 Td (both ) Tj ET Q q 0 0 0 rg BT 409.35 301.50 Td (parties, ) Tj ET Q q 0 0 0 rg BT 443.13 301.50 Td (including ) Tj ET Q q 0 0 0 rg BT 485.97 301.50 Td (among ) Tj ET Q q 0 0 0 rg BT 517.72 301.50 Td (others, ) Tj ET Q q 0 0 0 rg BT 549.17 301.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.90 Td (approval ) Tj ET Q q 0 0 0 rg BT 88.85 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 99.71 288.90 Td (the ) Tj ET Q q 0 0 0 rg BT 114.65 288.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 131.96 288.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 147.01 288.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 195.77 288.90 Td (by ) Tj ET Q q 0 0 0 rg BT 208.38 288.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.33 288.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 256.35 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 288.90 Td (a ) Tj ET Q q 0 0 0 rg BT 273.99 288.90 Td (majority ) Tj ET Q q 0 0 0 rg BT 311.68 288.90 Td (of ) Tj ET Q q 0 0 0 rg BT 322.54 288.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 346.23 288.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 382.90 288.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 434.01 288.90 Td (common ) Tj ET Q q 0 0 0 rg BT 472.87 288.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 501.23 288.90 Td (and ) Tj ET Q q 0 0 0 rg BT 518.50 288.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.44 288.90 Td (receipt ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 276.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.37 276.30 Td (required ) Tj ET Q q 0 0 0 rg BT 98.98 276.30 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 144.75 276.30 Td (approvals.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (Refer ) Tj ET Q q 0 0 0 rg BT 76.45 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.75 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.71 251.10 Td (definitive ) Tj ET Q q 0 0 0 rg BT 147.08 251.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 169.47 251.10 Td (proxy ) Tj ET Q q 0 0 0 rg BT 197.10 251.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 240.47 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.35 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.31 251.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 312.27 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.57 251.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 369.05 251.10 Td (T) Tj ET Q q 0 0 0 rg BT 374.74 251.10 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 419.57 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 431.45 251.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.82 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 467.45 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.42 251.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 527.38 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 251.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 238.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.30 238.50 Td (Securities ) Tj ET Q q 0 0 0 rg BT 115.33 238.50 Td (and ) Tj ET Q q 0 0 0 rg BT 133.12 238.50 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 177.14 238.50 Td (Commission ) Tj ET Q q 0 0 0 rg BT 232.86 238.50 Td (on ) Tj ET Q q 0 0 0 rg BT 245.40 238.50 Td (April ) Tj ET Q q 0 0 0 rg BT 270.19 238.50 Td (16, ) Tj ET Q q 0 0 0 rg BT 285.94 238.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 312.19 238.50 Td (for ) Tj ET Q q 0 0 0 rg BT 327.06 238.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 371.68 238.50 Td (information ) Tj ET Q q 0 0 0 rg BT 423.88 238.50 Td (on ) Tj ET Q q 0 0 0 rg BT 437.00 238.50 Td (the ) Tj ET Q q 0 0 0 rg BT 452.45 238.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 469.76 238.50 Td (ger) Tj ET Q q 0 0 0 rg BT 482.59 238.50 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 213.30 Td (Business ) Tj ET Q q 0 0 0 rg BT 91.15 213.30 Td (Overview) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.55 200.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.51 200.70 Td (services ) Tj ET Q q 0 0 0 rg BT 146.55 200.70 Td (business ) Tj ET Q q 0 0 0 rg BT 185.36 200.70 Td (in ) Tj ET Q q 0 0 0 rg BT 196.75 200.70 Td (which ) Tj ET Q q 0 0 0 rg BT 225.64 200.70 Td (we ) Tj ET Q q 0 0 0 rg BT 241.11 200.70 Td (are ) Tj ET Q q 0 0 0 rg BT 257.15 200.70 Td (engaged ) Tj ET Q q 0 0 0 rg BT 295.36 200.70 Td (is ) Tj ET Q q 0 0 0 rg BT 305.59 200.70 Td (extremely ) Tj ET Q q 0 0 0 rg BT 350.79 200.70 Td (competitive. ) Tj ET Q q 0 0 0 rg BT 406.21 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 409.44 200.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 428.99 200.70 Td (competition ) Tj ET Q q 0 0 0 rg BT 482.38 200.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 520.60 200.70 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (global, ) Tj ET Q q 0 0 0 rg BT 81.73 188.10 Td (national, ) Tj ET Q q 0 0 0 rg BT 121.03 188.10 Td (regional ) Tj ET Q q 0 0 0 rg BT 158.29 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.30 188.10 Td (local ) Tj ET Q q 0 0 0 rg BT 199.56 188.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 222.83 188.10 Td (management ) Tj ET Q q 0 0 0 rg BT 279.33 188.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 306.97 188.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 359.38 188.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 389.36 188.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 432.45 188.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 482.83 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.85 188.10 Td (other ) Tj ET Q q 0 0 0 rg BT 525.28 188.10 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 175.50 Td (services ) Tj ET Q q 0 0 0 rg BT 85.77 175.50 Td (companies. ) Tj ET Q q 0 0 0 rg BT 135.25 175.50 Td ( ) Tj ET Q q 0 0 0 rg BT 137.06 175.50 Td (The ) Tj ET Q q 0 0 0 rg BT 155.34 175.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 191.71 175.50 Td (continues ) Tj ET Q q 0 0 0 rg BT 233.90 175.50 Td (to ) Tj ET Q q 0 0 0 rg BT 244.02 175.50 Td (experience ) Tj ET Q q 0 0 0 rg BT 291.44 175.50 Td (disruption ) Tj ET Q q 0 0 0 rg BT 335.98 175.50 Td (and ) Tj ET Q q 0 0 0 rg BT 353.09 175.50 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 401.98 175.50 Td (including ) Tj ET Q q 0 0 0 rg BT 443.60 175.50 Td (a ) Tj ET Q q 0 0 0 rg BT 450.21 175.50 Td (shift ) Tj ET Q q 0 0 0 rg BT 470.83 175.50 Td (to ) Tj ET Q q 0 0 0 rg BT 480.95 175.50 Td (lower) Tj ET Q q 0 0 0 rg BT 504.65 175.50 Td (-fee ) Tj ET Q q 0 0 0 rg BT 522.92 175.50 Td (passively ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 91.56 162.90 Td (products, ) Tj ET Q q 0 0 0 rg BT 134.00 162.90 Td (which ) Tj ET Q q 0 0 0 rg BT 163.31 162.90 Td (contributes ) Tj ET Q q 0 0 0 rg BT 213.63 162.90 Td (to ) Tj ET Q q 0 0 0 rg BT 225.45 162.90 Td (increasing ) Tj ET Q q 0 0 0 rg BT 272.26 162.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 288.73 162.90 Td (pressure, ) Tj ET Q q 0 0 0 rg BT 330.00 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 346.48 162.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 389.78 162.90 Td (role ) Tj ET Q q 0 0 0 rg BT 409.76 162.90 Td (of ) Tj ET Q q 0 0 0 rg BT 422.16 162.90 Td (technology ) Tj ET Q q 0 0 0 rg BT 472.47 162.90 Td (in ) Tj ET Q q 0 0 0 rg BT 484.30 162.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.37 162.90 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 150.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 89.07 150.30 Td (the ) Tj ET Q q 0 0 0 rg BT 104.52 150.30 Td (introduction ) Tj ET Q q 0 0 0 rg BT 158.47 150.30 Td (of ) Tj ET Q q 0 0 0 rg BT 169.84 150.30 Td (new ) Tj ET Q q 0 0 0 rg BT 189.96 150.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 229.31 150.30 Td (products ) Tj ET Q q 0 0 0 rg BT 268.10 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 285.88 150.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 324.95 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 342.73 150.30 Td (the ) Tj ET Q q 0 0 0 rg BT 358.18 150.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 417.38 150.30 Td (of ) Tj ET Q q 0 0 0 rg BT 428.75 150.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.11 150.30 Td (services ) Tj ET Q q 0 0 0 rg BT 504.55 150.30 Td (firms ) Tj ET Q q 0 0 0 rg BT 529.34 150.30 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.70 Td (mer) Tj ET Q q 0 0 0 rg BT 66.14 137.70 Td (gers ) Tj ET Q q 0 0 0 rg BT 85.29 137.70 Td (and ) Tj ET Q q 0 0 0 rg BT 102.11 137.70 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 156.56 137.70 Td (such ) Tj ET Q q 0 0 0 rg BT 177.47 137.70 Td (as ) Tj ET Q q 0 0 0 rg BT 187.88 137.70 Td (our ) Tj ET Q q 0 0 0 rg BT 203.54 137.70 Td (pending ) Tj ET Q q 0 0 0 rg BT 239.03 137.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 286.76 137.70 Td (by ) Tj ET Q q 0 0 0 rg BT 298.93 137.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 336.05 137.70 Td (T) Tj ET Q q 0 0 0 rg BT 341.73 137.70 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 385.09 137.70 Td (as ) Tj ET Q q 0 0 0 rg BT 395.50 137.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 437.41 137.70 Td (above. ) Tj ET Q q 0 0 0 rg BT 466.76 137.70 Td ( ) Tj ET Q q 0 0 0 rg BT 468.30 137.70 Td (The ) Tj ET Q q 0 0 0 rg BT 486.29 137.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.36 137.70 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 87.58 125.10 Td (is ) Tj ET Q q 0 0 0 rg BT 97.74 125.10 Td (also ) Tj ET Q q 0 0 0 rg BT 117.82 125.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.72 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.04 125.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 204.86 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.18 125.10 Td (evolving ) Tj ET Q q 0 0 0 rg BT 263.08 125.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 308.81 125.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.88 125.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 370.81 125.10 Td (state, ) Tj ET Q q 0 0 0 rg BT 395.83 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.16 125.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 447.64 125.10 Td (laws. ) Tj ET Q q 0 0 0 rg BT 472.67 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 475.83 125.10 Td (Like ) Tj ET Q q 0 0 0 rg BT 498.23 125.10 Td (most ) Tj ET Q q 0 0 0 rg BT 521.81 125.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 549.76 125.10 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 112.50 Td (have ) Tj ET Q q 0 0 0 rg BT 71.80 112.50 Td (been ) Tj ET Q q 0 0 0 rg BT 93.60 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 110.74 112.50 Td (will ) Tj ET Q q 0 0 0 rg BT 129.05 112.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 167.19 112.50 Td (to ) Tj ET Q q 0 0 0 rg BT 177.34 112.50 Td (be ) Tj ET Q q 0 0 0 rg BT 189.23 112.50 Td (impacted ) Tj ET Q q 0 0 0 rg BT 229.69 112.50 Td (by ) Tj ET Q q 0 0 0 rg BT 242.17 112.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 287.30 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 304.44 112.50 Td (legislative ) Tj ET Q q 0 0 0 rg BT 349.57 112.50 Td (changes. ) Tj ET Q q 0 0 0 rg BT 387.99 112.50 Td ( ) Tj ET Q q 0 0 0 rg BT 389.97 112.50 Td (Responding ) Tj ET Q q 0 0 0 rg BT 442.12 112.50 Td (to ) Tj ET Q q 0 0 0 rg BT 452.27 112.50 Td (these ) Tj ET Q q 0 0 0 rg BT 475.82 112.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 511.62 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 528.76 112.50 Td (keeping ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.90 Td (abreast ) Tj ET Q q 0 0 0 rg BT 81.91 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 99.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 138.15 99.90 Td (developments, ) Tj ET Q q 0 0 0 rg BT 201.28 99.90 Td (has ) Tj ET Q q 0 0 0 rg BT 217.45 99.90 Td (required, ) Tj ET Q q 0 0 0 rg BT 257.23 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 274.57 99.90 Td (will ) Tj ET Q q 0 0 0 rg BT 293.08 99.90 Td (continue ) Tj ET Q q 0 0 0 rg BT 331.41 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 341.75 99.90 Td (require, ) Tj ET Q q 0 0 0 rg BT 376.28 99.90 Td (us ) Tj ET Q q 0 0 0 rg BT 387.79 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 398.14 99.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 421.89 99.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 445.06 99.90 Td (that ) Tj ET Q q 0 0 0 rg BT 462.98 99.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 493.73 99.90 Td (our ) Tj ET Q q 0 0 0 rg BT 509.91 99.90 Td (profitability) Tj ET Q q 0 0 0 rg BT 559.38 99.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.48 74.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.37 74.70 Td (position ) Tj ET Q q 0 0 0 rg BT 146.36 74.70 Td (and ) Tj ET Q q 0 0 0 rg BT 164.67 74.70 Td (results ) Tj ET Q q 0 0 0 rg BT 195.24 74.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.14 74.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 254.03 74.70 Td (are ) Tj ET Q q 0 0 0 rg BT 270.01 74.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 315.72 74.70 Td (af) Tj ET Q q 0 0 0 rg BT 323.69 74.70 Td (fected ) Tj ET Q q 0 0 0 rg BT 352.49 74.70 Td (by ) Tj ET Q q 0 0 0 rg BT 366.15 74.70 Td (the ) Tj ET Q q 0 0 0 rg BT 382.13 74.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 414.43 74.70 Td (trends ) Tj ET Q q 0 0 0 rg BT 443.25 74.70 Td (and ) Tj ET Q q 0 0 0 rg BT 461.56 74.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 508.46 74.70 Td (in ) Tj ET Q q 0 0 0 rg BT 519.78 74.70 Td (the ) Tj ET Q q 0 0 0 rg BT 535.77 74.70 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.82 62.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 128.77 62.10 Td (such ) Tj ET Q q 0 0 0 rg BT 151.10 62.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.94 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.85 62.10 Td (extreme ) Tj ET Q q 0 0 0 rg BT 215.75 62.10 Td (market ) Tj ET Q q 0 0 0 rg BT 247.99 62.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 294.82 62.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 348.63 62.10 Td (at ) Tj ET Q q 0 0 0 rg BT 359.29 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.21 62.10 Td (end ) Tj ET Q q 0 0 0 rg BT 393.45 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.29 62.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.37 62.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 448.20 62.10 Td (year ) Tj ET Q q 0 0 0 rg BT 469.35 62.10 Td (due ) Tj ET Q q 0 0 0 rg BT 487.60 62.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.85 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.77 62.10 Td (COVID-19 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 49.50 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 96.07 49.50 Td ( ) Tj ET Q q 0 0 0 rg BT 98.69 49.50 Td (Results ) Tj ET Q q 0 0 0 rg BT 132.24 49.50 Td (of ) Tj ET Q q 0 0 0 rg BT 143.61 49.50 Td (any ) Tj ET Q q 0 0 0 rg BT 161.40 49.50 Td (individual ) Tj ET Q q 0 0 0 rg BT 206.60 49.50 Td (period ) Tj ET Q q 0 0 0 rg BT 236.05 49.50 Td (should ) Tj ET Q q 0 0 0 rg BT 266.68 49.50 Td (not ) Tj ET Q q 0 0 0 rg BT 282.72 49.50 Td (be ) Tj ET Q q 0 0 0 rg BT 295.26 49.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 343.37 49.50 Td (representative ) Tj ET Q q 0 0 0 rg BT 404.88 49.50 Td (of ) Tj ET Q q 0 0 0 rg BT 416.25 49.50 Td (future ) Tj ET Q q 0 0 0 rg BT 443.94 49.50 Td (results. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.42 741.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 112.16 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 152.56 741.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 194.73 741.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 226.98 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 238.82 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 287.99 741.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 327.24 741.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 347.23 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 370.73 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 397.15 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 415.40 741.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 452.88 741.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 495.33 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.58 741.75 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.27 729.15 Td (service ) Tj ET Q q 0 0 0 rg BT 99.10 729.15 Td (fees. ) Tj ET Q q 0 0 0 rg BT 120.74 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 122.84 729.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 171.60 729.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 209.87 729.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 228.88 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 243.80 729.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 284.97 729.15 Td (calculated ) Tj ET Q q 0 0 0 rg BT 329.63 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 340.48 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 347.24 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 394.81 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 405.67 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 420.60 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.20 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 458.05 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.98 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 521.17 729.15 Td (portfolios ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 68.66 716.55 Td (we ) Tj ET Q q 0 0 0 rg BT 83.83 716.55 Td (manage. ) Tj ET Q q 0 0 0 rg BT 122.02 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 124.94 716.55 Td (In ) Tj ET Q q 0 0 0 rg BT 136.60 716.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 176.56 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 232.53 716.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 252.35 716.55 Td (may ) Tj ET Q q 0 0 0 rg BT 273.35 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 286.18 716.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 317.07 716.55 Td (under ) Tj ET Q q 0 0 0 rg BT 343.90 716.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 375.38 716.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 424.38 716.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 463.46 716.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 504.27 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 519.44 716.55 Td (exceeding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.35 703.95 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 162.39 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 175.44 703.95 Td (hurdle ) Tj ET Q q 0 0 0 rg BT 206.56 703.95 Td (rates. ) Tj ET Q q 0 0 0 rg BT 233.31 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 237.30 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 257.93 703.95 Td (lar) Tj ET Q q 0 0 0 rg BT 268.82 703.95 Td (gest ) Tj ET Q q 0 0 0 rg BT 290.03 703.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 324.67 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 337.71 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 356.01 703.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 413.37 703.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 434.57 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 445.88 703.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 478.16 703.95 Td (based ) Tj ET Q q 0 0 0 rg BT 506.37 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 521.17 703.95 Td (12-month ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.73 691.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 139.32 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 157.74 691.35 Td (end ) Tj ET Q q 0 0 0 rg BT 175.58 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 186.43 691.35 Td (dif) Tj ET Q q 0 0 0 rg BT 197.90 691.35 Td (fering ) Tj ET Q q 0 0 0 rg BT 225.65 691.35 Td (quarters ) Tj ET Q q 0 0 0 rg BT 262.15 691.35 Td (during ) Tj ET Q q 0 0 0 rg BT 292.24 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 307.75 691.35 Td (year) Tj ET Q q 0 0 0 rg BT 325.40 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 330.70 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 352.05 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 359.39 691.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 392.40 691.35 Td (based ) Tj ET Q q 0 0 0 rg BT 418.98 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 432.16 691.35 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 472.74 691.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 528.47 691.35 Td (periods. ) Tj ET Q q 0 0 0 rg BT 564.63 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 567.25 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 569.88 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.92 678.75 Td (also ) Tj ET Q q 0 0 0 rg BT 85.03 678.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 105.30 678.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 160.54 678.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 179.64 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 192.33 678.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 238.84 678.75 Td (products ) Tj ET Q q 0 0 0 rg BT 277.19 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 295.13 678.75 Td (lock ) Tj ET Q q 0 0 0 rg BT 315.40 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 325.18 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.20 678.75 Td (end ) Tj ET Q q 0 0 0 rg BT 357.55 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 368.50 678.75 Td (varying ) Tj ET Q q 0 0 0 rg BT 402.76 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.04 678.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 484.14 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 495.08 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 505.44 678.75 Td (multiple-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 90.95 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 93.11 666.15 Td (Per ) Tj ET Q q 0 0 0 rg BT 109.27 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.26 666.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 149.75 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.66 666.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 191.39 666.15 Td (more ) Tj ET Q q 0 0 0 rg BT 215.13 666.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 242.94 666.15 Td (acquisitions, ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 297.89 673.43 266.73 -9.55 re f /GS0 gs q 0 0 0 rg BT 297.89 666.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.10 666.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 372.17 666.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 402.31 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 414.98 666.15 Td (pre-close ) Tj ET Q q 0 0 0 rg BT 455.62 666.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 482.28 666.15 Td (under ) Tj ET Q q 0 0 0 rg BT 508.35 666.15 Td (management ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 50.00 660.83 514.63 -9.55 re f /GS0 gs q 0 0 0 rg BT 50.00 653.55 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 92.96 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 104.60 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 120.32 653.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 159.36 653.55 Td (entities ) Tj ET Q q 0 0 0 rg BT 192.59 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 208.30 653.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 231.02 653.55 Td (passed ) Tj ET Q q 0 0 0 rg BT 261.91 653.55 Td (through ) Tj ET Q q 0 0 0 rg BT 297.47 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 309.11 653.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 370.33 653.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 407.04 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 425.09 653.55 Td (therefore ) Tj ET Q q 0 0 0 rg BT 465.88 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 488.59 653.55 Td (no ) Tj ET Q q 0 0 0 rg BT 501.99 653.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 533.45 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 546.85 653.55 Td (Net ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 50.00 648.23 214.78 -9.55 re f /GS0 gs q 0 0 0 rg BT 50.00 640.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 640.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 114.89 640.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 169.32 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 181.19 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 206.46 640.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 241.36 640.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 261.09 640.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.78 640.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 319.23 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 338.09 640.95 Td (service ) Tj ET Q q 0 0 0 rg BT 371.52 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 392.12 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 408.63 640.95 Td (received ) Tj ET Q q 0 0 0 rg BT 447.88 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 463.82 640.95 Td (distributing ) Tj ET Q q 0 0 0 rg BT 515.94 640.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (products ) Tj ET Q q 0 0 0 rg BT 89.78 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 108.56 628.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 148.63 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 164.49 628.35 Td (providing ) Tj ET Q q 0 0 0 rg BT 208.95 628.35 Td (other ) Tj ET Q q 0 0 0 rg BT 234.14 628.35 Td (support ) Tj ET Q q 0 0 0 rg BT 269.26 628.35 Td (services ) Tj ET Q q 0 0 0 rg BT 306.70 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 318.49 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.19 628.35 Td (portfolios, ) Tj ET Q q 0 0 0 rg BT 415.27 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 427.64 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 443.50 628.35 Td (providing ) Tj ET Q q 0 0 0 rg BT 487.95 628.35 Td (non-discretionary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.49 615.75 Td (services ) Tj ET Q q 0 0 0 rg BT 126.65 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 142.22 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.05 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 197.29 615.75 Td (advisement ) Tj ET Q q 0 0 0 rg BT 248.44 615.75 Td (\("AUA"\), ) Tj ET Q q 0 0 0 rg BT 292.72 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 311.21 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 327.36 615.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 369.76 615.75 Td (calculated ) Tj ET Q q 0 0 0 rg BT 415.64 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 427.72 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 435.72 615.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 484.52 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.60 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.76 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 540.59 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 552.09 615.75 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.63 603.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 135.92 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 146.22 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 156.52 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 162.73 603.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 209.75 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 220.05 603.15 Td (new ) Tj ET Q q 0 0 0 rg BT 239.09 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.14 603.15 Td (added ) Tj ET Q q 0 0 0 rg BT 291.76 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 301.48 603.15 Td (an ) Tj ET Q q 0 0 0 rg BT 312.94 603.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 360.57 603.15 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 401.49 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 403.04 603.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 420.92 603.15 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 462.41 603.15 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 504.48 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 518.85 603.15 Td (dependent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 74.08 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 89.99 590.55 Td (level ) Tj ET Q q 0 0 0 rg BT 113.47 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 125.30 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 141.70 590.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 169.28 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 186.84 590.55 Td (AUA) Tj ET Q q 0 0 0 rg BT 209.01 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 212.09 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 230.33 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 246.24 590.55 Td (related ) Tj ET Q q 0 0 0 rg BT 277.88 590.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 293.78 590.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 319.31 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 337.55 590.55 Td (thus ) Tj ET Q q 0 0 0 rg BT 358.13 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 374.03 590.55 Td (af) Tj ET Q q 0 0 0 rg BT 382.00 590.55 Td (fected ) Tj ET Q q 0 0 0 rg BT 410.73 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 424.31 590.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 455.95 590.55 Td (such ) Tj ET Q q 0 0 0 rg BT 478.28 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 490.11 590.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 532.84 590.55 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 98.71 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 115.05 577.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 144.22 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 154.73 577.95 Td (attract ) Tj ET Q q 0 0 0 rg BT 183.30 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 200.80 577.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 239.37 577.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 266.21 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 283.71 577.95 Td (key ) Tj ET Q q 0 0 0 rg BT 301.21 577.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 349.63 577.95 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 395.42 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 412.92 577.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 461.34 577.95 Td (performance. ) Tj ET Q q 0 0 0 rg BT 519.35 577.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 537.51 577.95 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 87.01 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 110.61 565.35 Td (period ) Tj ET Q q 0 0 0 rg BT 140.63 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 151.99 565.35 Td (period ) Tj ET Q q 0 0 0 rg BT 182.00 565.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 224.27 565.35 Td (due ) Tj ET Q q 0 0 0 rg BT 242.62 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 253.98 565.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 288.67 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 307.02 565.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 346.97 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 358.90 565.35 Td (client ) Tj ET Q q 0 0 0 rg BT 385.42 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 413.11 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 431.46 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 463.80 565.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 520.05 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 531.98 565.35 Td (well ) Tj ET Q q 0 0 0 rg BT 553.25 565.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 85.67 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 95.68 552.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 127.85 552.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 169.34 552.75 Td (rates. ) Tj ET Q q 0 0 0 rg BT 193.64 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 195.49 552.75 Td (Client ) Tj ET Q q 0 0 0 rg BT 223.00 552.75 Td (decisions ) Tj ET Q q 0 0 0 rg BT 263.93 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 273.94 552.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 310.18 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 320.78 552.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 358.76 552.75 Td (their ) Tj ET Q q 0 0 0 rg BT 379.85 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 406.20 552.75 Td (under ) Tj ET Q q 0 0 0 rg BT 431.96 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 447.80 552.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 505.92 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 522.93 552.75 Td (decisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 63.15 540.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 102.53 540.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 132.59 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 143.40 540.15 Td (utilize ) Tj ET Q q 0 0 0 rg BT 172.29 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 188.93 540.15 Td (services, ) Tj ET Q q 0 0 0 rg BT 228.02 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 248.74 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 261.30 540.15 Td (based ) Tj ET Q q 0 0 0 rg BT 287.85 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 301.00 540.15 Td (one ) Tj ET Q q 0 0 0 rg BT 318.80 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 330.20 540.15 Td (more ) Tj ET Q q 0 0 0 rg BT 354.42 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 373.11 540.15 Td (number ) Tj ET Q q 0 0 0 rg BT 407.83 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 419.23 540.15 Td (factors. ) Tj ET Q q 0 0 0 rg BT 453.07 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 455.52 540.15 Td (These ) Tj ET Q q 0 0 0 rg BT 483.24 540.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 514.45 540.15 Td (include ) Tj ET Q q 0 0 0 rg BT 548.00 540.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (reputation ) Tj ET Q q 0 0 0 rg BT 94.03 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 103.65 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 117.94 527.55 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 173.33 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 187.61 527.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.15 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 289.66 527.55 Td (\(both ) Tj ET Q q 0 0 0 rg BT 313.28 527.55 Td (absolute ) Tj ET Q q 0 0 0 rg BT 349.73 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 366.35 527.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 399.29 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 408.92 527.55 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 461.11 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 471.31 527.55 Td (competitive ) Tj ET Q q 0 0 0 rg BT 522.34 527.55 Td (products\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 76.28 514.95 Td (products ) Tj ET Q q 0 0 0 rg BT 114.21 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 131.14 514.95 Td (services, ) Tj ET Q q 0 0 0 rg BT 169.35 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 183.94 514.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 202.61 514.95 Td (we ) Tj ET Q q 0 0 0 rg BT 216.63 514.95 Td (char) Tj ET Q q 0 0 0 rg BT 234.50 514.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 246.18 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 260.19 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 275.96 514.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.80 514.95 Td (services, ) Tj ET Q q 0 0 0 rg BT 362.01 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 376.61 514.95 Td (client ) Tj ET Q q 0 0 0 rg BT 401.70 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 412.21 514.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 450.72 514.95 Td (client's ) Tj ET Q q 0 0 0 rg BT 481.79 514.95 Td (situation, ) Tj ET Q q 0 0 0 rg BT 522.35 514.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.93 502.35 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 144.97 502.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 182.41 502.35 Td (needs, ) Tj ET Q q 0 0 0 rg BT 210.79 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 258.71 502.35 Td (horizon ) Tj ET Q q 0 0 0 rg BT 292.63 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 309.64 502.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 342.99 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 353.58 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.93 502.35 Td (managed, ) Tj ET Q q 0 0 0 rg BT 422.30 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 438.15 502.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 493.65 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 514.17 502.35 Td (distributors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.69 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 83.04 489.75 Td (external ) Tj ET Q q 0 0 0 rg BT 119.38 489.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 162.72 489.75 Td (environment, ) Tj ET Q q 0 0 0 rg BT 220.95 489.75 Td (including ) Tj ET Q q 0 0 0 rg BT 263.14 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 294.81 489.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 343.72 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 371.90 489.75 Td (were ) Tj ET Q q 0 0 0 rg BT 394.83 489.75 Td (extremely ) Tj ET Q q 0 0 0 rg BT 439.34 489.75 Td (challenged ) Tj ET Q q 0 0 0 rg BT 487.34 489.75 Td (during ) Tj ET Q q 0 0 0 rg BT 517.28 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.64 489.75 Td (last ) Tj ET Q q 0 0 0 rg BT 549.75 489.75 Td (six ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (weeks ) Tj ET Q q 0 0 0 rg BT 78.87 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 90.24 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 106.86 477.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 132.22 477.15 Td (year ) Tj ET Q q 0 0 0 rg BT 152.92 477.15 Td (due ) Tj ET Q q 0 0 0 rg BT 170.70 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 181.49 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 196.95 477.15 Td (global ) Tj ET Q q 0 0 0 rg BT 225.82 477.15 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 275.69 477.15 Td (pandemic. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.77 451.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 90.12 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 109.32 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 125.01 451.95 Td (char) Tj ET Q q 0 0 0 rg BT 142.89 451.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 156.25 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 171.94 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 189.38 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.91 451.95 Td (services ) Tj ET Q q 0 0 0 rg BT 276.17 451.95 Td (vary ) Tj ET Q q 0 0 0 rg BT 298.28 451.95 Td (based ) Tj ET Q q 0 0 0 rg BT 325.63 451.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 350.08 451.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 382.10 451.95 Td (such ) Tj ET Q q 0 0 0 rg BT 404.79 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 416.99 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 433.26 451.95 Td (type ) Tj ET Q q 0 0 0 rg BT 454.79 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 466.98 451.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 515.92 451.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (product, ) Tj ET Q q 0 0 0 rg BT 88.60 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 105.32 439.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.72 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 152.50 439.35 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 183.53 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 200.25 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.56 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 282.11 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 290.07 439.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 318.46 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 338.10 439.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 378.16 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 394.89 439.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 435.23 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 454.29 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 471.01 439.35 Td (type ) Tj ET Q q 0 0 0 rg BT 492.99 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 505.64 439.35 Td (services ) Tj ET Q q 0 0 0 rg BT 543.35 439.35 Td (\(and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.69 426.75 Td (objectives\) ) Tj ET Q q 0 0 0 rg BT 147.37 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 165.72 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 181.15 426.75 Td (provided. ) Tj ET Q q 0 0 0 rg BT 223.71 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.32 426.75 Td (In ) Tj ET Q q 0 0 0 rg BT 237.68 426.75 Td (general, ) Tj ET Q q 0 0 0 rg BT 273.81 426.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 293.33 426.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 323.92 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 338.77 426.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.79 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 418.05 426.75 Td (services ) Tj ET Q q 0 0 0 rg BT 454.48 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 469.91 426.75 Td (highest ) Tj ET Q q 0 0 0 rg BT 502.85 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 517.70 426.75 Td (alternative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 79.25 414.15 Td (followed ) Tj ET Q q 0 0 0 rg BT 118.70 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 131.32 414.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 159.69 414.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 188.94 414.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 212.64 414.15 Td (income ) Tj ET Q q 0 0 0 rg BT 245.67 414.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.29 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 289.57 414.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 327.28 414.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 356.53 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 358.19 414.15 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 409.99 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 414.74 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 430.86 414.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 470.30 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 487.58 414.15 Td (average ) Tj ET Q q 0 0 0 rg BT 522.35 414.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.70 401.55 Td (yields ) Tj ET Q q 0 0 0 rg BT 113.25 401.55 Td (will ) Tj ET Q q 0 0 0 rg BT 132.06 401.55 Td (be ) Tj ET Q q 0 0 0 rg BT 144.44 401.55 Td (af) Tj ET Q q 0 0 0 rg BT 152.41 401.55 Td (fected ) Tj ET Q q 0 0 0 rg BT 180.53 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 193.50 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 208.80 401.55 Td (composition ) Tj ET Q q 0 0 0 rg BT 263.19 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 274.40 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 290.33 401.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 319.92 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 341.06 401.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 377.35 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 387.99 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 403.29 401.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 437.24 401.55 Td (level ) Tj ET Q q 0 0 0 rg BT 460.12 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 471.34 401.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 518.12 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 535.75 401.55 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.35 388.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 114.94 388.95 Td (more ) Tj ET Q q 0 0 0 rg BT 138.36 388.95 Td (significantly ) Tj ET Q q 0 0 0 rg BT 192.70 388.95 Td (impacting ) Tj ET Q q 0 0 0 rg BT 236.54 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 252.39 388.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 291.56 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 308.57 388.95 Td (average ) Tj ET Q q 0 0 0 rg BT 343.05 388.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 384.56 388.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 419.64 388.95 Td (yields. ) Tj ET Q q 0 0 0 rg BT 449.19 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 450.63 388.95 Td (A) Tj ET Q q 0 0 0 rg BT 457.44 388.95 Td (verage ) Tj ET Q q 0 0 0 rg BT 487.27 388.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 528.77 388.95 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (yields ) Tj ET Q q 0 0 0 rg BT 78.36 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 94.45 376.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 140.28 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 152.30 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 168.41 376.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 190.92 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 202.94 376.35 Td (total ) Tj ET Q q 0 0 0 rg BT 224.88 376.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 267.81 376.35 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 306.94 376.35 Td (less ) Tj ET Q q 0 0 0 rg BT 325.96 376.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 382.29 376.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 405.09 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 416.54 376.35 Td (average ) Tj ET Q q 0 0 0 rg BT 451.73 376.35 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 482.13 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 485.40 376.35 Td (In ) Tj ET Q q 0 0 0 rg BT 497.43 376.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 537.74 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 87.58 363.75 Td (course ) Tj ET Q q 0 0 0 rg BT 117.00 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.75 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 143.76 363.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 183.98 363.75 Td (we ) Tj ET Q q 0 0 0 rg BT 198.23 363.75 Td (may ) Tj ET Q q 0 0 0 rg BT 218.32 363.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 248.31 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 259.07 363.75 Td (waive ) Tj ET Q q 0 0 0 rg BT 286.15 363.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 334.23 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 389.89 363.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 408.80 363.75 Td (or ) Tj ET Q q 0 0 0 rg BT 419.56 363.75 Td (total ) Tj ET Q q 0 0 0 rg BT 440.23 363.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 482.77 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 495.28 363.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 525.86 363.75 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 61.58 351.15 Td (services ) Tj ET Q q 0 0 0 rg BT 98.22 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 113.29 351.15 Td (particular ) Tj ET Q q 0 0 0 rg BT 156.35 351.15 Td (time ) Tj ET Q q 0 0 0 rg BT 177.84 351.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 211.58 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 222.58 351.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 245.24 351.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 267.32 351.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 310.68 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 322.25 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 337.32 351.15 Td (other ) Tj ET Q q 0 0 0 rg BT 361.73 351.15 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 398.67 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 416.66 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 427.66 351.15 Td (help ) Tj ET Q q 0 0 0 rg BT 448.56 351.15 Td (retain ) Tj ET Q q 0 0 0 rg BT 475.30 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 486.87 351.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 524.09 351.15 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 80.07 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 83.01 338.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 102.29 338.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 139.65 338.55 Td (continues ) Tj ET Q q 0 0 0 rg BT 182.84 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 193.95 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 206.81 338.55 Td (impacted ) Tj ET Q q 0 0 0 rg BT 248.24 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 261.68 338.55 Td (disruption ) Tj ET Q q 0 0 0 rg BT 307.21 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 325.32 338.55 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 375.20 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 396.82 338.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 441.17 338.55 Td (migration ) Tj ET Q q 0 0 0 rg BT 484.94 338.55 Td (from ) Tj ET Q q 0 0 0 rg BT 508.30 338.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 538.07 338.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 553.83 338.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 76.53 325.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 91.98 325.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 133.39 325.95 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 170.42 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 188.20 325.95 Td (share ) Tj ET Q q 0 0 0 rg BT 212.98 325.95 Td (classes, ) Tj ET Q q 0 0 0 rg BT 247.39 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 275.67 325.95 Td (continues ) Tj ET Q q 0 0 0 rg BT 318.54 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 329.33 325.95 Td (put ) Tj ET Q q 0 0 0 rg BT 345.38 325.95 Td (pressure ) Tj ET Q q 0 0 0 rg BT 382.99 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 396.11 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 411.57 325.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 431.10 325.95 Td (we ) Tj ET Q q 0 0 0 rg BT 445.97 325.95 Td (char) Tj ET Q q 0 0 0 rg BT 463.84 325.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 476.38 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 491.25 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 507.87 325.95 Td (products. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 67.28 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 90.65 300.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 127.42 300.75 Td (sharing ) Tj ET Q q 0 0 0 rg BT 161.88 300.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 221.99 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 233.70 300.75 Td (place ) Tj ET Q q 0 0 0 rg BT 259.40 300.75 Td (with ) Tj ET Q q 0 0 0 rg BT 281.62 300.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.73 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.02 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 343.57 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 367.53 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 424.72 300.75 Td (af) Tj ET Q q 0 0 0 rg BT 432.69 300.75 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 467.43 300.75 Td (under ) Tj ET Q q 0 0 0 rg BT 494.89 300.75 Td (which ) Tj ET Q q 0 0 0 rg BT 524.10 300.75 Td (specified ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (percentages ) Tj ET Q q 0 0 0 rg BT 102.11 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 113.42 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 128.81 288.15 Td (af) Tj ET Q q 0 0 0 rg BT 136.77 288.15 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 169.80 288.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 209.68 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 225.05 288.15 Td (required ) Tj ET Q q 0 0 0 rg BT 262.59 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 273.32 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 285.79 288.15 Td (distributed ) Tj ET Q q 0 0 0 rg BT 333.26 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 343.99 288.15 Td (us ) Tj ET Q q 0 0 0 rg BT 355.89 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 373.61 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 389.00 288.15 Td (balance ) Tj ET Q q 0 0 0 rg BT 423.62 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 434.92 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 450.31 288.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 490.18 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 499.75 288.15 Td (retained ) Tj ET Q q 0 0 0 rg BT 536.12 288.15 Td (by ) Tj ET Q q 0 0 0 rg BT 549.18 288.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 275.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 89.89 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 101.40 275.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 119.91 275.55 Td (their ) Tj ET Q q 0 0 0 rg BT 142.49 275.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 185.49 275.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 229.37 275.55 Td (including ) Tj ET Q q 0 0 0 rg BT 272.37 275.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 334.04 275.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 377.92 275.55 Td (but ) Tj ET Q q 0 0 0 rg BT 394.68 275.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 439.43 275.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 471.34 275.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 512.59 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 531.09 275.55 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 76.56 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 78.93 262.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 107.53 262.95 Td (these ) Tj ET Q q 0 0 0 rg BT 131.47 262.95 Td (revenue-sharing ) Tj ET Q q 0 0 0 rg BT 201.48 262.95 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 263.02 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 279.38 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 302.16 262.95 Td (management ) Tj ET Q q 0 0 0 rg BT 358.17 262.95 Td (af) Tj ET Q q 0 0 0 rg BT 366.14 262.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 397.08 262.95 Td (retain ) Tj ET Q q 0 0 0 rg BT 423.34 262.95 Td (dif) Tj ET Q q 0 0 0 rg BT 434.82 262.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 461.67 262.95 Td (percentages ) Tj ET Q q 0 0 0 rg BT 513.58 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 524.70 262.95 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.63 250.35 Td (cover ) Tj ET Q q 0 0 0 rg BT 86.41 250.35 Td (their ) Tj ET Q q 0 0 0 rg BT 108.11 250.35 Td (costs. ) Tj ET Q q 0 0 0 rg BT 134.20 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 136.66 250.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 163.03 250.35 Td (af) Tj ET Q q 0 0 0 rg BT 170.99 250.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 202.03 250.35 Td (operate ) Tj ET Q q 0 0 0 rg BT 235.39 250.35 Td (under ) Tj ET Q q 0 0 0 rg BT 261.75 250.35 Td (budget ) Tj ET Q q 0 0 0 rg BT 292.79 250.35 Td (processes ) Tj ET Q q 0 0 0 rg BT 335.49 250.35 Td (with ) Tj ET Q q 0 0 0 rg BT 356.62 250.35 Td (varying ) Tj ET Q q 0 0 0 rg BT 391.16 250.35 Td (mar) Tj ET Q q 0 0 0 rg BT 407.29 250.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 423.17 250.35 Td (tar) Tj ET Q q 0 0 0 rg BT 434.06 250.35 Td (gets. ) Tj ET Q q 0 0 0 rg BT 456.06 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 457.97 250.35 Td (As ) Tj ET Q q 0 0 0 rg BT 472.10 250.35 Td (such, ) Tj ET Q q 0 0 0 rg BT 496.44 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 512.90 250.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 530.52 250.35 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 79.58 237.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 133.84 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 145.54 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 170.64 237.75 Td (Mason,�Inc., ) Tj ET Q q 0 0 0 rg BT 226.65 237.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.83 237.75 Td (mar) Tj ET Q q 0 0 0 rg BT 285.97 237.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 302.91 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 321.60 237.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 383.44 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 395.72 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 403.90 237.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 452.90 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.17 237.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 508.35 237.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 549.19 237.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 91.26 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 117.95 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 131.23 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 159.67 225.15 Td (af) Tj ET Q q 0 0 0 rg BT 167.64 225.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 198.99 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.93 225.15 Td (products ) Tj ET Q q 0 0 0 rg BT 255.87 225.15 Td (generate ) Tj ET Q q 0 0 0 rg BT 294.20 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 310.37 225.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 340.27 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 358.21 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 365.65 225.15 Td (change ) Tj ET Q q 0 0 0 rg BT 398.16 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 408.50 225.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 435.78 225.15 Td (at ) Tj ET Q q 0 0 0 rg BT 446.13 225.15 Td (one ) Tj ET Q q 0 0 0 rg BT 464.07 225.15 Td (af) Tj ET Q q 0 0 0 rg BT 472.04 225.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 499.31 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 510.83 225.15 Td (with ) Tj ET Q q 0 0 0 rg BT 532.28 225.15 Td (respect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.52 212.55 Td (one ) Tj ET Q q 0 0 0 rg BT 78.04 212.55 Td (product ) Tj ET Q q 0 0 0 rg BT 112.46 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 123.56 212.55 Td (class ) Tj ET Q q 0 0 0 rg BT 146.33 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 157.43 212.55 Td (products ) Tj ET Q q 0 0 0 rg BT 195.94 212.55 Td (can ) Tj ET Q q 0 0 0 rg BT 212.87 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 235.04 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 242.06 212.55 Td (dif) Tj ET Q q 0 0 0 rg BT 253.53 212.55 Td (ferent ) Tj ET Q q 0 0 0 rg BT 280.37 212.55 Td (ef) Tj ET Q q 0 0 0 rg BT 288.33 212.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 306.42 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 319.28 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 335.63 212.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 375.30 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 392.81 212.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 430.74 212.55 Td (than ) Tj ET Q q 0 0 0 rg BT 451.17 212.55 Td (an ) Tj ET Q q 0 0 0 rg BT 463.43 212.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 488.52 212.55 Td (change ) Tj ET Q q 0 0 0 rg BT 520.61 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 530.54 212.55 Td (another ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (af) Tj ET Q q 0 0 0 rg BT 57.97 199.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 85.71 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 97.72 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 109.14 199.95 Td (another ) Tj ET Q q 0 0 0 rg BT 143.88 199.95 Td (product ) Tj ET Q q 0 0 0 rg BT 179.21 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 191.22 199.95 Td (class ) Tj ET Q q 0 0 0 rg BT 214.89 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 226.89 199.95 Td (products. ) Tj ET Q q 0 0 0 rg BT 268.93 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 272.19 199.95 Td (In ) Tj ET Q q 0 0 0 rg BT 284.19 199.95 Td (addition, ) Tj ET Q q 0 0 0 rg BT 324.49 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 348.15 199.95 Td (time ) Tj ET Q q 0 0 0 rg BT 370.07 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 381.50 199.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 406.04 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 421.54 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 442.88 199.95 Td (agree ) Tj ET Q q 0 0 0 rg BT 468.86 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 480.29 199.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 517.36 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 528.79 199.95 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 83.57 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 101.40 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 125.63 187.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 184.85 187.35 Td (with ) Tj ET Q q 0 0 0 rg BT 206.18 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 222.84 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 245.91 187.35 Td (management ) Tj ET Q q 0 0 0 rg BT 302.22 187.35 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 348.33 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 376.65 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 397.39 187.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 428.63 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 445.29 187.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 506.27 187.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 546.84 187.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (profitability) Tj ET Q q 0 0 0 rg BT 99.48 174.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.71 149.55 Td (most ) Tj ET Q q 0 0 0 rg BT 91.52 149.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 138.23 149.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 180.27 149.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 220.55 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 235.76 149.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 278.96 149.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 339.66 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 357.21 149.55 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 395.46 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 406.59 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 434.63 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 441.68 149.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 479.64 149.55 Td (is ) Tj ET Q q 0 0 0 rg BT 489.03 149.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 525.22 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 535.78 149.55 Td (nature ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.49 136.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 104.82 136.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 145.63 136.95 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 208.91 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 215.90 136.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 248.56 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 259.64 136.95 Td (which ) Tj ET Q q 0 0 0 rg BT 287.64 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 296.97 136.95 Td (based ) Tj ET Q q 0 0 0 rg BT 323.21 136.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 346.54 136.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 382.10 136.95 Td (levels, ) Tj ET Q q 0 0 0 rg BT 411.55 136.95 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 491.45 136.95 Td (related ) Tj ET Q q 0 0 0 rg BT 522.35 136.95 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 85.93 124.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 112.54 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 122.23 124.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 157.58 124.35 Td (share-based ) Tj ET Q q 0 0 0 rg BT 209.25 124.35 Td (af) Tj ET Q q 0 0 0 rg BT 217.22 124.35 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 250.53 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 305.70 124.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 324.72 124.35 Td (passed ) Tj ET Q q 0 0 0 rg BT 354.82 124.35 Td (through ) Tj ET Q q 0 0 0 rg BT 389.60 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 400.46 124.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 460.90 124.35 Td (expense, ) Tj ET Q q 0 0 0 rg BT 499.46 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 516.73 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 532.85 124.35 Td (overall ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (profitability) Tj ET Q q 0 0 0 rg BT 99.48 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 105.53 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.11 111.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 175.95 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 111.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 236.45 111.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 280.40 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 309.49 111.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 342.08 111.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 384.58 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 396.75 111.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 417.07 111.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 438.58 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 450.17 111.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 498.49 111.75 Td (distributors ) Tj ET Q q 0 0 0 rg BT 549.75 111.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (selling ) Tj ET Q q 0 0 0 rg BT 81.16 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 98.32 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 121.89 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 178.69 99.15 Td (products ) Tj ET Q q 0 0 0 rg BT 218.01 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 236.33 99.15 Td (services. ) Tj ET Q q 0 0 0 rg BT 275.94 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 279.10 99.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 313.16 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 337.90 99.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 380.71 99.15 Td (costs, ) Tj ET Q q 0 0 0 rg BT 407.49 99.15 Td (such ) Tj ET Q q 0 0 0 rg BT 429.90 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 441.81 99.15 Td (occupancy) Tj ET Q q 0 0 0 rg BT 486.02 99.15 Td (, ) Tj ET Q q 0 0 0 rg BT 491.80 99.15 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 546.85 99.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 109.84 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 129.15 86.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 154.88 86.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 192.84 86.55 Td (commitments ) Tj ET Q q 0 0 0 rg BT 254.15 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 270.54 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 303.85 86.55 Td (data, ) Tj ET Q q 0 0 0 rg BT 328.11 86.55 Td (communication ) Tj ET Q q 0 0 0 rg BT 397.58 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 416.89 86.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 467.70 86.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 508.29 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 525.26 86.55 Td (typically ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 94.62 73.95 Td (from ) Tj ET Q q 0 0 0 rg BT 117.64 73.95 Td (period ) Tj ET Q q 0 0 0 rg BT 147.09 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 157.87 73.95 Td (period ) Tj ET Q q 0 0 0 rg BT 187.32 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 205.10 73.95 Td (usually ) Tj ET Q q 0 0 0 rg BT 238.05 73.95 Td (do ) Tj ET Q q 0 0 0 rg BT 251.17 73.95 Td (not ) Tj ET Q q 0 0 0 rg BT 267.20 73.95 Td (decline ) Tj ET Q q 0 0 0 rg BT 300.14 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 321.42 73.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 357.27 73.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 384.38 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 395.75 73.95 Td (business ) Tj ET Q q 0 0 0 rg BT 433.95 73.95 Td (activity ) Tj ET Q q 0 0 0 rg BT 468.06 73.95 Td (or) Tj ET Q q 0 0 0 rg BT 476.39 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 481.63 73.95 Td (conversely) Tj ET Q q 0 0 0 rg BT 526.43 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 531.68 73.95 Td (usually ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (do ) Tj ET Q q 0 0 0 rg BT 63.13 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 79.17 61.35 Td (rise ) Tj ET Q q 0 0 0 rg BT 96.95 61.35 Td (proportionately ) Tj ET Q q 0 0 0 rg BT 164.31 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 185.61 61.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 227.87 61.35 Td (business ) Tj ET Q q 0 0 0 rg BT 266.09 61.35 Td (activity) Tj ET Q q 0 0 0 rg BT 296.90 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 302.15 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 312.94 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 328.39 61.35 Td (absence ) Tj ET Q q 0 0 0 rg BT 364.25 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 375.62 61.35 Td (unusual ) Tj ET Q q 0 0 0 rg BT 410.91 61.35 Td (events.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.71 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 104.44 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 144.48 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.37 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 177.93 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 211.56 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 227.11 741.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 261.32 741.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 303.13 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 325.66 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 352.90 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 370.79 741.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 390.42 741.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 436.30 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 457.70 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 474.42 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 523.23 741.75 Td (products, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 85.85 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 96.05 729.15 Td (global ) Tj ET Q q 0 0 0 rg BT 124.33 729.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 163.09 729.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 200.99 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 215.85 729.15 Td (composition ) Tj ET Q q 0 0 0 rg BT 269.79 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 286.99 729.15 Td (level ) Tj ET Q q 0 0 0 rg BT 309.42 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 319.75 729.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 348.91 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 363.77 729.15 Td (new ) Tj ET Q q 0 0 0 rg BT 383.30 729.15 Td (business ) Tj ET Q q 0 0 0 rg BT 420.92 729.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 454.45 729.15 Td (\(or ) Tj ET Q q 0 0 0 rg BT 468.73 729.15 Td (outflows\) ) Tj ET Q q 0 0 0 rg BT 511.00 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 528.20 729.15 Td (changes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 61.25 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.16 716.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 96.58 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.40 716.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.56 716.55 Td (products ) Tj ET Q q 0 0 0 rg BT 196.81 716.55 Td (between ) Tj ET Q q 0 0 0 rg BT 234.87 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 258.36 716.55 Td (classes ) Tj ET Q q 0 0 0 rg BT 290.60 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 308.84 716.55 Td (geographies ) Tj ET Q q 0 0 0 rg BT 362.66 716.55 Td (may ) Tj ET Q q 0 0 0 rg BT 383.82 716.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 429.47 716.55 Td (af) Tj ET Q q 0 0 0 rg BT 437.43 716.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 456.25 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 473.33 716.55 Td (results ) Tj ET Q q 0 0 0 rg BT 503.83 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 515.65 716.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 564.64 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 567.27 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 569.89 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.15 703.95 Td (profitability ) Tj ET Q q 0 0 0 rg BT 122.13 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 131.96 703.95 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 171.53 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 182.52 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 190.00 703.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 221.98 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 233.54 703.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 267.56 703.95 Td (including ) Tj ET Q q 0 0 0 rg BT 310.05 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 325.70 703.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 360.01 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 378.00 703.95 Td (composition ) Tj ET Q q 0 0 0 rg BT 432.74 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 444.30 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 460.50 703.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 490.45 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 508.43 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 524.08 703.95 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.95 691.35 Td (general ) Tj ET Q q 0 0 0 rg BT 101.63 691.35 Td (level ) Tj ET Q q 0 0 0 rg BT 124.83 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 136.36 691.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.80 691.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 209.29 691.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 242.98 691.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 268.21 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 286.16 691.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 322.77 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 333.72 691.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 373.24 691.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 415.67 691.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 440.90 691.35 Td (among ) Tj ET Q q 0 0 0 rg BT 472.27 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 496.63 691.35 Td (things. ) Tj ET Q q 0 0 0 rg BT 527.71 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 530.50 691.35 Td (Periods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 678.75 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 113.65 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 145.18 678.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 191.31 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 206.50 678.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 232.80 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 243.34 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 265.54 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 277.83 678.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 312.28 678.75 Td (ef) Tj ET Q q 0 0 0 rg BT 320.24 678.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 338.36 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 351.24 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 367.61 678.75 Td (profitability) Tj ET Q q 0 0 0 rg BT 417.09 678.75 Td (. ) Tj ET Q q 0 0 0 rg BT 422.09 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 424.47 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 435.60 678.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 475.01 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 490.22 678.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 553.25 678.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (services, ) Tj ET Q q 0 0 0 rg BT 88.92 666.15 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 128.41 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 146.05 666.15 Td (products ) Tj ET Q q 0 0 0 rg BT 184.68 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 193.24 666.15 Td (fered, ) Tj ET Q q 0 0 0 rg BT 219.90 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 268.45 666.15 Td (performance, ) Tj ET Q q 0 0 0 rg BT 326.59 666.15 Td (access ) Tj ET Q q 0 0 0 rg BT 355.88 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 366.52 666.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 417.41 666.15 Td (channels, ) Tj ET Q q 0 0 0 rg BT 459.24 666.15 Td (reputation ) Tj ET Q q 0 0 0 rg BT 504.28 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 514.92 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 530.22 666.15 Td (market, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (attraction ) Tj ET Q q 0 0 0 rg BT 91.40 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 108.31 653.55 Td (retention ) Tj ET Q q 0 0 0 rg BT 147.38 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 157.88 653.55 Td (key ) Tj ET Q q 0 0 0 rg BT 174.79 653.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 221.45 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 238.36 653.55 Td (client ) Tj ET Q q 0 0 0 rg BT 263.43 653.55 Td (relations ) Tj ET Q q 0 0 0 rg BT 301.34 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 315.91 653.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 361.98 653.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 392.30 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 402.22 653.55 Td (determining ) Tj ET Q q 0 0 0 rg BT 454.71 653.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 490.28 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 504.27 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 518.84 653.55 Td (successful ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 61.59 640.95 Td (attracting ) Tj ET Q q 0 0 0 rg BT 104.65 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.23 640.95 Td (retaining ) Tj ET Q q 0 0 0 rg BT 163.97 640.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 197.42 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 200.84 640.95 Td (In ) Tj ET Q q 0 0 0 rg BT 213.01 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.25 640.95 Td (last ) Tj ET Q q 0 0 0 rg BT 247.25 640.95 Td (few ) Tj ET Q q 0 0 0 rg BT 266.41 640.95 Td (years, ) Tj ET Q q 0 0 0 rg BT 294.61 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 310.86 640.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 348.69 640.95 Td (has ) Tj ET Q q 0 0 0 rg BT 366.11 640.95 Td (seen ) Tj ET Q q 0 0 0 rg BT 388.19 640.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 414.94 640.95 Td (into ) Tj ET Q q 0 0 0 rg BT 434.69 640.95 Td (products ) Tj ET Q q 0 0 0 rg BT 474.27 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 489.93 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 519.01 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 534.67 640.95 Td (do ) Tj ET Q q 0 0 0 rg BT 548.59 640.95 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 89.87 628.35 Td (garner ) Tj ET Q q 0 0 0 rg BT 118.66 628.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 164.95 628.35 Td (market ) Tj ET Q q 0 0 0 rg BT 196.08 628.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 222.83 628.35 Td (including, ) Tj ET Q q 0 0 0 rg BT 267.09 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 277.22 628.35 Td (particular) Tj ET Q q 0 0 0 rg BT 317.03 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 321.63 628.35 Td (passive ) Tj ET Q q 0 0 0 rg BT 354.51 628.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 395.27 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 412.40 628.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 474.44 628.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 499.74 628.35 Td (out ) Tj ET Q q 0 0 0 rg BT 515.13 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 525.85 628.35 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.80 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 89.10 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 103.97 615.75 Td (do ) Tj ET Q q 0 0 0 rg BT 117.11 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 139.56 615.75 Td (market ) Tj ET Q q 0 0 0 rg BT 171.35 615.75 Td (share. ) Tj ET Q q 0 0 0 rg BT 198.76 615.75 Td (For ) Tj ET Q q 0 0 0 rg BT 215.98 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 223.28 615.75 Td (further ) Tj ET Q q 0 0 0 rg BT 254.48 615.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 300.87 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.25 615.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 343.45 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 361.83 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 382.54 615.75 Td (af) Tj ET Q q 0 0 0 rg BT 390.51 615.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 408.88 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 425.51 615.75 Td (results ) Tj ET Q q 0 0 0 rg BT 455.56 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.94 615.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 515.94 615.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 538.38 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 615.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.38 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 107.17 603.15 Td (Item ) Tj ET Q q 0 0 0 rg BT 129.04 603.15 Td (1A. ) Tj ET Q q 0 0 0 rg BT 147.12 603.15 Td (Risk ) Tj ET Q q 0 0 0 rg BT 169.00 603.15 Td (Factors, ) Tj ET Q q 0 0 0 rg BT 205.17 603.15 Td (included ) Tj ET Q q 0 0 0 rg BT 243.95 603.15 Td (herein.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (Our Strategy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.54 565.35 Td (strategy ) Tj ET Q q 0 0 0 rg BT 103.99 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 113.21 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 123.58 565.35 Td (expand ) Tj ET Q q 0 0 0 rg BT 156.12 565.35 Td (client ) Tj ET Q q 0 0 0 rg BT 181.65 565.35 Td (choice ) Tj ET Q q 0 0 0 rg BT 211.26 565.35 Td (through ) Tj ET Q q 0 0 0 rg BT 246.14 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 261.18 565.35 Td (diversification ) Tj ET Q q 0 0 0 rg BT 324.04 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 334.99 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 351.20 565.35 Td (business ) Tj ET Q q 0 0 0 rg BT 389.00 565.35 Td (across ) Tj ET Q q 0 0 0 rg BT 417.45 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 465.74 565.35 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 510.23 565.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 546.84 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (access. ) Tj ET Q q 0 0 0 rg BT 82.89 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 86.09 552.75 Td (W) Tj ET Q q 0 0 0 rg BT 95.16 552.75 Td (e ) Tj ET Q q 0 0 0 rg BT 103.27 552.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 129.47 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 146.92 552.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 185.93 552.75 Td (priorities ) Tj ET Q q 0 0 0 rg BT 227.29 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 241.24 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 257.52 552.75 Td (four ) Tj ET Q q 0 0 0 rg BT 278.47 552.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 315.16 552.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 340.17 552.75 Td (listed ) Tj ET Q q 0 0 0 rg BT 366.37 552.75 Td (below) Tj ET Q q 0 0 0 rg BT 391.35 552.75 Td (.� ) Tj ET Q q 0 0 0 rg BT 400.05 552.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 458.32 552.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 501.43 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 526.45 552.75 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (priorities ) Tj ET Q q 0 0 0 rg BT 90.30 540.15 Td (when ) Tj ET Q q 0 0 0 rg BT 115.44 540.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 161.56 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 177.95 540.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.99 540.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 275.43 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 292.98 540.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.10 540.15 Td (condition.� ) Tj ET Q q 0 0 0 rg BT 379.41 540.15 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 426.14 540.15 Td (with ) Tj ET Q q 0 0 0 rg BT 447.20 540.15 Td (this ) Tj ET Q q 0 0 0 rg BT 464.76 540.15 Td (approach, ) Tj ET Q q 0 0 0 rg BT 508.25 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 522.89 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 545.10 540.15 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (presented ) Tj ET Q q 0 0 0 rg BT 92.31 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 102.56 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 117.47 527.55 Td (table ) Tj ET Q q 0 0 0 rg BT 139.95 527.55 Td (below ) Tj ET Q q 0 0 0 rg BT 167.69 527.55 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 211.18 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 223.76 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 251.50 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 307.23 527.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 347.20 527.55 Td (focuses ) Tj ET Q q 0 0 0 rg BT 380.77 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 391.02 527.55 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 436.83 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 452.91 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 508.04 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 525.28 527.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (condition. ) Tj ET Q q 0 0 0 rg BT 94.20 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 95.98 514.95 Td (This ) Tj ET Q q 0 0 0 rg BT 116.57 514.95 Td (strategy ) Tj ET Q q 0 0 0 rg BT 151.72 514.95 Td (was ) Tj ET Q q 0 0 0 rg BT 169.97 514.95 Td (developed ) Tj ET Q q 0 0 0 rg BT 215.03 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 240.86 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 253.27 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 268.02 514.95 Td (assumption ) Tj ET Q q 0 0 0 rg BT 317.77 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 335.43 514.95 Td (we ) Tj ET Q q 0 0 0 rg BT 349.59 514.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 387.66 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 398.33 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 410.15 514.95 Td (independent ) Tj ET Q q 0 0 0 rg BT 463.38 514.95 Td (company) Tj ET Q q 0 0 0 rg BT 501.19 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 505.73 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 507.65 514.95 Td (If ) Tj ET Q q 0 0 0 rg BT 516.56 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 531.30 514.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 548.61 514.95 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 59.63 502.35 Td (completed, ) Tj ET Q q 0 0 0 rg BT 108.61 502.35 Td (we ) Tj ET Q q 0 0 0 rg BT 123.48 502.35 Td (will ) Tj ET Q q 0 0 0 rg BT 142.44 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 154.98 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 162.26 502.35 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 208.05 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 219.43 502.35 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 257.44 502.35 Td (T) Tj ET Q q 0 0 0 rg BT 263.12 502.35 Td (empleton. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 468.85 m 62.5 468.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 468.85 m 160.5 468.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 468.85 m 177.5 468.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 468.85 m 562.5 468.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 468.85 m 160.5 468.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 468.85 m 562.5 468.85 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 68.55 473.64 Td (Strategic Priorities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.00 473.64 Td (Initiatives) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.50 459.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 459.07 Td (Products) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 459.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 459.07 Td (Create an innovative portfolio of investment products and promote revenue growth by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 448.57 Td (developing new products and leveraging the capabilities of our af) Tj ET Q q 0 0 0 rg BT 454.86 448.57 Td (filiates) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 433.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 433.07 Td (Identify and execute strategic acquisitions to strengthen our af) Tj ET Q q 0 0 0 rg BT 441.16 433.07 Td (filiates and increase) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 422.57 Td (product of) Tj ET Q q 0 0 0 rg BT 223.35 422.57 Td (ferings) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.50 403.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 403.07 Td (Performance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 403.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 403.07 Td (Identify ) Tj ET Q q 0 0 0 rg BT 216.79 403.07 Td (and ) Tj ET Q q 0 0 0 rg BT 235.50 403.07 Td (implement ) Tj ET Q q 0 0 0 rg BT 283.95 403.07 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 342.91 403.07 Td (to ) Tj ET Q q 0 0 0 rg BT 354.63 403.07 Td (improve ) Tj ET Q q 0 0 0 rg BT 393.17 403.07 Td (growth ) Tj ET Q q 0 0 0 rg BT 426.46 403.07 Td (through ) Tj ET Q q 0 0 0 rg BT 462.68 403.07 Td (collaboration ) Tj ET Q q 0 0 0 rg BT 521.62 403.07 Td (with ) Tj ET Q q 0 0 0 rg BT 543.84 403.07 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 392.57 Td (across ) Tj ET Q q 0 0 0 rg BT 210.39 392.57 Td (af) Tj ET Q q 0 0 0 rg BT 218.36 392.57 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 253.71 392.57 Td (and ) Tj ET Q q 0 0 0 rg BT 273.02 392.57 Td (work ) Tj ET Q q 0 0 0 rg BT 298.75 392.57 Td (with ) Tj ET Q q 0 0 0 rg BT 321.57 392.57 Td (af) Tj ET Q q 0 0 0 rg BT 329.54 392.57 Td (filiates ) Tj ET Q q 0 0 0 rg BT 362.26 392.57 Td (to ) Tj ET Q q 0 0 0 rg BT 374.58 392.57 Td (improve ) Tj ET Q q 0 0 0 rg BT 413.72 392.57 Td (ef) Tj ET Q q 0 0 0 rg BT 421.69 392.57 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 459.65 392.57 Td (across ) Tj ET Q q 0 0 0 rg BT 490.04 392.57 Td (Legg ) Tj ET Q q 0 0 0 rg BT 515.77 392.57 Td (Mason ) Tj ET Q q 0 0 0 rg BT 548.50 392.57 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 382.07 Td (combining ) Tj ET Q q 0 0 0 rg BT 227.54 382.07 Td (ef) Tj ET Q q 0 0 0 rg BT 235.51 382.07 Td (forts, ) Tj ET Q q 0 0 0 rg BT 260.00 382.07 Td (outsourcing ) Tj ET Q q 0 0 0 rg BT 312.21 382.07 Td (or ) Tj ET Q q 0 0 0 rg BT 323.58 382.07 Td (working ) Tj ET Q q 0 0 0 rg BT 361.20 382.07 Td (dif) Tj ET Q q 0 0 0 rg BT 372.67 382.07 Td (ferently ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.50 363.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 363.07 Td (Distribution) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 363.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 363.07 Td (Continue to maintain and enhance our top tier distribution function with the capability to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 352.57 Td (of) Tj ET Q q 0 0 0 rg BT 188.65 352.57 Td (fer solutions to relevant investment challenges and grow market share worldwide) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 337.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 337.07 Td (Develop ) Tj ET Q q 0 0 0 rg BT 218.20 337.07 Td (alternative ) Tj ET Q q 0 0 0 rg BT 265.13 337.07 Td (and ) Tj ET Q q 0 0 0 rg BT 282.92 337.07 Td (innovative ) Tj ET Q q 0 0 0 rg BT 329.87 337.07 Td (distribution ) Tj ET Q q 0 0 0 rg BT 380.91 337.07 Td (approaches ) Tj ET Q q 0 0 0 rg BT 430.76 337.07 Td (for ) Tj ET Q q 0 0 0 rg BT 445.63 337.07 Td (expanded ) Tj ET Q q 0 0 0 rg BT 488.49 337.07 Td (client ) Tj ET Q q 0 0 0 rg BT 514.44 337.07 Td (access) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.50 318.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 318.07 Td (Productivity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 318.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 318.07 Td (Implement ) Tj ET Q q 0 0 0 rg BT 228.11 318.07 Td (our ) Tj ET Q q 0 0 0 rg BT 244.73 318.07 Td (strategic ) Tj ET Q q 0 0 0 rg BT 282.93 318.07 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 339.20 318.07 Td (plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.50 304.24 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 304.07 Td (Continue ) Tj ET Q q 0 0 0 rg BT 220.29 304.07 Td (to ) Tj ET Q q 0 0 0 rg BT 230.25 304.07 Td (develop ) Tj ET Q q 0 0 0 rg BT 265.28 304.07 Td (and ) Tj ET Q q 0 0 0 rg BT 282.23 304.07 Td (execute ) Tj ET Q q 0 0 0 rg BT 316.08 304.07 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.87 304.07 Td (our ) Tj ET Q q 0 0 0 rg BT 354.66 304.07 Td (diversity ) Tj ET Q q 0 0 0 rg BT 393.19 304.07 Td (and ) Tj ET Q q 0 0 0 rg BT 410.14 304.07 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 450.43 304.07 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 488.38 304.07 Td (develop ) Tj ET Q q 0 0 0 rg BT 523.41 304.07 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 293.57 Td (unit ) Tj ET Q q 0 0 0 rg BT 198.75 293.57 Td (strategies ) Tj ET Q q 0 0 0 rg BT 240.82 293.57 Td (to ) Tj ET Q q 0 0 0 rg BT 251.41 293.57 Td (support ) Tj ET Q q 0 0 0 rg BT 285.33 293.57 Td (the ) Tj ET Q q 0 0 0 rg BT 300.57 293.57 Td (future ) Tj ET Q q 0 0 0 rg BT 328.06 293.57 Td (state ) Tj ET Q q 0 0 0 rg BT 349.72 293.57 Td (of ) Tj ET Q q 0 0 0 rg BT 360.89 293.57 Td (work; ) Tj ET Q q 0 0 0 rg BT 387.80 293.57 Td (drive ) Tj ET Q q 0 0 0 rg BT 411.79 293.57 Td (digital ) Tj ET Q q 0 0 0 rg BT 441.04 293.57 Td (transformation ) Tj ET Q q 0 0 0 rg BT 505.27 293.57 Td (and ) Tj ET Q q 0 0 0 rg BT 522.85 293.57 Td (continue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.00 283.07 Td (to ) Tj ET Q q 0 0 0 rg BT 190.79 283.07 Td (develop ) Tj ET Q q 0 0 0 rg BT 226.66 283.07 Td (the ) Tj ET Q q 0 0 0 rg BT 242.11 283.07 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 286.13 283.07 Td (data ) Tj ET Q q 0 0 0 rg BT 306.24 283.07 Td (management ) Tj ET Q q 0 0 0 rg BT 362.51 283.07 Td (program) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 253.15 Td (When ) Tj ET Q q 0 0 0 rg BT 78.09 253.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 124.85 253.15 Td (our ) Tj ET Q q 0 0 0 rg BT 141.87 253.15 Td (progress ) Tj ET Q q 0 0 0 rg BT 180.47 253.15 Td (on ) Tj ET Q q 0 0 0 rg BT 194.00 253.15 Td (these ) Tj ET Q q 0 0 0 rg BT 218.59 253.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 257.19 253.15 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 300.74 253.15 Td (and ) Tj ET Q q 0 0 0 rg BT 318.93 253.15 Td (considering ) Tj ET Q q 0 0 0 rg BT 370.94 253.15 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 415.38 253.15 Td (to ) Tj ET Q q 0 0 0 rg BT 426.57 253.15 Td (support ) Tj ET Q q 0 0 0 rg BT 461.09 253.15 Td (them, ) Tj ET Q q 0 0 0 rg BT 487.74 253.15 Td (we ) Tj ET Q q 0 0 0 rg BT 503.00 253.15 Td (prioritize ) Tj ET Q q 0 0 0 rg BT 544.51 253.15 Td (four ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 240.55 Td (key ) Tj ET Q q 0 0 0 rg BT 67.79 240.55 Td (drivers ) Tj ET Q q 0 0 0 rg BT 99.57 240.55 Td (of ) Tj ET Q q 0 0 0 rg BT 110.94 240.55 Td (value ) Tj ET Q q 0 0 0 rg BT 136.30 240.55 Td (creation:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.00 227.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 227.95 Td (leveraging our centralized retail distribution to drive growth;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.00 215.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 215.35 Td (capitalizing on our investments to provide investors with greater choice;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.00 202.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 202.75 Td (more ef) Tj ET Q q 0 0 0 rg BT 118.17 202.75 Td (fectively controlling our costs to improve profitability; and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 68.00 190.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.00 190.15 Td (thoughtfully managing our balance sheet and capital allocation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 164.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.01 164.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 107.26 164.95 Td (priorities ) Tj ET Q q 0 0 0 rg BT 147.85 164.95 Td (and ) Tj ET Q q 0 0 0 rg BT 165.69 164.95 Td (key ) Tj ET Q q 0 0 0 rg BT 183.54 164.95 Td (drivers ) Tj ET Q q 0 0 0 rg BT 215.38 164.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 258.31 164.95 Td (above ) Tj ET Q q 0 0 0 rg BT 286.06 164.95 Td (are ) Tj ET Q q 0 0 0 rg BT 301.56 164.95 Td (designed ) Tj ET Q q 0 0 0 rg BT 341.57 164.95 Td (to ) Tj ET Q q 0 0 0 rg BT 352.42 164.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 389.50 164.95 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 441.16 164.95 Td (value ) Tj ET Q q 0 0 0 rg BT 466.58 164.95 Td (through ) Tj ET Q q 0 0 0 rg BT 501.93 164.95 Td (improvements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 152.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.61 152.35 Td (our ) Tj ET Q q 0 0 0 rg BT 77.06 152.35 Td (net ) Tj ET Q q 0 0 0 rg BT 92.33 152.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 120.73 152.35 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 161.38 152.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 182.48 152.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 210.34 152.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 237.29 152.35 Td (and ) Tj ET Q q 0 0 0 rg BT 254.90 152.35 Td (other ) Tj ET Q q 0 0 0 rg BT 278.92 152.35 Td (key ) Tj ET Q q 0 0 0 rg BT 296.53 152.35 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 332.50 152.35 Td (including ) Tj ET Q q 0 0 0 rg BT 374.61 152.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 416.71 152.35 Td (mar) Tj ET Q q 0 0 0 rg BT 432.85 152.35 Td (gin, ) Tj ET Q q 0 0 0 rg BT 451.33 152.35 Td (which ) Tj ET Q q 0 0 0 rg BT 479.44 152.35 Td (are ) Tj ET Q q 0 0 0 rg BT 494.71 152.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 537.40 152.35 Td (in ) Tj ET Q q 0 0 0 rg BT 548.01 152.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 139.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 81.01 139.75 Td (results ) Tj ET Q q 0 0 0 rg BT 111.45 139.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 158.23 139.75 Td (below) Tj ET Q q 0 0 0 rg BT 183.21 139.75 Td (. ) Tj ET Q q 0 0 0 rg BT 188.86 139.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.66 139.75 Td (The ) Tj ET Q q 0 0 0 rg BT 211.01 139.75 Td (pending ) Tj ET Q q 0 0 0 rg BT 247.86 139.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 265.17 139.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 281.60 139.75 Td (with ) Tj ET Q q 0 0 0 rg BT 303.29 139.75 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 341.67 139.75 Td (T) Tj ET Q q 0 0 0 rg BT 347.36 139.75 Td (empleton ) Tj ET Q q 0 0 0 rg BT 389.45 139.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 423.37 139.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.39 139.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 472.57 139.75 Td (priority ) Tj ET Q q 0 0 0 rg BT 507.09 139.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.86 139.75 Td (increasing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 127.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 101.60 127.15 Td (value.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (40) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 91.13 741.90 Td (Restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (During ) Tj ET Q q 0 0 0 rg BT 82.15 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 97.37 729.30 Td (fourth ) Tj ET Q q 0 0 0 rg BT 125.43 729.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 157.56 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 168.70 729.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 193.84 729.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 219.86 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 234.51 729.30 Td (initiated ) Tj ET Q q 0 0 0 rg BT 271.31 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 278.37 729.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 316.34 729.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 372.38 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 382.95 729.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 413.33 729.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 439.35 729.30 Td (which ) Tj ET Q q 0 0 0 rg BT 467.41 729.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 504.80 729.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 546.84 729.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 101.50 716.70 Td (functions, ) Tj ET Q q 0 0 0 rg BT 146.28 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 158.10 716.70 Td (well ) Tj ET Q q 0 0 0 rg BT 179.26 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 191.08 716.70 Td (ef) Tj ET Q q 0 0 0 rg BT 199.05 716.70 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 235.94 716.70 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 280.43 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 291.09 716.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 322.73 716.70 Td (smaller ) Tj ET Q q 0 0 0 rg BT 356.72 716.70 Td (af) Tj ET Q q 0 0 0 rg BT 364.68 716.70 Td (filiates ) Tj ET Q q 0 0 0 rg BT 396.33 716.70 Td (that ) Tj ET Q q 0 0 0 rg BT 415.16 716.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 449.13 716.70 Td (outside ) Tj ET Q q 0 0 0 rg BT 482.54 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 494.37 716.70 Td (revenue-sharing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 111.23 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.13 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 122.20 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 128.91 704.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 158.35 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.57 704.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 192.19 704.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 235.04 704.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 272.66 704.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 328.35 704.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 351.40 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.61 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.49 704.10 Td (range ) Tj ET Q q 0 0 0 rg BT 401.85 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.65 704.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 435.69 704.10 Td (million ) Tj ET Q q 0 0 0 rg BT 468.08 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.29 704.10 Td ($105 ) Tj ET Q q 0 0 0 rg BT 501.34 704.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 536.35 704.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (will ) Tj ET Q q 0 0 0 rg BT 68.59 691.50 Td (be ) Tj ET Q q 0 0 0 rg BT 80.75 691.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 117.98 691.50 Td (through ) Tj ET Q q 0 0 0 rg BT 152.90 691.50 Td (March ) Tj ET Q q 0 0 0 rg BT 182.55 691.50 Td (2021. ) Tj ET Q q 0 0 0 rg BT 208.43 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 210.52 691.50 Td (W) Tj ET Q q 0 0 0 rg BT 219.59 691.50 Td (e ) Tj ET Q q 0 0 0 rg BT 226.50 691.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 256.15 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 271.23 691.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 309.04 691.50 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 364.95 691.50 Td (will ) Tj ET Q q 0 0 0 rg BT 383.53 691.50 Td (result ) Tj ET Q q 0 0 0 rg BT 409.11 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 419.53 691.50 Td (future ) Tj ET Q q 0 0 0 rg BT 446.85 691.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 477.09 691.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 496.26 691.50 Td (savings ) Tj ET Q q 0 0 0 rg BT 530.01 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 541.01 691.50 Td ($100 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (million ) Tj ET Q q 0 0 0 rg BT 83.27 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 94.94 678.90 Td (more, ) Tj ET Q q 0 0 0 rg BT 122.07 678.90 Td (achieved ) Tj ET Q q 0 0 0 rg BT 162.31 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 175.74 678.90 Td (an ) Tj ET Q q 0 0 0 rg BT 188.58 678.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 219.49 678.90 Td (run ) Tj ET Q q 0 0 0 rg BT 236.42 678.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.08 678.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 279.01 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 292.44 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.20 678.90 Td (end ) Tj ET Q q 0 0 0 rg BT 326.29 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 337.96 678.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 363.63 678.90 Td (2021. ) Tj ET Q q 0 0 0 rg BT 390.19 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 393.11 678.90 Td (During ) Tj ET Q q 0 0 0 rg BT 425.79 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 441.55 678.90 Td (years ) Tj ET Q q 0 0 0 rg BT 466.63 678.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 494.63 678.90 Td (March ) Tj ET Q q 0 0 0 rg BT 524.96 678.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 541.02 678.90 Td (2020 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.97 666.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 94.41 666.30 Td (we ) Tj ET Q q 0 0 0 rg BT 109.47 666.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 147.26 666.30 Td ($71.0 ) Tj ET Q q 0 0 0 rg BT 173.70 666.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 209.47 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 221.03 666.30 Td ($0.57 ) Tj ET Q q 0 0 0 rg BT 247.47 666.30 Td (per ) Tj ET Q q 0 0 0 rg BT 263.69 666.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 295.66 666.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 323.25 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 341.22 666.30 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 362.41 666.30 Td (million ) Tj ET Q q 0 0 0 rg BT 395.56 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 407.12 666.30 Td ($0.08 ) Tj ET Q q 0 0 0 rg BT 433.56 666.30 Td (per ) Tj ET Q q 0 0 0 rg BT 449.78 666.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 481.75 666.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 509.34 666.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.39 666.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 62.00 653.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 86.26 653.70 Td (related ) Tj ET Q q 0 0 0 rg BT 118.07 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 129.50 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 145.58 653.70 Td (strategic ) Tj ET Q q 0 0 0 rg BT 184.40 653.70 Td (restructuring. ) Tj ET Q q 0 0 0 rg BT 243.93 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 247.18 653.70 Td (See ) Tj ET Q q 0 0 0 rg BT 265.60 653.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.27 653.70 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.77 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 303.02 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 315.02 653.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 342.77 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 354.19 653.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 412.86 653.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 455.19 653.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 504.52 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 520.02 653.70 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 105.12 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.84 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.91 641.10 Td (e ) Tj ET Q q 0 0 0 rg BT 124.49 641.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 164.73 641.10 Td ($68 ) Tj ET Q q 0 0 0 rg BT 183.40 641.10 Td (million ) Tj ET Q q 0 0 0 rg BT 216.66 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.34 641.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 262.76 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 286.10 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.85 641.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 340.34 641.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 396.92 641.10 Td (during ) Tj ET Q q 0 0 0 rg BT 427.26 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.01 641.10 Td (year ) Tj ET Q q 0 0 0 rg BT 464.00 641.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 492.00 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 522.33 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.38 641.10 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 64.90 628.50 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 114.20 628.50 Td (achieved ) Tj ET Q q 0 0 0 rg BT 154.17 628.50 Td (savings ) Tj ET Q q 0 0 0 rg BT 188.32 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 199.72 628.50 Td ($72 ) Tj ET Q q 0 0 0 rg BT 218.12 628.50 Td (million ) Tj ET Q q 0 0 0 rg BT 251.11 628.50 Td (since ) Tj ET Q q 0 0 0 rg BT 275.34 628.50 Td (January ) Tj ET Q q 0 0 0 rg BT 310.65 628.50 Td (1, ) Tj ET Q q 0 0 0 rg BT 321.18 628.50 Td (2019. ) Tj ET Q q 0 0 0 rg BT 347.46 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 349.92 628.50 Td (W) Tj ET Q q 0 0 0 rg BT 358.99 628.50 Td (e ) Tj ET Q q 0 0 0 rg BT 366.30 628.50 Td (do ) Tj ET Q q 0 0 0 rg BT 379.46 628.50 Td (not ) Tj ET Q q 0 0 0 rg BT 395.53 628.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 425.58 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 441.06 628.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 458.36 628.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 474.42 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 485.25 628.50 Td (have ) Tj ET Q q 0 0 0 rg BT 507.72 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 520.28 628.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 551.51 628.50 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 65.45 615.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 89.08 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 100.45 615.90 Td (savings ) Tj ET Q q 0 0 0 rg BT 134.58 615.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 180.35 615.90 Td (with ) Tj ET Q q 0 0 0 rg BT 201.65 615.90 Td (our ) Tj ET Q q 0 0 0 rg BT 218.27 615.90 Td (strategic ) Tj ET Q q 0 0 0 rg BT 256.46 615.90 Td (restructuring.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (In ) Tj ET Q q 0 0 0 rg BT 61.52 590.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.34 590.70 Td (during ) Tj ET Q q 0 0 0 rg BT 131.53 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 147.13 590.70 Td (year ) Tj ET Q q 0 0 0 rg BT 167.98 590.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 195.82 590.70 Td (March ) Tj ET Q q 0 0 0 rg BT 226.00 590.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.91 590.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 268.31 590.70 Td (we ) Tj ET Q q 0 0 0 rg BT 283.33 590.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 321.09 590.70 Td ($19.5 ) Tj ET Q q 0 0 0 rg BT 347.49 590.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 383.23 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 394.75 590.70 Td ($0.16 ) Tj ET Q q 0 0 0 rg BT 421.15 590.70 Td (per ) Tj ET Q q 0 0 0 rg BT 437.33 590.70 Td (diluted ) Tj ET Q q 0 0 0 rg BT 469.27 590.70 Td (share, ) Tj ET Q q 0 0 0 rg BT 496.83 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 508.35 590.70 Td (restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.58 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 88.41 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 112.57 578.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 154.79 578.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 190.91 578.10 Td (including ) Tj ET Q q 0 0 0 rg BT 233.15 578.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 256.73 578.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 302.47 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.72 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.13 578.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 375.54 578.10 Td (mer) Tj ET Q q 0 0 0 rg BT 391.67 578.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 407.66 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 428.92 578.10 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 466.89 578.10 Td (T) Tj ET Q q 0 0 0 rg BT 472.57 578.10 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 516.86 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.60 578.10 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.16 565.50 Td (year ) Tj ET Q q 0 0 0 rg BT 85.56 565.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 112.96 565.50 Td (March ) Tj ET Q q 0 0 0 rg BT 142.70 565.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 158.15 565.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 184.11 565.50 Td (we ) Tj ET Q q 0 0 0 rg BT 198.69 565.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 236.00 565.50 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 261.96 565.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 297.25 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 308.33 565.50 Td ($0.12 ) Tj ET Q q 0 0 0 rg BT 334.28 565.50 Td (per ) Tj ET Q q 0 0 0 rg BT 350.02 565.50 Td (diluted ) Tj ET Q q 0 0 0 rg BT 381.52 565.50 Td (share, ) Tj ET Q q 0 0 0 rg BT 408.63 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 419.71 565.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 443.04 565.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 488.52 565.50 Td (with ) Tj ET Q q 0 0 0 rg BT 509.52 565.50 Td (our ) Tj ET Q q 0 0 0 rg BT 525.85 565.50 Td (previous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 93.57 552.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 151.14 552.90 Td (plans. ) Tj ET Q q 0 0 0 rg BT 179.86 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 183.50 552.90 Td (W) Tj ET Q q 0 0 0 rg BT 192.57 552.90 Td (e ) Tj ET Q q 0 0 0 rg BT 201.16 552.90 Td (do ) Tj ET Q q 0 0 0 rg BT 215.58 552.90 Td (not ) Tj ET Q q 0 0 0 rg BT 232.93 552.90 Td (attribute ) Tj ET Q q 0 0 0 rg BT 271.84 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 284.51 552.90 Td (include ) Tj ET Q q 0 0 0 rg BT 319.35 552.90 Td (these ) Tj ET Q q 0 0 0 rg BT 344.85 552.90 Td (other ) Tj ET Q q 0 0 0 rg BT 370.35 552.90 Td (corporate ) Tj ET Q q 0 0 0 rg BT 413.92 552.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 471.49 552.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 496.42 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 508.51 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 526.43 552.90 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (restructuring.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 70.07 515.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.65 515.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 162.15 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.05 515.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 218.63 515.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 258.53 515.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 304.27 515.10 Td (information ) Tj ET Q q 0 0 0 rg BT 357.59 515.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 401.57 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.31 515.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 459.78 515.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 503.19 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.10 515.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.26 515.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (operations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 477.90 Td (BUSINESS ENVIRONMENT) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 465.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.79 465.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 96.00 465.30 Td (year ) Tj ET Q q 0 0 0 rg BT 117.54 465.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.08 465.30 Td (March ) Tj ET Q q 0 0 0 rg BT 176.96 465.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 193.55 465.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 218.02 465.30 Td (was ) Tj ET Q q 0 0 0 rg BT 237.82 465.30 Td (extremely ) Tj ET Q q 0 0 0 rg BT 283.27 465.30 Td (volatile ) Tj ET Q q 0 0 0 rg BT 318.23 465.30 Td (for ) Tj ET Q q 0 0 0 rg BT 333.94 465.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 356.09 465.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 385.80 465.30 Td (markets. ) Tj ET Q q 0 0 0 rg BT 425.14 465.30 Td ( ) Tj ET Q q 0 0 0 rg BT 428.61 465.30 Td (Strong ) Tj ET Q q 0 0 0 rg BT 460.08 465.30 Td (returns ) Tj ET Q q 0 0 0 rg BT 492.71 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 504.34 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 520.64 465.30 Td (first ) Tj ET Q q 0 0 0 rg BT 541.03 465.30 Td (three ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.70 Td (quarters ) Tj ET Q q 0 0 0 rg BT 86.19 452.70 Td (of ) Tj ET Q q 0 0 0 rg BT 97.31 452.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 122.43 452.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 145.80 452.70 Td (were ) Tj ET Q q 0 0 0 rg BT 168.58 452.70 Td (more ) Tj ET Q q 0 0 0 rg BT 192.53 452.70 Td (than ) Tj ET Q q 0 0 0 rg BT 212.98 452.70 Td (of) Tj ET Q q 0 0 0 rg BT 221.54 452.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 239.08 452.70 Td (by ) Tj ET Q q 0 0 0 rg BT 251.95 452.70 Td (an ) Tj ET Q q 0 0 0 rg BT 264.24 452.70 Td (extreme ) Tj ET Q q 0 0 0 rg BT 300.43 452.70 Td (downturn ) Tj ET Q q 0 0 0 rg BT 343.05 452.70 Td (in ) Tj ET Q q 0 0 0 rg BT 353.59 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 368.79 452.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 396.83 452.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 421.94 452.70 Td (quarter) Tj ET Q q 0 0 0 rg BT 451.25 452.70 Td (, ) Tj ET Q q 0 0 0 rg BT 456.25 452.70 Td (due ) Tj ET Q q 0 0 0 rg BT 473.79 452.70 Td (to ) Tj ET Q q 0 0 0 rg BT 484.33 452.70 Td (the ) Tj ET Q q 0 0 0 rg BT 499.54 452.70 Td (rapid ) Tj ET Q q 0 0 0 rg BT 523.49 452.70 Td (spread ) Tj ET Q q 0 0 0 rg BT 553.26 452.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 99.58 440.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 131.08 440.10 Td (was ) Tj ET Q q 0 0 0 rg BT 149.75 440.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 184.74 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.74 440.10 Td (global ) Tj ET Q q 0 0 0 rg BT 220.33 440.10 Td (pandemic\), ) Tj ET Q q 0 0 0 rg BT 269.60 440.10 Td (widespread ) Tj ET Q q 0 0 0 rg BT 319.76 440.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 362.91 440.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 399.66 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.16 440.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 460.90 440.10 Td (global ) Tj ET Q q 0 0 0 rg BT 489.49 440.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 536.04 440.10 Td (. ) Tj ET Q q 0 0 0 rg BT 541.00 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.34 440.10 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 427.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.91 427.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 114.82 427.50 Td (suf) Tj ET Q q 0 0 0 rg BT 127.46 427.50 Td (fered ) Tj ET Q q 0 0 0 rg BT 151.70 427.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 198.69 427.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 226.44 427.50 Td (despite ) Tj ET Q q 0 0 0 rg BT 258.85 427.50 Td (unprecedented ) Tj ET Q q 0 0 0 rg BT 322.74 427.50 Td (legislative ) Tj ET Q q 0 0 0 rg BT 368.56 427.50 Td (support ) Tj ET Q q 0 0 0 rg BT 402.73 427.50 Td (from ) Tj ET Q q 0 0 0 rg BT 425.81 427.50 Td (the ) Tj ET Q q 0 0 0 rg BT 441.30 427.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 462.64 427.50 Td (government ) Tj ET Q q 0 0 0 rg BT 515.46 427.50 Td (in ) Tj ET Q q 0 0 0 rg BT 526.30 427.50 Td (an ) Tj ET Q q 0 0 0 rg BT 538.88 427.50 Td (ef) Tj ET Q q 0 0 0 rg BT 546.84 427.50 Td (fort ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 414.90 Td (secure ) Tj ET Q q 0 0 0 rg BT 90.23 414.90 Td (and ) Tj ET Q q 0 0 0 rg BT 108.02 414.90 Td (stimulate ) Tj ET Q q 0 0 0 rg BT 149.14 414.90 Td (the ) Tj ET Q q 0 0 0 rg BT 164.59 414.90 Td (economy) Tj ET Q q 0 0 0 rg BT 202.40 414.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.70 Td (After ) Tj ET Q q 0 0 0 rg BT 75.54 389.70 Td (strong ) Tj ET Q q 0 0 0 rg BT 105.19 389.70 Td (returns ) Tj ET Q q 0 0 0 rg BT 137.73 389.70 Td (in ) Tj ET Q q 0 0 0 rg BT 149.29 389.70 Td (the ) Tj ET Q q 0 0 0 rg BT 165.51 389.70 Td (first ) Tj ET Q q 0 0 0 rg BT 185.81 389.70 Td (three ) Tj ET Q q 0 0 0 rg BT 210.19 389.70 Td (quarters ) Tj ET Q q 0 0 0 rg BT 247.40 389.70 Td (of ) Tj ET Q q 0 0 0 rg BT 259.53 389.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 285.66 389.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 312.68 389.70 Td (both ) Tj ET Q q 0 0 0 rg BT 334.74 389.70 Td (developed ) Tj ET Q q 0 0 0 rg BT 381.28 389.70 Td (and ) Tj ET Q q 0 0 0 rg BT 399.83 389.70 Td (emer) Tj ET Q q 0 0 0 rg BT 420.62 389.70 Td (ging ) Tj ET Q q 0 0 0 rg BT 442.68 389.70 Td (international ) Tj ET Q q 0 0 0 rg BT 499.14 389.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.77 389.70 Td (markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 87.56 377.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 142.04 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.20 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.02 377.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 194.67 377.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 219.40 377.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 251.12 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.28 377.10 Td (response ) Tj ET Q q 0 0 0 rg BT 300.01 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.17 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.99 377.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 374.22 377.10 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 419.66 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.65 377.10 Td (Strong ) Tj ET Q q 0 0 0 rg BT 451.64 377.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 486.87 377.10 Td (for ) Tj ET Q q 0 0 0 rg BT 501.11 377.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 521.77 377.10 Td (treasuries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 364.50 Td (and ) Tj ET Q q 0 0 0 rg BT 68.40 364.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 90.29 364.50 Td (negatively ) Tj ET Q q 0 0 0 rg BT 137.27 364.50 Td (impacted ) Tj ET Q q 0 0 0 rg BT 178.99 364.50 Td (emer) Tj ET Q q 0 0 0 rg BT 199.78 364.50 Td (ging ) Tj ET Q q 0 0 0 rg BT 221.69 364.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 251.17 364.50 Td (markets. ) Tj ET Q q 0 0 0 rg BT 290.27 364.50 Td (In ) Tj ET Q q 0 0 0 rg BT 302.26 364.50 Td (Europe ) Tj ET Q q 0 0 0 rg BT 335.82 364.50 Td (and ) Tj ET Q q 0 0 0 rg BT 354.22 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 370.28 364.50 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 396.56 364.50 Td (governments ) Tj ET Q q 0 0 0 rg BT 454.04 364.50 Td (initiated ) Tj ET Q q 0 0 0 rg BT 491.69 364.50 Td (historic ) Tj ET Q q 0 0 0 rg BT 526.42 364.50 Td (stimulus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.90 Td (spending ) Tj ET Q q 0 0 0 rg BT 91.88 351.90 Td (in ) Tj ET Q q 0 0 0 rg BT 104.02 351.90 Td (an ) Tj ET Q q 0 0 0 rg BT 117.89 351.90 Td (ef) Tj ET Q q 0 0 0 rg BT 125.86 351.90 Td (fort ) Tj ET Q q 0 0 0 rg BT 144.99 351.90 Td (to ) Tj ET Q q 0 0 0 rg BT 157.13 351.90 Td (instill ) Tj ET Q q 0 0 0 rg BT 185.02 351.90 Td (consumer ) Tj ET Q q 0 0 0 rg BT 229.81 351.90 Td (confidence ) Tj ET Q q 0 0 0 rg BT 279.83 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 298.96 351.90 Td (combat ) Tj ET Q q 0 0 0 rg BT 333.83 351.90 Td (the ) Tj ET Q q 0 0 0 rg BT 350.63 351.90 Td (negative ) Tj ET Q q 0 0 0 rg BT 390.16 351.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 434.94 351.90 Td (ef) Tj ET Q q 0 0 0 rg BT 442.91 351.90 Td (fects ) Tj ET Q q 0 0 0 rg BT 466.70 351.90 Td (of ) Tj ET Q q 0 0 0 rg BT 479.42 351.90 Td (travel ) Tj ET Q q 0 0 0 rg BT 507.29 351.90 Td (and ) Tj ET Q q 0 0 0 rg BT 526.41 351.90 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.30 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 101.40 339.30 Td ( ) Tj ET Q q 0 0 0 rg BT 103.05 339.30 Td (All ) Tj ET Q q 0 0 0 rg BT 118.58 339.30 Td (sectors ) Tj ET Q q 0 0 0 rg BT 149.86 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 160.14 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 175.08 339.30 Td (Emer) Tj ET Q q 0 0 0 rg BT 197.63 339.30 Td (ging ) Tj ET Q q 0 0 0 rg BT 218.42 339.30 Td (Markets ) Tj ET Q q 0 0 0 rg BT 254.94 339.30 Td (Index ) Tj ET Q q 0 0 0 rg BT 280.97 339.30 Td (suf) Tj ET Q q 0 0 0 rg BT 293.61 339.30 Td (fered ) Tj ET Q q 0 0 0 rg BT 317.29 339.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 344.49 339.30 Td (with ) Tj ET Q q 0 0 0 rg BT 365.28 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 380.22 339.30 Td (ener) Tj ET Q q 0 0 0 rg BT 398.10 339.30 Td (gy ) Tj ET Q q 0 0 0 rg BT 410.72 339.30 Td (sector ) Tj ET Q q 0 0 0 rg BT 437.90 339.30 Td (seeing ) Tj ET Q q 0 0 0 rg BT 466.85 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 481.79 339.30 Td (lar) Tj ET Q q 0 0 0 rg BT 492.68 339.30 Td (gest ) Tj ET Q q 0 0 0 rg BT 511.71 339.30 Td (drop ) Tj ET Q q 0 0 0 rg BT 533.07 339.30 Td (at ) Tj ET Q q 0 0 0 rg BT 542.76 339.30 Td (40% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.70 Td (amid ) Tj ET Q q 0 0 0 rg BT 73.62 326.70 Td (plunging ) Tj ET Q q 0 0 0 rg BT 113.58 326.70 Td (oil ) Tj ET Q q 0 0 0 rg BT 127.29 326.70 Td (prices. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 82.05 301.50 Td (bond ) Tj ET Q q 0 0 0 rg BT 106.51 301.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 143.22 301.50 Td (also ) Tj ET Q q 0 0 0 rg BT 163.60 301.50 Td (saw ) Tj ET Q q 0 0 0 rg BT 183.40 301.50 Td (steep ) Tj ET Q q 0 0 0 rg BT 208.44 301.50 Td (declines ) Tj ET Q q 0 0 0 rg BT 246.31 301.50 Td (in ) Tj ET Q q 0 0 0 rg BT 257.95 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 274.24 301.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 303.37 301.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 336.57 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 348.78 301.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 374.99 301.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 402.08 301.50 Td (with ) Tj ET Q q 0 0 0 rg BT 424.22 301.50 Td (the ) Tj ET Q q 0 0 0 rg BT 440.51 301.50 Td (exception ) Tj ET Q q 0 0 0 rg BT 484.80 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 497.01 301.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 519.15 301.50 Td (treasuries. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.90 Td (Demand ) Tj ET Q q 0 0 0 rg BT 87.74 288.90 Td (for ) Tj ET Q q 0 0 0 rg BT 102.15 288.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 145.72 288.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 166.56 288.90 Td (treasuries ) Tj ET Q q 0 0 0 rg BT 208.96 288.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 250.77 288.90 Td (amid ) Tj ET Q q 0 0 0 rg BT 273.94 288.90 Td (the ) Tj ET Q q 0 0 0 rg BT 288.93 288.90 Td (global ) Tj ET Q q 0 0 0 rg BT 317.35 288.90 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 360.33 288.90 Td (as ) Tj ET Q q 0 0 0 rg BT 371.25 288.90 Td (investors ) Tj ET Q q 0 0 0 rg BT 411.33 288.90 Td (sought ) Tj ET Q q 0 0 0 rg BT 441.50 288.90 Td (traditionally ) Tj ET Q q 0 0 0 rg BT 494.99 288.90 Td (safer ) Tj ET Q q 0 0 0 rg BT 517.56 288.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 546.85 288.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 276.30 Td (as ) Tj ET Q q 0 0 0 rg BT 61.33 276.30 Td (a ) Tj ET Q q 0 0 0 rg BT 68.57 276.30 Td (result ) Tj ET Q q 0 0 0 rg BT 94.48 276.30 Td (the ) Tj ET Q q 0 0 0 rg BT 109.89 276.30 Td (10-year ) Tj ET Q q 0 0 0 rg BT 144.54 276.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 165.80 276.30 Td (treasury ) Tj ET Q q 0 0 0 rg BT 202.20 276.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 225.78 276.30 Td (fell ) Tj ET Q q 0 0 0 rg BT 242.35 276.30 Td (to ) Tj ET Q q 0 0 0 rg BT 253.10 276.30 Td (record ) Tj ET Q q 0 0 0 rg BT 282.50 276.30 Td (lows. ) Tj ET Q q 0 0 0 rg BT 307.54 276.30 Td ( ) Tj ET Q q 0 0 0 rg BT 310.12 276.30 Td (Investment-grade ) Tj ET Q q 0 0 0 rg BT 386.18 276.30 Td (and ) Tj ET Q q 0 0 0 rg BT 403.92 276.30 Td (high ) Tj ET Q q 0 0 0 rg BT 425.17 276.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 448.75 276.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 490.97 276.30 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 521.27 276.30 Td (as ) Tj ET Q q 0 0 0 rg BT 532.60 276.30 Td (well ) Tj ET Q q 0 0 0 rg BT 553.26 276.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.70 Td (municipal ) Tj ET Q q 0 0 0 rg BT 94.62 263.70 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 124.95 263.70 Td (also ) Tj ET Q q 0 0 0 rg BT 144.49 263.70 Td (suf) Tj ET Q q 0 0 0 rg BT 157.14 263.70 Td (fered ) Tj ET Q q 0 0 0 rg BT 181.33 263.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 209.04 263.70 Td (due ) Tj ET Q q 0 0 0 rg BT 226.82 263.70 Td (to ) Tj ET Q q 0 0 0 rg BT 237.62 263.70 Td (the ) Tj ET Q q 0 0 0 rg BT 253.07 263.70 Td (risk-adverse ) Tj ET Q q 0 0 0 rg BT 307.01 263.70 Td (environment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 238.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.04 238.50 Td (Federal ) Tj ET Q q 0 0 0 rg BT 103.24 238.50 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 139.77 238.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 168.14 238.50 Td (decreased ) Tj ET Q q 0 0 0 rg BT 212.24 238.50 Td (the ) Tj ET Q q 0 0 0 rg BT 227.78 238.50 Td (tar) Tj ET Q q 0 0 0 rg BT 238.67 238.50 Td (get ) Tj ET Q q 0 0 0 rg BT 254.21 238.50 Td (federal ) Tj ET Q q 0 0 0 rg BT 286.07 238.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 312.11 238.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 330.56 238.50 Td (five ) Tj ET Q q 0 0 0 rg BT 349.60 238.50 Td (times ) Tj ET Q q 0 0 0 rg BT 375.06 238.50 Td (during ) Tj ET Q q 0 0 0 rg BT 405.19 238.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.73 238.50 Td (year ) Tj ET Q q 0 0 0 rg BT 441.51 238.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 469.30 238.50 Td (March ) Tj ET Q q 0 0 0 rg BT 499.42 238.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.25 238.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 541.59 238.50 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.90 Td (2.50% ) Tj ET Q q 0 0 0 rg BT 79.25 225.90 Td (to ) Tj ET Q q 0 0 0 rg BT 89.55 225.90 Td (0.25%, ) Tj ET Q q 0 0 0 rg BT 121.43 225.90 Td (with ) Tj ET Q q 0 0 0 rg BT 142.23 225.90 Td (the ) Tj ET Q q 0 0 0 rg BT 157.19 225.90 Td (most ) Tj ET Q q 0 0 0 rg BT 179.74 225.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 226.20 225.90 Td (reductions ) Tj ET Q q 0 0 0 rg BT 272.07 225.90 Td (made ) Tj ET Q q 0 0 0 rg BT 296.94 225.90 Td (in ) Tj ET Q q 0 0 0 rg BT 307.24 225.90 Td (March ) Tj ET Q q 0 0 0 rg BT 336.77 225.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 359.90 225.90 Td (in ) Tj ET Q q 0 0 0 rg BT 370.20 225.90 Td (an ) Tj ET Q q 0 0 0 rg BT 382.24 225.90 Td (ef) Tj ET Q q 0 0 0 rg BT 390.21 225.90 Td (fort ) Tj ET Q q 0 0 0 rg BT 407.50 225.90 Td (to ) Tj ET Q q 0 0 0 rg BT 417.80 225.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 454.33 225.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.19 225.90 Td (market ) Tj ET Q q 0 0 0 rg BT 524.47 225.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 559.38 225.90 Td (. ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 741.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 188.22 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.67 741.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 235.45 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 250.32 741.75 Td (various ) Tj ET Q q 0 0 0 rg BT 283.86 741.75 Td (major ) Tj ET Q q 0 0 0 rg BT 310.97 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 342.75 741.75 Td (indices:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 706.25 m 403.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 706.25 m 407.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 706.25 m 456.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 706.25 m 460.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 706.25 m 509.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 706.25 m 513.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 706.25 m 562.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 692.25 m 403.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 692.25 m 456.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 692.25 m 509.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 706.25 m 562.5 706.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 692.25 m 562.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 692.25 m 456.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 692.25 m 509.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 692.25 m 562.5 692.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 622.25 m 403.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 622.25 m 456.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 622.25 m 509.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 622.25 m 562.5 622.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 711.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.40 721.47 Td (% Change for the year ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.75 710.97 Td (March 31:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 696.47 Td (Indices) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 83.32 701.23 Td (\(1\) ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 421.00 696.64 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 696.47 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.00 696.47 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 682.47 Td (Dow Jones Industrial ) Tj ET Q q 0 0 0 rg BT 144.29 682.47 Td (A) Tj ET Q q 0 0 0 rg BT 151.09 682.47 Td (verage) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 179.07 687.23 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.10 682.64 Td (\(15.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.00 682.64 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.60 682.47 Td (7.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.25 682.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 682.47 Td (16.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 682.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 668.47 Td (S&P) Tj ET Q q 0 0 0 rg BT 72.46 668.47 Td ( 500) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 90.83 673.23 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.35 668.64 Td (\(8.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.00 668.64 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.60 668.47 Td (7.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.25 668.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 668.47 Td (1) Tj ET Q q 0 0 0 rg BT 540.10 668.47 Td (1.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 668.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 654.47 Td (NASDAQ Composite Index) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 171.42 659.23 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.35 654.64 Td (\(0.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.00 654.64 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.60 654.47 Td (9.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.25 654.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 654.47 Td (19.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 654.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 640.47 Td (Barclays Capital U.S. ) Tj ET Q q 0 0 0 rg BT 146.32 640.47 Td (Aggregate Bond Index) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.85 640.64 Td (8.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.50 640.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.60 640.47 Td (4.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.25 640.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 640.47 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 640.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 626.47 Td (Barclays Capital Global ) Tj ET Q q 0 0 0 rg BT 155.94 626.47 Td (Aggregate Bond Index) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.85 626.64 Td (4.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.50 626.64 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.10 626.47 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.75 626.47 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 626.47 Td (7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.25 626.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 613.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 613.15 Td (Indices are trademarks of Dow Jones & Company) Tj ET Q q 0 0 0 rg BT 227.21 613.15 Td (, McGraw-Hill Companies, Inc., Nasdaq Stock Market, Inc., and Barclays Capital, respectively) Tj ET Q q 0 0 0 rg BT 531.27 613.15 Td (, which ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 603.55 Td (are not af) Tj ET Q q 0 0 0 rg BT 98.06 603.55 Td (filiated with Legg Mason.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 593.95 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 593.95 Td (Excludes the impact of the reinvestment of dividends and stock splits.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 571.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 571.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 98.53 571.75 Td (of ) Tj ET Q q 0 0 0 rg BT 109.10 571.75 Td (the ) Tj ET Q q 0 0 0 rg BT 123.74 571.75 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 172.81 571.75 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 215.44 571.75 Td (on ) Tj ET Q q 0 0 0 rg BT 227.76 571.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 248.25 571.75 Td (and ) Tj ET Q q 0 0 0 rg BT 265.23 571.75 Td (international ) Tj ET Q q 0 0 0 rg BT 320.11 571.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 358.66 571.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 393.71 571.75 Td (may ) Tj ET Q q 0 0 0 rg BT 413.61 571.75 Td (have ) Tj ET Q q 0 0 0 rg BT 435.25 571.75 Td (a ) Tj ET Q q 0 0 0 rg BT 441.73 571.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 496.04 571.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 533.42 571.75 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 559.15 Td (on ) Tj ET Q q 0 0 0 rg BT 62.26 559.15 Td (our ) Tj ET Q q 0 0 0 rg BT 77.63 559.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 103.89 559.15 Td (and ) Tj ET Q q 0 0 0 rg BT 120.81 559.15 Td (results ) Tj ET Q q 0 0 0 rg BT 149.98 559.15 Td (of ) Tj ET Q q 0 0 0 rg BT 160.49 559.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 205.98 559.15 Td (in ) Tj ET Q q 0 0 0 rg BT 215.91 559.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 240.41 559.15 Td (2021, ) Tj ET Q q 0 0 0 rg BT 265.79 559.15 Td (particularly ) Tj ET Q q 0 0 0 rg BT 315.95 559.15 Td (in ) Tj ET Q q 0 0 0 rg BT 325.87 559.15 Td (the ) Tj ET Q q 0 0 0 rg BT 340.46 559.15 Td (near ) Tj ET Q q 0 0 0 rg BT 360.29 559.15 Td (term. ) Tj ET Q q 0 0 0 rg BT 383.91 559.15 Td ( ) Tj ET Q q 0 0 0 rg BT 385.67 559.15 Td (Given ) Tj ET Q q 0 0 0 rg BT 413.09 559.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 456.26 559.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 505.25 559.15 Td (and ) Tj ET Q q 0 0 0 rg BT 522.16 559.15 Td (volatility) Tj ET Q q 0 0 0 rg BT 559.40 559.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 546.55 Td (we ) Tj ET Q q 0 0 0 rg BT 65.32 546.55 Td (cannot ) Tj ET Q q 0 0 0 rg BT 96.39 546.55 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 144.95 546.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 183.01 546.55 Td (the ) Tj ET Q q 0 0 0 rg BT 198.92 546.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 230.57 546.55 Td (market ) Tj ET Q q 0 0 0 rg BT 262.80 546.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 309.63 546.55 Td (will ) Tj ET Q q 0 0 0 rg BT 329.04 546.55 Td (have ) Tj ET Q q 0 0 0 rg BT 351.94 546.55 Td (on ) Tj ET Q q 0 0 0 rg BT 365.52 546.55 Td (our ) Tj ET Q q 0 0 0 rg BT 382.59 546.55 Td (future ) Tj ET Q q 0 0 0 rg BT 410.74 546.55 Td (results ) Tj ET Q q 0 0 0 rg BT 441.23 546.55 Td (of ) Tj ET Q q 0 0 0 rg BT 453.06 546.55 Td (operations, ) Tj ET Q q 0 0 0 rg BT 502.50 546.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 524.24 546.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 553.27 546.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 533.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.36 533.95 Td (condition.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 508.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.23 508.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.76 508.75 Td (our ) Tj ET Q q 0 0 0 rg BT 117.24 508.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 154.15 508.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 196.88 508.75 Td (to ) Tj ET Q q 0 0 0 rg BT 207.53 508.75 Td (be ) Tj ET Q q 0 0 0 rg BT 219.93 508.75 Td (impacted ) Tj ET Q q 0 0 0 rg BT 260.90 508.75 Td (by ) Tj ET Q q 0 0 0 rg BT 273.89 508.75 Td (migration ) Tj ET Q q 0 0 0 rg BT 317.20 508.75 Td (from ) Tj ET Q q 0 0 0 rg BT 340.10 508.75 Td (active ) Tj ET Q q 0 0 0 rg BT 367.65 508.75 Td (to ) Tj ET Q q 0 0 0 rg BT 378.31 508.75 Td (passive ) Tj ET Q q 0 0 0 rg BT 411.70 508.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 456.29 508.75 Td (T) Tj ET Q q 0 0 0 rg BT 461.97 508.75 Td (ogether ) Tj ET Q q 0 0 0 rg BT 495.94 508.75 Td (with ) Tj ET Q q 0 0 0 rg BT 517.10 508.75 Td (continuing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 496.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 97.16 496.15 Td (changes, ) Tj ET Q q 0 0 0 rg BT 137.61 496.15 Td (these ) Tj ET Q q 0 0 0 rg BT 163.19 496.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 195.77 496.15 Td (put ) Tj ET Q q 0 0 0 rg BT 213.19 496.15 Td (pressure ) Tj ET Q q 0 0 0 rg BT 252.19 496.15 Td (on ) Tj ET Q q 0 0 0 rg BT 266.70 496.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 290.23 496.15 Td (contributing ) Tj ET Q q 0 0 0 rg BT 345.57 496.15 Td (to ) Tj ET Q q 0 0 0 rg BT 357.74 496.15 Td (the ) Tj ET Q q 0 0 0 rg BT 374.58 496.15 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 435.16 496.15 Td (of ) Tj ET Q q 0 0 0 rg BT 447.92 496.15 Td (products ) Tj ET Q q 0 0 0 rg BT 488.09 496.15 Td (and ) Tj ET Q q 0 0 0 rg BT 507.26 496.15 Td (managers ) Tj ET Q q 0 0 0 rg BT 551.50 496.15 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 483.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.92 483.55 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 146.11 483.55 Td (These ) Tj ET Q q 0 0 0 rg BT 173.68 483.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 204.75 483.55 Td (also ) Tj ET Q q 0 0 0 rg BT 224.17 483.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 262.82 483.55 Td (to ) Tj ET Q q 0 0 0 rg BT 273.49 483.55 Td (create ) Tj ET Q q 0 0 0 rg BT 301.05 483.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 347.87 483.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 369.62 483.55 Td (challenges ) Tj ET Q q 0 0 0 rg BT 416.43 483.55 Td (for ) Tj ET Q q 0 0 0 rg BT 431.18 483.55 Td (active ) Tj ET Q q 0 0 0 rg BT 458.74 483.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 501.48 483.55 Td (like ) Tj ET Q q 0 0 0 rg BT 519.72 483.55 Td (ourselves.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 458.35 Td (ASSETS UNDER MANAGEMENT) Tj ET Q q 0 0 0 rg BT 210.34 458.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 445.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.88 445.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 95.00 445.75 Td (is ) Tj ET Q q 0 0 0 rg BT 104.63 445.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 146.33 445.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 186.85 445.75 Td (across ) Tj ET Q q 0 0 0 rg BT 215.72 445.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.17 445.75 Td (following ) Tj ET Q q 0 0 0 rg BT 274.63 445.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.67 445.75 Td (classes ) Tj ET Q q 0 0 0 rg BT 329.45 445.75 Td (and ) Tj ET Q q 0 0 0 rg BT 347.24 445.75 Td (strategies:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 420.25 m 61 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 61 420.25 m 182 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 420.25 m 199 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199 420.25 m 359 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 420.25 m 380 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 420.25 m 449 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 420.25 m 465 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 420.25 m 562 420.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 425.04 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 188.50 425.04 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.50 425.04 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.50 425.04 Td (Liquidity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 404.02 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 404.02 Td (Lar) Tj ET Q q 0 0 0 rg BT 77.98 404.02 Td (ge Cap Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 405.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 404.02 Td (U.S. Intermediate Investment Grade) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 405.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.50 405.47 Td (Real Estate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 405.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 405.47 Td (U.S. Managed Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 388.02 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 388.02 Td (Equity Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 389.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 388.02 Td (U.S. Long Duration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.00 389.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.50 389.47 Td (Hedge Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 389.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 389.47 Td (U.S. Municipal Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 373.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 372.02 Td (All Cap Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 373.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 372.02 Td (U.S. Credit ) Tj ET Q q 0 0 0 rg BT 251.38 372.02 Td (Aggregate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 357.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 356.02 Td (Lar) Tj ET Q q 0 0 0 rg BT 77.98 356.02 Td (ge Cap ) Tj ET Q q 0 0 0 rg BT 109.86 356.02 Td (V) Tj ET Q q 0 0 0 rg BT 116.77 356.02 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 357.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 356.02 Td (Global Opportunistic) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 341.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 340.02 Td (International Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 341.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 340.02 Td (Global Fixed Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 325.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 324.02 Td (Lar) Tj ET Q q 0 0 0 rg BT 77.98 324.02 Td (ge Cap Core) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 325.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 324.02 Td (U.S. Municipal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 309.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 308.02 Td (Small Cap Core) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 309.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 308.02 Td (Global Sovereign) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 293.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 292.02 Td (All Cap ) Tj ET Q q 0 0 0 rg BT 98.99 292.02 Td (V) Tj ET Q q 0 0 0 rg BT 105.89 292.02 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 293.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 292.02 Td (Non-T) Tj ET Q q 0 0 0 rg BT 229.31 292.02 Td (raditional Bond) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 277.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 276.02 Td (Small Cap Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 277.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 276.02 Td (Global Government) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 261.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 260.02 Td (Emer) Tj ET Q q 0 0 0 rg BT 86.14 260.02 Td (ging Markets Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 261.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 260.02 Td (Intermediate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 245.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 244.02 Td (Small Cap ) Tj ET Q q 0 0 0 rg BT 110.07 244.02 Td (V) Tj ET Q q 0 0 0 rg BT 116.98 244.02 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 245.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 244.02 Td (Short Duration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 229.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 228.02 Td (Mid Cap Core) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 229.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 229.47 Td (High ) Tj ET Q q 0 0 0 rg BT 224.93 229.47 Td (Y) Tj ET Q q 0 0 0 rg BT 232.03 229.47 Td (ield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 213.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 212.02 Td (Small/Mid Cap) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.00 213.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.50 213.47 Td (Liability Driven) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 197.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 196.02 Td (Small Cap International) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 181.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 180.02 Td (Mid Cap Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 165.47 Td (-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.50 164.02 Td (Global Equity) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.64 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 185.09 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 195.88 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 211.92 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 239.05 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 253.34 741.75 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 290.96 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 305.83 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 321.29 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 346.07 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.76 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 403.79 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 419.54 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 442.57 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 453.94 741.75 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 717.25 m 410 717.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 717.25 m 460 717.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 717.25 m 511 717.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 717.25 m 562 717.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 717.25 m 511 717.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 717.25 m 562 717.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 631.25 m 410 631.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 631.25 m 460 631.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 631.25 m 511 631.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 631.25 m 562 631.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 631.25 m 511 631.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 631.25 m 562 631.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 603.25 m 410 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 603.25 m 460 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 603.25 m 511 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 603.25 m 562 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 603.25 m 511 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 603.25 m 562 603.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 530.25 m 410 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 530.25 m 460 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 530.25 m 511 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 530.25 m 562 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 516.25 m 410 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 516.25 m 460 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 516.25 m 511 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 516.25 m 562 516.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 721.47 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 721.64 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 721.47 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 721.47 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 707.47 Td (Beginning of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 707.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.35 707.64 Td (758.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 707.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.35 707.47 Td (754.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 707.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 707.47 Td (728.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 693.47 Td (Net client cash flows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 679.02 Td (Investment funds, excluding liquidity products:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 275.69 683.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 679.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.50 664.47 Td (Subscriptions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.60 664.64 Td (72.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 664.47 Td (56.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 664.47 Td (65.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.50 650.47 Td (Redemptions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 650.64 Td (\(64.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 650.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 650.47 Td (\(64.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 650.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 650.47 Td (\(56.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 650.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 636.02 Td (Long-term separate account flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 636.04 Td (\(20.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 636.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.35 636.02 Td (\(1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 636.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 636.02 Td (\(7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 636.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 621.47 Td (T) Tj ET Q q 0 0 0 rg BT 73.18 621.47 Td (otal long-term flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 621.64 Td (\(12.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 621.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.10 621.47 Td (\(10.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 621.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 621.47 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 607.47 Td (T) Tj ET Q q 0 0 0 rg BT 73.18 607.47 Td (otal liquidity flows, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 607.64 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.85 607.47 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 607.47 Td (\(24.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 607.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 593.47 Td (T) Tj ET Q q 0 0 0 rg BT 64.55 593.47 Td (otal net client cash flows) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.35 593.64 Td (\(6.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 593.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.35 593.47 Td (\(8.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 593.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 593.47 Td (\(22.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 593.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 579.02 Td (Realizations) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 110.40 583.78 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.35 579.04 Td (\(1.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 579.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.35 579.02 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 579.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 579.02 Td (\(2.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 579.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 564.02 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 189.11 568.78 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 564.04 Td (\(12.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 564.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 564.02 Td (21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 564.02 Td (45.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 549.47 Td (Impact of foreign exchange) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 439.35 549.64 Td (\(7.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.00 549.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.35 549.47 Td (\(8.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.00 549.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 549.47 Td (5.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 535.02 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.85 535.04 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.50 535.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 535.02 Td (\(0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 535.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 520.47 Td (End of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 520.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.35 520.64 Td (730.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 520.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.35 520.47 Td (758.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 520.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 520.47 Td (754.1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 507.15 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 58.83 510.77 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 507.15 Td (Subscriptions ) Tj ET Q q 0 0 0 rg BT 113.06 507.15 Td (and ) Tj ET Q q 0 0 0 rg BT 126.61 507.15 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 168.16 507.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 190.58 507.15 Td (the ) Tj ET Q q 0 0 0 rg BT 202.36 507.15 Td (gross ) Tj ET Q q 0 0 0 rg BT 221.25 507.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 247.24 507.15 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 507.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.23 507.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.01 507.15 Td (and ) Tj ET Q q 0 0 0 rg BT 300.56 507.15 Td (include ) Tj ET Q q 0 0 0 rg BT 326.11 507.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.77 507.15 Td (transferred ) Tj ET Q q 0 0 0 rg BT 383.42 507.15 Td (between ) Tj ET Q q 0 0 0 rg BT 412.07 507.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.85 507.15 Td (and ) Tj ET Q q 0 0 0 rg BT 445.40 507.15 Td (between ) Tj ET Q q 0 0 0 rg BT 474.05 507.15 Td (share ) Tj ET Q q 0 0 0 rg BT 492.93 507.15 Td (classes. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 497.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 497.55 Td (Realizations ) Tj ET Q q 0 0 0 rg BT 109.03 497.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 140.34 497.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 177.43 497.55 Td (manager) Tj ET Q q 0 0 0 rg BT 204.81 497.55 Td (-driven ) Tj ET Q q 0 0 0 rg BT 229.90 497.55 Td (distributions ) Tj ET Q q 0 0 0 rg BT 271.89 497.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 303.65 497.55 Td (related ) Tj ET Q q 0 0 0 rg BT 327.40 497.55 Td (to ) Tj ET Q q 0 0 0 rg BT 335.61 497.55 Td (the ) Tj ET Q q 0 0 0 rg BT 347.37 497.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 361.80 497.55 Td (of ) Tj ET Q q 0 0 0 rg BT 370.45 497.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 393.10 497.55 Td ( ) Tj ET Q q 0 0 0 rg BT 395.09 497.55 Td (Realizations ) Tj ET Q q 0 0 0 rg BT 436.62 497.55 Td (are ) Tj ET Q q 0 0 0 rg BT 448.38 497.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 475.24 497.55 Td (to ) Tj ET Q q 0 0 0 rg BT 483.45 497.55 Td (our ) Tj ET Q q 0 0 0 rg BT 496.10 497.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 531.85 497.55 Td (managers ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 487.95 Td (and ) Tj ET Q q 0 0 0 rg BT 81.05 487.95 Td (do ) Tj ET Q q 0 0 0 rg BT 91.05 487.95 Td (not ) Tj ET Q q 0 0 0 rg BT 103.27 487.95 Td (include ) Tj ET Q q 0 0 0 rg BT 128.82 487.95 Td (client-driven ) Tj ET Q q 0 0 0 rg BT 171.69 487.95 Td (distributions ) Tj ET Q q 0 0 0 rg BT 213.70 487.95 Td (\(e.g. ) Tj ET Q q 0 0 0 rg BT 229.91 487.95 Td (client ) Tj ET Q q 0 0 0 rg BT 249.68 487.95 Td (requested ) Tj ET Q q 0 0 0 rg BT 282.33 487.95 Td (redemptions, ) Tj ET Q q 0 0 0 rg BT 325.88 487.95 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 365.66 487.95 Td (or ) Tj ET Q q 0 0 0 rg BT 374.32 487.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 391.87 487.95 Td (transfers\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 478.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 478.35 Td (For ) Tj ET Q q 0 0 0 rg BT 80.70 478.35 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 478.35 Td (years ) Tj ET Q q 0 0 0 rg BT 111.54 478.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.73 478.35 Td (March ) Tj ET Q q 0 0 0 rg BT 155.70 478.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.79 478.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 185.88 478.35 Td (and ) Tj ET Q q 0 0 0 rg BT 199.52 478.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 219.61 478.35 Td (other ) Tj ET Q q 0 0 0 rg BT 238.13 478.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.99 478.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 298.74 478.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.61 478.35 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 354.02 478.35 Td (of ) Tj ET Q q 0 0 0 rg BT 362.77 478.35 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 397.97 478.35 Td ( ) Tj ET Q q 0 0 0 rg BT 400.06 478.35 Td (For ) Tj ET Q q 0 0 0 rg BT 413.26 478.35 Td (the ) Tj ET Q q 0 0 0 rg BT 425.13 478.35 Td (year ) Tj ET Q q 0 0 0 rg BT 440.98 478.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 462.17 478.35 Td (March ) Tj ET Q q 0 0 0 rg BT 485.14 478.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.23 478.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 517.32 478.35 Td (other ) Tj ET Q q 0 0 0 rg BT 535.85 478.35 Td (includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 79.52 468.75 Td (reclassification, ) Tj ET Q q 0 0 0 rg BT 132.19 468.75 Td (ef) Tj ET Q q 0 0 0 rg BT 138.26 468.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 161.77 468.75 Td (April ) Tj ET Q q 0 0 0 rg BT 180.90 468.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 189.14 468.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 209.39 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 218.30 468.75 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 238.54 468.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 261.68 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.59 468.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 294.60 468.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 315.50 468.75 Td (which ) Tj ET Q q 0 0 0 rg BT 337.30 468.75 Td (were ) Tj ET Q q 0 0 0 rg BT 355.09 468.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 391.11 468.75 Td (included ) Tj ET Q q 0 0 0 rg BT 420.90 468.75 Td (in ) Tj ET Q q 0 0 0 rg BT 428.87 468.75 Td (AUA) Tj ET Q q 0 0 0 rg BT 445.76 468.75 Td ( ) Tj ET Q q 0 0 0 rg BT 448.01 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 455.98 468.75 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 478.89 468.75 Td (For ) Tj ET Q q 0 0 0 rg BT 492.25 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.27 468.75 Td (year ) Tj ET Q q 0 0 0 rg BT 520.28 468.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 541.63 468.75 Td (March ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 459.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 79.50 459.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 99.50 459.15 Td (other ) Tj ET Q q 0 0 0 rg BT 117.94 459.15 Td (also ) Tj ET Q q 0 0 0 rg BT 132.82 459.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 161.48 459.15 Td (the ) Tj ET Q q 0 0 0 rg BT 173.26 459.15 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 216.58 459.15 Td (of ) Tj ET Q q 0 0 0 rg BT 225.24 459.15 Td (dividends ) Tj ET Q q 0 0 0 rg BT 258.35 459.15 Td (and ) Tj ET Q q 0 0 0 rg BT 271.90 459.15 Td (a ) Tj ET Q q 0 0 0 rg BT 277.45 459.15 Td ($\(3.7\) ) Tj ET Q q 0 0 0 rg BT 298.78 459.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 321.67 459.15 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 367.65 459.15 Td (to ) Tj ET Q q 0 0 0 rg BT 375.88 459.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 411.65 459.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 440.30 459.15 Td (amounts.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 436.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.22 436.95 Td (at ) Tj ET Q q 0 0 0 rg BT 88.02 436.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 134.39 436.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 158.60 436.95 Td (was ) Tj ET Q q 0 0 0 rg BT 178.15 436.95 Td ($730.8�billion, ) Tj ET Q q 0 0 0 rg BT 242.91 436.95 Td (a ) Tj ET Q q 0 0 0 rg BT 250.79 436.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 290.15 436.95 Td (of ) Tj ET Q q 0 0 0 rg BT 302.11 436.95 Td ($27.2�billion, ) Tj ET Q q 0 0 0 rg BT 361.62 436.95 Td (or ) Tj ET Q q 0 0 0 rg BT 373.58 436.95 Td (4%, ) Tj ET Q q 0 0 0 rg BT 393.42 436.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 438.04 436.95 Td (to ) Tj ET Q q 0 0 0 rg BT 449.42 436.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 495.79 436.95 Td (2019.� ) Tj ET Q q 0 0 0 rg BT 525.03 436.95 Td (T) Tj ET Q q 0 0 0 rg BT 530.71 436.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 549.67 436.95 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 424.35 Td (client ) Tj ET Q q 0 0 0 rg BT 75.26 424.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 114.45 424.35 Td (for ) Tj ET Q q 0 0 0 rg BT 129.13 424.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.40 424.35 Td (year ) Tj ET Q q 0 0 0 rg BT 164.91 424.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 192.42 424.35 Td (March ) Tj ET Q q 0 0 0 rg BT 222.26 424.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 237.83 424.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 261.27 424.35 Td (were ) Tj ET Q q 0 0 0 rg BT 284.10 424.35 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 304.92 424.35 Td (billion, ) Tj ET Q q 0 0 0 rg BT 337.40 424.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 383.58 424.35 Td (of ) Tj ET Q q 0 0 0 rg BT 394.77 424.35 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 420.83 424.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 450.69 424.35 Td (of ) Tj ET Q q 0 0 0 rg BT 461.88 424.35 Td (net ) Tj ET Q q 0 0 0 rg BT 477.14 424.35 Td (client ) Tj ET Q q 0 0 0 rg BT 502.90 424.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 542.09 424.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 411.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 93.39 411.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 116.29 411.75 Td (classes, ) Tj ET Q q 0 0 0 rg BT 150.55 411.75 Td (of) Tj ET Q q 0 0 0 rg BT 159.11 411.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 176.76 411.75 Td (in ) Tj ET Q q 0 0 0 rg BT 187.41 411.75 Td (part ) Tj ET Q q 0 0 0 rg BT 206.22 411.75 Td (by ) Tj ET Q q 0 0 0 rg BT 219.20 411.75 Td ($6.5 ) Tj ET Q q 0 0 0 rg BT 240.06 411.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 269.96 411.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.19 411.75 Td (net ) Tj ET Q q 0 0 0 rg BT 296.50 411.75 Td (client ) Tj ET Q q 0 0 0 rg BT 322.31 411.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 356.30 411.75 Td (into ) Tj ET Q q 0 0 0 rg BT 375.12 411.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.43 411.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 428.50 411.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 451.39 411.75 Td (class. ) Tj ET Q q 0 0 0 rg BT 476.92 411.75 Td ( ) Tj ET Q q 0 0 0 rg BT 479.40 411.75 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 526.79 411.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 549.68 411.75 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 399.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 88.51 399.15 Td (were ) Tj ET Q q 0 0 0 rg BT 111.17 399.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 157.16 399.15 Td (of ) Tj ET Q q 0 0 0 rg BT 168.17 399.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 196.67 399.15 Td (net ) Tj ET Q q 0 0 0 rg BT 211.76 399.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 250.76 399.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.77 399.15 Td ($16.5 ) Tj ET Q q 0 0 0 rg BT 287.65 399.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 317.33 399.15 Td (and ) Tj ET Q q 0 0 0 rg BT 334.75 399.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 358.58 399.15 Td (income ) Tj ET Q q 0 0 0 rg BT 391.74 399.15 Td (net ) Tj ET Q q 0 0 0 rg BT 406.83 399.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 445.83 399.15 Td (of ) Tj ET Q q 0 0 0 rg BT 456.84 399.15 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 477.47 399.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 509.77 399.15 Td (of) Tj ET Q q 0 0 0 rg BT 518.33 399.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 535.75 399.15 Td (in ) Tj ET Q q 0 0 0 rg BT 546.17 399.15 Td (part ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 386.55 Td (by ) Tj ET Q q 0 0 0 rg BT 63.96 386.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 112.23 386.55 Td (net ) Tj ET Q q 0 0 0 rg BT 129.02 386.55 Td (inflows ) Tj ET Q q 0 0 0 rg BT 164.48 386.55 Td (of ) Tj ET Q q 0 0 0 rg BT 177.18 386.55 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 199.52 386.55 Td (billion. ) Tj ET Q q 0 0 0 rg BT 233.52 386.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 265.48 386.55 Td (net ) Tj ET Q q 0 0 0 rg BT 282.27 386.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 322.98 386.55 Td (were ) Tj ET Q q 0 0 0 rg BT 347.34 386.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 390.37 386.55 Td (from ) Tj ET Q q 0 0 0 rg BT 414.74 386.55 Td (products ) Tj ET Q q 0 0 0 rg BT 454.86 386.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 496.72 386.55 Td (by ) Tj ET Q q 0 0 0 rg BT 511.18 386.55 Td (ClearBridge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 373.95 Td (Investments ) Tj ET Q q 0 0 0 rg BT 104.02 373.95 Td (\("ClearBridge"\), ) Tj ET Q q 0 0 0 rg BT 177.30 373.95 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 232.40 373.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 264.75 373.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 315.19 373.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 373.78 373.95 Td (\("Brandywine"\), ) Tj ET Q q 0 0 0 rg BT 447.06 373.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 477.67 373.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 528.10 373.95 Td (Partners ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 361.35 Td (\("Royce"\), ) Tj ET Q q 0 0 0 rg BT 96.29 361.35 Td (and ) Tj ET Q q 0 0 0 rg BT 113.22 361.35 Td (QS ) Tj ET Q q 0 0 0 rg BT 128.42 361.35 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 171.31 361.35 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 197.00 361.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 230.26 361.35 Td (net ) Tj ET Q q 0 0 0 rg BT 244.86 361.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 283.38 361.35 Td (were ) Tj ET Q q 0 0 0 rg BT 305.55 361.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 346.40 361.35 Td (from ) Tj ET Q q 0 0 0 rg BT 368.58 361.35 Td (products ) Tj ET Q q 0 0 0 rg BT 406.52 361.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 446.19 361.35 Td (by ) Tj ET Q q 0 0 0 rg BT 458.46 361.35 Td (Brandywine ) Tj ET Q q 0 0 0 rg BT 511.55 361.35 Td (and ) Tj ET Q q 0 0 0 rg BT 528.36 361.35 Td (W) Tj ET Q q 0 0 0 rg BT 537.43 361.35 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 75.56 348.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 133.10 348.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 176.66 348.75 Td (\("W) Tj ET Q q 0 0 0 rg BT 193.51 348.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 220.71 348.75 Td (Asset"\). ) Tj ET Q q 0 0 0 rg BT 256.57 348.75 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 306.53 348.75 Td (net ) Tj ET Q q 0 0 0 rg BT 322.09 348.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 356.31 348.75 Td (were ) Tj ET Q q 0 0 0 rg BT 379.44 348.75 Td (into ) Tj ET Q q 0 0 0 rg BT 398.50 348.75 Td (products ) Tj ET Q q 0 0 0 rg BT 437.39 348.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 478.01 348.75 Td (by ) Tj ET Q q 0 0 0 rg BT 491.24 348.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 525.46 348.75 Td (Partners, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 336.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 336.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 86.09 336.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 117.81 336.15 Td (and ) Tj ET Q q 0 0 0 rg BT 136.10 336.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 167.24 336.15 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 229.91 336.15 Td (W) Tj ET Q q 0 0 0 rg BT 238.98 336.15 Td (e ) Tj ET Q q 0 0 0 rg BT 246.78 336.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 288.98 336.15 Td (earn ) Tj ET Q q 0 0 0 rg BT 310.18 336.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 340.14 336.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 360.18 336.15 Td (and ) Tj ET Q q 0 0 0 rg BT 378.48 336.15 Td (profits ) Tj ET Q q 0 0 0 rg BT 409.03 336.15 Td (on ) Tj ET Q q 0 0 0 rg BT 422.66 336.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 470.11 336.15 Td (and ) Tj ET Q q 0 0 0 rg BT 488.40 336.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 517.09 336.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 547.35 336.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 323.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 88.80 323.55 Td (in ) Tj ET Q q 0 0 0 rg BT 99.52 323.55 Td (those ) Tj ET Q q 0 0 0 rg BT 124.23 323.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 147.19 323.55 Td (classes ) Tj ET Q q 0 0 0 rg BT 178.90 323.55 Td (will ) Tj ET Q q 0 0 0 rg BT 197.78 323.55 Td (more ) Tj ET Q q 0 0 0 rg BT 221.90 323.55 Td (negatively ) Tj ET Q q 0 0 0 rg BT 268.18 323.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 299.31 323.55 Td (our ) Tj ET Q q 0 0 0 rg BT 315.85 323.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 355.71 323.55 Td (and ) Tj ET Q q 0 0 0 rg BT 373.42 323.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 391.13 323.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 424.60 323.55 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 477.89 323.55 Td (to ) Tj ET Q q 0 0 0 rg BT 488.61 323.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 512.73 323.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 546.49 323.55 Td (Inc. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 310.95 Td (than ) Tj ET Q q 0 0 0 rg BT 70.42 310.95 Td (would ) Tj ET Q q 0 0 0 rg BT 99.51 310.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 139.10 310.95 Td (in ) Tj ET Q q 0 0 0 rg BT 150.11 310.95 Td (the ) Tj ET Q q 0 0 0 rg BT 165.78 310.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 190.19 310.95 Td (income ) Tj ET Q q 0 0 0 rg BT 223.94 310.95 Td (or ) Tj ET Q q 0 0 0 rg BT 235.53 310.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 273.95 310.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.21 310.95 Td (classes. ) Tj ET Q q 0 0 0 rg BT 331.83 310.95 Td ( ) Tj ET Q q 0 0 0 rg BT 334.46 310.95 Td (The ) Tj ET Q q 0 0 0 rg BT 353.63 310.95 Td (negative ) Tj ET Q q 0 0 0 rg BT 392.04 310.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 423.45 310.95 Td (of ) Tj ET Q q 0 0 0 rg BT 435.04 310.95 Td (market ) Tj ET Q q 0 0 0 rg BT 467.03 310.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 522.92 310.95 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 310.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 298.35 Td (was ) Tj ET Q q 0 0 0 rg BT 68.15 298.35 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 94.09 298.35 Td (billion, ) Tj ET Q q 0 0 0 rg BT 126.45 298.35 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 169.00 298.35 Td (global ) Tj ET Q q 0 0 0 rg BT 197.56 298.35 Td (market ) Tj ET Q q 0 0 0 rg BT 229.03 298.35 Td (declines ) Tj ET Q q 0 0 0 rg BT 265.75 298.35 Td (at ) Tj ET Q q 0 0 0 rg BT 275.65 298.35 Td (the ) Tj ET Q q 0 0 0 rg BT 290.79 298.35 Td (end ) Tj ET Q q 0 0 0 rg BT 308.27 298.35 Td (of ) Tj ET Q q 0 0 0 rg BT 319.33 298.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 344.39 298.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 367.71 298.35 Td (due ) Tj ET Q q 0 0 0 rg BT 385.19 298.35 Td (to ) Tj ET Q q 0 0 0 rg BT 395.67 298.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.82 298.35 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 460.38 298.35 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 506.14 298.35 Td ( ) Tj ET Q q 0 0 0 rg BT 508.29 298.35 Td (The ) Tj ET Q q 0 0 0 rg BT 526.93 298.35 Td (negative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.70 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 92.07 285.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 125.02 285.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 164.37 285.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 206.63 285.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 224.99 285.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 277.19 285.75 Td (was ) Tj ET Q q 0 0 0 rg BT 296.15 285.75 Td ($7.4 ) Tj ET Q q 0 0 0 rg BT 317.15 285.75 Td (billion. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 260.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.32 260.55 Td (at ) Tj ET Q q 0 0 0 rg BT 88.22 260.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 134.70 260.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 159.02 260.55 Td (was ) Tj ET Q q 0 0 0 rg BT 178.67 260.55 Td ($758.0�billion, ) Tj ET Q q 0 0 0 rg BT 243.53 260.55 Td (an ) Tj ET Q q 0 0 0 rg BT 256.77 260.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 294.48 260.55 Td (of ) Tj ET Q q 0 0 0 rg BT 306.55 260.55 Td ($3.9�billion, ) Tj ET Q q 0 0 0 rg BT 360.91 260.55 Td (or ) Tj ET Q q 0 0 0 rg BT 372.98 260.55 Td (1%, ) Tj ET Q q 0 0 0 rg BT 392.92 260.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 437.64 260.55 Td (to ) Tj ET Q q 0 0 0 rg BT 449.13 260.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 495.60 260.55 Td (2018.� ) Tj ET Q q 0 0 0 rg BT 524.93 260.55 Td (T) Tj ET Q q 0 0 0 rg BT 530.62 260.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 549.68 260.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 247.95 Td (client ) Tj ET Q q 0 0 0 rg BT 75.77 247.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 115.47 247.95 Td (were ) Tj ET Q q 0 0 0 rg BT 138.82 247.95 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 160.14 247.95 Td (billion, ) Tj ET Q q 0 0 0 rg BT 193.13 247.95 Td (comprised ) Tj ET Q q 0 0 0 rg BT 239.82 247.95 Td (of ) Tj ET Q q 0 0 0 rg BT 251.51 247.95 Td ($10.3 ) Tj ET Q q 0 0 0 rg BT 278.08 247.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 308.45 247.95 Td (of ) Tj ET Q q 0 0 0 rg BT 320.14 247.95 Td (net ) Tj ET Q q 0 0 0 rg BT 335.92 247.95 Td (client ) Tj ET Q q 0 0 0 rg BT 362.19 247.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 401.88 247.95 Td (from ) Tj ET Q q 0 0 0 rg BT 425.24 247.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 469.59 247.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 492.95 247.95 Td (classes, ) Tj ET Q q 0 0 0 rg BT 527.68 247.95 Td (of) Tj ET Q q 0 0 0 rg BT 536.24 247.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 554.35 247.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 235.35 Td (part ) Tj ET Q q 0 0 0 rg BT 67.81 235.35 Td (by ) Tj ET Q q 0 0 0 rg BT 80.30 235.35 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 100.67 235.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 130.08 235.35 Td (of ) Tj ET Q q 0 0 0 rg BT 140.81 235.35 Td (net ) Tj ET Q q 0 0 0 rg BT 155.63 235.35 Td (client ) Tj ET Q q 0 0 0 rg BT 180.94 235.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 214.43 235.35 Td (into ) Tj ET Q q 0 0 0 rg BT 232.76 235.35 Td (the ) Tj ET Q q 0 0 0 rg BT 247.57 235.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 285.15 235.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 307.55 235.35 Td (class. ) Tj ET Q q 0 0 0 rg BT 332.58 235.35 Td ( ) Tj ET Q q 0 0 0 rg BT 334.57 235.35 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 381.46 235.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 403.86 235.35 Td (net ) Tj ET Q q 0 0 0 rg BT 418.68 235.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 457.42 235.35 Td (were ) Tj ET Q q 0 0 0 rg BT 479.81 235.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 525.54 235.35 Td (of ) Tj ET Q q 0 0 0 rg BT 536.27 235.35 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 222.75 Td (net ) Tj ET Q q 0 0 0 rg BT 65.19 222.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 104.80 222.75 Td (of ) Tj ET Q q 0 0 0 rg BT 116.40 222.75 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 137.63 222.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 167.91 222.75 Td (and ) Tj ET Q q 0 0 0 rg BT 185.93 222.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 210.36 222.75 Td (income ) Tj ET Q q 0 0 0 rg BT 244.13 222.75 Td (net ) Tj ET Q q 0 0 0 rg BT 259.82 222.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 299.43 222.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.03 222.75 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 332.26 222.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 365.17 222.75 Td (of) Tj ET Q q 0 0 0 rg BT 373.72 222.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 391.74 222.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.77 222.75 Td (part ) Tj ET Q q 0 0 0 rg BT 421.95 222.75 Td (by ) Tj ET Q q 0 0 0 rg BT 435.31 222.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 482.48 222.75 Td (net ) Tj ET Q q 0 0 0 rg BT 498.17 222.75 Td (inflows ) Tj ET Q q 0 0 0 rg BT 532.52 222.75 Td (of ) Tj ET Q q 0 0 0 rg BT 544.13 222.75 Td ($1.5 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 210.15 Td (billion. ) Tj ET Q q 0 0 0 rg BT 81.80 210.15 Td (Equity ) Tj ET Q q 0 0 0 rg BT 112.06 210.15 Td (net ) Tj ET Q q 0 0 0 rg BT 127.15 210.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 166.16 210.15 Td (were ) Tj ET Q q 0 0 0 rg BT 188.82 210.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 230.16 210.15 Td (from ) Tj ET Q q 0 0 0 rg BT 252.83 210.15 Td (products ) Tj ET Q q 0 0 0 rg BT 291.25 210.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 331.41 210.15 Td (by ) Tj ET Q q 0 0 0 rg BT 344.17 210.15 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 375.88 210.15 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 432.08 210.15 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 488.28 210.15 Td (QS ) Tj ET Q q 0 0 0 rg BT 503.97 210.15 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 547.35 210.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 197.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.12 197.55 Td (Currie. ) Tj ET Q q 0 0 0 rg BT 113.62 197.55 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 140.58 197.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 175.11 197.55 Td (net ) Tj ET Q q 0 0 0 rg BT 190.98 197.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 230.77 197.55 Td (were ) Tj ET Q q 0 0 0 rg BT 254.22 197.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 296.34 197.55 Td (from ) Tj ET Q q 0 0 0 rg BT 319.79 197.55 Td (products ) Tj ET Q q 0 0 0 rg BT 359.00 197.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 399.94 197.55 Td (by ) Tj ET Q q 0 0 0 rg BT 413.26 197.55 Td (W) Tj ET Q q 0 0 0 rg BT 422.33 197.55 Td (estern ) Tj ET Q q 0 0 0 rg BT 449.78 197.55 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 478.78 197.55 Td (of) Tj ET Q q 0 0 0 rg BT 487.34 197.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 505.54 197.55 Td (in ) Tj ET Q q 0 0 0 rg BT 516.75 197.55 Td (part ) Tj ET Q q 0 0 0 rg BT 536.12 197.55 Td (by ) Tj ET Q q 0 0 0 rg BT 549.67 197.55 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 184.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 83.93 184.95 Td (into ) Tj ET Q q 0 0 0 rg BT 103.19 184.95 Td (products ) Tj ET Q q 0 0 0 rg BT 142.27 184.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 183.10 184.95 Td (by ) Tj ET Q q 0 0 0 rg BT 196.52 184.95 Td (Brandywine. ) Tj ET Q q 0 0 0 rg BT 252.75 184.95 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 302.90 184.95 Td (net ) Tj ET Q q 0 0 0 rg BT 318.66 184.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 353.08 184.95 Td (were ) Tj ET Q q 0 0 0 rg BT 376.41 184.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 418.41 184.95 Td (into ) Tj ET Q q 0 0 0 rg BT 437.67 184.95 Td (products ) Tj ET Q q 0 0 0 rg BT 476.75 184.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 517.58 184.95 Td (by ) Tj ET Q q 0 0 0 rg BT 531.00 184.95 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.35 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 90.50 172.35 Td (of) Tj ET Q q 0 0 0 rg BT 99.06 172.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 118.18 172.35 Td (in ) Tj ET Q q 0 0 0 rg BT 130.32 172.35 Td (part ) Tj ET Q q 0 0 0 rg BT 150.61 172.35 Td (by ) Tj ET Q q 0 0 0 rg BT 165.07 172.35 Td (net ) Tj ET Q q 0 0 0 rg BT 181.87 172.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 222.58 172.35 Td (from ) Tj ET Q q 0 0 0 rg BT 246.96 172.35 Td (products ) Tj ET Q q 0 0 0 rg BT 287.09 172.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 328.95 172.35 Td (by ) Tj ET Q q 0 0 0 rg BT 343.42 172.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 361.13 172.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 380.84 172.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 413.39 172.35 Td (and ) Tj ET Q q 0 0 0 rg BT 432.51 172.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 464.48 172.35 Td (Infrastructure. ) Tj ET Q q 0 0 0 rg BT 528.21 172.35 Td ( ) Tj ET Q q 0 0 0 rg BT 532.18 172.35 Td (Market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.15 159.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.91 159.75 Td (other ) Tj ET Q q 0 0 0 rg BT 150.08 159.75 Td (was ) Tj ET Q q 0 0 0 rg BT 170.01 159.75 Td ($21.3 ) Tj ET Q q 0 0 0 rg BT 197.23 159.75 Td (billion. ) Tj ET Q q 0 0 0 rg BT 230.61 159.75 Td (The ) Tj ET Q q 0 0 0 rg BT 250.53 159.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 289.70 159.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 321.87 159.75 Td (of ) Tj ET Q q 0 0 0 rg BT 334.21 159.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 368.13 159.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 408.46 159.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 451.70 159.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.03 159.75 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 524.20 159.75 Td (was ) Tj ET Q q 0 0 0 rg BT 544.13 159.75 Td ($8.4 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 147.15 Td (billion. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 121.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.75 121.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.75 121.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 156.84 121.95 Td (and ) Tj ET Q q 0 0 0 rg BT 174.92 121.95 Td (administrative ) Tj ET Q q 0 0 0 rg BT 237.92 121.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 278.74 121.95 Td (are ) Tj ET Q q 0 0 0 rg BT 294.48 121.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 336.47 121.95 Td (terminable ) Tj ET Q q 0 0 0 rg BT 384.29 121.95 Td (at ) Tj ET Q q 0 0 0 rg BT 394.79 121.95 Td (will ) Tj ET Q q 0 0 0 rg BT 414.05 121.95 Td (or ) Tj ET Q q 0 0 0 rg BT 425.72 121.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 449.65 121.95 Td (relatively ) Tj ET Q q 0 0 0 rg BT 492.22 121.95 Td (short ) Tj ET Q q 0 0 0 rg BT 516.15 121.95 Td (notice, ) Tj ET Q q 0 0 0 rg BT 547.35 121.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 109.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 90.23 109.35 Td (in ) Tj ET Q q 0 0 0 rg BT 101.22 109.35 Td (the ) Tj ET Q q 0 0 0 rg BT 116.87 109.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 148.85 109.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 175.01 109.35 Td (and ) Tj ET Q q 0 0 0 rg BT 192.99 109.35 Td (other ) Tj ET Q q 0 0 0 rg BT 217.38 109.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 254.60 109.35 Td (that ) Tj ET Q q 0 0 0 rg BT 273.17 109.35 Td (we ) Tj ET Q q 0 0 0 rg BT 288.23 109.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 323.70 109.35 Td (may ) Tj ET Q q 0 0 0 rg BT 344.60 109.35 Td (redeem ) Tj ET Q q 0 0 0 rg BT 378.32 109.35 Td (their ) Tj ET Q q 0 0 0 rg BT 400.38 109.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 453.36 109.35 Td (in ) Tj ET Q q 0 0 0 rg BT 464.35 109.35 Td (the ) Tj ET Q q 0 0 0 rg BT 480.00 109.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 506.15 109.35 Td (or ) Tj ET Q q 0 0 0 rg BT 517.72 109.35 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 554.94 109.35 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (any ) Tj ET Q q 0 0 0 rg BT 68.49 96.75 Td (time ) Tj ET Q q 0 0 0 rg BT 90.99 96.75 Td (without ) Tj ET Q q 0 0 0 rg BT 126.91 96.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 151.15 96.75 Td (notice.� ) Tj ET Q q 0 0 0 rg BT 185.89 96.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 240.47 96.75 Td (and ) Tj ET Q q 0 0 0 rg BT 259.46 96.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 305.88 96.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 337.12 96.75 Td (can ) Tj ET Q q 0 0 0 rg BT 355.52 96.75 Td (terminate ) Tj ET Q q 0 0 0 rg BT 399.00 96.75 Td (their ) Tj ET Q q 0 0 0 rg BT 422.08 96.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 479.57 96.75 Td (with ) Tj ET Q q 0 0 0 rg BT 502.07 96.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 517.87 96.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 549.68 96.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 93.01 84.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 127.22 84.15 Td (of ) Tj ET Q q 0 0 0 rg BT 138.67 84.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.88 84.15 Td (under ) Tj ET Q q 0 0 0 rg BT 192.49 84.15 Td (management, ) Tj ET Q q 0 0 0 rg BT 251.47 84.15 Td (or ) Tj ET Q q 0 0 0 rg BT 262.92 84.15 Td (shift ) Tj ET Q q 0 0 0 rg BT 284.29 84.15 Td (their ) Tj ET Q q 0 0 0 rg BT 306.24 84.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 332.28 84.15 Td (to ) Tj ET Q q 0 0 0 rg BT 343.16 84.15 Td (other ) Tj ET Q q 0 0 0 rg BT 367.44 84.15 Td (types ) Tj ET Q q 0 0 0 rg BT 392.31 84.15 Td (of ) Tj ET Q q 0 0 0 rg BT 403.77 84.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 443.21 84.15 Td (with ) Tj ET Q q 0 0 0 rg BT 464.58 84.15 Td (dif) Tj ET Q q 0 0 0 rg BT 476.06 84.15 Td (ferent ) Tj ET Q q 0 0 0 rg BT 503.25 84.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 521.69 84.15 Td (structures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 71.55 Td (for ) Tj ET Q q 0 0 0 rg BT 63.79 71.55 Td (any ) Tj ET Q q 0 0 0 rg BT 81.00 71.55 Td (number ) Tj ET Q q 0 0 0 rg BT 115.13 71.55 Td (of ) Tj ET Q q 0 0 0 rg BT 125.92 71.55 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 162.09 71.55 Td (including ) Tj ET Q q 0 0 0 rg BT 203.80 71.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.93 71.55 Td (performance, ) Tj ET Q q 0 0 0 rg BT 309.65 71.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 345.52 71.55 Td (in ) Tj ET Q q 0 0 0 rg BT 355.74 71.55 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 400.35 71.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 433.31 71.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 457.81 71.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 493.67 71.55 Td (in ) Tj ET Q q 0 0 0 rg BT 503.89 71.55 Td (our ) Tj ET Q q 0 0 0 rg BT 519.94 71.55 Td (reputation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 58.95 Td (in ) Tj ET Q q 0 0 0 rg BT 59.61 58.95 Td (the ) Tj ET Q q 0 0 0 rg BT 74.38 58.95 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 130.26 58.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 166.02 58.95 Td (in ) Tj ET Q q 0 0 0 rg BT 176.13 58.95 Td (management ) Tj ET Q q 0 0 0 rg BT 231.72 58.95 Td (or ) Tj ET Q q 0 0 0 rg BT 242.41 58.95 Td (control ) Tj ET Q q 0 0 0 rg BT 274.10 58.95 Td (of ) Tj ET Q q 0 0 0 rg BT 284.79 58.95 Td (clients ) Tj ET Q q 0 0 0 rg BT 314.14 58.95 Td (or ) Tj ET Q q 0 0 0 rg BT 324.83 58.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 371.68 58.95 Td (distributors ) Tj ET Q q 0 0 0 rg BT 421.46 58.95 Td (with ) Tj ET Q q 0 0 0 rg BT 442.07 58.95 Td (whom ) Tj ET Q q 0 0 0 rg BT 470.27 58.95 Td (we ) Tj ET Q q 0 0 0 rg BT 484.46 58.95 Td (have ) Tj ET Q q 0 0 0 rg BT 506.22 58.95 Td (relationships, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 46.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.47 46.35 Td (of ) Tj ET Q q 0 0 0 rg BT 79.84 46.35 Td (key ) Tj ET Q q 0 0 0 rg BT 97.62 46.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 146.33 46.35 Td (management ) Tj ET Q q 0 0 0 rg BT 202.60 46.35 Td (personnel ) Tj ET Q q 0 0 0 rg BT 246.04 46.35 Td (or ) Tj ET Q q 0 0 0 rg BT 257.41 46.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.77 46.35 Td (market ) Tj ET Q q 0 0 0 rg BT 328.55 46.35 Td (performance.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (43) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.05 741.90 Td (by ) Tj ET Q q 0 0 0 rg BT 88.19 741.90 Td (Asset ) Tj ET Q q 0 0 0 rg BT 113.57 741.90 Td (Class) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.63 729.30 Td (by ) Tj ET Q q 0 0 0 rg BT 89.75 729.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 112.79 729.30 Td (class ) Tj ET Q q 0 0 0 rg BT 135.83 729.30 Td (\(in ) Tj ET Q q 0 0 0 rg BT 150.11 729.30 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 187.74 729.30 Td (was ) Tj ET Q q 0 0 0 rg BT 206.70 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 218.07 729.30 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 703.8 m 498 703.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 703.8 m 506 703.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 703.8 m 563 703.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 667.8 m 166 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 667.8 m 213 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 667.8 m 261 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 667.8 m 307 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 667.8 m 348 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 667.8 m 393 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 667.8 m 435 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 667.8 m 498 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 667.8 m 563 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 667.8 m 307 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 667.8 m 348 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 667.8 m 393 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 667.8 m 435 667.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 622.8 m 166 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 622.8 m 213 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 622.8 m 261 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 622.8 m 307 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 622.8 m 348 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 622.8 m 393 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 622.8 m 435 622.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 592.8 m 166 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 592.8 m 213 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 592.8 m 261 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 592.8 m 307 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 592.8 m 348 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 592.8 m 393 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 592.8 m 435 592.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 577.8 m 166 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 577.8 m 213 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 577.8 m 261 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 577.8 m 307 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 577.8 m 348 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 577.8 m 393 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 577.8 m 435 577.8 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.75 708.57 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 672.57 Td (As of March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 180.50 672.59 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.55 683.09 Td (% of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 672.59 Td (T) Tj ET Q q 0 0 0 rg BT 233.04 672.59 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 672.57 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.90 683.07 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.25 672.57 Td (T) Tj ET Q q 0 0 0 rg BT 323.93 672.57 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 672.57 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.40 683.07 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.75 672.57 Td (T) Tj ET Q q 0 0 0 rg BT 410.43 672.57 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 693.59 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.15 683.09 Td (Compar) Tj ET Q q 0 0 0 rg BT 481.29 683.09 Td (ed) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.80 672.59 Td (to 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 693.57 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 683.07 Td (Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 672.57 Td (to 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 657.57 Td ( Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 657.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 657.59 Td (161.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 657.59 Td (22) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 657.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 657.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 657.57 Td (202.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 657.57 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 657.57 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 657.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 657.57 Td (203.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 657.57 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 657.57 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 469.50 657.59 Td (\(20) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 657.59 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 657.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 657.57 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 642.57 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 642.59 Td (420.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 642.59 Td (58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 642.57 Td (419.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 642.57 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 642.57 Td (422.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 642.57 Td (56) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.00 642.59 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 642.57 Td (\(1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 642.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 627.57 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 190.60 627.59 Td (74.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 627.59 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.60 627.57 Td (68.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 627.57 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.60 627.57 Td (66.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.50 627.57 Td (9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 627.59 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 627.57 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 612.57 Td (T) Tj ET Q q 0 0 0 rg BT 73.18 612.57 Td (otal long-term assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 612.59 Td (655.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 612.59 Td (90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 612.57 Td (690.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 612.57 Td (91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 612.57 Td (691.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 612.57 Td (92) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 612.59 Td (\(5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 612.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 612.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 597.57 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 190.60 597.59 Td (75.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 597.59 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.60 597.57 Td (67.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 597.57 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.60 597.57 Td (62.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.50 597.57 Td (8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 473.00 597.59 Td (1) Tj ET Q q 0 0 0 rg BT 478.25 597.59 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 597.57 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 582.57 Td (T) Tj ET Q q 0 0 0 rg BT 64.18 582.57 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 582.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 582.59 Td (730.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.25 582.59 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 582.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 582.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 582.57 Td (758.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 582.57 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 582.57 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 582.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 582.57 Td (754.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 582.57 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 582.57 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 582.59 Td (\(4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 582.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 582.57 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.70 Td (A) Tj ET Q q 0 0 0 rg BT 56.30 553.70 Td (verage ) Tj ET Q q 0 0 0 rg BT 86.33 553.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 113.46 553.70 Td (by ) Tj ET Q q 0 0 0 rg BT 126.58 553.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.62 553.70 Td (class ) Tj ET Q q 0 0 0 rg BT 172.65 553.70 Td (\(in ) Tj ET Q q 0 0 0 rg BT 186.94 553.70 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 224.57 553.70 Td (was ) Tj ET Q q 0 0 0 rg BT 243.53 553.70 Td (as ) Tj ET Q q 0 0 0 rg BT 254.90 553.70 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 528.2 m 498 528.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 528.2 m 506 528.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 528.2 m 563 528.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 492.2 m 166 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 492.2 m 213 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 492.2 m 261 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 492.2 m 307 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 492.2 m 348 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 492.2 m 393 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 492.2 m 435 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 492.2 m 498 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 492.2 m 563 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 492.2 m 307 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 492.2 m 348 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 492.2 m 393 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 492.2 m 435 492.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 450.2 m 166 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 450.2 m 213 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 450.2 m 261 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 450.2 m 307 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 450.2 m 348 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 450.2 m 393 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 450.2 m 435 450.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 422.2 m 166 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 422.2 m 213 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 422.2 m 261 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 422.2 m 307 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 422.2 m 348 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 422.2 m 393 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 422.2 m 435 422.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 408.2 m 166 408.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 408.2 m 213 408.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217 408.2 m 261 408.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 408.2 m 307 408.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 408.2 m 348 408.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 408.2 m 393 408.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 408.2 m 435 408.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.75 532.97 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 496.97 Td (Y) Tj ET Q q 0 0 0 rg BT 59.03 496.97 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 180.50 496.99 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.55 507.49 Td (% of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.00 496.99 Td (T) Tj ET Q q 0 0 0 rg BT 233.04 496.99 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 496.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.90 507.47 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.25 496.97 Td (T) Tj ET Q q 0 0 0 rg BT 323.93 496.97 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 496.97 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.40 507.47 Td (% of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.75 496.97 Td (T) Tj ET Q q 0 0 0 rg BT 410.43 496.97 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.50 517.99 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 444.15 507.49 Td (Compar) Tj ET Q q 0 0 0 rg BT 481.29 507.49 Td (ed) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.80 496.99 Td (to 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 517.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.10 507.47 Td (Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.10 496.97 Td (to 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 482.42 Td ( Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 482.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 482.59 Td (201.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 482.59 Td (26) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 482.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 482.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 482.42 Td (203.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 482.42 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 482.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 482.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 482.42 Td (200.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 482.42 Td (26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 482.42 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 482.59 Td (\(1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 482.59 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 482.42 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 482.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 468.42 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 468.59 Td (439.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 468.59 Td (57) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 468.42 Td (412.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 468.42 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 468.42 Td (412.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 468.42 Td (55) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 468.59 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 468.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 454.77 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 190.60 454.59 Td (72.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.00 454.88 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 454.77 Td (66.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.75 454.77 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.50 454.77 Td (66.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 454.77 Td (9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 454.59 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 454.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 440.42 Td (T) Tj ET Q q 0 0 0 rg BT 73.18 440.42 Td (otal long-term assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 440.59 Td (713.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 239.50 440.59 Td (92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 440.42 Td (682.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.25 440.42 Td (91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 440.42 Td (678.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 440.42 Td (90) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 440.59 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 440.42 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 426.42 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 190.60 426.59 Td (64.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 244.75 426.59 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.60 426.42 Td (65.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 426.42 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.60 426.42 Td (75.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.25 426.42 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 474.75 426.59 Td (\(1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.50 426.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 426.42 Td (\(13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 426.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 412.42 Td (T) Tj ET Q q 0 0 0 rg BT 64.18 412.42 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 172.50 412.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 185.35 412.59 Td (778.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.25 412.59 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.00 412.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.50 412.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.35 412.42 Td (748.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 412.42 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.75 412.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.50 412.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.35 412.42 Td (754.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 412.42 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.75 412.42 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 478.25 412.59 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 412.42 Td (\(1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 412.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (component ) Tj ET Q q 0 0 0 rg BT 117.73 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 154.17 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 164.97 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 181.01 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 208.14 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 221.26 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 244.30 741.75 Td (class ) Tj ET Q q 0 0 0 rg BT 267.33 741.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 281.62 741.75 Td (billions\) ) Tj ET Q q 0 0 0 rg BT 319.25 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 342.28 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 353.65 741.75 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 695.25 m 247 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 695.25 m 298 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 695.25 m 349 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 695.25 m 353 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 695.25 m 407 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 695.25 m 458 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 695.25 m 510 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 695.25 m 562 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 695.25 m 247 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 695.25 m 298 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 695.25 m 349 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 695.25 m 353 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 695.25 m 407 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 695.25 m 458 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 695.25 m 510 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 695.25 m 562 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 597.25 m 247 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 597.25 m 298 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 597.25 m 349 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 597.25 m 353 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 597.25 m 407 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 597.25 m 458 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 597.25 m 510 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 597.25 m 562 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 597.25 m 298 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 597.25 m 349 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 597.25 m 353 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 597.25 m 407 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 597.25 m 458 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 597.25 m 510 597.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 523.25 m 247 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 523.25 m 298 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 523.25 m 349 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 523.25 m 353 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 523.25 m 407 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 523.25 m 458 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 523.25 m 510 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 523.25 m 562 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 523.25 m 298 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 523.25 m 349 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 523.25 m 353 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 523.25 m 407 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 523.25 m 458 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 523.25 m 510 523.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 426.25 m 247 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 426.25 m 298 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 426.25 m 349 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 426.25 m 407 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 426.25 m 510 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 426.25 m 298 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 426.25 m 302 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 426.25 m 349 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 426.25 m 353 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 426.25 m 407 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 426.25 m 411 426.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 426.25 m 458 426.25 l s 0 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rg BT 558.00 527.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 513.02 Td (March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 513.02 Td (203.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.35 513.02 Td (422.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 513.02 Td (66.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.35 513.02 Td (691.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 513.02 Td (62.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 513.02 Td (754.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 497.52 Td (Investment funds, excluding liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 487.02 Td (funds:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 92.75 491.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 472.47 Td (Subscriptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 472.47 Td (21.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 472.47 Td (29.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 472.47 Td (5.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.60 472.47 Td (56.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 472.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 472.47 Td (56.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 458.47 Td (Redemptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 458.47 Td (\(26.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 458.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.10 458.47 Td (\(33.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 458.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 458.47 Td (\(4.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 458.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 458.47 Td (\(64.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 458.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 458.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 458.47 Td (\(64.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 458.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 444.47 Td (Long-term separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 444.47 Td (\(2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 444.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.85 444.47 Td (0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 444.47 Td (0.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 444.47 Td (\(1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 444.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 444.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 444.47 Td (\(1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 444.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 430.47 Td (Liquidity flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.50 430.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 430.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.50 430.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.50 430.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 430.47 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 430.47 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 415.02 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 415.02 Td (\(7.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 415.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 415.02 Td (\(4.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 415.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 415.02 Td (1.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 415.02 Td (\(10.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 415.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 415.02 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 415.02 Td (\(8.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 415.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 399.02 Td (Realizations ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 106.03 403.78 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.50 399.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 399.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 399.02 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 399.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 399.02 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 399.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 399.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 399.02 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 399.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 384.47 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 389.23 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 384.47 Td (7.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.85 384.47 Td (7.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 384.47 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.60 384.47 Td (18.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 384.47 Td (3.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 384.47 Td (21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 370.02 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 370.02 Td (\(1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 370.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 370.02 Td (\(6.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 370.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 370.02 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 370.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 370.02 Td (\(7.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 370.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.35 370.02 Td (\(0.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 370.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 370.02 Td (\(8.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 370.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 355.47 Td (March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.35 355.47 Td (202.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.35 355.47 Td (419.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 355.47 Td (68.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.35 355.47 Td (690.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.60 355.47 Td (67.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 355.47 Td (758.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 340.52 Td (Investment funds, excluding liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.50 330.02 Td (funds:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 92.75 334.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 315.47 Td (Subscriptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.60 315.47 Td (23.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 315.47 Td (39.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 315.47 Td (8.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.60 315.47 Td (72.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 315.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 315.47 Td (72.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 301.47 Td (Redemptions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 301.47 Td (\(29.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 301.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.10 301.47 Td (\(32.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 301.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 301.47 Td (\(3.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 301.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 301.47 Td (\(64.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 301.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 301.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 301.47 Td (\(64.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 301.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 287.47 Td (Long-term separate account flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 287.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 280.85 287.47 Td (1.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 287.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.10 287.47 Td (\(10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 287.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 287.47 Td (1.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 287.47 Td (\(20.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 287.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 287.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 287.47 Td (\(20.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 287.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 273.47 Td (Liquidity flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.50 273.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 273.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.50 273.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.50 273.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 273.47 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 273.47 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 259.47 Td (Net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 259.47 Td (\(16.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 259.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 259.47 Td (\(3.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 259.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 259.47 Td (7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 259.47 Td (\(12.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 259.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 259.47 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 259.47 Td (\(6.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 259.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 245.47 Td (Realizations ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 106.03 250.23 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.50 245.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 245.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 245.47 Td (\(1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 245.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 245.47 Td (\(1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 245.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 245.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 245.47 Td (\(1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 245.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 231.47 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 236.23 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.10 231.47 Td (\(23.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 231.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.85 231.47 Td (9.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 231.47 Td (\(0.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 231.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.10 231.47 Td (\(14.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 231.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 231.47 Td (1.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 231.47 Td (\(12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 231.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 217.47 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.35 217.47 Td (\(0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 217.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.35 217.47 Td (\(5.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 217.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.35 217.47 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.00 217.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.35 217.47 Td (\(7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.00 217.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.35 217.47 Td (\(0.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 217.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 217.47 Td (\(7.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 217.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 203.47 Td (Acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.85 203.47 Td (0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.50 203.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 203.47 Td (0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.85 203.47 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.50 203.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 203.47 Td (0.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 189.64 Td (Mar) Tj ET Q q 0 0 0 rg BT 71.13 189.64 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 253.50 189.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 270.35 189.64 Td (161.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 304.50 189.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 321.35 189.64 Td (420.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.50 189.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 384.60 189.64 Td (74.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 413.50 189.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.35 189.64 Td (655.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 189.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 487.60 189.64 Td (75.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.50 189.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 189.64 Td (730.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 176.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 176.15 Td ( ) Tj ET Q q 0 0 0 rg BT 62.83 176.15 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 176.15 Td (Subscriptions ) Tj ET Q q 0 0 0 rg BT 113.06 176.15 Td (and ) Tj ET Q q 0 0 0 rg BT 126.61 176.15 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 168.16 176.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 190.58 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 202.36 176.15 Td (gross ) Tj ET Q q 0 0 0 rg BT 221.25 176.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 247.24 176.15 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.23 176.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.01 176.15 Td (and ) Tj ET Q q 0 0 0 rg BT 300.56 176.15 Td (include ) Tj ET Q q 0 0 0 rg BT 326.11 176.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.77 176.15 Td (transferred ) Tj ET Q q 0 0 0 rg BT 383.42 176.15 Td (between ) Tj ET Q q 0 0 0 rg BT 412.07 176.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.85 176.15 Td (and ) Tj ET Q q 0 0 0 rg BT 445.40 176.15 Td (between ) Tj ET Q q 0 0 0 rg BT 474.05 176.15 Td (share ) Tj ET Q q 0 0 0 rg BT 492.93 176.15 Td (classes.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 166.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 166.55 Td (Realizations ) Tj ET Q q 0 0 0 rg BT 109.03 166.55 Td (represent ) Tj ET Q q 0 0 0 rg BT 140.34 166.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 177.43 166.55 Td (manager) Tj ET Q q 0 0 0 rg BT 204.81 166.55 Td (-driven ) Tj ET Q q 0 0 0 rg BT 229.90 166.55 Td (distributions ) Tj ET Q q 0 0 0 rg BT 271.89 166.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 303.65 166.55 Td (related ) Tj ET Q q 0 0 0 rg BT 327.40 166.55 Td (to ) Tj ET Q q 0 0 0 rg BT 335.61 166.55 Td (the ) Tj ET Q q 0 0 0 rg BT 347.37 166.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 361.80 166.55 Td (of ) Tj ET Q q 0 0 0 rg BT 370.45 166.55 Td (assets. ) Tj ET Q q 0 0 0 rg BT 393.10 166.55 Td ( ) Tj ET Q q 0 0 0 rg BT 395.09 166.55 Td (Realizations ) Tj ET Q q 0 0 0 rg BT 436.62 166.55 Td (are ) Tj ET Q q 0 0 0 rg BT 448.38 166.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 475.24 166.55 Td (to ) Tj ET Q q 0 0 0 rg BT 483.45 166.55 Td (our ) Tj ET Q q 0 0 0 rg BT 496.10 166.55 Td (alternative ) Tj ET Q q 0 0 0 rg BT 531.85 166.55 Td (managers ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 156.95 Td (and ) Tj ET Q q 0 0 0 rg BT 81.05 156.95 Td (do ) Tj ET Q q 0 0 0 rg BT 91.05 156.95 Td (not ) Tj ET Q q 0 0 0 rg BT 103.27 156.95 Td (include ) Tj ET Q q 0 0 0 rg BT 128.82 156.95 Td (client-driven ) Tj ET Q q 0 0 0 rg BT 171.69 156.95 Td (distributions ) Tj ET Q q 0 0 0 rg BT 213.70 156.95 Td (\(e.g. ) Tj ET Q q 0 0 0 rg BT 229.91 156.95 Td (client ) Tj ET Q q 0 0 0 rg BT 249.68 156.95 Td (requested ) Tj ET Q q 0 0 0 rg BT 282.33 156.95 Td (redemptions, ) Tj ET Q q 0 0 0 rg BT 325.88 156.95 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 365.66 156.95 Td (or ) Tj ET Q q 0 0 0 rg BT 374.32 156.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 391.87 156.95 Td (transfers\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 147.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 147.35 Td (For ) Tj ET Q q 0 0 0 rg BT 80.70 147.35 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 147.35 Td (years ) Tj ET Q q 0 0 0 rg BT 111.54 147.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.73 147.35 Td (March ) Tj ET Q q 0 0 0 rg BT 155.70 147.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.79 147.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 185.88 147.35 Td (and ) Tj ET Q q 0 0 0 rg BT 199.52 147.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 219.61 147.35 Td (other ) Tj ET Q q 0 0 0 rg BT 238.13 147.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.99 147.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 298.74 147.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.61 147.35 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 354.02 147.35 Td (of ) Tj ET Q q 0 0 0 rg BT 362.77 147.35 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 397.97 147.35 Td ( ) Tj ET Q q 0 0 0 rg BT 400.06 147.35 Td (For ) Tj ET Q q 0 0 0 rg BT 413.26 147.35 Td (the ) Tj ET Q q 0 0 0 rg BT 425.13 147.35 Td (year ) Tj ET Q q 0 0 0 rg BT 440.98 147.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 462.17 147.35 Td (March ) Tj ET Q q 0 0 0 rg BT 485.14 147.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.23 147.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 517.32 147.35 Td (other ) Tj ET Q q 0 0 0 rg BT 535.85 147.35 Td (includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 137.75 Td (the ) Tj ET Q q 0 0 0 rg BT 79.32 137.75 Td (reclassification, ) Tj ET Q q 0 0 0 rg BT 131.78 137.75 Td (ef) Tj ET Q q 0 0 0 rg BT 137.85 137.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 161.20 137.75 Td (April ) Tj ET Q q 0 0 0 rg BT 180.13 137.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 188.17 137.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 208.22 137.75 Td (of ) Tj ET Q q 0 0 0 rg BT 216.92 137.75 Td ($12.1 ) Tj ET Q q 0 0 0 rg BT 236.96 137.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 259.90 137.75 Td (and ) Tj ET Q q 0 0 0 rg BT 273.49 137.75 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 289.53 137.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 312.46 137.75 Td (of ) Tj ET Q q 0 0 0 rg BT 321.17 137.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 344.97 137.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 367.01 137.75 Td (and ) Tj ET Q q 0 0 0 rg BT 380.60 137.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 399.08 137.75 Td (income ) Tj ET Q q 0 0 0 rg BT 424.67 137.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 447.38 137.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 485.51 137.75 Td (, ) Tj ET Q q 0 0 0 rg BT 489.55 137.75 Td (which ) Tj ET Q q 0 0 0 rg BT 511.14 137.75 Td (were ) Tj ET Q q 0 0 0 rg BT 528.73 137.75 Td (previously ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 128.15 Td (included ) Tj ET Q q 0 0 0 rg BT 97.78 128.15 Td (in ) Tj ET Q q 0 0 0 rg BT 106.14 128.15 Td (AUA) Tj ET Q q 0 0 0 rg BT 123.03 128.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.76 128.15 Td (to ) Tj ET Q q 0 0 0 rg BT 134.12 128.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 157.52 128.15 Td (For ) Tj ET Q q 0 0 0 rg BT 171.37 128.15 Td (the ) Tj ET Q q 0 0 0 rg BT 183.88 128.15 Td (year ) Tj ET Q q 0 0 0 rg BT 200.38 128.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 222.22 128.15 Td (March ) Tj ET Q q 0 0 0 rg BT 245.83 128.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 258.57 128.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 279.30 128.15 Td (other ) Tj ET Q q 0 0 0 rg BT 298.47 128.15 Td (also ) Tj ET Q q 0 0 0 rg BT 314.10 128.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 343.49 128.15 Td (the ) Tj ET Q q 0 0 0 rg BT 356.00 128.15 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 400.06 128.15 Td (of ) Tj ET Q q 0 0 0 rg BT 409.46 128.15 Td (dividends ) Tj ET Q q 0 0 0 rg BT 443.30 128.15 Td (and ) Tj ET Q q 0 0 0 rg BT 457.59 128.15 Td (a ) Tj ET Q q 0 0 0 rg BT 463.87 128.15 Td ($\(3.7\) ) Tj ET Q q 0 0 0 rg BT 485.94 128.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 509.56 128.15 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 556.28 128.15 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 118.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 103.27 118.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 131.93 118.55 Td (amounts.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (45) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.05 741.90 Td (by ) Tj ET Q q 0 0 0 rg BT 88.58 741.90 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 143.73 741.90 Td (Channel) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 66.53 729.30 Td (have ) Tj ET Q q 0 0 0 rg BT 89.64 729.30 Td (two ) Tj ET Q q 0 0 0 rg BT 108.69 729.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 149.30 729.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 201.02 729.30 Td (channels, ) Tj ET Q q 0 0 0 rg BT 243.68 729.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 275.55 729.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 329.60 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 347.33 729.30 Td (Af) Tj ET Q q 0 0 0 rg BT 358.22 729.30 Td (filiate/Other) Tj ET Q q 0 0 0 rg BT 409.11 729.30 Td (, ) Tj ET Q q 0 0 0 rg BT 415.03 729.30 Td (through ) Tj ET Q q 0 0 0 rg BT 450.99 729.30 Td (which ) Tj ET Q q 0 0 0 rg BT 479.95 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 495.49 729.30 Td (sell ) Tj ET Q q 0 0 0 rg BT 513.36 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 521.32 729.30 Td (variety ) Tj ET Q q 0 0 0 rg BT 553.77 729.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.04 716.70 Td (products ) Tj ET Q q 0 0 0 rg BT 138.66 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 157.29 716.70 Td (services. ) Tj ET Q q 0 0 0 rg BT 197.19 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 200.65 716.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 232.69 716.70 Td (Distribution, ) Tj ET Q q 0 0 0 rg BT 289.53 716.70 Td (which ) Tj ET Q q 0 0 0 rg BT 318.66 716.70 Td (consists ) Tj ET Q q 0 0 0 rg BT 355.37 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 367.58 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 385.04 716.70 Td (centralized ) Tj ET Q q 0 0 0 rg BT 434.55 716.70 Td (global ) Tj ET Q q 0 0 0 rg BT 464.26 716.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 516.14 716.70 Td (operations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 98.45 704.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 120.59 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 142.73 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.35 704.10 Td (international ) Tj ET Q q 0 0 0 rg BT 217.88 704.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 250.51 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 277.31 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.94 704.10 Td (other ) Tj ET Q q 0 0 0 rg BT 320.98 704.10 Td (commingled ) Tj ET Q q 0 0 0 rg BT 376.94 704.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 417.43 704.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 442.47 704.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 488.49 704.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 529.86 704.10 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (programs, ) Tj ET Q q 0 0 0 rg BT 93.64 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 110.65 691.50 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 166.75 691.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 205.34 691.50 Td (for ) Tj ET Q q 0 0 0 rg BT 219.43 691.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 261.52 691.50 Td (companies ) Tj ET Q q 0 0 0 rg BT 308.28 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 325.29 691.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 356.31 691.50 Td (clients. ) Tj ET Q q 0 0 0 rg BT 388.20 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 389.64 691.50 Td (Af) Tj ET Q q 0 0 0 rg BT 400.53 691.50 Td (filiate/Other ) Tj ET Q q 0 0 0 rg BT 453.70 691.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 488.81 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 499.41 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 514.09 691.50 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 96.18 678.90 Td (within ) Tj ET Q q 0 0 0 rg BT 125.97 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 142.91 678.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 166.26 678.90 Td (managers, ) Tj ET Q q 0 0 0 rg BT 212.07 678.90 Td (which ) Tj ET Q q 0 0 0 rg BT 240.67 678.90 Td (principally ) Tj ET Q q 0 0 0 rg BT 289.11 678.90 Td (sell ) Tj ET Q q 0 0 0 rg BT 306.63 678.90 Td (institutional ) Tj ET Q q 0 0 0 rg BT 359.75 678.90 Td (separate ) Tj ET Q q 0 0 0 rg BT 397.09 678.90 Td (account ) Tj ET Q q 0 0 0 rg BT 432.68 678.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 491.90 678.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 530.43 678.90 Td (\(money ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (market\) ) Tj ET Q q 0 0 0 rg BT 84.77 666.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 113.36 666.30 Td (real ) Tj ET Q q 0 0 0 rg BT 131.72 666.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 158.25 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 176.03 666.30 Td (other ) Tj ET Q q 0 0 0 rg BT 200.23 666.30 Td (privately ) Tj ET Q q 0 0 0 rg BT 240.18 666.30 Td (placed ) Tj ET Q q 0 0 0 rg BT 270.20 666.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.90 666.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 347.49 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 365.27 666.30 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 432.04 666.30 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 641.10 Td (component ) Tj ET Q q 0 0 0 rg BT 117.73 641.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 154.17 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.97 641.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.01 641.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 208.14 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 221.26 641.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 272.31 641.10 Td (channel ) Tj ET Q q 0 0 0 rg BT 307.58 641.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 321.87 641.10 Td (billions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 605.6 m 312 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 605.6 m 389 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 605.6 m 474 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 605.6 m 562 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 605.6 m 312 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 605.6 m 389 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 605.6 m 474 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 605.6 m 562 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 545.6 m 312 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 545.6 m 389 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 545.6 m 474 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 545.6 m 562 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 545.6 m 389 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 545.6 m 474 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 470.6 m 312 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 470.6 m 474 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 470.6 m 312 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 470.6 m 389 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 470.6 m 562 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 410.6 m 312 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 410.6 m 389 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 410.6 m 474 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 410.6 m 562 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 350.6 m 312 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 350.6 m 389 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 350.6 m 474 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 350.6 m 562 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.6 m 312 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 290.6 m 389 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 290.6 m 474 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 290.6 m 562 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 290.6 m 474 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 290.6 m 562 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 215.60000000000002 m 312 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 200.60000000000002 m 312 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 215.60000000000002 m 389 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 200.60000000000002 m 389 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 215.60000000000002 m 474 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 200.60000000000002 m 474 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 215.60000000000002 m 562 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 200.60000000000002 m 562 200.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.70 620.82 Td (Global) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.60 610.32 Td (Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.85 610.37 Td (Af) Tj ET Q q 0 0 0 rg BT 416.83 610.37 Td (filiate/Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.75 610.37 Td (T) Tj ET Q q 0 0 0 rg BT 519.43 610.37 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 595.37 Td (March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.50 595.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 595.37 Td (285.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.50 595.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 595.37 Td (442.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.50 595.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 595.37 Td (728.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 580.37 Td (Net client cash flows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 565.37 Td (Long-term flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 565.37 Td (15.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 565.37 Td (\(14.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 565.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 565.37 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 550.37 Td (Liquidity flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 550.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 550.37 Td (\(24.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 550.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 550.37 Td (\(24.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 550.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 535.37 Td (T) Tj ET Q q 0 0 0 rg BT 57.55 535.37 Td (otal net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 535.37 Td (15.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 535.37 Td (\(38.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 535.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 535.37 Td (\(22.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 535.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 520.37 Td (Realizations ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 106.03 525.13 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 520.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 520.37 Td (\(2.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 520.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 520.37 Td (\(2.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 520.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 505.37 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 510.13 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 505.37 Td (29.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.50 505.27 Td (16.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 505.37 Td (45.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 490.37 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 490.37 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.50 490.27 Td (2.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 490.37 Td (5.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 475.37 Td (Acquisitions \(dispositions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 475.37 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 475.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 475.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 475.37 Td (\(0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 475.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 460.37 Td (March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 460.37 Td (333.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 460.37 Td (420.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 460.37 Td (754.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 445.37 Td (Net client cash flows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 430.37 Td (Long-term flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 430.37 Td (\(5.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 430.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 430.37 Td (\(5.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 430.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 430.37 Td (\(10.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 430.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 415.37 Td (Liquidity flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 415.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 415.37 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 415.37 Td (2.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 400.37 Td (T) Tj ET Q q 0 0 0 rg BT 57.55 400.37 Td (otal net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 400.37 Td (\(5.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 400.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 400.37 Td (\(2.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 400.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 400.37 Td (\(8.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 400.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 385.37 Td (Realizations) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 103.40 390.13 Td ( \(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 385.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 385.37 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 385.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 385.37 Td (\(1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 385.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 370.37 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 375.13 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.60 370.37 Td (14.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 370.37 Td (7.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 370.37 Td (21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 355.37 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 355.37 Td (\(3.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 355.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 355.37 Td (\(5.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 355.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 355.37 Td (\(8.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 355.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 340.37 Td (March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.35 340.37 Td (339.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 340.37 Td (418.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 340.37 Td (758.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 325.37 Td (Net client cash flows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 310.37 Td (Long-term flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 310.37 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 310.37 Td (\(15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 310.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 310.37 Td (\(12.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 310.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 295.37 Td (Liquidity flows, net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 295.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 295.37 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 295.37 Td (6.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 280.37 Td (T) Tj ET Q q 0 0 0 rg BT 57.55 280.37 Td (otal net client cash flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 280.37 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 280.37 Td (\(8.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 280.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 280.37 Td (\(6.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 280.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 265.37 Td (Realizations) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 103.40 270.13 Td ( \(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 265.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 265.37 Td (\(1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 265.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 265.37 Td (\(1.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 265.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 250.37 Td (Market performance and other ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 182.11 255.13 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.10 250.37 Td (\(21.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 250.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 250.37 Td (8.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 250.37 Td (\(12.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 250.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 235.37 Td (Impact of foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.35 235.37 Td (\(2.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.00 235.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.35 235.37 Td (\(4.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.00 235.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.35 235.37 Td (\(7.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 235.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 220.37 Td (Acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.50 220.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.85 220.37 Td (0.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 220.37 Td (0.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 205.39 Td (Mar) Tj ET Q q 0 0 0 rg BT 71.13 205.39 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 318.50 205.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 361.35 205.39 Td (317.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.50 205.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.35 205.39 Td (412.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.50 205.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 205.39 Td (730.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 191.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 191.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 191.50 Td (Realizations ) Tj ET Q q 0 0 0 rg BT 109.03 191.50 Td (represent ) Tj ET Q q 0 0 0 rg BT 140.34 191.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 177.43 191.50 Td (manager) Tj ET Q q 0 0 0 rg BT 204.81 191.50 Td (-driven ) Tj ET Q q 0 0 0 rg BT 229.90 191.50 Td (distributions ) Tj ET Q q 0 0 0 rg BT 271.89 191.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 303.65 191.50 Td (related ) Tj ET Q q 0 0 0 rg BT 327.40 191.50 Td (to ) Tj ET Q q 0 0 0 rg BT 335.61 191.50 Td (the ) Tj ET Q q 0 0 0 rg BT 347.37 191.50 Td (sale ) Tj ET Q q 0 0 0 rg BT 361.80 191.50 Td (of ) Tj ET Q q 0 0 0 rg BT 370.45 191.50 Td (assets. ) Tj ET Q q 0 0 0 rg BT 393.10 191.50 Td ( ) Tj ET Q q 0 0 0 rg BT 395.09 191.50 Td (Realizations ) Tj ET Q q 0 0 0 rg BT 436.62 191.50 Td (are ) Tj ET Q q 0 0 0 rg BT 448.38 191.50 Td (specific ) Tj ET Q q 0 0 0 rg BT 475.24 191.50 Td (to ) Tj ET Q q 0 0 0 rg BT 483.45 191.50 Td (our ) Tj ET Q q 0 0 0 rg BT 496.10 191.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 531.85 191.50 Td (managers ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 181.90 Td (and ) Tj ET Q q 0 0 0 rg BT 81.05 181.90 Td (do ) Tj ET Q q 0 0 0 rg BT 91.05 181.90 Td (not ) Tj ET Q q 0 0 0 rg BT 103.27 181.90 Td (include ) Tj ET Q q 0 0 0 rg BT 128.82 181.90 Td (client-driven ) Tj ET Q q 0 0 0 rg BT 171.69 181.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 213.70 181.90 Td (\(e.g. ) Tj ET Q q 0 0 0 rg BT 229.91 181.90 Td (client ) Tj ET Q q 0 0 0 rg BT 249.68 181.90 Td (requested ) Tj ET Q q 0 0 0 rg BT 282.33 181.90 Td (redemptions, ) Tj ET Q q 0 0 0 rg BT 325.88 181.90 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 365.66 181.90 Td (or ) Tj ET Q q 0 0 0 rg BT 374.32 181.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 391.87 181.90 Td (transfers\). ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 172.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 172.30 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 172.30 Td (For ) Tj ET Q q 0 0 0 rg BT 80.70 172.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 172.30 Td (years ) Tj ET Q q 0 0 0 rg BT 111.54 172.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.73 172.30 Td (March ) Tj ET Q q 0 0 0 rg BT 155.70 172.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.79 172.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 185.88 172.30 Td (and ) Tj ET Q q 0 0 0 rg BT 199.52 172.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 219.61 172.30 Td (other ) Tj ET Q q 0 0 0 rg BT 238.13 172.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.99 172.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 298.74 172.30 Td (the ) Tj ET Q q 0 0 0 rg BT 310.61 172.30 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 354.02 172.30 Td (of ) Tj ET Q q 0 0 0 rg BT 362.77 172.30 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 397.97 172.30 Td ( ) Tj ET Q q 0 0 0 rg BT 400.06 172.30 Td (For ) Tj ET Q q 0 0 0 rg BT 413.26 172.30 Td (the ) Tj ET Q q 0 0 0 rg BT 425.13 172.30 Td (year ) Tj ET Q q 0 0 0 rg BT 440.98 172.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 462.17 172.30 Td (March ) Tj ET Q q 0 0 0 rg BT 485.14 172.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.23 172.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 517.32 172.30 Td (other ) Tj ET Q q 0 0 0 rg BT 535.85 172.30 Td (includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 162.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.17 162.70 Td (reclassification, ) Tj ET Q q 0 0 0 rg BT 131.50 162.70 Td (ef) Tj ET Q q 0 0 0 rg BT 137.57 162.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 160.81 162.70 Td (April ) Tj ET Q q 0 0 0 rg BT 179.60 162.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 187.50 162.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 207.40 162.70 Td (of ) Tj ET Q q 0 0 0 rg BT 215.97 162.70 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 235.87 162.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 258.66 162.70 Td (of ) Tj ET Q q 0 0 0 rg BT 267.23 162.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 290.89 162.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 311.46 162.70 Td (which ) Tj ET Q q 0 0 0 rg BT 332.91 162.70 Td (were ) Tj ET Q q 0 0 0 rg BT 350.35 162.70 Td (previously ) Tj ET Q q 0 0 0 rg BT 386.03 162.70 Td (included ) Tj ET Q q 0 0 0 rg BT 415.48 162.70 Td (in ) Tj ET Q q 0 0 0 rg BT 423.18 162.70 Td (AUA) Tj ET Q q 0 0 0 rg BT 440.07 162.70 Td ( ) Tj ET Q q 0 0 0 rg BT 441.97 162.70 Td (to ) Tj ET Q q 0 0 0 rg BT 449.68 162.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 470.25 162.70 Td (due ) Tj ET Q q 0 0 0 rg BT 483.70 162.70 Td (to ) Tj ET Q q 0 0 0 rg BT 491.82 162.70 Td (a ) Tj ET Q q 0 0 0 rg BT 497.27 162.70 Td (change ) Tj ET Q q 0 0 0 rg BT 521.83 162.70 Td (in ) Tj ET Q q 0 0 0 rg BT 529.95 162.70 Td (our ) Tj ET Q q 0 0 0 rg BT 542.52 162.70 Td (policy ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 153.10 Td (on ) Tj ET Q q 0 0 0 rg BT 77.22 153.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 121.15 153.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.15 153.10 Td (AUA) Tj ET Q q 0 0 0 rg BT 146.04 153.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.76 153.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.65 153.10 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 183.04 153.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.76 153.10 Td (For ) Tj ET Q q 0 0 0 rg BT 197.59 153.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.09 153.10 Td (year ) Tj ET Q q 0 0 0 rg BT 224.57 153.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 245.39 153.10 Td (March ) Tj ET Q q 0 0 0 rg BT 267.99 153.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 279.71 153.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 299.43 153.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.59 153.10 Td (also ) Tj ET Q q 0 0 0 rg BT 332.19 153.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 360.57 153.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.07 153.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 415.11 153.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.49 153.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 456.32 153.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.59 153.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.86 153.10 Td ($\(3.7\) ) Tj ET Q q 0 0 0 rg BT 495.91 153.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 518.52 153.10 Td (reconciliation ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 143.50 Td (to ) Tj ET Q q 0 0 0 rg BT 75.72 143.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 111.50 143.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 140.15 143.50 Td (amounts.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (46) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Operating Revenue ) Tj ET Q q 0 0 0 rg BT 135.64 741.90 Td (Y) Tj ET Q q 0 0 0 rg BT 141.48 741.90 Td (ield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.68 729.30 Td (calculate ) Tj ET Q q 0 0 0 rg BT 105.44 729.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 147.55 729.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 183.23 729.30 Td (yields ) Tj ET Q q 0 0 0 rg BT 210.76 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 221.96 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 237.24 729.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 258.93 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 270.13 729.30 Td (total ) Tj ET Q q 0 0 0 rg BT 291.25 729.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.35 729.30 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 375.75 729.30 Td (less ) Tj ET Q q 0 0 0 rg BT 393.95 729.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 449.45 729.30 Td (fees, ) Tj ET Q q 0 0 0 rg BT 471.43 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 482.05 729.30 Td (average ) Tj ET Q q 0 0 0 rg BT 516.60 729.30 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 546.18 729.30 Td (Our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 80.94 716.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.88 716.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 158.40 716.70 Td (yield, ) Tj ET Q q 0 0 0 rg BT 184.31 716.70 Td (less ) Tj ET Q q 0 0 0 rg BT 202.35 716.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.68 716.70 Td (fees, ) Tj ET Q q 0 0 0 rg BT 279.50 716.70 Td (across ) Tj ET Q q 0 0 0 rg BT 308.03 716.70 Td (all ) Tj ET Q q 0 0 0 rg BT 320.81 716.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 343.51 716.70 Td (classes ) Tj ET Q q 0 0 0 rg BT 374.96 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 392.41 716.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 443.12 716.70 Td (channels ) Tj ET Q q 0 0 0 rg BT 482.14 716.70 Td (was ) Tj ET Q q 0 0 0 rg BT 500.76 716.70 Td (36 ) Tj ET Q q 0 0 0 rg BT 513.55 716.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 536.84 716.70 Td (points ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (\("bps"\), ) Tj ET Q q 0 0 0 rg BT 84.86 704.10 Td (38 ) Tj ET Q q 0 0 0 rg BT 97.95 704.10 Td (bps ) Tj ET Q q 0 0 0 rg BT 115.12 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.87 704.10 Td (39 ) Tj ET Q q 0 0 0 rg BT 145.95 704.10 Td (bps ) Tj ET Q q 0 0 0 rg BT 163.12 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 177.95 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.37 704.10 Td (years ) Tj ET Q q 0 0 0 rg BT 218.10 704.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 245.76 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 275.75 704.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.46 704.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 317.67 704.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 341.26 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.00 704.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 385.21 704.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 435.26 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.47 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 459.39 704.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 501.62 704.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 537.44 704.10 Td (yields ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (by ) Tj ET Q q 0 0 0 rg BT 62.63 691.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 85.66 691.50 Td (class ) Tj ET Q q 0 0 0 rg BT 108.70 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 126.48 691.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 177.53 691.50 Td (channel ) Tj ET Q q 0 0 0 rg BT 212.80 691.50 Td (were ) Tj ET Q q 0 0 0 rg BT 235.83 691.50 Td (as ) Tj ET Q q 0 0 0 rg BT 247.20 691.50 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 666 m 318.5 666 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 666 m 322.5 666 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 666 m 417.5 666 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 666 m 421.5 666 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 666 m 516.5 666 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 651 m 318.5 651 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 651 m 417.5 651 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 651 m 516.5 651 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.15 670.77 Td (Y) Tj ET Q q 0 0 0 rg BT 327.21 670.77 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 260.00 655.79 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.00 655.77 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.00 655.77 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 640.77 Td (Asset Class:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 625.77 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 625.79 Td (57 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 625.77 Td (59 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 625.77 Td (63 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 610.77 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 610.79 Td (26 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 610.77 Td (27 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 610.77 Td (27 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 595.77 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 595.79 Td (59 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 595.77 Td (61 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 595.77 Td (65 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 580.77 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 580.79 Td (14 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 580.77 Td (13 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 580.77 Td (13 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 565.77 Td (T) Tj ET Q q 0 0 0 rg BT 103.05 565.77 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 565.79 Td (36 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 565.77 Td (38 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 565.77 Td (39 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 535.77 Td (Distribution Channel:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 520.77 Td (Global Distribution) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 520.79 Td (41 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 520.77 Td (42 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 520.77 Td (45 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.00 505.77 Td (Af) Tj ET Q q 0 0 0 rg BT 107.89 505.77 Td (filiate/Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.05 505.79 Td (33 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.60 505.77 Td (34 bps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 505.77 Td (34 bps) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 476.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.59 476.30 Td (total ) Tj ET Q q 0 0 0 rg BT 90.00 476.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 132.41 476.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 168.40 476.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 192.15 476.30 Td (decreased ) Tj ET Q q 0 0 0 rg BT 236.29 476.30 Td (over ) Tj ET Q q 0 0 0 rg BT 257.70 476.30 Td (the ) Tj ET Q q 0 0 0 rg BT 273.29 476.30 Td (last ) Tj ET Q q 0 0 0 rg BT 290.63 476.30 Td (two ) Tj ET Q q 0 0 0 rg BT 309.13 476.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 334.63 476.30 Td (years ) Tj ET Q q 0 0 0 rg BT 359.54 476.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 401.37 476.30 Td (due ) Tj ET Q q 0 0 0 rg BT 419.28 476.30 Td (to ) Tj ET Q q 0 0 0 rg BT 430.21 476.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 453.37 476.30 Td (mix, ) Tj ET Q q 0 0 0 rg BT 475.09 476.30 Td (the ) Tj ET Q q 0 0 0 rg BT 490.67 476.30 Td (shift ) Tj ET Q q 0 0 0 rg BT 512.10 476.30 Td (to ) Tj ET Q q 0 0 0 rg BT 523.02 476.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 549.69 476.30 Td (fee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 463.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 85.93 463.70 Td (and ) Tj ET Q q 0 0 0 rg BT 103.11 463.70 Td (share ) Tj ET Q q 0 0 0 rg BT 127.29 463.70 Td (classes ) Tj ET Q q 0 0 0 rg BT 158.48 463.70 Td (and ) Tj ET Q q 0 0 0 rg BT 175.66 463.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 210.34 463.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 225.18 463.70 Td (reductions. ) Tj ET Q q 0 0 0 rg BT 273.57 463.70 Td ( ) Tj ET Q q 0 0 0 rg BT 275.45 463.70 Td (The ) Tj ET Q q 0 0 0 rg BT 293.80 463.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 335.48 463.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 370.73 463.70 Td (yield ) Tj ET Q q 0 0 0 rg BT 393.75 463.70 Td (for ) Tj ET Q q 0 0 0 rg BT 408.02 463.70 Td (managing ) Tj ET Q q 0 0 0 rg BT 451.46 463.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 479.73 463.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 506.25 463.70 Td (declined ) Tj ET Q q 0 0 0 rg BT 543.84 463.70 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.00 451.10 Td (last ) Tj ET Q q 0 0 0 rg BT 82.25 451.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 108.83 451.10 Td (years ) Tj ET Q q 0 0 0 rg BT 133.65 451.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.48 451.10 Td (for ) Tj ET Q q 0 0 0 rg BT 166.40 451.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 210.47 451.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 257.45 451.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.62 451.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 322.86 451.10 Td (over ) Tj ET Q q 0 0 0 rg BT 344.18 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.68 451.10 Td (last ) Tj ET Q q 0 0 0 rg BT 376.93 451.10 Td (five ) Tj ET Q q 0 0 0 rg BT 395.93 451.10 Td (years ) Tj ET Q q 0 0 0 rg BT 420.75 451.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 462.50 451.10 Td (due ) Tj ET Q q 0 0 0 rg BT 480.33 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.16 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 498.49 451.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 519.83 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.67 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.17 451.10 Td (mix ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 438.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 438.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 90.62 438.50 Td (from ) Tj ET Q q 0 0 0 rg BT 113.66 438.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 143.10 438.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 158.55 438.50 Td (to ) Tj ET Q q 0 0 0 rg BT 169.34 438.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 195.87 438.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 211.32 438.50 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 248.34 438.50 Td (and ) Tj ET Q q 0 0 0 rg BT 266.13 438.50 Td (share ) Tj ET Q q 0 0 0 rg BT 290.91 438.50 Td (classes ) Tj ET Q q 0 0 0 rg BT 322.69 438.50 Td (and ) Tj ET Q q 0 0 0 rg BT 340.48 438.50 Td (from ) Tj ET Q q 0 0 0 rg BT 363.51 438.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 392.96 438.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 408.41 438.50 Td (to ) Tj ET Q q 0 0 0 rg BT 419.20 438.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 445.73 438.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 461.17 438.50 Td (earning ) Tj ET Q q 0 0 0 rg BT 495.29 438.50 Td (af) Tj ET Q q 0 0 0 rg BT 503.25 438.50 Td (filiates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 413.30 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.24 413.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.47 413.30 Td (are ) Tj ET Q q 0 0 0 rg BT 120.03 413.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 160.84 413.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 200.47 413.30 Td (by ) Tj ET Q q 0 0 0 rg BT 212.71 413.30 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 268.39 413.30 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 299.57 413.30 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 355.26 413.30 Td (QS ) Tj ET Q q 0 0 0 rg BT 370.42 413.30 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 413.27 413.30 Td (and ) Tj ET Q q 0 0 0 rg BT 430.17 413.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 460.49 413.30 Td (Currie; ) Tj ET Q q 0 0 0 rg BT 491.97 413.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 538.01 413.30 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 400.70 Td (are ) Tj ET Q q 0 0 0 rg BT 64.70 400.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 104.98 400.70 Td (by ) Tj ET Q q 0 0 0 rg BT 117.86 400.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 151.74 400.70 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 191.15 400.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 208.86 400.70 Td (rust ) Tj ET Q q 0 0 0 rg BT 226.99 400.70 Td (Global, ) Tj ET Q q 0 0 0 rg BT 260.58 400.70 Td (and ) Tj ET Q q 0 0 0 rg BT 278.12 400.70 Td (RARE ) Tj ET Q q 0 0 0 rg BT 308.51 400.70 Td (Infrastructure; ) Tj ET Q q 0 0 0 rg BT 370.94 400.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 394.90 400.70 Td (income ) Tj ET Q q 0 0 0 rg BT 428.18 400.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 455.06 400.70 Td (are ) Tj ET Q q 0 0 0 rg BT 470.26 400.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 511.72 400.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 552.00 400.70 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 388.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 85.29 388.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 110.74 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.01 388.10 Td (Brandywine; ) Tj ET Q q 0 0 0 rg BT 184.37 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.64 388.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 239.35 388.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.96 388.10 Td (are ) Tj ET Q q 0 0 0 rg BT 280.89 388.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 320.91 388.10 Td (by ) Tj ET Q q 0 0 0 rg BT 333.37 388.10 Td (W) Tj ET Q q 0 0 0 rg BT 342.44 388.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 369.16 388.10 Td (Asset. ) Tj ET Q q 0 0 0 rg BT 397.23 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.88 388.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 428.42 388.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 475.44 388.10 Td (through ) Tj ET Q q 0 0 0 rg BT 510.22 388.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.91 388.10 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 375.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 80.70 375.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 134.08 375.50 Td (are ) Tj ET Q q 0 0 0 rg BT 149.52 375.50 Td (predominately ) Tj ET Q q 0 0 0 rg BT 212.80 375.50 Td (retail ) Tj ET Q q 0 0 0 rg BT 236.99 375.50 Td (in ) Tj ET Q q 0 0 0 rg BT 247.79 375.50 Td (nature.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 350.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.96 350.30 Td (Performance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.71 325.10 Td (a ) Tj ET Q q 0 0 0 rg BT 74.00 325.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 120.38 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.75 325.10 Td (market ) Tj ET Q q 0 0 0 rg BT 163.53 325.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 209.90 325.10 Td (during ) Tj ET Q q 0 0 0 rg BT 239.94 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.39 325.10 Td (year ) Tj ET Q q 0 0 0 rg BT 276.09 325.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 303.78 325.10 Td (March ) Tj ET Q q 0 0 0 rg BT 333.81 325.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 349.56 325.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 375.81 325.10 Td (see ) Tj ET Q q 0 0 0 rg BT 391.84 325.10 Td ("Business ) Tj ET Q q 0 0 0 rg BT 436.10 325.10 Td (Environment".) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 299.90 Td (The ) Tj ET Q q 0 0 0 rg BT 70.19 299.90 Td (following ) Tj ET Q q 0 0 0 rg BT 115.39 299.90 Td (table ) Tj ET Q q 0 0 0 rg BT 140.17 299.90 Td (presents ) Tj ET Q q 0 0 0 rg BT 178.95 299.90 Td (a ) Tj ET Q q 0 0 0 rg BT 187.98 299.90 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.42 299.90 Td (of ) Tj ET Q q 0 0 0 rg BT 244.54 299.90 Td (the ) Tj ET Q q 0 0 0 rg BT 261.73 299.90 Td (percentages ) Tj ET Q q 0 0 0 rg BT 315.66 299.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.77 299.90 Td (our ) Tj ET Q q 0 0 0 rg BT 346.17 299.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 375.04 299.90 Td (by ) Tj ET Q q 0 0 0 rg BT 389.91 299.90 Td (strategy) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 423.15 304.66 Td (\(1\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 299.90 Td (that ) Tj ET Q q 0 0 0 rg BT 454.06 299.90 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 496.33 299.90 Td (their ) Tj ET Q q 0 0 0 rg BT 519.94 299.90 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 287.30 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 102.86 287.30 Td (for ) Tj ET Q q 0 0 0 rg BT 117.73 287.30 Td (the ) Tj ET Q q 0 0 0 rg BT 133.18 287.30 Td (trailing ) Tj ET Q q 0 0 0 rg BT 166.13 287.30 Td (1-year) Tj ET Q q 0 0 0 rg BT 192.52 287.30 Td (, ) Tj ET Q q 0 0 0 rg BT 197.77 287.30 Td (3-year) Tj ET Q q 0 0 0 rg BT 224.17 287.30 Td (, ) Tj ET Q q 0 0 0 rg BT 229.42 287.30 Td (5-year) Tj ET Q q 0 0 0 rg BT 255.81 287.30 Td (, ) Tj ET Q q 0 0 0 rg BT 261.06 287.30 Td (and ) Tj ET Q q 0 0 0 rg BT 278.85 287.30 Td (10-year ) Tj ET Q q 0 0 0 rg BT 313.54 287.30 Td (periods: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 261.79999999999995 m 174 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 261.79999999999995 m 178 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 261.79999999999995 m 210 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 261.79999999999995 m 214 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 261.79999999999995 m 246 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 261.79999999999995 m 250 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 261.79999999999995 m 282 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 261.79999999999995 m 317 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 261.79999999999995 m 321 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 261.79999999999995 m 352 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 261.79999999999995 m 356 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 261.79999999999995 m 387 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 261.79999999999995 m 391 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 261.79999999999995 m 422 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 261.79999999999995 m 457 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 261.79999999999995 m 461 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 261.79999999999995 m 492 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 261.79999999999995 m 496 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 261.79999999999995 m 527 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 261.79999999999995 m 531 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 261.79999999999995 m 562 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 247.79999999999995 m 138 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 247.79999999999995 m 174 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 247.79999999999995 m 210 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 247.79999999999995 m 246 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 247.79999999999995 m 282 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 247.79999999999995 m 317 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 247.79999999999995 m 352 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 247.79999999999995 m 387 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 247.79999999999995 m 422 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 247.79999999999995 m 457 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 247.79999999999995 m 492 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 247.79999999999995 m 527 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 247.79999999999995 m 562 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 247.79999999999995 m 138 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 247.79999999999995 m 317 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 247.79999999999995 m 352 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 247.79999999999995 m 387 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 247.79999999999995 m 422 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 247.79999999999995 m 457 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 247.79999999999995 m 492 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 247.79999999999995 m 527 247.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 247.79999999999995 m 562 247.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.20 266.03 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 209.71 266.03 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.25 266.05 Td (As of March 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 266.05 Td (As of March 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.85 252.03 Td (1-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.85 252.03 Td (3-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.85 252.03 Td (5-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.85 252.03 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.05 252.05 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 252.05 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.05 252.05 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 252.05 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.05 252.05 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.05 252.05 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.05 252.05 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.05 252.05 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 239.05 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 239.05 Td (otal \(includes liquidity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 239.03 Td (33) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 239.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 239.03 Td (34) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 239.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 239.03 Td (71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 239.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 239.03 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 239.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 239.05 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 239.05 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 239.05 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 239.05 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 239.05 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 239.05 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 239.05 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 239.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 239.05 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 239.05 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 226.03 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 213.05 Td (Lar) Tj ET Q q 0 0 0 rg BT 76.03 213.05 Td (ge cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 213.03 Td (21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 213.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 213.03 Td (21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 213.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 213.03 Td (56) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 213.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 213.03 Td (48) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 213.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 213.05 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 213.05 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 213.05 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 213.05 Td (49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 213.05 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 213.05 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 213.05 Td (43) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 213.05 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 213.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 200.05 Td (Small ) Tj ET Q q 0 0 0 rg BT 85.67 200.05 Td (cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 200.03 Td (77) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 200.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 200.03 Td (64) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 200.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 200.03 Td (69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 200.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 200.03 Td (45) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 200.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 200.05 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 200.05 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 200.05 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 200.05 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 200.05 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 200.05 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 200.05 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 200.05 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 200.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 187.05 Td (T) Tj ET Q q 0 0 0 rg BT 69.61 187.05 Td (otal equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 179.05 Td (\(includes other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 171.05 Td (equity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 171.03 Td (68) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 171.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 171.03 Td (58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 171.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 171.03 Td (65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 171.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 171.03 Td (64) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 171.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 171.05 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 171.05 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 171.05 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 171.05 Td (35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 171.05 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 171.05 Td (43) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 171.05 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 171.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 171.05 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 171.05 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 158.03 Td (Fixed income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 145.05 Td (U.S. taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.50 145.03 Td (6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 145.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.50 145.03 Td (9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 145.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 145.03 Td (90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 145.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 145.03 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 145.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 145.05 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 145.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 145.05 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 145.05 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 145.05 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 145.05 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 145.05 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 145.05 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 145.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 132.05 Td (U.S. tax-exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 161.50 132.03 Td (0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 132.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.50 132.03 Td (0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 132.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.50 132.03 Td (0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 132.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.50 132.03 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 132.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 132.05 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.80 132.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 132.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 119.05 Td (Global taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 119.03 Td (30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 119.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 119.03 Td (33) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 119.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 119.03 Td (35) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 119.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 119.03 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 119.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 119.05 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 119.05 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 119.05 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 119.05 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 119.05 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 119.05 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 119.05 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 119.05 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 119.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 106.05 Td (T) Tj ET Q q 0 0 0 rg BT 69.33 106.05 Td (otal fixed income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 106.03 Td (13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 106.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 106.03 Td (15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 106.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 106.03 Td (69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 106.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 106.03 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 106.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 106.05 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 106.05 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 106.05 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 106.05 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 106.05 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 106.05 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 106.05 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 106.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 106.05 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 106.05 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 93.03 Td (Alternative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 93.03 Td (93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 93.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 93.03 Td (93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 93.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 93.03 Td (90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 93.03 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 93.03 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 93.03 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 93.05 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 93.05 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 93.05 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.80 93.05 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 93.05 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 93.05 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 93.05 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 93.05 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 93.05 Td (61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 93.05 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (47) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.33 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 113.66 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 137.56 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 175.47 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 183.63 741.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 226.21 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 238.46 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 254.79 741.75 Td (percentages ) Tj ET Q q 0 0 0 rg BT 307.84 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.09 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 337.59 741.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 359.76 741.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 392.42 741.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 415.17 741.75 Td (assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 439.67 746.51 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.63 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 451.13 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 470.37 741.75 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 511.77 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 534.52 741.75 Td (Lipper ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (category ) Tj ET Q q 0 0 0 rg BT 88.27 729.15 Td (averages ) Tj ET Q q 0 0 0 rg BT 127.62 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 142.49 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 157.94 729.15 Td (trailing ) Tj ET Q q 0 0 0 rg BT 190.90 729.15 Td (1-year) Tj ET Q q 0 0 0 rg BT 217.29 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 222.54 729.15 Td (3-year) Tj ET Q q 0 0 0 rg BT 248.93 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 254.18 729.15 Td (5-year) Tj ET Q q 0 0 0 rg BT 280.58 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 285.83 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 303.61 729.15 Td (10-year ) Tj ET Q q 0 0 0 rg BT 338.30 729.15 Td (periods:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 703.65 m 174 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 703.65 m 178 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 703.65 m 210 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 703.65 m 214 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 703.65 m 246 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 703.65 m 250 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 703.65 m 282 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 703.65 m 317 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 703.65 m 321 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 703.65 m 352 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 703.65 m 356 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 703.65 m 387 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 703.65 m 391 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 703.65 m 422 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 703.65 m 457 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 703.65 m 461 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 703.65 m 492 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 703.65 m 496 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 703.65 m 527 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 703.65 m 531 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 689.65 m 138 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142 689.65 m 174 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 689.65 m 210 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214 689.65 m 246 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 689.65 m 282 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 689.65 m 317 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 689.65 m 352 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 689.65 m 387 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 689.65 m 422 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 689.65 m 457 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 689.65 m 492 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 689.65 m 527 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 689.65 m 562 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 689.65 m 138 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 689.65 m 317 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 689.65 m 352 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 689.65 m 356 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 689.65 m 391 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 689.65 m 422 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 689.65 m 457 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 689.65 m 492 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 689.65 m 496 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527 689.65 m 531 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531 689.65 m 562 689.65 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.20 707.88 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 209.71 707.88 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.25 707.90 Td (As of March 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 707.90 Td (As of March 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.85 693.88 Td (1-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.85 693.88 Td (3-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.85 693.88 Td (5-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.85 693.88 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.05 693.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 693.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.05 693.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 693.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.05 693.90 Td (1-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.05 693.90 Td (3-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.05 693.90 Td (5-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.05 693.90 Td (10-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 680.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 680.90 Td (otal \(excludes liquidity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 680.88 Td (60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 680.88 Td (61) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 680.88 Td (73) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 680.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 680.88 Td (71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 680.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 680.90 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 680.90 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 680.90 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 680.90 Td (61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 680.90 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 680.90 Td (64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 680.90 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 680.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 680.90 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 680.90 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 667.88 Td (Equity:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 654.90 Td (Lar) Tj ET Q q 0 0 0 rg BT 76.03 654.90 Td (ge cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 654.88 Td (40) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 654.88 Td (41) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 654.88 Td (75) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 654.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 654.88 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 654.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 654.90 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 654.90 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 654.90 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 654.90 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 654.90 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 654.90 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 654.90 Td (44) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 654.90 Td (35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 654.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 641.90 Td (Small ) Tj ET Q q 0 0 0 rg BT 85.67 641.90 Td (cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 641.88 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 641.88 Td (65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 641.88 Td (71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 641.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 641.88 Td (50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 641.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 641.90 Td (65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 641.90 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 641.90 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 641.90 Td (49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 641.90 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 641.90 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 641.90 Td (50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 641.90 Td (43) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 641.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 628.90 Td (T) Tj ET Q q 0 0 0 rg BT 69.61 628.90 Td (otal equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 620.90 Td (\(includes other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 612.90 Td (equity\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 612.88 Td (47) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 612.88 Td (47) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 612.88 Td (72) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 612.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 612.88 Td (64) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 612.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 612.90 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 612.90 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 612.90 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 612.90 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 612.90 Td (32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 612.90 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 612.90 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 612.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 612.90 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 612.90 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 599.88 Td (Fixed income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 586.90 Td (U.S. taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 586.88 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 586.88 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 586.88 Td (92) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 586.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 586.88 Td (91) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 586.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 586.90 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 586.90 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 586.90 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 586.90 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 586.90 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 586.90 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 586.90 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 586.90 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 586.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 573.90 Td (U.S. tax-exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 573.88 Td (10) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.50 573.88 Td (6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.50 573.88 Td (5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 573.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.50 573.88 Td (4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 573.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 573.90 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 573.90 Td (25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 573.90 Td (64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 573.90 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 573.90 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 573.90 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 573.90 Td (37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 573.90 Td (59) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 573.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 560.90 Td (Global taxable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 560.88 Td (45) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 560.88 Td (42) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 560.88 Td (38) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 560.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 560.88 Td (80) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 560.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 560.90 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 560.90 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 560.90 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 560.90 Td (86) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 560.90 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 560.90 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 560.90 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 560.90 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 560.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 547.90 Td (T) Tj ET Q q 0 0 0 rg BT 69.33 547.90 Td (otal fixed income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 547.88 Td (70) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.50 547.88 Td (71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.50 547.88 Td (73) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.50 547.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 547.88 Td (76) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 547.88 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 547.90 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.80 547.90 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.80 547.90 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 547.90 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 547.90 Td (82) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 547.90 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 547.90 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 547.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 547.90 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 547.90 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 534.88 Td (Alternative \(includes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 60.50 526.88 Td (only thr) Tj ET Q q 0 0 0 rg BT 87.69 526.88 Td (ee funds\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.50 526.88 Td (58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.50 526.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.50 526.88 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 526.88 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.80 526.88 Td (n/a) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.80 526.88 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 526.90 Td (32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 526.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 526.90 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 526.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.80 526.90 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.80 526.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.70 526.90 Td (n/a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 526.90 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 526.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 526.90 Td (0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.80 526.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.80 526.90 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 526.90 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.70 526.90 Td (n/a) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 513.55 Td (n/a ) Tj ET Q q 0 0 0 rg BT 61.27 513.55 Td (- ) Tj ET Q q 0 0 0 rg BT 65.94 513.55 Td (not ) Tj ET Q q 0 0 0 rg BT 78.16 513.55 Td (applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 493.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 493.15 Td (For ) Tj ET Q q 0 0 0 rg BT 81.61 493.15 Td (purposes ) Tj ET Q q 0 0 0 rg BT 114.14 493.15 Td (of ) Tj ET Q q 0 0 0 rg BT 123.53 493.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.14 493.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 208.39 493.15 Td (comparisons, ) Tj ET Q q 0 0 0 rg BT 255.79 493.15 Td (strategies ) Tj ET Q q 0 0 0 rg BT 290.19 493.15 Td (are ) Tj ET Q q 0 0 0 rg BT 302.88 493.15 Td (an ) Tj ET Q q 0 0 0 rg BT 313.21 493.15 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 355.64 493.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.02 493.15 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 400.38 493.15 Td (\(separate ) Tj ET Q q 0 0 0 rg BT 433.36 493.15 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 467.53 493.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 507.14 493.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 530.46 493.15 Td (and ) Tj ET Q q 0 0 0 rg BT 545.04 493.15 Td (other ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 482.95 Td (products\) ) Tj ET Q q 0 0 0 rg BT 101.55 482.95 Td (into ) Tj ET Q q 0 0 0 rg BT 116.71 482.95 Td (a ) Tj ET Q q 0 0 0 rg BT 122.43 482.95 Td (single ) Tj ET Q q 0 0 0 rg BT 144.67 482.95 Td (group ) Tj ET Q q 0 0 0 rg BT 166.45 482.95 Td (that ) Tj ET Q q 0 0 0 rg BT 181.14 482.95 Td (represents ) Tj ET Q q 0 0 0 rg BT 217.54 482.95 Td (a ) Tj ET Q q 0 0 0 rg BT 223.25 482.95 Td (particular ) Tj ET Q q 0 0 0 rg BT 257.76 482.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.00 482.95 Td (objective. ) Tj ET Q q 0 0 0 rg BT 332.23 482.95 Td ( ) Tj ET Q q 0 0 0 rg BT 334.17 482.95 Td ( ) Tj ET Q q 0 0 0 rg BT 336.11 482.95 Td (In ) Tj ET Q q 0 0 0 rg BT 345.13 482.95 Td (the ) Tj ET Q q 0 0 0 rg BT 357.46 482.95 Td (case ) Tj ET Q q 0 0 0 rg BT 374.03 482.95 Td (of ) Tj ET Q q 0 0 0 rg BT 383.05 482.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 412.84 482.95 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 446.64 482.95 Td (the ) Tj ET Q q 0 0 0 rg BT 458.97 482.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.21 482.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 543.10 482.95 Td (of ) Tj ET Q q 0 0 0 rg BT 552.13 482.95 Td (the ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 472.75 Td (account ) Tj ET Q q 0 0 0 rg BT 96.37 472.75 Td (is ) Tj ET Q q 0 0 0 rg BT 104.48 472.75 Td (based ) Tj ET Q q 0 0 0 rg BT 126.27 472.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 145.71 472.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.53 472.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 203.92 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 213.43 472.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.26 472.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 255.60 472.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.65 472.75 Td (which ) Tj ET Q q 0 0 0 rg BT 287.87 472.75 Td (the ) Tj ET Q q 0 0 0 rg BT 300.69 472.75 Td (account ) Tj ET Q q 0 0 0 rg BT 329.56 472.75 Td (has ) Tj ET Q q 0 0 0 rg BT 343.33 472.75 Td (been ) Tj ET Q q 0 0 0 rg BT 361.81 472.75 Td (assigned. ) Tj ET Q q 0 0 0 rg BT 395.65 472.75 Td ( ) Tj ET Q q 0 0 0 rg BT 398.09 472.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 417.52 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 427.03 472.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.80 472.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 459.77 472.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 494.77 472.75 Td (has ) Tj ET Q q 0 0 0 rg BT 508.54 472.75 Td (its ) Tj ET Q q 0 0 0 rg BT 519.01 472.75 Td (own ) Tj ET Q q 0 0 0 rg BT 536.09 472.75 Td (specific ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 462.55 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 104.61 462.55 Td (for ) Tj ET Q q 0 0 0 rg BT 116.69 462.55 Td (including ) Tj ET Q q 0 0 0 rg BT 150.97 462.55 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 186.20 462.55 Td (in ) Tj ET Q q 0 0 0 rg BT 194.98 462.55 Td (their ) Tj ET Q q 0 0 0 rg BT 212.73 462.55 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 249.13 462.55 Td (For ) Tj ET Q q 0 0 0 rg BT 263.11 462.55 Td (those ) Tj ET Q q 0 0 0 rg BT 283.23 462.55 Td (managers ) Tj ET Q q 0 0 0 rg BT 317.97 462.55 Td (which ) Tj ET Q q 0 0 0 rg BT 340.91 462.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 369.52 462.55 Td (both ) Tj ET Q q 0 0 0 rg BT 386.80 462.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 416.81 462.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 448.72 462.55 Td (and ) Tj ET Q q 0 0 0 rg BT 463.17 462.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.64 462.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 523.70 462.55 Td (in ) Tj ET Q q 0 0 0 rg BT 532.49 462.55 Td (the ) Tj ET Q q 0 0 0 rg BT 545.04 462.55 Td (same ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 452.35 Td (strategy) Tj ET Q q 0 0 0 rg BT 93.86 452.35 Td (, ) Tj ET Q q 0 0 0 rg BT 98.11 452.35 Td (the ) Tj ET Q q 0 0 0 rg BT 110.62 452.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 155.69 452.35 Td (comparison ) Tj ET Q q 0 0 0 rg BT 197.47 452.35 Td (for ) Tj ET Q q 0 0 0 rg BT 209.51 452.35 Td (all ) Tj ET Q q 0 0 0 rg BT 220.13 452.35 Td (of ) Tj ET Q q 0 0 0 rg BT 229.33 452.35 Td (the ) Tj ET Q q 0 0 0 rg BT 241.84 452.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 263.80 452.35 Td (is ) Tj ET Q q 0 0 0 rg BT 271.59 452.35 Td (based ) Tj ET Q q 0 0 0 rg BT 293.07 452.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 312.20 452.35 Td (the ) Tj ET Q q 0 0 0 rg BT 324.71 452.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 369.78 452.35 Td (of ) Tj ET Q q 0 0 0 rg BT 378.98 452.35 Td (the ) Tj ET Q q 0 0 0 rg BT 391.49 452.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 421.46 452.35 Td (account.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 431.95 Td (As ) Tj ET Q q 0 0 0 rg BT 79.43 431.95 Td (of ) Tj ET Q q 0 0 0 rg BT 89.00 431.95 Td (March ) Tj ET Q q 0 0 0 rg BT 113.67 431.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 126.79 431.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 148.40 431.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 167.89 431.95 Td (and ) Tj ET Q q 0 0 0 rg BT 182.65 431.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 204.26 431.95 Td (88%, ) Tj ET Q q 0 0 0 rg BT 224.45 431.95 Td (88% ) Tj ET Q q 0 0 0 rg BT 242.52 431.95 Td (and ) Tj ET Q q 0 0 0 rg BT 257.28 431.95 Td (87%, ) Tj ET Q q 0 0 0 rg BT 277.47 431.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 317.99 431.95 Td (, ) Tj ET Q q 0 0 0 rg BT 322.60 431.95 Td (of ) Tj ET Q q 0 0 0 rg BT 332.17 431.95 Td (total ) Tj ET Q q 0 0 0 rg BT 349.21 431.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 371.54 431.95 Td (is ) Tj ET Q q 0 0 0 rg BT 379.69 431.95 Td (included ) Tj ET Q q 0 0 0 rg BT 411.45 431.95 Td (in ) Tj ET Q q 0 0 0 rg BT 420.55 431.95 Td (strategy ) Tj ET Q q 0 0 0 rg BT 449.40 431.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 473.84 431.95 Td (although ) Tj ET Q q 0 0 0 rg BT 506.08 431.95 Td (not ) Tj ET Q q 0 0 0 rg BT 519.43 431.95 Td (all ) Tj ET Q q 0 0 0 rg BT 530.41 431.95 Td (strategies ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 421.75 Td (have ) Tj ET Q q 0 0 0 rg BT 85.16 421.75 Td (3, ) Tj ET Q q 0 0 0 rg BT 93.15 421.75 Td (5, ) Tj ET Q q 0 0 0 rg BT 101.14 421.75 Td (and ) Tj ET Q q 0 0 0 rg BT 115.02 421.75 Td (10-year ) Tj ET Q q 0 0 0 rg BT 142.59 421.75 Td (histories.� ) Tj ET Q q 0 0 0 rg BT 177.14 421.75 Td (T) Tj ET Q q 0 0 0 rg BT 181.74 421.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 196.10 421.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 224.27 421.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 245.72 421.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 275.66 421.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 306.08 421.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 329.65 421.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.26 421.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 357.90 421.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.34 421.75 Td (are ) Tj ET Q q 0 0 0 rg BT 391.33 421.75 Td (not ) Tj ET Q q 0 0 0 rg BT 403.81 421.75 Td (included ) Tj ET Q q 0 0 0 rg BT 434.69 421.75 Td (in ) Tj ET Q q 0 0 0 rg BT 442.92 421.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 472.85 421.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 517.41 421.75 Td (comparisons. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 411.55 Td (These ) Tj ET Q q 0 0 0 rg BT 90.41 411.55 Td (include ) Tj ET Q q 0 0 0 rg BT 118.04 411.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 150.39 411.55 Td (that ) Tj ET Q q 0 0 0 rg BT 165.74 411.55 Td (are ) Tj ET Q q 0 0 0 rg BT 178.73 411.55 Td (not ) Tj ET Q q 0 0 0 rg BT 192.20 411.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 225.50 411.55 Td (in ) Tj ET Q q 0 0 0 rg BT 234.72 411.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 275.55 411.55 Td (with ) Tj ET Q q 0 0 0 rg BT 293.27 411.55 Td (the ) Tj ET Q q 0 0 0 rg BT 306.27 411.55 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 343.82 411.55 Td (outlined ) Tj ET Q q 0 0 0 rg BT 374.29 411.55 Td (above; ) Tj ET Q q 0 0 0 rg BT 399.55 411.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 431.90 411.55 Td (in ) Tj ET Q q 0 0 0 rg BT 441.13 411.55 Td (strategies ) Tj ET Q q 0 0 0 rg BT 475.84 411.55 Td (not ) Tj ET Q q 0 0 0 rg BT 489.31 411.55 Td (marketed ) Tj ET Q q 0 0 0 rg BT 523.55 411.55 Td (to ) Tj ET Q q 0 0 0 rg BT 532.77 411.55 Td (potential ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 401.35 Td (clients; ) Tj ET Q q 0 0 0 rg BT 94.18 401.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 126.04 401.35 Td (that ) Tj ET Q q 0 0 0 rg BT 140.91 401.35 Td (have ) Tj ET Q q 0 0 0 rg BT 159.08 401.35 Td (not ) Tj ET Q q 0 0 0 rg BT 172.07 401.35 Td (yet ) Tj ET Q q 0 0 0 rg BT 184.58 401.35 Td (been ) Tj ET Q q 0 0 0 rg BT 202.75 401.35 Td (assigned ) Tj ET Q q 0 0 0 rg BT 234.15 401.35 Td (to ) Tj ET Q q 0 0 0 rg BT 242.89 401.35 Td (a ) Tj ET Q q 0 0 0 rg BT 248.78 401.35 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 280.18 401.35 Td (and ) Tj ET Q q 0 0 0 rg BT 294.58 401.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 319.82 401.35 Td (smaller ) Tj ET Q q 0 0 0 rg BT 346.97 401.35 Td (products ) Tj ET Q q 0 0 0 rg BT 378.37 401.35 Td (at ) Tj ET Q q 0 0 0 rg BT 386.63 401.35 Td (some ) Tj ET Q q 0 0 0 rg BT 406.70 401.35 Td (of ) Tj ET Q q 0 0 0 rg BT 415.90 401.35 Td (our ) Tj ET Q q 0 0 0 rg BT 429.36 401.35 Td (af) Tj ET Q q 0 0 0 rg BT 435.81 401.35 Td (filiates.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 380.95 Td (Past ) Tj ET Q q 0 0 0 rg BT 83.74 380.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 128.75 380.95 Td (is ) Tj ET Q q 0 0 0 rg BT 136.49 380.95 Td (not ) Tj ET Q q 0 0 0 rg BT 149.42 380.95 Td (indicative ) Tj ET Q q 0 0 0 rg BT 185.00 380.95 Td (of ) Tj ET Q q 0 0 0 rg BT 194.15 380.95 Td (future ) Tj ET Q q 0 0 0 rg BT 216.52 380.95 Td (results. ) Tj ET Q q 0 0 0 rg BT 242.90 380.95 Td ( ) Tj ET Q q 0 0 0 rg BT 244.97 380.95 Td (For ) Tj ET Q q 0 0 0 rg BT 258.39 380.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 280.29 380.95 Td (included ) Tj ET Q q 0 0 0 rg BT 311.63 380.95 Td (in ) Tj ET Q q 0 0 0 rg BT 320.31 380.95 Td (institutional ) Tj ET Q q 0 0 0 rg BT 362.99 380.95 Td (and ) Tj ET Q q 0 0 0 rg BT 377.33 380.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 396.86 380.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 426.77 380.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 458.58 380.95 Td (and ) Tj ET Q q 0 0 0 rg BT 472.92 380.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.29 380.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 533.25 380.95 Td (included ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 370.75 Td (in ) Tj ET Q q 0 0 0 rg BT 76.56 370.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.40 370.75 Td (same ) Tj ET Q q 0 0 0 rg BT 109.31 370.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 138.67 370.75 Td (as ) Tj ET Q q 0 0 0 rg BT 148.21 370.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 178.50 370.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 212.81 370.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 258.21 370.75 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 303.63 370.75 Td (are ) Tj ET Q q 0 0 0 rg BT 316.45 370.75 Td (based ) Tj ET Q q 0 0 0 rg BT 338.26 370.75 Td (on ) Tj ET Q q 0 0 0 rg BT 349.21 370.75 Td (gross-of-fee ) Tj ET Q q 0 0 0 rg BT 392.72 370.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 440.24 370.75 Td (For ) Tj ET Q q 0 0 0 rg BT 454.50 370.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 494.26 370.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 515.59 370.75 Td (which ) Tj ET Q q 0 0 0 rg BT 538.82 370.75 Td (are ) Tj ET Q q 0 0 0 rg BT 551.65 370.75 Td (not ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 360.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 99.89 360.55 Td (in ) Tj ET Q q 0 0 0 rg BT 108.21 360.55 Td (a ) Tj ET Q q 0 0 0 rg BT 113.69 360.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 143.24 360.55 Td (account ) Tj ET Q q 0 0 0 rg BT 171.37 360.55 Td (format, ) Tj ET Q q 0 0 0 rg BT 197.86 360.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 242.52 360.55 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 287.19 360.55 Td (are ) Tj ET Q q 0 0 0 rg BT 299.27 360.55 Td (based ) Tj ET Q q 0 0 0 rg BT 320.33 360.55 Td (on ) Tj ET Q q 0 0 0 rg BT 330.54 360.55 Td (net-of-fee ) Tj ET Q q 0 0 0 rg BT 365.75 360.55 Td (performance. ) Tj ET Q q 0 0 0 rg BT 412.53 360.55 Td ( ) Tj ET Q q 0 0 0 rg BT 414.23 360.55 Td (Funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 469.77 360.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 490.36 360.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 523.69 360.55 Td (do ) Tj ET Q q 0 0 0 rg BT 533.90 360.55 Td (not ) Tj ET Q q 0 0 0 rg BT 546.47 360.55 Td (have ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 350.35 Td (specified ) Tj ET Q q 0 0 0 rg BT 100.00 350.35 Td (benchmarks. ) Tj ET Q q 0 0 0 rg BT 145.01 350.35 Td ( ) Tj ET Q q 0 0 0 rg BT 146.83 350.35 Td (For ) Tj ET Q q 0 0 0 rg BT 160.45 350.35 Td (purposes ) Tj ET Q q 0 0 0 rg BT 192.49 350.35 Td (of ) Tj ET Q q 0 0 0 rg BT 201.39 350.35 Td (this ) Tj ET Q q 0 0 0 rg BT 215.48 350.35 Td (comparison, ) Tj ET Q q 0 0 0 rg BT 259.08 350.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.85 350.35 Td (of ) Tj ET Q q 0 0 0 rg BT 312.74 350.35 Td (those ) Tj ET Q q 0 0 0 rg BT 332.50 350.35 Td (products ) Tj ET Q q 0 0 0 rg BT 363.59 350.35 Td (is ) Tj ET Q q 0 0 0 rg BT 371.08 350.35 Td (net ) Tj ET Q q 0 0 0 rg BT 383.28 350.35 Td (of ) Tj ET Q q 0 0 0 rg BT 392.18 350.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 409.81 350.35 Td (and ) Tj ET Q q 0 0 0 rg BT 423.90 350.35 Td (is ) Tj ET Q q 0 0 0 rg BT 431.38 350.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 466.71 350.35 Td (to ) Tj ET Q q 0 0 0 rg BT 475.14 350.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.34 350.35 Td (relevant ) Tj ET Q q 0 0 0 rg BT 516.53 350.35 Td (HFRX ) Tj ET Q q 0 0 0 rg BT 541.02 350.35 Td (Index. ) Tj ET Q q 0 0 0 rg BT 564.63 350.35 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 340.15 Td (These ) Tj ET Q q 0 0 0 rg BT 90.54 340.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 136.23 340.15 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 181.94 340.15 Td (do ) Tj ET Q q 0 0 0 rg BT 193.19 340.15 Td (not ) Tj ET Q q 0 0 0 rg BT 206.80 340.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 231.25 340.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.38 340.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 267.42 340.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 313.11 340.15 Td (of ) Tj ET Q q 0 0 0 rg BT 322.93 340.15 Td (any ) Tj ET Q q 0 0 0 rg BT 337.95 340.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 367.13 340.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 397.72 340.15 Td (account ) Tj ET Q q 0 0 0 rg BT 426.89 340.15 Td (or ) Tj ET Q q 0 0 0 rg BT 436.72 340.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 476.77 340.15 Td (fund; ) Tj ET Q q 0 0 0 rg BT 497.45 340.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 534.67 340.15 Td (separate ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 329.95 Td (account ) Tj ET Q q 0 0 0 rg BT 96.06 329.95 Td (and ) Tj ET Q q 0 0 0 rg BT 110.45 329.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 149.88 329.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 167.59 329.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 212.66 329.95 Td (may ) Tj ET Q q 0 0 0 rg BT 229.42 329.95 Td (dif) Tj ET Q q 0 0 0 rg BT 238.70 329.95 Td (fer) Tj ET Q q 0 0 0 rg BT 247.67 329.95 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 309.55 Td (Ef) Tj ET Q q 0 0 0 rg BT 75.37 309.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 100.63 309.55 Td (July ) Tj ET Q q 0 0 0 rg BT 116.94 309.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.45 309.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 146.71 309.55 Td (comparative ) Tj ET Q q 0 0 0 rg BT 190.86 309.55 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 234.07 309.55 Td (for ) Tj ET Q q 0 0 0 rg BT 246.11 309.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 271.38 309.55 Td (strategies ) Tj ET Q q 0 0 0 rg BT 305.61 309.55 Td (were ) Tj ET Q q 0 0 0 rg BT 324.27 309.55 Td (added ) Tj ET Q q 0 0 0 rg BT 346.70 309.55 Td (to ) Tj ET Q q 0 0 0 rg BT 355.45 309.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 385.91 309.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 413.53 309.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 458.61 309.55 Td (where ) Tj ET Q q 0 0 0 rg BT 481.52 309.55 Td (a ) Tj ET Q q 0 0 0 rg BT 487.43 309.55 Td (stated ) Tj ET Q q 0 0 0 rg BT 509.39 309.55 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 549.29 309.55 Td (was ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 299.35 Td (not ) Tj ET Q q 0 0 0 rg BT 81.77 299.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 121.07 299.35 Td (provided.� ) Tj ET Q q 0 0 0 rg BT 158.95 299.35 Td (For ) Tj ET Q q 0 0 0 rg BT 174.17 299.35 Td (comparative ) Tj ET Q q 0 0 0 rg BT 219.58 299.35 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 255.34 299.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 275.27 299.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 303.71 299.35 Td (have ) Tj ET Q q 0 0 0 rg BT 323.17 299.35 Td (been ) Tj ET Q q 0 0 0 rg BT 342.62 299.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 372.94 299.35 Td (to ) Tj ET Q q 0 0 0 rg BT 382.96 299.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 408.08 299.35 Td (the ) Tj ET Q q 0 0 0 rg BT 421.88 299.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 450.77 299.35 Td (returns ) Tj ET Q q 0 0 0 rg BT 477.79 299.35 Td (using ) Tj ET Q q 0 0 0 rg BT 499.62 299.35 Td (these ) Tj ET Q q 0 0 0 rg BT 520.49 299.35 Td (comparative ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 289.15 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 112.82 289.15 Td (where ) Tj ET Q q 0 0 0 rg BT 135.71 289.15 Td (applicable.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 268.75 Td (Source: ) Tj ET Q q 0 0 0 rg BT 95.65 268.75 Td (Lipper�Inc. ) Tj ET Q q 0 0 0 rg BT 135.60 268.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 166.11 268.75 Td (open-end, ) Tj ET Q q 0 0 0 rg BT 202.05 268.75 Td (closed-end, ) Tj ET Q q 0 0 0 rg BT 243.18 268.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.64 268.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 287.20 268.75 Td (annuity ) Tj ET Q q 0 0 0 rg BT 314.88 268.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 338.08 268.75 Td ( ) Tj ET Q q 0 0 0 rg BT 340.27 268.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 348.14 268.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 372.96 268.75 Td (April ) Tj ET Q q 0 0 0 rg BT 393.09 268.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 401.65 268.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 422.96 268.75 Td (Lipper ) Tj ET Q q 0 0 0 rg BT 447.81 268.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 487.76 268.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 534.32 268.75 Td (\("LIM"\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 258.55 Td (is ) Tj ET Q q 0 0 0 rg BT 75.15 258.55 Td (being ) Tj ET Q q 0 0 0 rg BT 96.01 258.55 Td (used ) Tj ET Q q 0 0 0 rg BT 113.57 258.55 Td (for ) Tj ET Q q 0 0 0 rg BT 125.46 258.55 Td (comparative ) Tj ET Q q 0 0 0 rg BT 169.44 258.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 214.37 258.55 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 249.63 258.55 Td (replacing ) Tj ET Q q 0 0 0 rg BT 283.23 258.55 Td (Lipper ) Tj ET Q q 0 0 0 rg BT 307.43 258.55 Td (Analytical ) Tj ET Q q 0 0 0 rg BT 344.81 258.55 Td (New ) Tj ET Q q 0 0 0 rg BT 362.40 258.55 Td (Applications ) Tj ET Q q 0 0 0 rg BT 407.82 258.55 Td (\("LANA"\) ) Tj ET Q q 0 0 0 rg BT 446.00 258.55 Td (which ) Tj ET Q q 0 0 0 rg BT 468.75 258.55 Td (was ) Tj ET Q q 0 0 0 rg BT 483.95 258.55 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 529.37 258.55 Td (by ) Tj ET Q q 0 0 0 rg BT 539.85 258.55 Td (Lipper ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 248.35 Td (Inc, ) Tj ET Q q 0 0 0 rg BT 82.79 248.35 Td (which ) Tj ET Q q 0 0 0 rg BT 105.88 248.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 135.10 248.35 Td (in ) Tj ET Q q 0 0 0 rg BT 144.03 248.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 173.72 248.35 Td (to ) Tj ET Q q 0 0 0 rg BT 182.65 248.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.35 248.35 Td (composition ) Tj ET Q q 0 0 0 rg BT 239.69 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 249.09 248.35 Td (the ) Tj ET Q q 0 0 0 rg BT 261.79 248.35 Td (comparative ) Tj ET Q q 0 0 0 rg BT 306.11 248.35 Td (categories. ) Tj ET Q q 0 0 0 rg BT 345.01 248.35 Td (For ) Tj ET Q q 0 0 0 rg BT 359.13 248.35 Td (comparison ) Tj ET Q q 0 0 0 rg BT 401.10 248.35 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 435.76 248.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 454.60 248.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 481.94 248.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 505.96 248.35 Td (the ) Tj ET Q q 0 0 0 rg BT 518.66 248.35 Td (categories ) Tj ET Q q 0 0 0 rg BT 555.42 248.35 Td (as ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 238.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 98.09 238.15 Td (in ) Tj ET Q q 0 0 0 rg BT 106.98 238.15 Td (LIM. ) Tj ET Q q 0 0 0 rg BT 126.80 238.15 Td (The ) Tj ET Q q 0 0 0 rg BT 142.29 238.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 159.68 238.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 195.47 238.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 221.35 238.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 239.21 238.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.31 238.15 Td (represented ) Tj ET Q q 0 0 0 rg BT 302.76 238.15 Td (in ) Tj ET Q q 0 0 0 rg BT 311.65 238.15 Td (the ) Tj ET Q q 0 0 0 rg BT 324.31 238.15 Td (data ) Tj ET Q q 0 0 0 rg BT 340.74 238.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 377.47 238.15 Td (for ) Tj ET Q q 0 0 0 rg BT 389.65 238.15 Td (18% ) Tj ET Q q 0 0 0 rg BT 407.51 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 416.86 238.15 Td (our ) Tj ET Q q 0 0 0 rg BT 430.47 238.15 Td (total ) Tj ET Q q 0 0 0 rg BT 447.35 238.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 469.46 238.15 Td (as ) Tj ET Q q 0 0 0 rg BT 478.81 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 488.17 238.15 Td (each ) Tj ET Q q 0 0 0 rg BT 506.01 238.15 Td (March ) Tj ET Q q 0 0 0 rg BT 530.47 238.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 543.37 238.15 Td (2020, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 227.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 86.63 227.95 Td (and ) Tj ET Q q 0 0 0 rg BT 101.02 227.95 Td (2018. ) Tj ET Q q 0 0 0 rg BT 122.12 227.95 Td (The ) Tj ET Q q 0 0 0 rg BT 137.46 227.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 182.53 227.95 Td (of ) Tj ET Q q 0 0 0 rg BT 191.74 227.95 Td (our ) Tj ET Q q 0 0 0 rg BT 205.19 227.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 222.43 227.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 258.08 227.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 283.81 227.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 301.52 227.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 323.47 227.95 Td (is ) Tj ET Q q 0 0 0 rg BT 331.27 227.95 Td (included ) Tj ET Q q 0 0 0 rg BT 362.66 227.95 Td (in ) Tj ET Q q 0 0 0 rg BT 371.40 227.95 Td (the ) Tj ET Q q 0 0 0 rg BT 383.91 227.95 Td (strategies.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (48) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (RESUL) Tj ET Q q 0 0 0 rg BT 83.55 741.90 Td (TS OF) Tj ET Q q 0 0 0 rg BT 113.21 741.90 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 151.81 741.90 Td (TIONS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.25 729.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.47 729.30 Td (with ) Tj ET Q q 0 0 0 rg BT 130.15 729.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.89 729.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 216.96 729.30 Td (standards ) Tj ET Q q 0 0 0 rg BT 258.63 729.30 Td (on ) Tj ET Q q 0 0 0 rg BT 271.14 729.30 Td (consolidation, ) Tj ET Q q 0 0 0 rg BT 332.35 729.30 Td (we ) Tj ET Q q 0 0 0 rg BT 346.60 729.30 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 396.43 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 413.60 729.30 Td (separately ) Tj ET Q q 0 0 0 rg BT 458.17 729.30 Td (identify ) Tj ET Q q 0 0 0 rg BT 492.84 729.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 530.43 729.30 Td (relating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.81 716.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 92.51 716.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 138.23 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.45 716.70 Td (products. ) Tj ET Q q 0 0 0 rg BT 229.38 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 232.29 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 251.75 716.70 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 311.47 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 323.36 716.70 Td (these ) Tj ET Q q 0 0 0 rg BT 348.07 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 397.29 716.70 Td (products ) Tj ET Q q 0 0 0 rg BT 436.59 716.70 Td (has ) Tj ET Q q 0 0 0 rg BT 453.73 716.70 Td (no ) Tj ET Q q 0 0 0 rg BT 467.37 716.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 499.08 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 512.72 716.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.03 716.70 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 78.39 704.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 131.78 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.60 704.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 166.82 704.10 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 219.33 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.14 704.10 Td (does ) Tj ET Q q 0 0 0 rg BT 259.04 704.10 Td (not ) Tj ET Q q 0 0 0 rg BT 275.10 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.57 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.88 704.10 Td (material ) Tj ET Q q 0 0 0 rg BT 341.93 704.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 373.15 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.29 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.94 704.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 458.66 704.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 500.96 704.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 533.65 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.10 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 541.78 704.10 Td (o ) Tj ET Q q 0 0 0 rg BT 549.68 704.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 78.34 691.50 Td (we ) Tj ET Q q 0 0 0 rg BT 93.76 691.50 Td (have ) Tj ET Q q 0 0 0 rg BT 116.76 691.50 Td (an ) Tj ET Q q 0 0 0 rg BT 129.86 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 179.12 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 190.46 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 198.31 691.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 254.56 691.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 303.82 691.50 Td (product, ) Tj ET Q q 0 0 0 rg BT 341.70 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 357.71 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 389.45 691.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 414.80 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 433.14 691.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 461.41 691.50 Td (will ) Tj ET Q q 0 0 0 rg BT 480.92 691.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.68 691.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.02 691.50 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 78.48 678.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 131.98 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 142.90 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.24 678.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 201.20 678.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 219.99 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 222.75 678.90 Td (See ) Tj ET Q q 0 0 0 rg BT 240.67 678.90 Td (Notes�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.79 678.90 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.04 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 275.80 678.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.72 678.90 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.22 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 306.98 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 318.48 678.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 345.74 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 356.67 678.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 414.84 678.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 456.67 678.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 505.51 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 520.51 678.90 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (information ) Tj ET Q q 0 0 0 rg BT 101.70 666.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 144.56 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 160.01 666.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 219.21 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 230.58 666.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 279.29 666.30 Td (products.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 98.21 644.10 Td (Revenues) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 631.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.12 631.50 Td (components ) Tj ET Q q 0 0 0 rg BT 121.15 631.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.02 631.50 Td (T) Tj ET Q q 0 0 0 rg BT 137.70 631.50 Td (otal ) Tj ET Q q 0 0 0 rg BT 155.74 631.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 200.01 631.50 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 243.13 631.50 Td (\(in ) Tj ET Q q 0 0 0 rg BT 257.08 631.50 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 299.92 631.50 Td (and ) Tj ET Q q 0 0 0 rg BT 317.37 631.50 Td (the ) Tj ET Q q 0 0 0 rg BT 332.49 631.50 Td (dollar ) Tj ET Q q 0 0 0 rg BT 359.27 631.50 Td (and ) Tj ET Q q 0 0 0 rg BT 376.72 631.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.48 631.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.59 631.50 Td (between ) Tj ET Q q 0 0 0 rg BT 497.86 631.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.06 631.50 Td (were ) Tj ET Q q 0 0 0 rg BT 553.75 631.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 618.90 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 582.4 m 236 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 582.4 m 240 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 582.4 m 287 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 582.4 m 291 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 582.4 m 338 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 582.4 m 394 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 582.4 m 454 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 582.4 m 510 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 582.4 m 562 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 567.4 m 181 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 567.4 m 236 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 582.4 m 287 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 567.4 m 287 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 582.4 m 291 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 582.4 m 338 582.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 567.4 m 338 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 567.4 m 394 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 567.4 m 454 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 567.4 m 510 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 567.4 m 562 567.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 477.4 m 181 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 477.4 m 236 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 477.4 m 287 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 477.4 m 338 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 477.4 m 394 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 462.4 m 181 462.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 462.4 m 236 462.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 477.4 m 287 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 462.4 m 287 462.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 477.4 m 338 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 462.4 m 338 462.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 477.4 m 394 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 462.4 m 394 462.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 477.4 m 510 477.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 462.4 m 510 462.4 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.65 587.17 Td (Y) Tj ET Q q 0 0 0 rg BT 218.71 587.17 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.15 597.69 Td (2020 Compar) Tj ET Q q 0 0 0 rg BT 417.01 597.69 Td (ed to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.00 587.19 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.40 597.67 Td (2019 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.00 587.17 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 199.50 572.19 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.50 572.17 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.50 572.17 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.35 572.19 Td ($ Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.70 572.19 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 572.17 Td ($ Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.75 572.17 Td (% Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 557.17 Td (Investment advisory fees:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 542.17 Td (Separate accounts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.50 542.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 542.19 Td (1,052.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 542.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 542.17 Td (1,029.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 542.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 542.17 Td (1,020.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.50 542.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 542.19 Td (22.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.75 542.19 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 542.19 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 542.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 542.17 Td (8.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 542.17 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 542.17 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 527.17 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 527.19 Td (1,495.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 527.17 Td (1,480.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 527.17 Td (1,564.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 527.19 Td (15.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.75 527.19 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 527.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 527.17 Td (\(84.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 527.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.00 527.17 Td (\(5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 527.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 512.17 Td (Performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 213.60 512.19 Td (99.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.60 512.17 Td (84.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 512.17 Td (227.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 512.19 Td (14.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 432.50 512.19 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 512.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.85 512.17 Td (\(142.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 512.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 512.17 Td (\(63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 512.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 497.17 Td (Distribution and service fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 208.35 497.19 Td (270.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.35 497.17 Td (303.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.35 497.17 Td (321.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 497.19 Td (\(32.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 497.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.00 497.19 Td (\(1) Tj ET Q q 0 0 0 rg BT 437.75 497.19 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 497.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 497.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 497.17 Td (\(18.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 497.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.00 497.17 Td (\(6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 497.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 482.17 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 218.85 482.19 Td (5.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.85 482.17 Td (6.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.85 482.17 Td (5.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 482.19 Td (\(0.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.00 482.19 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.25 482.19 Td (\(7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 482.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 482.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.85 482.17 Td (1.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 482.17 Td (22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 467.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 467.17 Td (otal Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.50 467.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 200.50 467.19 Td (2,922.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 467.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 467.17 Td (2,903.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 467.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 467.17 Td (3,140.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 344.50 467.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 467.19 Td (18.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.75 467.19 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 467.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.85 467.17 Td (\(237.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.00 467.17 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.00 467.17 Td (\(8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 438.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 438.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.64 438.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.34 438.30 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 161.88 438.30 Td (for ) Tj ET Q q 0 0 0 rg BT 176.84 438.30 Td (the ) Tj ET Q q 0 0 0 rg BT 192.38 438.30 Td (year ) Tj ET Q q 0 0 0 rg BT 213.16 438.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 240.95 438.30 Td (March ) Tj ET Q q 0 0 0 rg BT 271.07 438.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.91 438.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 313.25 438.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 355.60 438.30 Td (1% ) Tj ET Q q 0 0 0 rg BT 372.32 438.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.20 438.30 Td ($2.92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.82 438.30 Td ( ) Tj ET Q q 0 0 0 rg BT 409.54 438.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 442.30 438.30 Td (as ) Tj ET Q q 0 0 0 rg BT 453.76 438.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 497.87 438.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.75 438.30 Td ($2.90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.38 438.30 Td ( ) Tj ET Q q 0 0 0 rg BT 535.09 438.30 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 425.70 Td (for ) Tj ET Q q 0 0 0 rg BT 64.90 425.70 Td (the ) Tj ET Q q 0 0 0 rg BT 80.88 425.70 Td (year ) Tj ET Q q 0 0 0 rg BT 102.10 425.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.33 425.70 Td (March ) Tj ET Q q 0 0 0 rg BT 160.89 425.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.17 425.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 203.94 425.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 246.17 425.70 Td (due ) Tj ET Q q 0 0 0 rg BT 264.49 425.70 Td (to ) Tj ET Q q 0 0 0 rg BT 275.81 425.70 Td (an ) Tj ET Q q 0 0 0 rg BT 288.87 425.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 326.42 425.70 Td (in ) Tj ET Q q 0 0 0 rg BT 337.74 425.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 386.98 425.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 426.29 425.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 446.35 425.70 Td (from ) Tj ET Q q 0 0 0 rg BT 469.91 425.70 Td (separate ) Tj ET Q q 0 0 0 rg BT 507.46 425.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 547.35 425.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 78.25 413.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 121.28 413.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 150.90 413.10 Td (average ) Tj ET Q q 0 0 0 rg BT 185.71 413.10 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 215.64 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.59 413.10 Td (an ) Tj ET Q q 0 0 0 rg BT 246.30 413.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 283.49 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.03 413.10 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 321.45 413.10 Td (million ) Tj ET Q q 0 0 0 rg BT 354.58 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.55 413.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 421.39 413.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 441.09 413.10 Td (that ) Tj ET Q q 0 0 0 rg BT 459.63 413.10 Td (were ) Tj ET Q q 0 0 0 rg BT 482.83 413.10 Td (not ) Tj ET Q q 0 0 0 rg BT 499.04 413.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 529.83 413.10 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 400.50 Td (as ) Tj ET Q q 0 0 0 rg BT 60.48 400.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 121.04 400.50 Td (expense. ) Tj ET Q q 0 0 0 rg BT 159.72 400.50 Td ( ) Tj ET Q q 0 0 0 rg BT 161.79 400.50 Td (These ) Tj ET Q q 0 0 0 rg BT 189.10 400.50 Td (increases ) Tj ET Q q 0 0 0 rg BT 229.81 400.50 Td (were ) Tj ET Q q 0 0 0 rg BT 252.45 400.50 Td (of) Tj ET Q q 0 0 0 rg BT 261.01 400.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 278.40 400.50 Td (in ) Tj ET Q q 0 0 0 rg BT 288.81 400.50 Td (part ) Tj ET Q q 0 0 0 rg BT 307.37 400.50 Td (by ) Tj ET Q q 0 0 0 rg BT 320.10 400.50 Td (a ) Tj ET Q q 0 0 0 rg BT 327.00 400.50 Td ($32.6 ) Tj ET Q q 0 0 0 rg BT 352.86 400.50 Td (million ) Tj ET Q q 0 0 0 rg BT 385.43 400.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 423.80 400.50 Td (in ) Tj ET Q q 0 0 0 rg BT 434.21 400.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 484.86 400.50 Td (and ) Tj ET Q q 0 0 0 rg BT 502.26 400.50 Td (servicing ) Tj ET Q q 0 0 0 rg BT 542.98 400.50 Td (fees, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 387.90 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 92.03 387.90 Td (a ) Tj ET Q q 0 0 0 rg BT 99.00 387.90 Td (shift ) Tj ET Q q 0 0 0 rg BT 119.97 387.90 Td (to ) Tj ET Q q 0 0 0 rg BT 130.45 387.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 156.66 387.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 171.78 387.90 Td (earning ) Tj ET Q q 0 0 0 rg BT 205.57 387.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 237.04 387.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 258.60 387.90 Td (share ) Tj ET Q q 0 0 0 rg BT 283.06 387.90 Td (classes ) Tj ET Q q 0 0 0 rg BT 314.52 387.90 Td (and ) Tj ET Q q 0 0 0 rg BT 331.99 387.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 358.20 387.90 Td (average ) Tj ET Q q 0 0 0 rg BT 393.14 387.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 414.19 387.90 Td (AUM ) Tj ET Q q 0 0 0 rg BT 441.00 387.90 Td (earning ) Tj ET Q q 0 0 0 rg BT 474.79 387.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 525.51 387.90 Td (fees, ) Tj ET Q q 0 0 0 rg BT 547.35 387.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 375.30 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 375.30 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 77.79 375.30 Td (million ) Tj ET Q q 0 0 0 rg BT 110.75 375.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 149.51 375.30 Td (in ) Tj ET Q q 0 0 0 rg BT 160.30 375.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 215.98 375.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 235.51 375.30 Td (that ) Tj ET Q q 0 0 0 rg BT 253.88 375.30 Td (were ) Tj ET Q q 0 0 0 rg BT 276.90 375.30 Td (passed ) Tj ET Q q 0 0 0 rg BT 307.52 375.30 Td (through ) Tj ET Q q 0 0 0 rg BT 342.81 375.30 Td (as ) Tj ET Q q 0 0 0 rg BT 354.18 375.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 415.13 375.30 Td (expense. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 350.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 73.68 350.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.42 350.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 162.00 350.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.99 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.58 350.10 Td (year ) Tj ET Q q 0 0 0 rg BT 213.40 350.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.23 350.10 Td (March ) Tj ET Q q 0 0 0 rg BT 271.38 350.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.26 350.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 313.64 350.10 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.80 350.10 Td ($2.90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.42 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.18 350.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 395.98 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.39 350.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 442.28 350.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.78 350.10 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.03 350.10 Td (% ) Tj ET Q q 0 0 0 rg BT 470.53 350.10 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.70 350.10 Td ($3.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.32 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.08 350.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 550.25 350.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 337.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.20 337.50 Td (year ) Tj ET Q q 0 0 0 rg BT 86.15 337.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.10 337.50 Td (March ) Tj ET Q q 0 0 0 rg BT 144.38 337.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.38 337.50 Td (2018. ) Tj ET Q q 0 0 0 rg BT 186.88 337.50 Td ( ) Tj ET Q q 0 0 0 rg BT 189.55 337.50 Td (The ) Tj ET Q q 0 0 0 rg BT 208.75 337.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 247.76 337.50 Td (was ) Tj ET Q q 0 0 0 rg BT 266.97 337.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 308.92 337.50 Td (due ) Tj ET Q q 0 0 0 rg BT 326.96 337.50 Td (to ) Tj ET Q q 0 0 0 rg BT 338.00 337.50 Td (a ) Tj ET Q q 0 0 0 rg BT 345.54 337.50 Td ($142.9 ) Tj ET Q q 0 0 0 rg BT 377.29 337.50 Td (million ) Tj ET Q q 0 0 0 rg BT 410.50 337.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 449.52 337.50 Td (in ) Tj ET Q q 0 0 0 rg BT 460.56 337.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.49 337.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 538.89 337.50 Td ($83.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 324.90 Td (million ) Tj ET Q q 0 0 0 rg BT 82.20 324.90 Td (of ) Tj ET Q q 0 0 0 rg BT 93.31 324.90 Td (which ) Tj ET Q q 0 0 0 rg BT 121.33 324.90 Td (was ) Tj ET Q q 0 0 0 rg BT 140.02 324.90 Td (in ) Tj ET Q q 0 0 0 rg BT 150.55 324.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 205.96 324.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 225.22 324.90 Td (that ) Tj ET Q q 0 0 0 rg BT 243.33 324.90 Td (are ) Tj ET Q q 0 0 0 rg BT 258.51 324.90 Td (not ) Tj ET Q q 0 0 0 rg BT 274.29 324.90 Td (passed ) Tj ET Q q 0 0 0 rg BT 304.64 324.90 Td (through ) Tj ET Q q 0 0 0 rg BT 339.67 324.90 Td (as ) Tj ET Q q 0 0 0 rg BT 350.77 324.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 411.46 324.90 Td (expense, ) Tj ET Q q 0 0 0 rg BT 450.26 324.90 Td (as ) Tj ET Q q 0 0 0 rg BT 461.37 324.90 Td (further ) Tj ET Q q 0 0 0 rg BT 492.30 324.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 534.91 324.90 Td (below) Tj ET Q q 0 0 0 rg BT 559.88 324.90 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 312.30 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 312.30 Td ( ) Tj ET Q q 0 0 0 rg BT 58.83 312.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 97.29 312.30 Td (in ) Tj ET Q q 0 0 0 rg BT 107.78 312.30 Td (our ) Tj ET Q q 0 0 0 rg BT 124.10 312.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 166.08 312.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 201.64 312.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 224.96 312.30 Td (to ) Tj ET Q q 0 0 0 rg BT 235.45 312.30 Td (38 ) Tj ET Q q 0 0 0 rg BT 248.27 312.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 271.60 312.30 Td (points ) Tj ET Q q 0 0 0 rg BT 299.60 312.30 Td (for ) Tj ET Q q 0 0 0 rg BT 314.17 312.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.32 312.30 Td (year ) Tj ET Q q 0 0 0 rg BT 349.71 312.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 377.11 312.30 Td (March ) Tj ET Q q 0 0 0 rg BT 406.84 312.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.29 312.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 448.24 312.30 Td (from ) Tj ET Q q 0 0 0 rg BT 470.97 312.30 Td (39 ) Tj ET Q q 0 0 0 rg BT 483.80 312.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 507.13 312.30 Td (points ) Tj ET Q q 0 0 0 rg BT 535.12 312.30 Td (for ) Tj ET Q q 0 0 0 rg BT 549.69 312.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 299.70 Td (year ) Tj ET Q q 0 0 0 rg BT 70.19 299.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.89 299.70 Td (March ) Tj ET Q q 0 0 0 rg BT 127.92 299.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.67 299.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 169.92 299.70 Td (also ) Tj ET Q q 0 0 0 rg BT 189.46 299.70 Td (contributed ) Tj ET Q q 0 0 0 rg BT 239.90 299.70 Td (to ) Tj ET Q q 0 0 0 rg BT 250.70 299.70 Td (the ) Tj ET Q q 0 0 0 rg BT 266.15 299.70 Td (decrease.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 274.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 274.50 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 274.50 Td (Fees ) Tj ET Q q 0 0 0 rg BT 163.15 274.50 Td (from ) Tj ET Q q 0 0 0 rg BT 186.77 274.50 Td (Separate ) Tj ET Q q 0 0 0 rg BT 226.92 274.50 Td (Accounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 261.90 Td (For ) Tj ET Q q 0 0 0 rg BT 67.58 261.90 Td (the ) Tj ET Q q 0 0 0 rg BT 83.90 261.90 Td (year ) Tj ET Q q 0 0 0 rg BT 105.45 261.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 134.01 261.90 Td (March ) Tj ET Q q 0 0 0 rg BT 164.91 261.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.52 261.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 208.64 261.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 258.79 261.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 298.44 261.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 318.83 261.90 Td (from ) Tj ET Q q 0 0 0 rg BT 342.73 261.90 Td (separate ) Tj ET Q q 0 0 0 rg BT 380.62 261.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 420.84 261.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 463.98 261.90 Td (2% ) Tj ET Q q 0 0 0 rg BT 481.46 261.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.12 261.90 Td ($1.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.75 261.90 Td ( ) Tj ET Q q 0 0 0 rg BT 520.24 261.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 553.77 261.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 249.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 94.11 249.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.49 249.30 Td ($1.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 129.12 249.30 Td ( ) Tj ET Q q 0 0 0 rg BT 132.33 249.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 162.96 249.30 Td (for ) Tj ET Q q 0 0 0 rg BT 178.42 249.30 Td (the ) Tj ET Q q 0 0 0 rg BT 194.46 249.30 Td (year ) Tj ET Q q 0 0 0 rg BT 215.74 249.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 244.03 249.30 Td (March ) Tj ET Q q 0 0 0 rg BT 274.64 249.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 290.98 249.30 Td (2019. ) Tj ET Q q 0 0 0 rg BT 317.82 249.30 Td ( ) Tj ET Q q 0 0 0 rg BT 321.03 249.30 Td (Fees ) Tj ET Q q 0 0 0 rg BT 343.49 249.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 374.69 249.30 Td (on ) Tj ET Q q 0 0 0 rg BT 388.40 249.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 413.19 249.30 Td (income ) Tj ET Q q 0 0 0 rg BT 447.31 249.30 Td (and ) Tj ET Q q 0 0 0 rg BT 465.68 249.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.14 249.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 522.85 249.30 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 236.70 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 75.67 236.70 Td (million ) Tj ET Q q 0 0 0 rg BT 108.56 236.70 Td (and ) Tj ET Q q 0 0 0 rg BT 126.27 236.70 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 147.19 236.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 182.70 236.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 232.75 236.70 Td (, ) Tj ET Q q 0 0 0 rg BT 237.92 236.70 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 280.70 236.70 Td (an ) Tj ET Q q 0 0 0 rg BT 293.16 236.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 330.10 236.70 Td (in ) Tj ET Q q 0 0 0 rg BT 340.81 236.70 Td (average ) Tj ET Q q 0 0 0 rg BT 376.00 236.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 400.12 236.70 Td (income ) Tj ET Q q 0 0 0 rg BT 433.58 236.70 Td (and ) Tj ET Q q 0 0 0 rg BT 451.29 236.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 479.52 236.70 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 509.20 236.70 Td (of) Tj ET Q q 0 0 0 rg BT 517.75 236.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 535.46 236.70 Td (in ) Tj ET Q q 0 0 0 rg BT 546.18 236.70 Td (part ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.52 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 69.70 224.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 111.88 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.56 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.91 224.10 Td (average ) Tj ET Q q 0 0 0 rg BT 173.07 224.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 188.41 224.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 210.76 224.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 241.26 224.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.28 224.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 278.37 224.10 Td (income ) Tj ET Q q 0 0 0 rg BT 311.80 224.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 341.44 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.78 224.10 Td (These ) Tj ET Q q 0 0 0 rg BT 371.38 224.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 412.38 224.10 Td (were ) Tj ET Q q 0 0 0 rg BT 435.30 224.10 Td (of) Tj ET Q q 0 0 0 rg BT 443.85 224.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 461.54 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.23 224.10 Td (part ) Tj ET Q q 0 0 0 rg BT 491.07 224.10 Td (by ) Tj ET Q q 0 0 0 rg BT 504.09 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.27 224.10 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 532.17 224.10 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 211.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 87.97 211.50 Td (in ) Tj ET Q q 0 0 0 rg BT 98.48 211.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 117.72 211.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 148.04 211.50 Td (on ) Tj ET Q q 0 0 0 rg BT 160.88 211.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 207.52 211.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 236.98 211.50 Td (driven ) Tj ET Q q 0 0 0 rg BT 266.15 211.50 Td (by ) Tj ET Q q 0 0 0 rg BT 278.98 211.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 305.23 211.50 Td (average ) Tj ET Q q 0 0 0 rg BT 340.21 211.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 355.36 211.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 377.52 211.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 407.84 211.50 Td (on ) Tj ET Q q 0 0 0 rg BT 420.68 211.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 467.32 211.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 496.78 211.50 Td (of) Tj ET Q q 0 0 0 rg BT 505.34 211.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 522.84 211.50 Td (in ) Tj ET Q q 0 0 0 rg BT 533.35 211.50 Td (part ) Tj ET Q q 0 0 0 rg BT 552.01 211.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.90 Td (an ) Tj ET Q q 0 0 0 rg BT 62.04 198.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 99.05 198.90 Td (in ) Tj ET Q q 0 0 0 rg BT 109.85 198.90 Td (average ) Tj ET Q q 0 0 0 rg BT 145.11 198.90 Td (alternative ) Tj ET Q q 0 0 0 rg BT 191.47 198.90 Td (AUM.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.70 Td (For ) Tj ET Q q 0 0 0 rg BT 65.99 173.70 Td (the ) Tj ET Q q 0 0 0 rg BT 80.72 173.70 Td (year ) Tj ET Q q 0 0 0 rg BT 100.69 173.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.66 173.70 Td (March ) Tj ET Q q 0 0 0 rg BT 156.96 173.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.99 173.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 197.51 173.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 246.07 173.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 284.13 173.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 302.94 173.70 Td (from ) Tj ET Q q 0 0 0 rg BT 325.25 173.70 Td (separate ) Tj ET Q q 0 0 0 rg BT 361.54 173.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 400.18 173.70 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.73 173.70 Td ($8.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.10 173.70 Td ( ) Tj ET Q q 0 0 0 rg BT 462.00 173.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 496.86 173.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.93 173.70 Td ($1.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.56 173.70 Td ( ) Tj ET Q q 0 0 0 rg BT 532.46 173.70 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.28 161.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 105.71 161.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.91 161.10 Td ($1.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.53 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.57 161.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 174.02 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 189.29 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.16 161.10 Td (year ) Tj ET Q q 0 0 0 rg BT 226.26 161.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 254.36 161.10 Td (March ) Tj ET Q q 0 0 0 rg BT 284.80 161.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 300.96 161.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 327.61 161.10 Td (as ) Tj ET Q q 0 0 0 rg BT 339.39 161.10 Td (an ) Tj ET Q q 0 0 0 rg BT 352.34 161.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 389.76 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.54 161.10 Td ($19.9 ) Tj ET Q q 0 0 0 rg BT 428.20 161.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 464.19 161.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 506.30 161.10 Td (due ) Tj ET Q q 0 0 0 rg BT 524.49 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.69 161.10 Td (higher ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 148.50 Td (average ) Tj ET Q q 0 0 0 rg BT 85.10 148.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 114.32 148.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.78 148.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 182.65 148.50 Td (at ) Tj ET Q q 0 0 0 rg BT 193.19 148.50 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 250.10 148.50 Td (was ) Tj ET Q q 0 0 0 rg BT 269.39 148.50 Td (substantially ) Tj ET Q q 0 0 0 rg BT 325.44 148.50 Td (of) Tj ET Q q 0 0 0 rg BT 334.00 148.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 352.12 148.50 Td (by ) Tj ET Q q 0 0 0 rg BT 365.59 148.50 Td (a ) Tj ET Q q 0 0 0 rg BT 373.22 148.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 412.32 148.50 Td (of ) Tj ET Q q 0 0 0 rg BT 424.03 148.50 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 450.62 148.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 486.55 148.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 528.59 148.50 Td (due ) Tj ET Q q 0 0 0 rg BT 546.72 148.50 Td (to ) Tj ET Q q 0 0 0 rg BT 557.85 148.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 135.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 92.32 135.90 Td (in ) Tj ET Q q 0 0 0 rg BT 103.66 135.90 Td (the ) Tj ET Q q 0 0 0 rg BT 119.66 135.90 Td (average ) Tj ET Q q 0 0 0 rg BT 155.47 135.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 171.46 135.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.37 135.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 221.52 135.90 Td (on ) Tj ET Q q 0 0 0 rg BT 235.19 135.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 259.93 135.90 Td (income ) Tj ET Q q 0 0 0 rg BT 294.01 135.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.68 135.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 362.75 135.90 Td (at ) Tj ET Q q 0 0 0 rg BT 373.50 135.90 Td (Brandywine, ) Tj ET Q q 0 0 0 rg BT 430.62 135.90 Td (and ) Tj ET Q q 0 0 0 rg BT 448.95 135.90 Td (a ) Tj ET Q q 0 0 0 rg BT 456.78 135.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 496.09 135.90 Td (of ) Tj ET Q q 0 0 0 rg BT 508.00 135.90 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 529.55 135.90 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 123.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.20 123.30 Td (due ) Tj ET Q q 0 0 0 rg BT 108.98 123.30 Td (to ) Tj ET Q q 0 0 0 rg BT 119.78 123.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 146.31 123.30 Td (average ) Tj ET Q q 0 0 0 rg BT 181.57 123.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 228.51 123.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 255.63 123.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 296.16 123.30 Td (at ) Tj ET Q q 0 0 0 rg BT 306.36 123.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 324.07 123.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 342.44 123.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 373.65 123.30 Td (and ) Tj ET Q q 0 0 0 rg BT 391.43 123.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 422.06 123.30 Td (Infrastructure.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (49) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 741.90 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 741.90 Td (Fees ) Tj ET Q q 0 0 0 rg BT 163.15 741.90 Td (from ) Tj ET Q q 0 0 0 rg BT 186.77 741.90 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.79 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.32 729.30 Td (year ) Tj ET Q q 0 0 0 rg BT 103.10 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.87 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 160.98 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.81 729.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 203.14 729.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 252.50 729.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 291.37 729.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 310.98 729.30 Td (from ) Tj ET Q q 0 0 0 rg BT 334.09 729.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 360.13 729.30 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.48 729.30 Td ($15.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.10 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 428.81 729.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 464.47 729.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.92 729.30 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.17 729.30 Td (%, ) Tj ET Q q 0 0 0 rg BT 495.25 729.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.12 729.30 Td ($1.50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.75 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 532.45 729.30 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 60.67 716.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 104.50 716.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.09 716.70 Td ($1.48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.71 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 141.14 716.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 170.99 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 185.66 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 200.91 716.70 Td (year ) Tj ET Q q 0 0 0 rg BT 221.40 716.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.90 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 278.73 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 294.28 716.70 Td (2019. ) Tj ET Q q 0 0 0 rg BT 320.34 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 322.76 716.70 Td (Fees ) Tj ET Q q 0 0 0 rg BT 344.44 716.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 374.84 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 387.77 716.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 434.50 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 461.43 716.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 503.50 716.70 Td ($25.3 ) Tj ET Q q 0 0 0 rg BT 529.55 716.70 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 79.25 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 92.67 704.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 122.42 704.10 Td (average ) Tj ET Q q 0 0 0 rg BT 157.98 704.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 204.57 704.10 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 234.62 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 243.18 704.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 261.27 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.36 704.10 Td (part ) Tj ET Q q 0 0 0 rg BT 291.60 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 305.03 704.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 331.86 704.10 Td (average ) Tj ET Q q 0 0 0 rg BT 367.42 704.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 383.17 704.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 405.91 704.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 436.81 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 450.24 704.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 497.47 704.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 527.52 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.60 704.10 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 80.62 691.50 Td (on ) Tj ET Q q 0 0 0 rg BT 94.25 691.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 118.97 691.50 Td (income ) Tj ET Q q 0 0 0 rg BT 153.01 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.65 691.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 223.43 691.50 Td ($19.0 ) Tj ET Q q 0 0 0 rg BT 250.19 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 283.66 691.50 Td (due ) Tj ET Q q 0 0 0 rg BT 301.96 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 313.27 691.50 Td (higher ) Tj ET Q q 0 0 0 rg BT 343.23 691.50 Td (average ) Tj ET Q q 0 0 0 rg BT 379.01 691.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 403.72 691.50 Td (income ) Tj ET Q q 0 0 0 rg BT 437.07 691.50 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 467.34 691.50 Td (of) Tj ET Q q 0 0 0 rg BT 475.89 691.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 494.19 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 505.50 691.50 Td (part ) Tj ET Q q 0 0 0 rg BT 524.96 691.50 Td (by ) Tj ET Q q 0 0 0 rg BT 538.60 691.50 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (average ) Tj ET Q q 0 0 0 rg BT 85.51 678.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 101.70 678.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 124.89 678.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 156.24 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 170.11 678.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 195.05 678.90 Td (income ) Tj ET Q q 0 0 0 rg BT 229.33 678.90 Td (assets. ) Tj ET Q q 0 0 0 rg BT 259.58 678.90 Td (These ) Tj ET Q q 0 0 0 rg BT 288.02 678.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 329.87 678.90 Td (were ) Tj ET Q q 0 0 0 rg BT 353.64 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 362.19 678.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 380.72 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 392.26 678.90 Td (part ) Tj ET Q q 0 0 0 rg BT 411.96 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 425.83 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 433.86 678.90 Td ($28.5 ) Tj ET Q q 0 0 0 rg BT 460.85 678.90 Td (million ) Tj ET Q q 0 0 0 rg BT 494.56 678.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 534.06 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 545.60 678.90 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 80.10 666.30 Td (on ) Tj ET Q q 0 0 0 rg BT 93.23 666.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 122.10 666.30 Td (assets, ) Tj ET Q q 0 0 0 rg BT 151.85 666.30 Td (driven ) Tj ET Q q 0 0 0 rg BT 181.30 666.30 Td (by ) Tj ET Q q 0 0 0 rg BT 194.42 666.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 220.95 666.30 Td (average ) Tj ET Q q 0 0 0 rg BT 256.22 666.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.51 666.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 311.64 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 329.42 666.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 355.96 666.30 Td (average ) Tj ET Q q 0 0 0 rg BT 391.22 666.30 Td (fee ) Tj ET Q q 0 0 0 rg BT 406.66 666.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 429.11 666.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 459.71 666.30 Td (on ) Tj ET Q q 0 0 0 rg BT 472.84 666.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 501.71 666.30 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.70 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.14 641.10 Td (year ) Tj ET Q q 0 0 0 rg BT 102.82 641.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.51 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 160.52 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.26 641.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 202.50 641.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 251.77 641.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 290.55 641.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 310.06 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.09 641.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 359.03 641.10 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.03 641.10 Td ($84.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.66 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.27 641.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 464.85 641.10 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.21 641.10 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.46 641.10 Td (%, ) Tj ET Q q 0 0 0 rg BT 495.44 641.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.22 641.10 Td ($1.48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.85 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.46 641.10 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 60.41 628.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 103.96 628.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.29 628.50 Td ($1.56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.91 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 140.07 628.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 169.65 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 184.06 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 199.04 628.50 Td (year ) Tj ET Q q 0 0 0 rg BT 219.27 628.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 246.50 628.50 Td (March ) Tj ET Q q 0 0 0 rg BT 276.07 628.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 291.35 628.50 Td (2018. ) Tj ET Q q 0 0 0 rg BT 317.14 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 319.30 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 321.46 628.50 Td (Of ) Tj ET Q q 0 0 0 rg BT 334.69 628.50 Td (this ) Tj ET Q q 0 0 0 rg BT 352.03 628.50 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 392.95 628.50 Td ($56.7 ) Tj ET Q q 0 0 0 rg BT 418.73 628.50 Td (million ) Tj ET Q q 0 0 0 rg BT 451.23 628.50 Td (was ) Tj ET Q q 0 0 0 rg BT 469.72 628.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 510.95 628.50 Td (due ) Tj ET Q q 0 0 0 rg BT 528.27 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 538.60 628.50 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (average ) Tj ET Q q 0 0 0 rg BT 84.50 615.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 113.10 615.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 139.95 615.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 180.21 615.90 Td (at ) Tj ET Q q 0 0 0 rg BT 190.15 615.90 Td (Martin ) Tj ET Q q 0 0 0 rg BT 221.08 615.90 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 252.89 615.90 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 284.69 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 302.21 615.90 Td (Clearbridge, ) Tj ET Q q 0 0 0 rg BT 356.76 615.90 Td ($39.3 ) Tj ET Q q 0 0 0 rg BT 382.74 615.90 Td (million ) Tj ET Q q 0 0 0 rg BT 415.43 615.90 Td (was ) Tj ET Q q 0 0 0 rg BT 434.12 615.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 475.55 615.90 Td (due ) Tj ET Q q 0 0 0 rg BT 493.07 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 503.59 615.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 529.86 615.90 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 95.43 603.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.54 603.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 161.06 603.30 Td (at ) Tj ET Q q 0 0 0 rg BT 170.26 603.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 187.97 603.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 205.34 603.30 Td (Global, ) Tj ET Q q 0 0 0 rg BT 238.16 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 254.94 603.30 Td ($16.7 ) Tj ET Q q 0 0 0 rg BT 280.18 603.30 Td (million ) Tj ET Q q 0 0 0 rg BT 312.14 603.30 Td (was ) Tj ET Q q 0 0 0 rg BT 330.09 603.30 Td (due ) Tj ET Q q 0 0 0 rg BT 346.87 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 356.65 603.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 382.18 603.30 Td (average ) Tj ET Q q 0 0 0 rg BT 416.44 603.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 453.64 603.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 479.76 603.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 519.28 603.30 Td (at ) Tj ET Q q 0 0 0 rg BT 528.36 603.30 Td (W) Tj ET Q q 0 0 0 rg BT 537.43 603.30 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (Asset. ) Tj ET Q q 0 0 0 rg BT 77.15 590.70 Td (These ) Tj ET Q q 0 0 0 rg BT 104.04 590.70 Td (decreases ) Tj ET Q q 0 0 0 rg BT 146.09 590.70 Td (were ) Tj ET Q q 0 0 0 rg BT 168.31 590.70 Td (partially ) Tj ET Q q 0 0 0 rg BT 205.12 590.70 Td (of) Tj ET Q q 0 0 0 rg BT 213.67 590.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 230.66 590.70 Td (in ) Tj ET Q q 0 0 0 rg BT 240.65 590.70 Td (part ) Tj ET Q q 0 0 0 rg BT 258.79 590.70 Td (by ) Tj ET Q q 0 0 0 rg BT 271.11 590.70 Td (an ) Tj ET Q q 0 0 0 rg BT 282.84 590.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 319.06 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 329.63 590.70 Td ($26.4 ) Tj ET Q q 0 0 0 rg BT 355.07 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 387.23 590.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 428.13 590.70 Td (due ) Tj ET Q q 0 0 0 rg BT 445.11 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 455.10 590.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 483.74 590.70 Td (average ) Tj ET Q q 0 0 0 rg BT 518.20 590.70 Td (alternative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.62 578.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 117.15 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.27 578.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 164.39 578.10 Td (Partners.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 552.90 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 552.90 Td (Performance ) Tj ET Q q 0 0 0 rg BT 199.31 552.90 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (As ) Tj ET Q q 0 0 0 rg BT 64.34 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 76.26 540.30 Td (March ) Tj ET Q q 0 0 0 rg BT 106.83 540.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.13 540.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 149.92 540.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 176.72 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 195.05 540.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 221.85 540.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 285.67 540.30 Td (1) Tj ET Q q 0 0 0 rg BT 290.53 540.30 Td (1%, ) Tj ET Q q 0 0 0 rg BT 310.32 540.30 Td (12%, ) Tj ET Q q 0 0 0 rg BT 335.36 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 353.69 540.30 Td (1) Tj ET Q q 0 0 0 rg BT 358.55 540.30 Td (1%, ) Tj ET Q q 0 0 0 rg BT 378.35 540.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 428.39 540.30 Td (, ) Tj ET Q q 0 0 0 rg BT 434.19 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 446.11 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 463.27 540.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 507.15 540.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 534.83 540.30 Td (was ) Tj ET Q q 0 0 0 rg BT 554.33 540.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 88.18 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 105.87 527.70 Td (were ) Tj ET Q q 0 0 0 rg BT 128.22 527.70 Td (eligible ) Tj ET Q q 0 0 0 rg BT 161.65 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 171.76 527.70 Td (earn ) Tj ET Q q 0 0 0 rg BT 191.77 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 246.77 527.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 265.62 527.70 Td (at ) Tj ET Q q 0 0 0 rg BT 275.14 527.70 Td (some ) Tj ET Q q 0 0 0 rg BT 299.25 527.70 Td (point ) Tj ET Q q 0 0 0 rg BT 322.78 527.70 Td (during ) Tj ET Q q 0 0 0 rg BT 352.14 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 366.91 527.70 Td (respective ) Tj ET Q q 0 0 0 rg BT 411.41 527.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 436.10 527.70 Td (year) Tj ET Q q 0 0 0 rg BT 453.59 527.70 Td (. ) Tj ET Q q 0 0 0 rg BT 458.16 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 460.10 527.70 Td (Performance ) Tj ET Q q 0 0 0 rg BT 515.68 527.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 534.53 527.70 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.85 515.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 97.19 515.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 134.45 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 147.80 515.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 175.14 515.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 212.98 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 234.50 515.10 Td (them ) Tj ET Q q 0 0 0 rg BT 258.34 515.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 281.60 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.62 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.29 515.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 357.22 515.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 390.40 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.79 515.10 Td (April ) Tj ET Q q 0 0 0 rg BT 425.80 515.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 449.65 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 465.31 515.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 487.99 515.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 518.84 515.10 Td (through ) Tj ET Q q 0 0 0 rg BT 554.35 515.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.74 502.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 98.65 502.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 135.48 502.50 Td (management ) Tj ET Q q 0 0 0 rg BT 191.54 502.50 Td (team, ) Tj ET Q q 0 0 0 rg BT 216.98 502.50 Td (per ) Tj ET Q q 0 0 0 rg BT 232.81 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 248.05 502.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 273.79 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 284.95 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 300.20 502.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 348.69 502.50 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 397.45 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 415.03 502.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 454.17 502.50 Td (as ) Tj ET Q q 0 0 0 rg BT 465.33 502.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 526.07 502.50 Td (expense, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 68.51 489.90 Td (therefore ) Tj ET Q q 0 0 0 rg BT 110.25 489.90 Td (have ) Tj ET Q q 0 0 0 rg BT 133.93 489.90 Td (no ) Tj ET Q q 0 0 0 rg BT 148.28 489.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 180.70 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 195.05 489.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 214.07 489.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 249.40 489.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 279.24 489.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 333.83 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 345.84 489.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 371.27 489.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 406.33 489.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 426.21 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 429.79 489.90 Td (W) Tj ET Q q 0 0 0 rg BT 438.86 489.90 Td (e ) Tj ET Q q 0 0 0 rg BT 447.37 489.90 Td (expect ) Tj ET Q q 0 0 0 rg BT 478.62 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 495.30 489.90 Td (pass ) Tj ET Q q 0 0 0 rg BT 517.24 489.90 Td (through ) Tj ET Q q 0 0 0 rg BT 553.75 489.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.05 477.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.46 477.30 Td (at ) Tj ET Q q 0 0 0 rg BT 134.53 477.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 168.53 477.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 205.44 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 216.11 477.30 Td (be ) Tj ET Q q 0 0 0 rg BT 228.52 477.30 Td (lar) Tj ET Q q 0 0 0 rg BT 239.40 477.30 Td (gely ) Tj ET Q q 0 0 0 rg BT 259.98 477.30 Td (phased ) Tj ET Q q 0 0 0 rg BT 291.64 477.30 Td (out ) Tj ET Q q 0 0 0 rg BT 307.56 477.30 Td (by ) Tj ET Q q 0 0 0 rg BT 320.56 477.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 345.80 477.30 Td (2022. ) Tj ET Q q 0 0 0 rg BT 371.92 477.30 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 417.03 477.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 444.04 477.30 Td (eligible ) Tj ET Q q 0 0 0 rg BT 478.03 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 488.69 477.30 Td (earn ) Tj ET Q q 0 0 0 rg BT 509.26 477.30 Td (pass ) Tj ET Q q 0 0 0 rg BT 529.85 477.30 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.69 464.70 Td (fees, ) Tj ET Q q 0 0 0 rg BT 130.36 464.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 195.15 464.70 Td (7%, ) Tj ET Q q 0 0 0 rg BT 215.91 464.70 Td (8%, ) Tj ET Q q 0 0 0 rg BT 236.67 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 255.98 464.70 Td (7% ) Tj ET Q q 0 0 0 rg BT 274.11 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 287.00 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 305.14 464.70 Td (long-term ) Tj ET Q q 0 0 0 rg BT 349.77 464.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 378.41 464.70 Td (was ) Tj ET Q q 0 0 0 rg BT 398.88 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 411.19 464.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 452.07 464.70 Td (that ) Tj ET Q q 0 0 0 rg BT 471.95 464.70 Td (were ) Tj ET Q q 0 0 0 rg BT 496.50 464.70 Td (eligible ) Tj ET Q q 0 0 0 rg BT 532.13 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 544.44 464.70 Td (earn ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 452.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.70 452.10 Td (at ) Tj ET Q q 0 0 0 rg BT 134.91 452.10 Td (some ) Tj ET Q q 0 0 0 rg BT 159.70 452.10 Td (point ) Tj ET Q q 0 0 0 rg BT 183.91 452.10 Td (during ) Tj ET Q q 0 0 0 rg BT 213.95 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.40 452.10 Td (years ) Tj ET Q q 0 0 0 rg BT 254.18 452.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 281.87 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 311.90 452.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.65 452.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 353.90 452.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 380.15 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.94 452.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 424.19 452.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 474.24 452.10 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (For ) Tj ET Q q 0 0 0 rg BT 66.91 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 82.55 426.90 Td (year ) Tj ET Q q 0 0 0 rg BT 103.44 426.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.33 426.90 Td (March ) Tj ET Q q 0 0 0 rg BT 161.56 426.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.50 426.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 203.95 426.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 253.42 426.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 292.40 426.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.27 426.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 368.00 426.90 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.22 426.90 Td ($99.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.84 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 417.66 426.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 453.45 426.90 Td (with ) Tj ET Q q 0 0 0 rg BT 474.93 426.90 Td ($42.0 ) Tj ET Q q 0 0 0 rg BT 501.38 426.90 Td (million ) Tj ET Q q 0 0 0 rg BT 534.54 426.90 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (by ) Tj ET Q q 0 0 0 rg BT 62.34 414.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 96.17 414.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 132.91 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 150.41 414.30 Td (passed ) Tj ET Q q 0 0 0 rg BT 180.74 414.30 Td (through ) Tj ET Q q 0 0 0 rg BT 215.74 414.30 Td (as ) Tj ET Q q 0 0 0 rg BT 226.82 414.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 287.47 414.30 Td (expense, ) Tj ET Q q 0 0 0 rg BT 326.25 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 343.75 414.30 Td ($35.1 ) Tj ET Q q 0 0 0 rg BT 369.71 414.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 405.01 414.30 Td ($16.3 ) Tj ET Q q 0 0 0 rg BT 430.97 414.30 Td (million ) Tj ET Q q 0 0 0 rg BT 463.64 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 481.14 414.30 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 501.85 414.30 Td (million ) Tj ET Q q 0 0 0 rg BT 534.52 414.30 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (on ) Tj ET Q q 0 0 0 rg BT 63.79 401.70 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 114.51 401.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 139.87 401.70 Td (income ) Tj ET Q q 0 0 0 rg BT 174.56 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 193.51 401.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.54 401.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 254.45 401.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 304.49 401.70 Td (. ) Tj ET Q q 0 0 0 rg BT 310.90 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 314.69 401.70 Td (For ) Tj ET Q q 0 0 0 rg BT 333.06 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 349.68 401.70 Td (year ) Tj ET Q q 0 0 0 rg BT 371.53 401.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 400.39 401.70 Td (March ) Tj ET Q q 0 0 0 rg BT 431.58 401.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 448.49 401.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 475.90 401.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 526.34 401.70 Td (advisory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.44 389.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 125.22 389.10 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 148.51 389.10 Td ($84.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 172.14 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.02 389.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 210.87 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.42 389.10 Td ($49.0 ) Tj ET Q q 0 0 0 rg BT 258.93 389.10 Td (million ) Tj ET Q q 0 0 0 rg BT 292.15 389.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 323.02 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 336.40 389.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 370.78 389.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 408.08 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.12 389.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 457.00 389.10 Td (through ) Tj ET Q q 0 0 0 rg BT 492.55 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.19 389.10 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 87.68 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 104.58 376.50 Td ($20.5 ) Tj ET Q q 0 0 0 rg BT 129.94 376.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 164.64 376.50 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 184.75 376.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 219.45 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 236.35 376.50 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 256.46 376.50 Td (million ) Tj ET Q q 0 0 0 rg BT 288.53 376.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 318.25 376.50 Td (on ) Tj ET Q q 0 0 0 rg BT 330.49 376.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 353.80 376.50 Td (income, ) Tj ET Q q 0 0 0 rg BT 389.06 376.50 Td (alternative ) Tj ET Q q 0 0 0 rg BT 435.11 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 452.01 376.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 479.99 376.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 508.85 376.50 Td (respectively; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 70.22 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 85.41 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 101.17 363.90 Td (year ) Tj ET Q q 0 0 0 rg BT 122.18 363.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 150.19 363.90 Td (March ) Tj ET Q q 0 0 0 rg BT 180.53 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.60 363.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 223.16 363.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 272.76 363.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 311.86 363.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 367.85 363.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 387.69 363.90 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.03 363.90 Td ($227.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.90 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 442.84 363.90 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 478.75 371.18 86.38 -9.55 re f /GS0 gs q 0 0 0 rg BT 478.75 363.90 Td (with ) Tj ET Q q 0 0 0 rg BT 500.35 363.90 Td ($108.8 ) Tj ET Q q 0 0 0 rg BT 532.17 363.90 Td (million ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 358.58 317.60 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 351.30 Td (earned ) Tj ET Q q 0 0 0 rg BT 79.35 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 91.72 351.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 125.09 351.30 Td (Partners ) Tj ET Q q 0 0 0 rg BT 161.37 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 178.41 351.30 Td (passed ) Tj ET Q q 0 0 0 rg BT 208.27 351.30 Td (through ) Tj ET Q q 0 0 0 rg BT 242.81 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 253.43 351.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 313.62 351.30 Td (expense, ) Tj ET Q q 0 0 0 rg BT 351.94 351.30 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.10 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 368.97 351.30 Td ($59.6 ) Tj ET Q q 0 0 0 rg BT 394.47 351.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 429.30 351.30 Td ($32.5 ) Tj ET Q q 0 0 0 rg BT 454.80 351.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 489.64 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 506.67 351.30 Td ($26.9 ) Tj ET Q q 0 0 0 rg BT 532.17 351.30 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 80.10 338.70 Td (on ) Tj ET Q q 0 0 0 rg BT 93.23 338.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 117.43 338.70 Td (income, ) Tj ET Q q 0 0 0 rg BT 153.58 338.70 Td (equity) Tj ET Q q 0 0 0 rg BT 179.15 338.70 Td (, ) Tj ET Q q 0 0 0 rg BT 184.40 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 202.18 338.70 Td (alternative ) Tj ET Q q 0 0 0 rg BT 249.12 338.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 278.87 338.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 328.91 338.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 313.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 104.50 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 114.81 313.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 170.00 313.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 189.05 313.50 Td (that ) Tj ET Q q 0 0 0 rg BT 206.93 313.50 Td (were ) Tj ET Q q 0 0 0 rg BT 229.48 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 245.04 313.50 Td (passed ) Tj ET Q q 0 0 0 rg BT 275.17 313.50 Td (through ) Tj ET Q q 0 0 0 rg BT 309.98 313.50 Td (as ) Tj ET Q q 0 0 0 rg BT 320.87 313.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 381.33 313.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 417.29 313.50 Td (for ) Tj ET Q q 0 0 0 rg BT 431.67 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 446.64 313.50 Td (year ) Tj ET Q q 0 0 0 rg BT 466.85 313.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 494.07 313.50 Td (March ) Tj ET Q q 0 0 0 rg BT 523.61 313.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 313.50 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (was ) Tj ET Q q 0 0 0 rg BT 67.67 300.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 108.59 300.90 Td (due ) Tj ET Q q 0 0 0 rg BT 125.59 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 135.60 300.90 Td (an ) Tj ET Q q 0 0 0 rg BT 147.36 300.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 190.01 300.90 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 215.48 300.90 Td (million ) Tj ET Q q 0 0 0 rg BT 247.66 300.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 283.89 300.90 Td (in ) Tj ET Q q 0 0 0 rg BT 293.90 300.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.80 300.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 367.55 300.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 397.37 300.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 438.28 300.90 Td (on ) Tj ET Q q 0 0 0 rg BT 450.63 300.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 476.97 300.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 516.71 300.90 Td (by ) Tj ET Q q 0 0 0 rg BT 529.05 300.90 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.76 300.90 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (Global, ) Tj ET Q q 0 0 0 rg BT 83.53 288.30 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 117.86 288.30 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 157.51 288.30 Td (W) Tj ET Q q 0 0 0 rg BT 166.58 288.30 Td (estern ) Tj ET Q q 0 0 0 rg BT 193.86 288.30 Td (Asset ) Tj ET Q q 0 0 0 rg BT 220.02 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 238.01 288.30 Td (RARE ) Tj ET Q q 0 0 0 rg BT 268.84 288.30 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 331.43 288.30 Td (of) Tj ET Q q 0 0 0 rg BT 339.99 288.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 357.98 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 368.98 288.30 Td (part ) Tj ET Q q 0 0 0 rg BT 388.13 288.30 Td (by ) Tj ET Q q 0 0 0 rg BT 401.46 288.30 Td (a ) Tj ET Q q 0 0 0 rg BT 408.95 288.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 447.91 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 458.91 288.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 514.79 288.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 534.52 288.30 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (on ) Tj ET Q q 0 0 0 rg BT 61.89 275.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 88.29 275.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 128.08 275.70 Td (by ) Tj ET Q q 0 0 0 rg BT 140.48 275.70 Td (Brandywine. ) Tj ET Q q 0 0 0 rg BT 196.32 275.70 Td ( ) Tj ET Q q 0 0 0 rg BT 198.07 275.70 Td (The ) Tj ET Q q 0 0 0 rg BT 216.29 275.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 254.32 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 264.39 275.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 319.33 275.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 338.13 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 355.77 275.70 Td (were ) Tj ET Q q 0 0 0 rg BT 378.07 275.70 Td (not ) Tj ET Q q 0 0 0 rg BT 393.38 275.70 Td (passed ) Tj ET Q q 0 0 0 rg BT 423.27 275.70 Td (through ) Tj ET Q q 0 0 0 rg BT 457.82 275.70 Td (as ) Tj ET Q q 0 0 0 rg BT 468.47 275.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 528.68 275.70 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.64 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.36 263.10 Td (year ) Tj ET Q q 0 0 0 rg BT 101.32 263.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.29 263.10 Td (March ) Tj ET Q q 0 0 0 rg BT 159.58 263.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.60 263.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 202.12 263.10 Td (was ) Tj ET Q q 0 0 0 rg BT 221.35 263.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 263.31 263.10 Td (due ) Tj ET Q q 0 0 0 rg BT 281.37 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.43 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 305.24 263.10 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 348.94 270.38 123.25 -9.55 re f /GS0 gs q 0 0 0 rg BT 348.94 263.10 Td ($83.2 ) Tj ET Q q 0 0 0 rg BT 375.46 263.10 Td (million ) Tj ET Q q 0 0 0 rg BT 408.69 263.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 447.72 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.78 263.10 Td (per) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.19 263.10 Td (formance ) Tj ET Q q 0 0 0 rg BT 514.72 263.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 534.52 263.10 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 250.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 89.75 250.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 130.27 250.50 Td (by ) Tj ET Q q 0 0 0 rg BT 143.40 250.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 174.60 250.50 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 206.49 250.50 Td (W) Tj ET Q q 0 0 0 rg BT 215.56 250.50 Td (estern ) Tj ET Q q 0 0 0 rg BT 242.67 250.50 Td (Asset, ) Tj ET Q q 0 0 0 rg BT 271.26 250.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 288.97 250.50 Td (rust ) Tj ET Q q 0 0 0 rg BT 307.34 250.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 338.55 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 356.33 250.50 Td (Brandywine.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 225.30 Td (Service ) Tj ET Q q 0 0 0 rg BT 157.72 225.30 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (For ) Tj ET Q q 0 0 0 rg BT 67.18 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 83.10 212.70 Td (year ) Tj ET Q q 0 0 0 rg BT 104.27 212.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.43 212.70 Td (March ) Tj ET Q q 0 0 0 rg BT 162.93 212.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.15 212.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 205.87 212.70 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 259.72 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 277.97 212.70 Td (service ) Tj ET Q q 0 0 0 rg BT 310.80 212.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 330.80 212.70 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.28 212.70 Td ($32.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.90 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 402.00 212.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 438.05 212.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.89 212.70 Td (1) Tj ET Q q 0 0 0 rg BT 454.75 212.70 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.00 212.70 Td (%, ) Tj ET Q q 0 0 0 rg BT 474.47 212.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.73 212.70 Td ($270.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.61 212.70 Td ( ) Tj ET Q q 0 0 0 rg BT 517.70 212.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.76 212.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 93.23 200.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.73 200.10 Td ($303.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 132.61 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.94 200.10 Td (million ) Tj ET Q q 0 0 0 rg BT 167.62 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.20 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.36 200.10 Td (year ) Tj ET Q q 0 0 0 rg BT 217.76 200.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 245.17 200.10 Td (March ) Tj ET Q q 0 0 0 rg BT 274.91 200.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 290.37 200.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 316.33 200.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 358.89 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 365.89 200.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 407.88 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.38 200.10 Td (average ) Tj ET Q q 0 0 0 rg BT 453.36 200.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 484.85 200.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 505.92 200.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 532.76 200.10 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 187.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 110.31 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 127.58 187.50 Td (service ) Tj ET Q q 0 0 0 rg BT 159.42 187.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 178.44 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 195.71 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 202.48 187.50 Td (shift ) Tj ET Q q 0 0 0 rg BT 223.26 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 233.54 187.50 Td (average ) Tj ET Q q 0 0 0 rg BT 267.82 187.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 294.44 187.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.29 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 336.57 187.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 387.10 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 404.37 187.50 Td (service ) Tj ET Q q 0 0 0 rg BT 436.22 187.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 455.23 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 465.51 187.50 Td (lower ) Tj ET Q q 0 0 0 rg BT 491.53 187.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 506.46 187.50 Td (share ) Tj ET Q q 0 0 0 rg BT 530.72 187.50 Td (classes, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 174.90 Td (previously ) Tj ET Q q 0 0 0 rg BT 107.83 174.90 Td (discussed. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (For ) Tj ET Q q 0 0 0 rg BT 67.44 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 83.62 149.70 Td (year ) Tj ET Q q 0 0 0 rg BT 105.03 149.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 133.46 149.70 Td (March ) Tj ET Q q 0 0 0 rg BT 164.21 149.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.69 149.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 207.66 149.70 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 261.77 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 280.28 149.70 Td (service ) Tj ET Q q 0 0 0 rg BT 313.36 149.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 333.62 149.70 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 149.70 Td ($18.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.98 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 405.33 149.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 441.64 149.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.74 149.70 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.99 149.70 Td (%, ) Tj ET Q q 0 0 0 rg BT 473.71 149.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.23 149.70 Td ($303.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.10 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 517.45 149.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.77 149.70 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 93.50 137.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.26 137.10 Td ($321.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.14 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.74 137.10 Td (million ) Tj ET Q q 0 0 0 rg BT 168.68 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 183.52 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.95 137.10 Td (year ) Tj ET Q q 0 0 0 rg BT 219.62 137.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 247.29 137.10 Td (March ) Tj ET Q q 0 0 0 rg BT 277.30 137.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.02 137.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 319.25 137.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 360.92 137.10 Td (due ) Tj ET Q q 0 0 0 rg BT 378.68 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.45 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.71 137.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 438.97 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.73 137.10 Td (average ) Tj ET Q q 0 0 0 rg BT 484.97 137.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 516.74 137.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 538.01 137.10 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.87 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 92.66 124.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 143.71 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 161.49 124.50 Td (service ) Tj ET Q q 0 0 0 rg BT 193.85 124.50 Td (fees. ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (50) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 98.21 741.90 Td (Expenses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.18 729.30 Td (components ) Tj ET Q q 0 0 0 rg BT 121.29 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.22 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 137.90 729.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 156.01 729.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 200.35 729.30 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 242.37 729.30 Td (\(in ) Tj ET Q q 0 0 0 rg BT 256.40 729.30 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 299.30 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 316.82 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 332.01 729.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 358.86 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 376.38 729.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.21 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.39 729.30 Td (between ) Tj ET Q q 0 0 0 rg BT 497.73 729.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 531.00 729.30 Td (were ) Tj ET Q q 0 0 0 rg BT 553.76 729.30 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 680.2 m 263 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 680.2 m 267 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 680.2 m 315 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 680.2 m 319 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 680.2 m 368 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 680.2 m 424 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 680.2 m 468 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 680.2 m 523 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 680.2 m 563 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 654.2 m 211 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 654.2 m 263 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 680.2 m 315 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 654.2 m 315 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 680.2 m 319 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 680.2 m 368 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 654.2 m 368 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 654.2 m 424 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 654.2 m 468 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 654.2 m 523 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 680.2 m 563 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 654.2 m 563 654.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 522.2 m 211 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 522.2 m 263 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 522.2 m 315 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 522.2 m 368 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 522.2 m 424 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 522.2 m 523 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 507.2 m 211 507.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 507.2 m 263 507.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 522.2 m 315 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 507.2 m 315 507.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 522.2 m 368 522.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 507.2 m 368 507.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 507.2 m 424 507.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 507.2 m 523 507.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.65 684.97 Td (Y) Tj ET Q q 0 0 0 rg BT 248.71 684.97 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.15 695.49 Td (2020 Compar) Tj ET Q q 0 0 0 rg BT 439.01 695.49 Td (ed to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 684.99 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.90 695.47 Td (2019 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 684.97 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 228.00 658.99 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 658.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 658.97 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 669.49 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 378.95 658.99 Td ( Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.25 669.49 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.25 658.99 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.35 669.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.65 658.97 Td ( Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.10 669.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.45 658.97 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 643.97 Td (Compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 217.50 643.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.50 643.99 Td (1,436.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.50 643.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 643.97 Td (1,399.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.50 643.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 643.97 Td (1,508.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.50 643.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 643.99 Td (37.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.75 643.99 Td (3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 643.99 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 643.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.85 643.97 Td (\(109.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 643.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 643.97 Td (\(7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 643.97 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 628.97 Td (Distribution and servicing) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 628.99 Td (413.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 628.97 Td (439.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 628.97 Td (489.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 628.99 Td (\(26.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 628.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 628.99 Td (\(6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 628.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 628.97 Td (\(50.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 628.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 628.97 Td (\(10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 628.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 613.97 Td (Communications and technology) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 613.99 Td (225.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 613.97 Td (228.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 613.97 Td (212.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.35 613.99 Td (\(2.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 613.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 613.99 Td (\(1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 613.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 613.97 Td (15.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 613.97 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 598.97 Td (Occupancy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 598.99 Td (1) Tj ET Q q 0 0 0 rg BT 240.60 598.99 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 598.97 Td (105.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 598.97 Td (100.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 598.99 Td (5.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.75 598.99 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.85 598.97 Td (4.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 598.97 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 583.97 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 240.60 583.99 Td (22.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.60 583.97 Td (24.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.60 583.97 Td (24.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.35 583.99 Td (\(1.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 583.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.25 583.99 Td (\(8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 583.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.35 583.97 Td (\(0.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 583.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 583.97 Td (\(1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 583.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 567.97 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 248.50 567.99 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 567.97 Td (365.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 567.97 Td (229.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.85 567.99 Td (\(365.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 567.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.95 567.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.35 567.97 Td (136.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 567.97 Td (59) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 552.47 Td (Contingent consideration fair value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 541.97 Td (adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 242.35 541.99 Td (\(0.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.00 541.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.85 541.97 Td (0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.10 541.97 Td (\(31.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.00 541.97 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.35 541.99 Td (\(1.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 541.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.95 541.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.60 541.97 Td (31.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 541.97 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 526.97 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 235.35 526.99 Td (209.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.35 526.97 Td (238.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.35 526.97 Td (282.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 526.99 Td (\(28.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 526.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 526.99 Td (\(12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 526.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 526.97 Td (\(44.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 526.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 526.97 Td (\(16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 526.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 511.97 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 511.97 Td (otal Operating Expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 217.50 511.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.50 511.99 Td (2,417.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.50 511.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.50 511.97 Td (2,800.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.50 511.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.50 511.97 Td (2,816.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 374.50 511.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.85 511.99 Td (\(383.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 511.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.00 511.99 Td (\(14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 511.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.50 511.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.10 511.97 Td (\(16.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 511.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 511.97 Td (\(1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 511.97 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 498.10 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 498.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 498.10 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 475.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.60 475.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 116.25 475.90 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 157.58 475.90 Td (for ) Tj ET Q q 0 0 0 rg BT 171.50 475.90 Td (the ) Tj ET Q q 0 0 0 rg BT 186.00 475.90 Td (year ) Tj ET Q q 0 0 0 rg BT 205.74 475.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.48 475.90 Td (March ) Tj ET Q q 0 0 0 rg BT 261.56 475.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 276.35 475.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 301.65 475.90 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.71 475.90 Td ($383.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.58 475.90 Td ( ) Tj ET Q q 0 0 0 rg BT 375.25 475.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 409.89 475.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.30 475.90 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.80 475.90 Td (%, ) Tj ET Q q 0 0 0 rg BT 443.85 475.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.69 475.90 Td ($2.42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.31 475.90 Td ( ) Tj ET Q q 0 0 0 rg BT 478.98 475.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 510.70 475.90 Td (as ) Tj ET Q q 0 0 0 rg BT 521.12 475.90 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 463.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.73 463.30 Td ($2.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.35 463.30 Td ( ) Tj ET Q q 0 0 0 rg BT 87.41 463.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 117.90 463.30 Td (for ) Tj ET Q q 0 0 0 rg BT 133.20 463.30 Td (the ) Tj ET Q q 0 0 0 rg BT 149.09 463.30 Td (year ) Tj ET Q q 0 0 0 rg BT 170.22 463.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 198.35 463.30 Td (March ) Tj ET Q q 0 0 0 rg BT 228.82 463.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 245.00 463.30 Td (2019; ) Tj ET Q q 0 0 0 rg BT 271.98 463.30 Td (and, ) Tj ET Q q 0 0 0 rg BT 292.83 463.30 Td (for ) Tj ET Q q 0 0 0 rg BT 308.13 463.30 Td (the ) Tj ET Q q 0 0 0 rg BT 324.02 463.30 Td (year ) Tj ET Q q 0 0 0 rg BT 345.15 463.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.28 463.30 Td (March ) Tj ET Q q 0 0 0 rg BT 403.75 463.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 419.93 463.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 446.62 463.30 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.07 463.30 Td ($16.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.69 463.30 Td ( ) Tj ET Q q 0 0 0 rg BT 517.75 463.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 553.78 463.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 450.70 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.75 450.70 Td (%, ) Tj ET Q q 0 0 0 rg BT 69.33 450.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.71 450.70 Td ($2.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.34 450.70 Td ( ) Tj ET Q q 0 0 0 rg BT 107.55 450.70 Td (billion, ) Tj ET Q q 0 0 0 rg BT 140.81 450.70 Td (as ) Tj ET Q q 0 0 0 rg BT 152.77 450.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 197.37 450.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.75 450.70 Td ($2.82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.38 450.70 Td ( ) Tj ET Q q 0 0 0 rg BT 235.59 450.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 266.22 450.70 Td (for ) Tj ET Q q 0 0 0 rg BT 281.68 450.70 Td (the ) Tj ET Q q 0 0 0 rg BT 297.72 450.70 Td (year ) Tj ET Q q 0 0 0 rg BT 319.00 450.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 347.28 450.70 Td (March ) Tj ET Q q 0 0 0 rg BT 377.90 450.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 394.23 450.70 Td (2018. ) Tj ET Q q 0 0 0 rg BT 420.36 450.70 Td (As ) Tj ET Q q 0 0 0 rg BT 435.24 450.70 Td (further ) Tj ET Q q 0 0 0 rg BT 467.02 450.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 510.48 450.70 Td (below) Tj ET Q q 0 0 0 rg BT 535.46 450.70 Td (, ) Tj ET Q q 0 0 0 rg BT 541.07 450.70 Td (T) Tj ET Q q 0 0 0 rg BT 546.75 450.70 Td (otal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.31 438.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 134.80 438.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.87 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.53 438.10 Td (years ) Tj ET Q q 0 0 0 rg BT 187.52 438.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 214.42 438.10 Td (March ) Tj ET Q q 0 0 0 rg BT 243.65 438.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 258.60 438.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 284.06 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.05 438.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 326.50 438.10 Td (included ) Tj ET Q q 0 0 0 rg BT 364.49 438.10 Td ($365.2 ) Tj ET Q q 0 0 0 rg BT 395.19 438.10 Td (million ) Tj ET Q q 0 0 0 rg BT 427.36 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.35 438.10 Td ($229.0 ) Tj ET Q q 0 0 0 rg BT 475.05 438.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.84 438.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.89 438.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 425.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 425.50 Td (char) Tj ET Q q 0 0 0 rg BT 78.86 425.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 95.59 425.50 Td (for ) Tj ET Q q 0 0 0 rg BT 110.56 425.50 Td (impairments ) Tj ET Q q 0 0 0 rg BT 165.79 425.50 Td (of ) Tj ET Q q 0 0 0 rg BT 177.27 425.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 221.99 425.50 Td (assets. ) Tj ET Q q 0 0 0 rg BT 251.85 425.50 Td ( ) Tj ET Q q 0 0 0 rg BT 254.38 425.50 Td (The ) Tj ET Q q 0 0 0 rg BT 273.44 425.50 Td (year ) Tj ET Q q 0 0 0 rg BT 294.24 425.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.05 425.50 Td (March ) Tj ET Q q 0 0 0 rg BT 352.18 425.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.04 425.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 394.40 425.50 Td (also ) Tj ET Q q 0 0 0 rg BT 414.05 425.50 Td (included ) Tj ET Q q 0 0 0 rg BT 452.94 425.50 Td (a ) Tj ET Q q 0 0 0 rg BT 460.33 425.50 Td ($67.0 ) Tj ET Q q 0 0 0 rg BT 486.69 425.50 Td (million ) Tj ET Q q 0 0 0 rg BT 519.76 425.50 Td (char) Tj ET Q q 0 0 0 rg BT 537.64 425.50 Td (ge ) Tj ET Q q 0 0 0 rg BT 550.28 425.50 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 412.90 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 412.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.73 412.90 Td (matter ) Tj ET Q q 0 0 0 rg BT 140.17 412.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 183.05 412.90 Td (in ) Tj ET Q q 0 0 0 rg BT 193.84 412.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.87 412.90 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.12 412.90 Td ( ) Tj ET Q q 0 0 0 rg BT 224.75 412.90 Td (of ) Tj ET Q q 0 0 0 rg BT 236.12 412.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 263.24 412.90 Td (to ) Tj ET Q q 0 0 0 rg BT 274.04 412.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 332.07 412.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 373.77 412.90 Td (Statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 387.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.53 387.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 135.48 387.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 173.50 387.70 Td (at ) Tj ET Q q 0 0 0 rg BT 184.12 387.70 Td (the ) Tj ET Q q 0 0 0 rg BT 199.99 387.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 249.11 387.70 Td (management ) Tj ET Q q 0 0 0 rg BT 305.80 387.70 Td (af) Tj ET Q q 0 0 0 rg BT 313.77 387.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 341.30 387.70 Td (level ) Tj ET Q q 0 0 0 rg BT 364.75 387.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 411.53 387.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 475.22 387.70 Td (70%, ) Tj ET Q q 0 0 0 rg BT 500.14 387.70 Td (70%, ) Tj ET Q q 0 0 0 rg BT 525.05 387.70 Td (and ) Tj ET Q q 0 0 0 rg BT 543.26 387.70 Td (65% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 375.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.48 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.05 375.10 Td (years ) Tj ET Q q 0 0 0 rg BT 101.94 375.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.75 375.10 Td (March ) Tj ET Q q 0 0 0 rg BT 157.90 375.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 172.76 375.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 198.13 375.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 223.49 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.39 375.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 265.75 375.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 315.80 375.10 Td (, ) Tj ET Q q 0 0 0 rg BT 320.17 375.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.65 375.10 Td (total ) Tj ET Q q 0 0 0 rg BT 351.05 375.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 392.45 375.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 434.71 375.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 477.86 375.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 528.00 375.10 Td (char) Tj ET Q q 0 0 0 rg BT 545.88 375.10 Td (ges, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 362.50 Td (if ) Tj ET Q q 0 0 0 rg BT 58.54 362.50 Td (any) Tj ET Q q 0 0 0 rg BT 73.02 362.50 Td (. ) Tj ET Q q 0 0 0 rg BT 78.08 362.50 Td (The ) Tj ET Q q 0 0 0 rg BT 97.03 362.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 142.22 362.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.50 362.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.03 362.50 Td (are ) Tj ET Q q 0 0 0 rg BT 240.47 362.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 282.74 362.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 308.99 362.50 Td (including ) Tj ET Q q 0 0 0 rg BT 351.28 362.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 374.91 362.50 Td (of ) Tj ET Q q 0 0 0 rg BT 386.28 362.50 Td (our ) Tj ET Q q 0 0 0 rg BT 402.90 362.50 Td (global ) Tj ET Q q 0 0 0 rg BT 431.77 362.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 482.82 362.50 Td (operations.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (51) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 114.56 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 133.52 741.90 Td (Benefits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.33 729.30 Td (components ) Tj ET Q q 0 0 0 rg BT 121.58 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.65 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 138.33 729.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 156.58 729.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 219.75 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 237.42 729.30 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 274.92 729.30 Td (\(in ) Tj ET Q q 0 0 0 rg BT 289.09 729.30 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 332.14 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.80 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.14 729.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 392.14 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 409.80 729.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 457.78 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 494.10 729.30 Td (between ) Tj ET Q q 0 0 0 rg BT 531.59 729.30 Td (periods) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 680.2 m 279 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 680.2 m 283 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 680.2 m 327 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 680.2 m 331 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 680.2 m 376 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 680.2 m 429 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 680.2 m 476 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 680.2 m 521 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 680.2 m 563 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 656.2 m 231 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 656.2 m 279 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 680.2 m 327 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 656.2 m 327 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 680.2 m 331 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 680.2 m 376 680.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 656.2 m 376 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 656.2 m 429 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 656.2 m 476 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 656.2 m 521 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 656.2 m 563 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 656.2 m 327 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 656.2 m 376 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 656.2 m 429 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 656.2 m 476 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 656.2 m 521 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 656.2 m 563 656.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 546.2 m 231 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 546.2 m 279 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 546.2 m 327 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 546.2 m 376 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 546.2 m 429 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 546.2 m 521 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 532.2 m 231 532.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 532.2 m 279 532.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 546.2 m 327 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 532.2 m 327 532.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 546.2 m 376 546.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 532.2 m 376 532.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 532.2 m 429 532.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 532.2 m 521 532.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.65 684.97 Td (Y) Tj ET Q q 0 0 0 rg BT 262.71 684.97 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.15 695.49 Td (2020 Compar) Tj ET Q q 0 0 0 rg BT 447.01 695.49 Td (ed to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 417.00 684.99 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.30 695.47 Td (2019 Compared) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.10 684.97 Td (to 2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 246.00 660.99 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.00 660.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.50 660.97 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.35 670.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 385.45 660.09 Td ( Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.75 670.59 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.75 660.09 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.35 670.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.95 659.92 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.10 670.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.45 659.92 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 646.42 Td (Salaries, incentives and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 237.50 646.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.50 646.59 Td (1,345.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.50 646.42 Td (1,329.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.50 646.42 Td (1,381.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.50 646.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.60 646.59 Td (16.5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.75 646.59 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.00 646.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.50 646.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.10 646.42 Td (\(52.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 646.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 646.42 Td (\(4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 646.42 Td (\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 631.97 Td (Strategic restructuring) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.60 631.99 Td (57.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.50 631.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 631.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.60 631.99 Td (57.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 454.95 631.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 631.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 631.97 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 616.97 Td (Af) Tj ET Q q 0 0 0 rg BT 69.48 616.97 Td (filiate char) Tj ET Q q 0 0 0 rg BT 114.48 616.97 Td (ges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.85 616.99 Td (2.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.85 616.97 Td (9.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.50 616.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.35 616.99 Td (\(6.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.00 616.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.00 616.99 Td (\(74) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.00 616.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.85 616.97 Td (9.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 616.97 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 601.97 Td (Acquisition and transition-related costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 264.50 601.99 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.85 601.97 Td (0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.85 601.97 Td (5.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.35 601.99 Td (\(0.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.00 601.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 454.95 601.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.35 601.97 Td (\(4.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 601.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 601.97 Td (\(84) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 601.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 586.97 Td (Performance fee pass through) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.60 586.99 Td (42.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.60 586.97 Td (49.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.35 586.97 Td (108.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.35 586.99 Td (\(7.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.00 586.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.00 586.99 Td (\(14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.00 586.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.10 586.97 Td (\(59.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 586.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 586.97 Td (\(55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 586.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 571.97 Td (Gains \(losses\) on deferred) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 561.47 Td (compensation and seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 550.97 Td (investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 253.10 550.99 Td (\(10.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 275.00 550.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.60 550.97 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.60 550.97 Td (12.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.10 550.99 Td (\(21.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.00 550.99 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 454.95 550.99 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.35 550.97 Td (\(1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 550.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.25 550.97 Td (\(15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 550.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 536.42 Td (Compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 237.50 536.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.50 536.59 Td (1,436.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 536.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.50 536.42 Td (1,399.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.50 536.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.50 536.42 Td (1,508.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.50 536.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.60 536.59 Td (37.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.75 536.59 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.50 536.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.85 536.42 Td (\(109.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 536.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.50 536.42 Td (\(7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.25 536.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 523.10 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 523.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 523.10 Td (meaningful) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 500.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 112.62 500.90 Td (and ) Tj ET Q q 0 0 0 rg BT 130.24 500.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 165.94 500.90 Td (for ) Tj ET Q q 0 0 0 rg BT 180.64 500.90 Td (the ) Tj ET Q q 0 0 0 rg BT 195.93 500.90 Td (year ) Tj ET Q q 0 0 0 rg BT 216.46 500.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 243.99 500.90 Td (March ) Tj ET Q q 0 0 0 rg BT 273.85 500.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 289.44 500.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 315.52 500.90 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.63 500.90 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.88 500.90 Td (% ) Tj ET Q q 0 0 0 rg BT 374.08 500.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.71 500.90 Td ($1.44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.33 500.90 Td ( ) Tj ET Q q 0 0 0 rg BT 410.79 500.90 Td (billion, ) Tj ET Q q 0 0 0 rg BT 443.30 500.90 Td (as ) Tj ET Q q 0 0 0 rg BT 454.50 500.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 498.36 500.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.99 500.90 Td ($1.40) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.61 500.90 Td ( ) Tj ET Q q 0 0 0 rg BT 535.07 500.90 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 488.30 Td (for ) Tj ET Q q 0 0 0 rg BT 64.35 488.30 Td (the ) Tj ET Q q 0 0 0 rg BT 79.78 488.30 Td (year ) Tj ET Q q 0 0 0 rg BT 100.45 488.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.13 488.30 Td (March ) Tj ET Q q 0 0 0 rg BT 158.14 488.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.87 488.30 Td (2019; ) Tj ET Q q 0 0 0 rg BT 200.39 488.30 Td (and ) Tj ET Q q 0 0 0 rg BT 218.15 488.30 Td (for ) Tj ET Q q 0 0 0 rg BT 233.00 488.30 Td (the ) Tj ET Q q 0 0 0 rg BT 248.43 488.30 Td (year ) Tj ET Q q 0 0 0 rg BT 269.11 488.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 296.78 488.30 Td (March ) Tj ET Q q 0 0 0 rg BT 326.79 488.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 342.52 488.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 368.75 488.30 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.74 488.30 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.99 488.30 Td (% ) Tj ET Q q 0 0 0 rg BT 429.34 488.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.11 488.30 Td ($1.40) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.74 488.30 Td ( ) Tj ET Q q 0 0 0 rg BT 466.34 488.30 Td (billion, ) Tj ET Q q 0 0 0 rg BT 498.99 488.30 Td (as ) Tj ET Q q 0 0 0 rg BT 510.34 488.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 488.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.70 Td ($1.51) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.13 475.70 Td ( ) Tj ET Q q 0 0 0 rg BT 75.75 475.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 105.79 475.70 Td (for ) Tj ET Q q 0 0 0 rg BT 120.66 475.70 Td (the ) Tj ET Q q 0 0 0 rg BT 136.12 475.70 Td (year ) Tj ET Q q 0 0 0 rg BT 156.81 475.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 184.51 475.70 Td (March ) Tj ET Q q 0 0 0 rg BT 214.53 475.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 230.28 475.70 Td (2018:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 450.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 450.50 Td (Salaries, ) Tj ET Q q 0 0 0 rg BT 124.36 450.50 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 172.56 450.50 Td (and ) Tj ET Q q 0 0 0 rg BT 190.72 450.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 226.96 450.50 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 269.60 450.50 Td ($16.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.23 450.50 Td ( ) Tj ET Q q 0 0 0 rg BT 296.23 450.50 Td (million, ) Tj ET Q q 0 0 0 rg BT 332.19 450.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.35 450.50 Td ($1.35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.98 450.50 Td ( ) Tj ET Q q 0 0 0 rg BT 369.98 450.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 400.40 450.50 Td (for ) Tj ET Q q 0 0 0 rg BT 415.64 450.50 Td (the ) Tj ET Q q 0 0 0 rg BT 431.47 450.50 Td (year ) Tj ET Q q 0 0 0 rg BT 452.54 450.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 480.61 450.50 Td (March ) Tj ET Q q 0 0 0 rg BT 511.01 450.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 527.14 450.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 553.76 450.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 437.90 Td (compared ) Tj ET Q q 0 0 0 rg BT 130.33 437.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.94 437.90 Td ($1.33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 165.56 437.90 Td ( ) Tj ET Q q 0 0 0 rg BT 169.00 437.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 199.85 437.90 Td (for ) Tj ET Q q 0 0 0 rg BT 215.53 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 231.80 437.90 Td (year ) Tj ET Q q 0 0 0 rg BT 253.30 437.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 281.81 437.90 Td (March ) Tj ET Q q 0 0 0 rg BT 312.65 437.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 329.21 437.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 356.27 437.90 Td (driven ) Tj ET Q q 0 0 0 rg BT 386.54 437.90 Td (by ) Tj ET Q q 0 0 0 rg BT 400.47 437.90 Td (a ) Tj ET Q q 0 0 0 rg BT 408.57 437.90 Td ($23.7 ) Tj ET Q q 0 0 0 rg BT 435.63 437.90 Td (million ) Tj ET Q q 0 0 0 rg BT 469.41 437.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 507.23 437.90 Td (in ) Tj ET Q q 0 0 0 rg BT 518.84 437.90 Td (salary ) Tj ET Q q 0 0 0 rg BT 547.35 437.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 425.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 126.02 425.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 186.38 425.30 Td (related ) Tj ET Q q 0 0 0 rg BT 216.98 425.30 Td (to ) Tj ET Q q 0 0 0 rg BT 227.19 425.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 268.87 425.30 Td (and ) Tj ET Q q 0 0 0 rg BT 286.07 425.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 336.53 425.30 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 382.01 425.30 Td (including ) Tj ET Q q 0 0 0 rg BT 423.71 425.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 465.39 425.30 Td (sales ) Tj ET Q q 0 0 0 rg BT 487.84 425.30 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 547.35 425.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 412.70 Td (a ) Tj ET Q q 0 0 0 rg BT 92.98 412.70 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 119.42 412.70 Td (million ) Tj ET Q q 0 0 0 rg BT 152.58 412.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 189.79 412.70 Td (in ) Tj ET Q q 0 0 0 rg BT 200.77 412.70 Td (net ) Tj ET Q q 0 0 0 rg BT 216.42 412.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 277.55 412.70 Td (at ) Tj ET Q q 0 0 0 rg BT 287.95 412.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.84 412.70 Td (af) Tj ET Q q 0 0 0 rg BT 344.81 412.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 378.83 412.70 Td (driven ) Tj ET Q q 0 0 0 rg BT 408.47 412.70 Td (by ) Tj ET Q q 0 0 0 rg BT 421.79 412.70 Td (an ) Tj ET Q q 0 0 0 rg BT 434.52 412.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 471.73 412.70 Td (in ) Tj ET Q q 0 0 0 rg BT 482.71 412.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 525.18 412.70 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 400.10 Td (at ) Tj ET Q q 0 0 0 rg BT 94.68 400.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 124.85 400.10 Td (af) Tj ET Q q 0 0 0 rg BT 132.82 400.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 165.62 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.23 400.10 Td (Increases ) Tj ET Q q 0 0 0 rg BT 207.89 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.66 400.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.92 400.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 297.84 400.10 Td (at ) Tj ET Q q 0 0 0 rg BT 307.03 400.10 Td (revenue-share ) Tj ET Q q 0 0 0 rg BT 367.51 400.10 Td (based ) Tj ET Q q 0 0 0 rg BT 393.02 400.10 Td (af) Tj ET Q q 0 0 0 rg BT 400.99 400.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 431.17 400.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 469.52 400.10 Td (create ) Tj ET Q q 0 0 0 rg BT 496.18 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.44 400.10 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 387.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 124.80 387.50 Td (in ) Tj ET Q q 0 0 0 rg BT 137.88 387.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 201.11 387.50 Td (per ) Tj ET Q q 0 0 0 rg BT 219.43 387.50 Td (the ) Tj ET Q q 0 0 0 rg BT 237.17 387.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 285.23 387.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 323.37 387.50 Td (share ) Tj ET Q q 0 0 0 rg BT 350.43 387.50 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 404.70 387.50 Td (A) Tj ET Q q 0 0 0 rg BT 411.70 387.50 Td ( ) Tj ET Q q 0 0 0 rg BT 416.61 387.50 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 439.90 387.50 Td (million ) Tj ET Q q 0 0 0 rg BT 475.15 387.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 514.45 387.50 Td (in ) Tj ET Q q 0 0 0 rg BT 527.53 387.50 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 374.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 145.32 374.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 180.64 374.90 Td (due ) Tj ET Q q 0 0 0 rg BT 197.30 374.90 Td (to ) Tj ET Q q 0 0 0 rg BT 206.97 374.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 235.30 374.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 264.79 374.90 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 317.00 374.90 Td (of ) Tj ET Q q 0 0 0 rg BT 327.25 374.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 358.49 374.90 Td (for ) Tj ET Q q 0 0 0 rg BT 372.23 374.90 Td (retirement ) Tj ET Q q 0 0 0 rg BT 416.88 374.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 449.87 374.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 496.27 374.90 Td (also ) Tj ET Q q 0 0 0 rg BT 514.69 374.90 Td (contributed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 362.30 Td (to ) Tj ET Q q 0 0 0 rg BT 96.29 362.30 Td (the ) Tj ET Q q 0 0 0 rg BT 111.75 362.30 Td (increase. ) Tj ET Q q 0 0 0 rg BT 151.39 362.30 Td ( ) Tj ET Q q 0 0 0 rg BT 153.82 362.30 Td (These ) Tj ET Q q 0 0 0 rg BT 181.52 362.30 Td (increases ) Tj ET Q q 0 0 0 rg BT 222.63 362.30 Td (were ) Tj ET Q q 0 0 0 rg BT 245.65 362.30 Td (of) Tj ET Q q 0 0 0 rg BT 254.21 362.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 271.99 362.30 Td (in ) Tj ET Q q 0 0 0 rg BT 282.79 362.30 Td (part ) Tj ET Q q 0 0 0 rg BT 301.74 362.30 Td (by ) Tj ET Q q 0 0 0 rg BT 314.86 362.30 Td ($34.7 ) Tj ET Q q 0 0 0 rg BT 341.11 362.30 Td (million ) Tj ET Q q 0 0 0 rg BT 374.07 362.30 Td (in ) Tj ET Q q 0 0 0 rg BT 384.87 362.30 Td (savings ) Tj ET Q q 0 0 0 rg BT 418.99 362.30 Td (from ) Tj ET Q q 0 0 0 rg BT 442.03 362.30 Td (our ) Tj ET Q q 0 0 0 rg BT 458.65 362.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 496.84 362.30 Td (restructuring.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 349.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 337.10 Td (Salaries, ) Tj ET Q q 0 0 0 rg BT 124.26 337.10 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 172.35 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.41 337.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 226.55 337.10 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.83 337.10 Td ($52.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.46 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.35 337.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 333.21 337.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.28 337.10 Td ($1.33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.90 337.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.80 337.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 401.12 337.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.26 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.98 337.10 Td (year ) Tj ET Q q 0 0 0 rg BT 452.95 337.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 480.91 337.10 Td (March ) Tj ET Q q 0 0 0 rg BT 511.22 337.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 527.24 337.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 553.76 337.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 324.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 128.61 324.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.50 324.50 Td ($1.38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.12 324.50 Td ( ) Tj ET Q q 0 0 0 rg BT 163.84 324.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 192.98 324.50 Td (for ) Tj ET Q q 0 0 0 rg BT 206.94 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 221.49 324.50 Td (year ) Tj ET Q q 0 0 0 rg BT 241.27 324.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 268.06 324.50 Td (March ) Tj ET Q q 0 0 0 rg BT 297.18 324.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 312.03 324.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 337.37 324.50 Td (driven ) Tj ET Q q 0 0 0 rg BT 365.91 324.50 Td (by ) Tj ET Q q 0 0 0 rg BT 378.13 324.50 Td (a ) Tj ET Q q 0 0 0 rg BT 384.51 324.50 Td ($47.9 ) Tj ET Q q 0 0 0 rg BT 409.85 324.50 Td (million ) Tj ET Q q 0 0 0 rg BT 441.91 324.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 479.76 324.50 Td (in ) Tj ET Q q 0 0 0 rg BT 489.64 324.50 Td (net ) Tj ET Q q 0 0 0 rg BT 504.19 324.50 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 311.90 Td (and ) Tj ET Q q 0 0 0 rg BT 102.77 311.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 138.11 311.90 Td (at ) Tj ET Q q 0 0 0 rg BT 147.80 311.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.98 311.90 Td (af) Tj ET Q q 0 0 0 rg BT 203.95 311.90 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 237.25 311.90 Td (which ) Tj ET Q q 0 0 0 rg BT 265.02 311.90 Td (was ) Tj ET Q q 0 0 0 rg BT 283.46 311.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 324.64 311.90 Td (driven ) Tj ET Q q 0 0 0 rg BT 353.57 311.90 Td (by ) Tj ET Q q 0 0 0 rg BT 366.17 311.90 Td (the ) Tj ET Q q 0 0 0 rg BT 381.11 311.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 411.79 311.90 Td (of ) Tj ET Q q 0 0 0 rg BT 422.64 311.90 Td (the ) Tj ET Q q 0 0 0 rg BT 437.57 311.90 Td (previously ) Tj ET Q q 0 0 0 rg BT 484.01 311.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 526.36 311.90 Td (decrease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 299.30 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 299.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 151.97 299.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 171.50 299.30 Td (that ) Tj ET Q q 0 0 0 rg BT 189.87 299.30 Td (are ) Tj ET Q q 0 0 0 rg BT 205.31 299.30 Td (not ) Tj ET Q q 0 0 0 rg BT 221.35 299.30 Td (passed ) Tj ET Q q 0 0 0 rg BT 251.97 299.30 Td (through ) Tj ET Q q 0 0 0 rg BT 287.26 299.30 Td (as ) Tj ET Q q 0 0 0 rg BT 298.63 299.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 359.58 299.30 Td (expense.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 274.10 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 126.45 274.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 183.72 274.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 208.35 274.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 220.72 274.10 Td ($57.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 244.34 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.97 274.10 Td (million ) Tj ET Q q 0 0 0 rg BT 281.93 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 297.80 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.25 274.10 Td (year ) Tj ET Q q 0 0 0 rg BT 335.94 274.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 364.64 274.10 Td (March ) Tj ET Q q 0 0 0 rg BT 395.67 274.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 412.42 274.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 439.67 274.10 Td (were ) Tj ET Q q 0 0 0 rg BT 463.70 274.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 506.40 274.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 553.76 274.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 261.50 Td (employee ) Tj ET Q q 0 0 0 rg BT 129.72 261.50 Td (termination ) Tj ET Q q 0 0 0 rg BT 181.53 261.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 214.09 261.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 241.12 261.50 Td (including ) Tj ET Q q 0 0 0 rg BT 284.19 261.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 328.98 261.50 Td (and ) Tj ET Q q 0 0 0 rg BT 347.54 261.50 Td (the ) Tj ET Q q 0 0 0 rg BT 363.77 261.50 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 417.89 261.50 Td (of ) Tj ET Q q 0 0 0 rg BT 430.04 261.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 468.42 261.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 530.14 261.50 Td (awards. ) Tj ET Q q 0 0 0 rg BT 565.13 261.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 248.90 Td (See ) Tj ET Q q 0 0 0 rg BT 103.29 248.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.32 248.90 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.82 248.90 Td ( ) Tj ET Q q 0 0 0 rg BT 139.45 248.90 Td (of ) Tj ET Q q 0 0 0 rg BT 150.82 248.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 177.94 248.90 Td (to ) Tj ET Q q 0 0 0 rg BT 188.73 248.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 246.77 248.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 288.47 248.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 337.17 248.90 Td (for ) Tj ET Q q 0 0 0 rg BT 352.04 248.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 396.66 248.90 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 223.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 223.70 Td (Af) Tj ET Q q 0 0 0 rg BT 96.39 223.70 Td (filiate ) Tj ET Q q 0 0 0 rg BT 123.32 223.70 Td (char) Tj ET Q q 0 0 0 rg BT 141.20 223.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 157.64 223.70 Td (of ) Tj ET Q q 0 0 0 rg BT 168.83 223.70 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 189.64 223.70 Td (million ) Tj ET Q q 0 0 0 rg BT 222.42 223.70 Td (for ) Tj ET Q q 0 0 0 rg BT 237.11 223.70 Td (the ) Tj ET Q q 0 0 0 rg BT 252.38 223.70 Td (year ) Tj ET Q q 0 0 0 rg BT 272.89 223.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 300.40 223.70 Td (March ) Tj ET Q q 0 0 0 rg BT 330.25 223.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 345.81 223.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 371.88 223.70 Td (were ) Tj ET Q q 0 0 0 rg BT 394.72 223.70 Td (comprised ) Tj ET Q q 0 0 0 rg BT 440.90 223.70 Td (of ) Tj ET Q q 0 0 0 rg BT 452.09 223.70 Td (severance ) Tj ET Q q 0 0 0 rg BT 495.92 223.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 519.36 223.70 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 211.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.79 211.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 163.07 211.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 187.86 211.10 Td (at ) Tj ET Q q 0 0 0 rg BT 198.06 211.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 229.25 211.10 Td (af) Tj ET Q q 0 0 0 rg BT 237.22 211.10 Td (filiates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 185.90 Td (Af) Tj ET Q q 0 0 0 rg BT 96.39 185.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 123.56 185.90 Td (char) Tj ET Q q 0 0 0 rg BT 141.43 185.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 158.11 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 169.53 185.90 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 190.59 185.90 Td (million ) Tj ET Q q 0 0 0 rg BT 223.60 185.90 Td (for ) Tj ET Q q 0 0 0 rg BT 238.52 185.90 Td (the ) Tj ET Q q 0 0 0 rg BT 254.03 185.90 Td (year ) Tj ET Q q 0 0 0 rg BT 274.77 185.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 302.52 185.90 Td (March ) Tj ET Q q 0 0 0 rg BT 332.60 185.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.41 185.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 374.71 185.90 Td (were ) Tj ET Q q 0 0 0 rg BT 397.79 185.90 Td (comprised ) Tj ET Q q 0 0 0 rg BT 444.21 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 455.63 185.90 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 476.68 185.90 Td (million ) Tj ET Q q 0 0 0 rg BT 509.70 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 521.12 185.90 Td (severance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 173.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 109.38 173.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 155.41 173.30 Td (with ) Tj ET Q q 0 0 0 rg BT 176.96 173.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 233.49 173.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 258.54 173.30 Td (at ) Tj ET Q q 0 0 0 rg BT 269.00 173.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 300.44 173.30 Td (af) Tj ET Q q 0 0 0 rg BT 308.41 173.30 Td (filiates ) Tj ET Q q 0 0 0 rg BT 339.87 173.30 Td (and ) Tj ET Q q 0 0 0 rg BT 357.91 173.30 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 379.17 173.30 Td (million ) Tj ET Q q 0 0 0 rg BT 412.39 173.30 Td (of ) Tj ET Q q 0 0 0 rg BT 424.01 173.30 Td (management ) Tj ET Q q 0 0 0 rg BT 480.54 173.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 509.67 173.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 530.63 173.30 Td (char) Tj ET Q q 0 0 0 rg BT 548.50 173.30 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 160.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 130.90 160.70 Td (with ) Tj ET Q q 0 0 0 rg BT 151.83 160.70 Td (an ) Tj ET Q q 0 0 0 rg BT 163.99 160.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 208.24 160.70 Td (grant ) Tj ET Q q 0 0 0 rg BT 232.07 160.70 Td (of ) Tj ET Q q 0 0 0 rg BT 243.07 160.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 271.57 160.70 Td (units ) Tj ET Q q 0 0 0 rg BT 294.24 160.70 Td (under ) Tj ET Q q 0 0 0 rg BT 320.41 160.70 Td (the ) Tj ET Q q 0 0 0 rg BT 335.49 160.70 Td (Royce ) Tj ET Q q 0 0 0 rg BT 364.57 160.70 Td (management ) Tj ET Q q 0 0 0 rg BT 420.47 160.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 448.97 160.70 Td (plan. ) Tj ET Q q 0 0 0 rg BT 471.92 160.70 Td ( ) Tj ET Q q 0 0 0 rg BT 474.18 160.70 Td (See ) Tj ET Q q 0 0 0 rg BT 491.59 160.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.26 160.70 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.76 160.70 Td ( ) Tj ET Q q 0 0 0 rg BT 527.01 160.70 Td (of ) Tj ET Q q 0 0 0 rg BT 538.01 160.70 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.29 148.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 154.33 148.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 196.03 148.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 240.65 148.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.52 148.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 300.13 148.10 Td (information ) Tj ET Q q 0 0 0 rg BT 352.33 148.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 395.19 148.10 Td (management ) Tj ET Q q 0 0 0 rg BT 451.46 148.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.33 148.10 Td (plans.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 122.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 122.90 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 136.61 122.90 Td (and ) Tj ET Q q 0 0 0 rg BT 153.89 122.90 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 227.72 122.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 250.83 122.90 Td (for ) Tj ET Q q 0 0 0 rg BT 265.19 122.90 Td (the ) Tj ET Q q 0 0 0 rg BT 280.13 122.90 Td (years ) Tj ET Q q 0 0 0 rg BT 304.40 122.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 331.58 122.90 Td (March ) Tj ET Q q 0 0 0 rg BT 361.10 122.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.33 122.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 399.45 122.90 Td (and ) Tj ET Q q 0 0 0 rg BT 416.72 122.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 442.46 122.90 Td (were ) Tj ET Q q 0 0 0 rg BT 464.97 122.90 Td (comprised ) Tj ET Q q 0 0 0 rg BT 510.82 122.90 Td (of ) Tj ET Q q 0 0 0 rg BT 521.68 122.90 Td (employee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 110.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 136.20 110.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 167.64 110.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 193.56 110.30 Td (including ) Tj ET Q q 0 0 0 rg BT 235.52 110.30 Td (severance ) Tj ET Q q 0 0 0 rg BT 279.20 110.30 Td (and ) Tj ET Q q 0 0 0 rg BT 296.65 110.30 Td (the ) Tj ET Q q 0 0 0 rg BT 311.77 110.30 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 364.78 110.30 Td (of ) Tj ET Q q 0 0 0 rg BT 375.82 110.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 413.08 110.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 473.70 110.30 Td (awards, ) Tj ET Q q 0 0 0 rg BT 508.35 110.30 Td (related ) Tj ET Q q 0 0 0 rg BT 539.21 110.30 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 110.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 97.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 141.77 97.70 Td (of ) Tj ET Q q 0 0 0 rg BT 153.15 97.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 185.51 97.70 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 97.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.84 97.70 Td (combination ) Tj ET Q q 0 0 0 rg BT 270.95 97.70 Td (with ) Tj ET Q q 0 0 0 rg BT 292.24 97.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 309.95 97.70 Td (rust, ) Tj ET Q q 0 0 0 rg BT 330.95 97.70 Td (which ) Tj ET Q q 0 0 0 rg BT 359.24 97.70 Td (was ) Tj ET Q q 0 0 0 rg BT 378.20 97.70 Td (completed ) Tj ET Q q 0 0 0 rg BT 424.55 97.70 Td (in ) Tj ET Q q 0 0 0 rg BT 435.35 97.70 Td (June ) Tj ET Q q 0 0 0 rg BT 457.22 97.70 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.50 Td (For ) Tj ET Q q 0 0 0 rg BT 66.74 72.50 Td (the ) Tj ET Q q 0 0 0 rg BT 82.21 72.50 Td (year ) Tj ET Q q 0 0 0 rg BT 102.93 72.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.65 72.50 Td (March ) Tj ET Q q 0 0 0 rg BT 160.71 72.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.48 72.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 202.75 72.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 263.72 72.50 Td (as ) Tj ET Q q 0 0 0 rg BT 275.12 72.50 Td (a ) Tj ET Q q 0 0 0 rg BT 282.43 72.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 330.55 72.50 Td (of ) Tj ET Q q 0 0 0 rg BT 341.94 72.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 384.25 72.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 424.21 72.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 466.50 72.50 Td (to ) Tj ET Q q 0 0 0 rg BT 477.32 72.50 Td (49.2%, ) Tj ET Q q 0 0 0 rg BT 509.72 72.50 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 72.50 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.34 59.90 Td (48.2% ) Tj ET Q q 0 0 0 rg BT 90.14 59.90 Td (for ) Tj ET Q q 0 0 0 rg BT 105.06 59.90 Td (the ) Tj ET Q q 0 0 0 rg BT 120.57 59.90 Td (year ) Tj ET Q q 0 0 0 rg BT 141.31 59.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 169.06 59.90 Td (March ) Tj ET Q q 0 0 0 rg BT 199.14 59.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 214.94 59.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 241.24 59.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 282.99 59.90 Td (due ) Tj ET Q q 0 0 0 rg BT 300.83 59.90 Td (to ) Tj ET Q q 0 0 0 rg BT 311.67 59.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 335.35 59.90 Td (incurred ) Tj ET Q q 0 0 0 rg BT 373.01 59.90 Td (in ) Tj ET Q q 0 0 0 rg BT 383.85 59.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 432.59 59.90 Td (with ) Tj ET Q q 0 0 0 rg BT 453.94 59.90 Td (our ) Tj ET Q q 0 0 0 rg BT 470.61 59.90 Td (strategic ) Tj ET Q q 0 0 0 rg BT 508.85 59.90 Td (restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 47.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 47.30 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 47.30 Td (current ) Tj ET Q q 0 0 0 rg BT 108.10 47.30 Td (year) Tj ET Q q 0 0 0 rg BT 125.59 47.30 Td (.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.61 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 81.95 729.15 Td (year ) Tj ET Q q 0 0 0 rg BT 102.54 729.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.13 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 160.06 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.70 729.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 201.85 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 262.69 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 273.96 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 281.14 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 329.12 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 340.39 729.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 382.56 729.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 422.40 729.15 Td (remained ) Tj ET Q q 0 0 0 rg BT 463.98 729.15 Td (relatively ) Tj ET Q q 0 0 0 rg BT 506.15 729.15 Td (flat ) Tj ET Q q 0 0 0 rg BT 522.66 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 532.76 729.15 Td (48.2%, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 61.02 716.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 105.19 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 116.12 716.55 Td (48.0% ) Tj ET Q q 0 0 0 rg BT 146.02 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 161.03 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 176.63 716.55 Td (year ) Tj ET Q q 0 0 0 rg BT 197.47 716.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 225.31 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 255.49 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 271.38 716.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 297.78 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 309.30 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 324.90 716.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 356.24 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 367.76 716.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 410.17 716.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 471.26 716.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 507.85 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 522.87 716.55 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 68.71 703.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 121.18 703.95 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 168.67 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 198.38 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 209.43 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 226.89 703.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 263.01 703.95 Td (tied ) Tj ET Q q 0 0 0 rg BT 282.81 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 295.02 703.95 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 339.01 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 359.38 703.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 416.51 703.95 Td (of) Tj ET Q q 0 0 0 rg BT 425.07 703.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 444.28 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 458.83 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 475.70 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 508.32 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 521.12 703.95 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 691.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.70 691.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 155.31 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 168.43 691.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 202.55 691.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 239.59 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 257.96 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 280.98 691.35 Td (passed ) Tj ET Q q 0 0 0 rg BT 311.60 691.35 Td (through ) Tj ET Q q 0 0 0 rg BT 346.89 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 358.26 691.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 419.21 691.35 Td (expense.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 666.15 Td (Servicing) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.99 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.73 653.55 Td (year ) Tj ET Q q 0 0 0 rg BT 103.70 653.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.68 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 161.99 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.02 653.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 204.55 653.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 258.21 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 276.27 653.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 317.67 653.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 358.48 653.55 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.77 653.55 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.02 653.55 Td (% ) Tj ET Q q 0 0 0 rg BT 419.67 653.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.75 653.55 Td ($413.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.62 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 462.53 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.40 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 510.05 653.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.35 653.55 Td (to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td ($439.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 81.15 640.95 Td (million ) Tj ET Q q 0 0 0 rg BT 114.27 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 129.29 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 144.89 640.95 Td (year ) Tj ET Q q 0 0 0 rg BT 165.74 640.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 193.59 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 223.77 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.67 640.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 266.07 640.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 307.92 640.95 Td (due ) Tj ET Q q 0 0 0 rg BT 325.86 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 336.81 640.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 363.49 640.95 Td (average ) Tj ET Q q 0 0 0 rg BT 398.30 640.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 425.58 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 436.52 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 467.86 640.95 Td (products ) Tj ET Q q 0 0 0 rg BT 506.80 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 521.82 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 550.26 640.95 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 67.75 628.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 87.74 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 99.00 628.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 146.99 628.35 Td (distributors ) Tj ET Q q 0 0 0 rg BT 197.91 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 216.16 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 223.91 628.35 Td (shift ) Tj ET Q q 0 0 0 rg BT 245.66 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 256.92 628.35 Td (average ) Tj ET Q q 0 0 0 rg BT 291.96 628.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 319.56 628.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 352.39 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 363.64 628.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 415.15 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 433.40 628.35 Td (service ) Tj ET Q q 0 0 0 rg BT 466.22 628.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 486.21 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 497.47 628.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 524.46 628.35 Td (fee ) Tj ET Q q 0 0 0 rg BT 540.37 628.35 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (classes, ) Tj ET Q q 0 0 0 rg BT 83.91 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 95.28 615.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 142.23 615.75 Td (discussed. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.70 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.14 590.55 Td (year ) Tj ET Q q 0 0 0 rg BT 102.82 590.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.51 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 160.52 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.26 590.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 202.50 590.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 255.87 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 273.64 590.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 314.74 590.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 355.26 590.55 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.26 590.55 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.76 590.55 Td (% ) Tj ET Q q 0 0 0 rg BT 421.12 590.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.90 590.55 Td ($439.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.78 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 463.39 590.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.97 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 510.33 590.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 590.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td ($489.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 81.35 577.95 Td (million ) Tj ET Q q 0 0 0 rg BT 114.67 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 129.89 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 145.70 577.95 Td (year ) Tj ET Q q 0 0 0 rg BT 166.75 577.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 194.80 577.95 Td (March ) Tj ET Q q 0 0 0 rg BT 225.18 577.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.28 577.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 267.89 577.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 309.94 577.95 Td (due ) Tj ET Q q 0 0 0 rg BT 328.08 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 339.23 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 355.03 577.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 386.59 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 398.31 577.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 425.20 577.95 Td (average ) Tj ET Q q 0 0 0 rg BT 460.82 577.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 476.61 577.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 499.42 577.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 520.47 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 533.95 577.95 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 88.29 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 103.15 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 131.44 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 146.31 565.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 164.09 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 183.62 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 194.42 565.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 241.94 565.35 Td (distributors. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Communications ) Tj ET Q q 0 0 0 rg BT 126.23 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 145.20 540.15 Td (T) Tj ET Q q 0 0 0 rg BT 150.65 540.15 Td (echnology) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.17 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 81.08 527.55 Td (year ) Tj ET Q q 0 0 0 rg BT 101.23 527.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.38 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 157.87 527.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.07 527.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 198.78 527.55 Td (Communications ) Tj ET Q q 0 0 0 rg BT 272.61 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 289.85 527.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 338.59 527.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 374.49 527.55 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.96 527.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.21 527.55 Td (% ) Tj ET Q q 0 0 0 rg BT 434.03 527.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.28 527.55 Td ($225.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.16 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 475.24 527.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.28 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 527.55 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.29 514.95 Td ($228.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.17 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 91.79 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 124.75 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 139.62 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 155.08 514.95 Td (year ) Tj ET Q q 0 0 0 rg BT 175.77 514.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 203.47 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 233.49 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 249.24 514.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 275.49 514.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 317.19 514.95 Td (due ) Tj ET Q q 0 0 0 rg BT 334.98 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 345.77 514.95 Td (savings ) Tj ET Q q 0 0 0 rg BT 379.90 514.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 425.67 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 446.97 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 463.59 514.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 501.78 514.95 Td (restructuring.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.27 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.28 489.75 Td (year ) Tj ET Q q 0 0 0 rg BT 101.53 489.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.79 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 158.38 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.69 489.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 199.50 489.75 Td (Communications ) Tj ET Q q 0 0 0 rg BT 273.43 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.77 489.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 339.61 489.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 375.62 489.75 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.44 489.75 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.69 489.75 Td (% ) Tj ET Q q 0 0 0 rg BT 433.62 489.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.98 489.75 Td ($228.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.85 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 475.04 489.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 510.18 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 521.11 489.75 Td (compared ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.53 477.15 Td ($212.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.41 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.27 477.15 Td (million ) Tj ET Q q 0 0 0 rg BT 125.47 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 140.58 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.27 477.15 Td (year ) Tj ET Q q 0 0 0 rg BT 177.20 477.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 205.13 477.15 Td (March ) Tj ET Q q 0 0 0 rg BT 235.40 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.39 477.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 277.88 477.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 319.81 477.15 Td (due ) Tj ET Q q 0 0 0 rg BT 337.84 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 348.87 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 361.64 477.15 Td ($1) Tj ET Q q 0 0 0 rg BT 371.75 477.15 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 387.74 477.15 Td (million ) Tj ET Q q 0 0 0 rg BT 420.94 477.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 458.20 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 469.23 477.15 Td (technology ) Tj ET Q q 0 0 0 rg BT 518.75 477.15 Td (consulting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 464.55 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 122.97 464.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 146.59 464.55 Td (related ) Tj ET Q q 0 0 0 rg BT 177.78 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 188.57 464.55 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 225.62 464.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 278.40 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 289.20 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 305.82 464.55 Td (technology ) Tj ET Q q 0 0 0 rg BT 355.10 464.55 Td (capabilities.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Occupancy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.41 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.57 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 101.97 426.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.36 426.75 Td (March ) Tj ET Q q 0 0 0 rg BT 159.10 426.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.55 426.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 200.50 426.75 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 250.05 426.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.20 426.75 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.17 426.75 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.42 426.75 Td (% ) Tj ET Q q 0 0 0 rg BT 344.50 426.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.99 426.75 Td ($1) Tj ET Q q 0 0 0 rg BT 365.10 426.75 Td (10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.48 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 385.80 426.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 421.09 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 432.17 426.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 475.89 426.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.39 426.75 Td ($105.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.26 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.59 426.75 Td (million ) Tj ET Q q 0 0 0 rg BT 550.25 426.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.16 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 84.05 414.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 110.95 414.15 Td (March ) Tj ET Q q 0 0 0 rg BT 140.19 414.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.14 414.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 180.60 414.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 221.50 414.15 Td (due ) Tj ET Q q 0 0 0 rg BT 238.49 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 248.49 414.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 285.88 414.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 341.36 414.15 Td (costs, ) Tj ET Q q 0 0 0 rg BT 366.82 414.15 Td (lar) Tj ET Q q 0 0 0 rg BT 377.70 414.15 Td (gely ) Tj ET Q q 0 0 0 rg BT 397.61 414.15 Td (related ) Tj ET Q q 0 0 0 rg BT 428.00 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 438.00 414.15 Td (space ) Tj ET Q q 0 0 0 rg BT 463.15 414.15 Td (vacated ) Tj ET Q q 0 0 0 rg BT 497.03 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 507.03 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 522.86 414.15 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (headquarters.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (For ) Tj ET Q q 0 0 0 rg BT 66.39 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 81.53 376.35 Td (year ) Tj ET Q q 0 0 0 rg BT 101.90 376.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.28 376.35 Td (March ) Tj ET Q q 0 0 0 rg BT 158.99 376.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.43 376.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 200.36 376.35 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 249.89 376.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.02 376.35 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.97 376.35 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.22 376.35 Td (% ) Tj ET Q q 0 0 0 rg BT 344.27 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.74 376.35 Td ($105.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.62 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 385.93 376.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 421.20 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 432.25 376.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 475.95 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.43 376.35 Td ($100.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.30 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 517.61 376.35 Td (million ) Tj ET Q q 0 0 0 rg BT 550.25 376.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.23 363.75 Td (year ) Tj ET Q q 0 0 0 rg BT 86.20 363.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.18 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 144.49 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.52 363.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 187.05 363.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 229.03 363.75 Td (due ) Tj ET Q q 0 0 0 rg BT 247.09 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 258.16 363.75 Td (real ) Tj ET Q q 0 0 0 rg BT 276.80 363.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 303.61 363.75 Td (related ) Tj ET Q q 0 0 0 rg BT 335.08 363.75 Td (char) Tj ET Q q 0 0 0 rg BT 352.96 363.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 369.86 363.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 418.82 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 429.89 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.62 363.75 Td (current ) Tj ET Q q 0 0 0 rg BT 478.26 363.75 Td (year ) Tj ET Q q 0 0 0 rg BT 499.23 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.88 363.75 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 532.16 363.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.28 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 116.57 351.15 Td (vacated ) Tj ET Q q 0 0 0 rg BT 151.25 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 169.04 351.15 Td (subleased ) Tj ET Q q 0 0 0 rg BT 212.49 351.15 Td (of) Tj ET Q q 0 0 0 rg BT 221.04 351.15 Td (fice ) Tj ET Q q 0 0 0 rg BT 239.40 351.15 Td (space, ) Tj ET Q q 0 0 0 rg BT 267.97 351.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 316.08 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 326.88 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 343.50 351.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 385.77 351.15 Td (headquarters.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 103.47 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 114.84 325.95 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 162.00 325.95 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 102.02 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.30 313.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 159.83 313.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 187.86 313.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.73 313.35 Td ($365.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.60 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 240.14 313.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 276.63 313.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.33 313.35 Td ($229.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.20 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 327.74 313.35 Td (million ) Tj ET Q q 0 0 0 rg BT 361.61 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 377.39 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 393.75 313.35 Td (years ) Tj ET Q q 0 0 0 rg BT 419.44 313.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 448.05 313.35 Td (March ) Tj ET Q q 0 0 0 rg BT 478.99 313.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.65 313.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 520.18 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 538.88 313.35 Td (2018, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 300.75 Td (. ) Tj ET Q q 0 0 0 rg BT 104.80 300.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.23 275.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 121.05 275.55 Td (char) Tj ET Q q 0 0 0 rg BT 138.92 275.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 156.33 275.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 205.79 275.55 Td (during ) Tj ET Q q 0 0 0 rg BT 236.62 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 252.85 275.55 Td (year ) Tj ET Q q 0 0 0 rg BT 274.33 275.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 302.81 275.55 Td (March ) Tj ET Q q 0 0 0 rg BT 333.62 275.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 350.15 275.55 Td (2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.56 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 397.24 275.55 Td (comprised ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.14 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 454.29 275.55 Td ($274.6 ) Tj ET Q q 0 0 0 rg BT 486.58 275.55 Td (million ) Tj ET Q q 0 0 0 rg BT 520.32 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 538.89 275.55 Td ($18.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 83.01 262.95 Td (related ) Tj ET Q q 0 0 0 rg BT 114.74 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 126.08 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 142.08 262.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 159.79 262.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 178.71 262.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 210.45 262.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 271.35 262.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 293.77 262.95 Td (management ) Tj ET Q q 0 0 0 rg BT 350.58 262.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 391.65 262.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 415.23 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 433.56 262.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 457.72 262.95 Td (name ) Tj ET Q q 0 0 0 rg BT 483.63 262.95 Td (asset, ) Tj ET Q q 0 0 0 rg BT 509.83 262.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 262.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.09 250.35 Td ($65.0 ) Tj ET Q q 0 0 0 rg BT 91.14 250.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 125.53 250.35 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 145.33 250.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 179.72 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 196.31 250.35 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 216.11 250.35 Td (million ) Tj ET Q q 0 0 0 rg BT 247.87 250.35 Td (related ) Tj ET Q q 0 0 0 rg BT 277.86 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 287.46 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 301.71 250.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 331.14 250.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 389.71 250.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 448.86 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 469.53 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 524.60 250.35 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 75.80 237.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 128.62 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 151.13 237.75 Td (management ) Tj ET Q q 0 0 0 rg BT 208.04 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 249.20 237.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 275.50 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.93 237.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 318.18 237.75 Td (name ) Tj ET Q q 0 0 0 rg BT 344.18 237.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 370.48 237.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 420.52 237.75 Td (. ) Tj ET Q q 0 0 0 rg BT 426.18 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 445.76 237.75 Td (impairments ) Tj ET Q q 0 0 0 rg BT 501.52 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 512.95 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.04 237.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.75 237.75 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 80.92 225.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 108.26 225.15 Td (were ) Tj ET Q q 0 0 0 rg BT 131.50 225.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 173.41 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 189.08 225.15 Td (result ) Tj ET Q q 0 0 0 rg BT 215.25 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 226.84 225.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 271.08 225.15 Td (net ) Tj ET Q q 0 0 0 rg BT 286.75 225.15 Td (client ) Tj ET Q q 0 0 0 rg BT 312.92 225.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 352.51 225.15 Td (from ) Tj ET Q q 0 0 0 rg BT 375.76 225.15 Td (legacy ) Tj ET Q q 0 0 0 rg BT 406.00 225.15 Td (high ) Tj ET Q q 0 0 0 rg BT 427.51 225.15 Td (net ) Tj ET Q q 0 0 0 rg BT 443.17 225.15 Td (worth ) Tj ET Q q 0 0 0 rg BT 470.51 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 492.60 225.15 Td (products ) Tj ET Q q 0 0 0 rg BT 531.60 225.15 Td (leading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.38 212.55 Td (reduced ) Tj ET Q q 0 0 0 rg BT 96.32 212.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 128.78 212.55 Td (expectations ) Tj ET Q q 0 0 0 rg BT 183.97 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 194.85 212.55 Td (both ) Tj ET Q q 0 0 0 rg BT 216.23 212.55 Td (management ) Tj ET Q q 0 0 0 rg BT 272.59 212.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 292.21 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 310.08 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 365.84 212.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 388.08 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 395.46 212.55 Td (declining ) Tj ET Q q 0 0 0 rg BT 437.24 212.55 Td (mar) Tj ET Q q 0 0 0 rg BT 453.38 212.55 Td (gin, ) Tj ET Q q 0 0 0 rg BT 472.13 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 490.01 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 497.38 212.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 526.92 212.55 Td (discount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (rate. ) Tj ET Q q 0 0 0 rg BT 70.81 199.95 Td (The ) Tj ET Q q 0 0 0 rg BT 90.31 199.95 Td (impairments ) Tj ET Q q 0 0 0 rg BT 145.97 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 157.31 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 173.32 199.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 204.50 199.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 264.81 199.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 325.71 199.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 348.13 199.95 Td (management ) Tj ET Q q 0 0 0 rg BT 404.95 199.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.02 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 464.36 199.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 488.52 199.95 Td (name ) Tj ET Q q 0 0 0 rg BT 514.43 199.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 542.11 199.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 90.97 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.19 187.35 Td (result ) Tj ET Q q 0 0 0 rg BT 131.91 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 143.06 187.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 169.36 187.35 Td (than ) Tj ET Q q 0 0 0 rg BT 189.83 187.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 229.53 187.35 Td (net ) Tj ET Q q 0 0 0 rg BT 244.76 187.35 Td (client ) Tj ET Q q 0 0 0 rg BT 270.48 187.35 Td (inflows ) Tj ET Q q 0 0 0 rg BT 304.37 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 321.93 187.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 377.37 187.35 Td (fees, ) Tj ET Q q 0 0 0 rg BT 399.29 187.35 Td (leading ) Tj ET Q q 0 0 0 rg BT 432.60 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 443.16 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 450.21 187.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 476.51 187.35 Td (mar) Tj ET Q q 0 0 0 rg BT 492.65 187.35 Td (gin, ) Tj ET Q q 0 0 0 rg BT 511.09 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 528.64 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 535.70 187.35 Td (higher ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 87.58 174.75 Td (rate. ) Tj ET Q q 0 0 0 rg BT 108.25 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 127.07 174.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 177.97 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 188.64 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.96 174.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 234.46 174.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 294.09 174.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 346.15 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 369.05 174.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 404.79 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 427.70 174.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 455.28 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.52 174.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 503.41 174.75 Td (account ) Tj ET Q q 0 0 0 rg BT 538.00 174.75 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.82 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 83.80 162.15 Td (related ) Tj ET Q q 0 0 0 rg BT 115.52 162.15 Td (decline ) Tj ET Q q 0 0 0 rg BT 149.00 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 160.32 162.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 202.54 162.15 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 244.94 162.15 Td (A) Tj ET Q q 0 0 0 rg BT 251.94 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 255.10 162.15 Td (revised ) Tj ET Q q 0 0 0 rg BT 288.58 162.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 326.72 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 338.63 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 354.61 162.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 400.34 162.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 429.16 162.15 Td (life ) Tj ET Q q 0 0 0 rg BT 446.31 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 458.21 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 474.19 162.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 505.36 162.15 Td (Infrastructure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 86.52 149.55 Td (account ) Tj ET Q q 0 0 0 rg BT 121.79 149.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 162.32 149.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.93 149.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 229.97 149.55 Td (also ) Tj ET Q q 0 0 0 rg BT 249.51 149.55 Td (contributed ) Tj ET Q q 0 0 0 rg BT 299.96 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 310.75 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 326.20 149.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 377.23 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 388.60 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 406.97 149.55 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 124.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 118.80 124.35 Td (char) Tj ET Q q 0 0 0 rg BT 136.68 124.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 152.97 124.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 201.31 124.35 Td (during ) Tj ET Q q 0 0 0 rg BT 231.01 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 246.12 124.35 Td (year ) Tj ET Q q 0 0 0 rg BT 266.48 124.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 293.84 124.35 Td (March ) Tj ET Q q 0 0 0 rg BT 323.53 124.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 338.94 124.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 364.85 124.35 Td (were ) Tj ET Q q 0 0 0 rg BT 387.54 124.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 433.56 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 444.60 124.35 Td ($195.0 ) Tj ET Q q 0 0 0 rg BT 475.76 124.35 Td (million ) Tj ET Q q 0 0 0 rg BT 508.38 124.35 Td (related ) Tj ET Q q 0 0 0 rg BT 539.23 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 549.69 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 111.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 84.47 111.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 114.57 111.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 173.81 111.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 194.57 111.75 Td (management ) Tj ET Q q 0 0 0 rg BT 249.72 111.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 289.14 111.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 313.69 111.75 Td ($32.0 ) Tj ET Q q 0 0 0 rg BT 338.83 111.75 Td (million ) Tj ET Q q 0 0 0 rg BT 370.68 111.75 Td (related ) Tj ET Q q 0 0 0 rg BT 400.76 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 410.44 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.78 111.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 454.30 111.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 512.95 111.75 Td (amortizable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 105.93 99.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 146.62 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 169.82 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 187.77 99.15 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 208.94 99.15 Td (million ) Tj ET Q q 0 0 0 rg BT 242.06 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 273.42 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 284.37 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 299.99 99.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 330.78 99.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 390.71 99.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 414.48 99.15 Td (name ) Tj ET Q q 0 0 0 rg BT 440.01 99.15 Td (asset. ) Tj ET Q q 0 0 0 rg BT 465.84 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 468.42 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 487.54 99.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 538.73 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.69 99.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 86.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 85.52 86.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 116.67 86.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 176.96 86.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 198.77 86.55 Td (management ) Tj ET Q q 0 0 0 rg BT 254.97 86.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 295.44 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 318.41 86.55 Td (was ) Tj ET Q q 0 0 0 rg BT 337.31 86.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 378.94 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 394.33 86.55 Td (result ) Tj ET Q q 0 0 0 rg BT 420.23 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 431.54 86.55 Td (net ) Tj ET Q q 0 0 0 rg BT 446.93 86.55 Td (client ) Tj ET Q q 0 0 0 rg BT 472.82 86.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 512.13 86.55 Td (from ) Tj ET Q q 0 0 0 rg BT 535.10 86.55 Td (legacy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (high ) Tj ET Q q 0 0 0 rg BT 70.51 73.95 Td (net ) Tj ET Q q 0 0 0 rg BT 85.68 73.95 Td (worth ) Tj ET Q q 0 0 0 rg BT 112.52 73.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 134.11 73.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 175.23 73.95 Td (including ) Tj ET Q q 0 0 0 rg BT 217.24 73.95 Td (transfers ) Tj ET Q q 0 0 0 rg BT 255.73 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 266.82 73.95 Td (client ) Tj ET Q q 0 0 0 rg BT 292.49 73.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 318.16 73.95 Td (from ) Tj ET Q q 0 0 0 rg BT 340.91 73.95 Td (such ) Tj ET Q q 0 0 0 rg BT 362.50 73.95 Td (products ) Tj ET Q q 0 0 0 rg BT 401.01 73.95 Td (into ) Tj ET Q q 0 0 0 rg BT 419.68 73.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 437.39 73.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 455.48 73.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 486.40 73.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 523.14 73.95 Td (accounts, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 68.01 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 84.19 61.35 Td (related ) Tj ET Q q 0 0 0 rg BT 116.10 61.35 Td (decline ) Tj ET Q q 0 0 0 rg BT 149.77 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 161.28 61.35 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 204.33 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 224.00 61.35 Td (impairments ) Tj ET Q q 0 0 0 rg BT 279.84 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 291.36 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 307.54 61.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 338.89 61.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 399.38 61.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 427.22 61.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 463.81 61.35 Td (from ) Tj ET Q q 0 0 0 rg BT 487.57 61.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 516.01 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 528.10 61.35 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (account ) Tj ET Q q 0 0 0 rg BT 84.32 48.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 111.60 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.55 48.75 Td (other ) Tj ET Q q 0 0 0 rg BT 153.90 48.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 185.26 48.75 Td (at ) Tj ET Q q 0 0 0 rg BT 195.62 48.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 226.40 48.75 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 288.95 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 306.89 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.50 48.75 Td (related ) Tj ET Q q 0 0 0 rg BT 353.85 48.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 386.95 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 397.90 48.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 439.74 48.75 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 482.47 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.63 48.75 Td (A) Tj ET Q q 0 0 0 rg BT 491.64 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 494.42 48.75 Td (revised ) Tj ET Q q 0 0 0 rg BT 527.53 48.75 Td (estimate ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (53) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.15 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.89 741.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 122.37 741.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 150.94 741.75 Td (life ) Tj ET Q q 0 0 0 rg BT 167.83 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.49 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.22 741.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 226.13 741.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 286.18 741.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 323.48 741.75 Td (account ) Tj ET Q q 0 0 0 rg BT 359.04 741.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 399.84 741.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 444.74 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 468.06 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 487.88 741.75 Td (contributed ) Tj ET Q q 0 0 0 rg BT 538.61 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.53 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 111.90 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 130.27 729.15 Td (asset. ) Tj ET Q q 0 0 0 rg BT 155.93 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 52.13 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.43 703.95 Td (Critical ) Tj ET Q q 0 0 0 rg BT 101.08 703.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 152.83 703.95 Td (Policies ) Tj ET Q q 0 0 0 rg BT 188.85 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 206.78 703.95 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.96 703.95 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.21 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 237.97 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 249.49 703.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 276.75 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 287.69 703.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 345.87 703.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 387.71 703.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 436.55 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 451.56 703.95 Td (further ) Tj ET Q q 0 0 0 rg BT 482.90 703.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 529.42 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 540.93 703.95 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.53 691.35 Td (char) Tj ET Q q 0 0 0 rg BT 118.41 691.35 Td (ges.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 100.56 666.15 Td (Consideration ) Tj ET Q q 0 0 0 rg BT 164.46 666.15 Td (Fair ) Tj ET Q q 0 0 0 rg BT 186.34 666.15 Td (V) Tj ET Q q 0 0 0 rg BT 192.18 666.15 Td (alue ) Tj ET Q q 0 0 0 rg BT 213.08 666.15 Td (Adjustments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 99.23 653.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 158.87 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.51 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 202.31 653.55 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 255.54 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 270.86 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 286.75 653.55 Td (years ) Tj ET Q q 0 0 0 rg BT 311.97 653.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 340.11 653.55 Td (March ) Tj ET Q q 0 0 0 rg BT 370.58 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 386.78 653.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 413.47 653.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 437.54 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 455.76 653.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 479.83 653.55 Td (included ) Tj ET Q q 0 0 0 rg BT 519.05 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 526.78 653.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 553.75 653.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td ($0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.88 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 69.95 640.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 104.98 640.95 Td (an ) Tj ET Q q 0 0 0 rg BT 116.97 640.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 152.86 640.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 163.68 640.95 Td ($0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 182.06 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 184.13 640.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 219.17 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 236.40 640.95 Td (credits ) Tj ET Q q 0 0 0 rg BT 266.46 640.95 Td (aggregating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.10 640.95 Td ($31.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.73 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 343.80 640.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 378.84 640.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 428.88 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 433.58 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 435.51 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 453.90 640.95 Td (credits ) Tj ET Q q 0 0 0 rg BT 483.97 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 494.21 640.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 519.02 640.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 542.09 640.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 97.13 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 109.77 628.35 Td ($32.0 ) Tj ET Q q 0 0 0 rg BT 137.29 628.35 Td (million ) Tj ET Q q 0 0 0 rg BT 171.52 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 201.07 628.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 238.19 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 254.91 628.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 303.13 628.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 363.59 628.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 406.56 628.35 Td (related ) Tj ET Q q 0 0 0 rg BT 439.02 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 451.08 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 467.80 628.35 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 521.86 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 534.50 628.35 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 111.51 615.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 142.34 615.75 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 174.05 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.46 615.75 Td (QS ) Tj ET Q q 0 0 0 rg BT 207.13 615.75 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 250.50 615.75 Td (of) Tj ET Q q 0 0 0 rg BT 259.06 615.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 276.47 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.89 615.75 Td (part ) Tj ET Q q 0 0 0 rg BT 305.47 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 318.22 615.75 Td (an ) Tj ET Q q 0 0 0 rg BT 330.38 615.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 366.46 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 377.45 615.75 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 398.08 615.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 433.29 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 461.21 615.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 503.10 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 518.18 615.75 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.69 603.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.98 603.15 Td (related ) Tj ET Q q 0 0 0 rg BT 175.17 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 185.96 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.42 603.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 250.12 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.49 603.15 Td (PK ) Tj ET Q q 0 0 0 rg BT 277.54 603.15 Td (Investments. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.22 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.19 565.35 Td (year ) Tj ET Q q 0 0 0 rg BT 104.39 565.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.59 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 163.13 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.39 565.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 206.15 565.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 233.20 565.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.24 565.35 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.76 565.35 Td ($28.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.38 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 345.52 565.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 381.62 565.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.50 565.35 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.00 565.35 Td (%, ) Tj ET Q q 0 0 0 rg BT 418.51 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.81 565.35 Td ($209.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.68 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 461.82 565.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.92 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 509.80 565.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.33 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td ($238.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.19 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 114.34 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 129.39 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.03 552.75 Td (year ) Tj ET Q q 0 0 0 rg BT 165.91 552.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 193.79 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 224.01 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.95 552.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 266.39 552.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 308.27 552.75 Td (due ) Tj ET Q q 0 0 0 rg BT 326.24 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 337.22 552.75 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 363.66 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 396.81 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 408.37 552.75 Td (savings ) Tj ET Q q 0 0 0 rg BT 442.68 552.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 488.64 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 510.12 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 526.93 552.75 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 105.77 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.56 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 130.85 540.15 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 151.85 540.15 Td (million ) Tj ET Q q 0 0 0 rg BT 184.81 540.15 Td (char) Tj ET Q q 0 0 0 rg BT 202.69 540.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 215.22 540.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 263.90 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 274.70 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 290.15 540.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 313.19 540.15 Td (year ) Tj ET Q q 0 0 0 rg BT 333.88 540.15 Td (period ) Tj ET Q q 0 0 0 rg BT 363.33 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 378.20 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 385.48 540.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 431.26 540.15 Td (matter) Tj ET Q q 0 0 0 rg BT 457.50 540.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.22 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 83.19 514.95 Td (year ) Tj ET Q q 0 0 0 rg BT 104.39 514.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.59 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 163.13 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.39 514.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 206.15 514.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 233.20 514.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.24 514.95 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 318.76 514.95 Td ($44.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.38 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 345.52 514.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 381.62 514.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.50 514.95 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.00 514.95 Td (%, ) Tj ET Q q 0 0 0 rg BT 418.51 514.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.81 514.95 Td ($238.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.68 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 461.82 514.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.92 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 509.80 514.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.33 514.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td ($282.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 81.51 502.35 Td (million ) Tj ET Q q 0 0 0 rg BT 114.99 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 130.37 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.34 502.35 Td (year ) Tj ET Q q 0 0 0 rg BT 167.55 502.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 195.76 502.35 Td (March ) Tj ET Q q 0 0 0 rg BT 226.30 502.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 242.57 502.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 269.33 502.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 311.54 502.35 Td (due ) Tj ET Q q 0 0 0 rg BT 329.84 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 341.15 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 348.95 502.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 388.22 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.11 502.35 Td ($62.8 ) Tj ET Q q 0 0 0 rg BT 426.87 502.35 Td (million ) Tj ET Q q 0 0 0 rg BT 460.35 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 471.66 502.35 Td (char) Tj ET Q q 0 0 0 rg BT 489.54 502.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 506.67 502.35 Td (related ) Tj ET Q q 0 0 0 rg BT 538.37 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 502.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.46 489.75 Td (matter ) Tj ET Q q 0 0 0 rg BT 125.09 489.75 Td (further ) Tj ET Q q 0 0 0 rg BT 156.47 489.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 199.53 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 210.51 489.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.73 489.75 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.98 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.79 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.35 489.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 280.66 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 291.64 489.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 349.86 489.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 391.75 489.75 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 443.26 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 464.74 489.75 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 485.93 489.75 Td (million ) Tj ET Q q 0 0 0 rg BT 519.07 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 530.63 489.75 Td (char) Tj ET Q q 0 0 0 rg BT 548.51 489.75 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 97.68 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 107.97 477.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 132.84 477.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 155.96 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 173.24 477.15 Td ($67.0 ) Tj ET Q q 0 0 0 rg BT 198.99 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 209.86 477.15 Td (char) Tj ET Q q 0 0 0 rg BT 227.74 477.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 243.86 477.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 292.04 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 302.34 477.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 327.20 477.15 Td (2018. ) Tj ET Q q 0 0 0 rg BT 352.95 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 354.92 477.15 Td (This ) Tj ET Q q 0 0 0 rg BT 375.71 477.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 413.97 477.15 Td (was ) Tj ET Q q 0 0 0 rg BT 432.42 477.15 Td (of) Tj ET Q q 0 0 0 rg BT 440.98 477.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 458.27 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 468.56 477.15 Td (part ) Tj ET Q q 0 0 0 rg BT 487.01 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 499.63 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 506.42 477.15 Td ($17.2 ) Tj ET Q q 0 0 0 rg BT 532.17 477.15 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.52 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 97.31 464.55 Td (professional ) Tj ET Q q 0 0 0 rg BT 151.26 464.55 Td (fees, ) Tj ET Q q 0 0 0 rg BT 173.41 464.55 Td (lar) Tj ET Q q 0 0 0 rg BT 184.30 464.55 Td (gely ) Tj ET Q q 0 0 0 rg BT 205.00 464.55 Td (related ) Tj ET Q q 0 0 0 rg BT 236.19 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 246.98 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 262.43 464.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 300.63 464.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 356.90 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 374.69 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 398.89 464.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 441.15 464.55 Td (restructuring. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 120.38 439.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 156.25 439.35 Td (\(Expense\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 426.75 Td (components ) Tj ET Q q 0 0 0 rg BT 122.47 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.95 426.75 Td (T) Tj ET Q q 0 0 0 rg BT 139.63 426.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 158.32 426.75 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 224.84 426.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 259.27 426.75 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 304.79 426.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 319.40 426.75 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 362.90 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.01 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.78 426.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 424.22 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 442.33 426.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 490.75 426.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 527.52 426.75 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.04 414.15 Td (were ) Tj ET Q q 0 0 0 rg BT 106.06 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 117.43 414.15 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 377.65 m 287 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 377.65 m 291 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 377.65 m 330 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 377.65 m 334 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 377.65 m 373 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 377.65 m 424 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 377.65 m 473 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 377.65 m 520 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 377.65 m 563 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 351.65 m 244 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 377.65 m 287 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 351.65 m 287 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 377.65 m 291 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 377.65 m 330 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 351.65 m 330 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 377.65 m 334 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 377.65 m 373 377.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 351.65 m 373 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 351.65 m 424 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 351.65 m 473 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 351.65 m 520 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 351.65 m 563 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 351.65 m 330 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 351.65 m 373 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 351.65 m 424 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 351.65 m 473 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 351.65 m 520 351.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 280.65 m 244 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 280.65 m 287 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 280.65 m 330 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 280.65 m 373 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 280.65 m 424 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 280.65 m 520 280.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 265.65 m 244 265.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 265.65 m 287 265.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 265.65 m 330 265.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 265.65 m 373 265.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 265.65 m 424 265.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 265.65 m 520 265.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.65 382.42 Td (Y) Tj ET Q q 0 0 0 rg BT 267.71 382.42 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.15 392.94 Td (2019 Compar) Tj ET Q q 0 0 0 rg BT 444.01 392.94 Td (ed to) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 382.44 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.40 392.92 Td (2018 Compared to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.00 382.42 Td (2017) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.50 356.44 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.50 356.42 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.50 356.42 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.35 366.94 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 382.75 356.44 Td (Change) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.75 366.94 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.75 356.44 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.35 366.92 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.95 356.42 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.60 366.92 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.95 356.42 Td (Change) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 341.42 Td (Interest income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.50 341.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 264.60 341.44 Td (12.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 341.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.60 341.42 Td (12.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 341.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.85 341.42 Td (7.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.50 341.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 341.44 Td (0.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 456.75 341.44 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 341.44 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 341.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.85 341.42 Td (5.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 341.42 Td (72) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 341.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 326.42 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 255.85 326.44 Td (\(109.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 326.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.85 326.42 Td (\(1) Tj ET Q q 0 0 0 rg BT 307.60 326.42 Td (17.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 326.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.85 326.42 Td (\(1) Tj ET Q q 0 0 0 rg BT 350.60 326.42 Td (17.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 326.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.85 326.44 Td (7.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.25 326.44 Td (\(6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 462.00 326.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.85 326.42 Td (0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.00 326.42 Td (\(1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 326.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 311.42 Td (Other income \(expense\), net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.10 311.44 Td (\(13.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 311.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.60 311.42 Td (31.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.60 311.42 Td (10.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 311.44 Td (\(44.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 311.44 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.95 311.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.60 311.42 Td (20.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 311.42 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 295.92 Td (Non-operating income \(expense\) of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 285.42 Td (consolidated investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 264.60 285.44 Td (16.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.35 285.42 Td (\(0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 285.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.85 285.42 Td (9.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 285.44 Td (16.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.95 285.44 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.10 285.42 Td (\(10.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 285.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.15 285.42 Td (n/m) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 270.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 270.42 Td (otal Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.50 270.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.10 270.44 Td (\(94.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.00 270.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 270.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.10 270.42 Td (\(74.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.00 270.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.50 270.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.10 270.42 Td (\(90.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.00 270.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.50 270.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.10 270.44 Td (\(20.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 270.44 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.50 270.44 Td (27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 270.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.60 270.42 Td (15.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.75 270.42 Td (\(17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 256.55 Td (n/m ) Tj ET Q q 0 0 0 rg BT 63.95 256.55 Td (- ) Tj ET Q q 0 0 0 rg BT 68.61 256.55 Td (not ) Tj ET Q q 0 0 0 rg BT 80.83 256.55 Td (meaningful) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 231.35 Td (Interest ) Tj ET Q q 0 0 0 rg BT 85.38 231.35 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 218.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.55 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.84 218.75 Td (year ) Tj ET Q q 0 0 0 rg BT 102.37 218.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.90 218.75 Td (March ) Tj ET Q q 0 0 0 rg BT 159.76 218.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 175.35 218.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 201.43 218.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 235.38 218.75 Td (income ) Tj ET Q q 0 0 0 rg BT 268.75 218.75 Td (remained ) Tj ET Q q 0 0 0 rg BT 310.27 218.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 352.38 218.75 Td (flat ) Tj ET Q q 0 0 0 rg BT 368.84 218.75 Td (at ) Tj ET Q q 0 0 0 rg BT 378.87 218.75 Td ($12.3 ) Tj ET Q q 0 0 0 rg BT 404.96 218.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 440.38 218.75 Td (as ) Tj ET Q q 0 0 0 rg BT 451.59 218.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 495.45 218.75 Td (to ) Tj ET Q q 0 0 0 rg BT 506.08 218.75 Td ($12.2 ) Tj ET Q q 0 0 0 rg BT 532.16 218.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 206.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 206.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 206.15 Td (year ) Tj ET Q q 0 0 0 rg BT 100.51 206.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.21 206.15 Td (March ) Tj ET Q q 0 0 0 rg BT 158.24 206.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.99 206.15 Td (2019.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 180.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.02 180.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.78 180.95 Td (year ) Tj ET Q q 0 0 0 rg BT 103.79 180.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 131.79 180.95 Td (March ) Tj ET Q q 0 0 0 rg BT 162.13 180.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 178.19 180.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 204.75 180.95 Td (Interest ) Tj ET Q q 0 0 0 rg BT 239.17 180.95 Td (income ) Tj ET Q q 0 0 0 rg BT 273.02 180.95 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.59 180.95 Td ($5.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.97 180.95 Td ( ) Tj ET Q q 0 0 0 rg BT 336.90 180.95 Td (million ) Tj ET Q q 0 0 0 rg BT 370.18 180.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.28 180.95 Td ($12.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.90 180.95 Td ( ) Tj ET Q q 0 0 0 rg BT 407.84 180.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 443.74 180.95 Td (as ) Tj ET Q q 0 0 0 rg BT 455.42 180.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 499.75 180.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.85 180.95 Td ($7.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.23 180.95 Td ( ) Tj ET Q q 0 0 0 rg BT 532.16 180.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 168.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.26 168.35 Td (the ) Tj ET Q q 0 0 0 rg BT 79.60 168.35 Td (year ) Tj ET Q q 0 0 0 rg BT 100.18 168.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.77 168.35 Td (March ) Tj ET Q q 0 0 0 rg BT 157.68 168.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.32 168.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 199.46 168.35 Td (driven ) Tj ET Q q 0 0 0 rg BT 228.80 168.35 Td (by ) Tj ET Q q 0 0 0 rg BT 241.81 168.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 271.15 168.35 Td (yields ) Tj ET Q q 0 0 0 rg BT 298.75 168.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 329.24 168.35 Td (on ) Tj ET Q q 0 0 0 rg BT 342.25 168.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 371.59 168.35 Td (average ) Tj ET Q q 0 0 0 rg BT 406.74 168.35 Td (interest-bearing ) Tj ET Q q 0 0 0 rg BT 475.15 168.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 523.74 168.35 Td (balances.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 143.15 Td (Interest ) Tj ET Q q 0 0 0 rg BT 85.38 143.15 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 130.55 Td (For ) Tj ET Q q 0 0 0 rg BT 65.83 130.55 Td (the ) Tj ET Q q 0 0 0 rg BT 80.40 130.55 Td (year ) Tj ET Q q 0 0 0 rg BT 100.21 130.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.03 130.55 Td (March ) Tj ET Q q 0 0 0 rg BT 156.17 130.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.04 130.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 196.41 130.55 Td (Interest ) Tj ET Q q 0 0 0 rg BT 229.64 130.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 265.20 130.55 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.33 130.55 Td ($7.4 ) Tj ET Q q 0 0 0 rg BT 328.45 130.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.79 130.55 Td (, ) Tj ET Q q 0 0 0 rg BT 363.15 130.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.06 130.55 Td ($109.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.94 130.55 Td ( ) Tj ET Q q 0 0 0 rg BT 403.68 130.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 438.39 130.55 Td (as ) Tj ET Q q 0 0 0 rg BT 448.88 130.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 492.02 130.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.93 130.55 Td ($1) Tj ET Q q 0 0 0 rg BT 512.04 130.55 Td (17.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.41 130.55 Td ( ) Tj ET Q q 0 0 0 rg BT 532.16 130.55 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 117.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.36 117.95 Td (the ) Tj ET Q q 0 0 0 rg BT 79.80 117.95 Td (year ) Tj ET Q q 0 0 0 rg BT 100.48 117.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.16 117.95 Td (March ) Tj ET Q q 0 0 0 rg BT 158.18 117.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.92 117.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 200.16 117.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 241.84 117.95 Td (due ) Tj ET Q q 0 0 0 rg BT 259.62 117.95 Td (to ) Tj ET Q q 0 0 0 rg BT 270.40 117.95 Td (the ) Tj ET Q q 0 0 0 rg BT 285.84 117.95 Td (repayment ) Tj ET Q q 0 0 0 rg BT 332.77 117.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.13 117.95 Td ($125.5 ) Tj ET Q q 0 0 0 rg BT 375.62 117.95 Td (million ) Tj ET Q q 0 0 0 rg BT 408.57 117.95 Td (of ) Tj ET Q q 0 0 0 rg BT 419.93 117.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 471.54 117.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 521.98 117.95 Td (under ) Tj ET Q q 0 0 0 rg BT 548.50 117.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 105.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.79 105.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 127.06 105.35 Td (in ) Tj ET Q q 0 0 0 rg BT 137.86 105.35 Td (September ) Tj ET Q q 0 0 0 rg BT 185.38 105.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 209.01 105.35 Td (and ) Tj ET Q q 0 0 0 rg BT 226.79 105.35 Td (the ) Tj ET Q q 0 0 0 rg BT 242.25 105.35 Td (repayment ) Tj ET Q q 0 0 0 rg BT 289.19 105.35 Td (of ) Tj ET Q q 0 0 0 rg BT 300.56 105.35 Td (our ) Tj ET Q q 0 0 0 rg BT 317.18 105.35 Td ($250 ) Tj ET Q q 0 0 0 rg BT 340.80 105.35 Td (million ) Tj ET Q q 0 0 0 rg BT 373.77 105.35 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 398.26 105.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 428.30 105.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 455.43 105.35 Td (in ) Tj ET Q q 0 0 0 rg BT 466.22 105.35 Td (July ) Tj ET Q q 0 0 0 rg BT 486.35 105.35 Td (2019.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 80.15 Td (For ) Tj ET Q q 0 0 0 rg BT 65.88 80.15 Td (the ) Tj ET Q q 0 0 0 rg BT 80.51 80.15 Td (year ) Tj ET Q q 0 0 0 rg BT 100.37 80.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 127.24 80.15 Td (March ) Tj ET Q q 0 0 0 rg BT 156.44 80.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.36 80.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 196.78 80.15 Td (Interest ) Tj ET Q q 0 0 0 rg BT 230.06 80.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 265.68 80.15 Td (remained ) Tj ET Q q 0 0 0 rg BT 306.53 80.15 Td (relatively ) Tj ET Q q 0 0 0 rg BT 347.98 80.15 Td (flat ) Tj ET Q q 0 0 0 rg BT 363.77 80.15 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.14 80.15 Td ($1) Tj ET Q q 0 0 0 rg BT 383.25 80.15 Td (17.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.63 80.15 Td ( ) Tj ET Q q 0 0 0 rg BT 403.42 80.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 438.18 80.15 Td (as ) Tj ET Q q 0 0 0 rg BT 448.72 80.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 491.92 80.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.88 80.15 Td ($1) Tj ET Q q 0 0 0 rg BT 511.99 80.15 Td (17.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.36 80.15 Td ( ) Tj ET Q q 0 0 0 rg BT 532.16 80.15 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 67.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 67.55 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 67.55 Td (year ) Tj ET Q q 0 0 0 rg BT 100.51 67.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.21 67.55 Td (March ) Tj ET Q q 0 0 0 rg BT 158.24 67.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.99 67.55 Td (2018.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (54) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.21 741.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 112.50 741.90 Td (\(Expense\), ) Tj ET Q q 0 0 0 rg BT 161.50 741.90 Td (Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.89 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.51 729.30 Td (years ) Tj ET Q q 0 0 0 rg BT 107.47 729.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.34 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 165.54 729.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.47 729.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 205.26 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 223.22 729.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 249.65 729.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 276.36 729.30 Td (income ) Tj ET Q q 0 0 0 rg BT 310.06 729.30 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 356.30 729.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 374.55 729.30 Td (totaled ) Tj ET Q q 0 0 0 rg BT 405.92 729.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 442.54 729.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.09 729.30 Td ($13.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.71 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 480.51 729.30 Td (million ) Tj ET Q q 0 0 0 rg BT 513.65 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 531.61 729.30 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td ($31.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.13 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 76.14 716.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 112.12 716.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 162.16 716.70 Td (. ) Tj ET Q q 0 0 0 rg BT 167.80 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 170.60 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 189.94 716.70 Td (year ) Tj ET Q q 0 0 0 rg BT 211.02 716.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.11 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 269.53 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.67 716.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 312.31 716.70 Td (included ) Tj ET Q q 0 0 0 rg BT 351.48 716.70 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 378.12 716.70 Td (million ) Tj ET Q q 0 0 0 rg BT 411.47 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 423.23 716.70 Td (net ) Tj ET Q q 0 0 0 rg BT 439.07 716.70 Td (market ) Tj ET Q q 0 0 0 rg BT 471.24 716.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 499.34 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 512.86 716.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.53 716.70 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 104.23 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.96 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 153.03 704.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 192.59 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.41 704.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 248.95 704.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 311.84 704.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 341.20 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 371.43 704.10 Td (were ) Tj ET Q q 0 0 0 rg BT 396.40 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 404.96 704.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 424.69 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 439.76 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.99 704.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 513.63 704.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 554.33 704.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 109.94 691.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 148.51 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 165.80 691.50 Td ($6.2 ) Tj ET Q q 0 0 0 rg BT 186.30 691.50 Td (million ) Tj ET Q q 0 0 0 rg BT 218.76 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 229.05 691.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 256.26 691.50 Td (on ) Tj ET Q q 0 0 0 rg BT 268.88 691.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 310.65 691.50 Td (investments. ) Tj ET Q q 0 0 0 rg BT 365.56 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 367.53 691.50 Td (These ) Tj ET Q q 0 0 0 rg BT 394.73 691.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 421.94 691.50 Td (were ) Tj ET Q q 0 0 0 rg BT 444.47 691.50 Td (of) Tj ET Q q 0 0 0 rg BT 453.02 691.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 470.31 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 480.60 691.50 Td (part ) Tj ET Q q 0 0 0 rg BT 499.05 691.50 Td (by ) Tj ET Q q 0 0 0 rg BT 511.67 691.50 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 532.17 691.50 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.99 678.90 Td (net ) Tj ET Q q 0 0 0 rg BT 76.57 678.90 Td (market ) Tj ET Q q 0 0 0 rg BT 108.47 678.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 133.38 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 146.63 678.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 199.54 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 211.04 678.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.86 678.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 312.19 678.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 361.01 678.90 Td (products ) Tj ET Q q 0 0 0 rg BT 399.92 678.90 Td (that ) Tj ET Q q 0 0 0 rg BT 418.41 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 433.98 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 450.15 678.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 497.80 678.90 Td (as ) Tj ET Q q 0 0 0 rg BT 509.29 678.90 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 536.83 678.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (have ) Tj ET Q q 0 0 0 rg BT 71.17 666.30 Td (no ) Tj ET Q q 0 0 0 rg BT 83.53 666.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 113.96 666.30 Td (on ) Tj ET Q q 0 0 0 rg BT 126.31 666.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 143.32 666.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 176.25 666.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 228.85 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 238.87 666.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 262.29 666.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 295.36 666.30 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 315.87 666.30 Td (as ) Tj ET Q q 0 0 0 rg BT 326.47 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 341.15 666.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 365.17 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 379.84 666.30 Td (fully ) Tj ET Q q 0 0 0 rg BT 401.52 666.30 Td (attributable ) Tj ET Q q 0 0 0 rg BT 451.19 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 461.21 666.30 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 524.90 666.30 Td (interests. ) Tj ET Q q 0 0 0 rg BT 565.14 666.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 653.70 Td (year ) Tj ET Q q 0 0 0 rg BT 87.95 653.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 115.05 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 144.49 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 159.64 653.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 185.30 653.70 Td (included ) Tj ET Q q 0 0 0 rg BT 223.49 653.70 Td ($14.1 ) Tj ET Q q 0 0 0 rg BT 249.14 653.70 Td (million ) Tj ET Q q 0 0 0 rg BT 281.51 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 292.29 653.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 316.48 653.70 Td (on ) Tj ET Q q 0 0 0 rg BT 329.01 653.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 370.68 653.70 Td (investments, ) Tj ET Q q 0 0 0 rg BT 425.50 653.70 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 451.16 653.70 Td (million ) Tj ET Q q 0 0 0 rg BT 483.53 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 494.30 653.70 Td (net ) Tj ET Q q 0 0 0 rg BT 509.16 653.70 Td (market ) Tj ET Q q 0 0 0 rg BT 540.34 653.70 Td (gains ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 63.48 641.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 85.62 641.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 117.09 641.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 170.74 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.38 641.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.36 641.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 255.83 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.56 641.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 310.01 641.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 371.82 641.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 400.09 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 429.23 641.10 Td (were ) Tj ET Q q 0 0 0 rg BT 453.12 641.10 Td (of) Tj ET Q q 0 0 0 rg BT 461.67 641.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 480.32 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 494.30 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.44 641.10 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.52 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 97.31 628.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 158.26 628.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 197.32 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 215.11 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 227.65 628.50 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 248.65 628.50 Td (million ) Tj ET Q q 0 0 0 rg BT 281.61 628.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 332.65 628.50 Td (from ) Tj ET Q q 0 0 0 rg BT 355.69 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 368.23 628.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.93 628.50 Td (holding. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.79 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.32 603.30 Td (year ) Tj ET Q q 0 0 0 rg BT 103.09 603.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.87 603.30 Td (March ) Tj ET Q q 0 0 0 rg BT 160.97 603.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.80 603.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 203.13 603.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 229.74 603.30 Td (income ) Tj ET Q q 0 0 0 rg BT 263.35 603.30 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 309.49 603.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 327.65 603.30 Td (was ) Tj ET Q q 0 0 0 rg BT 346.68 603.30 Td (income ) Tj ET Q q 0 0 0 rg BT 380.29 603.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.74 603.30 Td ($31.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.36 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 418.07 603.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 453.73 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 465.18 603.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 509.28 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 520.15 603.30 Td (income ) Tj ET Q q 0 0 0 rg BT 553.76 603.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td ($10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.13 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 76.10 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 109.41 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 124.62 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 140.42 590.70 Td (year ) Tj ET Q q 0 0 0 rg BT 161.46 590.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 189.51 590.70 Td (March ) Tj ET Q q 0 0 0 rg BT 219.88 590.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 235.98 590.70 Td (2018. ) Tj ET Q q 0 0 0 rg BT 262.58 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 265.33 590.70 Td (The ) Tj ET Q q 0 0 0 rg BT 284.63 590.70 Td (year ) Tj ET Q q 0 0 0 rg BT 305.67 590.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 333.71 590.70 Td (March ) Tj ET Q q 0 0 0 rg BT 364.09 590.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.19 590.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 406.79 590.70 Td (included ) Tj ET Q q 0 0 0 rg BT 445.91 590.70 Td ($12.3 ) Tj ET Q q 0 0 0 rg BT 472.51 590.70 Td (million ) Tj ET Q q 0 0 0 rg BT 505.82 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 517.54 590.70 Td (net ) Tj ET Q q 0 0 0 rg BT 533.34 590.70 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 73.64 578.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.11 578.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 106.74 578.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 136.70 578.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 188.84 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.98 578.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 232.45 578.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 269.42 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 283.63 578.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 320.58 578.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 380.87 578.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 407.64 578.10 Td (which ) Tj ET Q q 0 0 0 rg BT 435.27 578.10 Td (were ) Tj ET Q q 0 0 0 rg BT 457.65 578.10 Td (of) Tj ET Q q 0 0 0 rg BT 466.20 578.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 483.34 578.10 Td (by ) Tj ET Q q 0 0 0 rg BT 495.81 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.45 578.10 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.52 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 97.31 565.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 158.26 565.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 197.32 565.50 Td (of) Tj ET Q q 0 0 0 rg BT 205.88 565.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 223.67 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 234.46 565.50 Td (part ) Tj ET Q q 0 0 0 rg BT 253.41 565.50 Td (by ) Tj ET Q q 0 0 0 rg BT 266.54 565.50 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 287.54 565.50 Td (million ) Tj ET Q q 0 0 0 rg BT 320.50 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 331.87 565.50 Td (net ) Tj ET Q q 0 0 0 rg BT 347.32 565.50 Td (market ) Tj ET Q q 0 0 0 rg BT 379.10 565.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 406.81 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 419.94 565.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 462.21 565.50 Td (investments.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 118.05 540.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 153.34 540.30 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 199.71 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 211.08 540.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 270.30 540.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 320.76 540.30 Td (V) Tj ET Q q 0 0 0 rg BT 326.60 540.30 Td (ehicles, ) Tj ET Q q 0 0 0 rg BT 361.59 540.30 Td (Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (For ) Tj ET Q q 0 0 0 rg BT 65.68 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 80.10 527.70 Td (year ) Tj ET Q q 0 0 0 rg BT 99.76 527.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 126.43 527.70 Td (March ) Tj ET Q q 0 0 0 rg BT 155.42 527.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.14 527.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 195.36 527.70 Td (Non-operating ) Tj ET Q q 0 0 0 rg BT 258.19 527.70 Td (income ) Tj ET Q q 0 0 0 rg BT 290.69 527.70 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 333.09 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 343.43 527.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 398.09 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 445.77 527.70 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 484.39 527.70 Td (net, ) Tj ET Q q 0 0 0 rg BT 501.43 527.70 Td (totaled ) Tj ET Q q 0 0 0 rg BT 531.60 527.70 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.87 515.10 Td ($16.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.12 515.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 122.71 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 134.08 515.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 178.10 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.89 515.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 225.34 515.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.71 515.10 Td ($0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.08 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.71 515.10 Td (million ) Tj ET Q q 0 0 0 rg BT 290.67 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.46 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.92 515.10 Td (year ) Tj ET Q q 0 0 0 rg BT 337.61 515.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 365.31 515.10 Td (March ) Tj ET Q q 0 0 0 rg BT 395.34 515.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 411.09 515.10 Td (2019.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (For ) Tj ET Q q 0 0 0 rg BT 67.85 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 84.43 489.90 Td (year ) Tj ET Q q 0 0 0 rg BT 106.26 489.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.09 489.90 Td (March ) Tj ET Q q 0 0 0 rg BT 166.25 489.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 183.14 489.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 210.52 489.90 Td (Non-operating ) Tj ET Q q 0 0 0 rg BT 275.51 489.90 Td (income ) Tj ET Q q 0 0 0 rg BT 310.18 489.90 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 354.75 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 367.26 489.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 424.09 489.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.92 489.90 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 514.71 489.90 Td (net, ) Tj ET Q q 0 0 0 rg BT 533.92 489.90 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 85.94 477.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.31 477.30 Td ($0.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.69 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 118.31 477.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 153.90 477.30 Td (as ) Tj ET Q q 0 0 0 rg BT 165.27 477.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 209.30 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 220.09 477.30 Td (income ) Tj ET Q q 0 0 0 rg BT 253.62 477.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.99 477.30 Td ($9.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.37 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 285.99 477.30 Td (million ) Tj ET Q q 0 0 0 rg BT 318.95 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 329.75 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 345.20 477.30 Td (year ) Tj ET Q q 0 0 0 rg BT 365.89 477.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 393.59 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 423.62 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.37 477.30 Td (2018. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (See ) Tj ET Q q 0 0 0 rg BT 67.60 452.10 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.03 452.10 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.28 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.22 452.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.32 452.10 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.82 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.76 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.44 452.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 173.88 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.98 452.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 243.34 452.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 285.35 452.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 334.36 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.55 452.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 394.48 452.10 Td (information ) Tj ET Q q 0 0 0 rg BT 446.99 452.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 490.16 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.92 452.10 Td (consolidation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 439.50 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 106.08 439.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.78 439.50 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 191.81 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 209.59 439.50 Td (net ) Tj ET Q q 0 0 0 rg BT 225.05 439.50 Td (market ) Tj ET Q q 0 0 0 rg BT 256.82 439.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 281.61 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 294.74 439.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 347.53 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 358.90 439.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 390.09 439.50 Td (CIVs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 414.30 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 414.30 Td (ax ) Tj ET Q q 0 0 0 rg BT 104.34 414.30 Td (Pr) Tj ET Q q 0 0 0 rg BT 115.23 414.30 Td (ovision ) Tj ET Q q 0 0 0 rg BT 149.37 414.30 Td (\(Benefit\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (For ) Tj ET Q q 0 0 0 rg BT 66.29 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 81.32 401.70 Td (years ) Tj ET Q q 0 0 0 rg BT 105.68 401.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.95 401.70 Td (March ) Tj ET Q q 0 0 0 rg BT 162.56 401.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.89 401.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 201.09 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 218.46 401.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 244.28 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 259.31 401.70 Td (income ) Tj ET Q q 0 0 0 rg BT 292.42 401.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.46 401.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 349.33 401.70 Td (was ) Tj ET Q q 0 0 0 rg BT 367.86 401.70 Td ($106.0 ) Tj ET Q q 0 0 0 rg BT 398.94 401.70 Td (million ) Tj ET Q q 0 0 0 rg BT 431.48 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 448.84 401.70 Td ($20.6 ) Tj ET Q q 0 0 0 rg BT 474.67 401.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 509.84 401.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 401.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.47 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.52 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.16 389.10 Td (year ) Tj ET Q q 0 0 0 rg BT 119.03 389.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.91 389.10 Td (March ) Tj ET Q q 0 0 0 rg BT 177.12 389.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 193.06 389.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 219.49 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.13 389.10 Td (income ) Tj ET Q q 0 0 0 rg BT 268.84 389.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.48 389.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 316.44 389.10 Td (was ) Tj ET Q q 0 0 0 rg BT 335.58 389.10 Td ($102.5 ) Tj ET Q q 0 0 0 rg BT 367.26 389.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 403.03 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.64 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 424.77 389.10 Td (ef) Tj ET Q q 0 0 0 rg BT 432.74 389.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 464.11 389.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 479.74 389.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 498.29 389.10 Td (was ) Tj ET Q q 0 0 0 rg BT 517.43 389.10 Td (25.8% ) Tj ET Q q 0 0 0 rg BT 547.35 389.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (72.2% ) Tj ET Q q 0 0 0 rg BT 79.85 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 95.32 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 111.38 376.50 Td (years ) Tj ET Q q 0 0 0 rg BT 136.77 376.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.07 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 195.70 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 212.06 376.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 236.29 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 254.68 376.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 281.53 376.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 331.58 376.50 Td (, ) Tj ET Q q 0 0 0 rg BT 337.43 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 355.83 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 371.88 376.50 Td (ef) Tj ET Q q 0 0 0 rg BT 379.85 376.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 411.64 376.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 444.03 376.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 462.99 376.50 Td (was ) Tj ET Q q 0 0 0 rg BT 482.55 376.50 Td (43.8% ) Tj ET Q q 0 0 0 rg BT 512.90 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 528.38 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 544.44 376.50 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.44 363.90 Td (March ) Tj ET Q q 0 0 0 rg BT 107.72 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.72 363.90 Td (2018. ) Tj ET Q q 0 0 0 rg BT 150.22 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 152.89 363.90 Td (The ) Tj ET Q q 0 0 0 rg BT 172.08 363.90 Td (ef) Tj ET Q q 0 0 0 rg BT 180.05 363.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 211.49 363.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.19 363.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 245.80 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 260.92 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 276.62 363.90 Td (year ) Tj ET Q q 0 0 0 rg BT 297.56 363.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 325.50 363.90 Td (March ) Tj ET Q q 0 0 0 rg BT 355.78 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 371.78 363.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 398.28 363.90 Td (reflects ) Tj ET Q q 0 0 0 rg BT 432.05 363.90 Td (final ) Tj ET Q q 0 0 0 rg BT 454.16 363.90 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 507.20 363.90 Td (related ) Tj ET Q q 0 0 0 rg BT 538.64 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 363.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.23 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 91.14 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 105.97 351.30 Td (T) Tj ET Q q 0 0 0 rg BT 111.65 351.30 Td (ax ) Tj ET Q q 0 0 0 rg BT 123.72 351.30 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 145.14 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 162.46 351.30 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 182.82 351.30 Td (Act ) Tj ET Q q 0 0 0 rg BT 200.14 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 211.04 351.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 234.20 351.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 252.69 351.30 Td ("T) Tj ET Q q 0 0 0 rg BT 262.65 351.30 Td (ax ) Tj ET Q q 0 0 0 rg BT 274.72 351.30 Td (Law"\), ) Tj ET Q q 0 0 0 rg BT 305.95 351.30 Td (which ) Tj ET Q q 0 0 0 rg BT 333.77 351.30 Td (was ) Tj ET Q q 0 0 0 rg BT 352.26 351.30 Td (enacted ) Tj ET Q q 0 0 0 rg BT 386.48 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 399.14 351.30 Td (December ) Tj ET Q q 0 0 0 rg BT 444.44 351.30 Td (22, ) Tj ET Q q 0 0 0 rg BT 459.72 351.30 Td (2017, ) Tj ET Q q 0 0 0 rg BT 485.51 351.30 Td (while ) Tj ET Q q 0 0 0 rg BT 511.00 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 525.98 351.30 Td (ef) Tj ET Q q 0 0 0 rg BT 533.95 351.30 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.28 338.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.64 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 114.51 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 129.96 338.70 Td (year ) Tj ET Q q 0 0 0 rg BT 150.65 338.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 178.35 338.70 Td (March ) Tj ET Q q 0 0 0 rg BT 208.38 338.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 224.13 338.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 250.38 338.70 Td (reflects ) Tj ET Q q 0 0 0 rg BT 283.90 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 299.35 338.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 330.55 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 341.92 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 357.19 338.70 Td (T) Tj ET Q q 0 0 0 rg BT 362.87 338.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 375.40 338.70 Td (Law ) Tj ET Q q 0 0 0 rg BT 396.69 338.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 445.37 338.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 468.99 338.70 Td (enactment. ) Tj ET Q q 0 0 0 rg BT 517.39 338.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.38 318.10 Td (ef) Tj ET Q q 0 0 0 rg BT 76.35 318.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 107.47 318.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 122.85 318.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 141.14 318.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.94 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.32 318.10 Td (year ) Tj ET Q q 0 0 0 rg BT 191.95 318.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 219.58 318.10 Td (March ) Tj ET Q q 0 0 0 rg BT 249.54 318.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.22 318.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 288.77 318.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 322.22 318.10 Td (net ) Tj ET Q q 0 0 0 rg BT 337.61 318.10 Td (discrete ) Tj ET Q q 0 0 0 rg BT 372.81 318.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 388.20 318.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 424.57 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.87 318.10 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 456.80 318.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 492.32 318.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 533.95 318.10 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 305.50 Td (to ) Tj ET Q q 0 0 0 rg BT 59.15 305.50 Td (the ) Tj ET Q q 0 0 0 rg BT 73.45 305.50 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 122.16 305.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.39 305.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 162.43 305.50 Td (existing ) Tj ET Q q 0 0 0 rg BT 197.15 305.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 233.60 305.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.91 305.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 273.89 305.50 Td (and ) Tj ET Q q 0 0 0 rg BT 290.52 305.50 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 333.71 305.50 Td (a ) Tj ET Q q 0 0 0 rg BT 339.85 305.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 380.98 305.50 Td (in ) Tj ET Q q 0 0 0 rg BT 390.62 305.50 Td (net ) Tj ET Q q 0 0 0 rg BT 404.93 305.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 446.06 305.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 463.88 305.50 Td (due ) Tj ET Q q 0 0 0 rg BT 480.52 305.50 Td (to ) Tj ET Q q 0 0 0 rg BT 490.16 305.50 Td (audit ) Tj ET Q q 0 0 0 rg BT 512.64 305.50 Td (settlements, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 292.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.72 292.90 Td (discrete ) Tj ET Q q 0 0 0 rg BT 103.44 292.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 119.33 292.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 156.21 292.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 205.33 292.90 Td (for ) Tj ET Q q 0 0 0 rg BT 220.64 292.90 Td (vested ) Tj ET Q q 0 0 0 rg BT 250.53 292.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.75 292.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 308.56 292.90 Td (with ) Tj ET Q q 0 0 0 rg BT 330.29 292.90 Td (a ) Tj ET Q q 0 0 0 rg BT 338.01 292.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 362.65 292.90 Td (date ) Tj ET Q q 0 0 0 rg BT 383.20 292.90 Td (exercise ) Tj ET Q q 0 0 0 rg BT 420.66 292.90 Td (price ) Tj ET Q q 0 0 0 rg BT 444.71 292.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 474.59 292.90 Td (than ) Tj ET Q q 0 0 0 rg BT 495.74 292.90 Td (the ) Tj ET Q q 0 0 0 rg BT 511.63 292.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 545.02 292.90 Td (date ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 280.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.49 280.30 Td (prices, ) Tj ET Q q 0 0 0 rg BT 105.00 280.30 Td (which ) Tj ET Q q 0 0 0 rg BT 133.49 280.30 Td (were ) Tj ET Q q 0 0 0 rg BT 156.71 280.30 Td (of) Tj ET Q q 0 0 0 rg BT 165.27 280.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 183.25 280.30 Td (in ) Tj ET Q q 0 0 0 rg BT 194.24 280.30 Td (part ) Tj ET Q q 0 0 0 rg BT 213.38 280.30 Td (by ) Tj ET Q q 0 0 0 rg BT 226.70 280.30 Td (a ) Tj ET Q q 0 0 0 rg BT 234.19 280.30 Td (discrete ) Tj ET Q q 0 0 0 rg BT 269.66 280.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 285.31 280.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 317.28 280.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 356.85 280.30 Td (from ) Tj ET Q q 0 0 0 rg BT 380.08 280.30 Td (the ) Tj ET Q q 0 0 0 rg BT 395.73 280.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 441.71 280.30 Td (of ) Tj ET Q q 0 0 0 rg BT 453.27 280.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 476.51 280.30 Td (year ) Tj ET Q q 0 0 0 rg BT 497.40 280.30 Td (state ) Tj ET Q q 0 0 0 rg BT 519.46 280.30 Td (audits ) Tj ET Q q 0 0 0 rg BT 547.36 280.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 267.70 Td (statute ) Tj ET Q q 0 0 0 rg BT 79.31 267.70 Td (expirations. ) Tj ET Q q 0 0 0 rg BT 131.00 267.70 Td ( ) Tj ET Q q 0 0 0 rg BT 133.23 267.70 Td (The ) Tj ET Q q 0 0 0 rg BT 151.96 267.70 Td (net ) Tj ET Q q 0 0 0 rg BT 167.19 267.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 198.17 267.70 Td (of ) Tj ET Q q 0 0 0 rg BT 209.31 267.70 Td (all ) Tj ET Q q 0 0 0 rg BT 222.21 267.70 Td (discrete ) Tj ET Q q 0 0 0 rg BT 257.27 267.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 272.50 267.70 Td (items ) Tj ET Q q 0 0 0 rg BT 297.65 267.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 339.70 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 354.93 267.70 Td (ef) Tj ET Q q 0 0 0 rg BT 362.90 267.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 393.86 267.70 Td (income ) Tj ET Q q 0 0 0 rg BT 427.17 267.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 442.40 267.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 460.54 267.70 Td (by ) Tj ET Q q 0 0 0 rg BT 473.45 267.70 Td (0.6 ) Tj ET Q q 0 0 0 rg BT 488.98 267.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 536.85 267.70 Td (points ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.82 255.10 Td (year ) Tj ET Q q 0 0 0 rg BT 100.51 255.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 128.21 255.10 Td (March ) Tj ET Q q 0 0 0 rg BT 158.24 255.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.99 255.10 Td (2020. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 232.50 Td (For ) Tj ET Q q 0 0 0 rg BT 66.41 232.50 Td (the ) Tj ET Q q 0 0 0 rg BT 81.56 232.50 Td (year ) Tj ET Q q 0 0 0 rg BT 101.96 232.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.35 232.50 Td (March ) Tj ET Q q 0 0 0 rg BT 159.08 232.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.53 232.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 200.48 232.50 Td (discrete ) Tj ET Q q 0 0 0 rg BT 235.46 232.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 250.61 232.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.76 232.50 Td (of ) Tj ET Q q 0 0 0 rg BT 297.83 232.50 Td ($14.1 ) Tj ET Q q 0 0 0 rg BT 323.78 232.50 Td (million ) Tj ET Q q 0 0 0 rg BT 356.44 232.50 Td (related ) Tj ET Q q 0 0 0 rg BT 387.33 232.50 Td (to ) Tj ET Q q 0 0 0 rg BT 397.82 232.50 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 439.21 232.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 454.36 232.50 Td (positions ) Tj ET Q q 0 0 0 rg BT 494.61 232.50 Td (for ) Tj ET Q q 0 0 0 rg BT 509.18 232.50 Td (federal, ) Tj ET Q q 0 0 0 rg BT 543.28 232.50 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 219.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.88 219.90 Td (local ) Tj ET Q q 0 0 0 rg BT 91.50 219.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 116.29 219.90 Td (\(including ) Tj ET Q q 0 0 0 rg BT 162.67 219.90 Td (those ) Tj ET Q q 0 0 0 rg BT 188.05 219.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 223.33 219.90 Td (to ) Tj ET Q q 0 0 0 rg BT 234.71 219.90 Td (recent ) Tj ET Q q 0 0 0 rg BT 263.58 219.90 Td (legislative ) Tj ET Q q 0 0 0 rg BT 309.95 219.90 Td (changes\) ) Tj ET Q q 0 0 0 rg BT 350.48 219.90 Td (was ) Tj ET Q q 0 0 0 rg BT 370.02 219.90 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 421.92 219.90 Td ( ) Tj ET Q q 0 0 0 rg BT 425.14 219.90 Td (In ) Tj ET Q q 0 0 0 rg BT 437.10 219.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 477.35 219.90 Td (discrete ) Tj ET Q q 0 0 0 rg BT 513.22 219.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 529.26 219.90 Td (benefits ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 207.30 Td (totaling ) Tj ET Q q 0 0 0 rg BT 84.27 207.30 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 105.33 207.30 Td (million ) Tj ET Q q 0 0 0 rg BT 138.35 207.30 Td (related ) Tj ET Q q 0 0 0 rg BT 169.60 207.30 Td (to ) Tj ET Q q 0 0 0 rg BT 180.45 207.30 Td (the ) Tj ET Q q 0 0 0 rg BT 195.96 207.30 Td (completion ) Tj ET Q q 0 0 0 rg BT 245.89 207.30 Td (of ) Tj ET Q q 0 0 0 rg BT 257.32 207.30 Td (a ) Tj ET Q q 0 0 0 rg BT 264.67 207.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 287.76 207.30 Td (year ) Tj ET Q q 0 0 0 rg BT 308.51 207.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.03 207.30 Td (audit ) Tj ET Q q 0 0 0 rg BT 347.71 207.30 Td (and ) Tj ET Q q 0 0 0 rg BT 365.55 207.30 Td (other ) Tj ET Q q 0 0 0 rg BT 389.81 207.30 Td (discrete ) Tj ET Q q 0 0 0 rg BT 425.15 207.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.66 207.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 476.59 207.30 Td (of ) Tj ET Q q 0 0 0 rg BT 488.02 207.30 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 509.08 207.30 Td (million ) Tj ET Q q 0 0 0 rg BT 542.10 207.30 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 194.70 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 100.86 194.70 Td ( ) Tj ET Q q 0 0 0 rg BT 103.35 194.70 Td (T) Tj ET Q q 0 0 0 rg BT 109.03 194.70 Td (ogether) Tj ET Q q 0 0 0 rg BT 140.10 194.70 Td (, ) Tj ET Q q 0 0 0 rg BT 145.40 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.91 194.70 Td (net ) Tj ET Q q 0 0 0 rg BT 176.42 194.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 207.68 194.70 Td (of ) Tj ET Q q 0 0 0 rg BT 219.11 194.70 Td (all ) Tj ET Q q 0 0 0 rg BT 232.28 194.70 Td (discrete ) Tj ET Q q 0 0 0 rg BT 267.62 194.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 283.13 194.70 Td (items ) Tj ET Q q 0 0 0 rg BT 308.56 194.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 350.88 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 366.39 194.70 Td (ef) Tj ET Q q 0 0 0 rg BT 374.36 194.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 405.60 194.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 421.11 194.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 439.53 194.70 Td (by ) Tj ET Q q 0 0 0 rg BT 452.71 194.70 Td (35.1 ) Tj ET Q q 0 0 0 rg BT 473.77 194.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 521.92 194.70 Td (points ) Tj ET Q q 0 0 0 rg BT 550.27 194.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 182.10 Td (year ) Tj ET Q q 0 0 0 rg BT 85.65 182.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 113.34 182.10 Td (March ) Tj ET Q q 0 0 0 rg BT 143.37 182.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 159.12 182.10 Td (2019.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 161.50 Td (As ) Tj ET Q q 0 0 0 rg BT 63.59 161.50 Td (previously ) Tj ET Q q 0 0 0 rg BT 110.33 161.50 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 155.63 161.50 Td (on ) Tj ET Q q 0 0 0 rg BT 168.54 161.50 Td (December ) Tj ET Q q 0 0 0 rg BT 214.10 161.50 Td (22, ) Tj ET Q q 0 0 0 rg BT 229.65 161.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 255.69 161.50 Td (the ) Tj ET Q q 0 0 0 rg BT 270.76 161.50 Td (T) Tj ET Q q 0 0 0 rg BT 276.44 161.50 Td (ax ) Tj ET Q q 0 0 0 rg BT 288.77 161.50 Td (Law ) Tj ET Q q 0 0 0 rg BT 309.85 161.50 Td (was ) Tj ET Q q 0 0 0 rg BT 328.60 161.50 Td (enacted. ) Tj ET Q q 0 0 0 rg BT 365.70 161.50 Td ( ) Tj ET Q q 0 0 0 rg BT 367.94 161.50 Td (The ) Tj ET Q q 0 0 0 rg BT 386.69 161.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 428.76 161.50 Td (in ) Tj ET Q q 0 0 0 rg BT 439.34 161.50 Td (the ) Tj ET Q q 0 0 0 rg BT 454.59 161.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 475.68 161.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 517.74 161.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 532.99 161.50 Td (rate, ) Tj ET Q q 0 0 0 rg BT 553.77 161.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 148.90 Td (well ) Tj ET Q q 0 0 0 rg BT 70.42 148.90 Td (as ) Tj ET Q q 0 0 0 rg BT 82.00 148.90 Td (other ) Tj ET Q q 0 0 0 rg BT 106.41 148.90 Td (aspects ) Tj ET Q q 0 0 0 rg BT 139.57 148.90 Td (of ) Tj ET Q q 0 0 0 rg BT 151.16 148.90 Td (the ) Tj ET Q q 0 0 0 rg BT 166.62 148.90 Td (T) Tj ET Q q 0 0 0 rg BT 172.30 148.90 Td (ax ) Tj ET Q q 0 0 0 rg BT 185.05 148.90 Td (Law) Tj ET Q q 0 0 0 rg BT 203.02 148.90 Td (, ) Tj ET Q q 0 0 0 rg BT 208.49 148.90 Td (resulted ) Tj ET Q q 0 0 0 rg BT 244.56 148.90 Td (in ) Tj ET Q q 0 0 0 rg BT 255.57 148.90 Td (a ) Tj ET Q q 0 0 0 rg BT 263.07 148.90 Td (one-time, ) Tj ET Q q 0 0 0 rg BT 305.85 148.90 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 346.59 148.90 Td (provisional ) Tj ET Q q 0 0 0 rg BT 396.68 148.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 412.34 148.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 444.33 148.90 Td (of ) Tj ET Q q 0 0 0 rg BT 455.92 148.90 Td ($220.9 ) Tj ET Q q 0 0 0 rg BT 487.63 148.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 523.43 148.90 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.30 Td (due ) Tj ET Q q 0 0 0 rg BT 67.07 136.30 Td (to ) Tj ET Q q 0 0 0 rg BT 77.65 136.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.89 136.30 Td (remeasurement ) Tj ET Q q 0 0 0 rg BT 159.43 136.30 Td (of ) Tj ET Q q 0 0 0 rg BT 170.59 136.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 201.56 136.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 237.22 136.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 274.60 136.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 289.84 136.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.75 136.30 Td (and ) Tj ET Q q 0 0 0 rg BT 334.32 136.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 375.81 136.30 Td (at ) Tj ET Q q 0 0 0 rg BT 385.79 136.30 Td (the ) Tj ET Q q 0 0 0 rg BT 401.03 136.30 Td (new ) Tj ET Q q 0 0 0 rg BT 420.93 136.30 Td (21% ) Tj ET Q q 0 0 0 rg BT 442.59 136.30 Td (income ) Tj ET Q q 0 0 0 rg BT 475.91 136.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 491.14 136.30 Td (rate. ) Tj ET Q q 0 0 0 rg BT 511.91 136.30 Td ( ) Tj ET Q q 0 0 0 rg BT 514.32 136.30 Td (In ) Tj ET Q q 0 0 0 rg BT 525.48 136.30 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 123.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.34 123.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 96.42 123.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.43 123.70 Td (char) Tj ET Q q 0 0 0 rg BT 129.31 123.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 141.40 123.70 Td (of ) Tj ET Q q 0 0 0 rg BT 152.32 123.70 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 172.88 123.70 Td (million ) Tj ET Q q 0 0 0 rg BT 205.40 123.70 Td (was ) Tj ET Q q 0 0 0 rg BT 223.90 123.70 Td (provisionally ) Tj ET Q q 0 0 0 rg BT 281.50 123.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 321.00 123.70 Td (for ) Tj ET Q q 0 0 0 rg BT 335.42 123.70 Td (the ) Tj ET Q q 0 0 0 rg BT 350.43 123.70 Td (deemed ) Tj ET Q q 0 0 0 rg BT 385.26 123.70 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 435.83 123.70 Td (of ) Tj ET Q q 0 0 0 rg BT 446.76 123.70 Td (unremitted ) Tj ET Q q 0 0 0 rg BT 494.43 123.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 526.93 123.70 Td (earnings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.52 111.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 100.11 111.10 Td (under ) Tj ET Q q 0 0 0 rg BT 126.29 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.23 111.10 Td (T) Tj ET Q q 0 0 0 rg BT 146.91 111.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 159.09 111.10 Td (Law) Tj ET Q q 0 0 0 rg BT 177.07 111.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.96 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.73 111.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 204.09 111.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 219.19 111.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 261.13 111.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 306.55 111.10 Td (with ) Tj ET Q q 0 0 0 rg BT 327.49 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.59 111.10 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 397.34 111.10 Td (was ) Tj ET Q q 0 0 0 rg BT 415.94 111.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 453.21 111.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.65 111.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 492.73 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.83 111.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 538.67 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 111.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 98.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 98.50 Td (ax ) Tj ET Q q 0 0 0 rg BT 68.60 98.50 Td (Law) Tj ET Q q 0 0 0 rg BT 86.58 98.50 Td (. ) Tj ET Q q 0 0 0 rg BT 92.71 98.50 Td ( ) Tj ET Q q 0 0 0 rg BT 95.45 98.50 Td (As ) Tj ET Q q 0 0 0 rg BT 110.63 98.50 Td (further ) Tj ET Q q 0 0 0 rg BT 142.71 98.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 186.47 98.50 Td (in ) Tj ET Q q 0 0 0 rg BT 198.15 98.50 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.07 98.50 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.32 98.50 Td ( ) Tj ET Q q 0 0 0 rg BT 230.83 98.50 Td (of ) Tj ET Q q 0 0 0 rg BT 243.09 98.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 271.09 98.50 Td (to ) Tj ET Q q 0 0 0 rg BT 282.77 98.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 341.70 98.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 384.28 98.50 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 436.50 98.50 Td (our ) Tj ET Q q 0 0 0 rg BT 454.00 98.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 503.58 98.50 Td (for ) Tj ET Q q 0 0 0 rg BT 519.33 98.50 Td (the ) Tj ET Q q 0 0 0 rg BT 535.67 98.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 552.01 98.50 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 85.90 Td (unremitted ) Tj ET Q q 0 0 0 rg BT 97.13 85.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 129.60 85.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.31 85.90 Td (was ) Tj ET Q q 0 0 0 rg BT 185.78 85.90 Td (completed ) Tj ET Q q 0 0 0 rg BT 231.66 85.90 Td (during ) Tj ET Q q 0 0 0 rg BT 261.22 85.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 286.10 85.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 309.24 85.90 Td (and ) Tj ET Q q 0 0 0 rg BT 326.55 85.90 Td (an ) Tj ET Q q 0 0 0 rg BT 338.60 85.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 386.82 85.90 Td (in ) Tj ET Q q 0 0 0 rg BT 397.13 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 412.10 85.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 445.74 85.90 Td (of ) Tj ET Q q 0 0 0 rg BT 456.63 85.90 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 477.15 85.90 Td (million ) Tj ET Q q 0 0 0 rg BT 509.63 85.90 Td (of ) Tj ET Q q 0 0 0 rg BT 520.52 85.90 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 85.94 73.30 Td (was ) Tj ET Q q 0 0 0 rg BT 104.90 73.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.25 73.30 Td (in ) Tj ET Q q 0 0 0 rg BT 155.04 73.30 Td (that ) Tj ET Q q 0 0 0 rg BT 173.41 73.30 Td (period.) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 74.71 741.75 Td (during ) Tj ET Q q 0 0 0 rg BT 104.86 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.43 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 141.24 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 169.06 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 199.21 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 215.07 741.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 241.44 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 257.01 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 264.98 741.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 296.29 741.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 328.18 741.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 346.66 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 365.74 741.75 Td (impacted ) Tj ET Q q 0 0 0 rg BT 406.96 741.75 Td (by ) Tj ET Q q 0 0 0 rg BT 420.21 741.75 Td (9.7 ) Tj ET Q q 0 0 0 rg BT 436.08 741.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 484.29 741.75 Td (points ) Tj ET Q q 0 0 0 rg BT 512.70 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 527.69 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.26 741.75 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 105.02 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 116.21 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.49 729.15 Td (char) Tj ET Q q 0 0 0 rg BT 149.37 729.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 161.72 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 176.41 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 191.69 729.15 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 237.28 729.15 Td (matter ) Tj ET Q q 0 0 0 rg BT 266.55 729.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 309.24 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 319.85 729.15 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.71 729.15 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.96 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 350.41 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 361.60 729.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 388.54 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 399.16 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 414.43 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 472.29 729.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 513.81 729.15 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 565.14 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (In ) Tj ET Q q 0 0 0 rg BT 61.53 716.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.85 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 117.38 716.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 143.40 716.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 170.31 716.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 207.41 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 218.86 716.55 Td (state ) Tj ET Q q 0 0 0 rg BT 241.38 716.55 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 305.90 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 324.35 716.55 Td (state ) Tj ET Q q 0 0 0 rg BT 346.87 716.55 Td (laws, ) Tj ET Q q 0 0 0 rg BT 372.03 716.55 Td (audit ) Tj ET Q q 0 0 0 rg BT 396.31 716.55 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 449.46 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 467.90 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 492.76 716.55 Td (discrete ) Tj ET Q q 0 0 0 rg BT 528.69 716.55 Td (changes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (impacting ) Tj ET Q q 0 0 0 rg BT 94.65 703.95 Td (state ) Tj ET Q q 0 0 0 rg BT 117.05 703.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 155.18 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 171.17 703.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 213.40 703.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 249.80 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 261.13 703.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.28 703.95 Td (net ) Tj ET Q q 0 0 0 rg BT 322.26 703.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 338.25 703.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 375.23 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 387.13 703.95 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 408.66 703.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 444.79 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 473.60 703.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 509.99 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 525.98 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 533.95 703.95 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.46 691.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.99 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 113.30 691.35 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 129.23 691.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 177.50 691.35 Td (points ) Tj ET Q q 0 0 0 rg BT 205.97 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 221.02 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 236.65 691.35 Td (year ) Tj ET Q q 0 0 0 rg BT 257.52 691.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 285.39 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 315.60 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 331.53 691.35 Td (2018. ) Tj ET Q q 0 0 0 rg BT 357.96 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 360.76 691.35 Td (Further) Tj ET Q q 0 0 0 rg BT 391.25 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 396.68 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 404.14 691.35 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 425.32 691.35 Td (million ) Tj ET Q q 0 0 0 rg BT 458.46 691.35 Td (discrete ) Tj ET Q q 0 0 0 rg BT 493.92 691.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.55 691.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 546.17 691.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 98.18 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 119.47 678.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 151.83 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 162.62 678.75 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 218.90 678.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 282.47 678.75 Td (which ) Tj ET Q q 0 0 0 rg BT 310.76 678.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 346.61 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.06 678.75 Td (ef) Tj ET Q q 0 0 0 rg BT 370.03 678.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 401.22 678.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 433.00 678.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 451.36 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 464.48 678.75 Td (0.3 ) Tj ET Q q 0 0 0 rg BT 480.23 678.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 528.32 678.75 Td (points.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 658.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 74.14 658.15 Td (and ) Tj ET Q q 0 0 0 rg BT 91.77 658.15 Td (other ) Tj ET Q q 0 0 0 rg BT 115.82 658.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.36 658.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 216.41 658.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 264.96 658.15 Td (products ) Tj ET Q q 0 0 0 rg BT 303.59 658.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 339.29 658.15 Td (the ) Tj ET Q q 0 0 0 rg BT 354.59 658.15 Td (ef) Tj ET Q q 0 0 0 rg BT 362.56 658.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 393.59 658.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.89 658.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 427.10 658.15 Td (by ) Tj ET Q q 0 0 0 rg BT 440.07 658.15 Td (0.8 ) Tj ET Q q 0 0 0 rg BT 455.67 658.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 503.61 658.15 Td (points ) Tj ET Q q 0 0 0 rg BT 531.75 658.15 Td (and ) Tj ET Q q 0 0 0 rg BT 549.38 658.15 Td (2.0 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 645.55 Td (percentage ) Tj ET Q q 0 0 0 rg BT 97.28 645.55 Td (points ) Tj ET Q q 0 0 0 rg BT 125.26 645.55 Td (for ) Tj ET Q q 0 0 0 rg BT 139.81 645.55 Td (the ) Tj ET Q q 0 0 0 rg BT 154.95 645.55 Td (years ) Tj ET Q q 0 0 0 rg BT 179.42 645.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 206.80 645.55 Td (March ) Tj ET Q q 0 0 0 rg BT 236.52 645.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.95 645.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 275.26 645.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.74 645.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 318.67 645.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 368.72 645.55 Td (, ) Tj ET Q q 0 0 0 rg BT 373.65 645.55 Td (and ) Tj ET Q q 0 0 0 rg BT 391.13 645.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 433.08 645.55 Td (the ) Tj ET Q q 0 0 0 rg BT 448.22 645.55 Td (ef) Tj ET Q q 0 0 0 rg BT 456.19 645.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 487.06 645.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 518.53 645.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 536.57 645.55 Td (by ) Tj ET Q q 0 0 0 rg BT 549.38 645.55 Td (1.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 632.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 97.59 632.95 Td (points ) Tj ET Q q 0 0 0 rg BT 125.89 632.95 Td (for ) Tj ET Q q 0 0 0 rg BT 140.76 632.95 Td (the ) Tj ET Q q 0 0 0 rg BT 156.21 632.95 Td (year ) Tj ET Q q 0 0 0 rg BT 176.90 632.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 204.60 632.95 Td (March ) Tj ET Q q 0 0 0 rg BT 234.63 632.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 250.38 632.95 Td (2018.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 612.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.87 612.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 103.73 612.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 133.20 612.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 191.82 612.35 Td (to ) Tj ET Q q 0 0 0 rg BT 203.19 612.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 227.98 612.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 263.57 612.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 283.41 612.35 Td (and ) Tj ET Q q 0 0 0 rg BT 302.96 612.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 351.67 612.35 Td (Margin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 599.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.70 599.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 99.77 599.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 152.55 599.75 Td (to ) Tj ET Q q 0 0 0 rg BT 162.76 599.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 186.37 599.75 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 238.28 599.75 Td (for ) Tj ET Q q 0 0 0 rg BT 252.56 599.75 Td (the ) Tj ET Q q 0 0 0 rg BT 267.43 599.75 Td (year ) Tj ET Q q 0 0 0 rg BT 287.53 599.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 314.64 599.75 Td (March ) Tj ET Q q 0 0 0 rg BT 344.09 599.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.25 599.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 384.92 599.75 Td (totaled ) Tj ET Q q 0 0 0 rg BT 415.53 599.75 Td ($251.4 ) Tj ET Q q 0 0 0 rg BT 446.44 599.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 481.44 599.75 Td (or ) Tj ET Q q 0 0 0 rg BT 492.23 599.75 Td ($2.79 ) Tj ET Q q 0 0 0 rg BT 517.89 599.75 Td (per ) Tj ET Q q 0 0 0 rg BT 533.34 599.75 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 587.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 77.12 587.15 Td (as ) Tj ET Q q 0 0 0 rg BT 88.70 587.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 132.94 587.15 Td (to ) Tj ET Q q 0 0 0 rg BT 143.95 587.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 161.95 587.15 Td (Loss ) Tj ET Q q 0 0 0 rg BT 184.00 587.15 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 237.57 587.15 Td (to ) Tj ET Q q 0 0 0 rg BT 248.58 587.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 272.99 587.15 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 307.04 587.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 325.91 587.15 Td (of ) Tj ET Q q 0 0 0 rg BT 337.50 587.15 Td ($28.5 ) Tj ET Q q 0 0 0 rg BT 363.96 587.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 399.76 587.15 Td (or ) Tj ET Q q 0 0 0 rg BT 411.35 587.15 Td ($0.38 ) Tj ET Q q 0 0 0 rg BT 437.81 587.15 Td (per ) Tj ET Q q 0 0 0 rg BT 454.06 587.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 486.06 587.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 513.68 587.15 Td (for ) Tj ET Q q 0 0 0 rg BT 528.76 587.15 Td (the ) Tj ET Q q 0 0 0 rg BT 544.43 587.15 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 574.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.20 574.55 Td (March ) Tj ET Q q 0 0 0 rg BT 107.23 574.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.98 574.55 Td (2019.� ) Tj ET Q q 0 0 0 rg BT 151.66 574.55 Td (The ) Tj ET Q q 0 0 0 rg BT 170.61 574.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 207.63 574.55 Td (in ) Tj ET Q q 0 0 0 rg BT 218.42 574.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 236.21 574.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 270.32 574.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 299.19 574.55 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 352.56 574.55 Td (to ) Tj ET Q q 0 0 0 rg BT 363.35 574.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 387.55 574.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 421.38 574.55 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 440.04 574.55 Td (was ) Tj ET Q q 0 0 0 rg BT 459.00 574.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 500.69 574.55 Td (driven ) Tj ET Q q 0 0 0 rg BT 530.14 574.55 Td (by ) Tj ET Q q 0 0 0 rg BT 543.27 574.55 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 561.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.80 561.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 121.86 561.95 Td (char) Tj ET Q q 0 0 0 rg BT 139.74 561.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 156.38 561.95 Td (totaling ) Tj ET Q q 0 0 0 rg BT 191.11 561.95 Td ($365.2 ) Tj ET Q q 0 0 0 rg BT 222.63 561.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 258.24 561.95 Td (or ) Tj ET Q q 0 0 0 rg BT 269.63 561.95 Td ($3.12 ) Tj ET Q q 0 0 0 rg BT 295.90 561.95 Td (per ) Tj ET Q q 0 0 0 rg BT 311.96 561.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 343.77 561.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 371.19 561.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 419.90 561.95 Td (in ) Tj ET Q q 0 0 0 rg BT 430.71 561.95 Td (the ) Tj ET Q q 0 0 0 rg BT 446.19 561.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 469.25 561.95 Td (year) Tj ET Q q 0 0 0 rg BT 486.89 561.95 Td (, ) Tj ET Q q 0 0 0 rg BT 492.16 561.95 Td (as ) Tj ET Q q 0 0 0 rg BT 503.56 561.95 Td (well ) Tj ET Q q 0 0 0 rg BT 524.28 561.95 Td (as ) Tj ET Q q 0 0 0 rg BT 535.68 561.95 Td (higher ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 549.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.25 549.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 132.65 549.35 Td (in ) Tj ET Q q 0 0 0 rg BT 143.91 549.35 Td (the ) Tj ET Q q 0 0 0 rg BT 159.83 549.35 Td (current ) Tj ET Q q 0 0 0 rg BT 192.66 549.35 Td (year) Tj ET Q q 0 0 0 rg BT 210.31 549.35 Td (, ) Tj ET Q q 0 0 0 rg BT 216.02 549.35 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 259.34 549.35 Td (an ) Tj ET Q q 0 0 0 rg BT 272.35 549.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 309.83 549.35 Td (in ) Tj ET Q q 0 0 0 rg BT 321.09 549.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 370.26 549.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 409.52 549.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 429.52 549.35 Td (driven ) Tj ET Q q 0 0 0 rg BT 459.43 549.35 Td (by ) Tj ET Q q 0 0 0 rg BT 473.03 549.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 502.94 549.35 Td (average ) Tj ET Q q 0 0 0 rg BT 537.99 549.35 Td (AUM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 536.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.88 536.75 Td (an ) Tj ET Q q 0 0 0 rg BT 79.02 536.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 115.64 536.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.03 536.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 181.30 536.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 200.43 536.75 Td (that ) Tj ET Q q 0 0 0 rg BT 218.40 536.75 Td (were ) Tj ET Q q 0 0 0 rg BT 241.02 536.75 Td (not ) Tj ET Q q 0 0 0 rg BT 256.66 536.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 286.88 536.75 Td (through ) Tj ET Q q 0 0 0 rg BT 321.77 536.75 Td (as ) Tj ET Q q 0 0 0 rg BT 332.74 536.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 393.28 536.75 Td (expense, ) Tj ET Q q 0 0 0 rg BT 431.95 536.75 Td (as ) Tj ET Q q 0 0 0 rg BT 442.92 536.75 Td (well ) Tj ET Q q 0 0 0 rg BT 463.22 536.75 Td (as ) Tj ET Q q 0 0 0 rg BT 474.19 536.75 Td (the ) Tj ET Q q 0 0 0 rg BT 489.25 536.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 520.04 536.75 Td (of ) Tj ET Q q 0 0 0 rg BT 531.01 536.75 Td (savings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 524.15 Td (from ) Tj ET Q q 0 0 0 rg BT 74.58 524.15 Td (the ) Tj ET Q q 0 0 0 rg BT 92.08 524.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 132.32 524.15 Td (restructuring. ) Tj ET Q q 0 0 0 rg BT 193.27 524.15 Td ( ) Tj ET Q q 0 0 0 rg BT 197.60 524.15 Td (These ) Tj ET Q q 0 0 0 rg BT 227.35 524.15 Td (increases ) Tj ET Q q 0 0 0 rg BT 270.50 524.15 Td (were ) Tj ET Q q 0 0 0 rg BT 295.57 524.15 Td (of) Tj ET Q q 0 0 0 rg BT 304.13 524.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 323.96 524.15 Td (in ) Tj ET Q q 0 0 0 rg BT 336.80 524.15 Td (part ) Tj ET Q q 0 0 0 rg BT 357.80 524.15 Td (by ) Tj ET Q q 0 0 0 rg BT 372.97 524.15 Td (higher ) Tj ET Q q 0 0 0 rg BT 404.47 524.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 444.70 524.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 503.03 524.15 Td (and ) Tj ET Q q 0 0 0 rg BT 522.86 524.15 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 511.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 107.70 511.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 133.24 511.55 Td (in ) Tj ET Q q 0 0 0 rg BT 145.96 511.55 Td (the ) Tj ET Q q 0 0 0 rg BT 163.33 511.55 Td (current ) Tj ET Q q 0 0 0 rg BT 197.61 511.55 Td (year) Tj ET Q q 0 0 0 rg BT 215.26 511.55 Td (, ) Tj ET Q q 0 0 0 rg BT 222.43 511.55 Td (the ) Tj ET Q q 0 0 0 rg BT 239.80 511.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 288.68 511.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 333.47 511.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 372.41 511.55 Td (in ) Tj ET Q q 0 0 0 rg BT 385.13 511.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 447.99 511.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 486.36 511.55 Td (for ) Tj ET Q q 0 0 0 rg BT 503.15 511.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 547.34 511.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 498.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.64 498.95 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 146.81 498.95 Td (including ) Tj ET Q q 0 0 0 rg BT 189.19 498.95 Td (increased ) Tj ET Q q 0 0 0 rg BT 231.55 498.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 254.68 498.95 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 314.87 498.95 Td (and ) Tj ET Q q 0 0 0 rg BT 332.75 498.95 Td (net ) Tj ET Q q 0 0 0 rg BT 348.30 498.95 Td (market ) Tj ET Q q 0 0 0 rg BT 380.17 498.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 407.98 498.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 456.75 498.95 Td (on ) Tj ET Q q 0 0 0 rg BT 469.97 498.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 512.33 498.95 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 486.35 Td (as ) Tj ET Q q 0 0 0 rg BT 61.53 486.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 106.20 486.35 Td (to ) Tj ET Q q 0 0 0 rg BT 117.65 486.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 143.09 486.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 192.43 486.35 Td (in ) Tj ET Q q 0 0 0 rg BT 203.87 486.35 Td (the ) Tj ET Q q 0 0 0 rg BT 219.98 486.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 243.67 486.35 Td (year) Tj ET Q q 0 0 0 rg BT 261.16 486.35 Td (. ) Tj ET Q q 0 0 0 rg BT 267.06 486.35 Td ( ) Tj ET Q q 0 0 0 rg BT 270.34 486.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 315.60 486.35 Td (mar) Tj ET Q q 0 0 0 rg BT 331.74 486.35 Td (gin ) Tj ET Q q 0 0 0 rg BT 348.44 486.35 Td (was ) Tj ET Q q 0 0 0 rg BT 368.04 486.35 Td (17.3% ) Tj ET Q q 0 0 0 rg BT 398.45 486.35 Td (for ) Tj ET Q q 0 0 0 rg BT 413.97 486.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.07 486.35 Td (year ) Tj ET Q q 0 0 0 rg BT 451.42 486.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 479.77 486.35 Td (March ) Tj ET Q q 0 0 0 rg BT 510.45 486.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 526.86 486.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 553.76 486.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 473.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 93.83 473.75 Td (to ) Tj ET Q q 0 0 0 rg BT 104.94 473.75 Td (3.6% ) Tj ET Q q 0 0 0 rg BT 129.74 473.75 Td (for ) Tj ET Q q 0 0 0 rg BT 144.92 473.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.69 473.75 Td (year ) Tj ET Q q 0 0 0 rg BT 181.69 473.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 209.70 473.75 Td (March ) Tj ET Q q 0 0 0 rg BT 240.04 473.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 256.10 473.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 282.67 473.75 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 325.83 473.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.59 473.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 382.43 473.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 433.78 473.75 Td (char) Tj ET Q q 0 0 0 rg BT 451.65 473.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 468.59 473.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 517.58 473.75 Td (in ) Tj ET Q q 0 0 0 rg BT 528.69 473.75 Td (the ) Tj ET Q q 0 0 0 rg BT 544.45 473.75 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 461.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.20 461.15 Td (March ) Tj ET Q q 0 0 0 rg BT 107.23 461.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.98 461.15 Td (2019.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.60 435.95 Td (Loss ) Tj ET Q q 0 0 0 rg BT 89.73 435.95 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 143.40 435.95 Td (to ) Tj ET Q q 0 0 0 rg BT 154.51 435.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 179.02 435.95 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 231.83 435.95 Td (for ) Tj ET Q q 0 0 0 rg BT 247.01 435.95 Td (the ) Tj ET Q q 0 0 0 rg BT 262.78 435.95 Td (year ) Tj ET Q q 0 0 0 rg BT 283.79 435.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 311.80 435.95 Td (March ) Tj ET Q q 0 0 0 rg BT 342.14 435.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.20 435.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 384.77 435.95 Td (totaled ) Tj ET Q q 0 0 0 rg BT 416.28 435.95 Td ($28.5 ) Tj ET Q q 0 0 0 rg BT 442.84 435.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 478.75 435.95 Td (or ) Tj ET Q q 0 0 0 rg BT 490.43 435.95 Td ($0.38 ) Tj ET Q q 0 0 0 rg BT 516.99 435.95 Td (per ) Tj ET Q q 0 0 0 rg BT 533.34 435.95 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 423.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 77.32 423.35 Td (as ) Tj ET Q q 0 0 0 rg BT 89.11 423.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 133.55 423.35 Td (to ) Tj ET Q q 0 0 0 rg BT 144.76 423.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 162.96 423.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 196.81 423.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 250.59 423.35 Td (to ) Tj ET Q q 0 0 0 rg BT 261.80 423.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 286.42 423.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 320.67 423.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 339.74 423.35 Td (of ) Tj ET Q q 0 0 0 rg BT 351.53 423.35 Td ($285.1 ) Tj ET Q q 0 0 0 rg BT 383.45 423.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 419.45 423.35 Td (or ) Tj ET Q q 0 0 0 rg BT 431.24 423.35 Td ($3.01 ) Tj ET Q q 0 0 0 rg BT 457.91 423.35 Td (per ) Tj ET Q q 0 0 0 rg BT 474.35 423.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 506.56 423.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 534.38 423.35 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 423.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.75 Td (year ) Tj ET Q q 0 0 0 rg BT 70.51 410.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 98.52 410.75 Td (March ) Tj ET Q q 0 0 0 rg BT 128.86 410.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 144.93 410.75 Td (2018.�Net ) Tj ET Q q 0 0 0 rg BT 189.28 410.75 Td (Loss ) Tj ET Q q 0 0 0 rg BT 211.41 410.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 265.09 410.75 Td (to ) Tj ET Q q 0 0 0 rg BT 276.20 410.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 300.71 410.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 334.86 410.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 353.83 410.75 Td (for ) Tj ET Q q 0 0 0 rg BT 369.02 410.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.79 410.75 Td (year ) Tj ET Q q 0 0 0 rg BT 405.79 410.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 433.81 410.75 Td (March ) Tj ET Q q 0 0 0 rg BT 464.15 410.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.22 410.75 Td (2019 ) Tj ET Q q 0 0 0 rg BT 504.16 410.75 Td (included ) Tj ET Q q 0 0 0 rg BT 543.25 410.75 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 398.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.81 398.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 123.87 398.15 Td (char) Tj ET Q q 0 0 0 rg BT 141.75 398.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 159.41 398.15 Td (totaling ) Tj ET Q q 0 0 0 rg BT 195.14 398.15 Td ($365.2 ) Tj ET Q q 0 0 0 rg BT 227.67 398.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 264.29 398.15 Td (or ) Tj ET Q q 0 0 0 rg BT 276.69 398.15 Td ($3.12 ) Tj ET Q q 0 0 0 rg BT 303.97 398.15 Td (per ) Tj ET Q q 0 0 0 rg BT 321.04 398.15 Td (diluted ) Tj ET Q q 0 0 0 rg BT 353.86 398.15 Td (share, ) Tj ET Q q 0 0 0 rg BT 382.29 398.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 421.51 398.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 478.82 398.15 Td (and ) Tj ET Q q 0 0 0 rg BT 497.64 398.15 Td (other ) Tj ET Q q 0 0 0 rg BT 522.87 398.15 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 385.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 105.74 385.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 129.33 385.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.66 385.55 Td ($18.5 ) Tj ET Q q 0 0 0 rg BT 166.87 385.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 202.42 385.55 Td (or ) Tj ET Q q 0 0 0 rg BT 213.76 385.55 Td ($0.15 ) Tj ET Q q 0 0 0 rg BT 239.97 385.55 Td (per ) Tj ET Q q 0 0 0 rg BT 255.97 385.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 287.72 385.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 315.08 385.55 Td (af) Tj ET Q q 0 0 0 rg BT 323.05 385.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 350.13 385.55 Td (char) Tj ET Q q 0 0 0 rg BT 368.01 385.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 384.59 385.55 Td (of ) Tj ET Q q 0 0 0 rg BT 395.93 385.55 Td ($9.2 ) Tj ET Q q 0 0 0 rg BT 416.89 385.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 452.44 385.55 Td (or ) Tj ET Q q 0 0 0 rg BT 463.77 385.55 Td ($0.06 ) Tj ET Q q 0 0 0 rg BT 489.99 385.55 Td (per ) Tj ET Q q 0 0 0 rg BT 505.98 385.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 537.73 385.55 Td (share, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.95 Td (including ) Tj ET Q q 0 0 0 rg BT 91.21 372.95 Td (Royce ) Tj ET Q q 0 0 0 rg BT 120.08 372.95 Td (management ) Tj ET Q q 0 0 0 rg BT 175.77 372.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 204.06 372.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 224.19 372.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 247.23 372.95 Td (of ) Tj ET Q q 0 0 0 rg BT 258.03 372.95 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 278.45 372.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 313.45 372.95 Td (discrete ) Tj ET Q q 0 0 0 rg BT 348.15 372.95 Td (net ) Tj ET Q q 0 0 0 rg BT 363.02 372.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 377.90 372.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 417.85 372.95 Td (and ) Tj ET Q q 0 0 0 rg BT 435.06 372.95 Td (other ) Tj ET Q q 0 0 0 rg BT 458.68 372.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.55 372.95 Td (items ) Tj ET Q q 0 0 0 rg BT 498.35 372.95 Td (of ) Tj ET Q q 0 0 0 rg BT 509.14 372.95 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 529.56 372.95 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 360.35 Td (or ) Tj ET Q q 0 0 0 rg BT 61.93 360.35 Td ($0.09 ) Tj ET Q q 0 0 0 rg BT 89.24 360.35 Td (per ) Tj ET Q q 0 0 0 rg BT 106.33 360.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 139.18 360.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 167.64 360.35 Td (and ) Tj ET Q q 0 0 0 rg BT 186.48 360.35 Td (a ) Tj ET Q q 0 0 0 rg BT 194.83 360.35 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 216.89 360.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 253.53 360.35 Td (or ) Tj ET Q q 0 0 0 rg BT 265.96 360.35 Td ($0.05 ) Tj ET Q q 0 0 0 rg BT 293.27 360.35 Td (per ) Tj ET Q q 0 0 0 rg BT 310.36 360.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 343.21 360.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 371.67 360.35 Td (char) Tj ET Q q 0 0 0 rg BT 389.55 360.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 403.14 360.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 449.98 360.35 Td (with ) Tj ET Q q 0 0 0 rg BT 472.33 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 488.84 360.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 535.67 360.35 Td (matter ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.67 347.75 Td (in ) Tj ET Q q 0 0 0 rg BT 103.76 347.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 127.09 347.75 Td (9 ) Tj ET Q q 0 0 0 rg BT 135.27 347.75 Td (of ) Tj ET Q q 0 0 0 rg BT 146.94 347.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 174.35 347.75 Td (to ) Tj ET Q q 0 0 0 rg BT 185.44 347.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 243.78 347.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 285.78 347.75 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 337.40 347.75 Td ( ) Tj ET Q q 0 0 0 rg BT 340.33 347.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 358.41 347.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 392.17 347.75 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 445.83 347.75 Td (to ) Tj ET Q q 0 0 0 rg BT 456.92 347.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 481.42 347.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 515.55 347.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 534.50 347.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 347.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 335.15 Td (year ) Tj ET Q q 0 0 0 rg BT 69.78 335.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 97.07 335.15 Td (March ) Tj ET Q q 0 0 0 rg BT 126.69 335.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 142.03 335.15 Td (2018 ) Tj ET Q q 0 0 0 rg BT 165.24 335.15 Td (included ) Tj ET Q q 0 0 0 rg BT 203.61 335.15 Td (a ) Tj ET Q q 0 0 0 rg BT 210.49 335.15 Td (one-time, ) Tj ET Q q 0 0 0 rg BT 252.65 335.15 Td (net ) Tj ET Q q 0 0 0 rg BT 267.69 335.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 307.81 335.15 Td (provisional ) Tj ET Q q 0 0 0 rg BT 357.27 335.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 372.32 335.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 403.68 335.15 Td (of ) Tj ET Q q 0 0 0 rg BT 414.64 335.15 Td ($213.7 ) Tj ET Q q 0 0 0 rg BT 445.73 335.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 480.91 335.15 Td (or ) Tj ET Q q 0 0 0 rg BT 491.87 335.15 Td ($2.26 ) Tj ET Q q 0 0 0 rg BT 517.71 335.15 Td (per ) Tj ET Q q 0 0 0 rg BT 533.33 335.15 Td (diluted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 76.77 322.55 Td (related ) Tj ET Q q 0 0 0 rg BT 107.83 322.55 Td (to ) Tj ET Q q 0 0 0 rg BT 118.49 322.55 Td (the ) Tj ET Q q 0 0 0 rg BT 133.63 322.55 Td (T) Tj ET Q q 0 0 0 rg BT 139.31 322.55 Td (ax ) Tj ET Q q 0 0 0 rg BT 151.71 322.55 Td (Law) Tj ET Q q 0 0 0 rg BT 169.68 322.55 Td (. ) Tj ET Q q 0 0 0 rg BT 174.62 322.55 Td (This ) Tj ET Q q 0 0 0 rg BT 195.78 322.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 227.43 322.55 Td (was ) Tj ET Q q 0 0 0 rg BT 246.25 322.55 Td (of) Tj ET Q q 0 0 0 rg BT 254.80 322.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 272.46 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 283.12 322.55 Td (part ) Tj ET Q q 0 0 0 rg BT 301.93 322.55 Td (by ) Tj ET Q q 0 0 0 rg BT 314.92 322.55 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 355.32 322.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 406.22 322.55 Td (char) Tj ET Q q 0 0 0 rg BT 424.10 322.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 440.58 322.55 Td (related ) Tj ET Q q 0 0 0 rg BT 471.64 322.55 Td (to ) Tj ET Q q 0 0 0 rg BT 482.30 322.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 526.78 322.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.77 322.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.95 Td ($229.0 ) Tj ET Q q 0 0 0 rg BT 81.12 309.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 116.82 309.95 Td (or ) Tj ET Q q 0 0 0 rg BT 128.31 309.95 Td ($1.96 ) Tj ET Q q 0 0 0 rg BT 154.68 309.95 Td (per ) Tj ET Q q 0 0 0 rg BT 170.82 309.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 202.73 309.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 230.25 309.95 Td (and ) Tj ET Q q 0 0 0 rg BT 248.15 309.95 Td (a ) Tj ET Q q 0 0 0 rg BT 255.56 309.95 Td ($67.0 ) Tj ET Q q 0 0 0 rg BT 281.92 309.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 317.63 309.95 Td (or ) Tj ET Q q 0 0 0 rg BT 329.11 309.95 Td ($0.71 ) Tj ET Q q 0 0 0 rg BT 355.48 309.95 Td (per ) Tj ET Q q 0 0 0 rg BT 371.63 309.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 403.53 309.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 431.06 309.95 Td (char) Tj ET Q q 0 0 0 rg BT 448.93 309.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 461.59 309.95 Td (related ) Tj ET Q q 0 0 0 rg BT 492.89 309.95 Td (to ) Tj ET Q q 0 0 0 rg BT 503.80 309.95 Td (the ) Tj ET Q q 0 0 0 rg BT 519.37 309.95 Td (regulatory ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 297.35 Td (matter ) Tj ET Q q 0 0 0 rg BT 78.91 297.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 121.76 297.35 Td (above. ) Tj ET Q q 0 0 0 rg BT 151.86 297.35 Td (The ) Tj ET Q q 0 0 0 rg BT 170.78 297.35 Td (year ) Tj ET Q q 0 0 0 rg BT 191.44 297.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 219.11 297.35 Td (March ) Tj ET Q q 0 0 0 rg BT 249.11 297.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 264.82 297.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 288.42 297.35 Td (also ) Tj ET Q q 0 0 0 rg BT 307.93 297.35 Td (included ) Tj ET Q q 0 0 0 rg BT 346.68 297.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 399.44 297.35 Td (to ) Tj ET Q q 0 0 0 rg BT 410.20 297.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 448.93 297.35 Td (the ) Tj ET Q q 0 0 0 rg BT 464.35 297.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 481.52 297.35 Td (value ) Tj ET Q q 0 0 0 rg BT 506.85 297.35 Td (of ) Tj ET Q q 0 0 0 rg BT 518.19 297.35 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.45 284.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 149.91 284.75 Td (by ) Tj ET Q q 0 0 0 rg BT 162.78 284.75 Td ($31.3 ) Tj ET Q q 0 0 0 rg BT 188.79 284.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 224.13 284.75 Td (or ) Tj ET Q q 0 0 0 rg BT 235.25 284.75 Td ($0.33 ) Tj ET Q q 0 0 0 rg BT 261.26 284.75 Td (per ) Tj ET Q q 0 0 0 rg BT 277.04 284.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 308.59 284.75 Td (share. ) Tj ET Q q 0 0 0 rg BT 335.75 284.75 Td ( ) Tj ET Q q 0 0 0 rg BT 338.12 284.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 382.49 284.75 Td (mar) Tj ET Q q 0 0 0 rg BT 398.62 284.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 414.42 284.75 Td (was ) Tj ET Q q 0 0 0 rg BT 433.13 284.75 Td (3.6% ) Tj ET Q q 0 0 0 rg BT 457.38 284.75 Td (for ) Tj ET Q q 0 0 0 rg BT 472.00 284.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.21 284.75 Td (year ) Tj ET Q q 0 0 0 rg BT 507.66 284.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 535.11 284.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 272.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.48 272.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 89.96 272.15 Td (as ) Tj ET Q q 0 0 0 rg BT 100.56 272.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 143.81 272.15 Td (to ) Tj ET Q q 0 0 0 rg BT 153.83 272.15 Td (10.3% ) Tj ET Q q 0 0 0 rg BT 182.80 272.15 Td (for ) Tj ET Q q 0 0 0 rg BT 196.90 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 211.58 272.15 Td (year ) Tj ET Q q 0 0 0 rg BT 231.50 272.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 258.43 272.15 Td (March ) Tj ET Q q 0 0 0 rg BT 287.69 272.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 302.66 272.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 328.14 272.15 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 370.22 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 384.91 272.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 415.33 272.15 Td (of ) Tj ET Q q 0 0 0 rg BT 425.93 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 440.61 272.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 480.37 272.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 530.63 272.15 Td (char) Tj ET Q q 0 0 0 rg BT 548.51 272.15 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 259.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.23 259.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.62 259.55 Td (char) Tj ET Q q 0 0 0 rg BT 100.50 259.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 117.07 259.55 Td (related ) Tj ET Q q 0 0 0 rg BT 148.20 259.55 Td (to ) Tj ET Q q 0 0 0 rg BT 158.93 259.55 Td (the ) Tj ET Q q 0 0 0 rg BT 174.33 259.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 220.04 259.55 Td (matter ) Tj ET Q q 0 0 0 rg BT 249.43 259.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 298.06 259.55 Td (in ) Tj ET Q q 0 0 0 rg BT 308.79 259.55 Td (both ) Tj ET Q q 0 0 0 rg BT 330.03 259.55 Td (the ) Tj ET Q q 0 0 0 rg BT 345.42 259.55 Td (years ) Tj ET Q q 0 0 0 rg BT 370.14 259.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 397.78 259.55 Td (March ) Tj ET Q q 0 0 0 rg BT 427.75 259.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 443.45 259.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 467.01 259.55 Td (and ) Tj ET Q q 0 0 0 rg BT 484.74 259.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 510.93 259.55 Td (as ) Tj ET Q q 0 0 0 rg BT 522.25 259.55 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.95 Td (above.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 221.75 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 113.97 221.75 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 165.31 221.75 Td ( ) Tj ET Q q 0 0 0 rg BT 167.94 221.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 212.57 221.75 Td (Information) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 209.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.57 209.15 Td (supplemental ) Tj ET Q q 0 0 0 rg BT 121.96 209.15 Td (information, ) Tj ET Q q 0 0 0 rg BT 176.56 209.15 Td (we ) Tj ET Q q 0 0 0 rg BT 191.20 209.15 Td (are ) Tj ET Q q 0 0 0 rg BT 206.42 209.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 249.65 209.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 305.11 209.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 346.58 209.15 Td (for ) Tj ET Q q 0 0 0 rg BT 361.22 209.15 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 405.82 209.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 423.38 209.15 Td (Income", ) Tj ET Q q 0 0 0 rg BT 464.18 209.15 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 508.78 209.15 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 548.51 209.15 Td (Per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 196.55 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 82.79 196.55 Td (Share" ) Tj ET Q q 0 0 0 rg BT 112.78 196.55 Td (\("Adjusted ) Tj ET Q q 0 0 0 rg BT 160.28 196.55 Td (EPS"\) ) Tj ET Q q 0 0 0 rg BT 187.95 196.55 Td (and ) Tj ET Q q 0 0 0 rg BT 204.90 196.55 Td (�Adjusted ) Tj ET Q q 0 0 0 rg BT 249.28 196.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 293.06 196.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 310.36 196.55 Td (gin�, ) Tj ET Q q 0 0 0 rg BT 332.86 196.55 Td (along ) Tj ET Q q 0 0 0 rg BT 357.98 196.55 Td (with ) Tj ET Q q 0 0 0 rg BT 378.45 196.55 Td (a ) Tj ET Q q 0 0 0 rg BT 384.91 196.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 422.29 196.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 459.07 196.55 Td (for ) Tj ET Q q 0 0 0 rg BT 473.11 196.55 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 517.10 196.55 Td (EBITDA", ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 183.95 Td (each ) Tj ET Q q 0 0 0 rg BT 71.99 183.95 Td (of ) Tj ET Q q 0 0 0 rg BT 84.00 183.95 Td (which ) Tj ET Q q 0 0 0 rg BT 112.92 183.95 Td (is ) Tj ET Q q 0 0 0 rg BT 123.19 183.95 Td (based ) Tj ET Q q 0 0 0 rg BT 150.35 183.95 Td (on ) Tj ET Q q 0 0 0 rg BT 164.12 183.95 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 229.20 183.95 Td (other ) Tj ET Q q 0 0 0 rg BT 254.04 183.95 Td (than ) Tj ET Q q 0 0 0 rg BT 275.38 183.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 317.70 183.95 Td (accepted ) Tj ET Q q 0 0 0 rg BT 357.68 183.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 407.01 183.95 Td (principles ) Tj ET Q q 0 0 0 rg BT 451.68 183.95 Td (\("non-GAAP"\). ) Tj ET Q q 0 0 0 rg BT 520.97 183.95 Td ( ) Tj ET Q q 0 0 0 rg BT 524.23 183.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 533.95 183.95 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 171.35 Td (with ) Tj ET Q q 0 0 0 rg BT 70.90 171.35 Td (the ) Tj ET Q q 0 0 0 rg BT 86.45 171.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 118.91 171.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.71 171.35 Td (June ) Tj ET Q q 0 0 0 rg BT 168.68 171.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 184.54 171.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 210.89 171.35 Td (we ) Tj ET Q q 0 0 0 rg BT 225.86 171.35 Td (began ) Tj ET Q q 0 0 0 rg BT 253.66 171.35 Td (disclosing ) Tj ET Q q 0 0 0 rg BT 298.37 171.35 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 339.01 171.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 383.73 171.35 Td (Mar) Tj ET Q q 0 0 0 rg BT 401.03 171.35 Td (gin, ) Tj ET Q q 0 0 0 rg BT 419.80 171.35 Td (which ) Tj ET Q q 0 0 0 rg BT 448.19 171.35 Td (revises ) Tj ET Q q 0 0 0 rg BT 480.08 171.35 Td (our ) Tj ET Q q 0 0 0 rg BT 496.80 171.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 519.94 171.35 Td (disclosure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 158.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.36 158.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 106.46 158.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 123.77 158.75 Td (gin, ) Tj ET Q q 0 0 0 rg BT 142.93 158.75 Td (as ) Tj ET Q q 0 0 0 rg BT 154.10 158.75 Td (Adjusted, ) Tj ET Q q 0 0 0 rg BT 197.76 158.75 Td (to ) Tj ET Q q 0 0 0 rg BT 209.04 158.75 Td (include ) Tj ET Q q 0 0 0 rg BT 243.06 158.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 296.34 158.75 Td (for ) Tj ET Q q 0 0 0 rg BT 311.70 158.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 368.47 158.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 392.58 158.75 Td (and ) Tj ET Q q 0 0 0 rg BT 410.86 158.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 460.05 158.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 501.07 158.75 Td (and ) Tj ET Q q 0 0 0 rg BT 519.35 158.75 Td (transition-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 146.15 Td (related ) Tj ET Q q 0 0 0 rg BT 80.69 146.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 104.31 146.15 Td (for ) Tj ET Q q 0 0 0 rg BT 119.18 146.15 Td (integration ) Tj ET Q q 0 0 0 rg BT 167.30 146.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 210.45 146.15 Td (each ) Tj ET Q q 0 0 0 rg BT 232.31 146.15 Td (of ) Tj ET Q q 0 0 0 rg BT 243.68 146.15 Td (which ) Tj ET Q q 0 0 0 rg BT 271.97 146.15 Td (is ) Tj ET Q q 0 0 0 rg BT 281.59 146.15 Td (further ) Tj ET Q q 0 0 0 rg BT 312.79 146.15 Td (described ) Tj ET Q q 0 0 0 rg BT 355.65 146.15 Td (below) Tj ET Q q 0 0 0 rg BT 380.62 146.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.94 125.55 Td (management ) Tj ET Q q 0 0 0 rg BT 125.70 125.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 146.90 125.55 Td (the ) Tj ET Q q 0 0 0 rg BT 162.85 125.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.01 125.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 261.19 125.55 Td (as ) Tj ET Q q 0 0 0 rg BT 273.06 125.55 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 326.90 125.55 Td (to ) Tj ET Q q 0 0 0 rg BT 338.18 125.55 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 376.28 125.55 Td (and ) Tj ET Q q 0 0 0 rg BT 394.55 125.55 Td (compare ) Tj ET Q q 0 0 0 rg BT 433.81 125.55 Td (our ) Tj ET Q q 0 0 0 rg BT 450.92 125.55 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 522.85 125.55 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.95 Td (performance. ) Tj ET Q q 0 0 0 rg BT 108.35 112.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.30 112.95 Td (W) Tj ET Q q 0 0 0 rg BT 120.37 112.95 Td (e ) Tj ET Q q 0 0 0 rg BT 128.20 112.95 Td (believe ) Tj ET Q q 0 0 0 rg BT 161.69 112.95 Td (that ) Tj ET Q q 0 0 0 rg BT 180.61 112.95 Td (these ) Tj ET Q q 0 0 0 rg BT 205.36 112.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 261.59 112.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 303.83 112.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 339.08 112.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 367.92 112.95 Td (information ) Tj ET Q q 0 0 0 rg BT 420.67 112.95 Td (about ) Tj ET Q q 0 0 0 rg BT 447.17 112.95 Td (the ) Tj ET Q q 0 0 0 rg BT 463.17 112.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 506.00 112.95 Td (results ) Tj ET Q q 0 0 0 rg BT 536.59 112.95 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 112.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 100.35 Td (core ) Tj ET Q q 0 0 0 rg BT 70.76 100.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 94.37 100.35 Td (management ) Tj ET Q q 0 0 0 rg BT 151.21 100.35 Td (business ) Tj ET Q q 0 0 0 rg BT 190.00 100.35 Td (and ) Tj ET Q q 0 0 0 rg BT 208.36 100.35 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 248.28 100.35 Td (comparison ) Tj ET Q q 0 0 0 rg BT 300.47 100.35 Td (of ) Tj ET Q q 0 0 0 rg BT 312.41 100.35 Td (our ) Tj ET Q q 0 0 0 rg BT 329.60 100.35 Td (results ) Tj ET Q q 0 0 0 rg BT 360.21 100.35 Td (to ) Tj ET Q q 0 0 0 rg BT 371.58 100.35 Td (other ) Tj ET Q q 0 0 0 rg BT 396.35 100.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 419.96 100.35 Td (management ) Tj ET Q q 0 0 0 rg BT 476.80 100.35 Td (firms ) Tj ET Q q 0 0 0 rg BT 502.16 100.35 Td (and ) Tj ET Q q 0 0 0 rg BT 520.52 100.35 Td (period-to-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.75 Td (period ) Tj ET Q q 0 0 0 rg BT 79.11 87.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 111.93 87.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.52 87.75 Td (W) Tj ET Q q 0 0 0 rg BT 123.59 87.75 Td (e ) Tj ET Q q 0 0 0 rg BT 131.03 87.75 Td (are ) Tj ET Q q 0 0 0 rg BT 146.63 87.75 Td (also ) Tj ET Q q 0 0 0 rg BT 166.33 87.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 209.95 87.75 Td (a ) Tj ET Q q 0 0 0 rg BT 217.39 87.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 264.84 87.75 Td ( ) Tj ET Q q 0 0 0 rg BT 267.62 87.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 305.99 87.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 343.76 87.75 Td (for ) Tj ET Q q 0 0 0 rg BT 358.17 87.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 398.87 87.75 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 442.78 87.75 Td (which ) Tj ET Q q 0 0 0 rg BT 471.22 87.75 Td (our ) Tj ET Q q 0 0 0 rg BT 488.00 87.75 Td (management ) Tj ET Q q 0 0 0 rg BT 544.43 87.75 Td (uses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.15 Td (as ) Tj ET Q q 0 0 0 rg BT 59.94 75.15 Td (a ) Tj ET Q q 0 0 0 rg BT 66.28 75.15 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 114.62 75.15 Td (in ) Tj ET Q q 0 0 0 rg BT 124.47 75.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 169.90 75.15 Td (and ) Tj ET Q q 0 0 0 rg BT 186.74 75.15 Td (comparing ) Tj ET Q q 0 0 0 rg BT 233.33 75.15 Td (our ) Tj ET Q q 0 0 0 rg BT 249.02 75.15 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 319.52 75.15 Td (liquidity) Tj ET Q q 0 0 0 rg BT 354.42 75.15 Td (. ) Tj ET Q q 0 0 0 rg BT 358.74 75.15 Td ( ) Tj ET Q q 0 0 0 rg BT 360.30 75.15 Td (W) Tj ET Q q 0 0 0 rg BT 369.37 75.15 Td (e ) Tj ET Q q 0 0 0 rg BT 375.72 75.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 407.73 75.15 Td (that ) Tj ET Q q 0 0 0 rg BT 425.16 75.15 Td (this ) Tj ET Q q 0 0 0 rg BT 442.02 75.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 478.69 75.15 Td (is ) Tj ET Q q 0 0 0 rg BT 487.38 75.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 514.73 75.15 Td (to ) Tj ET Q q 0 0 0 rg BT 524.59 75.15 Td (investors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.55 Td (as ) Tj ET Q q 0 0 0 rg BT 60.89 62.55 Td (it ) Tj ET Q q 0 0 0 rg BT 69.38 62.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 108.18 62.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 152.82 62.55 Td (information ) Tj ET Q q 0 0 0 rg BT 205.04 62.55 Td (with ) Tj ET Q q 0 0 0 rg BT 226.36 62.55 Td (regard ) Tj ET Q q 0 0 0 rg BT 255.82 62.55 Td (to ) Tj ET Q q 0 0 0 rg BT 266.63 62.55 Td (our ) Tj ET Q q 0 0 0 rg BT 283.28 62.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 312.75 62.55 Td (to ) Tj ET Q q 0 0 0 rg BT 323.57 62.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 346.62 62.55 Td (working ) Tj ET Q q 0 0 0 rg BT 384.27 62.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 414.90 62.55 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 474.98 62.55 Td (service ) Tj ET Q q 0 0 0 rg BT 507.36 62.55 Td (our ) Tj ET Q q 0 0 0 rg BT 524.01 62.55 Td (debt, ) Tj ET Q q 0 0 0 rg BT 547.36 62.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 49.95 Td (return ) Tj ET Q q 0 0 0 rg BT 77.20 49.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 107.81 49.95 Td (to ) Tj ET Q q 0 0 0 rg BT 118.60 49.95 Td (our ) Tj ET Q q 0 0 0 rg BT 135.22 49.95 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 193.55 49.95 Td ( ) Tj ET Q q 0 0 0 rg BT 196.17 49.95 Td ( ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (56) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.05 741.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 107.84 741.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 143.13 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 161.70 741.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 202.25 741.90 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 245.15 741.90 Td (per ) Tj ET Q q 0 0 0 rg BT 261.77 741.90 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 296.48 741.90 Td (Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.58 729.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 106.90 729.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 140.54 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 157.39 729.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 197.47 729.30 Td (EPS ) Tj ET Q q 0 0 0 rg BT 217.72 729.30 Td (only ) Tj ET Q q 0 0 0 rg BT 238.55 729.30 Td (include ) Tj ET Q q 0 0 0 rg BT 271.62 729.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 323.94 729.30 Td (for ) Tj ET Q q 0 0 0 rg BT 338.35 729.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 369.07 729.30 Td (items ) Tj ET Q q 0 0 0 rg BT 393.98 729.30 Td (that ) Tj ET Q q 0 0 0 rg BT 411.89 729.30 Td (relate ) Tj ET Q q 0 0 0 rg BT 437.36 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 447.69 729.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 489.51 729.30 Td (performance, ) Tj ET Q q 0 0 0 rg BT 547.34 729.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 92.68 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 108.16 716.70 Td (most ) Tj ET Q q 0 0 0 rg BT 131.25 716.70 Td (readily ) Tj ET Q q 0 0 0 rg BT 163.06 716.70 Td (reconcilable ) Tj ET Q q 0 0 0 rg BT 217.03 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 227.86 716.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 245.69 716.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 279.84 716.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 308.75 716.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 362.15 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 372.98 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 397.22 716.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 431.09 716.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 449.79 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 467.61 716.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 485.44 716.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 519.59 716.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 549.08 716.70 Td (per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 83.97 704.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 110.20 704.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 163.91 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.06 704.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 199.61 704.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 233.79 704.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 252.80 704.10 Td (Shareholders, ) Tj ET Q q 0 0 0 rg BT 313.22 704.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 363.43 704.10 Td (under ) Tj ET Q q 0 0 0 rg BT 390.31 704.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 432.35 704.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 472.05 704.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.09 704.10 Td (principles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (\("GAAP"\), ) Tj ET Q q 0 0 0 rg BT 98.90 691.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 148.95 691.50 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 670.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 670.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 670.90 Td (define ) Tj ET Q q 0 0 0 rg BT 94.14 670.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 134.68 670.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 152.46 670.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 186.57 670.90 Td (as ) Tj ET Q q 0 0 0 rg BT 197.95 670.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 215.73 670.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 249.84 670.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 278.72 670.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 332.08 670.90 Td (to ) Tj ET Q q 0 0 0 rg BT 342.87 670.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 367.07 670.90 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 400.91 670.90 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 419.56 670.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 457.18 670.90 Td (to ) Tj ET Q q 0 0 0 rg BT 467.97 670.90 Td (exclude ) Tj ET Q q 0 0 0 rg BT 503.25 670.90 Td (the ) Tj ET Q q 0 0 0 rg BT 518.70 670.90 Td (following: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 650.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 650.30 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 145.28 650.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 171.53 650.30 Td (including:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 635.43 cm /I25 Do Q q 0 0 0 rg BT 108.27 637.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 637.70 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 168.26 637.70 Td (char) Tj ET Q q 0 0 0 rg BT 186.14 637.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 204.92 637.70 Td (related ) Tj ET Q q 0 0 0 rg BT 238.26 637.70 Td (to ) Tj ET Q q 0 0 0 rg BT 251.21 637.70 Td (the ) Tj ET Q q 0 0 0 rg BT 268.82 637.70 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 308.01 637.70 Td (strategic ) Tj ET Q q 0 0 0 rg BT 348.36 637.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 406.79 637.70 Td (and ) Tj ET Q q 0 0 0 rg BT 426.73 637.70 Td (other ) Tj ET Q q 0 0 0 rg BT 453.08 637.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 474.78 637.70 Td (saving ) Tj ET Q q 0 0 0 rg BT 506.97 637.70 Td (and ) Tj ET Q q 0 0 0 rg BT 526.91 637.70 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 625.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 168.16 625.10 Td (including ) Tj ET Q q 0 0 0 rg BT 210.45 625.10 Td (severance, ) Tj ET Q q 0 0 0 rg BT 257.09 625.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 280.70 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.48 625.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.68 625.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 346.31 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.09 625.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.28 625.10 Td (transaction-related ) Tj ET Q q 0 0 0 rg BT 476.04 625.10 Td (costs; ) Tj ET Q q 0 0 0 rg BT 502.58 625.10 Td (and) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 610.23 cm /I26 Do Q q 0 0 0 rg BT 108.27 612.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 612.50 Td (Af) Tj ET Q q 0 0 0 rg BT 132.39 612.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 158.85 612.50 Td (char) Tj ET Q q 0 0 0 rg BT 176.73 612.50 Td (ges, ) Tj ET Q q 0 0 0 rg BT 195.33 612.50 Td (including ) Tj ET Q q 0 0 0 rg BT 236.96 612.50 Td (af) Tj ET Q q 0 0 0 rg BT 244.93 612.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 271.39 612.50 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 327.02 612.50 Td (and ) Tj ET Q q 0 0 0 rg BT 344.15 612.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 387.51 612.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 413.11 612.50 Td (and ) Tj ET Q q 0 0 0 rg BT 430.25 612.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.79 612.50 Td (one-time ) Tj ET Q q 0 0 0 rg BT 500.08 612.50 Td (char) Tj ET Q q 0 0 0 rg BT 517.96 612.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 533.93 612.50 Td (arising ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 599.90 Td (from ) Tj ET Q q 0 0 0 rg BT 144.54 599.90 Td (the ) Tj ET Q q 0 0 0 rg BT 159.99 599.90 Td (issuance ) Tj ET Q q 0 0 0 rg BT 198.19 599.90 Td (of ) Tj ET Q q 0 0 0 rg BT 209.56 599.90 Td (management ) Tj ET Q q 0 0 0 rg BT 265.83 599.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 294.70 599.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.40 599.90 Td (awards) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 587.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 587.30 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 144.11 587.30 Td (of ) Tj ET Q q 0 0 0 rg BT 155.48 587.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 200.10 587.30 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 574.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 574.70 Td (Gains ) Tj ET Q q 0 0 0 rg BT 112.62 574.70 Td (and ) Tj ET Q q 0 0 0 rg BT 130.41 574.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 158.12 574.70 Td (on ) Tj ET Q q 0 0 0 rg BT 171.25 574.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 192.53 574.70 Td (and ) Tj ET Q q 0 0 0 rg BT 210.31 574.70 Td (other ) Tj ET Q q 0 0 0 rg BT 234.51 574.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 287.30 574.70 Td (that ) Tj ET Q q 0 0 0 rg BT 305.67 574.70 Td (are ) Tj ET Q q 0 0 0 rg BT 321.12 574.70 Td (not ) Tj ET Q q 0 0 0 rg BT 337.16 574.70 Td (of) Tj ET Q q 0 0 0 rg BT 345.72 574.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 363.50 574.70 Td (by ) Tj ET Q q 0 0 0 rg BT 376.63 574.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 437.57 574.70 Td (or ) Tj ET Q q 0 0 0 rg BT 448.94 574.70 Td (hedges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 562.10 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 137.76 562.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 178.92 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.34 562.10 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 272.32 562.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 296.58 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.08 562.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 360.83 562.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 404.62 562.10 Td (including ) Tj ET Q q 0 0 0 rg BT 447.54 562.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 479.36 562.10 Td (related ) Tj ET Q q 0 0 0 rg BT 511.18 562.10 Td (professional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 549.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 105.03 549.50 Td (and ) Tj ET Q q 0 0 0 rg BT 122.81 549.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 146.44 549.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 192.22 549.50 Td (with ) Tj ET Q q 0 0 0 rg BT 213.51 549.50 Td (the ) Tj ET Q q 0 0 0 rg BT 228.96 549.50 Td (transition ) Tj ET Q q 0 0 0 rg BT 271.25 549.50 Td (and ) Tj ET Q q 0 0 0 rg BT 289.04 549.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.74 549.50 Td (of ) Tj ET Q q 0 0 0 rg BT 349.11 549.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 387.88 549.50 Td (businesses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 536.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 536.90 Td (Impairments ) Tj ET Q q 0 0 0 rg BT 141.20 536.90 Td (of ) Tj ET Q q 0 0 0 rg BT 152.57 536.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 197.18 536.90 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 524.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 524.30 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 134.79 524.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 193.98 524.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 211.18 524.30 Td (value ) Tj ET Q q 0 0 0 rg BT 236.54 524.30 Td (adjustments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 511.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 511.70 Td (Char) Tj ET Q q 0 0 0 rg BT 105.72 511.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 122.34 511.70 Td (related ) Tj ET Q q 0 0 0 rg BT 153.53 511.70 Td (to ) Tj ET Q q 0 0 0 rg BT 164.32 511.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 211.27 511.70 Td (litigation ) Tj ET Q q 0 0 0 rg BT 251.81 511.70 Td (or ) Tj ET Q q 0 0 0 rg BT 263.19 511.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 308.96 511.70 Td (matters) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 499.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 499.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 120.98 499.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 137.81 499.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 175.63 499.10 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 215.77 499.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 269.93 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.10 499.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 318.17 499.10 Td (an ) Tj ET Q q 0 0 0 rg BT 332.08 499.10 Td (ef) Tj ET Q q 0 0 0 rg BT 340.05 499.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 372.61 499.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 420.05 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.05 499.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.88 499.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 460.61 499.10 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 525.84 499.10 Td (with ) Tj ET Q q 0 0 0 rg BT 548.50 499.10 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 486.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 125.44 486.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 156.05 486.50 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 187.83 486.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 228.37 486.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 246.15 486.50 Td (Income, ) Tj ET Q q 0 0 0 rg BT 282.89 486.50 Td (including:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 471.63 cm /I27 Do Q q 0 0 0 rg BT 108.27 473.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 473.90 Td (The ) Tj ET Q q 0 0 0 rg BT 140.45 473.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 171.65 473.90 Td (on ) Tj ET Q q 0 0 0 rg BT 184.77 473.90 Td (income ) Tj ET Q q 0 0 0 rg BT 218.30 473.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.76 473.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 270.20 473.90 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 308.97 473.90 Td (of ) Tj ET Q q 0 0 0 rg BT 320.34 473.90 Td (the ) Tj ET Q q 0 0 0 rg BT 335.80 473.90 Td (above ) Tj ET Q q 0 0 0 rg BT 363.49 473.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 410.94 473.90 Td ( ) Tj ET Q q 0 0 0 rg BT 413.56 473.90 Td (adjustments; ) Tj ET Q q 0 0 0 rg BT 469.27 473.90 Td (and) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 459.03 cm /I28 Do Q q 0 0 0 rg BT 108.27 461.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 461.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 147.00 461.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 161.42 461.30 Td (items, ) Tj ET Q q 0 0 0 rg BT 188.39 461.30 Td (including ) Tj ET Q q 0 0 0 rg BT 229.64 461.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 266.20 461.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 280.62 461.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 302.63 461.30 Td (and ) Tj ET Q q 0 0 0 rg BT 319.38 461.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 353.64 461.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 405.39 461.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 450.14 461.30 Td (with ) Tj ET Q q 0 0 0 rg BT 470.40 461.30 Td (statutory ) Tj ET Q q 0 0 0 rg BT 508.73 461.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 526.06 461.30 Td (changes, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 448.70 Td (the ) Tj ET Q q 0 0 0 rg BT 136.76 448.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 167.77 448.70 Td (of ) Tj ET Q q 0 0 0 rg BT 178.95 448.70 Td (other ) Tj ET Q q 0 0 0 rg BT 202.95 448.70 Td (aspects ) Tj ET Q q 0 0 0 rg BT 235.71 448.70 Td (of ) Tj ET Q q 0 0 0 rg BT 246.89 448.70 Td (recent ) Tj ET Q q 0 0 0 rg BT 274.97 448.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 296.07 448.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 311.33 448.70 Td (reform, ) Tj ET Q q 0 0 0 rg BT 344.96 448.70 Td (and ) Tj ET Q q 0 0 0 rg BT 362.55 448.70 Td (shortfalls ) Tj ET Q q 0 0 0 rg BT 404.06 448.70 Td (\(and ) Tj ET Q q 0 0 0 rg BT 425.15 448.70 Td (windfalls\) ) Tj ET Q q 0 0 0 rg BT 470.16 448.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 515.74 448.70 Td (with ) Tj ET Q q 0 0 0 rg BT 536.84 448.70 Td (stock-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 436.10 Td (based ) Tj ET Q q 0 0 0 rg BT 148.03 436.10 Td (compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.90 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 105.29 410.90 Td (for ) Tj ET Q q 0 0 0 rg BT 120.24 410.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 176.59 410.90 Td (costs, ) Tj ET Q q 0 0 0 rg BT 202.92 410.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 227.79 410.90 Td (and ) Tj ET Q q 0 0 0 rg BT 245.65 410.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 273.44 410.90 Td (on ) Tj ET Q q 0 0 0 rg BT 286.64 410.90 Td (seed ) Tj ET Q q 0 0 0 rg BT 308.00 410.90 Td (and ) Tj ET Q q 0 0 0 rg BT 325.87 410.90 Td (other ) Tj ET Q q 0 0 0 rg BT 350.15 410.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 403.01 410.90 Td (that ) Tj ET Q q 0 0 0 rg BT 421.46 410.90 Td (are ) Tj ET Q q 0 0 0 rg BT 436.98 410.90 Td (not ) Tj ET Q q 0 0 0 rg BT 453.10 410.90 Td (of) Tj ET Q q 0 0 0 rg BT 461.66 410.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 479.52 410.90 Td (by ) Tj ET Q q 0 0 0 rg BT 492.73 410.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 553.75 410.90 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 398.30 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 83.79 398.30 Td (and ) Tj ET Q q 0 0 0 rg BT 101.45 398.30 Td (the ) Tj ET Q q 0 0 0 rg BT 116.78 398.30 Td (income ) Tj ET Q q 0 0 0 rg BT 150.20 398.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 165.53 398.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.85 398.30 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 240.50 398.30 Td (items ) Tj ET Q q 0 0 0 rg BT 265.75 398.30 Td (described ) Tj ET Q q 0 0 0 rg BT 308.49 398.30 Td (above ) Tj ET Q q 0 0 0 rg BT 336.07 398.30 Td (are ) Tj ET Q q 0 0 0 rg BT 351.39 398.30 Td (included ) Tj ET Q q 0 0 0 rg BT 390.05 398.30 Td (in ) Tj ET Q q 0 0 0 rg BT 400.72 398.30 Td (the ) Tj ET Q q 0 0 0 rg BT 416.05 398.30 Td (calculation ) Tj ET Q q 0 0 0 rg BT 464.62 398.30 Td (because ) Tj ET Q q 0 0 0 rg BT 500.35 398.30 Td (these ) Tj ET Q q 0 0 0 rg BT 524.43 398.30 Td (items ) Tj ET Q q 0 0 0 rg BT 549.69 398.30 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 385.70 Td (not ) Tj ET Q q 0 0 0 rg BT 64.71 385.70 Td (reflective ) Tj ET Q q 0 0 0 rg BT 106.14 385.70 Td (of ) Tj ET Q q 0 0 0 rg BT 116.69 385.70 Td (our ) Tj ET Q q 0 0 0 rg BT 132.48 385.70 Td (core ) Tj ET Q q 0 0 0 rg BT 152.34 385.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 174.54 385.70 Td (management ) Tj ET Q q 0 0 0 rg BT 229.98 385.70 Td (business ) Tj ET Q q 0 0 0 rg BT 267.37 385.70 Td (of ) Tj ET Q q 0 0 0 rg BT 277.91 385.70 Td (providing ) Tj ET Q q 0 0 0 rg BT 320.53 385.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.41 385.70 Td (management ) Tj ET Q q 0 0 0 rg BT 423.84 385.70 Td (and ) Tj ET Q q 0 0 0 rg BT 440.80 385.70 Td (related ) Tj ET Q q 0 0 0 rg BT 471.16 385.70 Td (products ) Tj ET Q q 0 0 0 rg BT 509.11 385.70 Td (and ) Tj ET Q q 0 0 0 rg BT 526.07 385.70 Td (services. ) Tj ET Q q 0 0 0 rg BT 565.14 385.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 373.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.25 373.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 94.36 373.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.63 373.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 190.79 373.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 219.19 373.10 Td (including ) Tj ET Q q 0 0 0 rg BT 261.87 373.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 317.96 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.73 373.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 374.75 373.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 404.89 373.10 Td (impairments ) Tj ET Q q 0 0 0 rg BT 460.41 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.18 373.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 517.19 373.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 547.34 373.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 360.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.72 360.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 156.19 360.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.66 360.50 Td (value ) Tj ET Q q 0 0 0 rg BT 199.29 360.50 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 254.98 360.50 Td (to ) Tj ET Q q 0 0 0 rg BT 266.05 360.50 Td (make ) Tj ET Q q 0 0 0 rg BT 291.68 360.50 Td (it ) Tj ET Q q 0 0 0 rg BT 300.42 360.50 Td (easier ) Tj ET Q q 0 0 0 rg BT 327.80 360.50 Td (to ) Tj ET Q q 0 0 0 rg BT 338.86 360.50 Td (identify ) Tj ET Q q 0 0 0 rg BT 374.42 360.50 Td (trends ) Tj ET Q q 0 0 0 rg BT 402.98 360.50 Td (af) Tj ET Q q 0 0 0 rg BT 410.95 360.50 Td (fecting ) Tj ET Q q 0 0 0 rg BT 443.00 360.50 Td (our ) Tj ET Q q 0 0 0 rg BT 459.89 360.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 508.28 360.50 Td (business ) Tj ET Q q 0 0 0 rg BT 546.77 360.50 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.90 Td (are ) Tj ET Q q 0 0 0 rg BT 65.26 347.90 Td (not ) Tj ET Q q 0 0 0 rg BT 81.61 347.90 Td (related ) Tj ET Q q 0 0 0 rg BT 113.12 347.90 Td (to ) Tj ET Q q 0 0 0 rg BT 124.22 347.90 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 177.33 347.90 Td (to ) Tj ET Q q 0 0 0 rg BT 188.43 347.90 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 228.10 347.90 Td (comparison ) Tj ET Q q 0 0 0 rg BT 280.03 347.90 Td (of ) Tj ET Q q 0 0 0 rg BT 291.71 347.90 Td (our ) Tj ET Q q 0 0 0 rg BT 308.65 347.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.24 347.90 Td (results ) Tj ET Q q 0 0 0 rg BT 381.59 347.90 Td (with ) Tj ET Q q 0 0 0 rg BT 403.20 347.90 Td (the ) Tj ET Q q 0 0 0 rg BT 418.97 347.90 Td (results ) Tj ET Q q 0 0 0 rg BT 449.32 347.90 Td (of ) Tj ET Q q 0 0 0 rg BT 461.01 347.90 Td (other ) Tj ET Q q 0 0 0 rg BT 485.52 347.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.87 347.90 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 335.30 Td (firms ) Tj ET Q q 0 0 0 rg BT 74.79 335.30 Td (that ) Tj ET Q q 0 0 0 rg BT 93.65 335.30 Td (have ) Tj ET Q q 0 0 0 rg BT 116.59 335.30 Td (not ) Tj ET Q q 0 0 0 rg BT 133.13 335.30 Td (engaged ) Tj ET Q q 0 0 0 rg BT 171.24 335.30 Td (in ) Tj ET Q q 0 0 0 rg BT 182.52 335.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 229.97 335.30 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 285.88 335.30 Td ( ) Tj ET Q q 0 0 0 rg BT 288.78 335.30 Td (W) Tj ET Q q 0 0 0 rg BT 297.85 335.30 Td (e ) Tj ET Q q 0 0 0 rg BT 305.63 335.30 Td (adjust ) Tj ET Q q 0 0 0 rg BT 333.83 335.30 Td (for ) Tj ET Q q 0 0 0 rg BT 349.20 335.30 Td (char) Tj ET Q q 0 0 0 rg BT 367.07 335.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 384.19 335.30 Td (\(credits\) ) Tj ET Q q 0 0 0 rg BT 422.30 335.30 Td (related ) Tj ET Q q 0 0 0 rg BT 453.98 335.30 Td (to ) Tj ET Q q 0 0 0 rg BT 465.27 335.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 512.71 335.30 Td (litigation ) Tj ET Q q 0 0 0 rg BT 553.75 335.30 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 95.56 322.70 Td (matters, ) Tj ET Q q 0 0 0 rg BT 132.00 322.70 Td (net ) Tj ET Q q 0 0 0 rg BT 147.73 322.70 Td (of ) Tj ET Q q 0 0 0 rg BT 159.39 322.70 Td (any ) Tj ET Q q 0 0 0 rg BT 177.46 322.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 220.60 322.70 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 260.82 322.70 Td (and ) Tj ET Q q 0 0 0 rg BT 278.89 322.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 315.03 322.70 Td (share ) Tj ET Q q 0 0 0 rg BT 340.09 322.70 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 395.79 322.70 Td (because ) Tj ET Q q 0 0 0 rg BT 431.92 322.70 Td (these ) Tj ET Q q 0 0 0 rg BT 456.41 322.70 Td (matters ) Tj ET Q q 0 0 0 rg BT 490.22 322.70 Td (do ) Tj ET Q q 0 0 0 rg BT 503.63 322.70 Td (not ) Tj ET Q q 0 0 0 rg BT 519.96 322.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 549.67 322.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.62 310.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 143.98 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.77 310.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 217.44 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.81 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.44 310.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 286.27 310.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 289.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 289.50 Td (calculating ) Tj ET Q q 0 0 0 rg BT 108.33 289.50 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 148.50 289.50 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 171.48 289.50 Td (we ) Tj ET Q q 0 0 0 rg BT 185.99 289.50 Td (adjust ) Tj ET Q q 0 0 0 rg BT 213.33 289.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 230.75 289.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 264.49 289.50 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 293.58 289.50 Td (per ) Tj ET Q q 0 0 0 rg BT 309.25 289.50 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 343.01 289.50 Td (Share ) Tj ET Q q 0 0 0 rg BT 368.68 289.50 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 421.67 289.50 Td (to ) Tj ET Q q 0 0 0 rg BT 432.10 289.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.94 289.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 489.40 289.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 507.70 289.50 Td (Shareholders ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.41 276.90 Td (under ) Tj ET Q q 0 0 0 rg BT 126.00 276.90 Td (GAAP) Tj ET Q q 0 0 0 rg BT 154.20 276.90 Td ( ) Tj ET Q q 0 0 0 rg BT 156.89 276.90 Td (for ) Tj ET Q q 0 0 0 rg BT 171.81 276.90 Td (the ) Tj ET Q q 0 0 0 rg BT 187.32 276.90 Td (per ) Tj ET Q q 0 0 0 rg BT 203.41 276.90 Td (share ) Tj ET Q q 0 0 0 rg BT 228.25 276.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 259.50 276.90 Td (of ) Tj ET Q q 0 0 0 rg BT 270.93 276.90 Td (each ) Tj ET Q q 0 0 0 rg BT 292.85 276.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 341.61 276.90 Td (\(net ) Tj ET Q q 0 0 0 rg BT 360.62 276.90 Td (of ) Tj ET Q q 0 0 0 rg BT 372.05 276.90 Td (taxes\) ) Tj ET Q q 0 0 0 rg BT 399.80 276.90 Td (included ) Tj ET Q q 0 0 0 rg BT 438.64 276.90 Td (in ) Tj ET Q q 0 0 0 rg BT 449.49 276.90 Td (the ) Tj ET Q q 0 0 0 rg BT 465.00 276.90 Td (calculation ) Tj ET Q q 0 0 0 rg BT 513.74 276.90 Td (of ) Tj ET Q q 0 0 0 rg BT 524.58 276.90 Td (Adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 264.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.29 264.30 Td (Income.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 243.70 Td (These ) Tj ET Q q 0 0 0 rg BT 76.81 243.70 Td (measures ) Tj ET Q q 0 0 0 rg BT 118.12 243.70 Td (are ) Tj ET Q q 0 0 0 rg BT 133.18 243.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 172.75 243.70 Td (in ) Tj ET Q q 0 0 0 rg BT 183.16 243.70 Td (addition ) Tj ET Q q 0 0 0 rg BT 219.81 243.70 Td (to ) Tj ET Q q 0 0 0 rg BT 230.22 243.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 247.63 243.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 281.35 243.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 309.93 243.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 362.91 243.70 Td (to ) Tj ET Q q 0 0 0 rg BT 373.32 243.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 397.14 243.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 430.59 243.70 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 451.48 243.70 Td (and ) Tj ET Q q 0 0 0 rg BT 468.89 243.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 486.29 243.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 520.02 243.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 549.09 243.70 Td (per ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 83.46 231.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 109.29 231.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 162.49 231.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.12 231.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 197.15 231.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 230.82 231.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 249.32 231.10 Td (Shareholders, ) Tj ET Q q 0 0 0 rg BT 309.22 231.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.85 231.10 Td (are ) Tj ET Q q 0 0 0 rg BT 342.13 231.10 Td (not ) Tj ET Q q 0 0 0 rg BT 358.01 231.10 Td (substitutes ) Tj ET Q q 0 0 0 rg BT 404.81 231.10 Td (for ) Tj ET Q q 0 0 0 rg BT 419.52 231.10 Td (these ) Tj ET Q q 0 0 0 rg BT 443.55 231.10 Td (measures. ) Tj ET Q q 0 0 0 rg BT 487.53 231.10 Td (These ) Tj ET Q q 0 0 0 rg BT 515.07 231.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.51 231.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 218.50 Td (measures ) Tj ET Q q 0 0 0 rg BT 90.90 218.50 Td (should ) Tj ET Q q 0 0 0 rg BT 121.23 218.50 Td (not ) Tj ET Q q 0 0 0 rg BT 136.97 218.50 Td (be ) Tj ET Q q 0 0 0 rg BT 149.21 218.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 197.01 218.50 Td (in ) Tj ET Q q 0 0 0 rg BT 207.51 218.50 Td (isolation ) Tj ET Q q 0 0 0 rg BT 246.00 218.50 Td (and ) Tj ET Q q 0 0 0 rg BT 263.49 218.50 Td (may ) Tj ET Q q 0 0 0 rg BT 283.89 218.50 Td (not ) Tj ET Q q 0 0 0 rg BT 299.64 218.50 Td (be ) Tj ET Q q 0 0 0 rg BT 311.87 218.50 Td (comparable ) Tj ET Q q 0 0 0 rg BT 363.17 218.50 Td (to ) Tj ET Q q 0 0 0 rg BT 373.67 218.50 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 421.11 218.50 Td ( ) Tj ET Q q 0 0 0 rg BT 423.44 218.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 478.81 218.50 Td (measures, ) Tj ET Q q 0 0 0 rg BT 522.83 218.50 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 205.90 Td (measures ) Tj ET Q q 0 0 0 rg BT 90.43 205.90 Td (of ) Tj ET Q q 0 0 0 rg BT 101.04 205.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 137.90 205.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 175.33 205.90 Td (or ) Tj ET Q q 0 0 0 rg BT 185.94 205.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 222.79 205.90 Td (income, ) Tj ET Q q 0 0 0 rg BT 258.19 205.90 Td (and ) Tj ET Q q 0 0 0 rg BT 275.21 205.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 312.06 205.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 349.50 205.90 Td (per ) Tj ET Q q 0 0 0 rg BT 364.77 205.90 Td (share, ) Tj ET Q q 0 0 0 rg BT 391.41 205.90 Td (of ) Tj ET Q q 0 0 0 rg BT 402.02 205.90 Td (other ) Tj ET Q q 0 0 0 rg BT 425.46 205.90 Td (companies, ) Tj ET Q q 0 0 0 rg BT 474.85 205.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 524.89 205.90 Td (. ) Tj ET Q q 0 0 0 rg BT 529.38 205.90 Td (Further) Tj ET Q q 0 0 0 rg BT 559.87 205.90 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 193.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.18 193.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 108.10 193.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 142.34 193.30 Td (and ) Tj ET Q q 0 0 0 rg BT 159.66 193.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 200.33 193.30 Td (EPS ) Tj ET Q q 0 0 0 rg BT 221.19 193.30 Td (are ) Tj ET Q q 0 0 0 rg BT 236.77 193.30 Td (not ) Tj ET Q q 0 0 0 rg BT 252.94 193.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 291.29 193.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 333.12 193.30 Td (and ) Tj ET Q q 0 0 0 rg BT 351.04 193.30 Td (should ) Tj ET Q q 0 0 0 rg BT 381.81 193.30 Td (not ) Tj ET Q q 0 0 0 rg BT 397.99 193.30 Td (be ) Tj ET Q q 0 0 0 rg BT 410.66 193.30 Td (used ) Tj ET Q q 0 0 0 rg BT 432.66 193.30 Td (in ) Tj ET Q q 0 0 0 rg BT 443.59 193.30 Td (place ) Tj ET Q q 0 0 0 rg BT 468.50 193.30 Td (of ) Tj ET Q q 0 0 0 rg BT 480.01 193.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 501.43 193.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 523.44 193.30 Td (measures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 180.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.36 180.70 Td (under ) Tj ET Q q 0 0 0 rg BT 125.89 180.70 Td (GAAP) Tj ET Q q 0 0 0 rg BT 153.31 180.70 Td (.) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (57) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 741.75 Td (calculations ) Tj ET Q q 0 0 0 rg BT 120.43 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.92 741.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 171.06 741.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 188.46 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 222.17 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.07 741.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 279.22 741.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 299.54 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 314.59 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 325.57 741.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 359.30 741.75 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 393.60 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 404.00 741.75 Td (thousands, ) Tj ET Q q 0 0 0 rg BT 450.86 741.75 Td (except ) Tj ET Q q 0 0 0 rg BT 480.49 741.75 Td (per ) Tj ET Q q 0 0 0 rg BT 496.13 741.75 Td (share ) Tj ET Q q 0 0 0 rg BT 520.51 741.75 Td (amounts\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 716.25 m 420 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 716.25 m 424 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 716.25 m 491 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 716.25 m 495 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 716.25 m 562 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 716.25 m 420 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 701.25 m 420 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 716.25 m 424 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 716.25 m 491 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 701.25 m 491 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 716.25 m 495 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 716.25 m 562 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 701.25 m 562 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 701.25 m 349 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 480.25 m 349 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 465.25 m 349 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 480.25 m 420 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 465.25 m 420 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 480.25 m 491 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 465.25 m 491 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 480.25 m 562 480.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 465.25 m 562 465.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 254.25 m 349 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 239.25 m 349 239.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 254.25 m 420 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 239.25 m 420 239.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 254.25 m 491 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 239.25 m 491 239.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 254.25 m 562 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 239.25 m 562 239.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.65 721.02 Td (Y) Tj ET Q q 0 0 0 rg BT 414.71 721.02 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 706.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.50 706.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 706.02 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 691.02 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 132.56 691.02 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.50 691.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.85 691.04 Td (251,367) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 691.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 691.02 Td (\(28,508) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 691.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.50 691.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 691.02 Td (285,075) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 676.02 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 661.02 Td (Restructuring costs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 646.47 Td (Strategic restructuring and other corporate initiatives) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 295.89 651.23 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.10 646.04 Td (90,519) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.10 646.02 Td (23,655) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 646.02 Td (5,054) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 631.02 Td (Af) Tj ET Q q 0 0 0 rg BT 84.89 631.02 Td (filiate char) Tj ET Q q 0 0 0 rg BT 129.88 631.02 Td (ges) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.88 635.78 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.35 631.04 Td (2,414) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 631.02 Td (7,526) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 631.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 616.02 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.10 616.04 Td (22,539) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.10 616.02 Td (24,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 616.02 Td (24,604) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 600.52 Td (Gains and losses on seed and other investments not of) Tj ET Q q 0 0 0 rg BT 291.50 600.52 Td (fset by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 590.02 Td (compensation or hedges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.35 590.04 Td (1,256) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 590.02 Td (\(17,777) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 590.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 590.02 Td (\(728) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 590.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 575.02 Td (Acquisition and transition-related costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 575.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 575.02 Td (2,466) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 575.02 Td (7,049) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 560.02 Td (Impairments of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 560.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.85 560.02 Td (365,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 560.02 Td (229,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 545.02 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.75 545.04 Td (\(915) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.00 545.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.25 545.02 Td (571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 545.02 Td (\(31,329) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 545.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 530.02 Td (Char) Tj ET Q q 0 0 0 rg BT 85.32 530.02 Td (ges related to significant regulatory matters) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 530.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 530.02 Td (4,151) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 530.02 Td (67,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 515.02 Td (Income tax adjustments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 167.65 519.78 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 500.02 Td (Impacts of non-GAAP) Tj ET Q q 0 0 0 rg BT 168.88 500.02 Td ( adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.60 500.04 Td (\(31,285) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.00 500.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.35 500.02 Td (\(103,049) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 500.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 500.02 Td (\(54,324) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 500.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 485.02 Td (Other tax items) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.35 485.04 Td (3,097) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.35 485.02 Td (9,980) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 485.02 Td (\(208,993) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 485.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 470.02 Td (Adjusted Net Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.50 470.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.85 470.04 Td (338,992) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 470.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.85 470.02 Td (288,619) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.50 470.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 470.02 Td (322,408) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 445.52 Td (Net Income \(Loss\) Per Diluted Share ) Tj ET Q q 0 0 0 rg BT 209.84 445.52 Td (Attributable to Legg Mason,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 435.02 Td (Inc. Shareholders) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.50 435.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 435.04 Td (2.79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 435.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 435.02 Td (\(0.38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 435.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.50 435.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 435.02 Td (3.01) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 420.02 Td (Plus \(less\), net of tax impacts:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 405.02 Td (Restructuring costs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 390.47 Td (Strategic restructuring and other corporate initiatives) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 390.04 Td (0.73) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 390.02 Td (0.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 390.02 Td (0.04) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 375.02 Td (Af) Tj ET Q q 0 0 0 rg BT 84.89 375.02 Td (filiate char) Tj ET Q q 0 0 0 rg BT 129.88 375.02 Td (ges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 375.04 Td (0.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 375.02 Td (0.06) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 375.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 360.02 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 360.04 Td (0.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 360.02 Td (0.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 360.02 Td (0.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 344.52 Td (Gains and losses on seed and other investments not of) Tj ET Q q 0 0 0 rg BT 291.50 344.52 Td (fset by) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.00 334.02 Td (compensation or hedges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 334.04 Td (0.01) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 334.02 Td (\(0.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 334.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 334.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 319.02 Td (Acquisition and transition-related costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 319.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 319.02 Td (0.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 319.02 Td (0.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 304.02 Td (Impairments of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 304.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 304.02 Td (3.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 304.02 Td (1.96) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 289.02 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 289.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 289.02 Td (0.01) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 289.02 Td (\(0.33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 289.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 274.02 Td (Char) Tj ET Q q 0 0 0 rg BT 85.22 274.02 Td (ges related to significant regulatory matters) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 274.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 274.02 Td (0.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 274.02 Td (0.71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 259.02 Td (Other tax items) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 259.04 Td (0.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 259.02 Td (0.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 259.02 Td (\(2.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 259.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 244.02 Td (Adjusted Earnings per Diluted Share) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.50 244.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 244.04 Td (3.76) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 244.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.60 244.02 Td (3.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.50 244.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 244.02 Td (3.41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 229.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 229.55 Td (See ) Tj ET Q q 0 0 0 rg BT 81.90 229.55 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 100.55 229.55 Td (18) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 109.05 229.55 Td ( ) Tj ET Q q 0 0 0 rg BT 111.17 229.55 Td (of ) Tj ET Q q 0 0 0 rg BT 120.38 229.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 142.33 229.55 Td (to ) Tj ET Q q 0 0 0 rg BT 151.07 229.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 198.05 229.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 231.81 229.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 271.24 229.55 Td (for ) Tj ET Q q 0 0 0 rg BT 283.27 229.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 319.39 229.55 Td (information ) Tj ET Q q 0 0 0 rg BT 361.65 229.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 396.34 229.55 Td (our ) Tj ET Q q 0 0 0 rg BT 409.80 229.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 440.72 229.55 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 486.27 229.55 Td (initiatives.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 219.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 219.35 Td (See ) Tj ET Q q 0 0 0 rg BT 81.90 219.35 Td ("Results ) Tj ET Q q 0 0 0 rg BT 112.53 219.35 Td (of ) Tj ET Q q 0 0 0 rg BT 121.73 219.35 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 164.62 219.35 Td (above ) Tj ET Q q 0 0 0 rg BT 187.04 219.35 Td (for ) Tj ET Q q 0 0 0 rg BT 199.08 219.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 235.20 219.35 Td (information ) Tj ET Q q 0 0 0 rg BT 277.45 219.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 312.15 219.35 Td (af) Tj ET Q q 0 0 0 rg BT 318.60 219.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 340.55 219.35 Td (char) Tj ET Q q 0 0 0 rg BT 355.02 219.35 Td (ges.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 209.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 209.15 Td (The ) Tj ET Q q 0 0 0 rg BT 82.84 209.15 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 121.25 209.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.37 209.15 Td (ef) Tj ET Q q 0 0 0 rg BT 129.82 209.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 155.07 209.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 167.58 209.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 185.75 209.15 Td (for ) Tj ET Q q 0 0 0 rg BT 197.79 209.15 Td (the ) Tj ET Q q 0 0 0 rg BT 210.30 209.15 Td (years ) Tj ET Q q 0 0 0 rg BT 230.36 209.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 252.78 209.15 Td (March ) Tj ET Q q 0 0 0 rg BT 277.09 209.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 289.84 209.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 311.09 209.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 330.21 209.15 Td (and ) Tj ET Q q 0 0 0 rg BT 344.61 209.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 365.86 209.15 Td (were ) Tj ET Q q 0 0 0 rg BT 384.50 209.15 Td (26.1%, ) Tj ET Q q 0 0 0 rg BT 410.71 209.15 Td (26.0% ) Tj ET Q q 0 0 0 rg BT 434.79 209.15 Td (and ) Tj ET Q q 0 0 0 rg BT 449.19 209.15 Td (30.1%, ) Tj ET Q q 0 0 0 rg BT 475.39 209.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 515.91 209.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 184.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.41 184.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 108.56 184.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 143.04 184.55 Td (was ) Tj ET Q q 0 0 0 rg BT 162.37 184.55 Td ($339.0 ) Tj ET Q q 0 0 0 rg BT 194.24 184.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 230.19 184.55 Td (or ) Tj ET Q q 0 0 0 rg BT 241.93 184.55 Td ($3.76 ) Tj ET Q q 0 0 0 rg BT 268.55 184.55 Td (per ) Tj ET Q q 0 0 0 rg BT 284.96 184.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 317.11 184.55 Td (share, ) Tj ET Q q 0 0 0 rg BT 344.89 184.55 Td (for ) Tj ET Q q 0 0 0 rg BT 360.12 184.55 Td (the ) Tj ET Q q 0 0 0 rg BT 375.95 184.55 Td (year ) Tj ET Q q 0 0 0 rg BT 397.01 184.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 425.07 184.55 Td (March ) Tj ET Q q 0 0 0 rg BT 455.47 184.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.59 184.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 498.21 184.55 Td (as ) Tj ET Q q 0 0 0 rg BT 509.95 184.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 184.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 171.95 Td ($288.6 ) Tj ET Q q 0 0 0 rg BT 80.68 171.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 115.95 171.95 Td (or ) Tj ET Q q 0 0 0 rg BT 127.00 171.95 Td ($3.26 ) Tj ET Q q 0 0 0 rg BT 152.93 171.95 Td (per ) Tj ET Q q 0 0 0 rg BT 168.64 171.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 200.11 171.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 227.19 171.95 Td (for ) Tj ET Q q 0 0 0 rg BT 241.74 171.95 Td (the ) Tj ET Q q 0 0 0 rg BT 256.87 171.95 Td (year ) Tj ET Q q 0 0 0 rg BT 277.24 171.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 304.62 171.95 Td (March ) Tj ET Q q 0 0 0 rg BT 334.33 171.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 349.76 171.95 Td (2019. ) Tj ET Q q 0 0 0 rg BT 375.69 171.95 Td ( ) Tj ET Q q 0 0 0 rg BT 377.83 171.95 Td (The ) Tj ET Q q 0 0 0 rg BT 396.46 171.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 433.15 171.95 Td (was ) Tj ET Q q 0 0 0 rg BT 451.79 171.95 Td (driven ) Tj ET Q q 0 0 0 rg BT 480.92 171.95 Td (by ) Tj ET Q q 0 0 0 rg BT 493.72 171.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 522.85 171.95 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 92.84 159.35 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 136.47 159.35 Td (an ) Tj ET Q q 0 0 0 rg BT 149.78 159.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 187.57 159.35 Td (in ) Tj ET Q q 0 0 0 rg BT 199.14 159.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 248.62 159.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 288.18 159.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 308.48 159.35 Td (from ) Tj ET Q q 0 0 0 rg BT 332.30 159.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 359.03 159.35 Td (and ) Tj ET Q q 0 0 0 rg BT 377.59 159.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 415.38 159.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 455.52 159.35 Td (driven ) Tj ET Q q 0 0 0 rg BT 485.75 159.35 Td (by ) Tj ET Q q 0 0 0 rg BT 499.65 159.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 529.87 159.35 Td (average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.58 146.75 Td (and ) Tj ET Q q 0 0 0 rg BT 94.31 146.75 Td (an ) Tj ET Q q 0 0 0 rg BT 106.79 146.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 143.76 146.75 Td (in ) Tj ET Q q 0 0 0 rg BT 154.50 146.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.13 146.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 229.60 146.75 Td (that ) Tj ET Q q 0 0 0 rg BT 247.92 146.75 Td (were ) Tj ET Q q 0 0 0 rg BT 270.90 146.75 Td (not ) Tj ET Q q 0 0 0 rg BT 286.89 146.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 317.46 146.75 Td (through ) Tj ET Q q 0 0 0 rg BT 352.70 146.75 Td (as ) Tj ET Q q 0 0 0 rg BT 364.02 146.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 424.91 146.75 Td (expense, ) Tj ET Q q 0 0 0 rg BT 463.93 146.75 Td (as ) Tj ET Q q 0 0 0 rg BT 475.25 146.75 Td (well ) Tj ET Q q 0 0 0 rg BT 495.90 146.75 Td (as ) Tj ET Q q 0 0 0 rg BT 507.22 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.62 146.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.77 146.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 134.15 Td (savings ) Tj ET Q q 0 0 0 rg BT 83.63 134.15 Td (from ) Tj ET Q q 0 0 0 rg BT 106.66 134.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.11 134.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 160.31 134.15 Td (restructuring. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 108.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.41 108.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 108.56 108.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 143.04 108.95 Td (was ) Tj ET Q q 0 0 0 rg BT 162.37 108.95 Td ($288.6 ) Tj ET Q q 0 0 0 rg BT 194.24 108.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 230.19 108.95 Td (or ) Tj ET Q q 0 0 0 rg BT 241.93 108.95 Td ($3.26 ) Tj ET Q q 0 0 0 rg BT 268.55 108.95 Td (per ) Tj ET Q q 0 0 0 rg BT 284.96 108.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 317.11 108.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 344.89 108.95 Td (for ) Tj ET Q q 0 0 0 rg BT 360.12 108.95 Td (the ) Tj ET Q q 0 0 0 rg BT 375.95 108.95 Td (year ) Tj ET Q q 0 0 0 rg BT 397.01 108.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 425.07 108.95 Td (March ) Tj ET Q q 0 0 0 rg BT 455.47 108.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.59 108.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 498.21 108.95 Td (as ) Tj ET Q q 0 0 0 rg BT 509.95 108.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.34 108.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 96.35 Td ($322.4 ) Tj ET Q q 0 0 0 rg BT 81.25 96.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 117.10 96.35 Td (or ) Tj ET Q q 0 0 0 rg BT 128.72 96.35 Td ($3.41 ) Tj ET Q q 0 0 0 rg BT 155.22 96.35 Td (per ) Tj ET Q q 0 0 0 rg BT 171.51 96.35 Td (diluted ) Tj ET Q q 0 0 0 rg BT 203.55 96.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 231.21 96.35 Td (for ) Tj ET Q q 0 0 0 rg BT 246.33 96.35 Td (the ) Tj ET Q q 0 0 0 rg BT 262.04 96.35 Td (year ) Tj ET Q q 0 0 0 rg BT 282.99 96.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 310.94 96.35 Td (March ) Tj ET Q q 0 0 0 rg BT 341.22 96.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 357.22 96.35 Td (2018. ) Tj ET Q q 0 0 0 rg BT 383.73 96.35 Td ( ) Tj ET Q q 0 0 0 rg BT 385.97 96.35 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 426.77 96.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 444.81 96.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 479.17 96.35 Td (decreased ) Tj ET Q q 0 0 0 rg BT 523.44 96.35 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.75 Td (due ) Tj ET Q q 0 0 0 rg BT 67.29 83.75 Td (to ) Tj ET Q q 0 0 0 rg BT 78.08 83.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 104.61 83.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 146.89 83.75 Td (revenues.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (58) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.05 741.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 136.43 741.90 Td (Margin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 66.10 729.30 Td (calculate ) Tj ET Q q 0 0 0 rg BT 105.65 729.30 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 146.44 729.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 191.30 729.30 Td (Mar) Tj ET Q q 0 0 0 rg BT 208.60 729.30 Td (gin, ) Tj ET Q q 0 0 0 rg BT 227.52 729.30 Td (by ) Tj ET Q q 0 0 0 rg BT 240.89 729.30 Td (dividing ) Tj ET Q q 0 0 0 rg BT 278.77 729.30 Td (�Adjusted ) Tj ET Q q 0 0 0 rg BT 324.22 729.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 369.08 729.30 Td (Income�, ) Tj ET Q q 0 0 0 rg BT 410.72 729.30 Td (by ) Tj ET Q q 0 0 0 rg BT 424.09 729.30 Td (�Adjusted ) Tj ET Q q 0 0 0 rg BT 469.54 729.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 514.40 729.30 Td (Revenues�, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (each ) Tj ET Q q 0 0 0 rg BT 70.93 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 81.88 716.70 Td (which ) Tj ET Q q 0 0 0 rg BT 109.74 716.70 Td (is ) Tj ET Q q 0 0 0 rg BT 118.94 716.70 Td (further ) Tj ET Q q 0 0 0 rg BT 149.71 716.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 192.16 716.70 Td (below) Tj ET Q q 0 0 0 rg BT 217.14 716.70 Td (. ) Tj ET Q q 0 0 0 rg BT 221.96 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 224.00 716.70 Td (These ) Tj ET Q q 0 0 0 rg BT 251.27 716.70 Td (measures ) Tj ET Q q 0 0 0 rg BT 292.54 716.70 Td (only ) Tj ET Q q 0 0 0 rg BT 313.41 716.70 Td (include ) Tj ET Q q 0 0 0 rg BT 346.52 716.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 398.88 716.70 Td (for ) Tj ET Q q 0 0 0 rg BT 413.32 716.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.08 716.70 Td (items ) Tj ET Q q 0 0 0 rg BT 469.03 716.70 Td (that ) Tj ET Q q 0 0 0 rg BT 486.98 716.70 Td (relate ) Tj ET Q q 0 0 0 rg BT 512.49 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 522.86 716.70 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 106.89 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.76 704.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 165.99 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 180.52 704.10 Td (most ) Tj ET Q q 0 0 0 rg BT 202.66 704.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 233.52 704.10 Td (reconcilable ) Tj ET Q q 0 0 0 rg BT 286.54 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.42 704.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 340.12 704.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 357.43 704.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 375.18 704.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 418.88 704.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 452.08 704.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 480.63 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.38 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 503.06 704.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 520.52 704.10 Td (Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 92.95 691.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 142.80 691.50 Td (under ) Tj ET Q q 0 0 0 rg BT 169.33 691.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 196.76 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 202.01 691.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 252.06 691.50 Td (. ) Tj ET Q q 0 0 0 rg BT 257.31 691.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 670.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 670.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 670.90 Td (define ) Tj ET Q q 0 0 0 rg BT 94.14 670.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 134.68 670.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 179.29 670.90 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 222.73 670.90 Td (as ) Tj ET Q q 0 0 0 rg BT 234.11 670.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 278.72 670.90 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 324.79 670.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 362.41 670.90 Td (to:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 658.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 658.30 Td (Include:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 643.43 cm /I29 Do Q q 0 0 0 rg BT 108.27 645.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 645.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 139.29 645.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.99 645.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 226.77 645.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 246.30 645.70 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 293.25 645.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 316.87 645.70 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 376.08 645.70 Td (of ) Tj ET Q q 0 0 0 rg BT 387.45 645.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 436.15 645.70 Td (vehicles) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 633.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 633.10 Td (Exclude:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 618.23 cm /I30 Do Q q 0 0 0 rg BT 108.27 620.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 620.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 175.92 620.50 Td (and ) Tj ET Q q 0 0 0 rg BT 194.74 620.50 Td (servicing ) Tj ET Q q 0 0 0 rg BT 236.89 620.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 257.46 620.50 Td (and ) Tj ET Q q 0 0 0 rg BT 276.28 620.50 Td (a ) Tj ET Q q 0 0 0 rg BT 284.60 620.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 318.60 620.50 Td (of ) Tj ET Q q 0 0 0 rg BT 331.00 620.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 381.32 620.50 Td (advisory ) Tj ET Q q 0 0 0 rg BT 421.15 620.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 441.71 620.50 Td (used ) Tj ET Q q 0 0 0 rg BT 464.62 620.50 Td (to ) Tj ET Q q 0 0 0 rg BT 476.45 620.50 Td (pay ) Tj ET Q q 0 0 0 rg BT 495.27 620.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 547.36 620.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 607.90 Td (servicing ) Tj ET Q q 0 0 0 rg BT 161.60 607.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 184.22 607.90 Td (to ) Tj ET Q q 0 0 0 rg BT 194.00 607.90 Td (third ) Tj ET Q q 0 0 0 rg BT 215.45 607.90 Td (party ) Tj ET Q q 0 0 0 rg BT 238.64 607.90 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 300.31 607.90 Td (based ) Tj ET Q q 0 0 0 rg BT 325.84 607.90 Td (on ) Tj ET Q q 0 0 0 rg BT 337.95 607.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 386.21 607.90 Td (relationships ) Tj ET Q q 0 0 0 rg BT 441.49 607.90 Td (the ) Tj ET Q q 0 0 0 rg BT 455.93 607.90 Td (third-party ) Tj ET Q q 0 0 0 rg BT 502.45 607.90 Td (intermediaries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 595.30 Td (have ) Tj ET Q q 0 0 0 rg BT 143.43 595.30 Td (with ) Tj ET Q q 0 0 0 rg BT 164.21 595.30 Td (the ) Tj ET Q q 0 0 0 rg BT 179.15 595.30 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 215.68 595.30 Td (clients. ) Tj ET Q q 0 0 0 rg BT 247.67 595.30 Td (The ) Tj ET Q q 0 0 0 rg BT 266.11 595.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 299.72 595.30 Td (of ) Tj ET Q q 0 0 0 rg BT 310.57 595.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 363.44 595.30 Td (and ) Tj ET Q q 0 0 0 rg BT 380.71 595.30 Td (servicing ) Tj ET Q q 0 0 0 rg BT 421.31 595.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 440.33 595.30 Td (and ) Tj ET Q q 0 0 0 rg BT 457.60 595.30 Td (the ) Tj ET Q q 0 0 0 rg BT 472.54 595.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 504.99 595.30 Td (of ) Tj ET Q q 0 0 0 rg BT 515.85 595.30 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 582.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 160.44 582.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 180.12 582.70 Td (excluded ) Tj ET Q q 0 0 0 rg BT 220.80 582.70 Td (approximate ) Tj ET Q q 0 0 0 rg BT 276.06 582.70 Td (the ) Tj ET Q q 0 0 0 rg BT 291.67 582.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 318.35 582.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 342.13 582.70 Td (of ) Tj ET Q q 0 0 0 rg BT 353.65 582.70 Td (selling ) Tj ET Q q 0 0 0 rg BT 384.43 582.70 Td (and ) Tj ET Q q 0 0 0 rg BT 402.37 582.70 Td (servicing ) Tj ET Q q 0 0 0 rg BT 443.64 582.70 Td (our ) Tj ET Q q 0 0 0 rg BT 460.42 582.70 Td (products ) Tj ET Q q 0 0 0 rg BT 499.36 582.70 Td (that ) Tj ET Q q 0 0 0 rg BT 517.88 582.70 Td (are ) Tj ET Q q 0 0 0 rg BT 533.48 582.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.33 582.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 570.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 169.03 570.10 Td (intermediaries, ) Tj ET Q q 0 0 0 rg BT 234.34 570.10 Td (based ) Tj ET Q q 0 0 0 rg BT 260.87 570.10 Td (on ) Tj ET Q q 0 0 0 rg BT 274.00 570.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 323.26 570.10 Td (percentages ) Tj ET Q q 0 0 0 rg BT 375.44 570.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.81 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.27 570.10 Td (value ) Tj ET Q q 0 0 0 rg BT 427.63 570.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.00 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.45 570.10 Td (related ) Tj ET Q q 0 0 0 rg BT 485.06 570.10 Td (AUM) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 555.23 cm /I31 Do Q q 0 0 0 rg BT 108.27 557.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 557.50 Td (Performance ) Tj ET Q q 0 0 0 rg BT 178.61 557.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 198.98 557.50 Td (that ) Tj ET Q q 0 0 0 rg BT 218.19 557.50 Td (are ) Tj ET Q q 0 0 0 rg BT 234.48 557.50 Td (passed ) Tj ET Q q 0 0 0 rg BT 265.94 557.50 Td (through ) Tj ET Q q 0 0 0 rg BT 302.08 557.50 Td (as ) Tj ET Q q 0 0 0 rg BT 314.29 557.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 376.08 557.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 413.37 557.50 Td (or ) Tj ET Q q 0 0 0 rg BT 425.58 557.50 Td (net ) Tj ET Q q 0 0 0 rg BT 441.88 557.50 Td (income ) Tj ET Q q 0 0 0 rg BT 476.25 557.50 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 503.05 557.50 Td (attributable ) Tj ET Q q 0 0 0 rg BT 554.34 557.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 544.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 185.95 544.90 Td (interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 519.70 Td (These ) Tj ET Q q 0 0 0 rg BT 76.21 519.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 128.02 519.70 Td (do ) Tj ET Q q 0 0 0 rg BT 140.16 519.70 Td (not ) Tj ET Q q 0 0 0 rg BT 155.22 519.70 Td (relate ) Tj ET Q q 0 0 0 rg BT 180.18 519.70 Td (to ) Tj ET Q q 0 0 0 rg BT 189.99 519.70 Td (items ) Tj ET Q q 0 0 0 rg BT 214.38 519.70 Td (that ) Tj ET Q q 0 0 0 rg BT 231.77 519.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 261.98 519.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 278.79 519.70 Td (income ) Tj ET Q q 0 0 0 rg BT 311.33 519.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 339.44 519.70 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 391.82 519.70 Td (to ) Tj ET Q q 0 0 0 rg BT 401.63 519.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 424.85 519.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 457.70 519.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 475.38 519.70 Td (and ) Tj ET Q q 0 0 0 rg BT 492.18 519.70 Td (they ) Tj ET Q q 0 0 0 rg BT 511.90 519.70 Td (are ) Tj ET Q q 0 0 0 rg BT 526.36 519.70 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 507.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 507.10 Td (one ) Tj ET Q q 0 0 0 rg BT 78.08 507.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.45 507.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.90 507.10 Td (ways ) Tj ET Q q 0 0 0 rg BT 129.11 507.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.73 507.10 Td (management ) Tj ET Q q 0 0 0 rg BT 202.00 507.10 Td (views ) Tj ET Q q 0 0 0 rg BT 229.12 507.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.91 507.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 288.60 507.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.22 507.10 Td (business ) Tj ET Q q 0 0 0 rg BT 343.43 507.10 Td (results.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 481.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 481.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 481.90 Td (define ) Tj ET Q q 0 0 0 rg BT 94.14 481.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 134.68 481.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 179.29 481.90 Td (Income, ) Tj ET Q q 0 0 0 rg BT 216.02 481.90 Td (as ) Tj ET Q q 0 0 0 rg BT 227.40 481.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 272.01 481.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 306.12 481.90 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 338.20 481.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 375.81 481.90 Td (to ) Tj ET Q q 0 0 0 rg BT 386.61 481.90 Td (exclude ) Tj ET Q q 0 0 0 rg BT 421.88 481.90 Td (the ) Tj ET Q q 0 0 0 rg BT 437.33 481.90 Td (following: ) Tj ET Q q 0 0 0 rg BT 483.71 481.90 Td ( ) Tj ET Q q 0 0 0 rg BT 486.33 481.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 469.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 469.30 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 145.28 469.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 171.53 469.30 Td (including:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 454.43 cm /I32 Do Q q 0 0 0 rg BT 108.27 456.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 456.70 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 168.26 456.70 Td (char) Tj ET Q q 0 0 0 rg BT 186.14 456.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 204.92 456.70 Td (related ) Tj ET Q q 0 0 0 rg BT 238.26 456.70 Td (to ) Tj ET Q q 0 0 0 rg BT 251.21 456.70 Td (the ) Tj ET Q q 0 0 0 rg BT 268.82 456.70 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 308.01 456.70 Td (strategic ) Tj ET Q q 0 0 0 rg BT 348.36 456.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 406.79 456.70 Td (and ) Tj ET Q q 0 0 0 rg BT 426.73 456.70 Td (other ) Tj ET Q q 0 0 0 rg BT 453.08 456.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 474.78 456.70 Td (saving ) Tj ET Q q 0 0 0 rg BT 506.97 456.70 Td (and ) Tj ET Q q 0 0 0 rg BT 526.91 456.70 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 444.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 168.16 444.10 Td (including ) Tj ET Q q 0 0 0 rg BT 210.45 444.10 Td (severance, ) Tj ET Q q 0 0 0 rg BT 257.09 444.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 280.70 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.48 444.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.68 444.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 346.31 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.09 444.10 Td (other ) Tj ET Q q 0 0 0 rg BT 388.29 444.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 436.99 444.10 Td (costs; ) Tj ET Q q 0 0 0 rg BT 463.53 444.10 Td (and) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 429.23 cm /I33 Do Q q 0 0 0 rg BT 108.27 431.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 431.50 Td (Af) Tj ET Q q 0 0 0 rg BT 132.39 431.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 158.85 431.50 Td (char) Tj ET Q q 0 0 0 rg BT 176.73 431.50 Td (ges, ) Tj ET Q q 0 0 0 rg BT 195.33 431.50 Td (including ) Tj ET Q q 0 0 0 rg BT 236.96 431.50 Td (af) Tj ET Q q 0 0 0 rg BT 244.93 431.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 271.39 431.50 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 327.02 431.50 Td (and ) Tj ET Q q 0 0 0 rg BT 344.15 431.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 387.51 431.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 413.11 431.50 Td (and ) Tj ET Q q 0 0 0 rg BT 430.25 431.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.79 431.50 Td (one-time ) Tj ET Q q 0 0 0 rg BT 500.08 431.50 Td (char) Tj ET Q q 0 0 0 rg BT 517.96 431.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 533.93 431.50 Td (arising ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 418.90 Td (from ) Tj ET Q q 0 0 0 rg BT 144.54 418.90 Td (the ) Tj ET Q q 0 0 0 rg BT 159.99 418.90 Td (issuance ) Tj ET Q q 0 0 0 rg BT 198.19 418.90 Td (of ) Tj ET Q q 0 0 0 rg BT 209.56 418.90 Td (management ) Tj ET Q q 0 0 0 rg BT 265.83 418.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 294.70 418.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.40 418.90 Td (awards) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 406.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 406.30 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 144.11 406.30 Td (of ) Tj ET Q q 0 0 0 rg BT 155.48 406.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 200.10 406.30 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 393.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 393.70 Td (The ) Tj ET Q q 0 0 0 rg BT 104.45 393.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 135.65 393.70 Td (on ) Tj ET Q q 0 0 0 rg BT 148.77 393.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 209.72 393.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 246.16 393.70 Td (of: ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 378.83 cm /I34 Do Q q 0 0 0 rg BT 108.27 381.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 381.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 148.62 381.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.41 381.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 194.12 381.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.25 381.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 260.03 381.10 Td (made ) Tj ET Q q 0 0 0 rg BT 285.40 381.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.19 381.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 318.06 381.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 355.66 381.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 416.60 381.10 Td (plans ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 103.50 366.23 cm /I35 Do Q q 0 0 0 rg BT 108.27 368.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.50 368.50 Td (Gains ) Tj ET Q q 0 0 0 rg BT 148.62 368.50 Td (and ) Tj ET Q q 0 0 0 rg BT 166.41 368.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 194.12 368.50 Td (on ) Tj ET Q q 0 0 0 rg BT 207.25 368.50 Td (seed ) Tj ET Q q 0 0 0 rg BT 228.53 368.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 259.14 368.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 311.93 368.50 Td (by ) Tj ET Q q 0 0 0 rg BT 325.05 368.50 Td (our ) Tj ET Q q 0 0 0 rg BT 341.67 368.50 Td (af) Tj ET Q q 0 0 0 rg BT 349.64 368.50 Td (filiates ) Tj ET Q q 0 0 0 rg BT 380.84 368.50 Td (under ) Tj ET Q q 0 0 0 rg BT 407.37 368.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 443.23 368.50 Td (sharing ) Tj ET Q q 0 0 0 rg BT 476.76 368.50 Td (arrangements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 355.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 355.90 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 137.76 355.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 178.92 355.90 Td (and ) Tj ET Q q 0 0 0 rg BT 197.34 355.90 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 272.32 355.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 296.58 355.90 Td (for ) Tj ET Q q 0 0 0 rg BT 312.08 355.90 Td (integration ) Tj ET Q q 0 0 0 rg BT 360.83 355.90 Td (activities, ) Tj ET Q q 0 0 0 rg BT 404.62 355.90 Td (including ) Tj ET Q q 0 0 0 rg BT 447.54 355.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 479.36 355.90 Td (related ) Tj ET Q q 0 0 0 rg BT 511.18 355.90 Td (professional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 343.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 105.03 343.30 Td (and ) Tj ET Q q 0 0 0 rg BT 122.81 343.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 146.44 343.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 192.22 343.30 Td (with ) Tj ET Q q 0 0 0 rg BT 213.51 343.30 Td (the ) Tj ET Q q 0 0 0 rg BT 228.96 343.30 Td (transition ) Tj ET Q q 0 0 0 rg BT 271.25 343.30 Td (and ) Tj ET Q q 0 0 0 rg BT 289.04 343.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.74 343.30 Td (of ) Tj ET Q q 0 0 0 rg BT 349.11 343.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 387.88 343.30 Td (businesses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 330.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 330.70 Td (Impairments ) Tj ET Q q 0 0 0 rg BT 141.20 330.70 Td (of ) Tj ET Q q 0 0 0 rg BT 152.57 330.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 197.18 330.70 Td (assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 318.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 318.10 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 134.79 318.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 193.98 318.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 211.18 318.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.54 318.10 Td (adjustments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 305.50 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 305.50 Td (Char) Tj ET Q q 0 0 0 rg BT 105.72 305.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 122.34 305.50 Td (related ) Tj ET Q q 0 0 0 rg BT 153.53 305.50 Td (to ) Tj ET Q q 0 0 0 rg BT 164.32 305.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 211.27 305.50 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 257.05 305.50 Td (matters ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 292.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 292.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 119.61 292.90 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 145.57 292.90 Td (of ) Tj ET Q q 0 0 0 rg BT 156.94 292.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 212.64 292.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 261.34 292.90 Td (vehicles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 267.70 Td (In ) Tj ET Q q 0 0 0 rg BT 61.45 267.70 Td (calculating ) Tj ET Q q 0 0 0 rg BT 110.01 267.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 151.13 267.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 196.33 267.70 Td (Income, ) Tj ET Q q 0 0 0 rg BT 233.64 267.70 Td (we ) Tj ET Q q 0 0 0 rg BT 249.09 267.70 Td (adjust ) Tj ET Q q 0 0 0 rg BT 277.38 267.70 Td (for ) Tj ET Q q 0 0 0 rg BT 292.83 267.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 349.68 267.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 373.89 267.70 Td (because ) Tj ET Q q 0 0 0 rg BT 410.32 267.70 Td (these ) Tj ET Q q 0 0 0 rg BT 435.10 267.70 Td (items ) Tj ET Q q 0 0 0 rg BT 461.06 267.70 Td (are ) Tj ET Q q 0 0 0 rg BT 477.08 267.70 Td (not ) Tj ET Q q 0 0 0 rg BT 493.71 267.70 Td (reflective ) Tj ET Q q 0 0 0 rg BT 536.55 267.70 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 267.70 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (core ) Tj ET Q q 0 0 0 rg BT 69.97 255.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 92.78 255.10 Td (management ) Tj ET Q q 0 0 0 rg BT 148.82 255.10 Td (business ) Tj ET Q q 0 0 0 rg BT 186.81 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.96 255.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 241.19 255.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 289.66 255.10 Td (management ) Tj ET Q q 0 0 0 rg BT 345.71 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.27 255.10 Td (related ) Tj ET Q q 0 0 0 rg BT 394.23 255.10 Td (products ) Tj ET Q q 0 0 0 rg BT 432.79 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.35 255.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 489.19 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.42 255.10 Td (W) Tj ET Q q 0 0 0 rg BT 500.49 255.10 Td (e ) Tj ET Q q 0 0 0 rg BT 507.55 255.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 535.03 255.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 255.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 242.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.30 242.50 Td (on ) Tj ET Q q 0 0 0 rg BT 93.02 242.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 153.57 242.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 189.61 242.50 Td (of ) Tj ET Q q 0 0 0 rg BT 200.58 242.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 224.97 242.50 Td (and ) Tj ET Q q 0 0 0 rg BT 242.36 242.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 269.67 242.50 Td (on ) Tj ET Q q 0 0 0 rg BT 282.40 242.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 334.79 242.50 Td (made ) Tj ET Q q 0 0 0 rg BT 359.75 242.50 Td (to ) Tj ET Q q 0 0 0 rg BT 370.14 242.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 391.62 242.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 428.81 242.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 489.36 242.50 Td (plans ) Tj ET Q q 0 0 0 rg BT 513.75 242.50 Td (and ) Tj ET Q q 0 0 0 rg BT 531.13 242.50 Td (on ) Tj ET Q q 0 0 0 rg BT 543.86 242.50 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 229.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.54 229.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 131.76 229.90 Td (by ) Tj ET Q q 0 0 0 rg BT 144.31 229.90 Td (our ) Tj ET Q q 0 0 0 rg BT 160.36 229.90 Td (af) Tj ET Q q 0 0 0 rg BT 168.33 229.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 198.96 229.90 Td (under ) Tj ET Q q 0 0 0 rg BT 224.92 229.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 260.21 229.90 Td (sharing ) Tj ET Q q 0 0 0 rg BT 293.17 229.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 351.78 229.90 Td (because ) Tj ET Q q 0 0 0 rg BT 387.07 229.90 Td (they ) Tj ET Q q 0 0 0 rg BT 407.20 229.90 Td (are ) Tj ET Q q 0 0 0 rg BT 422.07 229.90 Td (of) Tj ET Q q 0 0 0 rg BT 430.63 229.90 Td (fset ) Tj ET Q q 0 0 0 rg BT 447.85 229.90 Td (by ) Tj ET Q q 0 0 0 rg BT 460.40 229.90 Td (an ) Tj ET Q q 0 0 0 rg BT 472.37 229.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 497.16 229.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 530.71 229.90 Td (in ) Tj ET Q q 0 0 0 rg BT 540.93 229.90 Td (Non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 217.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.00 217.30 Td (income ) Tj ET Q q 0 0 0 rg BT 125.75 217.30 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 172.03 217.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 190.33 217.30 Td (and ) Tj ET Q q 0 0 0 rg BT 208.34 217.30 Td (thus ) Tj ET Q q 0 0 0 rg BT 228.69 217.30 Td (have ) Tj ET Q q 0 0 0 rg BT 251.35 217.30 Td (no ) Tj ET Q q 0 0 0 rg BT 264.70 217.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 296.12 217.30 Td (on ) Tj ET Q q 0 0 0 rg BT 309.47 217.30 Td (Net ) Tj ET Q q 0 0 0 rg BT 327.47 217.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 361.18 217.30 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 414.76 217.30 Td (to ) Tj ET Q q 0 0 0 rg BT 425.77 217.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 450.19 217.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 484.25 217.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 503.13 217.30 Td ( ) Tj ET Q q 0 0 0 rg BT 505.77 217.30 Td (W) Tj ET Q q 0 0 0 rg BT 514.83 217.30 Td (e ) Tj ET Q q 0 0 0 rg BT 522.34 217.30 Td (adjust ) Tj ET Q q 0 0 0 rg BT 550.27 217.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 204.70 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 131.73 204.70 Td (items, ) Tj ET Q q 0 0 0 rg BT 161.19 204.70 Td (including ) Tj ET Q q 0 0 0 rg BT 204.94 204.70 Td (amortization ) Tj ET Q q 0 0 0 rg BT 262.09 204.70 Td (of ) Tj ET Q q 0 0 0 rg BT 274.93 204.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 321.01 204.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 352.22 204.70 Td (impairments ) Tj ET Q q 0 0 0 rg BT 408.80 204.70 Td (of ) Tj ET Q q 0 0 0 rg BT 421.64 204.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 467.72 204.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 498.93 204.70 Td (and ) Tj ET Q q 0 0 0 rg BT 518.18 204.70 Td (contingent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 108.06 192.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 124.63 192.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.36 192.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 204.14 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.30 192.10 Td (make ) Tj ET Q q 0 0 0 rg BT 239.03 192.10 Td (it ) Tj ET Q q 0 0 0 rg BT 246.86 192.10 Td (easier ) Tj ET Q q 0 0 0 rg BT 273.34 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.50 192.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 318.15 192.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 345.80 192.10 Td (af) Tj ET Q q 0 0 0 rg BT 353.77 192.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 384.92 192.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.91 192.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 448.39 192.10 Td (business ) Tj ET Q q 0 0 0 rg BT 485.97 192.10 Td (that ) Tj ET Q q 0 0 0 rg BT 503.71 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.52 192.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.93 192.10 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 179.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.44 179.50 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 113.38 179.50 Td (to ) Tj ET Q q 0 0 0 rg BT 124.32 179.50 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 163.83 179.50 Td (comparison ) Tj ET Q q 0 0 0 rg BT 215.59 179.50 Td (of ) Tj ET Q q 0 0 0 rg BT 227.11 179.50 Td (our ) Tj ET Q q 0 0 0 rg BT 243.88 179.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 286.31 179.50 Td (results ) Tj ET Q q 0 0 0 rg BT 316.50 179.50 Td (with ) Tj ET Q q 0 0 0 rg BT 337.94 179.50 Td (the ) Tj ET Q q 0 0 0 rg BT 353.55 179.50 Td (results ) Tj ET Q q 0 0 0 rg BT 383.74 179.50 Td (of ) Tj ET Q q 0 0 0 rg BT 395.26 179.50 Td (other ) Tj ET Q q 0 0 0 rg BT 419.61 179.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 442.79 179.50 Td (management ) Tj ET Q q 0 0 0 rg BT 499.21 179.50 Td (firms ) Tj ET Q q 0 0 0 rg BT 524.15 179.50 Td (that ) Tj ET Q q 0 0 0 rg BT 542.67 179.50 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 166.90 Td (not ) Tj ET Q q 0 0 0 rg BT 65.10 166.90 Td (engaged ) Tj ET Q q 0 0 0 rg BT 102.27 166.90 Td (in ) Tj ET Q q 0 0 0 rg BT 112.63 166.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 159.14 166.90 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 214.11 166.90 Td ( ) Tj ET Q q 0 0 0 rg BT 216.14 166.90 Td (W) Tj ET Q q 0 0 0 rg BT 225.21 166.90 Td (e ) Tj ET Q q 0 0 0 rg BT 232.06 166.90 Td (adjust ) Tj ET Q q 0 0 0 rg BT 259.33 166.90 Td (for ) Tj ET Q q 0 0 0 rg BT 273.76 166.90 Td (char) Tj ET Q q 0 0 0 rg BT 291.64 166.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 307.82 166.90 Td (\(credits\) ) Tj ET Q q 0 0 0 rg BT 344.99 166.90 Td (related ) Tj ET Q q 0 0 0 rg BT 375.74 166.90 Td (to ) Tj ET Q q 0 0 0 rg BT 386.09 166.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 432.60 166.90 Td (litigation ) Tj ET Q q 0 0 0 rg BT 472.70 166.90 Td (or ) Tj ET Q q 0 0 0 rg BT 483.64 166.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 528.97 166.90 Td (matters, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 154.30 Td (net ) Tj ET Q q 0 0 0 rg BT 64.50 154.30 Td (of ) Tj ET Q q 0 0 0 rg BT 75.41 154.30 Td (any ) Tj ET Q q 0 0 0 rg BT 92.75 154.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 135.15 154.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 174.63 154.30 Td (and ) Tj ET Q q 0 0 0 rg BT 191.96 154.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 227.36 154.30 Td (share ) Tj ET Q q 0 0 0 rg BT 251.69 154.30 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 306.64 154.30 Td (because ) Tj ET Q q 0 0 0 rg BT 342.04 154.30 Td (these ) Tj ET Q q 0 0 0 rg BT 365.79 154.30 Td (matters ) Tj ET Q q 0 0 0 rg BT 398.87 154.30 Td (do ) Tj ET Q q 0 0 0 rg BT 411.54 154.30 Td (not ) Tj ET Q q 0 0 0 rg BT 427.12 154.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 456.10 154.30 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 154.30 Td (underlying ) Tj ET Q q 0 0 0 rg BT 518.76 154.30 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 141.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.65 141.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 121.68 141.70 Td (of ) Tj ET Q q 0 0 0 rg BT 132.41 141.70 Td (our ) Tj ET Q q 0 0 0 rg BT 148.40 141.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 188.59 141.70 Td ( ) Tj ET Q q 0 0 0 rg BT 190.44 141.70 Td (W) Tj ET Q q 0 0 0 rg BT 199.50 141.70 Td (e ) Tj ET Q q 0 0 0 rg BT 206.15 141.70 Td (adjust ) Tj ET Q q 0 0 0 rg BT 233.22 141.70 Td (for ) Tj ET Q q 0 0 0 rg BT 247.45 141.70 Td (income ) Tj ET Q q 0 0 0 rg BT 280.34 141.70 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 305.66 141.70 Td (of ) Tj ET Q q 0 0 0 rg BT 316.39 141.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 371.45 141.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 419.51 141.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 455.90 141.70 Td (because ) Tj ET Q q 0 0 0 rg BT 491.11 141.70 Td (the ) Tj ET Q q 0 0 0 rg BT 505.92 141.70 Td (consolidation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 129.10 Td (these ) Tj ET Q q 0 0 0 rg BT 85.07 129.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 133.77 129.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 170.80 129.10 Td (does ) Tj ET Q q 0 0 0 rg BT 192.67 129.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.72 129.10 Td (have ) Tj ET Q q 0 0 0 rg BT 231.16 129.10 Td (an ) Tj ET Q q 0 0 0 rg BT 243.70 129.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 274.90 129.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.02 129.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 305.81 129.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 339.92 129.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 368.80 129.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 422.16 129.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.95 129.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 457.15 129.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 490.98 129.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 509.64 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.27 129.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 108.50 Td (These ) Tj ET Q q 0 0 0 rg BT 78.11 108.50 Td (measures ) Tj ET Q q 0 0 0 rg BT 120.71 108.50 Td (are ) Tj ET Q q 0 0 0 rg BT 137.06 108.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 177.92 108.50 Td (in ) Tj ET Q q 0 0 0 rg BT 189.62 108.50 Td (addition ) Tj ET Q q 0 0 0 rg BT 227.57 108.50 Td (to ) Tj ET Q q 0 0 0 rg BT 239.27 108.50 Td (and ) Tj ET Q q 0 0 0 rg BT 257.96 108.50 Td (are ) Tj ET Q q 0 0 0 rg BT 274.31 108.50 Td (not ) Tj ET Q q 0 0 0 rg BT 291.26 108.50 Td (substitutes ) Tj ET Q q 0 0 0 rg BT 339.14 108.50 Td (for ) Tj ET Q q 0 0 0 rg BT 354.91 108.50 Td (our ) Tj ET Q q 0 0 0 rg BT 372.44 108.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 417.96 108.50 Td (Mar) Tj ET Q q 0 0 0 rg BT 435.27 108.50 Td (gin, ) Tj ET Q q 0 0 0 rg BT 454.84 108.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 500.36 108.50 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 547.34 108.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 95.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.52 95.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 129.04 95.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 158.90 95.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 204.49 95.90 Td (under ) Tj ET Q q 0 0 0 rg BT 231.43 95.90 Td (GAAP) Tj ET Q q 0 0 0 rg BT 258.85 95.90 Td (. ) Tj ET Q q 0 0 0 rg BT 264.51 95.90 Td ( ) Tj ET Q q 0 0 0 rg BT 267.32 95.90 Td (These ) Tj ET Q q 0 0 0 rg BT 295.43 95.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 342.87 95.90 Td ( ) Tj ET Q q 0 0 0 rg BT 345.91 95.90 Td (measures ) Tj ET Q q 0 0 0 rg BT 388.01 95.90 Td (should ) Tj ET Q q 0 0 0 rg BT 419.05 95.90 Td (not ) Tj ET Q q 0 0 0 rg BT 435.50 95.90 Td (be ) Tj ET Q q 0 0 0 rg BT 448.44 95.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 496.95 95.90 Td (in ) Tj ET Q q 0 0 0 rg BT 508.15 95.90 Td (isolation ) Tj ET Q q 0 0 0 rg BT 547.35 95.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.30 Td (may ) Tj ET Q q 0 0 0 rg BT 70.36 83.30 Td (not ) Tj ET Q q 0 0 0 rg BT 86.55 83.30 Td (be ) Tj ET Q q 0 0 0 rg BT 99.24 83.30 Td (comparable ) Tj ET Q q 0 0 0 rg BT 150.99 83.30 Td (to ) Tj ET Q q 0 0 0 rg BT 161.93 83.30 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 209.38 83.30 Td ( ) Tj ET Q q 0 0 0 rg BT 212.16 83.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 267.98 83.30 Td (measures, ) Tj ET Q q 0 0 0 rg BT 312.46 83.30 Td (including ) Tj ET Q q 0 0 0 rg BT 354.90 83.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 396.74 83.30 Td (of ) Tj ET Q q 0 0 0 rg BT 408.27 83.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 446.04 83.30 Td (mar) Tj ET Q q 0 0 0 rg BT 462.17 83.30 Td (gins, ) Tj ET Q q 0 0 0 rg BT 485.08 83.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 522.85 83.30 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 70.70 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 92.80 70.70 Td (and ) Tj ET Q q 0 0 0 rg BT 111.33 70.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 149.69 70.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.71 70.70 Td (income, ) Tj ET Q q 0 0 0 rg BT 229.60 70.70 Td (of ) Tj ET Q q 0 0 0 rg BT 241.71 70.70 Td (other ) Tj ET Q q 0 0 0 rg BT 266.65 70.70 Td (companies. ) Tj ET Q q 0 0 0 rg BT 317.54 70.70 Td ( ) Tj ET Q q 0 0 0 rg BT 320.91 70.70 Td (Further) Tj ET Q q 0 0 0 rg BT 351.40 70.70 Td (, ) Tj ET Q q 0 0 0 rg BT 356.65 70.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 397.93 70.70 Td (Operating ) Tj ET Q q 0 0 0 rg BT 443.28 70.70 Td (Mar) Tj ET Q q 0 0 0 rg BT 460.58 70.70 Td (gin, ) Tj ET Q q 0 0 0 rg BT 479.25 70.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 520.53 70.70 Td (Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 92.61 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.55 58.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 149.76 58.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 194.03 58.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 227.80 58.10 Td (are ) Tj ET Q q 0 0 0 rg BT 242.91 58.10 Td (not ) Tj ET Q q 0 0 0 rg BT 258.62 58.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 296.49 58.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 337.85 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.30 58.10 Td (should ) Tj ET Q q 0 0 0 rg BT 385.59 58.10 Td (not ) Tj ET Q q 0 0 0 rg BT 401.29 58.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.49 58.10 Td (used ) Tj ET Q q 0 0 0 rg BT 435.03 58.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.48 58.10 Td (place ) Tj ET Q q 0 0 0 rg BT 469.92 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.96 58.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 501.90 58.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 523.44 58.10 Td (measures ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 45.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.36 45.50 Td (under ) Tj ET Q q 0 0 0 rg BT 125.89 45.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 153.31 45.50 Td (.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (59) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The calculations of Operating Mar) Tj ET Q q 0 0 0 rg BT 194.51 741.75 Td (gin and ) Tj ET Q q 0 0 0 rg BT 227.76 741.75 Td (Adjusted Operating Mar) Tj ET Q q 0 0 0 rg BT 330.21 741.75 Td (gin, are as follows \(dollars in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 716.25 m 421 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 716.25 m 425 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 716.25 m 492 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 716.25 m 496 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 716.25 m 563 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 701.25 m 350 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 701.25 m 421 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 701.25 m 492 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 701.25 m 563 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 701.25 m 421 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 701.25 m 492 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 701.25 m 563 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 600.25 m 350 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 600.25 m 421 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 600.25 m 492 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 600.25 m 496 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 600.25 m 563 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 600.25 m 350 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 585.25 m 350 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 585.25 m 421 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 585.25 m 492 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 585.25 m 563 585.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 394.25 m 421 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 394.25 m 492 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 394.25 m 563 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 394.25 m 350 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 379.25 m 350 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 394.25 m 421 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 379.25 m 421 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 394.25 m 492 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 379.25 m 492 379.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 394.25 m 563 394.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 379.25 m 563 379.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 721.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.65 721.02 Td (Y) Tj ET Q q 0 0 0 rg BT 415.71 721.02 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 706.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.50 706.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.50 706.02 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 691.02 Td (Operating Revenues, GAAP) Tj ET Q q 0 0 0 rg BT 177.58 691.02 Td ( basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 691.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.00 691.04 Td (2,922,125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.50 691.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.75 691.02 Td (2,903,259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 691.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.75 691.02 Td (3,140,322) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 676.02 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 661.02 Td (Pass through performance fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.60 661.04 Td (\(41,983) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 661.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.35 661.02 Td (\(49,048) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.75 661.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.10 661.02 Td (\(108,757) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 661.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 645.52 Td (Operating revenues eliminated upon consolidation of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 635.02 Td (investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.25 635.04 Td (402) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 635.02 Td (599) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.00 635.02 Td (578) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 620.02 Td (Distribution and servicing fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.35 620.04 Td (\(270,398) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 620.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.10 620.02 Td (\(302,967) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.75 620.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.10 620.02 Td (\(321,936) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 620.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 605.02 Td (Investment advisory fees) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.35 605.04 Td (\(141,838) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 605.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.10 605.02 Td (\(136,177) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.75 605.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.10 605.02 Td (\(167,374) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 605.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 590.02 Td (Adjusted Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 590.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.00 590.04 Td (2,468,308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.50 590.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.75 590.02 Td (2,415,666) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 590.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.75 590.02 Td (2,710,207) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 575.02 Td (Operating Income \(Loss\), GAAP) Tj ET Q q 0 0 0 rg BT 197.50 575.02 Td ( basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 575.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.85 575.04 Td (505,160) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.50 575.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 575.02 Td (103,102) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 575.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 575.02 Td (324,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 560.02 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 545.02 Td (Restructuring costs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 530.02 Td (Strategic restructuring and other corporate initiatives) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.10 530.04 Td (90,519) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 530.02 Td (23,655) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 530.02 Td (5,054) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 515.02 Td (Af) Tj ET Q q 0 0 0 rg BT 96.39 515.02 Td (filiate char) Tj ET Q q 0 0 0 rg BT 141.38 515.02 Td (ges) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.35 515.04 Td (2,414) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.10 515.02 Td (9,289) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 515.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 500.02 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.50 500.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 500.02 Td (365,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 500.02 Td (229,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 485.02 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.10 485.04 Td (22,539) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 485.02 Td (24,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 485.02 Td (24,604) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 469.52 Td (Gains \(losses\) on deferred compensation and seed investments,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 459.02 Td (net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 377.60 459.04 Td (\(10,594) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 459.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.85 459.02 Td (10,416) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 459.02 Td (12,345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 444.02 Td (Acquisition and transition-related costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.50 444.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.10 444.02 Td (2,685) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 444.02 Td (7,049) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 429.02 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.75 429.04 Td (\(915) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 429.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 429.02 Td (571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.35 429.02 Td (\(31,329) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 429.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 414.02 Td (Char) Tj ET Q q 0 0 0 rg BT 96.82 414.02 Td (ges related to significant regulatory matters) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.50 414.04 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.10 414.02 Td (4,151) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 414.02 Td (67,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.50 399.02 Td (Operating loss of consolidated investment vehicles, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.35 399.04 Td (1,894) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.10 399.02 Td (1,588) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.00 399.02 Td (877) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 384.02 Td (Adjusted Operating Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 384.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.85 384.04 Td (61) Tj ET Q q 0 0 0 rg BT 386.35 384.04 Td (1,017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.50 384.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.60 384.02 Td (545,061) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 384.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 384.02 Td (638,601) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 360.02 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 120.51 360.02 Td (gin, GAAP) Tj ET Q q 0 0 0 rg BT 167.48 360.02 Td ( basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.60 360.04 Td (17.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.00 360.04 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.60 360.02 Td (3.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.75 360.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 360.02 Td (10.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 360.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 345.02 Td (Adjusted Operating Mar) Tj ET Q q 0 0 0 rg BT 160.96 345.02 Td (gin) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.60 345.04 Td (24.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.35 345.02 Td (22.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 345.02 Td (23.6) Tj ET Q BT /F1 10.00 Tf ET BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 320.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.05 320.15 Td (EBITDA) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 307.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 307.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 307.55 Td (define ) Tj ET Q q 0 0 0 rg BT 94.14 307.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 134.68 307.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 172.59 307.55 Td ( ) Tj ET Q q 0 0 0 rg BT 175.22 307.55 Td (as ) Tj ET Q q 0 0 0 rg BT 186.59 307.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 207.87 307.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 247.82 307.55 Td (by ) Tj ET Q q 0 0 0 rg BT 260.95 307.55 Td (\(used ) Tj ET Q q 0 0 0 rg BT 286.31 307.55 Td (in\) ) Tj ET Q q 0 0 0 rg BT 300.60 307.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.88 307.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 383.41 307.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 403.54 307.55 Td (\(minus\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 286.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 286.95 Td (Interest ) Tj ET Q q 0 0 0 rg BT 119.61 286.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 158.68 286.95 Td (net ) Tj ET Q q 0 0 0 rg BT 174.13 286.95 Td (of ) Tj ET Q q 0 0 0 rg BT 185.50 286.95 Td (accretion ) Tj ET Q q 0 0 0 rg BT 226.60 286.95 Td (and ) Tj ET Q q 0 0 0 rg BT 244.39 286.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 300.08 286.95 Td (of ) Tj ET Q q 0 0 0 rg BT 311.45 286.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 332.15 286.95 Td (discounts ) Tj ET Q q 0 0 0 rg BT 374.45 286.95 Td (and ) Tj ET Q q 0 0 0 rg BT 392.23 286.95 Td (premiums ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 274.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 274.35 Td (Current ) Tj ET Q q 0 0 0 rg BT 120.20 274.35 Td (income ) Tj ET Q q 0 0 0 rg BT 153.73 274.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 169.18 274.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 205.63 274.35 Td (\(benefit\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 261.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 261.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.29 261.75 Td (change ) Tj ET Q q 0 0 0 rg BT 135.64 261.75 Td (in ) Tj ET Q q 0 0 0 rg BT 146.44 261.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 173.56 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.34 261.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 235.67 261.75 Td (which ) Tj ET Q q 0 0 0 rg BT 263.96 261.75 Td (aligns ) Tj ET Q q 0 0 0 rg BT 291.67 261.75 Td (with ) Tj ET Q q 0 0 0 rg BT 312.96 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.41 261.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 386.45 261.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 435.16 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.53 261.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 470.15 261.75 Td (Flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 249.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 249.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.29 249.15 Td (\(income\) ) Tj ET Q q 0 0 0 rg BT 143.81 249.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 162.78 249.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 213.22 249.15 Td (to ) Tj ET Q q 0 0 0 rg BT 224.01 249.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 288.46 249.15 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 236.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 236.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.29 236.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 128.08 236.55 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 162.78 236.55 Td (and ) Tj ET Q q 0 0 0 rg BT 180.57 236.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 218.76 236.55 Td (on ) Tj ET Q q 0 0 0 rg BT 231.89 236.55 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 223.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 223.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 103.29 223.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 128.08 223.95 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 162.78 223.95 Td (on ) Tj ET Q q 0 0 0 rg BT 175.91 223.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.60 223.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.30 223.95 Td (vehicles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 211.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 211.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 112.03 211.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 186.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 91.19 186.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 129.10 186.15 Td ( ) Tj ET Q q 0 0 0 rg BT 132.88 186.15 Td (is ) Tj ET Q q 0 0 0 rg BT 143.66 186.15 Td (not ) Tj ET Q q 0 0 0 rg BT 160.85 186.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 197.85 186.15 Td (by ) Tj ET Q q 0 0 0 rg BT 212.13 186.15 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 269.55 186.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 331.65 186.15 Td (expense, ) Tj ET Q q 0 0 0 rg BT 371.87 186.15 Td (including ) Tj ET Q q 0 0 0 rg BT 415.31 186.15 Td (management ) Tj ET Q q 0 0 0 rg BT 472.73 186.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.75 186.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 524.60 186.15 Td (non-cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 173.55 Td (issuance-related ) Tj ET Q q 0 0 0 rg BT 120.14 173.55 Td (char) Tj ET Q q 0 0 0 rg BT 138.02 173.55 Td (ges. ) Tj ET Q q 0 0 0 rg BT 157.65 173.55 Td ( ) Tj ET Q q 0 0 0 rg BT 160.66 173.55 Td (Most ) Tj ET Q q 0 0 0 rg BT 185.26 173.55 Td (management ) Tj ET Q q 0 0 0 rg BT 241.91 173.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 271.16 173.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 292.25 173.55 Td (units ) Tj ET Q q 0 0 0 rg BT 315.68 173.55 Td (may ) Tj ET Q q 0 0 0 rg BT 336.77 173.55 Td (be ) Tj ET Q q 0 0 0 rg BT 349.69 173.55 Td (put ) Tj ET Q q 0 0 0 rg BT 366.11 173.55 Td (to ) Tj ET Q q 0 0 0 rg BT 377.29 173.55 Td (or ) Tj ET Q q 0 0 0 rg BT 389.04 173.55 Td (called ) Tj ET Q q 0 0 0 rg BT 417.12 173.55 Td (by ) Tj ET Q q 0 0 0 rg BT 430.63 173.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.21 173.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 486.80 173.55 Td (for ) Tj ET Q q 0 0 0 rg BT 502.05 173.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.72 173.55 Td (payment, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 160.95 Td (although ) Tj ET Q q 0 0 0 rg BT 88.87 160.95 Td (their ) Tj ET Q q 0 0 0 rg BT 110.74 160.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 136.69 160.95 Td (do ) Tj ET Q q 0 0 0 rg BT 149.82 160.95 Td (not ) Tj ET Q q 0 0 0 rg BT 165.86 160.95 Td (require ) Tj ET Q q 0 0 0 rg BT 198.22 160.95 Td (this ) Tj ET Q q 0 0 0 rg BT 216.01 160.95 Td (to ) Tj ET Q q 0 0 0 rg BT 226.80 160.95 Td (occur) Tj ET Q q 0 0 0 rg BT 249.54 160.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 140.35 Td (This ) Tj ET Q q 0 0 0 rg BT 70.77 140.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 108.95 140.35 Td (measure ) Tj ET Q q 0 0 0 rg BT 146.53 140.35 Td (is ) Tj ET Q q 0 0 0 rg BT 156.13 140.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 196.06 140.35 Td (in ) Tj ET Q q 0 0 0 rg BT 206.82 140.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 243.83 140.35 Td (to ) Tj ET Q q 0 0 0 rg BT 254.60 140.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 278.20 140.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 318.12 140.35 Td (by ) Tj ET Q q 0 0 0 rg BT 331.22 140.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 373.47 140.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 413.97 140.35 Td (and ) Tj ET Q q 0 0 0 rg BT 431.73 140.35 Td (may ) Tj ET Q q 0 0 0 rg BT 452.41 140.35 Td (not ) Tj ET Q q 0 0 0 rg BT 468.42 140.35 Td (be ) Tj ET Q q 0 0 0 rg BT 480.93 140.35 Td (comparable ) Tj ET Q q 0 0 0 rg BT 532.51 140.35 Td (to ) Tj ET Q q 0 0 0 rg BT 543.27 140.35 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 127.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 77.70 127.75 Td ( ) Tj ET Q q 0 0 0 rg BT 80.42 127.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 136.18 127.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 177.97 127.75 Td (or ) Tj ET Q q 0 0 0 rg BT 189.43 127.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 227.73 127.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 269.52 127.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.98 127.75 Td (other ) Tj ET Q q 0 0 0 rg BT 305.27 127.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 355.51 127.75 Td (including ) Tj ET Q q 0 0 0 rg BT 397.89 127.75 Td (their ) Tj ET Q q 0 0 0 rg BT 419.85 127.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 461.63 127.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.10 127.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 511.01 127.75 Td ( ) Tj ET Q q 0 0 0 rg BT 513.73 127.75 Td (or ) Tj ET Q q 0 0 0 rg BT 524.59 127.75 Td (Adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 115.15 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 93.76 115.15 Td ( ) Tj ET Q q 0 0 0 rg BT 96.90 115.15 Td (Further) Tj ET Q q 0 0 0 rg BT 127.39 115.15 Td (, ) Tj ET Q q 0 0 0 rg BT 133.16 115.15 Td (this ) Tj ET Q q 0 0 0 rg BT 151.47 115.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 189.60 115.15 Td (is ) Tj ET Q q 0 0 0 rg BT 199.74 115.15 Td (not ) Tj ET Q q 0 0 0 rg BT 216.30 115.15 Td (to ) Tj ET Q q 0 0 0 rg BT 227.61 115.15 Td (be ) Tj ET Q q 0 0 0 rg BT 240.66 115.15 Td (confused ) Tj ET Q q 0 0 0 rg BT 281.71 115.15 Td (with ) Tj ET Q q 0 0 0 rg BT 303.52 115.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 321.82 115.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 356.45 115.15 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 389.04 115.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 413.19 115.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 453.65 115.15 Td (by ) Tj ET Q q 0 0 0 rg BT 467.29 115.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 510.09 115.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 553.76 115.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 102.55 Td (other ) Tj ET Q q 0 0 0 rg BT 73.15 102.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 114.30 102.55 Td (of ) Tj ET Q q 0 0 0 rg BT 125.12 102.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 162.77 102.55 Td (or ) Tj ET Q q 0 0 0 rg BT 173.60 102.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 194.33 102.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 219.74 102.55 Td (under ) Tj ET Q q 0 0 0 rg BT 245.73 102.55 Td (GAAP) Tj ET Q q 0 0 0 rg BT 273.15 102.55 Td (, ) Tj ET Q q 0 0 0 rg BT 277.86 102.55 Td (and ) Tj ET Q q 0 0 0 rg BT 295.09 102.55 Td (is ) Tj ET Q q 0 0 0 rg BT 304.18 102.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 343.58 102.55 Td (as ) Tj ET Q q 0 0 0 rg BT 354.40 102.55 Td (a ) Tj ET Q q 0 0 0 rg BT 361.14 102.55 Td (supplement ) Tj ET Q q 0 0 0 rg BT 411.63 102.55 Td (to, ) Tj ET Q q 0 0 0 rg BT 424.50 102.55 Td (and ) Tj ET Q q 0 0 0 rg BT 441.74 102.55 Td (not ) Tj ET Q q 0 0 0 rg BT 457.23 102.55 Td (in ) Tj ET Q q 0 0 0 rg BT 467.48 102.55 Td (replacement ) Tj ET Q q 0 0 0 rg BT 520.86 102.55 Td (of, ) Tj ET Q q 0 0 0 rg BT 534.31 102.55 Td (GAAP) Tj ET Q q 0 0 0 rg BT 562.51 102.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.95 Td (measures.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (60) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (calculations ) Tj ET Q q 0 0 0 rg BT 121.22 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.02 741.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 172.56 741.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 210.47 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 213.10 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 228.54 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 239.91 741.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 274.04 741.75 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 308.74 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 319.53 741.75 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 708.25 m 494 708.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 708.25 m 562 708.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 693.25 m 351 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 708.25 m 418 708.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 693.25 m 418 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 708.25 m 490 708.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 693.25 m 490 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 708.25 m 494 708.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 708.25 m 562 708.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 693.25 m 562 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 693.25 m 418 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 693.25 m 490 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 693.25 m 562 693.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 521.25 m 351 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 521.25 m 418 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 521.25 m 490 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 521.25 m 562 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 506.25 m 351 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 521.25 m 418 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 506.25 m 418 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 521.25 m 422 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 506.25 m 422 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 521.25 m 490 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 506.25 m 490 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 521.25 m 562 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 506.25 m 562 506.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 713.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.50 713.02 Td (Y) Tj ET Q q 0 0 0 rg BT 416.56 713.02 Td (ears ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 698.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.00 698.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 698.02 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 683.02 Td (Cash provided by operating activities, GAAP) Tj ET Q q 0 0 0 rg BT 247.83 683.02 Td ( basis) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.50 683.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.85 683.04 Td (560,556) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 683.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.85 683.02 Td (560,866) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.50 683.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 683.02 Td (489,368) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 668.02 Td (Plus \(less\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 652.52 Td (Interest expense, net of accretion and amortization of debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 642.02 Td (discounts and premiums) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.85 642.04 Td (108,526) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.85 642.02 Td (1) Tj ET Q q 0 0 0 rg BT 457.10 642.02 Td (15,284) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 642.02 Td (1) Tj ET Q q 0 0 0 rg BT 529.10 642.02 Td (15,056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 627.02 Td (Current tax expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.35 627.04 Td (8,997) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.10 627.02 Td (26,716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 627.02 Td (38,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 612.02 Td (Net change in assets and liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.85 612.04 Td (\(5,382) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 612.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.60 612.02 Td (\(52,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 612.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 612.02 Td (\(31,125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 612.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 596.52 Td (Net change in assets and liabilities of consolidated investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 586.02 Td (vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.60 586.04 Td (\(19,395) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 586.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.60 586.02 Td (\(17,667) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 586.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 586.02 Td (67,792) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 571.02 Td (Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.60 571.04 Td (\(53,1) Tj ET Q q 0 0 0 rg BT 403.47 571.04 Td (19) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 571.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.60 571.02 Td (\(36,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 571.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 571.02 Td (\(51,275) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 571.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 556.02 Td (Net gains \(losses\) and earnings on investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 385.10 556.04 Td (29,290) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.10 556.02 Td (27,705) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 556.02 Td (\(305) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 556.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 541.02 Td (Net gains \(losses\) on consolidated investment vehicles) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 385.10 541.04 Td (16,262) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.75 541.02 Td (\(565) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 541.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 541.02 Td (9,781) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.50 526.02 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.75 526.04 Td (\(732) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.00 526.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.85 526.02 Td (\(1,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.00 526.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 526.02 Td (\(1,047) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 526.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 511.02 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 357.50 511.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.85 511.04 Td (645,003) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.50 511.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.85 511.02 Td (622,224) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.50 511.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 511.02 Td (637,228) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 481.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 90.43 481.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 128.34 481.55 Td ( ) Tj ET Q q 0 0 0 rg BT 131.36 481.55 Td (for ) Tj ET Q q 0 0 0 rg BT 146.62 481.55 Td (the ) Tj ET Q q 0 0 0 rg BT 162.46 481.55 Td (years ) Tj ET Q q 0 0 0 rg BT 187.63 481.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 215.71 481.55 Td (March ) Tj ET Q q 0 0 0 rg BT 246.13 481.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 262.27 481.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 288.91 481.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 315.55 481.55 Td (and ) Tj ET Q q 0 0 0 rg BT 333.73 481.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 360.37 481.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.71 481.55 Td ($645.0 ) Tj ET Q q 0 0 0 rg BT 411.60 481.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.94 481.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.58 481.55 Td ($622.2 ) Tj ET Q q 0 0 0 rg BT 479.47 481.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.81 481.55 Td (, ) Tj ET Q q 0 0 0 rg BT 515.45 481.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.62 481.55 Td ($637.2 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 468.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.84 468.95 Td (, ) Tj ET Q q 0 0 0 rg BT 84.80 468.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.84 468.95 Td (. ) Tj ET Q q 0 0 0 rg BT 139.80 468.95 Td ( ) Tj ET Q q 0 0 0 rg BT 141.97 468.95 Td (The ) Tj ET Q q 0 0 0 rg BT 160.63 468.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 197.36 468.95 Td (in ) Tj ET Q q 0 0 0 rg BT 207.35 468.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 247.60 468.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 285.51 468.95 Td ( ) Tj ET Q q 0 0 0 rg BT 287.85 468.95 Td (for ) Tj ET Q q 0 0 0 rg BT 302.43 468.95 Td (the ) Tj ET Q q 0 0 0 rg BT 317.59 468.95 Td (year ) Tj ET Q q 0 0 0 rg BT 337.99 468.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 365.40 468.95 Td (March ) Tj ET Q q 0 0 0 rg BT 395.14 468.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 410.60 468.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 436.56 468.95 Td (as ) Tj ET Q q 0 0 0 rg BT 447.64 468.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 491.38 468.95 Td (to ) Tj ET Q q 0 0 0 rg BT 501.88 468.95 Td (the ) Tj ET Q q 0 0 0 rg BT 517.04 468.95 Td (year ) Tj ET Q q 0 0 0 rg BT 537.45 468.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 456.35 Td (March ) Tj ET Q q 0 0 0 rg BT 80.06 456.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 96.35 456.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 123.13 456.35 Td (was ) Tj ET Q q 0 0 0 rg BT 142.62 456.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 184.85 456.35 Td (due ) Tj ET Q q 0 0 0 rg BT 203.17 456.35 Td (to ) Tj ET Q q 0 0 0 rg BT 214.49 456.35 Td (an ) Tj ET Q q 0 0 0 rg BT 227.56 456.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 265.11 456.35 Td (in ) Tj ET Q q 0 0 0 rg BT 276.44 456.35 Td (net ) Tj ET Q q 0 0 0 rg BT 292.43 456.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 329.12 456.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 367.27 456.35 Td (for ) Tj ET Q q 0 0 0 rg BT 382.67 456.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 423.73 456.35 Td (items. ) Tj ET Q q 0 0 0 rg BT 452.26 456.35 Td ( ) Tj ET Q q 0 0 0 rg BT 455.19 456.35 Td (The ) Tj ET Q q 0 0 0 rg BT 474.68 456.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 513.97 456.35 Td (in ) Tj ET Q q 0 0 0 rg BT 524.60 456.35 Td (Adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 443.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 87.41 443.75 Td ( ) Tj ET Q q 0 0 0 rg BT 89.45 443.75 Td (for ) Tj ET Q q 0 0 0 rg BT 103.73 443.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.59 443.75 Td (year ) Tj ET Q q 0 0 0 rg BT 138.70 443.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 165.80 443.75 Td (March ) Tj ET Q q 0 0 0 rg BT 195.24 443.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.40 443.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 236.06 443.75 Td (as ) Tj ET Q q 0 0 0 rg BT 246.85 443.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 290.28 443.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.48 443.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.35 443.75 Td (year ) Tj ET Q q 0 0 0 rg BT 335.45 443.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 362.56 443.75 Td (March ) Tj ET Q q 0 0 0 rg BT 392.00 443.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.16 443.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 432.82 443.75 Td (was ) Tj ET Q q 0 0 0 rg BT 451.18 443.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.29 443.75 Td (due ) Tj ET Q q 0 0 0 rg BT 509.49 443.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.69 443.75 Td (a ) Tj ET Q q 0 0 0 rg BT 526.39 443.75 Td (decrease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 431.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 431.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 78.08 431.15 Td (Income, ) Tj ET Q q 0 0 0 rg BT 114.81 431.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.43 431.15 Td (for ) Tj ET Q q 0 0 0 rg BT 167.30 431.15 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 207.83 431.15 Td (items.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 405.95 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 106.29 405.95 Td ( ) Tj ET Q q 0 0 0 rg BT 108.34 405.95 Td (AND ) Tj ET Q q 0 0 0 rg BT 133.71 405.95 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 165.60 405.95 Td (AL) Tj ET Q q 0 0 0 rg BT 179.61 405.95 Td ( ) Tj ET Q q 0 0 0 rg BT 182.24 405.95 Td (RESOURCES ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 393.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.13 393.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.85 393.35 Td (March ) Tj ET Q q 0 0 0 rg BT 106.21 393.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.30 393.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 148.89 393.35 Td (we ) Tj ET Q q 0 0 0 rg BT 164.10 393.35 Td (had ) Tj ET Q q 0 0 0 rg BT 182.23 393.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 245.84 393.35 Td ($745 ) Tj ET Q q 0 0 0 rg BT 269.81 393.35 Td (million ) Tj ET Q q 0 0 0 rg BT 303.11 393.35 Td (in ) Tj ET Q q 0 0 0 rg BT 314.24 393.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 335.86 393.35 Td (and ) Tj ET Q q 0 0 0 rg BT 353.99 393.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 375.61 393.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 426.40 393.35 Td (in ) Tj ET Q q 0 0 0 rg BT 437.53 393.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.90 393.35 Td (of ) Tj ET Q q 0 0 0 rg BT 479.61 393.35 Td (our ) Tj ET Q q 0 0 0 rg BT 496.57 393.35 Td (working ) Tj ET Q q 0 0 0 rg BT 534.53 393.35 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 380.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.11 380.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.72 380.75 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 169.50 380.75 Td (The ) Tj ET Q q 0 0 0 rg BT 187.28 380.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 221.98 380.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 261.91 380.75 Td (of ) Tj ET Q q 0 0 0 rg BT 272.11 380.75 Td (our ) Tj ET Q q 0 0 0 rg BT 287.56 380.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 317.00 380.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 355.19 380.75 Td (is ) Tj ET Q q 0 0 0 rg BT 363.65 380.75 Td (to ) Tj ET Q q 0 0 0 rg BT 373.27 380.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 406.80 380.75 Td (needed ) Tj ET Q q 0 0 0 rg BT 437.98 380.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 475.02 380.75 Td (at ) Tj ET Q q 0 0 0 rg BT 484.06 380.75 Td (all ) Tj ET Q q 0 0 0 rg BT 496.01 380.75 Td (times, ) Tj ET Q q 0 0 0 rg BT 522.83 380.75 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 368.15 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 102.00 368.15 Td (required ) Tj ET Q q 0 0 0 rg BT 139.32 368.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 169.64 368.15 Td (in ) Tj ET Q q 0 0 0 rg BT 180.14 368.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 211.05 368.15 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 265.59 368.15 Td ( ) Tj ET Q q 0 0 0 rg BT 267.93 368.15 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 309.35 368.15 Td (and ) Tj ET Q q 0 0 0 rg BT 326.85 368.15 Td (the ) Tj ET Q q 0 0 0 rg BT 342.01 368.15 Td (access ) Tj ET Q q 0 0 0 rg BT 371.17 368.15 Td (to ) Tj ET Q q 0 0 0 rg BT 381.67 368.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 419.60 368.15 Td (are ) Tj ET Q q 0 0 0 rg BT 434.75 368.15 Td (important ) Tj ET Q q 0 0 0 rg BT 477.92 368.15 Td (to ) Tj ET Q q 0 0 0 rg BT 488.42 368.15 Td (the ) Tj ET Q q 0 0 0 rg BT 503.59 368.15 Td (success ) Tj ET Q q 0 0 0 rg BT 537.42 368.15 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 368.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 355.55 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 86.69 355.55 Td (operations. ) Tj ET Q q 0 0 0 rg BT 135.82 355.55 Td ( ) Tj ET Q q 0 0 0 rg BT 138.39 355.55 Td (W) Tj ET Q q 0 0 0 rg BT 147.46 355.55 Td (e ) Tj ET Q q 0 0 0 rg BT 154.89 355.55 Td (review ) Tj ET Q q 0 0 0 rg BT 186.23 355.55 Td (our ) Tj ET Q q 0 0 0 rg BT 203.00 355.55 Td (overall ) Tj ET Q q 0 0 0 rg BT 234.92 355.55 Td (funding ) Tj ET Q q 0 0 0 rg BT 270.35 355.55 Td (needs ) Tj ET Q q 0 0 0 rg BT 297.03 355.55 Td (and ) Tj ET Q q 0 0 0 rg BT 314.96 355.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 345.72 355.55 Td (base ) Tj ET Q q 0 0 0 rg BT 367.14 355.55 Td (on ) Tj ET Q q 0 0 0 rg BT 380.41 355.55 Td (an ) Tj ET Q q 0 0 0 rg BT 393.10 355.55 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 430.28 355.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 454.05 355.55 Td (to ) Tj ET Q q 0 0 0 rg BT 464.99 355.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 509.74 355.55 Td (if ) Tj ET Q q 0 0 0 rg BT 518.93 355.55 Td (the ) Tj ET Q q 0 0 0 rg BT 534.52 355.55 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 342.95 Td (base ) Tj ET Q q 0 0 0 rg BT 70.24 342.95 Td (meets ) Tj ET Q q 0 0 0 rg BT 96.81 342.95 Td (the ) Tj ET Q q 0 0 0 rg BT 111.72 342.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 151.11 342.95 Td (needs ) Tj ET Q q 0 0 0 rg BT 177.10 342.95 Td (of ) Tj ET Q q 0 0 0 rg BT 187.92 342.95 Td (our ) Tj ET Q q 0 0 0 rg BT 204.00 342.95 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 253.04 342.95 Td ( ) Tj ET Q q 0 0 0 rg BT 255.12 342.95 Td (During ) Tj ET Q q 0 0 0 rg BT 286.95 342.95 Td (this ) Tj ET Q q 0 0 0 rg BT 304.20 342.95 Td (period ) Tj ET Q q 0 0 0 rg BT 333.10 342.95 Td (of ) Tj ET Q q 0 0 0 rg BT 343.93 342.95 Td (heightened ) Tj ET Q q 0 0 0 rg BT 392.08 342.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 441.39 342.95 Td (in ) Tj ET Q q 0 0 0 rg BT 451.64 342.95 Td (the ) Tj ET Q q 0 0 0 rg BT 466.54 342.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.44 342.95 Td (environment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 330.35 Td (we ) Tj ET Q q 0 0 0 rg BT 64.37 330.35 Td (remain ) Tj ET Q q 0 0 0 rg BT 96.15 330.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 131.43 330.35 Td (on ) Tj ET Q q 0 0 0 rg BT 144.55 330.35 Td (the ) Tj ET Q q 0 0 0 rg BT 160.00 330.35 Td (preservation ) Tj ET Q q 0 0 0 rg BT 214.53 330.35 Td (of ) Tj ET Q q 0 0 0 rg BT 225.90 330.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 256.51 330.35 Td (to ) Tj ET Q q 0 0 0 rg BT 267.30 330.35 Td (help ) Tj ET Q q 0 0 0 rg BT 288.00 330.35 Td (us ) Tj ET Q q 0 0 0 rg BT 299.96 330.35 Td (build ) Tj ET Q q 0 0 0 rg BT 324.17 330.35 Td (and ) Tj ET Q q 0 0 0 rg BT 341.96 330.35 Td (maintain ) Tj ET Q q 0 0 0 rg BT 381.33 330.35 Td (liquidity) Tj ET Q q 0 0 0 rg BT 416.23 330.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 305.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.37 305.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 109.90 305.15 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 154.98 305.15 Td (on ) Tj ET Q q 0 0 0 rg BT 167.68 305.15 Td (February ) Tj ET Q q 0 0 0 rg BT 207.79 305.15 Td (17, ) Tj ET Q q 0 0 0 rg BT 223.11 305.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 248.94 305.15 Td (we ) Tj ET Q q 0 0 0 rg BT 263.39 305.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 296.48 305.15 Td (into ) Tj ET Q q 0 0 0 rg BT 315.02 305.15 Td (a ) Tj ET Q q 0 0 0 rg BT 321.88 305.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 339.19 305.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 354.31 305.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 403.16 305.15 Td (with ) Tj ET Q q 0 0 0 rg BT 424.03 305.15 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 461.66 305.15 Td (T) Tj ET Q q 0 0 0 rg BT 467.34 305.15 Td (empleton. ) Tj ET Q q 0 0 0 rg BT 511.24 305.15 Td ( ) Tj ET Q q 0 0 0 rg BT 513.28 305.15 Td (The ) Tj ET Q q 0 0 0 rg BT 531.81 305.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 549.11 305.15 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 292.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 99.07 292.55 Td (limits ) Tj ET Q q 0 0 0 rg BT 125.91 292.55 Td (our ) Tj ET Q q 0 0 0 rg BT 142.83 292.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 172.58 292.55 Td (to ) Tj ET Q q 0 0 0 rg BT 183.67 292.55 Td (take ) Tj ET Q q 0 0 0 rg BT 204.08 292.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 235.56 292.55 Td (actions ) Tj ET Q q 0 0 0 rg BT 268.23 292.55 Td (including, ) Tj ET Q q 0 0 0 rg BT 313.44 292.55 Td (among ) Tj ET Q q 0 0 0 rg BT 344.94 292.55 Td (other ) Tj ET Q q 0 0 0 rg BT 369.43 292.55 Td (things, ) Tj ET Q q 0 0 0 rg BT 400.65 292.55 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 443.22 292.55 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 493.10 292.55 Td (incurring ) Tj ET Q q 0 0 0 rg BT 534.51 292.55 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 279.95 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 105.77 279.95 Td (above ) Tj ET Q q 0 0 0 rg BT 133.47 279.95 Td (specified ) Tj ET Q q 0 0 0 rg BT 174.00 279.95 Td (thresholds, ) Tj ET Q q 0 0 0 rg BT 222.41 279.95 Td (and ) Tj ET Q q 0 0 0 rg BT 240.20 279.95 Td (incurring ) Tj ET Q q 0 0 0 rg BT 281.31 279.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 325.93 279.95 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 254.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.83 254.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 126.41 254.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.16 254.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 172.98 254.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 205.89 254.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 238.22 254.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 280.47 254.75 Td (above ) Tj ET Q q 0 0 0 rg BT 307.54 254.75 Td (does ) Tj ET Q q 0 0 0 rg BT 328.79 254.75 Td (not ) Tj ET Q q 0 0 0 rg BT 344.21 254.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 374.79 254.75 Td (our ) Tj ET Q q 0 0 0 rg BT 390.79 254.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 428.38 254.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.55 254.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 475.53 254.75 Td (resources. ) Tj ET Q q 0 0 0 rg BT 519.81 254.75 Td ( ) Tj ET Q q 0 0 0 rg BT 521.81 254.75 Td (However) Tj ET Q q 0 0 0 rg BT 559.88 254.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 242.15 Td (we ) Tj ET Q q 0 0 0 rg BT 64.32 242.15 Td (have ) Tj ET Q q 0 0 0 rg BT 86.72 242.15 Td (executed ) Tj ET Q q 0 0 0 rg BT 126.61 242.15 Td (total ) Tj ET Q q 0 0 0 rg BT 147.85 242.15 Td (return ) Tj ET Q q 0 0 0 rg BT 175.50 242.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 199.66 242.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 258.79 242.15 Td (with ) Tj ET Q q 0 0 0 rg BT 280.04 242.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 320.53 242.15 Td (in ) Tj ET Q q 0 0 0 rg BT 331.27 242.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 362.41 242.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 404.63 242.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 433.45 242.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 459.36 242.15 Td (\("ETFs"\), ) Tj ET Q q 0 0 0 rg BT 502.88 242.15 Td (and ) Tj ET Q q 0 0 0 rg BT 520.62 242.15 Td (as ) Tj ET Q q 0 0 0 rg BT 531.94 242.15 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 242.15 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 229.55 Td (we ) Tj ET Q q 0 0 0 rg BT 64.86 229.55 Td (receive ) Tj ET Q q 0 0 0 rg BT 98.28 229.55 Td (the ) Tj ET Q q 0 0 0 rg BT 114.22 229.55 Td (investors' ) Tj ET Q q 0 0 0 rg BT 157.14 229.55 Td (related ) Tj ET Q q 0 0 0 rg BT 188.82 229.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.01 229.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 263.28 229.55 Td (and ) Tj ET Q q 0 0 0 rg BT 281.56 229.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 309.76 229.55 Td (on ) Tj ET Q q 0 0 0 rg BT 323.37 229.55 Td (the ) Tj ET Q q 0 0 0 rg BT 339.31 229.55 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 365.18 229.55 Td (and ) Tj ET Q q 0 0 0 rg BT 383.46 229.55 Td (may ) Tj ET Q q 0 0 0 rg BT 404.65 229.55 Td (be ) Tj ET Q q 0 0 0 rg BT 417.67 229.55 Td (required ) Tj ET Q q 0 0 0 rg BT 455.77 229.55 Td (to ) Tj ET Q q 0 0 0 rg BT 467.05 229.55 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 517.98 229.55 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 543.85 229.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 216.95 Td (open ) Tj ET Q q 0 0 0 rg BT 72.60 216.95 Td (total ) Tj ET Q q 0 0 0 rg BT 93.95 216.95 Td (return ) Tj ET Q q 0 0 0 rg BT 121.71 216.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 145.98 216.95 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 199.10 216.95 Td ( ) Tj ET Q q 0 0 0 rg BT 201.20 216.95 Td (At ) Tj ET Q q 0 0 0 rg BT 214.38 216.95 Td (March ) Tj ET Q q 0 0 0 rg BT 244.48 216.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.29 216.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 286.60 216.95 Td (the ) Tj ET Q q 0 0 0 rg BT 302.12 216.95 Td (total ) Tj ET Q q 0 0 0 rg BT 323.47 216.95 Td (return ) Tj ET Q q 0 0 0 rg BT 351.23 216.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 375.50 216.95 Td (notional ) Tj ET Q q 0 0 0 rg BT 412.60 216.95 Td (values ) Tj ET Q q 0 0 0 rg BT 442.11 216.95 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.86 216.95 Td ($14.2 ) Tj ET Q q 0 0 0 rg BT 517.17 216.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.51 216.95 Td (. ) Tj ET Q q 0 0 0 rg BT 552.82 216.95 Td ( ) Tj ET Q q 0 0 0 rg BT 555.51 216.95 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 204.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.78 204.35 Td (total ) Tj ET Q q 0 0 0 rg BT 85.89 204.35 Td (return ) Tj ET Q q 0 0 0 rg BT 113.41 204.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 137.45 204.35 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 199.37 204.35 Td (were ) Tj ET Q q 0 0 0 rg BT 222.22 204.35 Td (to ) Tj ET Q q 0 0 0 rg BT 232.84 204.35 Td (terminate ) Tj ET Q q 0 0 0 rg BT 274.94 204.35 Td (their ) Tj ET Q q 0 0 0 rg BT 296.63 204.35 Td (positions, ) Tj ET Q q 0 0 0 rg BT 339.63 204.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 363.66 204.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 394.69 204.35 Td (may ) Tj ET Q q 0 0 0 rg BT 415.22 204.35 Td (invest ) Tj ET Q q 0 0 0 rg BT 442.75 204.35 Td (to ) Tj ET Q q 0 0 0 rg BT 453.37 204.35 Td (support ) Tj ET Q q 0 0 0 rg BT 487.32 204.35 Td (the ) Tj ET Q q 0 0 0 rg BT 502.60 204.35 Td (ETF ) Tj ET Q q 0 0 0 rg BT 523.72 204.35 Td (products. ) Tj ET Q q 0 0 0 rg BT 565.13 204.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 191.75 Td (Otherwise, ) Tj ET Q q 0 0 0 rg BT 97.94 191.75 Td (we ) Tj ET Q q 0 0 0 rg BT 112.84 191.75 Td (have ) Tj ET Q q 0 0 0 rg BT 135.31 191.75 Td (no ) Tj ET Q q 0 0 0 rg BT 148.47 191.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 175.04 191.75 Td (to ) Tj ET Q q 0 0 0 rg BT 185.87 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.35 191.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 237.24 191.75 Td (from, ) Tj ET Q q 0 0 0 rg BT 262.94 191.75 Td (nor ) Tj ET Q q 0 0 0 rg BT 279.59 191.75 Td (do ) Tj ET Q q 0 0 0 rg BT 292.74 191.75 Td (we ) Tj ET Q q 0 0 0 rg BT 307.64 191.75 Td (bear ) Tj ET Q q 0 0 0 rg BT 328.37 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.85 191.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 366.34 191.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 412.15 191.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 436.10 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 451.58 191.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 478.74 191.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.55 191.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 538.29 191.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 191.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 179.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 75.86 179.15 Td (and ) Tj ET Q q 0 0 0 rg BT 95.21 179.15 Td (other ) Tj ET Q q 0 0 0 rg BT 120.98 179.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.24 179.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 225.01 179.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 275.28 179.15 Td (products ) Tj ET Q q 0 0 0 rg BT 315.63 179.15 Td (beyond ) Tj ET Q q 0 0 0 rg BT 350.73 179.15 Td (our ) Tj ET Q q 0 0 0 rg BT 368.92 179.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 423.27 179.15 Td (in ) Tj ET Q q 0 0 0 rg BT 435.63 179.15 Td (and ) Tj ET Q q 0 0 0 rg BT 454.98 179.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 505.25 179.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 545.60 179.15 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 166.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 94.68 166.55 Td (from ) Tj ET Q q 0 0 0 rg BT 119.46 166.55 Td (these ) Tj ET Q q 0 0 0 rg BT 145.41 166.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 188.57 166.55 Td (which ) Tj ET Q q 0 0 0 rg BT 218.61 166.55 Td (are ) Tj ET Q q 0 0 0 rg BT 235.80 166.55 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 284.49 166.55 Td (in ) Tj ET Q q 0 0 0 rg BT 297.03 166.55 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 360.61 166.55 Td ( ) Tj ET Q q 0 0 0 rg BT 364.02 166.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 416.42 166.55 Td (, ) Tj ET Q q 0 0 0 rg BT 423.42 166.55 Td (creditors ) Tj ET Q q 0 0 0 rg BT 464.52 166.55 Td (of ) Tj ET Q q 0 0 0 rg BT 477.65 166.55 Td (the ) Tj ET Q q 0 0 0 rg BT 494.85 166.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 521.39 166.55 Td (and ) Tj ET Q q 0 0 0 rg BT 540.92 166.55 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 153.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.53 153.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 151.06 153.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.10 153.95 Td (products ) Tj ET Q q 0 0 0 rg BT 239.22 153.95 Td (have ) Tj ET Q q 0 0 0 rg BT 262.00 153.95 Td (no ) Tj ET Q q 0 0 0 rg BT 275.45 153.95 Td (recourse ) Tj ET Q q 0 0 0 rg BT 313.97 153.95 Td (to ) Tj ET Q q 0 0 0 rg BT 325.10 153.95 Td (our ) Tj ET Q q 0 0 0 rg BT 342.05 153.95 Td (general ) Tj ET Q q 0 0 0 rg BT 375.90 153.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 402.76 153.95 Td (beyond ) Tj ET Q q 0 0 0 rg BT 436.63 153.95 Td (the ) Tj ET Q q 0 0 0 rg BT 452.42 153.95 Td (level ) Tj ET Q q 0 0 0 rg BT 475.78 153.95 Td (of ) Tj ET Q q 0 0 0 rg BT 487.48 153.95 Td (our ) Tj ET Q q 0 0 0 rg BT 504.44 153.95 Td (investment, ) Tj ET Q q 0 0 0 rg BT 556.10 153.95 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 141.35 Td (any) Tj ET Q q 0 0 0 rg BT 63.98 141.35 Td (, ) Tj ET Q q 0 0 0 rg BT 69.23 141.35 Td (so ) Tj ET Q q 0 0 0 rg BT 81.19 141.35 Td (we ) Tj ET Q q 0 0 0 rg BT 96.06 141.35 Td (do ) Tj ET Q q 0 0 0 rg BT 109.18 141.35 Td (not ) Tj ET Q q 0 0 0 rg BT 125.23 141.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 163.42 141.35 Td (these ) Tj ET Q q 0 0 0 rg BT 187.62 141.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 229.33 141.35 Td (to ) Tj ET Q q 0 0 0 rg BT 240.12 141.35 Td (be ) Tj ET Q q 0 0 0 rg BT 252.66 141.35 Td (our ) Tj ET Q q 0 0 0 rg BT 269.28 141.35 Td (obligations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 116.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.07 116.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 94.81 116.15 Td (consist ) Tj ET Q q 0 0 0 rg BT 126.21 116.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 167.53 116.15 Td (of ) Tj ET Q q 0 0 0 rg BT 178.51 116.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 222.74 116.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 252.11 116.15 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 294.31 116.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.20 116.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.60 116.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.50 116.15 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 406.18 116.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 454.50 116.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 499.02 116.15 Td (and ) Tj ET Q q 0 0 0 rg BT 516.42 116.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 103.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 88.84 103.55 Td (and ) Tj ET Q q 0 0 0 rg BT 107.19 103.55 Td (related ) Tj ET Q q 0 0 0 rg BT 138.93 103.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 154.93 103.55 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 207.96 103.55 Td ( ) Tj ET Q q 0 0 0 rg BT 211.15 103.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 230.66 103.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 277.58 103.55 Td (have ) Tj ET Q q 0 0 0 rg BT 300.58 103.55 Td (been ) Tj ET Q q 0 0 0 rg BT 323.59 103.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 372.26 103.55 Td (funded ) Tj ET Q q 0 0 0 rg BT 404.60 103.55 Td (by ) Tj ET Q q 0 0 0 rg BT 418.28 103.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 447.71 103.55 Td (capital, ) Tj ET Q q 0 0 0 rg BT 481.50 103.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 526.09 103.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 547.35 103.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 90.95 Td (retained ) Tj ET Q q 0 0 0 rg BT 85.76 90.95 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 126.41 90.95 Td ( ) Tj ET Q q 0 0 0 rg BT 128.31 90.95 Td (At ) Tj ET Q q 0 0 0 rg BT 141.26 90.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 186.87 90.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 212.94 90.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 234.05 90.95 Td (and ) Tj ET Q q 0 0 0 rg BT 251.65 90.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 272.76 90.95 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 325.65 90.95 Td (total ) Tj ET Q q 0 0 0 rg BT 346.77 90.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 376.34 90.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 420.19 90.95 Td (debt, ) Tj ET Q q 0 0 0 rg BT 443.34 90.95 Td (net, ) Tj ET Q q 0 0 0 rg BT 461.24 90.95 Td (and ) Tj ET Q q 0 0 0 rg BT 478.85 90.95 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 536.27 90.95 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 78.35 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.40 78.35 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 93.27 78.35 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.69 78.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 125.81 78.35 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 146.68 78.35 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.10 78.35 Td (, ) Tj ET Q q 0 0 0 rg BT 179.22 78.35 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 200.09 78.35 Td (billion ) Tj ET Q q 0 0 0 rg BT 230.00 78.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.66 78.35 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 268.53 78.35 Td (billion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.95 78.35 Td (, ) Tj ET Q q 0 0 0 rg BT 301.07 78.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 351.12 78.35 Td (. ) Tj ET Q q 0 0 0 rg BT 356.24 78.35 Td ( ) Tj ET Q q 0 0 0 rg BT 358.55 78.35 Td (T) Tj ET Q q 0 0 0 rg BT 364.24 78.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 382.48 78.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 409.47 78.35 Td (include ) Tj ET Q q 0 0 0 rg BT 442.87 78.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 480.95 78.35 Td (related ) Tj ET Q q 0 0 0 rg BT 512.01 78.35 Td (to ) Tj ET Q q 0 0 0 rg BT 522.67 78.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 547.34 78.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 65.75 Td (other ) Tj ET Q q 0 0 0 rg BT 73.70 65.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.40 65.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 174.60 65.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 223.30 65.75 Td (products ) Tj ET Q q 0 0 0 rg BT 262.09 65.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.46 65.75 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 294.46 65.75 Td (billion.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (61) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.57 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 93.80 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 116.53 741.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 168.42 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 185.30 741.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 228.44 741.75 Td (invested ) Tj ET Q q 0 0 0 rg BT 267.51 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 279.74 741.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 308.31 741.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 350.29 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.52 741.75 Td (non-domestic ) Tj ET Q q 0 0 0 rg BT 430.75 741.75 Td (money ) Tj ET Q q 0 0 0 rg BT 463.39 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 496.62 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 524.02 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 543.83 741.75 Td (hold ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 97.50 729.15 Td (domestic ) Tj ET Q q 0 0 0 rg BT 137.92 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 155.59 729.15 Td (non-domestic ) Tj ET Q q 0 0 0 rg BT 215.25 729.15 Td (government ) Tj ET Q q 0 0 0 rg BT 267.92 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 285.59 729.15 Td (agency ) Tj ET Q q 0 0 0 rg BT 317.83 729.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 362.62 729.15 Td (bank ) Tj ET Q q 0 0 0 rg BT 385.54 729.15 Td (deposits, ) Tj ET Q q 0 0 0 rg BT 425.09 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 442.76 729.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 484.91 729.15 Td (commercial ) Tj ET Q q 0 0 0 rg BT 536.98 729.15 Td (paper) Tj ET Q q 0 0 0 rg BT 559.88 729.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.85 716.55 Td (short-term ) Tj ET Q q 0 0 0 rg BT 114.78 716.55 Td (treasury ) Tj ET Q q 0 0 0 rg BT 151.79 716.55 Td (bills. ) Tj ET Q q 0 0 0 rg BT 175.47 716.55 Td (W) Tj ET Q q 0 0 0 rg BT 184.54 716.55 Td (e ) Tj ET Q q 0 0 0 rg BT 192.39 716.55 Td (have ) Tj ET Q q 0 0 0 rg BT 215.40 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 232.01 716.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 281.26 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 299.61 716.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 327.89 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 341.58 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 366.35 716.55 Td (investments. ) Tj ET Q q 0 0 0 rg BT 422.33 716.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 441.85 716.55 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 491.71 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 503.65 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 525.49 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 543.85 716.55 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 99.95 703.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 137.56 703.95 Td (mitigates ) Tj ET Q q 0 0 0 rg BT 178.68 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 194.13 703.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 233.50 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 251.87 703.95 Td (material ) Tj ET Q q 0 0 0 rg BT 288.89 703.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 311.35 703.95 Td (may ) Tj ET Q q 0 0 0 rg BT 332.06 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 344.59 703.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 390.37 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 411.66 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 435.86 703.95 Td (balances.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 678.75 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 678.75 Td (table ) Tj ET Q q 0 0 0 rg BT 134.94 678.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 187.72 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 204.34 678.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 262.38 678.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 311.08 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.45 678.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 346.08 678.75 Td (Flows ) Tj ET Q q 0 0 0 rg BT 374.38 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 389.25 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.70 678.75 Td (years ) Tj ET Q q 0 0 0 rg BT 429.48 678.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.18 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 487.21 678.75 Td (31 ) Tj ET Q q 0 0 0 rg BT 500.33 678.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 514.62 678.75 Td (millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 653.25 m 358 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 653.25 m 426 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 653.25 m 494 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 653.25 m 562 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 653.25 m 426 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 653.25 m 494 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 653.25 m 562 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 593.25 m 358 593.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 593.25 m 426 593.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 593.25 m 494 593.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 593.25 m 562 593.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 563.25 m 358 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 563.25 m 426 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 563.25 m 494 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 563.25 m 562 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 548.25 m 358 548.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 548.25 m 426 548.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 548.25 m 494 548.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 548.25 m 562 548.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 658.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 383.00 658.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 658.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.00 658.02 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 643.02 Td (Cash flows provided by operating activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.50 643.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 643.04 Td (560.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 643.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 643.02 Td (560.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 643.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 643.02 Td (489.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 628.02 Td (Cash flows used in investing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.10 628.04 Td (\(45.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 628.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.10 628.02 Td (\(36.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 628.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 628.02 Td (\(19.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 628.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 613.02 Td (Cash flows used in financing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.85 613.04 Td (\(409.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 613.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 613.02 Td (\(331.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 613.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 613.02 Td (\(462.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 613.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 598.02 Td (Ef) Tj ET Q q 0 0 0 rg BT 62.32 598.02 Td (fect of exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.35 598.04 Td (\(7.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.00 598.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.10 598.02 Td (\(15.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 598.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 598.02 Td (1) Tj ET Q q 0 0 0 rg BT 544.85 598.02 Td (1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 583.02 Td (Net change in cash and cash equivalents) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.60 583.04 Td (98.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 583.02 Td (177.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.60 583.02 Td (19.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 568.02 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.35 568.04 Td (950.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 568.02 Td (773.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 568.02 Td (754.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 553.02 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.50 553.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.50 553.04 Td (1,049.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 553.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 553.02 Td (950.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 553.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 553.02 Td (773.8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 523.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.04 523.55 Td (inflows ) Tj ET Q q 0 0 0 rg BT 109.08 523.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 149.95 523.55 Td (by ) Tj ET Q q 0 0 0 rg BT 163.99 523.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.18 523.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 248.63 523.55 Td (during ) Tj ET Q q 0 0 0 rg BT 279.58 523.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 305.86 523.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 330.40 523.55 Td (were ) Tj ET Q q 0 0 0 rg BT 354.34 523.55 Td ($560.6 ) Tj ET Q q 0 0 0 rg BT 386.75 523.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 423.26 523.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 465.87 523.55 Td (related ) Tj ET Q q 0 0 0 rg BT 497.97 523.55 Td (to ) Tj ET Q q 0 0 0 rg BT 509.68 523.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 528.38 523.55 Td (Income, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 510.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 86.38 510.95 Td (for ) Tj ET Q q 0 0 0 rg BT 100.52 510.95 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 140.31 510.95 Td (items. ) Tj ET Q q 0 0 0 rg BT 167.58 510.95 Td ( ) Tj ET Q q 0 0 0 rg BT 169.47 510.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 192.36 510.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 225.75 510.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 264.97 510.95 Td (by ) Tj ET Q q 0 0 0 rg BT 277.36 510.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 318.90 510.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 358.70 510.95 Td (during ) Tj ET Q q 0 0 0 rg BT 388.00 510.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 412.63 510.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 435.52 510.95 Td (were ) Tj ET Q q 0 0 0 rg BT 457.81 510.95 Td ($560.9 ) Tj ET Q q 0 0 0 rg BT 488.58 510.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 523.43 510.95 Td (primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 498.35 Td (related ) Tj ET Q q 0 0 0 rg BT 81.20 498.35 Td (to ) Tj ET Q q 0 0 0 rg BT 92.50 498.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 110.79 498.35 Td (Income, ) Tj ET Q q 0 0 0 rg BT 148.03 498.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 186.16 498.35 Td (for ) Tj ET Q q 0 0 0 rg BT 201.54 498.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 242.57 498.35 Td (items, ) Tj ET Q q 0 0 0 rg BT 271.08 498.35 Td (including ) Tj ET Q q 0 0 0 rg BT 313.88 498.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 365.41 498.35 Td (char) Tj ET Q q 0 0 0 rg BT 383.29 498.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 400.42 498.35 Td (totaling ) Tj ET Q q 0 0 0 rg BT 435.64 498.35 Td ($365.2 ) Tj ET Q q 0 0 0 rg BT 467.64 498.35 Td (million. ) Tj ET Q q 0 0 0 rg BT 503.74 498.35 Td ( ) Tj ET Q q 0 0 0 rg BT 506.87 498.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 531.00 498.35 Td (inflows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 485.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 89.33 485.75 Td (by ) Tj ET Q q 0 0 0 rg BT 102.34 485.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 144.51 485.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 184.92 485.75 Td (during ) Tj ET Q q 0 0 0 rg BT 214.85 485.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 240.10 485.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 263.60 485.75 Td (were ) Tj ET Q q 0 0 0 rg BT 286.52 485.75 Td ($489.4 ) Tj ET Q q 0 0 0 rg BT 317.90 485.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 353.37 485.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 394.96 485.75 Td (related ) Tj ET Q q 0 0 0 rg BT 426.03 485.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.71 485.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 454.38 485.75 Td (Income, ) Tj ET Q q 0 0 0 rg BT 491.00 485.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 528.50 485.75 Td (for ) Tj ET Q q 0 0 0 rg BT 543.25 485.75 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 473.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.44 473.15 Td (items, ) Tj ET Q q 0 0 0 rg BT 98.09 473.15 Td (including ) Tj ET Q q 0 0 0 rg BT 140.04 473.15 Td (the ) Tj ET Q q 0 0 0 rg BT 155.14 473.15 Td ($229.0 ) Tj ET Q q 0 0 0 rg BT 186.30 473.15 Td (million ) Tj ET Q q 0 0 0 rg BT 218.92 473.15 Td (of ) Tj ET Q q 0 0 0 rg BT 229.94 473.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 280.63 473.15 Td (char) Tj ET Q q 0 0 0 rg BT 298.51 473.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 314.79 473.15 Td (and ) Tj ET Q q 0 0 0 rg BT 332.23 473.15 Td (the ) Tj ET Q q 0 0 0 rg BT 347.33 473.15 Td ($213.7 ) Tj ET Q q 0 0 0 rg BT 378.49 473.15 Td (million ) Tj ET Q q 0 0 0 rg BT 411.11 473.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 426.22 473.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 457.65 473.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 505.99 473.15 Td (in ) Tj ET Q q 0 0 0 rg BT 516.43 473.15 Td (connection ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 460.55 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 460.55 Td (the ) Tj ET Q q 0 0 0 rg BT 86.25 460.55 Td (enactment ) Tj ET Q q 0 0 0 rg BT 132.02 460.55 Td (of ) Tj ET Q q 0 0 0 rg BT 143.39 460.55 Td (the ) Tj ET Q q 0 0 0 rg BT 158.65 460.55 Td (T) Tj ET Q q 0 0 0 rg BT 164.33 460.55 Td (ax ) Tj ET Q q 0 0 0 rg BT 176.87 460.55 Td (Law) Tj ET Q q 0 0 0 rg BT 194.84 460.55 Td (, ) Tj ET Q q 0 0 0 rg BT 200.09 460.55 Td (of) Tj ET Q q 0 0 0 rg BT 208.65 460.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 226.44 460.55 Td (in ) Tj ET Q q 0 0 0 rg BT 237.23 460.55 Td (part ) Tj ET Q q 0 0 0 rg BT 256.18 460.55 Td (by ) Tj ET Q q 0 0 0 rg BT 269.30 460.55 Td (net ) Tj ET Q q 0 0 0 rg BT 284.76 460.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 318.87 460.55 Td (of ) Tj ET Q q 0 0 0 rg BT 330.24 460.55 Td (CIVs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.64 435.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 113.54 435.35 Td (used ) Tj ET Q q 0 0 0 rg BT 135.93 435.35 Td (in ) Tj ET Q q 0 0 0 rg BT 147.24 435.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 188.88 435.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 229.93 435.35 Td (during ) Tj ET Q q 0 0 0 rg BT 260.49 435.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 286.37 435.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 310.51 435.35 Td (were ) Tj ET Q q 0 0 0 rg BT 334.06 435.35 Td ($45.4 ) Tj ET Q q 0 0 0 rg BT 360.82 435.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 396.93 435.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 439.15 435.35 Td (related ) Tj ET Q q 0 0 0 rg BT 470.85 435.35 Td (to ) Tj ET Q q 0 0 0 rg BT 482.16 435.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 525.55 435.35 Td (for ) Tj ET Q q 0 0 0 rg BT 540.94 435.35 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 80.28 422.75 Td (a ) Tj ET Q q 0 0 0 rg BT 88.60 422.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 128.43 422.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.16 422.75 Td (in ) Tj ET Q q 0 0 0 rg BT 189.99 422.75 Td (a ) Tj ET Q q 0 0 0 rg BT 198.31 422.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 222.39 422.75 Td (retirement ) Tj ET Q q 0 0 0 rg BT 269.19 422.75 Td (solutions ) Tj ET Q q 0 0 0 rg BT 310.77 422.75 Td (provider) Tj ET Q q 0 0 0 rg BT 345.93 422.75 Td (, ) Tj ET Q q 0 0 0 rg BT 352.21 422.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.03 422.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.52 422.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 437.25 422.75 Td (of ) Tj ET Q q 0 0 0 rg BT 449.66 422.75 Td (Gramercy ) Tj ET Q q 0 0 0 rg BT 495.29 422.75 Td (Europe ) Tj ET Q q 0 0 0 rg BT 529.27 422.75 Td (\(Jersey\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.15 Td (Limited ) Tj ET Q q 0 0 0 rg BT 86.85 410.15 Td (\("Gramercy"\), ) Tj ET Q q 0 0 0 rg BT 151.11 410.15 Td (further ) Tj ET Q q 0 0 0 rg BT 183.78 410.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 228.13 410.15 Td (below) Tj ET Q q 0 0 0 rg BT 253.11 410.15 Td (, ) Tj ET Q q 0 0 0 rg BT 259.84 410.15 Td (of) Tj ET Q q 0 0 0 rg BT 268.39 410.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 287.66 410.15 Td (in ) Tj ET Q q 0 0 0 rg BT 299.92 410.15 Td (part ) Tj ET Q q 0 0 0 rg BT 320.35 410.15 Td (by ) Tj ET Q q 0 0 0 rg BT 334.95 410.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 368.21 410.15 Td (of ) Tj ET Q q 0 0 0 rg BT 381.06 410.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.14 410.15 Td (received ) Tj ET Q q 0 0 0 rg BT 452.80 410.15 Td (on ) Tj ET Q q 0 0 0 rg BT 467.40 410.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 500.07 410.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.33 410.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 397.55 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 102.40 397.55 Td (and ) Tj ET Q q 0 0 0 rg BT 119.14 397.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 150.47 397.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 184.72 397.55 Td (companies. ) Tj ET Q q 0 0 0 rg BT 233.83 397.55 Td ( ) Tj ET Q q 0 0 0 rg BT 235.41 397.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 257.99 397.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 296.32 397.55 Td (used ) Tj ET Q q 0 0 0 rg BT 317.15 397.55 Td (in ) Tj ET Q q 0 0 0 rg BT 326.90 397.55 Td (investing ) Tj ET Q q 0 0 0 rg BT 366.98 397.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 406.46 397.55 Td (during ) Tj ET Q q 0 0 0 rg BT 435.46 397.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 459.78 397.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 482.36 397.55 Td (were ) Tj ET Q q 0 0 0 rg BT 504.34 397.55 Td ($36.5 ) Tj ET Q q 0 0 0 rg BT 529.54 397.55 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.51 384.95 Td (related ) Tj ET Q q 0 0 0 rg BT 123.00 384.95 Td (to ) Tj ET Q q 0 0 0 rg BT 134.10 384.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 177.28 384.95 Td (made ) Tj ET Q q 0 0 0 rg BT 202.95 384.95 Td (for ) Tj ET Q q 0 0 0 rg BT 218.13 384.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 242.63 384.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 272.69 384.95 Td (of) Tj ET Q q 0 0 0 rg BT 281.25 384.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 299.34 384.95 Td (in ) Tj ET Q q 0 0 0 rg BT 310.44 384.95 Td (part ) Tj ET Q q 0 0 0 rg BT 329.70 384.95 Td (by ) Tj ET Q q 0 0 0 rg BT 343.13 384.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 375.22 384.95 Td (of ) Tj ET Q q 0 0 0 rg BT 386.90 384.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 417.82 384.95 Td (received ) Tj ET Q q 0 0 0 rg BT 456.30 384.95 Td (on ) Tj ET Q q 0 0 0 rg BT 469.74 384.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 501.23 384.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.33 384.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.35 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 102.57 372.35 Td (and ) Tj ET Q q 0 0 0 rg BT 119.49 372.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 150.99 372.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 185.40 372.35 Td (companies.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 232.93 372.35 Td ( ) Tj ET Q q 0 0 0 rg BT 234.68 372.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.44 372.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 259.19 372.35 Td (outflows ) Tj ET Q q 0 0 0 rg BT 297.69 372.35 Td (used ) Tj ET Q q 0 0 0 rg BT 318.69 372.35 Td (in ) Tj ET Q q 0 0 0 rg BT 328.61 372.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 368.86 372.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 408.52 372.35 Td (during ) Tj ET Q q 0 0 0 rg BT 437.69 372.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 462.18 372.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 484.93 372.35 Td (were ) Tj ET Q q 0 0 0 rg BT 507.08 372.35 Td ($19.5 ) Tj ET Q q 0 0 0 rg BT 532.46 372.35 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.51 359.75 Td (related ) Tj ET Q q 0 0 0 rg BT 123.00 359.75 Td (to ) Tj ET Q q 0 0 0 rg BT 134.10 359.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 177.28 359.75 Td (made ) Tj ET Q q 0 0 0 rg BT 202.95 359.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.13 359.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 242.63 359.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 272.69 359.75 Td (of) Tj ET Q q 0 0 0 rg BT 281.25 359.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 299.34 359.75 Td (in ) Tj ET Q q 0 0 0 rg BT 310.44 359.75 Td (part ) Tj ET Q q 0 0 0 rg BT 329.70 359.75 Td (by ) Tj ET Q q 0 0 0 rg BT 343.13 359.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 375.22 359.75 Td (of ) Tj ET Q q 0 0 0 rg BT 386.90 359.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 417.82 359.75 Td (received ) Tj ET Q q 0 0 0 rg BT 456.30 359.75 Td (on ) Tj ET Q q 0 0 0 rg BT 469.74 359.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 501.23 359.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.33 359.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.15 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 103.45 347.15 Td (and ) Tj ET Q q 0 0 0 rg BT 121.23 347.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 153.61 347.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 188.90 347.15 Td (companies.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.79 321.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 111.83 321.95 Td (used ) Tj ET Q q 0 0 0 rg BT 133.37 321.95 Td (in ) Tj ET Q q 0 0 0 rg BT 143.82 321.95 Td (financing ) Tj ET Q q 0 0 0 rg BT 185.76 321.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 225.96 321.95 Td (during ) Tj ET Q q 0 0 0 rg BT 255.66 321.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 280.69 321.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 303.98 321.95 Td (were ) Tj ET Q q 0 0 0 rg BT 326.67 321.95 Td ($409.0 ) Tj ET Q q 0 0 0 rg BT 357.83 321.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 393.08 321.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 434.45 321.95 Td (related ) Tj ET Q q 0 0 0 rg BT 465.30 321.95 Td (to ) Tj ET Q q 0 0 0 rg BT 475.76 321.95 Td (the ) Tj ET Q q 0 0 0 rg BT 490.87 321.95 Td (repayment ) Tj ET Q q 0 0 0 rg BT 537.48 321.95 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 321.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.35 Td ($250 ) Tj ET Q q 0 0 0 rg BT 73.98 309.35 Td (million ) Tj ET Q q 0 0 0 rg BT 107.80 309.35 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 133.15 309.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 164.04 309.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 192.02 309.35 Td (in ) Tj ET Q q 0 0 0 rg BT 203.67 309.35 Td (July ) Tj ET Q q 0 0 0 rg BT 224.65 309.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 251.76 309.35 Td (dividends ) Tj ET Q q 0 0 0 rg BT 296.07 309.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 317.63 309.35 Td (of ) Tj ET Q q 0 0 0 rg BT 329.85 309.35 Td ($138.0 ) Tj ET Q q 0 0 0 rg BT 362.21 309.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 398.65 309.35 Td (distributions ) Tj ET Q q 0 0 0 rg BT 454.64 309.35 Td (to ) Tj ET Q q 0 0 0 rg BT 466.29 309.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 531.59 309.35 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 83.10 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 94.53 296.75 Td ($37.8 ) Tj ET Q q 0 0 0 rg BT 120.84 296.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 156.49 296.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.34 296.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 217.84 296.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.36 296.75 Td (withholdings ) Tj ET Q q 0 0 0 rg BT 290.88 296.75 Td (by ) Tj ET Q q 0 0 0 rg BT 304.07 296.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 349.91 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 361.34 296.75 Td (net ) Tj ET Q q 0 0 0 rg BT 376.86 296.75 Td (share ) Tj ET Q q 0 0 0 rg BT 401.70 296.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 454.54 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.97 296.75 Td ($15.4 ) Tj ET Q q 0 0 0 rg BT 492.28 296.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 527.93 296.75 Td (of) Tj ET Q q 0 0 0 rg BT 536.49 296.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 554.34 296.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.15 Td (part ) Tj ET Q q 0 0 0 rg BT 67.63 284.15 Td (by ) Tj ET Q q 0 0 0 rg BT 79.93 284.15 Td (issuances ) Tj ET Q q 0 0 0 rg BT 121.40 284.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.95 284.15 Td (common ) Tj ET Q q 0 0 0 rg BT 170.50 284.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 194.47 284.15 Td (for ) Tj ET Q q 0 0 0 rg BT 208.52 284.15 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 259.89 284.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 320.02 284.15 Td (of ) Tj ET Q q 0 0 0 rg BT 330.57 284.15 Td ($44.1 ) Tj ET Q q 0 0 0 rg BT 356.00 284.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 390.76 284.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 413.57 284.15 Td (outflows ) Tj ET Q q 0 0 0 rg BT 452.12 284.15 Td (used ) Tj ET Q q 0 0 0 rg BT 473.18 284.15 Td (in ) Tj ET Q q 0 0 0 rg BT 483.15 284.15 Td (financing ) Tj ET Q q 0 0 0 rg BT 524.61 284.15 Td (activities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.55 Td (during ) Tj ET Q q 0 0 0 rg BT 80.23 271.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 106.29 271.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 130.62 271.55 Td (were ) Tj ET Q q 0 0 0 rg BT 154.34 271.55 Td ($331.5 ) Tj ET Q q 0 0 0 rg BT 186.53 271.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 222.82 271.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 265.21 271.55 Td (related ) Tj ET Q q 0 0 0 rg BT 297.10 271.55 Td (to ) Tj ET Q q 0 0 0 rg BT 308.58 271.55 Td (the ) Tj ET Q q 0 0 0 rg BT 324.73 271.55 Td (repayment ) Tj ET Q q 0 0 0 rg BT 372.37 271.55 Td (of ) Tj ET Q q 0 0 0 rg BT 384.43 271.55 Td ($125.5 ) Tj ET Q q 0 0 0 rg BT 416.63 271.55 Td (million ) Tj ET Q q 0 0 0 rg BT 450.29 271.55 Td (of ) Tj ET Q q 0 0 0 rg BT 462.36 271.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 514.68 271.55 Td (borrowings ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.95 Td (under ) Tj ET Q q 0 0 0 rg BT 75.82 258.95 Td (our ) Tj ET Q q 0 0 0 rg BT 92.24 258.95 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 137.22 258.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 179.88 258.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.19 258.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 252.33 258.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 266.99 258.95 Td (amended ) Tj ET Q q 0 0 0 rg BT 307.31 258.95 Td (from ) Tj ET Q q 0 0 0 rg BT 330.14 258.95 Td (time ) Tj ET Q q 0 0 0 rg BT 351.21 258.95 Td (to ) Tj ET Q q 0 0 0 rg BT 361.80 258.95 Td (time ) Tj ET Q q 0 0 0 rg BT 382.88 258.95 Td (the ) Tj ET Q q 0 0 0 rg BT 398.12 258.95 Td ("Credit ) Tj ET Q q 0 0 0 rg BT 430.54 258.95 Td (Agreement"\), ) Tj ET Q q 0 0 0 rg BT 490.01 258.95 Td (dividends ) Tj ET Q q 0 0 0 rg BT 533.25 258.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 553.75 258.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.35 Td ($1) Tj ET Q q 0 0 0 rg BT 59.61 246.35 Td (14.8 ) Tj ET Q q 0 0 0 rg BT 82.89 246.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 120.75 246.35 Td (distributions ) Tj ET Q q 0 0 0 rg BT 178.16 246.35 Td (to ) Tj ET Q q 0 0 0 rg BT 191.24 246.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 257.97 246.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 293.78 246.35 Td (holders ) Tj ET Q q 0 0 0 rg BT 329.59 246.35 Td (of ) Tj ET Q q 0 0 0 rg BT 343.24 246.35 Td ($38.6 ) Tj ET Q q 0 0 0 rg BT 371.77 246.35 Td (million ) Tj ET Q q 0 0 0 rg BT 407.01 246.35 Td (and ) Tj ET Q q 0 0 0 rg BT 427.07 246.35 Td (net ) Tj ET Q q 0 0 0 rg BT 444.80 246.35 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 501.61 246.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 554.33 246.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 112.81 233.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 149.28 233.75 Td (in ) Tj ET Q q 0 0 0 rg BT 158.92 233.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 182.57 233.75 Td (and ) Tj ET Q q 0 0 0 rg BT 199.21 233.75 Td (other ) Tj ET Q q 0 0 0 rg BT 222.26 233.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 276.81 233.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 324.37 233.75 Td (products ) Tj ET Q q 0 0 0 rg BT 362.00 233.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.23 233.75 Td ($22.2 ) Tj ET Q q 0 0 0 rg BT 397.33 233.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 431.77 233.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 454.25 233.75 Td (outflows ) Tj ET Q q 0 0 0 rg BT 492.48 233.75 Td (used ) Tj ET Q q 0 0 0 rg BT 513.21 233.75 Td (in ) Tj ET Q q 0 0 0 rg BT 522.85 233.75 Td (financing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 90.62 221.15 Td (during ) Tj ET Q q 0 0 0 rg BT 121.24 221.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 147.19 221.15 Td (2018 ) Tj ET Q q 0 0 0 rg BT 171.41 221.15 Td (were ) Tj ET Q q 0 0 0 rg BT 195.02 221.15 Td ($462.3 ) Tj ET Q q 0 0 0 rg BT 227.11 221.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 263.28 221.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 305.57 221.15 Td (related ) Tj ET Q q 0 0 0 rg BT 337.34 221.15 Td (to ) Tj ET Q q 0 0 0 rg BT 348.72 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.76 221.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 405.29 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 417.25 221.15 Td (6.6 ) Tj ET Q q 0 0 0 rg BT 433.58 221.15 Td (million ) Tj ET Q q 0 0 0 rg BT 467.13 221.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 496.59 221.15 Td (of ) Tj ET Q q 0 0 0 rg BT 508.54 221.15 Td (our ) Tj ET Q q 0 0 0 rg BT 525.75 221.15 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 75.14 208.55 Td (for ) Tj ET Q q 0 0 0 rg BT 90.85 208.55 Td ($253.6 ) Tj ET Q q 0 0 0 rg BT 123.20 208.55 Td (million ) Tj ET Q q 0 0 0 rg BT 157.00 208.55 Td (through ) Tj ET Q q 0 0 0 rg BT 193.14 208.55 Td (open ) Tj ET Q q 0 0 0 rg BT 217.02 208.55 Td (market ) Tj ET Q q 0 0 0 rg BT 249.65 208.55 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 297.14 208.55 Td (the ) Tj ET Q q 0 0 0 rg BT 313.44 208.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 354.23 208.55 Td (of ) Tj ET Q q 0 0 0 rg BT 366.45 208.55 Td (5.6 ) Tj ET Q q 0 0 0 rg BT 383.04 208.55 Td (million ) Tj ET Q q 0 0 0 rg BT 416.85 208.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 446.56 208.55 Td (of ) Tj ET Q q 0 0 0 rg BT 458.78 208.55 Td (our ) Tj ET Q q 0 0 0 rg BT 476.25 208.55 Td (common ) Tj ET Q q 0 0 0 rg BT 516.47 208.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.10 208.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.95 Td (Shanda ) Tj ET Q q 0 0 0 rg BT 82.81 195.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 109.21 195.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 167.10 195.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 216.83 195.95 Td (Limited ) Tj ET Q q 0 0 0 rg BT 253.14 195.95 Td (\("Shanda"\) ) Tj ET Q q 0 0 0 rg BT 302.69 195.95 Td (for ) Tj ET Q q 0 0 0 rg BT 318.01 195.95 Td ($225.5 ) Tj ET Q q 0 0 0 rg BT 349.96 195.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 385.99 195.95 Td (as ) Tj ET Q q 0 0 0 rg BT 397.81 195.95 Td (further ) Tj ET Q q 0 0 0 rg BT 429.45 195.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 472.77 195.95 Td (below) Tj ET Q q 0 0 0 rg BT 497.75 195.95 Td (, ) Tj ET Q q 0 0 0 rg BT 503.45 195.95 Td (and ) Tj ET Q q 0 0 0 rg BT 521.68 195.95 Td (dividends ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 183.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.04 183.35 Td (of ) Tj ET Q q 0 0 0 rg BT 81.25 183.35 Td ($102.2 ) Tj ET Q q 0 0 0 rg BT 112.58 183.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 148.01 183.35 Td (of) Tj ET Q q 0 0 0 rg BT 156.56 183.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 174.19 183.35 Td (in ) Tj ET Q q 0 0 0 rg BT 184.81 183.35 Td (part ) Tj ET Q q 0 0 0 rg BT 203.60 183.35 Td (by ) Tj ET Q q 0 0 0 rg BT 216.56 183.35 Td ($125.5 ) Tj ET Q q 0 0 0 rg BT 247.90 183.35 Td (million ) Tj ET Q q 0 0 0 rg BT 280.69 183.35 Td (of ) Tj ET Q q 0 0 0 rg BT 291.90 183.35 Td (net ) Tj ET Q q 0 0 0 rg BT 307.19 183.35 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 357.48 183.35 Td (under ) Tj ET Q q 0 0 0 rg BT 383.85 183.35 Td (our ) Tj ET Q q 0 0 0 rg BT 400.31 183.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 428.47 183.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 477.58 183.35 Td (to ) Tj ET Q q 0 0 0 rg BT 488.21 183.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 509.91 183.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.20 183.35 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 170.75 Td (our ) Tj ET Q q 0 0 0 rg BT 77.49 170.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 106.36 170.75 Td (from ) Tj ET Q q 0 0 0 rg BT 129.39 170.75 Td (Shanda. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.55 Td (On ) Tj ET Q q 0 0 0 rg BT 64.60 145.55 Td (April ) Tj ET Q q 0 0 0 rg BT 89.67 145.55 Td (3, ) Tj ET Q q 0 0 0 rg BT 100.46 145.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 126.99 145.55 Td (we ) Tj ET Q q 0 0 0 rg BT 142.15 145.55 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 185.29 145.55 Td ($250 ) Tj ET Q q 0 0 0 rg BT 209.20 145.55 Td (million ) Tj ET Q q 0 0 0 rg BT 242.45 145.55 Td (under ) Tj ET Q q 0 0 0 rg BT 269.27 145.55 Td (the ) Tj ET Q q 0 0 0 rg BT 285.01 145.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 313.52 145.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 363.07 145.55 Td (to ) Tj ET Q q 0 0 0 rg BT 374.15 145.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 409.14 145.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 454.04 145.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 492.53 145.55 Td (amid ) Tj ET Q q 0 0 0 rg BT 516.44 145.55 Td (heightened ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 99.31 132.95 Td (due ) Tj ET Q q 0 0 0 rg BT 117.06 132.95 Td (to ) Tj ET Q q 0 0 0 rg BT 127.81 132.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.22 132.95 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 193.05 132.95 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 239.08 132.95 Td ( ) Tj ET Q q 0 0 0 rg BT 241.48 132.95 Td (W) Tj ET Q q 0 0 0 rg BT 250.55 132.95 Td (e ) Tj ET Q q 0 0 0 rg BT 257.79 132.95 Td (do ) Tj ET Q q 0 0 0 rg BT 270.87 132.95 Td (not ) Tj ET Q q 0 0 0 rg BT 286.88 132.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 327.36 132.95 Td (foresee ) Tj ET Q q 0 0 0 rg BT 360.25 132.95 Td (any ) Tj ET Q q 0 0 0 rg BT 378.00 132.95 Td (need ) Tj ET Q q 0 0 0 rg BT 400.40 132.95 Td (to ) Tj ET Q q 0 0 0 rg BT 411.16 132.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 439.98 132.95 Td (this ) Tj ET Q q 0 0 0 rg BT 457.74 132.95 Td (cash, ) Tj ET Q q 0 0 0 rg BT 481.60 132.95 Td (but ) Tj ET Q q 0 0 0 rg BT 497.60 132.95 Td (it ) Tj ET Q q 0 0 0 rg BT 506.02 132.95 Td (was ) Tj ET Q q 0 0 0 rg BT 524.94 132.95 Td (drawn ) Tj ET Q q 0 0 0 rg BT 553.76 132.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 120.35 Td (a ) Tj ET Q q 0 0 0 rg BT 57.33 120.35 Td (precaution ) Tj ET Q q 0 0 0 rg BT 104.82 120.35 Td (in ) Tj ET Q q 0 0 0 rg BT 116.15 120.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.15 120.35 Td (event ) Tj ET Q q 0 0 0 rg BT 158.06 120.35 Td (the ) Tj ET Q q 0 0 0 rg BT 174.06 120.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 218.05 120.35 Td (environment ) Tj ET Q q 0 0 0 rg BT 274.29 120.35 Td (worsens ) Tj ET Q q 0 0 0 rg BT 311.88 120.35 Td (significantly) Tj ET Q q 0 0 0 rg BT 363.69 120.35 Td (. ) Tj ET Q q 0 0 0 rg BT 369.48 120.35 Td ( ) Tj ET Q q 0 0 0 rg BT 372.65 120.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 401.48 120.35 Td (on ) Tj ET Q q 0 0 0 rg BT 415.15 120.35 Td (our ) Tj ET Q q 0 0 0 rg BT 432.32 120.35 Td (current ) Tj ET Q q 0 0 0 rg BT 465.23 120.35 Td (level ) Tj ET Q q 0 0 0 rg BT 488.80 120.35 Td (of ) Tj ET Q q 0 0 0 rg BT 500.72 120.35 Td (operations, ) Tj ET Q q 0 0 0 rg BT 550.25 120.35 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 79.10 107.75 Td (that ) Tj ET Q q 0 0 0 rg BT 97.04 107.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 117.89 107.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 160.89 107.75 Td (from ) Tj ET Q q 0 0 0 rg BT 183.50 107.75 Td (our ) Tj ET Q q 0 0 0 rg BT 199.69 107.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 241.54 107.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 284.27 107.75 Td (together ) Tj ET Q q 0 0 0 rg BT 320.87 107.75 Td (with ) Tj ET Q q 0 0 0 rg BT 341.73 107.75 Td (available ) Tj ET Q q 0 0 0 rg BT 381.82 107.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 402.67 107.75 Td (on ) Tj ET Q q 0 0 0 rg BT 415.37 107.75 Td (hand, ) Tj ET Q q 0 0 0 rg BT 440.60 107.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 484.20 107.75 Td (the ) Tj ET Q q 0 0 0 rg BT 499.23 107.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 538.74 107.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 107.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 95.15 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.92 95.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 127.36 95.15 Td (drawing, ) Tj ET Q q 0 0 0 rg BT 167.18 95.15 Td (will ) Tj ET Q q 0 0 0 rg BT 186.31 95.15 Td (be ) Tj ET Q q 0 0 0 rg BT 199.01 95.15 Td (adequate ) Tj ET Q q 0 0 0 rg BT 239.11 95.15 Td (to ) Tj ET Q q 0 0 0 rg BT 250.07 95.15 Td (support ) Tj ET Q q 0 0 0 rg BT 284.36 95.15 Td (our ) Tj ET Q q 0 0 0 rg BT 301.14 95.15 Td (working ) Tj ET Q q 0 0 0 rg BT 338.93 95.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 369.71 95.15 Td (needs ) Tj ET Q q 0 0 0 rg BT 396.41 95.15 Td (for ) Tj ET Q q 0 0 0 rg BT 411.44 95.15 Td (at ) Tj ET Q q 0 0 0 rg BT 421.81 95.15 Td (least ) Tj ET Q q 0 0 0 rg BT 443.84 95.15 Td (the ) Tj ET Q q 0 0 0 rg BT 459.46 95.15 Td (next ) Tj ET Q q 0 0 0 rg BT 480.33 95.15 Td (12 ) Tj ET Q q 0 0 0 rg BT 493.62 95.15 Td (months. ) Tj ET Q q 0 0 0 rg BT 529.96 95.15 Td ( ) Tj ET Q q 0 0 0 rg BT 532.75 95.15 Td (Should ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 82.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.02 82.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 108.53 82.55 Td (environment ) Tj ET Q q 0 0 0 rg BT 164.29 82.55 Td (worsen ) Tj ET Q q 0 0 0 rg BT 197.31 82.55 Td (significantly ) Tj ET Q q 0 0 0 rg BT 252.49 82.55 Td (and ) Tj ET Q q 0 0 0 rg BT 270.35 82.55 Td (our ) Tj ET Q q 0 0 0 rg BT 287.03 82.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 336.38 82.55 Td (prove ) Tj ET Q q 0 0 0 rg BT 362.98 82.55 Td (incorrect, ) Tj ET Q q 0 0 0 rg BT 405.61 82.55 Td (we ) Tj ET Q q 0 0 0 rg BT 420.54 82.55 Td (would ) Tj ET Q q 0 0 0 rg BT 449.49 82.55 Td (have ) Tj ET Q q 0 0 0 rg BT 472.00 82.55 Td (the ) Tj ET Q q 0 0 0 rg BT 487.52 82.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 515.86 82.55 Td (Agreement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 69.95 Td (drawdown ) Tj ET Q q 0 0 0 rg BT 96.74 69.95 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 136.98 69.95 Td (available ) Tj ET Q q 0 0 0 rg BT 177.80 69.95 Td (for ) Tj ET Q q 0 0 0 rg BT 192.96 69.95 Td (use. ) Tj ET Q q 0 0 0 rg BT 212.50 69.95 Td ( ) Tj ET Q q 0 0 0 rg BT 215.42 69.95 Td (Subject ) Tj ET Q q 0 0 0 rg BT 249.84 69.95 Td (to ) Tj ET Q q 0 0 0 rg BT 260.93 69.95 Td (the ) Tj ET Q q 0 0 0 rg BT 276.68 69.95 Td (limitations ) Tj ET Q q 0 0 0 rg BT 324.52 69.95 Td (contained ) Tj ET Q q 0 0 0 rg BT 368.26 69.95 Td (in ) Tj ET Q q 0 0 0 rg BT 379.34 69.95 Td (the ) Tj ET Q q 0 0 0 rg BT 395.09 69.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 412.40 69.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 428.08 69.95 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 480.27 69.95 Td (we ) Tj ET Q q 0 0 0 rg BT 495.44 69.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 536.26 69.95 Td (intend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 57.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.92 57.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 88.40 57.35 Td (our ) Tj ET Q q 0 0 0 rg BT 104.65 57.35 Td (available ) Tj ET Q q 0 0 0 rg BT 144.79 57.35 Td (resources ) Tj ET Q q 0 0 0 rg BT 186.69 57.35 Td (for ) Tj ET Q q 0 0 0 rg BT 201.18 57.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 241.33 57.35 Td (including, ) Tj ET Q q 0 0 0 rg BT 285.87 57.35 Td (but ) Tj ET Q q 0 0 0 rg BT 301.54 57.35 Td (not ) Tj ET Q q 0 0 0 rg BT 317.20 57.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 349.20 57.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 362.24 57.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 400.05 57.35 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 458.58 57.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 513.61 57.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.52 57.35 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 44.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.22 44.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.94 44.75 Td (new ) Tj ET Q q 0 0 0 rg BT 132.98 44.75 Td (and ) Tj ET Q q 0 0 0 rg BT 150.69 44.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 186.49 44.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 227.83 44.75 Td (and ) Tj ET Q q 0 0 0 rg BT 245.54 44.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 284.25 44.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.55 44.75 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 341.56 44.75 Td ( ) Tj ET Q q 0 0 0 rg BT 344.11 44.75 Td (In ) Tj ET Q q 0 0 0 rg BT 355.41 44.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 392.37 44.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.09 44.75 Td (our ) Tj ET Q q 0 0 0 rg BT 419.64 44.75 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 457.77 44.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.97 44.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 521.18 44.75 Td (needs, ) Tj ET Q q 0 0 0 rg BT 550.26 44.75 Td (we ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (62) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 92.86 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 116.98 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 138.19 741.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 164.64 741.75 Td (during ) Tj ET Q q 0 0 0 rg BT 194.60 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.98 741.75 Td (next ) Tj ET Q q 0 0 0 rg BT 230.60 741.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 243.65 741.75 Td (months, ) Tj ET Q q 0 0 0 rg BT 279.74 741.75 Td (including ) Tj ET Q q 0 0 0 rg BT 321.95 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.33 741.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 376.03 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 387.32 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 418.43 741.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 462.37 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 480.07 741.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 519.94 741.75 Td (incentives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 729.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.98 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 130.28 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 145.73 729.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 163.03 729.15 Td (ger) Tj ET Q q 0 0 0 rg BT 176.02 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 181.27 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 192.64 729.15 Td (further ) Tj ET Q q 0 0 0 rg BT 223.84 729.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 266.71 729.15 Td (below) Tj ET Q q 0 0 0 rg BT 291.69 729.15 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Financing ) Tj ET Q q 0 0 0 rg BT 96.86 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 103.09 703.95 Td (ransactions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 691.35 Td (table ) Tj ET Q q 0 0 0 rg BT 91.48 691.35 Td (below ) Tj ET Q q 0 0 0 rg BT 119.77 691.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 153.29 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 169.91 691.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 205.77 691.35 Td (sources ) Tj ET Q q 0 0 0 rg BT 239.89 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 251.26 691.35 Td (financing ) Tj ET Q q 0 0 0 rg BT 293.54 691.35 Td (\(in ) Tj ET Q q 0 0 0 rg BT 307.83 691.35 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 652.85 m 353 652.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 652.85 m 357 652.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 652.85 m 410 652.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 637.85 m 293 637.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 637.85 m 353 637.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 652.85 m 410 652.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 637.85 m 410 637.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 637.85 m 492 637.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 637.85 m 563 637.85 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.70 669.12 Td (Amount Outstanding at) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.40 657.62 Td (March�31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 642.62 Td (T) Tj ET Q q 0 0 0 rg BT 58.55 642.62 Td (ype) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.00 642.64 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.50 642.62 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.80 642.62 Td (Interest Rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.60 642.62 Td (Maturity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 627.62 Td (3.95% Senior Notes due July 2024) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.50 627.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.85 627.64 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.50 627.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 627.62 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.90 627.62 Td (3.95%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.40 627.62 Td (July 2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 612.62 Td (4.75% Senior Notes due March 2026) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.85 612.64 Td (450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 612.62 Td (450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.90 612.62 Td (4.75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.45 612.62 Td (March 2026) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 597.62 Td (5.625% Senior Notes due January 2044) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.85 597.64 Td (550,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 597.62 Td (550,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.30 597.62 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.85 597.62 Td (January 2044) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 582.62 Td (6.375% Junior Subordinated Notes due March 2056) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.85 583.24 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 583.07 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.30 583.07 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.45 583.07 Td (March 2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 568.07 Td (5.45% Junior Subordinated Notes due September 2056) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.85 568.24 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 568.07 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.90 568.07 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 568.07 Td (September) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.50 557.57 Td (2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 541.62 Td (2.7% Senior Notes due July 2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.50 541.64 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.85 541.62 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.90 541.62 Td (2.70%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 508.40 541.62 Td (July 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 527.07 Td (Revolving credit agreement) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 169.13 531.83 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.50 527.24 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.50 527.07 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.90 527.07 Td (Eurocurrency) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.45 516.57 Td (Rate�+�1.25% +) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.00 506.07 Td (0.175% annual) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.20 495.57 Td (commitment fee) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.40 527.07 Td (December) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.50 516.57 Td (2020) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 480.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 61.75 480.15 Td ($500,000 ) Tj ET Q q 0 0 0 rg BT 95.97 480.15 Td (available ) Tj ET Q q 0 0 0 rg BT 128.99 480.15 Td (as ) Tj ET Q q 0 0 0 rg BT 138.42 480.15 Td (of ) Tj ET Q q 0 0 0 rg BT 147.84 480.15 Td (March ) Tj ET Q q 0 0 0 rg BT 172.37 480.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 185.34 480.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 206.81 480.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 233.23 480.15 Td (to ) Tj ET Q q 0 0 0 rg BT 242.19 480.15 Td (the ) Tj ET Q q 0 0 0 rg BT 254.92 480.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 276.14 480.15 Td (of ) Tj ET Q q 0 0 0 rg BT 285.57 480.15 Td (the ) Tj ET Q q 0 0 0 rg BT 298.30 480.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 312.31 480.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 324.99 480.15 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 367.22 480.15 Td (however ) Tj ET Q q 0 0 0 rg BT 398.82 480.15 Td ($250 ) Tj ET Q q 0 0 0 rg BT 418.17 480.15 Td (million ) Tj ET Q q 0 0 0 rg BT 445.07 480.15 Td (of ) Tj ET Q q 0 0 0 rg BT 454.50 480.15 Td (this ) Tj ET Q q 0 0 0 rg BT 469.12 480.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 496.96 480.15 Td (was ) Tj ET Q q 0 0 0 rg BT 512.52 480.15 Td (drawn ) Tj ET Q q 0 0 0 rg BT 536.11 480.15 Td (in ) Tj ET Q q 0 0 0 rg BT 544.55 480.15 Td (April ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.00 469.95 Td (2020.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 98.21 444.75 Td (Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 432.15 Td (On ) Tj ET Q q 0 0 0 rg BT 64.96 432.15 Td (July ) Tj ET Q q 0 0 0 rg BT 85.09 432.15 Td (15, ) Tj ET Q q 0 0 0 rg BT 100.84 432.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 127.09 432.15 Td (we ) Tj ET Q q 0 0 0 rg BT 141.96 432.15 Td (repaid ) Tj ET Q q 0 0 0 rg BT 170.82 432.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.27 432.15 Td ($250 ) Tj ET Q q 0 0 0 rg BT 209.89 432.15 Td (million ) Tj ET Q q 0 0 0 rg BT 242.86 432.15 Td (of ) Tj ET Q q 0 0 0 rg BT 254.23 432.15 Td (2.7% ) Tj ET Q q 0 0 0 rg BT 278.72 432.15 Td (Senior ) Tj ET Q q 0 0 0 rg BT 308.76 432.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 335.89 432.15 Td (due ) Tj ET Q q 0 0 0 rg BT 353.67 432.15 Td (July ) Tj ET Q q 0 0 0 rg BT 373.80 432.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 400.05 432.15 Td (using ) Tj ET Q q 0 0 0 rg BT 425.43 432.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 461.30 432.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 482.59 432.15 Td (resources. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 406.95 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 95.29 406.95 Td (Credit ) Tj ET Q q 0 0 0 rg BT 124.36 406.95 Td (Agreement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 394.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 394.35 Td (e ) Tj ET Q q 0 0 0 rg BT 65.30 394.35 Td (maintain ) Tj ET Q q 0 0 0 rg BT 104.12 394.35 Td (an ) Tj ET Q q 0 0 0 rg BT 116.10 394.35 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 160.74 394.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 188.60 394.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 237.32 394.35 Td (which ) Tj ET Q q 0 0 0 rg BT 265.05 394.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 303.29 394.35 Td (for ) Tj ET Q q 0 0 0 rg BT 317.60 394.35 Td (a ) Tj ET Q q 0 0 0 rg BT 324.34 394.35 Td ($500 ) Tj ET Q q 0 0 0 rg BT 347.41 394.35 Td (million ) Tj ET Q q 0 0 0 rg BT 379.82 394.35 Td (multi-currency ) Tj ET Q q 0 0 0 rg BT 444.28 394.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 486.60 394.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 512.57 394.35 Td (facility) Tj ET Q q 0 0 0 rg BT 541.63 394.35 Td (. ) Tj ET Q q 0 0 0 rg BT 546.18 394.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 93.25 381.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 120.65 381.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 153.90 381.75 Td (may ) Tj ET Q q 0 0 0 rg BT 175.48 381.75 Td (be ) Tj ET Q q 0 0 0 rg BT 188.89 381.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 232.04 381.75 Td (by ) Tj ET Q q 0 0 0 rg BT 246.05 381.75 Td (an ) Tj ET Q q 0 0 0 rg BT 259.46 381.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 303.77 381.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 338.77 381.75 Td (of ) Tj ET Q q 0 0 0 rg BT 351.02 381.75 Td (up ) Tj ET Q q 0 0 0 rg BT 365.03 381.75 Td (to ) Tj ET Q q 0 0 0 rg BT 376.70 381.75 Td ($500 ) Tj ET Q q 0 0 0 rg BT 401.20 381.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 437.67 381.75 Td (to ) Tj ET Q q 0 0 0 rg BT 449.34 381.75 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 471.22 381.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 504.77 381.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 538.02 381.75 Td (to ) Tj ET Q q 0 0 0 rg BT 549.69 381.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 369.15 Td (approval ) Tj ET Q q 0 0 0 rg BT 88.58 369.15 Td (of ) Tj ET Q q 0 0 0 rg BT 99.68 369.15 Td (the ) Tj ET Q q 0 0 0 rg BT 114.85 369.15 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 150.15 369.15 Td (expires ) Tj ET Q q 0 0 0 rg BT 182.82 369.15 Td (in ) Tj ET Q q 0 0 0 rg BT 193.33 369.15 Td (December ) Tj ET Q q 0 0 0 rg BT 238.82 369.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 264.80 369.15 Td (and ) Tj ET Q q 0 0 0 rg BT 282.30 369.15 Td (can ) Tj ET Q q 0 0 0 rg BT 299.22 369.15 Td (be ) Tj ET Q q 0 0 0 rg BT 311.48 369.15 Td (repaid ) Tj ET Q q 0 0 0 rg BT 340.07 369.15 Td (at ) Tj ET Q q 0 0 0 rg BT 349.99 369.15 Td (any ) Tj ET Q q 0 0 0 rg BT 367.50 369.15 Td (time. ) Tj ET Q q 0 0 0 rg BT 391.14 369.15 Td ( ) Tj ET Q q 0 0 0 rg BT 393.32 369.15 Td (This ) Tj ET Q q 0 0 0 rg BT 414.33 369.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 456.92 369.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 483.17 369.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 515.26 369.15 Td (is ) Tj ET Q q 0 0 0 rg BT 524.61 369.15 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 356.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.21 356.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 82.00 356.55 Td (working ) Tj ET Q q 0 0 0 rg BT 119.54 356.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 150.07 356.55 Td (needs ) Tj ET Q q 0 0 0 rg BT 176.53 356.55 Td (and ) Tj ET Q q 0 0 0 rg BT 194.23 356.55 Td (for ) Tj ET Q q 0 0 0 rg BT 209.02 356.55 Td (general ) Tj ET Q q 0 0 0 rg BT 242.46 356.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 284.65 356.55 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 327.15 356.55 Td ( ) Tj ET Q q 0 0 0 rg BT 329.51 356.55 Td (There ) Tj ET Q q 0 0 0 rg BT 356.53 356.55 Td (were ) Tj ET Q q 0 0 0 rg BT 379.48 356.55 Td (no ) Tj ET Q q 0 0 0 rg BT 392.52 356.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 442.90 356.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 494.44 356.55 Td (under ) Tj ET Q q 0 0 0 rg BT 520.89 356.55 Td (the ) Tj ET Q q 0 0 0 rg BT 536.26 356.55 Td (Credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 343.95 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 99.08 343.95 Td (as ) Tj ET Q q 0 0 0 rg BT 110.76 343.95 Td (of ) Tj ET Q q 0 0 0 rg BT 122.44 343.95 Td (March ) Tj ET Q q 0 0 0 rg BT 152.78 343.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 168.84 343.95 Td (2020. ) Tj ET Q q 0 0 0 rg BT 195.40 343.95 Td ( ) Tj ET Q q 0 0 0 rg BT 198.33 343.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 227.51 343.95 Td (the ) Tj ET Q q 0 0 0 rg BT 243.27 343.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 269.53 343.95 Td (of ) Tj ET Q q 0 0 0 rg BT 281.21 343.95 Td (the ) Tj ET Q q 0 0 0 rg BT 296.98 343.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 314.28 343.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 329.97 343.95 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 382.18 343.95 Td (we ) Tj ET Q q 0 0 0 rg BT 397.36 343.95 Td (may ) Tj ET Q q 0 0 0 rg BT 418.37 343.95 Td (not ) Tj ET Q q 0 0 0 rg BT 434.72 343.95 Td (borrow ) Tj ET Q q 0 0 0 rg BT 467.98 343.95 Td (more ) Tj ET Q q 0 0 0 rg BT 492.49 343.95 Td (than ) Tj ET Q q 0 0 0 rg BT 513.50 343.95 Td ($30 ) Tj ET Q q 0 0 0 rg BT 532.19 343.95 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 331.35 Td (under ) Tj ET Q q 0 0 0 rg BT 76.77 331.35 Td (the ) Tj ET Q q 0 0 0 rg BT 92.95 331.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 136.55 331.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 163.81 331.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 196.91 331.35 Td (and ) Tj ET Q q 0 0 0 rg BT 215.43 331.35 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 266.62 331.35 Td (must ) Tj ET Q q 0 0 0 rg BT 290.40 331.35 Td (be ) Tj ET Q q 0 0 0 rg BT 303.67 331.35 Td (made ) Tj ET Q q 0 0 0 rg BT 329.76 331.35 Td (in ) Tj ET Q q 0 0 0 rg BT 341.29 331.35 Td (the ) Tj ET Q q 0 0 0 rg BT 357.48 331.35 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 396.41 331.35 Td (course ) Tj ET Q q 0 0 0 rg BT 427.17 331.35 Td (of ) Tj ET Q q 0 0 0 rg BT 439.27 331.35 Td (business ) Tj ET Q q 0 0 0 rg BT 478.22 331.35 Td (consistent ) Tj ET Q q 0 0 0 rg BT 523.57 331.35 Td (with ) Tj ET Q q 0 0 0 rg BT 545.60 331.35 Td (past ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 318.75 Td (practice. ) Tj ET Q q 0 0 0 rg BT 88.23 318.75 Td ( ) Tj ET Q q 0 0 0 rg BT 90.47 318.75 Td (As ) Tj ET Q q 0 0 0 rg BT 105.02 318.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 152.23 318.75 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 197.98 318.75 Td (with ) Tj ET Q q 0 0 0 rg BT 219.53 318.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.24 318.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 274.86 318.75 Td (of ) Tj ET Q q 0 0 0 rg BT 286.48 318.75 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 324.74 318.75 Td (T) Tj ET Q q 0 0 0 rg BT 330.42 318.75 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 375.00 318.75 Td (on ) Tj ET Q q 0 0 0 rg BT 387.74 318.75 Td (April ) Tj ET Q q 0 0 0 rg BT 412.78 318.75 Td (3, ) Tj ET Q q 0 0 0 rg BT 423.54 318.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 450.04 318.75 Td (we ) Tj ET Q q 0 0 0 rg BT 465.17 318.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 508.28 318.75 Td ($250 ) Tj ET Q q 0 0 0 rg BT 532.16 318.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 306.15 Td (under ) Tj ET Q q 0 0 0 rg BT 76.03 306.15 Td (the ) Tj ET Q q 0 0 0 rg BT 91.49 306.15 Td (Credit ) Tj ET Q q 0 0 0 rg BT 119.78 306.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 169.05 306.15 Td (to ) Tj ET Q q 0 0 0 rg BT 179.84 306.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 214.54 306.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 259.16 306.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 297.37 306.15 Td (as ) Tj ET Q q 0 0 0 rg BT 308.74 306.15 Td (a ) Tj ET Q q 0 0 0 rg BT 316.03 306.15 Td (precaution. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 280.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 280.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.28 280.95 Td (covenants ) Tj ET Q q 0 0 0 rg BT 150.13 280.95 Td (under ) Tj ET Q q 0 0 0 rg BT 175.90 280.95 Td (the ) Tj ET Q q 0 0 0 rg BT 190.59 280.95 Td (Credit ) Tj ET Q q 0 0 0 rg BT 218.29 280.95 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 266.79 280.95 Td (include: ) Tj ET Q q 0 0 0 rg BT 302.48 280.95 Td (maximum ) Tj ET Q q 0 0 0 rg BT 346.92 280.95 Td (net ) Tj ET Q q 0 0 0 rg BT 361.61 280.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 381.55 280.95 Td (to ) Tj ET Q q 0 0 0 rg BT 391.58 280.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 429.50 280.95 Td ( ) Tj ET Q q 0 0 0 rg BT 431.36 280.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 452.47 280.95 Td (of ) Tj ET Q q 0 0 0 rg BT 463.07 280.95 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 478.06 280.95 Td (to ) Tj ET Q q 0 0 0 rg BT 488.09 280.95 Td (1; ) Tj ET Q q 0 0 0 rg BT 498.12 280.95 Td (and ) Tj ET Q q 0 0 0 rg BT 515.14 280.95 Td (a ) Tj ET Q q 0 0 0 rg BT 521.67 280.95 Td (minimum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 268.35 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 87.41 268.35 Td ( ) Tj ET Q q 0 0 0 rg BT 89.64 268.35 Td (to ) Tj ET Q q 0 0 0 rg BT 100.03 268.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 133.16 268.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 154.63 268.35 Td (of ) Tj ET Q q 0 0 0 rg BT 165.60 268.35 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 180.95 268.35 Td (to ) Tj ET Q q 0 0 0 rg BT 191.35 268.35 Td (1. ) Tj ET Q q 0 0 0 rg BT 201.45 268.35 Td ( ) Tj ET Q q 0 0 0 rg BT 203.67 268.35 Td (Debt ) Tj ET Q q 0 0 0 rg BT 226.31 268.35 Td (is ) Tj ET Q q 0 0 0 rg BT 235.54 268.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 269.25 268.35 Td (to ) Tj ET Q q 0 0 0 rg BT 279.64 268.35 Td (include ) Tj ET Q q 0 0 0 rg BT 312.77 268.35 Td (all ) Tj ET Q q 0 0 0 rg BT 325.49 268.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 374.38 268.35 Td (for ) Tj ET Q q 0 0 0 rg BT 388.85 268.35 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 431.31 268.35 Td (money) Tj ET Q q 0 0 0 rg BT 459.21 268.35 Td (, ) Tj ET Q q 0 0 0 rg BT 464.06 268.35 Td (excluding ) Tj ET Q q 0 0 0 rg BT 507.69 268.35 Td (non-recourse ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.93 255.75 Td (of ) Tj ET Q q 0 0 0 rg BT 81.03 255.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 105.55 255.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.06 255.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 153.40 255.75 Td (leases. ) Tj ET Q q 0 0 0 rg BT 183.45 255.75 Td ( ) Tj ET Q q 0 0 0 rg BT 185.80 255.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 214.39 255.75 Td (these ) Tj ET Q q 0 0 0 rg BT 238.32 255.75 Td (net ) Tj ET Q q 0 0 0 rg BT 253.50 255.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 273.93 255.75 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 320.89 255.75 Td (our ) Tj ET Q q 0 0 0 rg BT 337.24 255.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 357.67 255.75 Td (is ) Tj ET Q q 0 0 0 rg BT 367.03 255.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 402.61 255.75 Td (by ) Tj ET Q q 0 0 0 rg BT 415.46 255.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.64 255.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 464.49 255.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.59 255.75 Td (our ) Tj ET Q q 0 0 0 rg BT 491.94 255.75 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 543.85 255.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 243.15 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 243.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 89.85 243.15 Td (of ) Tj ET Q q 0 0 0 rg BT 100.99 243.15 Td (the ) Tj ET Q q 0 0 0 rg BT 116.20 243.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 147.74 243.15 Td (of ) Tj ET Q q 0 0 0 rg BT 158.87 243.15 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 204.43 243.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 225.47 243.15 Td (or ) Tj ET Q q 0 0 0 rg BT 236.61 243.15 Td ($300 ) Tj ET Q q 0 0 0 rg BT 260.00 243.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 295.35 243.15 Td (by ) Tj ET Q q 0 0 0 rg BT 308.24 243.15 Td (the ) Tj ET Q q 0 0 0 rg BT 323.46 243.15 Td (lesser ) Tj ET Q q 0 0 0 rg BT 349.75 243.15 Td (of ) Tj ET Q q 0 0 0 rg BT 360.89 243.15 Td (50% ) Tj ET Q q 0 0 0 rg BT 382.52 243.15 Td (of ) Tj ET Q q 0 0 0 rg BT 393.66 243.15 Td (the ) Tj ET Q q 0 0 0 rg BT 408.88 243.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 452.07 243.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 485.96 243.15 Td (of ) Tj ET Q q 0 0 0 rg BT 497.09 243.15 Td (our ) Tj ET Q q 0 0 0 rg BT 513.48 243.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 534.53 243.15 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 230.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.40 230.55 Td (or ) Tj ET Q q 0 0 0 rg BT 111.89 230.55 Td ($125 ) Tj ET Q q 0 0 0 rg BT 134.63 230.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 169.33 230.55 Td (and ) Tj ET Q q 0 0 0 rg BT 186.23 230.55 Td (an ) Tj ET Q q 0 0 0 rg BT 197.87 230.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 231.11 230.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 255.58 230.55 Td (to ) Tj ET Q q 0 0 0 rg BT 265.49 230.55 Td (50% ) Tj ET Q q 0 0 0 rg BT 286.48 230.55 Td (of ) Tj ET Q q 0 0 0 rg BT 296.96 230.55 Td (our ) Tj ET Q q 0 0 0 rg BT 312.70 230.55 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 341.85 230.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 371.57 230.55 Td (securities. ) Tj ET Q q 0 0 0 rg BT 415.59 230.55 Td ( ) Tj ET Q q 0 0 0 rg BT 417.33 230.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 455.24 230.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.98 230.55 Td (is ) Tj ET Q q 0 0 0 rg BT 465.72 230.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 498.94 230.55 Td (as ) Tj ET Q q 0 0 0 rg BT 509.43 230.55 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 217.95 Td (net ) Tj ET Q q 0 0 0 rg BT 67.14 217.95 Td (income ) Tj ET Q q 0 0 0 rg BT 102.85 217.95 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 131.00 217.95 Td (plus/minus ) Tj ET Q q 0 0 0 rg BT 181.90 217.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.53 217.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 238.16 217.95 Td (\(benefit\), ) Tj ET Q q 0 0 0 rg BT 281.74 217.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 317.46 217.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 358.71 217.95 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 415.41 217.95 Td (and ) Tj ET Q q 0 0 0 rg BT 435.38 217.95 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 495.88 217.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 553.76 217.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 205.35 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 100.35 205.35 Td (any ) Tj ET Q q 0 0 0 rg BT 117.67 205.35 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 176.38 205.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 212.35 205.35 Td (or ) Tj ET Q q 0 0 0 rg BT 223.24 205.35 Td (losses, ) Tj ET Q q 0 0 0 rg BT 253.11 205.35 Td (any ) Tj ET Q q 0 0 0 rg BT 270.42 205.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 310.48 205.35 Td (char) Tj ET Q q 0 0 0 rg BT 328.36 205.35 Td (ges, ) Tj ET Q q 0 0 0 rg BT 347.13 205.35 Td (and ) Tj ET Q q 0 0 0 rg BT 364.44 205.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.16 205.35 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 469.03 205.35 Td (costs, ) Tj ET Q q 0 0 0 rg BT 494.81 205.35 Td (as ) Tj ET Q q 0 0 0 rg BT 505.71 205.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 539.35 205.35 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 205.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 102.72 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 104.88 192.75 Td (As ) Tj ET Q q 0 0 0 rg BT 119.34 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.86 192.75 Td (March ) Tj ET Q q 0 0 0 rg BT 161.05 192.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.96 192.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 203.36 192.75 Td (our ) Tj ET Q q 0 0 0 rg BT 220.14 192.75 Td (net ) Tj ET Q q 0 0 0 rg BT 235.75 192.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 256.61 192.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.56 192.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 305.47 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 308.25 192.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 330.28 192.75 Td (was ) Tj ET Q q 0 0 0 rg BT 349.39 192.75 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 365.29 192.75 Td (to ) Tj ET Q q 0 0 0 rg BT 376.24 192.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 384.27 192.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.22 192.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 440.13 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 442.91 192.75 Td (to ) Tj ET Q q 0 0 0 rg BT 453.86 192.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 487.55 192.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 524.15 192.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 546.17 192.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 180.15 Td (6.1 ) Tj ET Q q 0 0 0 rg BT 65.59 180.15 Td (to ) Tj ET Q q 0 0 0 rg BT 76.73 180.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 87.57 180.15 Td (and ) Tj ET Q q 0 0 0 rg BT 105.70 180.15 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 149.19 180.15 Td (we ) Tj ET Q q 0 0 0 rg BT 164.40 180.15 Td (have ) Tj ET Q q 0 0 0 rg BT 187.19 180.15 Td (maintained ) Tj ET Q q 0 0 0 rg BT 236.81 180.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 288.17 180.15 Td (with ) Tj ET Q q 0 0 0 rg BT 309.81 180.15 Td (the ) Tj ET Q q 0 0 0 rg BT 325.61 180.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 371.72 180.15 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 419.30 180.15 Td ( ) Tj ET Q q 0 0 0 rg BT 421.61 180.15 Td (After ) Tj ET Q q 0 0 0 rg BT 446.74 180.15 Td (giving ) Tj ET Q q 0 0 0 rg BT 476.54 180.15 Td (ef) Tj ET Q q 0 0 0 rg BT 484.51 180.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 503.21 180.15 Td (to ) Tj ET Q q 0 0 0 rg BT 514.35 180.15 Td (the ) Tj ET Q q 0 0 0 rg BT 529.49 180.15 Td (April ) Tj ET Q q 0 0 0 rg BT 554.62 180.15 Td (3, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 167.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 72.54 167.55 Td (drawdown ) Tj ET Q q 0 0 0 rg BT 118.90 167.55 Td (under ) Tj ET Q q 0 0 0 rg BT 144.85 167.55 Td (the ) Tj ET Q q 0 0 0 rg BT 159.71 167.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 187.55 167.55 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 238.86 167.55 Td (our ) Tj ET Q q 0 0 0 rg BT 254.90 167.55 Td (net ) Tj ET Q q 0 0 0 rg BT 269.76 167.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 289.88 167.55 Td (to ) Tj ET Q q 0 0 0 rg BT 300.09 167.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 338.00 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 340.04 167.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 361.32 167.55 Td (was ) Tj ET Q q 0 0 0 rg BT 379.69 167.55 Td (2.2 ) Tj ET Q q 0 0 0 rg BT 394.85 167.55 Td (to ) Tj ET Q q 0 0 0 rg BT 405.06 167.55 Td (1 ) Tj ET Q q 0 0 0 rg BT 412.35 167.55 Td (and ) Tj ET Q q 0 0 0 rg BT 429.55 167.55 Td (our ) Tj ET Q q 0 0 0 rg BT 445.59 167.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 483.50 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 485.54 167.55 Td (to ) Tj ET Q q 0 0 0 rg BT 495.75 167.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 528.69 167.55 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 154.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 71.37 154.95 Td (was ) Tj ET Q q 0 0 0 rg BT 90.32 154.95 Td (5.7 ) Tj ET Q q 0 0 0 rg BT 106.07 154.95 Td (to ) Tj ET Q q 0 0 0 rg BT 116.86 154.95 Td (1.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (If ) Tj ET Q q 0 0 0 rg BT 58.85 129.75 Td (our ) Tj ET Q q 0 0 0 rg BT 75.20 129.75 Td (net ) Tj ET Q q 0 0 0 rg BT 90.38 129.75 Td (income ) Tj ET Q q 0 0 0 rg BT 123.64 129.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 178.48 129.75 Td (declines, ) Tj ET Q q 0 0 0 rg BT 217.87 129.75 Td (or ) Tj ET Q q 0 0 0 rg BT 228.97 129.75 Td (if ) Tj ET Q q 0 0 0 rg BT 237.73 129.75 Td (we ) Tj ET Q q 0 0 0 rg BT 252.33 129.75 Td (spend ) Tj ET Q q 0 0 0 rg BT 279.18 129.75 Td (our ) Tj ET Q q 0 0 0 rg BT 295.53 129.75 Td (available ) Tj ET Q q 0 0 0 rg BT 335.78 129.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 359.42 129.75 Td (it ) Tj ET Q q 0 0 0 rg BT 367.60 129.75 Td (may ) Tj ET Q q 0 0 0 rg BT 388.04 129.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 418.96 129.75 Td (our ) Tj ET Q q 0 0 0 rg BT 435.31 129.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 464.50 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 475.02 129.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 514.11 129.75 Td (compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 117.15 Td (with ) Tj ET Q q 0 0 0 rg BT 70.96 117.15 Td (the ) Tj ET Q q 0 0 0 rg BT 86.59 117.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.11 117.15 Td (covenants ) Tj ET Q q 0 0 0 rg BT 170.89 117.15 Td (under ) Tj ET Q q 0 0 0 rg BT 197.60 117.15 Td (our ) Tj ET Q q 0 0 0 rg BT 214.39 117.15 Td (Credit ) Tj ET Q q 0 0 0 rg BT 242.81 117.15 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 294.88 117.15 Td ( ) Tj ET Q q 0 0 0 rg BT 297.68 117.15 Td (If ) Tj ET Q q 0 0 0 rg BT 307.46 117.15 Td (we ) Tj ET Q q 0 0 0 rg BT 322.50 117.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 367.28 117.15 Td (that ) Tj ET Q q 0 0 0 rg BT 385.82 117.15 Td (our ) Tj ET Q q 0 0 0 rg BT 402.61 117.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 453.80 117.15 Td (with ) Tj ET Q q 0 0 0 rg BT 475.27 117.15 Td (these ) Tj ET Q q 0 0 0 rg BT 499.64 117.15 Td (covenants ) Tj ET Q q 0 0 0 rg BT 544.42 117.15 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.55 Td (be ) Tj ET Q q 0 0 0 rg BT 62.06 104.55 Td (under ) Tj ET Q q 0 0 0 rg BT 88.62 104.55 Td (pressure ) Tj ET Q q 0 0 0 rg BT 126.26 104.55 Td (at ) Tj ET Q q 0 0 0 rg BT 136.49 104.55 Td (a ) Tj ET Q q 0 0 0 rg BT 143.80 104.55 Td (time ) Tj ET Q q 0 0 0 rg BT 165.12 104.55 Td (when ) Tj ET Q q 0 0 0 rg BT 190.51 104.55 Td (we ) Tj ET Q q 0 0 0 rg BT 205.41 104.55 Td (have ) Tj ET Q q 0 0 0 rg BT 227.88 104.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 279.53 104.55 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 330.02 104.55 Td (under ) Tj ET Q q 0 0 0 rg BT 356.57 104.55 Td (this ) Tj ET Q q 0 0 0 rg BT 374.40 104.55 Td (facility) Tj ET Q q 0 0 0 rg BT 403.45 104.55 Td (, ) Tj ET Q q 0 0 0 rg BT 408.73 104.55 Td (want ) Tj ET Q q 0 0 0 rg BT 431.79 104.55 Td (to ) Tj ET Q q 0 0 0 rg BT 442.61 104.55 Td (utilize ) Tj ET Q q 0 0 0 rg BT 471.51 104.55 Td (available ) Tj ET Q q 0 0 0 rg BT 512.05 104.55 Td (borrowings, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 91.95 Td (or ) Tj ET Q q 0 0 0 rg BT 61.58 91.95 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 105.74 91.95 Td (desire ) Tj ET Q q 0 0 0 rg BT 134.14 91.95 Td (to ) Tj ET Q q 0 0 0 rg BT 145.64 91.95 Td (keep ) Tj ET Q q 0 0 0 rg BT 168.80 91.95 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 219.96 91.95 Td (available, ) Tj ET Q q 0 0 0 rg BT 263.82 91.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 296.89 91.95 Td (to ) Tj ET Q q 0 0 0 rg BT 308.40 91.95 Td (the ) Tj ET Q q 0 0 0 rg BT 324.56 91.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 351.22 91.95 Td (of ) Tj ET Q q 0 0 0 rg BT 363.30 91.95 Td (the ) Tj ET Q q 0 0 0 rg BT 379.46 91.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 396.77 91.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 412.77 91.95 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 465.38 91.95 Td (we ) Tj ET Q q 0 0 0 rg BT 480.96 91.95 Td (may ) Tj ET Q q 0 0 0 rg BT 502.37 91.95 Td (elect ) Tj ET Q q 0 0 0 rg BT 525.52 91.95 Td (to ) Tj ET Q q 0 0 0 rg BT 537.02 91.95 Td (take ) Tj ET Q q 0 0 0 rg BT 557.84 91.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 79.35 Td (number ) Tj ET Q q 0 0 0 rg BT 84.02 79.35 Td (of ) Tj ET Q q 0 0 0 rg BT 95.21 79.35 Td (actions, ) Tj ET Q q 0 0 0 rg BT 130.01 79.35 Td (including ) Tj ET Q q 0 0 0 rg BT 172.12 79.35 Td (reducing ) Tj ET Q q 0 0 0 rg BT 211.30 79.35 Td (our ) Tj ET Q q 0 0 0 rg BT 227.74 79.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 268.08 79.35 Td (in ) Tj ET Q q 0 0 0 rg BT 278.69 79.35 Td (order ) Tj ET Q q 0 0 0 rg BT 303.29 79.35 Td (to ) Tj ET Q q 0 0 0 rg BT 313.90 79.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 350.73 79.35 Td (our ) Tj ET Q q 0 0 0 rg BT 367.17 79.35 Td (EBITDA, ) Tj ET Q q 0 0 0 rg BT 410.73 79.35 Td (using ) Tj ET Q q 0 0 0 rg BT 435.93 79.35 Td (available ) Tj ET Q q 0 0 0 rg BT 476.26 79.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 497.36 79.35 Td (to ) Tj ET Q q 0 0 0 rg BT 507.97 79.35 Td (repay ) Tj ET Q q 0 0 0 rg BT 533.73 79.35 Td (all ) Tj ET Q q 0 0 0 rg BT 546.67 79.35 Td (or ) Tj ET Q q 0 0 0 rg BT 557.86 79.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 66.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 81.93 66.75 Td (of ) Tj ET Q q 0 0 0 rg BT 92.77 66.75 Td (our ) Tj ET Q q 0 0 0 rg BT 108.87 66.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 159.96 66.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 180.14 66.75 Td (or ) Tj ET Q q 0 0 0 rg BT 190.98 66.75 Td (seeking ) Tj ET Q q 0 0 0 rg BT 225.15 66.75 Td (to ) Tj ET Q q 0 0 0 rg BT 235.42 66.75 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 276.00 66.75 Td (with ) Tj ET Q q 0 0 0 rg BT 296.77 66.75 Td (our ) Tj ET Q q 0 0 0 rg BT 312.86 66.75 Td (lenders ) Tj ET Q q 0 0 0 rg BT 345.28 66.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.54 66.75 Td (modify ) Tj ET Q q 0 0 0 rg BT 387.97 66.75 Td (the ) Tj ET Q q 0 0 0 rg BT 402.90 66.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 428.32 66.75 Td (or ) Tj ET Q q 0 0 0 rg BT 439.17 66.75 Td (to ) Tj ET Q q 0 0 0 rg BT 449.43 66.75 Td (restructure ) Tj ET Q q 0 0 0 rg BT 496.42 66.75 Td (our ) Tj ET Q q 0 0 0 rg BT 512.52 66.75 Td (debt. ) Tj ET Q q 0 0 0 rg BT 535.32 66.75 Td ( ) Tj ET Q q 0 0 0 rg BT 537.41 66.75 Td (Using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 54.15 Td (available ) Tj ET Q q 0 0 0 rg BT 89.08 54.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.42 54.15 Td (to ) Tj ET Q q 0 0 0 rg BT 119.28 54.15 Td (repay ) Tj ET Q q 0 0 0 rg BT 144.28 54.15 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 200.21 54.15 Td (would ) Tj ET Q q 0 0 0 rg BT 228.14 54.15 Td (make ) Tj ET Q q 0 0 0 rg BT 252.57 54.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.08 54.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 287.42 54.15 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 337.50 54.15 Td (for ) Tj ET Q q 0 0 0 rg BT 351.43 54.15 Td (other ) Tj ET Q q 0 0 0 rg BT 374.69 54.15 Td (uses ) Tj ET Q q 0 0 0 rg BT 394.46 54.15 Td (and ) Tj ET Q q 0 0 0 rg BT 411.31 54.15 Td (might ) Tj ET Q q 0 0 0 rg BT 437.50 54.15 Td (af) Tj ET Q q 0 0 0 rg BT 445.46 54.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 462.88 54.15 Td (the ) Tj ET Q q 0 0 0 rg BT 477.40 54.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 514.67 54.15 Td (discussions ) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.81 741.75 Td (conclusions. ) Tj ET Q q 0 0 0 rg BT 121.17 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 123.32 741.75 Td (Entering ) Tj ET Q q 0 0 0 rg BT 161.63 741.75 Td (into ) Tj ET Q q 0 0 0 rg BT 180.12 741.75 Td (any ) Tj ET Q q 0 0 0 rg BT 197.44 741.75 Td (modification ) Tj ET Q q 0 0 0 rg BT 253.25 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 264.15 741.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 319.95 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.85 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 347.00 741.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 367.23 741.75 Td (would ) Tj ET Q q 0 0 0 rg BT 395.63 741.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 421.70 741.75 Td (result ) Tj ET Q q 0 0 0 rg BT 447.18 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 457.50 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 501.65 741.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 520.70 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 531.60 741.75 Td (interest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (payments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 706.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.05 706.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 96.03 706.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 144.89 706.55 Td (is ) Tj ET Q q 0 0 0 rg BT 154.12 706.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 194.24 706.55 Td (impacted ) Tj ET Q q 0 0 0 rg BT 234.94 706.55 Td (by ) Tj ET Q q 0 0 0 rg BT 247.66 706.55 Td (the ) Tj ET Q q 0 0 0 rg BT 262.71 706.55 Td (ratings ) Tj ET Q q 0 0 0 rg BT 293.51 706.55 Td (of ) Tj ET Q q 0 0 0 rg BT 304.47 706.55 Td (two ) Tj ET Q q 0 0 0 rg BT 322.45 706.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 349.16 706.55 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 390.15 706.55 Td ( ) Tj ET Q q 0 0 0 rg BT 392.21 706.55 Td (The ) Tj ET Q q 0 0 0 rg BT 410.75 706.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.88 706.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 461.84 706.55 Td (and ) Tj ET Q q 0 0 0 rg BT 479.22 706.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 509.43 706.55 Td (commitment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 693.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 64.92 693.95 Td (on ) Tj ET Q q 0 0 0 rg BT 78.03 693.95 Td (our ) Tj ET Q q 0 0 0 rg BT 94.63 693.95 Td (revolving ) Tj ET Q q 0 0 0 rg BT 137.47 693.95 Td (line ) Tj ET Q q 0 0 0 rg BT 155.82 693.95 Td (of ) Tj ET Q q 0 0 0 rg BT 167.18 693.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.68 693.95 Td (are ) Tj ET Q q 0 0 0 rg BT 209.11 693.95 Td (based ) Tj ET Q q 0 0 0 rg BT 235.62 693.95 Td (on ) Tj ET Q q 0 0 0 rg BT 248.72 693.95 Td (the ) Tj ET Q q 0 0 0 rg BT 264.15 693.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 293.58 693.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 320.09 693.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 347.19 693.95 Td (of ) Tj ET Q q 0 0 0 rg BT 358.54 693.95 Td (the ) Tj ET Q q 0 0 0 rg BT 373.97 693.95 Td (two ) Tj ET Q q 0 0 0 rg BT 392.33 693.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 419.42 693.95 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 460.80 693.95 Td (One ) Tj ET Q q 0 0 0 rg BT 480.90 693.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 507.99 693.95 Td (agency ) Tj ET Q q 0 0 0 rg BT 540.33 693.95 Td (gives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 681.35 Td (us ) Tj ET Q q 0 0 0 rg BT 61.61 681.35 Td (a ) Tj ET Q q 0 0 0 rg BT 69.04 681.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 95.71 681.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 122.39 681.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 149.65 681.35 Td (than ) Tj ET Q q 0 0 0 rg BT 170.50 681.35 Td (the ) Tj ET Q q 0 0 0 rg BT 186.10 681.35 Td (other) Tj ET Q q 0 0 0 rg BT 207.09 681.35 Td (. ) Tj ET Q q 0 0 0 rg BT 212.49 681.35 Td ( ) Tj ET Q q 0 0 0 rg BT 215.26 681.35 Td (Should ) Tj ET Q q 0 0 0 rg BT 247.78 681.35 Td (the ) Tj ET Q q 0 0 0 rg BT 263.38 681.35 Td (other ) Tj ET Q q 0 0 0 rg BT 287.73 681.35 Td (agency ) Tj ET Q q 0 0 0 rg BT 320.23 681.35 Td (downgrade ) Tj ET Q q 0 0 0 rg BT 369.65 681.35 Td (our ) Tj ET Q q 0 0 0 rg BT 386.42 681.35 Td (rating, ) Tj ET Q q 0 0 0 rg BT 416.30 681.35 Td (absent ) Tj ET Q q 0 0 0 rg BT 445.90 681.35 Td (an ) Tj ET Q q 0 0 0 rg BT 458.58 681.35 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 495.17 681.35 Td (from ) Tj ET Q q 0 0 0 rg BT 518.35 681.35 Td (the ) Tj ET Q q 0 0 0 rg BT 533.95 681.35 Td (former ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 668.75 Td (agency) Tj ET Q q 0 0 0 rg BT 78.55 668.75 Td (, ) Tj ET Q q 0 0 0 rg BT 83.80 668.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.59 668.75 Td (if ) Tj ET Q q 0 0 0 rg BT 110.63 668.75 Td (there ) Tj ET Q q 0 0 0 rg BT 134.24 668.75 Td (are ) Tj ET Q q 0 0 0 rg BT 149.68 668.75 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 200.13 668.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 251.76 668.75 Td (under ) Tj ET Q q 0 0 0 rg BT 278.29 668.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.74 668.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 336.61 668.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 363.14 668.75 Td (facility) Tj ET Q q 0 0 0 rg BT 392.19 668.75 Td (, ) Tj ET Q q 0 0 0 rg BT 397.44 668.75 Td (our ) Tj ET Q q 0 0 0 rg BT 414.07 668.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 447.60 668.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 471.22 668.75 Td (will ) Tj ET Q q 0 0 0 rg BT 490.18 668.75 Td (rise ) Tj ET Q q 0 0 0 rg BT 507.97 668.75 Td (modestly) Tj ET Q q 0 0 0 rg BT 545.79 668.75 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 643.55 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 630.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.34 630.95 Td (of ) Tj ET Q q 0 0 0 rg BT 93.01 630.95 Td (our ) Tj ET Q q 0 0 0 rg BT 108.94 630.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.28 630.95 Td (management ) Tj ET Q q 0 0 0 rg BT 186.85 630.95 Td (af) Tj ET Q q 0 0 0 rg BT 194.82 630.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 225.32 630.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 263.99 630.95 Td (various ) Tj ET Q q 0 0 0 rg BT 296.83 630.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 322.67 630.95 Td (facilities ) Tj ET Q q 0 0 0 rg BT 360.75 630.95 Td (for ) Tj ET Q q 0 0 0 rg BT 374.92 630.95 Td (general ) Tj ET Q q 0 0 0 rg BT 407.75 630.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 449.33 630.95 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 491.21 630.95 Td ( ) Tj ET Q q 0 0 0 rg BT 493.14 630.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 525.98 630.95 Td (af) Tj ET Q q 0 0 0 rg BT 533.94 630.95 Td (filiates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 618.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.04 618.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 95.51 618.35 Td (to ) Tj ET Q q 0 0 0 rg BT 105.41 618.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.96 618.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.67 618.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 206.21 618.35 Td (of ) Tj ET Q q 0 0 0 rg BT 216.69 618.35 Td (various ) Tj ET Q q 0 0 0 rg BT 249.32 618.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 294.20 618.35 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 334.70 618.35 Td ( ) Tj ET Q q 0 0 0 rg BT 336.04 618.35 Td (All ) Tj ET Q q 0 0 0 rg BT 351.19 618.35 Td (such ) Tj ET Q q 0 0 0 rg BT 372.16 618.35 Td (af) Tj ET Q q 0 0 0 rg BT 380.13 618.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 410.43 618.35 Td (met ) Tj ET Q q 0 0 0 rg BT 427.90 618.35 Td (their ) Tj ET Q q 0 0 0 rg BT 448.87 618.35 Td (respective ) Tj ET Q q 0 0 0 rg BT 493.16 618.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 522.87 618.35 Td (adequacy ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 605.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 106.94 605.75 Td (during ) Tj ET Q q 0 0 0 rg BT 136.98 605.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.43 605.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 185.97 605.75 Td (presented.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 580.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 580.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 580.55 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 580.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 580.55 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 580.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.69 580.55 Td (to ) Tj ET Q q 0 0 0 rg BT 147.48 580.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 205.52 580.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.22 580.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 295.92 580.55 Td (for ) Tj ET Q q 0 0 0 rg BT 310.79 580.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 355.41 580.55 Td (information ) Tj ET Q q 0 0 0 rg BT 407.61 580.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 450.46 580.55 Td (our ) Tj ET Q q 0 0 0 rg BT 467.09 580.55 Td (debt.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 555.35 Td (Other) Tj ET Q q 0 0 0 rg BT 76.14 555.35 Td ( ) Tj ET Q q 0 0 0 rg BT 78.57 555.35 Td (T) Tj ET Q q 0 0 0 rg BT 84.79 555.35 Td (ransactions) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 530.15 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 105.81 530.15 Td (and ) Tj ET Q q 0 0 0 rg BT 124.78 530.15 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 175.84 530.15 Td (Consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 517.55 Td (On ) Tj ET Q q 0 0 0 rg BT 64.39 517.55 Td (April ) Tj ET Q q 0 0 0 rg BT 89.19 517.55 Td (10, ) Tj ET Q q 0 0 0 rg BT 104.95 517.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 131.21 517.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 165.34 517.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 202.39 517.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 241.17 517.55 Td (a ) Tj ET Q q 0 0 0 rg BT 248.47 517.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 286.68 517.55 Td (stake ) Tj ET Q q 0 0 0 rg BT 310.90 517.55 Td (in ) Tj ET Q q 0 0 0 rg BT 321.70 517.55 Td (Gramercy) Tj ET Q q 0 0 0 rg BT 362.99 517.55 Td (, ) Tj ET Q q 0 0 0 rg BT 368.26 517.55 Td (a ) Tj ET Q q 0 0 0 rg BT 375.55 517.55 Td (European ) Tj ET Q q 0 0 0 rg BT 418.42 517.55 Td (real ) Tj ET Q q 0 0 0 rg BT 436.79 517.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 463.33 517.55 Td (business ) Tj ET Q q 0 0 0 rg BT 501.56 517.55 Td (specializing ) Tj ET Q q 0 0 0 rg BT 554.34 517.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 504.95 Td (pan-European ) Tj ET Q q 0 0 0 rg BT 110.90 504.95 Td (logistics ) Tj ET Q q 0 0 0 rg BT 148.41 504.95 Td (and ) Tj ET Q q 0 0 0 rg BT 166.08 504.95 Td (industrial ) Tj ET Q q 0 0 0 rg BT 208.26 504.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 237.89 504.95 Td ( ) Tj ET Q q 0 0 0 rg BT 240.22 504.95 Td (The ) Tj ET Q q 0 0 0 rg BT 259.05 504.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 307.63 504.95 Td (required ) Tj ET Q q 0 0 0 rg BT 345.12 504.95 Td (an ) Tj ET Q q 0 0 0 rg BT 357.54 504.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 384.55 504.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 405.72 504.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 444.38 504.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.64 504.95 Td ($10.2 ) Tj ET Q q 0 0 0 rg BT 481.77 504.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.11 504.95 Td (, ) Tj ET Q q 0 0 0 rg BT 517.25 504.95 Td (net ) Tj ET Q q 0 0 0 rg BT 532.58 504.95 Td (of ) Tj ET Q q 0 0 0 rg BT 543.84 504.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 492.35 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 90.42 492.35 Td (which ) Tj ET Q q 0 0 0 rg BT 118.22 492.35 Td (was ) Tj ET Q q 0 0 0 rg BT 136.70 492.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 156.92 492.35 Td (using ) Tj ET Q q 0 0 0 rg BT 181.82 492.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 217.22 492.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 238.02 492.35 Td (resources, ) Tj ET Q q 0 0 0 rg BT 282.44 492.35 Td (and ) Tj ET Q q 0 0 0 rg BT 299.74 492.35 Td (a ) Tj ET Q q 0 0 0 rg BT 306.55 492.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 345.44 492.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 391.91 492.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 450.62 492.35 Td (payment, ) Tj ET Q q 0 0 0 rg BT 491.55 492.35 Td (further ) Tj ET Q q 0 0 0 rg BT 522.26 492.35 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 479.75 Td (below) Tj ET Q q 0 0 0 rg BT 74.48 479.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 454.55 Td (On ) Tj ET Q q 0 0 0 rg BT 65.00 454.55 Td (May ) Tj ET Q q 0 0 0 rg BT 86.92 454.55 Td (2, ) Tj ET Q q 0 0 0 rg BT 97.47 454.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.77 454.55 Td (we ) Tj ET Q q 0 0 0 rg BT 138.68 454.55 Td (closed ) Tj ET Q q 0 0 0 rg BT 168.18 454.55 Td (the ) Tj ET Q q 0 0 0 rg BT 183.68 454.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 232.42 454.55 Td (to ) Tj ET Q q 0 0 0 rg BT 243.25 454.55 Td (combine ) Tj ET Q q 0 0 0 rg BT 282.08 454.55 Td (Permal ) Tj ET Q q 0 0 0 rg BT 314.50 454.55 Td (and ) Tj ET Q q 0 0 0 rg BT 332.33 454.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 350.04 454.55 Td (rust, ) Tj ET Q q 0 0 0 rg BT 371.08 454.55 Td (to ) Tj ET Q q 0 0 0 rg BT 381.92 454.55 Td (create ) Tj ET Q q 0 0 0 rg BT 409.65 454.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 427.36 454.55 Td (rustPermal ) Tj ET Q q 0 0 0 rg BT 475.52 454.55 Td (\(which ) Tj ET Q q 0 0 0 rg BT 507.35 454.55 Td (was ) Tj ET Q q 0 0 0 rg BT 526.35 454.55 Td (renamed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 441.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 441.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 85.42 441.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 116.45 441.95 Td (in ) Tj ET Q q 0 0 0 rg BT 127.07 441.95 Td (March ) Tj ET Q q 0 0 0 rg BT 156.93 441.95 Td (2019\), ) Tj ET Q q 0 0 0 rg BT 186.51 441.95 Td (of ) Tj ET Q q 0 0 0 rg BT 197.71 441.95 Td (which ) Tj ET Q q 0 0 0 rg BT 225.83 441.95 Td (we ) Tj ET Q q 0 0 0 rg BT 240.53 441.95 Td (own ) Tj ET Q q 0 0 0 rg BT 261.07 441.95 Td (65%. ) Tj ET Q q 0 0 0 rg BT 285.40 441.95 Td (In ) Tj ET Q q 0 0 0 rg BT 296.60 441.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 345.12 441.95 Td (with ) Tj ET Q q 0 0 0 rg BT 366.25 441.95 Td (the ) Tj ET Q q 0 0 0 rg BT 381.53 441.95 Td (combination, ) Tj ET Q q 0 0 0 rg BT 439.10 441.95 Td (we ) Tj ET Q q 0 0 0 rg BT 453.80 441.95 Td (incurred ) Tj ET Q q 0 0 0 rg BT 491.24 441.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 547.35 441.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 429.35 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 123.29 429.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 146.35 429.35 Td (totaling ) Tj ET Q q 0 0 0 rg BT 180.50 429.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 243.21 429.35 Td ($94 ) Tj ET Q q 0 0 0 rg BT 261.03 429.35 Td (million ) Tj ET Q q 0 0 0 rg BT 293.43 429.35 Td (through ) Tj ET Q q 0 0 0 rg BT 328.16 429.35 Td (completion ) Tj ET Q q 0 0 0 rg BT 377.47 429.35 Td (of ) Tj ET Q q 0 0 0 rg BT 388.28 429.35 Td (the ) Tj ET Q q 0 0 0 rg BT 403.17 429.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 423.31 429.35 Td (in ) Tj ET Q q 0 0 0 rg BT 433.55 429.35 Td (June ) Tj ET Q q 0 0 0 rg BT 454.86 429.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 480.55 429.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 543.26 429.35 Td (15% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 416.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 416.75 Td (which ) Tj ET Q q 0 0 0 rg BT 89.16 416.75 Td (were ) Tj ET Q q 0 0 0 rg BT 112.18 416.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 152.71 416.75 Td (char) Tj ET Q q 0 0 0 rg BT 170.59 416.75 Td (ges.) Tj ET Q BT /F5 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 390.150341796875 m 158.880859375 390.150341796875 l s q 0 0 0 rg BT 49.50 391.55 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 98.79 391.55 Td (Consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 378.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 100.87 378.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 137.05 378.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 184.90 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 195.42 378.95 Td (Gramercy ) Tj ET Q q 0 0 0 rg BT 239.16 378.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 277.10 378.95 Td (for ) Tj ET Q q 0 0 0 rg BT 291.11 378.95 Td (a ) Tj ET Q q 0 0 0 rg BT 297.55 378.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 336.06 378.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 382.16 378.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 440.50 378.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 478.42 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 488.94 378.95 Td (up ) Tj ET Q q 0 0 0 rg BT 501.22 378.95 Td (to�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.01 378.95 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 532.16 378.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 562.49 378.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.35 Td (\(using ) Tj ET Q q 0 0 0 rg BT 78.45 366.35 Td (the ) Tj ET Q q 0 0 0 rg BT 93.98 366.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 127.01 366.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 169.35 366.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 187.79 366.35 Td (as ) Tj ET Q q 0 0 0 rg BT 199.24 366.35 Td (of ) Tj ET Q q 0 0 0 rg BT 210.10 366.35 Td (April ) Tj ET Q q 0 0 0 rg BT 234.96 366.35 Td (10, ) Tj ET Q q 0 0 0 rg BT 250.79 366.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 277.12 366.35 Td (for ) Tj ET Q q 0 0 0 rg BT 292.07 366.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.60 366.35 Td (�3.3 ) Tj ET Q q 0 0 0 rg BT 328.68 366.35 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.01 366.35 Td ( ) Tj ET Q q 0 0 0 rg BT 361.72 366.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 401.16 366.35 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 446.14 366.35 Td (due ) Tj ET Q q 0 0 0 rg BT 464.01 366.35 Td (on ) Tj ET Q q 0 0 0 rg BT 477.21 366.35 Td (the ) Tj ET Q q 0 0 0 rg BT 492.74 366.35 Td (fifth ) Tj ET Q q 0 0 0 rg BT 513.52 366.35 Td (anniversary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 353.75 Td (closing. ) Tj ET Q q 0 0 0 rg BT 95.87 353.75 Td (As ) Tj ET Q q 0 0 0 rg BT 110.17 353.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.54 353.75 Td (March ) Tj ET Q q 0 0 0 rg BT 151.57 353.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.32 353.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 193.57 353.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.02 353.75 Td (related ) Tj ET Q q 0 0 0 rg BT 240.21 353.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 287.16 353.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 346.35 353.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 381.64 353.75 Td (was ) Tj ET Q q 0 0 0 rg BT 400.60 353.75 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 421.60 353.75 Td (million.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.55 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 328.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.83 328.55 Td (May ) Tj ET Q q 0 0 0 rg BT 113.13 328.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 129.30 328.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 155.97 328.55 Td (we ) Tj ET Q q 0 0 0 rg BT 171.26 328.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 218.04 328.55 Td (the ) Tj ET Q q 0 0 0 rg BT 233.92 328.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 283.04 328.55 Td (of ) Tj ET Q q 0 0 0 rg BT 294.83 328.55 Td (QS ) Tj ET Q q 0 0 0 rg BT 311.30 328.55 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 355.47 328.55 Td ( ) Tj ET Q q 0 0 0 rg BT 358.52 328.55 Td (In ) Tj ET Q q 0 0 0 rg BT 370.31 328.55 Td (December ) Tj ET Q q 0 0 0 rg BT 416.50 328.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 443.17 328.55 Td (we ) Tj ET Q q 0 0 0 rg BT 458.46 328.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 479.58 328.55 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 501.01 328.55 Td (million ) Tj ET Q q 0 0 0 rg BT 534.39 328.55 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 328.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.95 Td (final ) Tj ET Q q 0 0 0 rg BT 71.37 315.95 Td (installment ) Tj ET Q q 0 0 0 rg BT 120.65 315.95 Td (of ) Tj ET Q q 0 0 0 rg BT 132.03 315.95 Td (contingent ) Tj ET Q q 0 0 0 rg BT 178.98 315.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 238.17 315.95 Td (using ) Tj ET Q q 0 0 0 rg BT 263.55 315.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 299.42 315.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.70 315.95 Td (resources. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (On ) Tj ET Q q 0 0 0 rg BT 63.73 290.75 Td (December ) Tj ET Q q 0 0 0 rg BT 108.26 290.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.79 290.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 147.81 290.75 Td (Martin ) Tj ET Q q 0 0 0 rg BT 177.78 290.75 Td (Currie ) Tj ET Q q 0 0 0 rg BT 206.00 290.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 243.54 290.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.50 290.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 299.40 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.54 290.75 Td (PK ) Tj ET Q q 0 0 0 rg BT 324.36 290.75 Td (Investments. ) Tj ET Q q 0 0 0 rg BT 379.12 290.75 Td ( ) Tj ET Q q 0 0 0 rg BT 380.52 290.75 Td (In ) Tj ET Q q 0 0 0 rg BT 390.66 290.75 Td (December ) Tj ET Q q 0 0 0 rg BT 435.20 290.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 460.22 290.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.94 290.75 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 278.15 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 81.87 278.15 Td (million ) Tj ET Q q 0 0 0 rg BT 114.83 278.15 Td (was ) Tj ET Q q 0 0 0 rg BT 133.79 278.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 154.49 278.15 Td (using ) Tj ET Q q 0 0 0 rg BT 179.87 278.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 215.75 278.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 237.03 278.15 Td (resources.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.95 Td (See ) Tj ET Q q 0 0 0 rg BT 68.24 252.95 Td (Notes�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.36 252.95 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.61 252.95 Td ( ) Tj ET Q q 0 0 0 rg BT 104.20 252.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.94 252.95 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.19 252.95 Td ( ) Tj ET Q q 0 0 0 rg BT 131.77 252.95 Td (of ) Tj ET Q q 0 0 0 rg BT 144.10 252.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 172.17 252.95 Td (to ) Tj ET Q q 0 0 0 rg BT 183.92 252.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 242.92 252.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 285.57 252.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 335.23 252.95 Td (for ) Tj ET Q q 0 0 0 rg BT 351.06 252.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 396.63 252.95 Td (information ) Tj ET Q q 0 0 0 rg BT 449.78 252.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 493.60 252.95 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 547.34 252.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.45 240.35 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 158.27 240.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 208.31 240.35 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 215.15 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 118.64 215.15 Td (Interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.23 202.55 Td (further ) Tj ET Q q 0 0 0 rg BT 93.85 202.55 Td (described ) Tj ET Q q 0 0 0 rg BT 136.14 202.55 Td (below) Tj ET Q q 0 0 0 rg BT 161.12 202.55 Td (, ) Tj ET Q q 0 0 0 rg BT 165.80 202.55 Td (we ) Tj ET Q q 0 0 0 rg BT 180.10 202.55 Td (may ) Tj ET Q q 0 0 0 rg BT 200.23 202.55 Td (be ) Tj ET Q q 0 0 0 rg BT 212.20 202.55 Td (obligated ) Tj ET Q q 0 0 0 rg BT 253.33 202.55 Td (to ) Tj ET Q q 0 0 0 rg BT 263.55 202.55 Td (settle ) Tj ET Q q 0 0 0 rg BT 287.77 202.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 351.65 202.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 388.70 202.55 Td (related ) Tj ET Q q 0 0 0 rg BT 419.32 202.55 Td (to ) Tj ET Q q 0 0 0 rg BT 429.54 202.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.16 202.55 Td (af) Tj ET Q q 0 0 0 rg BT 468.13 202.55 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 501.39 202.55 Td ( ) Tj ET Q q 0 0 0 rg BT 503.30 202.55 Td (The ) Tj ET Q q 0 0 0 rg BT 521.68 202.55 Td (following ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.95 Td (table ) Tj ET Q q 0 0 0 rg BT 71.44 189.95 Td (presents ) Tj ET Q q 0 0 0 rg BT 107.39 189.95 Td (a ) Tj ET Q q 0 0 0 rg BT 113.58 189.95 Td (summary ) Tj ET Q q 0 0 0 rg BT 154.20 189.95 Td (of ) Tj ET Q q 0 0 0 rg BT 164.48 189.95 Td (our ) Tj ET Q q 0 0 0 rg BT 180.01 189.95 Td (af) Tj ET Q q 0 0 0 rg BT 187.98 189.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 214.00 189.95 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 263.92 189.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 327.29 189.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 363.81 189.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 400.33 189.95 Td (values ) Tj ET Q q 0 0 0 rg BT 428.69 189.95 Td (\(in ) Tj ET Q q 0 0 0 rg BT 441.89 189.95 Td (millions\), ) Tj ET Q q 0 0 0 rg BT 483.97 189.95 Td (excluding ) Tj ET Q q 0 0 0 rg BT 526.92 189.95 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.35 Td (related ) Tj ET Q q 0 0 0 rg BT 82.01 177.35 Td (to ) Tj ET Q q 0 0 0 rg BT 94.12 177.35 Td (management ) Tj ET Q q 0 0 0 rg BT 151.71 177.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 181.90 177.35 Td (plans. ) Tj ET Q q 0 0 0 rg BT 210.64 177.35 Td ( ) Tj ET Q q 0 0 0 rg BT 214.30 177.35 Td (These ) Tj ET Q q 0 0 0 rg BT 243.32 177.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 282.24 177.35 Td (values ) Tj ET Q q 0 0 0 rg BT 313.01 177.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 343.77 177.35 Td (the ) Tj ET Q q 0 0 0 rg BT 360.54 177.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 404.73 177.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 451.83 177.35 Td (values, ) Tj ET Q q 0 0 0 rg BT 485.22 177.35 Td (except ) Tj ET Q q 0 0 0 rg BT 516.57 177.35 Td (when ) Tj ET Q q 0 0 0 rg BT 543.26 177.35 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.70 164.75 Td (values ) Tj ET Q q 0 0 0 rg BT 125.57 164.75 Td (are ) Tj ET Q q 0 0 0 rg BT 141.43 164.75 Td (less ) Tj ET Q q 0 0 0 rg BT 160.22 164.75 Td (than ) Tj ET Q q 0 0 0 rg BT 181.34 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.21 164.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 235.83 164.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 262.48 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.35 164.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 316.38 164.75 Td (value ) Tj ET Q q 0 0 0 rg BT 342.16 164.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 376.10 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.97 164.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 430.59 164.75 Td (price. ) Tj ET Q q 0 0 0 rg BT 457.24 164.75 Td ( ) Tj ET Q q 0 0 0 rg BT 460.06 164.75 Td (The ) Tj ET Q q 0 0 0 rg BT 479.43 164.75 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 516.88 164.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 547.34 164.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 152.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 87.71 152.15 Td (of ) Tj ET Q q 0 0 0 rg BT 99.08 152.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 163.53 152.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 197.06 152.15 Td (settlements ) Tj ET Q q 0 0 0 rg BT 246.93 152.15 Td (are ) Tj ET Q q 0 0 0 rg BT 262.37 152.15 Td (too ) Tj ET Q q 0 0 0 rg BT 278.42 152.15 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 320.10 152.15 Td (to ) Tj ET Q q 0 0 0 rg BT 330.90 152.15 Td (project ) Tj ET Q q 0 0 0 rg BT 362.67 152.15 Td (with ) Tj ET Q q 0 0 0 rg BT 383.97 152.15 Td (any ) Tj ET Q q 0 0 0 rg BT 401.75 152.15 Td (accuracy) Tj ET Q q 0 0 0 rg BT 438.37 152.15 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 115.64999999999998 m 333 115.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 115.64999999999998 m 409 115.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 115.64999999999998 m 463 115.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 115.64999999999998 m 514 115.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 115.64999999999998 m 562 115.64999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.15 120.42 Td (EnT) Tj ET Q q 0 0 0 rg BT 358.04 120.42 Td (rust Global) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.25 130.92 Td (Clarion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.75 120.42 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.50 120.42 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.75 120.42 Td (T) Tj ET Q q 0 0 0 rg BT 534.43 120.42 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.50 105.44 Td (Affiliate noncontr) Tj ET Q q 0 0 0 rg BT 131.51 105.44 Td (olling inter) Tj ET Q q 0 0 0 rg BT 180.61 105.44 Td (ests as of Mar) Tj ET Q q 0 0 0 rg BT 242.53 105.44 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 339.50 105.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.35 105.44 Td (379.1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.50 105.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.35 105.44 Td (133.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.50 105.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.60 105.44 Td (12.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.50 105.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 534.35 105.44 Td (525.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.95 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 116.26 75.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 153.85 75.95 Td (of ) Tj ET Q q 0 0 0 rg BT 165.20 75.95 Td (35% ) Tj ET Q q 0 0 0 rg BT 187.04 75.95 Td (of ) Tj ET Q q 0 0 0 rg BT 198.39 75.95 Td (the ) Tj ET Q q 0 0 0 rg BT 213.82 75.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 265.42 75.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 294.26 75.95 Td (of ) Tj ET Q q 0 0 0 rg BT 305.61 75.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 323.32 75.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 341.67 75.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 372.85 75.95 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 75.95 Td (18% ) Tj ET Q q 0 0 0 rg BT 412.45 75.95 Td (of ) Tj ET Q q 0 0 0 rg BT 423.80 75.95 Td (the ) Tj ET Q q 0 0 0 rg BT 439.23 75.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 490.83 75.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 519.67 75.95 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 75.95 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.05 63.35 Td (are ) Tj ET Q q 0 0 0 rg BT 101.01 63.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 132.90 63.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.21 63.35 Td (put ) Tj ET Q q 0 0 0 rg BT 158.77 63.35 Td (and ) Tj ET Q q 0 0 0 rg BT 176.07 63.35 Td (call ) Tj ET Q q 0 0 0 rg BT 193.37 63.35 Td (provisions ) Tj ET Q q 0 0 0 rg BT 239.27 63.35 Td (that ) Tj ET Q q 0 0 0 rg BT 257.16 63.35 Td (may ) Tj ET Q q 0 0 0 rg BT 277.38 63.35 Td (result ) Tj ET Q q 0 0 0 rg BT 302.85 63.35 Td (in ) Tj ET Q q 0 0 0 rg BT 313.16 63.35 Td (future ) Tj ET Q q 0 0 0 rg BT 340.38 63.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 361.18 63.35 Td (outlays, ) Tj ET Q q 0 0 0 rg BT 396.28 63.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.48 63.35 Td (starting ) Tj ET Q q 0 0 0 rg BT 471.12 63.35 Td (in ) Tj ET Q q 0 0 0 rg BT 481.43 63.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 506.32 63.35 Td (2022 ) Tj ET Q q 0 0 0 rg BT 529.46 63.35 Td (for ) Tj ET Q q 0 0 0 rg BT 543.84 63.35 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.21 50.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 85.58 50.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 116.79 50.75 Td (and ) Tj ET Q q 0 0 0 rg BT 134.57 50.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 168.69 50.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 208.35 50.75 Td (but ) Tj ET Q q 0 0 0 rg BT 224.40 50.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 256.76 50.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.56 50.75 Td (earlier ) Tj ET Q q 0 0 0 rg BT 296.99 50.75 Td (ef) Tj ET Q q 0 0 0 rg BT 304.96 50.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 354.23 50.75 Td (in ) Tj ET Q q 0 0 0 rg BT 365.02 50.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 396.21 50.75 Td (circumstances.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.23 729.15 Td (May ) Tj ET Q q 0 0 0 rg BT 87.38 729.15 Td (10, ) Tj ET Q q 0 0 0 rg BT 103.40 729.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 129.93 729.15 Td (we ) Tj ET Q q 0 0 0 rg BT 145.07 729.15 Td (purchased ) Tj ET Q q 0 0 0 rg BT 190.54 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 206.26 729.15 Td (15% ) Tj ET Q q 0 0 0 rg BT 228.41 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 257.55 729.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 291.36 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 302.43 729.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 333.33 729.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 393.37 729.15 Td (held ) Tj ET Q q 0 0 0 rg BT 414.34 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 427.74 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.47 729.15 Td (firm's ) Tj ET Q q 0 0 0 rg BT 470.43 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 526.97 729.15 Td (team ) Tj ET Q q 0 0 0 rg BT 550.28 729.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (total ) Tj ET Q q 0 0 0 rg BT 69.97 716.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 128.34 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 138.89 716.55 Td ($22.0 ) Tj ET Q q 0 0 0 rg BT 164.32 716.55 Td (million. ) Tj ET Q q 0 0 0 rg BT 199.09 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 200.76 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 218.89 716.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 245.19 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 265.66 716.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 303.62 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 314.17 716.55 Td ($12.0 ) Tj ET Q q 0 0 0 rg BT 339.60 716.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 374.37 716.55 Td (including ) Tj ET Q q 0 0 0 rg BT 415.83 716.55 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 436.01 716.55 Td (million ) Tj ET Q q 0 0 0 rg BT 468.16 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 478.71 716.55 Td (dividends ) Tj ET Q q 0 0 0 rg BT 521.34 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 531.32 716.55 Td (arrears, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 68.72 703.95 Td (made ) Tj ET Q q 0 0 0 rg BT 94.35 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 107.75 703.95 Td (May ) Tj ET Q q 0 0 0 rg BT 129.89 703.95 Td (10, ) Tj ET Q q 0 0 0 rg BT 145.91 703.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 172.42 703.95 Td (using ) Tj ET Q q 0 0 0 rg BT 198.07 703.95 Td (existing ) Tj ET Q q 0 0 0 rg BT 234.21 703.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 255.76 703.95 Td (resources. ) Tj ET Q q 0 0 0 rg BT 300.93 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 303.82 703.95 Td (Half ) Tj ET Q q 0 0 0 rg BT 325.37 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 337.01 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 352.74 703.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 390.60 703.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 450.06 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 469.28 703.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 490.25 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 501.32 703.95 Td (May ) Tj ET Q q 0 0 0 rg BT 523.46 703.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 547.35 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 691.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 110.15 691.35 Td (half ) Tj ET Q q 0 0 0 rg BT 129.10 691.35 Td (will ) Tj ET Q q 0 0 0 rg BT 148.06 691.35 Td (be ) Tj ET Q q 0 0 0 rg BT 160.59 691.35 Td (due, ) Tj ET Q q 0 0 0 rg BT 181.00 691.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 213.37 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 224.17 691.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 255.35 691.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 304.35 691.35 Td (two ) Tj ET Q q 0 0 0 rg BT 322.73 691.35 Td (years ) Tj ET Q q 0 0 0 rg BT 347.51 691.35 Td (after ) Tj ET Q q 0 0 0 rg BT 369.36 691.35 Td (closing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.92 666.15 Td (July ) Tj ET Q q 0 0 0 rg BT 87.01 666.15 Td (2, ) Tj ET Q q 0 0 0 rg BT 98.47 666.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 125.68 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 142.09 666.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 185.32 666.15 Td (minority ) Tj ET Q q 0 0 0 rg BT 225.07 666.15 Td (owner ) Tj ET Q q 0 0 0 rg BT 254.89 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.23 666.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 298.81 666.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 359.54 666.15 Td (exercised ) Tj ET Q q 0 0 0 rg BT 402.76 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 419.18 666.15 Td (put ) Tj ET Q q 0 0 0 rg BT 436.18 666.15 Td (option ) Tj ET Q q 0 0 0 rg BT 466.60 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 482.43 666.15 Td (its ) Tj ET Q q 0 0 0 rg BT 495.93 666.15 Td (10% ) Tj ET Q q 0 0 0 rg BT 518.77 666.15 Td (ownership ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (interest. ) Tj ET Q q 0 0 0 rg BT 85.65 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 88.09 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 107.03 653.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 152.81 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 178.17 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 189.54 653.55 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 215.79 653.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 251.38 653.55 Td (along ) Tj ET Q q 0 0 0 rg BT 277.33 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 298.62 653.55 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 319.61 653.55 Td (million ) Tj ET Q q 0 0 0 rg BT 352.57 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 363.94 653.55 Td (dividends ) Tj ET Q q 0 0 0 rg BT 407.40 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 418.19 653.55 Td (arrears, ) Tj ET Q q 0 0 0 rg BT 451.99 653.55 Td (was ) Tj ET Q q 0 0 0 rg BT 470.95 653.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 491.65 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 502.44 653.55 Td (October ) Tj ET Q q 0 0 0 rg BT 538.88 653.55 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 628.35 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 628.35 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.82 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 103.45 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 114.82 628.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 141.94 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 152.73 628.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 210.77 628.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 252.47 628.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 301.17 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 316.04 628.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 360.66 628.35 Td (information.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Af) Tj ET Q q 0 0 0 rg BT 59.81 603.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 87.51 603.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 147.31 603.15 Td (Equity ) Tj ET Q q 0 0 0 rg BT 178.52 603.15 Td (Plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 590.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 112.72 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 133.84 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 149.11 590.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 197.64 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 208.84 590.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 242.78 590.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 279.64 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 289.71 590.55 Td (April ) Tj ET Q q 0 0 0 rg BT 314.33 590.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 340.40 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 355.10 590.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 412.36 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 424.72 590.55 Td (af) Tj ET Q q 0 0 0 rg BT 432.69 590.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 459.63 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 515.72 590.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 544.42 590.55 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 68.16 577.95 Td (entitles ) Tj ET Q q 0 0 0 rg BT 101.40 577.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 132.88 577.95 Td (key ) Tj ET Q q 0 0 0 rg BT 150.95 577.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 198.77 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 210.43 577.95 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 244.84 577.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 282.16 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 293.24 577.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 340.46 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 351.54 577.95 Td (15% ) Tj ET Q q 0 0 0 rg BT 373.70 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 385.36 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 401.11 577.95 Td (future ) Tj ET Q q 0 0 0 rg BT 429.09 577.95 Td (growth, ) Tj ET Q q 0 0 0 rg BT 464.38 577.95 Td (if ) Tj ET Q q 0 0 0 rg BT 473.70 577.95 Td (any) Tj ET Q q 0 0 0 rg BT 488.18 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 493.72 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 505.38 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 521.12 577.95 Td (enterprise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 75.28 565.35 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 111.56 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 122.77 565.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 173.62 565.35 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 219.82 565.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 269.53 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 280.73 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 296.60 565.35 Td (date ) Tj ET Q q 0 0 0 rg BT 317.13 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 328.92 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 344.79 565.35 Td (grant. ) Tj ET Q q 0 0 0 rg BT 372.03 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 375.07 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 386.85 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 417.30 565.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 443.97 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 459.25 565.35 Td (implemented ) Tj ET Q q 0 0 0 rg BT 517.11 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 530.06 565.35 Td (af) Tj ET Q q 0 0 0 rg BT 538.03 565.35 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 106.92 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.95 552.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 158.81 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 181.26 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.86 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 255.29 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 267.81 552.75 Td (Royce. ) Tj ET Q q 0 0 0 rg BT 301.04 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 304.82 552.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 334.84 552.75 Td (this ) Tj ET Q q 0 0 0 rg BT 353.80 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 411.22 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 441.25 552.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 465.73 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 478.26 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.78 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 521.97 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.87 552.75 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.79 540.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 151.24 540.15 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 197.43 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 208.06 540.15 Td (24.5% ) Tj ET Q q 0 0 0 rg BT 237.64 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 248.27 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 263.56 540.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 292.84 540.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.21 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 341.49 540.15 Td (been ) Tj ET Q q 0 0 0 rg BT 363.77 540.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 392.48 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 403.11 540.15 Td (its ) Tj ET Q q 0 0 0 rg BT 415.49 540.15 Td (management ) Tj ET Q q 0 0 0 rg BT 471.60 540.15 Td (team. ) Tj ET Q q 0 0 0 rg BT 497.09 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 499.55 540.15 Td (In ) Tj ET Q q 0 0 0 rg BT 510.75 540.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 550.25 540.15 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 107.80 527.55 Td (an ) Tj ET Q q 0 0 0 rg BT 121.19 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 129.16 527.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 157.13 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 214.26 527.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 243.99 527.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 265.55 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 277.20 527.55 Td (March ) Tj ET Q q 0 0 0 rg BT 308.09 527.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 335.19 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 354.42 527.55 Td (entitles ) Tj ET Q q 0 0 0 rg BT 388.23 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.28 527.55 Td (key ) Tj ET Q q 0 0 0 rg BT 438.92 527.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 487.31 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 499.53 527.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 554.33 527.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 96.43 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 107.23 514.95 Td (15% ) Tj ET Q q 0 0 0 rg BT 129.10 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 140.47 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 155.92 514.95 Td (future ) Tj ET Q q 0 0 0 rg BT 183.62 514.95 Td (growth, ) Tj ET Q q 0 0 0 rg BT 218.62 514.95 Td (if ) Tj ET Q q 0 0 0 rg BT 227.66 514.95 Td (any) Tj ET Q q 0 0 0 rg BT 242.13 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 247.38 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 258.76 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 274.21 514.95 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 318.23 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 343.59 514.95 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 379.46 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 390.25 514.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 440.69 514.95 Td (discounts\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (As ) Tj ET Q q 0 0 0 rg BT 62.78 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 73.14 489.75 Td (March ) Tj ET Q q 0 0 0 rg BT 102.15 489.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 116.88 489.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 142.12 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.56 489.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 198.41 489.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 247.84 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.02 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 288.37 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 302.22 489.75 Td (units ) Tj ET Q q 0 0 0 rg BT 324.25 489.75 Td (under ) Tj ET Q q 0 0 0 rg BT 349.77 489.75 Td (management ) Tj ET Q q 0 0 0 rg BT 405.02 489.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 432.88 489.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 456.65 489.75 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 504.32 489.75 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.57 489.75 Td (84.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.94 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 529.55 489.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 565.14 489.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Repurchases ) Tj ET Q q 0 0 0 rg BT 105.46 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 117.10 477.15 Td (units ) Tj ET Q q 0 0 0 rg BT 140.41 477.15 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.79 477.15 Td (under ) Tj ET Q q 0 0 0 rg BT 201.59 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 217.31 477.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 242.37 477.15 Td (may ) Tj ET Q q 0 0 0 rg BT 263.34 477.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 294.81 477.15 Td (future ) Tj ET Q q 0 0 0 rg BT 322.77 477.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 361.25 477.15 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 421.58 477.15 Td (however) Tj ET Q q 0 0 0 rg BT 457.32 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 462.83 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 478.55 477.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 517.03 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 535.08 477.15 Td (timing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.93 464.55 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 113.17 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 128.67 464.55 Td (too ) Tj ET Q q 0 0 0 rg BT 144.77 464.55 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 186.52 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 197.37 464.55 Td (project ) Tj ET Q q 0 0 0 rg BT 229.20 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 250.55 464.55 Td (any ) Tj ET Q q 0 0 0 rg BT 268.40 464.55 Td (accuracy) Tj ET Q q 0 0 0 rg BT 305.01 464.55 Td (. ) Tj ET Q q 0 0 0 rg BT 310.32 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 313.00 464.55 Td (See ) Tj ET Q q 0 0 0 rg BT 330.85 464.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.94 464.55 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.44 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 367.13 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 378.55 464.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.73 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 416.58 464.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 474.68 464.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 516.44 464.55 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 451.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 108.98 451.95 Td (information ) Tj ET Q q 0 0 0 rg BT 161.18 451.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 204.04 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 212.01 451.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 239.12 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 295.39 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 324.26 451.95 Td (plans.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (Share ) Tj ET Q q 0 0 0 rg BT 77.80 426.75 Td (Repurchases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 414.15 Td (January ) Tj ET Q q 0 0 0 rg BT 95.42 414.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 121.31 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 137.57 414.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 165.49 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 176.50 414.15 Td (Directors ) Tj ET Q q 0 0 0 rg BT 217.83 414.15 Td (authorized ) Tj ET Q q 0 0 0 rg BT 264.40 414.15 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 285.04 414.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 314.72 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 329.22 414.15 Td (purchases ) Tj ET Q q 0 0 0 rg BT 372.89 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.89 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 400.15 414.15 Td (common ) Tj ET Q q 0 0 0 rg BT 439.16 414.15 Td (stock. ) Tj ET Q q 0 0 0 rg BT 466.21 414.15 Td (In ) Tj ET Q q 0 0 0 rg BT 477.22 414.15 Td (December ) Tj ET Q q 0 0 0 rg BT 522.62 414.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 548.50 414.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 78.76 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 91.11 401.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 133.78 401.55 Td (approved ) Tj ET Q q 0 0 0 rg BT 176.45 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 192.88 401.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 233.79 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 246.14 401.55 Td (5.6 ) Tj ET Q q 0 0 0 rg BT 262.86 401.55 Td (million ) Tj ET Q q 0 0 0 rg BT 296.80 401.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 326.64 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 338.99 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 356.59 401.55 Td (common ) Tj ET Q q 0 0 0 rg BT 396.93 401.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 422.70 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 438.54 401.55 Td ($225.5 ) Tj ET Q q 0 0 0 rg BT 471.02 401.55 Td (million ) Tj ET Q q 0 0 0 rg BT 504.96 401.55 Td (from ) Tj ET Q q 0 0 0 rg BT 528.97 401.55 Td (Shanda, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 88.71 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 105.76 388.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 152.54 388.95 Td ($169.0 ) Tj ET Q q 0 0 0 rg BT 185.63 388.95 Td (million ) Tj ET Q q 0 0 0 rg BT 220.19 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 233.15 388.95 Td (common ) Tj ET Q q 0 0 0 rg BT 274.11 388.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.49 388.95 Td (available ) Tj ET Q q 0 0 0 rg BT 342.60 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 359.06 388.95 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 408.75 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.71 388.95 Td (authorized ) Tj ET Q q 0 0 0 rg BT 470.24 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 482.63 388.95 Td (January ) Tj ET Q q 0 0 0 rg BT 519.50 388.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 547.34 388.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (authorizing ) Tj ET Q q 0 0 0 rg BT 98.86 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 113.23 376.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 152.08 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 162.37 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 173.82 376.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 217.35 376.35 Td ($56.5 ) Tj ET Q q 0 0 0 rg BT 242.52 376.35 Td (million ) Tj ET Q q 0 0 0 rg BT 274.40 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 284.69 376.35 Td (common ) Tj ET Q q 0 0 0 rg BT 322.97 376.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.68 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 356.38 376.35 Td (complete ) Tj ET Q q 0 0 0 rg BT 396.41 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.78 376.35 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 460.90 376.35 Td (The ) Tj ET Q q 0 0 0 rg BT 478.77 376.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 521.11 376.35 Td (purchases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 363.75 Td ($225.5 ) Tj ET Q q 0 0 0 rg BT 91.84 363.75 Td (million ) Tj ET Q q 0 0 0 rg BT 124.53 363.75 Td (was ) Tj ET Q q 0 0 0 rg BT 143.22 363.75 Td (ef) Tj ET Q q 0 0 0 rg BT 151.19 363.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 190.28 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 202.55 363.75 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 255.62 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.73 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 283.08 363.75 Td (share ) Tj ET Q q 0 0 0 rg BT 307.59 363.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 355.42 363.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 395.81 363.75 Td (W) Tj ET Q q 0 0 0 rg BT 404.88 363.75 Td (e ) Tj ET Q q 0 0 0 rg BT 411.90 363.75 Td (did ) Tj ET Q q 0 0 0 rg BT 427.67 363.75 Td (not ) Tj ET Q q 0 0 0 rg BT 443.45 363.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 491.28 363.75 Td (any ) Tj ET Q q 0 0 0 rg BT 508.80 363.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 537.40 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.50 363.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (common ) Tj ET Q q 0 0 0 rg BT 88.15 351.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 112.22 351.15 Td (during ) Tj ET Q q 0 0 0 rg BT 141.55 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.28 351.15 Td (years ) Tj ET Q q 0 0 0 rg BT 180.34 351.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 207.32 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 236.63 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 251.67 351.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 274.57 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 291.64 351.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 317.17 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 334.24 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 344.89 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 355.55 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 384.86 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.89 351.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 425.42 351.15 Td (further ) Tj ET Q q 0 0 0 rg BT 455.90 351.15 Td (purchases ) Tj ET Q q 0 0 0 rg BT 499.21 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 509.86 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 525.77 351.15 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.38 338.55 Td (have ) Tj ET Q q 0 0 0 rg BT 96.91 338.55 Td (not ) Tj ET Q q 0 0 0 rg BT 113.04 338.55 Td (been ) Tj ET Q q 0 0 0 rg BT 135.57 338.55 Td (authorized ) Tj ET Q q 0 0 0 rg BT 182.59 338.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 203.09 338.55 Td (without ) Tj ET Q q 0 0 0 rg BT 237.89 338.55 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 275.98 338.55 Td (T) Tj ET Q q 0 0 0 rg BT 281.66 338.55 Td (empleton's ) Tj ET Q q 0 0 0 rg BT 329.43 338.55 Td (consent, ) Tj ET Q q 0 0 0 rg BT 366.84 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 382.37 338.55 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 428.24 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 441.45 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 456.99 338.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 474.29 338.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 489.81 338.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 539.17 338.55 Td (while ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 325.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 82.26 325.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 98.29 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 107.92 325.95 Td (pending.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Futur) Tj ET Q q 0 0 0 rg BT 75.56 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 82.85 300.75 Td (Outlook) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.66 288.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 112.49 288.15 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 158.86 288.15 Td (we ) Tj ET Q q 0 0 0 rg BT 174.60 288.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 215.99 288.15 Td (intend ) Tj ET Q q 0 0 0 rg BT 245.73 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 257.39 288.15 Td (utilize ) Tj ET Q q 0 0 0 rg BT 287.13 288.15 Td (our ) Tj ET Q q 0 0 0 rg BT 304.62 288.15 Td (available ) Tj ET Q q 0 0 0 rg BT 346.01 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 368.16 288.15 Td (resources ) Tj ET Q q 0 0 0 rg BT 411.31 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 422.97 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 445.71 288.15 Td (various ) Tj ET Q q 0 0 0 rg BT 480.12 288.15 Td (activities, ) Tj ET Q q 0 0 0 rg BT 524.14 288.15 Td (however) Tj ET Q q 0 0 0 rg BT 559.87 288.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (during ) Tj ET Q q 0 0 0 rg BT 80.16 275.55 Td (this ) Tj ET Q q 0 0 0 rg BT 98.57 275.55 Td (period ) Tj ET Q q 0 0 0 rg BT 128.64 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.62 275.55 Td (heightened ) Tj ET Q q 0 0 0 rg BT 189.93 275.55 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 240.40 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 251.81 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 267.88 275.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 311.94 275.55 Td (environment ) Tj ET Q q 0 0 0 rg BT 368.25 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 386.66 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 408.57 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 424.64 275.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 441.94 275.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 458.59 275.55 Td (pending, ) Tj ET Q q 0 0 0 rg BT 498.28 275.55 Td (we ) Tj ET Q q 0 0 0 rg BT 513.77 275.55 Td (will ) Tj ET Q q 0 0 0 rg BT 533.35 275.55 Td (remain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (focused ) Tj ET Q q 0 0 0 rg BT 85.11 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 98.56 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 114.34 262.95 Td (preservation ) Tj ET Q q 0 0 0 rg BT 169.19 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 180.89 262.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 211.83 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 222.95 262.95 Td (help ) Tj ET Q q 0 0 0 rg BT 243.98 262.95 Td (us ) Tj ET Q q 0 0 0 rg BT 256.27 262.95 Td (build ) Tj ET Q q 0 0 0 rg BT 280.81 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 298.92 262.95 Td (maintain ) Tj ET Q q 0 0 0 rg BT 338.62 262.95 Td (liquidity) Tj ET Q q 0 0 0 rg BT 373.52 262.95 Td (. ) Tj ET Q q 0 0 0 rg BT 379.10 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 381.40 262.95 Td (As ) Tj ET Q q 0 0 0 rg BT 396.02 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 407.72 262.95 Td (March ) Tj ET Q q 0 0 0 rg BT 438.08 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 454.16 262.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 480.74 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 496.52 262.95 Td ($745 ) Tj ET Q q 0 0 0 rg BT 520.47 262.95 Td (million ) Tj ET Q q 0 0 0 rg BT 553.76 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.24 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 89.47 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.21 250.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 162.11 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 173.35 250.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 203.83 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 215.66 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 232.73 250.35 Td (working ) Tj ET Q q 0 0 0 rg BT 270.81 250.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 301.87 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 320.11 250.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 366.34 250.35 Td (requirements ) Tj ET Q q 0 0 0 rg BT 424.23 250.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 462.30 250.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 500.96 250.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 541.34 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 552.59 250.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (used ) Tj ET Q q 0 0 0 rg BT 71.37 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 82.16 237.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 104.04 237.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 139.30 237.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 200.25 237.75 Td (payments, ) Tj ET Q q 0 0 0 rg BT 245.74 237.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 287.44 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 298.23 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.68 237.75 Td (first ) Tj ET Q q 0 0 0 rg BT 333.22 237.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 365.58 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.95 237.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 402.32 237.75 Td (2021.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 90.63 212.55 Td (Restructuring) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (As ) Tj ET Q q 0 0 0 rg BT 62.77 199.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 108.70 199.95 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 153.17 199.95 Td (we ) Tj ET Q q 0 0 0 rg BT 167.01 199.95 Td (have ) Tj ET Q q 0 0 0 rg BT 188.43 199.95 Td (initiated ) Tj ET Q q 0 0 0 rg BT 224.44 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 230.70 199.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 267.87 199.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 323.12 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 332.89 199.95 Td (reduce ) Tj ET Q q 0 0 0 rg BT 362.46 199.95 Td (costs. ) Tj ET Q q 0 0 0 rg BT 387.69 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 389.17 199.95 Td (W) Tj ET Q q 0 0 0 rg BT 398.24 199.95 Td (e ) Tj ET Q q 0 0 0 rg BT 404.50 199.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 433.50 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 443.27 199.95 Td (incur ) Tj ET Q q 0 0 0 rg BT 466.44 199.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 508.85 199.95 Td (restructuring ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.85 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 85.37 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 101.54 187.35 Td (range ) Tj ET Q q 0 0 0 rg BT 128.21 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 140.31 187.35 Td ($100 ) Tj ET Q q 0 0 0 rg BT 164.66 187.35 Td (million ) Tj ET Q q 0 0 0 rg BT 198.34 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 209.86 187.35 Td ($105 ) Tj ET Q q 0 0 0 rg BT 234.21 187.35 Td (million ) Tj ET Q q 0 0 0 rg BT 267.89 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 279.41 187.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 328.83 187.35 Td (with ) Tj ET Q q 0 0 0 rg BT 350.84 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 367.02 187.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 405.94 187.35 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 465.56 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 494.57 187.35 Td (will ) Tj ET Q q 0 0 0 rg BT 514.26 187.35 Td (be ) Tj ET Q q 0 0 0 rg BT 527.52 187.35 Td (incurred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (through ) Tj ET Q q 0 0 0 rg BT 84.38 174.75 Td (March ) Tj ET Q q 0 0 0 rg BT 114.00 174.75 Td (2021. ) Tj ET Q q 0 0 0 rg BT 139.85 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 141.90 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 160.44 174.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 198.24 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.20 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 224.25 174.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 280.12 174.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 303.33 174.75 Td (will ) Tj ET Q q 0 0 0 rg BT 321.89 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 334.01 174.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 354.31 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 364.69 174.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 388.19 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 390.25 174.75 Td (W) Tj ET Q q 0 0 0 rg BT 399.32 174.75 Td (e ) Tj ET Q q 0 0 0 rg BT 406.20 174.75 Td (have ) Tj ET Q q 0 0 0 rg BT 428.24 174.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 465.44 174.75 Td ($80 ) Tj ET Q q 0 0 0 rg BT 483.40 174.75 Td (million ) Tj ET Q q 0 0 0 rg BT 515.96 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.92 174.75 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 105.22 162.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 128.28 162.15 Td (through ) Tj ET Q q 0 0 0 rg BT 163.01 162.15 Td (March ) Tj ET Q q 0 0 0 rg BT 192.48 162.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 207.68 162.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 233.37 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 250.59 162.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 313.31 162.15 Td ($43 ) Tj ET Q q 0 0 0 rg BT 331.13 162.15 Td (million ) Tj ET Q q 0 0 0 rg BT 363.53 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 374.34 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 397.98 162.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 421.05 162.15 Td (have ) Tj ET Q q 0 0 0 rg BT 442.94 162.15 Td (been ) Tj ET Q q 0 0 0 rg BT 464.83 162.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 484.97 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 495.21 162.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 517.39 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 519.30 162.15 Td (W) Tj ET Q q 0 0 0 rg BT 528.37 162.15 Td (e ) Tj ET Q q 0 0 0 rg BT 535.10 162.15 Td (expect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.33 149.55 Td (incur ) Tj ET Q q 0 0 0 rg BT 84.58 149.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 147.89 149.55 Td ($20 ) Tj ET Q q 0 0 0 rg BT 166.31 149.55 Td (million ) Tj ET Q q 0 0 0 rg BT 199.32 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 210.15 149.55 Td ($25 ) Tj ET Q q 0 0 0 rg BT 228.57 149.55 Td (million ) Tj ET Q q 0 0 0 rg BT 261.57 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 272.99 149.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 296.66 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 307.49 149.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 332.90 149.55 Td (2021. ) Tj ET Q q 0 0 0 rg BT 359.19 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 361.86 149.55 Td (See ) Tj ET Q q 0 0 0 rg BT 379.69 149.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.76 149.55 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.26 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 415.93 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 427.35 149.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 454.51 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 465.35 149.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 523.43 149.55 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.01 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 112.68 136.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.10 136.95 Td (information. ) Tj ET Q q 0 0 0 rg BT 211.72 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 213.97 136.95 Td (W) Tj ET Q q 0 0 0 rg BT 223.04 136.95 Td (e ) Tj ET Q q 0 0 0 rg BT 230.13 136.95 Td (expect ) Tj ET Q q 0 0 0 rg BT 259.96 136.95 Td (that ) Tj ET Q q 0 0 0 rg BT 278.13 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 293.39 136.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 331.38 136.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 387.46 136.95 Td (will ) Tj ET Q q 0 0 0 rg BT 406.23 136.95 Td (result ) Tj ET Q q 0 0 0 rg BT 431.98 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 442.58 136.95 Td (future ) Tj ET Q q 0 0 0 rg BT 470.08 136.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 500.49 136.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 519.83 136.95 Td (savings ) Tj ET Q q 0 0 0 rg BT 553.76 136.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td ($100 ) Tj ET Q q 0 0 0 rg BT 72.74 124.35 Td (million ) Tj ET Q q 0 0 0 rg BT 105.32 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 116.31 124.35 Td (more, ) Tj ET Q q 0 0 0 rg BT 142.75 124.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 198.07 124.35 Td (all ) Tj ET Q q 0 0 0 rg BT 210.81 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 221.79 124.35 Td (which ) Tj ET Q q 0 0 0 rg BT 249.69 124.35 Td (will ) Tj ET Q q 0 0 0 rg BT 268.27 124.35 Td (be ) Tj ET Q q 0 0 0 rg BT 280.42 124.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.32 124.35 Td (savings. ) Tj ET Q q 0 0 0 rg BT 337.69 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 339.77 124.35 Td (W) Tj ET Q q 0 0 0 rg BT 348.84 124.35 Td (e ) Tj ET Q q 0 0 0 rg BT 355.74 124.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 385.38 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 395.79 124.35 Td (achieve ) Tj ET Q q 0 0 0 rg BT 430.09 124.35 Td (these ) Tj ET Q q 0 0 0 rg BT 453.90 124.35 Td (savings ) Tj ET Q q 0 0 0 rg BT 487.64 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 500.38 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 507.29 124.35 Td (run ) Tj ET Q q 0 0 0 rg BT 523.52 124.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 541.50 124.35 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.74 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.32 111.75 Td (end ) Tj ET Q q 0 0 0 rg BT 96.22 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.71 111.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 133.20 111.75 Td (2021. ) Tj ET Q q 0 0 0 rg BT 159.56 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 161.70 111.75 Td (As ) Tj ET Q q 0 0 0 rg BT 176.12 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 187.61 111.75 Td (March ) Tj ET Q q 0 0 0 rg BT 217.76 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 233.63 111.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 259.99 111.75 Td (we ) Tj ET Q q 0 0 0 rg BT 274.98 111.75 Td (have ) Tj ET Q q 0 0 0 rg BT 297.55 111.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 333.52 111.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 382.91 111.75 Td (savings ) Tj ET Q q 0 0 0 rg BT 417.16 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.65 111.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 492.04 111.75 Td ($72 ) Tj ET Q q 0 0 0 rg BT 510.53 111.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 546.24 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.79 111.75 Td (W) Tj ET Q q 0 0 0 rg BT 557.86 111.75 Td (e ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (do ) Tj ET Q q 0 0 0 rg BT 62.63 99.15 Td (not ) Tj ET Q q 0 0 0 rg BT 78.67 99.15 Td (expect ) Tj ET Q q 0 0 0 rg BT 108.69 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.15 99.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 141.45 99.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 157.48 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 168.27 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 190.72 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 203.26 99.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 234.45 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 247.58 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 263.03 99.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 286.66 99.15 Td (or ) Tj ET Q q 0 0 0 rg BT 298.03 99.15 Td (savings ) Tj ET Q q 0 0 0 rg BT 332.16 99.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 377.93 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 399.22 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 415.85 99.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 454.04 99.15 Td (restructuring.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 99.39 73.95 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 152.79 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 171.75 73.95 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 220.46 73.95 Td (Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.45 61.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 112.06 61.35 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 158.21 61.35 Td (on ) Tj ET Q q 0 0 0 rg BT 171.26 61.35 Td (April ) Tj ET Q q 0 0 0 rg BT 196.71 61.35 Td (3, ) Tj ET Q q 0 0 0 rg BT 207.86 61.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 234.76 61.35 Td (we ) Tj ET Q q 0 0 0 rg BT 250.29 61.35 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 293.80 61.35 Td ($250 ) Tj ET Q q 0 0 0 rg BT 318.08 61.35 Td (million ) Tj ET Q q 0 0 0 rg BT 351.70 61.35 Td (under ) Tj ET Q q 0 0 0 rg BT 378.88 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 394.99 61.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 423.79 61.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 473.72 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 485.16 61.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 520.52 61.35 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.44 48.75 Td (amid ) Tj ET Q q 0 0 0 rg BT 110.79 48.75 Td (heightened ) Tj ET Q q 0 0 0 rg BT 159.21 48.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 208.80 48.75 Td (due ) Tj ET Q q 0 0 0 rg BT 226.31 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 236.84 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.02 48.75 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 301.62 48.75 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 347.42 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 349.77 48.75 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 393.53 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 404.63 48.75 Td (these ) Tj ET Q q 0 0 0 rg BT 428.56 48.75 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 481.37 48.75 Td (we ) Tj ET Q q 0 0 0 rg BT 495.97 48.75 Td (do ) Tj ET Q q 0 0 0 rg BT 508.82 48.75 Td (not ) Tj ET Q q 0 0 0 rg BT 524.60 48.75 Td (currently ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 80.01 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 91.28 741.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 114.21 741.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 159.31 741.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 211.97 741.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 233.16 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 245.01 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 274.36 741.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 317.12 741.75 Td (over ) Tj ET Q q 0 0 0 rg BT 338.89 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.82 741.75 Td (next ) Tj ET Q q 0 0 0 rg BT 376.01 741.75 Td (12�months. ) Tj ET Q q 0 0 0 rg BT 425.79 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 428.89 741.75 Td (Going ) Tj ET Q q 0 0 0 rg BT 458.25 741.75 Td (forward, ) Tj ET Q q 0 0 0 rg BT 497.22 741.75 Td (there ) Tj ET Q q 0 0 0 rg BT 521.31 741.75 Td (can ) Tj ET Q q 0 0 0 rg BT 538.99 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 552.00 741.75 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (assurances ) Tj ET Q q 0 0 0 rg BT 95.97 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 106.29 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 129.44 729.15 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 186.12 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 196.44 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 212.02 729.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 260.25 729.15 Td (could ) Tj ET Q q 0 0 0 rg BT 285.15 729.15 Td (prove ) Tj ET Q q 0 0 0 rg BT 310.63 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 320.37 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 331.86 729.15 Td (incorrect, ) Tj ET Q q 0 0 0 rg BT 373.37 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 404.09 729.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 449.42 729.15 Td (might ) Tj ET Q q 0 0 0 rg BT 475.49 729.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 529.56 729.15 Td (worsen, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 716.55 Td (fecting ) Tj ET Q q 0 0 0 rg BT 89.20 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 105.77 716.55 Td (results ) Tj ET Q q 0 0 0 rg BT 135.77 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 147.09 716.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 193.41 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 211.14 716.55 Td (generation ) Tj ET Q q 0 0 0 rg BT 258.04 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 269.36 716.55 Td (available ) Tj ET Q q 0 0 0 rg BT 309.83 716.55 Td (cash, ) Tj ET Q q 0 0 0 rg BT 333.69 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 345.02 716.55 Td (events ) Tj ET Q q 0 0 0 rg BT 374.42 716.55 Td (may ) Tj ET Q q 0 0 0 rg BT 395.08 716.55 Td (occur ) Tj ET Q q 0 0 0 rg BT 420.97 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 439.29 716.55 Td (require ) Tj ET Q q 0 0 0 rg BT 471.60 716.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 516.17 716.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 554.34 716.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 79.67 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 91.17 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.76 703.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 152.09 703.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 190.44 703.95 Td (available ) Tj ET Q q 0 0 0 rg BT 231.09 703.95 Td (under ) Tj ET Q q 0 0 0 rg BT 257.76 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 274.52 703.95 Td (Credit ) Tj ET Q q 0 0 0 rg BT 302.91 703.95 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 354.95 703.95 Td (such ) Tj ET Q q 0 0 0 rg BT 376.95 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 388.46 703.95 Td (an ) Tj ET Q q 0 0 0 rg BT 401.13 703.95 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 452.89 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 463.82 703.95 Td (refinance ) Tj ET Q q 0 0 0 rg BT 505.64 703.95 Td (indebtedness, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 61.24 691.35 Td (complete ) Tj ET Q q 0 0 0 rg BT 102.72 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 115.62 691.35 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 167.31 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 170.31 691.35 Td (If ) Tj ET Q q 0 0 0 rg BT 180.29 691.35 Td (these ) Tj ET Q q 0 0 0 rg BT 204.86 691.35 Td (events ) Tj ET Q q 0 0 0 rg BT 234.68 691.35 Td (result ) Tj ET Q q 0 0 0 rg BT 261.00 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 272.16 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 289.15 691.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 335.88 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 354.04 691.35 Td (available ) Tj ET Q q 0 0 0 rg BT 394.92 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 416.57 691.35 Td (being ) Tj ET Q q 0 0 0 rg BT 442.89 691.35 Td (insuf) Tj ET Q q 0 0 0 rg BT 463.71 691.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 493.52 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 504.68 691.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 526.92 691.35 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (needs, ) Tj ET Q q 0 0 0 rg BT 78.42 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 93.05 678.75 Td (may ) Tj ET Q q 0 0 0 rg BT 113.52 678.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 134.57 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 145.13 678.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 180.16 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 196.55 678.75 Td (available ) Tj ET Q q 0 0 0 rg BT 236.83 678.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 278.87 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 291.76 678.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 320.40 678.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 352.53 678.75 Td (such ) Tj ET Q q 0 0 0 rg BT 374.16 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 385.30 678.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 424.42 678.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 466.47 678.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 509.38 678.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 548.51 678.75 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 90.52 666.15 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 147.88 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 162.09 666.15 Td (investments, ) Tj ET Q q 0 0 0 rg BT 218.59 666.15 Td (selling ) Tj ET Q q 0 0 0 rg BT 250.30 666.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 278.50 666.15 Td (\(such ) Tj ET Q q 0 0 0 rg BT 304.96 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 317.41 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 367.20 666.15 Td (securities\), ) Tj ET Q q 0 0 0 rg BT 416.69 666.15 Td (repatriating ) Tj ET Q q 0 0 0 rg BT 468.79 666.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 508.07 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 532.19 666.15 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 104.68 653.55 Td (reducing ) Tj ET Q q 0 0 0 rg BT 144.38 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 161.35 653.55 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 203.70 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 215.41 653.55 Td (modifying ) Tj ET Q q 0 0 0 rg BT 262.14 653.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 321.67 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 343.31 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 360.27 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 368.24 653.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 399.79 653.55 Td (and/or ) Tj ET Q q 0 0 0 rg BT 429.58 653.55 Td (employees. ) Tj ET Q q 0 0 0 rg BT 480.09 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 483.06 653.55 Td (Should ) Tj ET Q q 0 0 0 rg BT 515.79 653.55 Td (these ) Tj ET Q q 0 0 0 rg BT 540.33 653.55 Td (types ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.20 640.95 Td (actions ) Tj ET Q q 0 0 0 rg BT 93.89 640.95 Td (prove ) Tj ET Q q 0 0 0 rg BT 120.75 640.95 Td (insuf) Tj ET Q q 0 0 0 rg BT 141.56 640.95 Td (ficient, ) Tj ET Q q 0 0 0 rg BT 173.96 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 185.65 640.95 Td (should ) Tj ET Q q 0 0 0 rg BT 216.61 640.95 Td (an ) Tj ET Q q 0 0 0 rg BT 229.47 640.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 278.50 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 290.19 640.95 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 340.96 640.95 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 392.90 640.95 Td (arise, ) Tj ET Q q 0 0 0 rg BT 418.30 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 433.50 640.95 Td (would ) Tj ET Q q 0 0 0 rg BT 462.70 640.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 489.56 640.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 518.75 640.95 Td (borrowing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (capacity ) Tj ET Q q 0 0 0 rg BT 87.10 628.35 Td (under ) Tj ET Q q 0 0 0 rg BT 113.63 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 130.26 628.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 158.55 628.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 207.82 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 219.19 628.35 Td (seek ) Tj ET Q q 0 0 0 rg BT 240.47 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 251.27 628.35 Td (raise ) Tj ET Q q 0 0 0 rg BT 273.71 628.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 318.33 628.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 347.20 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 358.57 628.35 Td (debt. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Liquid ) Tj ET Q q 0 0 0 rg BT 80.32 603.15 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.35 590.55 Td (liquid ) Tj ET Q q 0 0 0 rg BT 95.37 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.39 590.55 Td (include ) Tj ET Q q 0 0 0 rg BT 155.82 590.55 Td (cash, ) Tj ET Q q 0 0 0 rg BT 179.62 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.80 590.55 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 253.77 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 271.45 590.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 302.54 590.55 Td (current ) Tj ET Q q 0 0 0 rg BT 334.79 590.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 383.39 590.55 Td (securities. ) Tj ET Q q 0 0 0 rg BT 428.19 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 430.15 590.55 Td (As ) Tj ET Q q 0 0 0 rg BT 444.34 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 455.61 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 485.54 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 501.18 590.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 527.33 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 543.84 590.55 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (liquid ) Tj ET Q q 0 0 0 rg BT 76.08 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 102.66 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 113.48 577.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 176.21 577.95 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 196.67 577.95 Td (billion, ) Tj ET Q q 0 0 0 rg BT 228.79 577.95 Td (included ) Tj ET Q q 0 0 0 rg BT 267.03 577.95 Td ($334 ) Tj ET Q q 0 0 0 rg BT 290.10 577.95 Td (million ) Tj ET Q q 0 0 0 rg BT 322.52 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 333.35 577.95 Td (cash, ) Tj ET Q q 0 0 0 rg BT 356.71 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 377.45 577.95 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 429.97 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 447.21 577.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 499.45 577.95 Td (held ) Tj ET Q q 0 0 0 rg BT 519.61 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 532.19 577.95 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 104.48 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 107.25 565.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 133.94 565.35 Td (net ) Tj ET Q q 0 0 0 rg BT 149.54 565.35 Td (working ) Tj ET Q q 0 0 0 rg BT 187.31 565.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 218.07 565.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 256.43 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 267.95 565.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 301.05 565.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 353.40 565.35 Td (were ) Tj ET Q q 0 0 0 rg BT 376.58 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 392.77 565.35 Td (significant. ) Tj ET Q q 0 0 0 rg BT 442.49 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 445.27 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 456.79 565.35 Td (order ) Tj ET Q q 0 0 0 rg BT 481.72 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 492.66 565.35 Td (supplement ) Tj ET Q q 0 0 0 rg BT 543.85 565.35 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (available ) Tj ET Q q 0 0 0 rg BT 90.81 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 102.39 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.63 552.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 140.72 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 156.37 552.75 Td (general ) Tj ET Q q 0 0 0 rg BT 190.68 552.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 233.74 552.75 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 277.10 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 292.76 552.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 314.25 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 325.83 552.75 Td (utilize ) Tj ET Q q 0 0 0 rg BT 355.49 552.75 Td (up ) Tj ET Q q 0 0 0 rg BT 369.40 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 380.98 552.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 445.04 552.75 Td ($13 ) Tj ET Q q 0 0 0 rg BT 464.21 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 497.96 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.12 552.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 543.85 552.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (annually ) Tj ET Q q 0 0 0 rg BT 88.78 540.15 Td (over ) Tj ET Q q 0 0 0 rg BT 110.57 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.52 540.15 Td (next ) Tj ET Q q 0 0 0 rg BT 147.72 540.15 Td (several ) Tj ET Q q 0 0 0 rg BT 180.58 540.15 Td (years, ) Tj ET Q q 0 0 0 rg BT 208.49 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 226.77 540.15 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 270.71 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 289.58 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 303.21 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 315.08 540.15 Td (this ) Tj ET Q q 0 0 0 rg BT 333.38 540.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.00 540.15 Td (will ) Tj ET Q q 0 0 0 rg BT 387.46 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 400.50 540.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 440.95 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 454.57 540.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 475.78 540.15 Td (service ) Tj ET Q q 0 0 0 rg BT 508.63 540.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 552.00 540.15 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.45 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 90.41 527.55 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 124.24 527.55 Td (No ) Tj ET Q q 0 0 0 rg BT 139.70 527.55 Td (further ) Tj ET Q q 0 0 0 rg BT 170.89 527.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 221.91 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 233.28 527.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 266.23 527.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 304.42 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 314.05 527.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 354.58 527.55 Td (planned. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.36 489.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 114.05 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 135.83 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.78 489.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 200.97 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.83 489.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 247.44 489.75 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 287.59 489.75 Td (we ) Tj ET Q q 0 0 0 rg BT 302.95 489.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 350.97 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.25 489.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 397.44 489.75 Td ($100 ) Tj ET Q q 0 0 0 rg BT 421.56 489.75 Td (million ) Tj ET Q q 0 0 0 rg BT 455.01 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.87 489.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 488.64 489.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 519.74 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 531.02 489.75 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.53 477.15 Td (products. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (In ) Tj ET Q q 0 0 0 rg BT 61.11 451.95 Td (January ) Tj ET Q q 0 0 0 rg BT 96.63 451.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.12 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 138.22 451.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 177.23 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 184.76 451.95 Td (minority ) Tj ET Q q 0 0 0 rg BT 223.79 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 252.89 451.95 Td (position ) Tj ET Q q 0 0 0 rg BT 289.60 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 300.63 451.95 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 343.14 451.95 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 399.38 451.95 Td (LLC ) Tj ET Q q 0 0 0 rg BT 422.07 451.95 Td (\("Precidian"\). ) Tj ET Q q 0 0 0 rg BT 482.78 451.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 511.88 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 527.57 451.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 553.76 451.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.59 439.35 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 117.54 439.35 Td (we ) Tj ET Q q 0 0 0 rg BT 133.04 439.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 172.45 439.35 Td (series ) Tj ET Q q 0 0 0 rg BT 199.61 439.35 Td (B ) Tj ET Q q 0 0 0 rg BT 209.88 439.35 Td (preferred ) Tj ET Q q 0 0 0 rg BT 251.60 439.35 Td (units ) Tj ET Q q 0 0 0 rg BT 275.29 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 287.29 439.35 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 330.20 439.35 Td (that ) Tj ET Q q 0 0 0 rg BT 349.21 439.35 Td (entitle ) Tj ET Q q 0 0 0 rg BT 378.71 439.35 Td (us ) Tj ET Q q 0 0 0 rg BT 391.31 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 402.73 439.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 466.64 439.35 Td (20% ) Tj ET Q q 0 0 0 rg BT 489.15 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 501.15 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 517.24 439.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 547.33 439.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 95.05 426.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 134.78 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 148.27 426.75 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 195.28 426.75 Td (along ) Tj ET Q q 0 0 0 rg BT 223.35 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 246.75 426.75 Td (customary ) Tj ET Q q 0 0 0 rg BT 295.23 426.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 338.44 426.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.42 426.75 Td (protections. ) Tj ET Q q 0 0 0 rg BT 423.44 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 428.18 426.75 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 472.57 426.75 Td (has ) Tj ET Q q 0 0 0 rg BT 491.30 426.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 533.35 426.75 Td (license ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 107.98 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 128.58 414.15 Td (various ) Tj ET Q q 0 0 0 rg BT 161.42 414.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.08 414.15 Td (institutions ) Tj ET Q q 0 0 0 rg BT 248.68 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 258.78 414.15 Td (use ) Tj ET Q q 0 0 0 rg BT 274.70 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 289.03 414.15 Td (ActiveShares� ) Tj ET Q q 0 0 0 rg BT 354.92 414.15 Td (product. ) Tj ET Q q 0 0 0 rg BT 391.55 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 393.48 414.15 Td (On ) Tj ET Q q 0 0 0 rg BT 408.24 414.15 Td (January ) Tj ET Q q 0 0 0 rg BT 442.82 414.15 Td (21, ) Tj ET Q q 0 0 0 rg BT 457.87 414.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 483.43 414.15 Td (we ) Tj ET Q q 0 0 0 rg BT 497.60 414.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 536.85 414.15 Td (notice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.33 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 78.40 401.55 Td (intent ) Tj ET Q q 0 0 0 rg BT 105.39 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 116.64 401.55 Td (convert ) Tj ET Q q 0 0 0 rg BT 151.20 401.55 Td (our ) Tj ET Q q 0 0 0 rg BT 168.28 401.55 Td (preferred ) Tj ET Q q 0 0 0 rg BT 209.82 401.55 Td (units ) Tj ET Q q 0 0 0 rg BT 233.32 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 244.57 401.55 Td (75% ) Tj ET Q q 0 0 0 rg BT 266.90 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 278.72 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 294.63 401.55 Td (common ) Tj ET Q q 0 0 0 rg BT 334.45 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.78 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 375.60 401.55 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 418.33 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 431.91 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 439.65 401.55 Td (fully ) Tj ET Q q 0 0 0 rg BT 462.56 401.55 Td (diluted ) Tj ET Q q 0 0 0 rg BT 494.80 401.55 Td (basis, ) Tj ET Q q 0 0 0 rg BT 521.51 401.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.33 401.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 99.87 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 111.17 388.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 142.29 388.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 175.17 388.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 221.47 388.95 Td (within ) Tj ET Q q 0 0 0 rg BT 250.86 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.24 388.95 Td (nine ) Tj ET Q q 0 0 0 rg BT 286.87 388.95 Td (months ) Tj ET Q q 0 0 0 rg BT 320.34 388.95 Td (following ) Tj ET Q q 0 0 0 rg BT 363.73 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 380.27 388.95 Td (notice. ) Tj ET Q q 0 0 0 rg BT 411.11 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 413.47 388.95 Td (W) Tj ET Q q 0 0 0 rg BT 422.54 388.95 Td (e ) Tj ET Q q 0 0 0 rg BT 429.76 388.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 450.39 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 461.11 388.95 Td (use ) Tj ET Q q 0 0 0 rg BT 477.65 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 498.86 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 511.92 388.95 Td (hand ) Tj ET Q q 0 0 0 rg BT 534.88 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 80.69 376.35 Td ($25 ) Tj ET Q q 0 0 0 rg BT 99.06 376.35 Td (million ) Tj ET Q q 0 0 0 rg BT 132.03 376.35 Td (payment.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.55 351.15 Td (edit ) Tj ET Q q 0 0 0 rg BT 81.09 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 100.65 351.15 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 145.29 351.15 Td (Risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.58 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 89.83 338.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 110.57 338.55 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.39 338.55 Td (deposits ) Tj ET Q q 0 0 0 rg BT 192.89 338.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 226.47 338.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.11 338.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 283.10 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 300.34 338.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 338.01 338.55 Td (risks. ) Tj ET Q q 0 0 0 rg BT 362.56 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 364.49 338.55 Td (W) Tj ET Q q 0 0 0 rg BT 373.56 338.55 Td (e ) Tj ET Q q 0 0 0 rg BT 380.30 338.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 419.13 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 435.21 338.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.95 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 473.19 338.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 493.93 338.55 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 543.84 338.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 56.43 325.95 Td (number ) Tj ET Q q 0 0 0 rg BT 90.78 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 101.80 325.95 Td (high ) Tj ET Q q 0 0 0 rg BT 122.74 325.95 Td (quality ) Tj ET Q q 0 0 0 rg BT 154.17 325.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.17 325.95 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 244.75 325.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 272.98 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 290.41 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 306.68 325.95 Td (af) Tj ET Q q 0 0 0 rg BT 314.64 325.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 345.49 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 362.92 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 385.60 325.95 Td (time ) Tj ET Q q 0 0 0 rg BT 406.54 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 416.98 325.95 Td (time ) Tj ET Q q 0 0 0 rg BT 437.91 325.95 Td (may ) Tj ET Q q 0 0 0 rg BT 458.26 325.95 Td (have ) Tj ET Q q 0 0 0 rg BT 480.35 325.95 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 543.85 325.95 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (one ) Tj ET Q q 0 0 0 rg BT 66.48 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 77.04 313.35 Td (more ) Tj ET Q q 0 0 0 rg BT 100.44 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 111.00 313.35 Td (these ) Tj ET Q q 0 0 0 rg BT 134.40 313.35 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 185.52 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 187.21 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 205.35 313.35 Td (balances ) Tj ET Q q 0 0 0 rg BT 243.32 313.35 Td (with ) Tj ET Q q 0 0 0 rg BT 263.80 313.35 Td (these ) Tj ET Q q 0 0 0 rg BT 287.20 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.75 313.35 Td (institutions ) Tj ET Q q 0 0 0 rg BT 374.24 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 384.81 313.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 409.96 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 426.94 313.35 Td (their ) Tj ET Q q 0 0 0 rg BT 448.00 313.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 473.72 313.35 Td (quality ) Tj ET Q q 0 0 0 rg BT 504.70 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 519.34 313.35 Td (monitored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 75.16 300.75 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 112.20 300.75 Td (basis.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Off-Balance ) Tj ET Q q 0 0 0 rg BT 106.36 275.55 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 132.91 275.55 Td (Arrangements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 262.95 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 100.76 262.95 Td (sheet ) Tj ET Q q 0 0 0 rg BT 123.65 262.95 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 184.15 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 194.21 262.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 227.02 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 238.83 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 252.98 262.95 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 276.17 262.95 Td (include ) Tj ET Q q 0 0 0 rg BT 308.40 262.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 338.28 262.95 Td (contractual ) Tj ET Q q 0 0 0 rg BT 386.24 262.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 444.11 262.95 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 481.59 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 491.07 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 518.05 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 524.02 262.95 Td (company ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (has ) Tj ET Q q 0 0 0 rg BT 65.58 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 77.58 250.35 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 124.87 250.35 Td (such ) Tj ET Q q 0 0 0 rg BT 146.20 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 157.03 250.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 187.68 250.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 234.09 250.35 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 285.47 250.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 316.12 250.35 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 359.01 250.35 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 401.62 250.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 437.52 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 448.35 250.35 Td (contingent ) Tj ET Q q 0 0 0 rg BT 494.76 250.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 527.75 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 538.01 250.35 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (transferred ) Tj ET Q q 0 0 0 rg BT 96.68 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.55 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 118.16 237.75 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 183.44 237.75 Td (entity) Tj ET Q q 0 0 0 rg BT 206.67 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 211.00 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 241.26 237.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 284.95 237.75 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 338.28 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 348.73 237.75 Td (material ) Tj ET Q q 0 0 0 rg BT 384.83 237.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 420.35 237.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 457.04 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 466.91 237.75 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 532.19 237.75 Td (entities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 69.63 225.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 106.08 225.15 Td (financing, ) Tj ET Q q 0 0 0 rg BT 152.74 225.15 Td (liquidity) Tj ET Q q 0 0 0 rg BT 187.64 225.15 Td (, ) Tj ET Q q 0 0 0 rg BT 194.65 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 228.18 225.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.31 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 261.44 225.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 289.72 225.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 309.85 225.15 Td (support. ) Tj ET Q q 0 0 0 rg BT 348.36 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 352.74 225.15 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 402.02 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 413.41 225.15 Td (required ) Tj ET Q q 0 0 0 rg BT 452.77 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 469.39 225.15 Td (any ) Tj ET Q q 0 0 0 rg BT 488.93 225.15 Td (of) Tj ET Q q 0 0 0 rg BT 497.49 225.15 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 540.92 225.15 Td (sheet ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 108.13 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 125.96 212.55 Td (have, ) Tj ET Q q 0 0 0 rg BT 150.48 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 161.30 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 176.20 212.55 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 223.76 212.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 249.75 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 259.99 212.55 Td (have, ) Tj ET Q q 0 0 0 rg BT 284.51 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 291.25 212.55 Td (material ) Tj ET Q q 0 0 0 rg BT 327.73 212.55 Td (current ) Tj ET Q q 0 0 0 rg BT 359.53 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 370.36 212.55 Td (future ) Tj ET Q q 0 0 0 rg BT 397.50 212.55 Td (ef) Tj ET Q q 0 0 0 rg BT 405.47 212.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 423.28 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 435.86 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 451.93 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 490.74 212.55 Td (condition, ) Tj ET Q q 0 0 0 rg BT 535.11 212.55 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 199.95 Td (operations, ) Tj ET Q q 0 0 0 rg BT 108.68 199.95 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 146.30 199.95 Td (or ) Tj ET Q q 0 0 0 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rg BT 518.50 593.57 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 593.57 Td (2,000.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 578.07 Td (Interest on long-term borrowings and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 567.57 Td (credit facility commitment fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.35 567.57 Td (106.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.35 567.57 Td (105.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.35 567.57 Td (105.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.35 567.57 Td (105.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.35 567.57 Td (100.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 567.57 Td (1,961.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 567.57 Td (2,484.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 552.07 Td (Minimum rental and service) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 541.57 Td (commitments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.35 541.57 Td (135.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.35 541.57 Td (1) Tj ET Q q 0 0 0 rg BT 294.60 541.57 Td (10.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.60 541.57 Td (93.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.60 541.57 Td (77.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.60 541.57 Td (31.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.60 541.57 Td (29.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 541.57 Td (478.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 526.57 Td (Contributions to pension plan) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 177.04 531.33 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.85 526.57 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.85 526.57 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.85 526.57 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 526.57 Td (2.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.85 526.57 Td (4.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.50 526.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.60 526.57 Td (16.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 511.57 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 511.57 Td (otal contractual obligations) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 172.48 516.33 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.35 511.57 Td (244.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.35 511.57 Td (218.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.35 511.57 Td (202.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.35 511.57 Td (186.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.35 511.57 Td (386.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.50 511.57 Td (3,740.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.50 511.57 Td (4,978.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 496.07 Td (Contingent payment related to business) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 485.57 Td (acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.50 485.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.50 485.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.50 485.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.50 485.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.85 485.57 Td (3.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.50 485.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.85 485.57 Td (3.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 471.09 Td (T) Tj ET Q q 0 0 0 rg BT 58.54 471.09 Td (otal Contractual and Contingent ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.50 460.59 Td (Obligations) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 113.43 465.35 Td (\(3\)\(4\)\(5\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 234.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 245.35 460.59 Td (244.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 279.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 289.35 460.59 Td (218.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 323.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 334.35 460.59 Td (202.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.35 460.59 Td (186.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 413.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.35 460.59 Td (389.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.50 460.59 Td (3,740.6) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 518.50 460.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 527.50 460.59 Td (4,982.4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 446.10 Td (Represents ) Tj ET Q q 0 0 0 rg BT 107.10 446.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 154.26 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.17 446.10 Td (be ) Tj ET Q q 0 0 0 rg BT 173.49 446.10 Td (made ) Tj ET Q q 0 0 0 rg BT 194.20 446.10 Td (by ) Tj ET Q q 0 0 0 rg BT 205.00 446.10 Td (Martin ) Tj ET Q q 0 0 0 rg BT 230.44 446.10 Td (Currie ) Tj ET Q q 0 0 0 rg BT 254.45 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.36 446.10 Td (its ) Tj ET Q q 0 0 0 rg BT 273.70 446.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 298.18 446.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 326.92 446.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 343.85 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 354.65 446.10 Td (an ) Tj ET Q q 0 0 0 rg BT 364.98 446.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 389.94 446.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 409.24 446.10 Td (through ) Tj ET Q q 0 0 0 rg BT 437.98 446.10 Td (May ) Tj ET Q q 0 0 0 rg BT 455.86 446.10 Td (2024, ) Tj ET Q q 0 0 0 rg BT 477.29 446.10 Td (with ) Tj ET Q q 0 0 0 rg BT 494.70 446.10 Td (a ) Tj ET Q q 0 0 0 rg BT 500.77 446.10 Td (final ) Tj ET Q q 0 0 0 rg BT 518.65 446.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 550.22 446.10 Td (due ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 435.90 Td (November ) Tj ET Q q 0 0 0 rg BT 105.82 435.90 Td (2024 ) Tj ET Q q 0 0 0 rg BT 125.27 435.90 Td (\(using ) Tj ET Q q 0 0 0 rg BT 148.96 435.90 Td (the ) Tj ET Q q 0 0 0 rg BT 161.80 435.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 196.33 435.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.52 435.90 Td (as ) Tj ET Q q 0 0 0 rg BT 221.04 435.90 Td (of ) Tj ET Q q 0 0 0 rg BT 230.57 435.90 Td (March ) Tj ET Q q 0 0 0 rg BT 255.20 435.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 268.27 435.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 287.72 435.90 Td (for ) Tj ET Q q 0 0 0 rg BT 300.07 435.90 Td (the ) Tj ET Q q 0 0 0 rg BT 312.90 435.90 Td (�2.3 ) Tj ET Q q 0 0 0 rg BT 330.23 435.90 Td (million ) Tj ET Q q 0 0 0 rg BT 357.23 435.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 382.33 435.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 421.13 435.90 Td (contribution ) Tj ET Q q 0 0 0 rg BT 465.13 435.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 493.07 435.90 Td (and ) Tj ET Q q 0 0 0 rg BT 507.79 435.90 Td (the ) Tj ET Q q 0 0 0 rg BT 520.62 435.90 Td (�1.5 ) Tj ET Q q 0 0 0 rg BT 537.94 435.90 Td (million ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 425.70 Td (final ) Tj ET Q q 0 0 0 rg BT 85.20 425.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 116.60 425.70 Td (amount\). ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 415.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 415.50 Td (See ) Tj ET Q q 0 0 0 rg BT 81.69 415.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 100.13 415.50 Td (21 ) Tj ET Q q 0 0 0 rg BT 110.55 415.50 Td (of ) Tj ET Q q 0 0 0 rg BT 119.55 415.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 141.30 415.50 Td (to ) Tj ET Q q 0 0 0 rg BT 149.83 415.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 196.60 415.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 230.15 415.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 269.37 415.50 Td (for ) Tj ET Q q 0 0 0 rg BT 281.20 415.50 Td (information ) Tj ET Q q 0 0 0 rg BT 323.25 415.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 357.73 415.50 Td ($250 ) Tj ET Q q 0 0 0 rg BT 376.65 415.50 Td (million ) Tj ET Q q 0 0 0 rg BT 403.13 415.50 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 437.62 415.50 Td (under ) Tj ET Q q 0 0 0 rg BT 458.89 415.50 Td (our ) Tj ET Q q 0 0 0 rg BT 472.14 415.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 494.88 415.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 534.56 415.50 Td (on ) Tj ET Q q 0 0 0 rg BT 544.55 415.50 Td (April ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 405.30 Td (3, ) Tj ET Q q 0 0 0 rg BT 76.00 405.30 Td (2020. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.53 395.10 Td (table ) Tj ET Q q 0 0 0 rg BT 100.86 395.10 Td (above ) Tj ET Q q 0 0 0 rg BT 122.97 395.10 Td (does ) Tj ET Q q 0 0 0 rg BT 140.36 395.10 Td (not ) Tj ET Q q 0 0 0 rg BT 153.03 395.10 Td (include ) Tj ET Q q 0 0 0 rg BT 179.86 395.10 Td (approximately ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 230.77 395.10 Td ($16.4) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 249.90 395.10 Td (�million ) Tj ET Q q 0 0 0 rg BT 278.39 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.81 395.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.28 395.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 359.37 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.79 395.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.90 395.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 450.26 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.68 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 481.27 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 492.99 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 505.18 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.77 395.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 536.66 395.10 Td (partner) Tj ET Q q 0 0 0 rg BT 560.39 395.10 Td (, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 384.90 Td (which ) Tj ET Q q 0 0 0 rg BT 90.60 384.90 Td (will ) Tj ET Q q 0 0 0 rg BT 106.15 384.90 Td (be ) Tj ET Q q 0 0 0 rg BT 116.51 384.90 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 160.63 384.90 Td (or ) Tj ET Q q 0 0 0 rg BT 170.04 384.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 195.97 384.90 Td (as ) Tj ET Q q 0 0 0 rg BT 205.38 384.90 Td (required, ) Tj ET Q q 0 0 0 rg BT 238.15 384.90 Td (through ) Tj ET Q q 0 0 0 rg BT 266.92 384.90 Td (the ) Tj ET Q q 0 0 0 rg BT 279.63 384.90 Td (end ) Tj ET Q q 0 0 0 rg BT 294.24 384.90 Td (of ) Tj ET Q q 0 0 0 rg BT 303.65 384.90 Td (the ) Tj ET Q q 0 0 0 rg BT 316.36 384.90 Td (commitment ) Tj ET Q q 0 0 0 rg BT 361.65 384.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 389.01 384.90 Td (running ) Tj ET Q q 0 0 0 rg BT 417.78 384.90 Td (through ) Tj ET Q q 0 0 0 rg BT 446.55 384.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 467.28 384.90 Td (2029 ) Tj ET Q q 0 0 0 rg BT 486.61 384.90 Td (or ) Tj ET Q q 0 0 0 rg BT 496.02 384.90 Td ($100 ) Tj ET Q q 0 0 0 rg BT 515.35 384.90 Td (million ) Tj ET Q q 0 0 0 rg BT 542.24 384.90 Td (of ) Tj ET Q q 0 0 0 rg BT 551.65 384.90 Td (co-) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 374.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 106.93 374.70 Td (commitment ) Tj ET Q q 0 0 0 rg BT 152.02 374.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 189.07 374.70 Td (with ) Tj ET Q q 0 0 0 rg BT 206.31 374.70 Td (the ) Tj ET Q q 0 0 0 rg BT 218.82 374.70 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 246.44 374.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 276.42 374.70 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 317.97 374.70 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 364.50 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 364.50 Td (The ) Tj ET Q q 0 0 0 rg BT 83.07 364.50 Td (table ) Tj ET Q q 0 0 0 rg BT 101.94 364.50 Td (above ) Tj ET Q q 0 0 0 rg BT 124.58 364.50 Td (does ) Tj ET Q q 0 0 0 rg BT 142.52 364.50 Td (not ) Tj ET Q q 0 0 0 rg BT 155.73 364.50 Td (include ) Tj ET Q q 0 0 0 rg BT 183.10 364.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 214.26 364.50 Td (for ) Tj ET Q q 0 0 0 rg BT 226.52 364.50 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 260.49 364.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 273.23 364.50 Td (positions ) Tj ET Q q 0 0 0 rg BT 306.28 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 315.71 364.50 Td ($55.5 ) Tj ET Q q 0 0 0 rg BT 337.19 364.50 Td (million ) Tj ET Q q 0 0 0 rg BT 364.10 364.50 Td (\(net ) Tj ET Q q 0 0 0 rg BT 379.66 364.50 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 364.50 Td (the ) Tj ET Q q 0 0 0 rg BT 401.83 364.50 Td (federal ) Tj ET Q q 0 0 0 rg BT 427.77 364.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 453.73 364.50 Td (for ) Tj ET Q q 0 0 0 rg BT 465.99 364.50 Td (state ) Tj ET Q q 0 0 0 rg BT 483.92 364.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.65 364.50 Td (liabilities\), ) Tj ET Q q 0 0 0 rg BT 535.60 364.50 Td (because ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 354.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.01 354.30 Td (timing ) Tj ET Q q 0 0 0 rg BT 104.33 354.30 Td (of ) Tj ET Q q 0 0 0 rg BT 113.54 354.30 Td (any ) Tj ET Q q 0 0 0 rg BT 127.94 354.30 Td (related ) Tj ET Q q 0 0 0 rg BT 153.18 354.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 170.41 354.30 Td (outflows ) Tj ET Q q 0 0 0 rg BT 202.29 354.30 Td (cannot ) Tj ET Q q 0 0 0 rg BT 227.07 354.30 Td (be ) Tj ET Q q 0 0 0 rg BT 237.22 354.30 Td (reliably ) Tj ET Q q 0 0 0 rg BT 265.31 354.30 Td (estimated.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 67.50 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.71 344.10 Td (table ) Tj ET Q q 0 0 0 rg BT 101.22 344.10 Td (above ) Tj ET Q q 0 0 0 rg BT 123.51 344.10 Td (does ) Tj ET Q q 0 0 0 rg BT 141.08 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 153.94 344.10 Td (include ) Tj ET Q q 0 0 0 rg BT 180.95 344.10 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 222.11 344.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 274.16 344.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 304.48 344.10 Td (related ) Tj ET Q q 0 0 0 rg BT 329.60 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.20 344.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 369.47 344.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 392.71 344.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 423.03 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.64 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 444.96 344.10 Td (af) Tj ET Q q 0 0 0 rg BT 451.41 344.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 476.54 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.80 344.10 Td (af) Tj ET Q q 0 0 0 rg BT 497.25 344.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 519.07 344.10 Td (management ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 333.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 90.59 333.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 110.38 333.90 Td (with ) Tj ET Q q 0 0 0 rg BT 127.34 333.90 Td (key ) Tj ET Q q 0 0 0 rg BT 141.45 333.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 179.65 333.90 Td (of ) Tj ET Q q 0 0 0 rg BT 188.57 333.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 215.92 333.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 245.61 333.90 Td (and ) Tj ET Q q 0 0 0 rg BT 259.73 333.90 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 303.12 333.90 Td (totaling ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.93 333.90 Td ($597.3) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 354.31 333.90 Td ( ) Tj ET Q q 0 0 0 rg BT 356.15 333.90 Td (million ) Tj ET Q q 0 0 0 rg BT 382.56 333.90 Td (as ) Tj ET Q q 0 0 0 rg BT 391.48 333.90 Td (of ) Tj ET Q q 0 0 0 rg BT 400.41 333.90 Td (March ) Tj ET Q q 0 0 0 rg BT 424.44 333.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 436.91 333.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 457.88 333.90 Td (because ) Tj ET Q q 0 0 0 rg BT 486.62 333.90 Td (the ) Tj ET Q q 0 0 0 rg BT 498.85 333.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 522.89 333.90 Td (and ) Tj ET Q q 0 0 0 rg BT 537.01 333.90 Td (amount ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 323.70 Td (of ) Tj ET Q q 0 0 0 rg BT 76.86 323.70 Td (any ) Tj ET Q q 0 0 0 rg BT 91.41 323.70 Td (related ) Tj ET Q q 0 0 0 rg BT 116.81 323.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 134.20 323.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 166.23 323.70 Td (cannot ) Tj ET Q q 0 0 0 rg BT 191.16 323.70 Td (be ) Tj ET Q q 0 0 0 rg BT 201.46 323.70 Td (reliably ) Tj ET Q q 0 0 0 rg BT 229.70 323.70 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 266.68 323.70 Td ( ) Tj ET Q q 0 0 0 rg BT 268.96 323.70 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 313.25 323.70 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 365.58 323.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 396.18 323.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.54 323.70 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 425.77 323.70 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 435.13 323.70 Td ($1) Tj ET Q q 0 0 0 rg BT 443.31 323.70 Td (17.1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 458.19 323.70 Td ( ) Tj ET Q q 0 0 0 rg BT 460.47 323.70 Td (million ) Tj ET Q q 0 0 0 rg BT 487.31 323.70 Td (as ) Tj ET Q q 0 0 0 rg BT 496.67 323.70 Td (of ) Tj ET Q q 0 0 0 rg BT 506.02 323.70 Td (March ) Tj ET Q q 0 0 0 rg BT 530.49 323.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 543.39 323.70 Td (2020, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 79.79 313.50 Td (also ) Tj ET Q q 0 0 0 rg BT 95.39 313.50 Td (excluded ) Tj ET Q q 0 0 0 rg BT 127.98 313.50 Td (from ) Tj ET Q q 0 0 0 rg BT 146.41 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 158.70 313.50 Td (table ) Tj ET Q q 0 0 0 rg BT 177.13 313.50 Td (above ) Tj ET Q q 0 0 0 rg BT 199.34 313.50 Td (because ) Tj ET Q q 0 0 0 rg BT 228.15 313.50 Td (we ) Tj ET Q q 0 0 0 rg BT 239.97 313.50 Td (have ) Tj ET Q q 0 0 0 rg BT 257.92 313.50 Td (no ) Tj ET Q q 0 0 0 rg BT 268.33 313.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 308.02 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 316.54 313.50 Td (relation ) Tj ET Q q 0 0 0 rg BT 344.41 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 352.93 313.50 Td (these ) Tj ET Q q 0 0 0 rg BT 372.31 313.50 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 405.15 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 407.06 313.50 Td (Potential ) Tj ET Q q 0 0 0 rg BT 439.19 313.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 478.87 313.50 Td (arising ) Tj ET Q q 0 0 0 rg BT 503.92 313.50 Td (from ) Tj ET Q q 0 0 0 rg BT 522.35 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 534.64 313.50 Td (ultimate ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 303.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 104.14 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 112.92 303.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 138.69 303.30 Td (under ) Tj ET Q q 0 0 0 rg BT 159.75 303.30 Td (the ) Tj ET Q q 0 0 0 rg BT 171.84 303.30 Td (af) Tj ET Q q 0 0 0 rg BT 178.29 303.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 199.81 303.30 Td (management ) Tj ET Q q 0 0 0 rg BT 244.94 303.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 267.89 303.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 284.23 303.30 Td (with ) Tj ET Q q 0 0 0 rg BT 301.04 303.30 Td (key ) Tj ET Q q 0 0 0 rg BT 315.01 303.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 353.07 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 361.85 303.30 Td (Royce ) Tj ET Q q 0 0 0 rg BT 385.27 303.30 Td (are ) Tj ET Q q 0 0 0 rg BT 397.34 303.30 Td (also ) Tj ET Q q 0 0 0 rg BT 412.74 303.30 Td (excluded ) Tj ET Q q 0 0 0 rg BT 445.12 303.30 Td (due ) Tj ET Q q 0 0 0 rg BT 459.10 303.30 Td (to ) Tj ET Q q 0 0 0 rg BT 467.41 303.30 Td (the ) Tj ET Q q 0 0 0 rg BT 479.50 303.30 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 519.43 303.30 Td (of ) Tj ET Q q 0 0 0 rg BT 528.21 303.30 Td (the ) Tj ET Q q 0 0 0 rg BT 540.30 303.30 Td (timing ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.30 293.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 115.62 293.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 153.61 293.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 185.69 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.21 293.10 Td (See ) Tj ET Q q 0 0 0 rg BT 205.01 293.10 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 225.05 293.10 Td (12) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 233.55 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.08 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.68 293.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 271.03 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.17 293.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 329.55 293.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 364.70 293.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 405.53 293.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.96 293.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 456.48 293.10 Td (information ) Tj ET Q q 0 0 0 rg BT 500.13 293.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 536.22 293.10 Td (af) Tj ET Q q 0 0 0 rg BT 542.67 293.10 Td (filiate ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 282.90 Td (management ) Tj ET Q q 0 0 0 rg BT 113.05 282.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.42 282.90 Td (plans.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (MARKET) Tj ET Q q 0 0 0 rg BT 96.56 260.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.19 260.10 Td (RISK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 247.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 247.50 Td (e ) Tj ET Q q 0 0 0 rg BT 65.75 247.50 Td (maintain ) Tj ET Q q 0 0 0 rg BT 105.01 247.50 Td (an ) Tj ET Q q 0 0 0 rg BT 117.45 247.50 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 161.36 247.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.63 247.50 Td (management ) Tj ET Q q 0 0 0 rg BT 235.80 247.50 Td (program ) Tj ET Q q 0 0 0 rg BT 273.89 247.50 Td (to ) Tj ET Q q 0 0 0 rg BT 284.58 247.50 Td (oversee ) Tj ET Q q 0 0 0 rg BT 319.17 247.50 Td (and ) Tj ET Q q 0 0 0 rg BT 336.85 247.50 Td (coordinate ) Tj ET Q q 0 0 0 rg BT 383.68 247.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 401.95 247.50 Td (management ) Tj ET Q q 0 0 0 rg BT 458.12 247.50 Td (activities ) Tj ET Q q 0 0 0 rg BT 498.55 247.50 Td (of ) Tj ET Q q 0 0 0 rg BT 509.81 247.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.91 247.50 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 234.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 234.90 Td (its ) Tj ET Q q 0 0 0 rg BT 79.09 234.90 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 133.55 234.90 Td ( ) Tj ET Q q 0 0 0 rg BT 135.81 234.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 164.31 234.90 Td (the ) Tj ET Q q 0 0 0 rg BT 179.39 234.90 Td (program, ) Tj ET Q q 0 0 0 rg BT 219.84 234.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.66 234.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.67 234.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 308.83 234.90 Td (are ) Tj ET Q q 0 0 0 rg BT 323.90 234.90 Td (managed ) Tj ET Q q 0 0 0 rg BT 364.06 234.90 Td (at ) Tj ET Q q 0 0 0 rg BT 373.89 234.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.98 234.90 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 434.40 234.90 Td (level. ) Tj ET Q q 0 0 0 rg BT 459.68 234.90 Td ( ) Tj ET Q q 0 0 0 rg BT 461.78 234.90 Td (The ) Tj ET Q q 0 0 0 rg BT 480.36 234.90 Td (following ) Tj ET Q q 0 0 0 rg BT 523.45 234.90 Td (describes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 222.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 222.30 Td (aspects ) Tj ET Q q 0 0 0 rg BT 113.64 222.30 Td (of ) Tj ET Q q 0 0 0 rg BT 125.01 222.30 Td (our ) Tj ET Q q 0 0 0 rg BT 141.63 222.30 Td (business ) Tj ET Q q 0 0 0 rg BT 179.84 222.30 Td (that ) Tj ET Q q 0 0 0 rg BT 198.21 222.30 Td (are ) Tj ET Q q 0 0 0 rg BT 213.65 222.30 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 253.03 222.30 Td (to ) Tj ET Q q 0 0 0 rg BT 263.82 222.30 Td (market ) Tj ET Q q 0 0 0 rg BT 295.60 222.30 Td (risk.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 94.71 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.26 197.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 132.63 197.10 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 184.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.88 184.50 Td (majority ) Tj ET Q q 0 0 0 rg BT 107.51 184.50 Td (of ) Tj ET Q q 0 0 0 rg BT 119.31 184.50 Td (our ) Tj ET Q q 0 0 0 rg BT 136.36 184.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 172.64 184.50 Td (is ) Tj ET Q q 0 0 0 rg BT 182.70 184.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 228.31 184.50 Td (from ) Tj ET Q q 0 0 0 rg BT 251.78 184.50 Td (the ) Tj ET Q q 0 0 0 rg BT 267.66 184.50 Td (market ) Tj ET Q q 0 0 0 rg BT 299.87 184.50 Td (value ) Tj ET Q q 0 0 0 rg BT 325.66 184.50 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 184.50 Td (our ) Tj ET Q q 0 0 0 rg BT 353.84 184.50 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 384.02 184.50 Td ( ) Tj ET Q q 0 0 0 rg BT 386.40 184.50 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 438.20 184.50 Td (, ) Tj ET Q q 0 0 0 rg BT 443.88 184.50 Td (a ) Tj ET Q q 0 0 0 rg BT 451.60 184.50 Td (decline ) Tj ET Q q 0 0 0 rg BT 484.97 184.50 Td (in ) Tj ET Q q 0 0 0 rg BT 496.19 184.50 Td (the ) Tj ET Q q 0 0 0 rg BT 512.07 184.50 Td (value ) Tj ET Q q 0 0 0 rg BT 537.87 184.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 184.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 171.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.68 171.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.03 171.90 Td (will ) Tj ET Q q 0 0 0 rg BT 159.06 171.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 185.07 171.90 Td (our ) Tj ET Q q 0 0 0 rg BT 201.16 171.90 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 230.98 171.90 Td (and ) Tj ET Q q 0 0 0 rg BT 248.83 171.90 Td (thus ) Tj ET Q q 0 0 0 rg BT 269.03 171.90 Td (our ) Tj ET Q q 0 0 0 rg BT 285.72 171.90 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 328.35 171.90 Td (to ) Tj ET Q q 0 0 0 rg BT 339.21 171.90 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 380.66 171.90 Td ( ) Tj ET Q q 0 0 0 rg BT 383.35 171.90 Td (In ) Tj ET Q q 0 0 0 rg BT 394.79 171.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 434.52 171.90 Td (our ) Tj ET Q q 0 0 0 rg BT 451.21 171.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 475.48 171.90 Td (income ) Tj ET Q q 0 0 0 rg BT 509.08 171.90 Td (and ) Tj ET Q q 0 0 0 rg BT 526.93 171.90 Td (liquidity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.84 159.30 Td (are ) Tj ET Q q 0 0 0 rg BT 92.50 159.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 125.08 159.30 Td (to ) Tj ET Q q 0 0 0 rg BT 136.09 159.30 Td (the ) Tj ET Q q 0 0 0 rg BT 151.75 159.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 183.17 159.30 Td (of ) Tj ET Q q 0 0 0 rg BT 194.75 159.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 228.50 159.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.07 159.30 Td (fluctuations, ) Tj ET Q q 0 0 0 rg BT 302.11 159.30 Td (as ) Tj ET Q q 0 0 0 rg BT 313.69 159.30 Td (rising ) Tj ET Q q 0 0 0 rg BT 340.45 159.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.20 159.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 396.86 159.30 Td (may ) Tj ET Q q 0 0 0 rg BT 417.77 159.30 Td (tend ) Tj ET Q q 0 0 0 rg BT 438.69 159.30 Td (to ) Tj ET Q q 0 0 0 rg BT 449.70 159.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 480.52 159.30 Td (the ) Tj ET Q q 0 0 0 rg BT 496.18 159.30 Td (market ) Tj ET Q q 0 0 0 rg BT 528.17 159.30 Td (value ) Tj ET Q q 0 0 0 rg BT 553.75 159.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 146.70 Td (bonds ) Tj ET Q q 0 0 0 rg BT 77.49 146.70 Td (held ) Tj ET Q q 0 0 0 rg BT 98.48 146.70 Td (in ) Tj ET Q q 0 0 0 rg BT 109.55 146.70 Td (various ) Tj ET Q q 0 0 0 rg BT 143.37 146.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 175.44 146.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 197.59 146.70 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 241.33 146.70 Td (or ) Tj ET Q q 0 0 0 rg BT 252.98 146.70 Td (separately ) Tj ET Q q 0 0 0 rg BT 298.44 146.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 339.25 146.70 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 381.52 146.70 Td ( ) Tj ET Q q 0 0 0 rg BT 384.42 146.70 Td (In ) Tj ET Q q 0 0 0 rg BT 396.07 146.70 Td (the ) Tj ET Q q 0 0 0 rg BT 411.81 146.70 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 450.28 146.70 Td (course ) Tj ET Q q 0 0 0 rg BT 480.59 146.70 Td (of ) Tj ET Q q 0 0 0 rg BT 492.25 146.70 Td (our ) Tj ET Q q 0 0 0 rg BT 509.15 146.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 550.27 146.70 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.74 134.10 Td (also ) Tj ET Q q 0 0 0 rg BT 88.82 134.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 118.96 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.87 134.10 Td (waive ) Tj ET Q q 0 0 0 rg BT 157.10 134.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.34 134.10 Td (management ) Tj ET Q q 0 0 0 rg BT 261.15 134.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 282.84 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.75 134.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 315.75 134.10 Td (total ) Tj ET Q q 0 0 0 rg BT 336.57 134.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 379.26 134.10 Td (on ) Tj ET Q q 0 0 0 rg BT 391.93 134.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.65 134.10 Td (products ) Tj ET Q q 0 0 0 rg BT 460.97 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 471.88 134.10 Td (services ) Tj ET Q q 0 0 0 rg BT 507.86 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 522.27 134.10 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 121.50 Td (time ) Tj ET Q q 0 0 0 rg BT 69.96 121.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 102.67 121.50 Td (to ) Tj ET Q q 0 0 0 rg BT 112.64 121.50 Td (manage ) Tj ET Q q 0 0 0 rg BT 147.09 121.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 168.14 121.50 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 210.47 121.50 Td (or ) Tj ET Q q 0 0 0 rg BT 221.01 121.50 Td (for ) Tj ET Q q 0 0 0 rg BT 235.06 121.50 Td (other ) Tj ET Q q 0 0 0 rg BT 258.43 121.50 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 294.35 121.50 Td (and ) Tj ET Q q 0 0 0 rg BT 311.31 121.50 Td (to ) Tj ET Q q 0 0 0 rg BT 321.27 121.50 Td (help ) Tj ET Q q 0 0 0 rg BT 341.15 121.50 Td (retain ) Tj ET Q q 0 0 0 rg BT 366.85 121.50 Td (or ) Tj ET Q q 0 0 0 rg BT 377.40 121.50 Td (increase ) Tj ET Q q 0 0 0 rg BT 413.59 121.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 453.29 121.50 Td (assets. ) Tj ET Q q 0 0 0 rg BT 482.22 121.50 Td ( ) Tj ET Q q 0 0 0 rg BT 484.02 121.50 Td (Market ) Tj ET Q q 0 0 0 rg BT 516.14 121.50 Td (conditions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 108.90 Td (such ) Tj ET Q q 0 0 0 rg BT 72.50 108.90 Td (as ) Tj ET Q q 0 0 0 rg BT 85.00 108.90 Td (low ) Tj ET Q q 0 0 0 rg BT 104.51 108.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 139.17 108.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 158.66 108.90 Td (environments, ) Tj ET Q q 0 0 0 rg BT 222.19 108.90 Td (may ) Tj ET Q q 0 0 0 rg BT 244.03 108.90 Td (lead ) Tj ET Q q 0 0 0 rg BT 265.27 108.90 Td (us ) Tj ET Q q 0 0 0 rg BT 278.36 108.90 Td (to ) Tj ET Q q 0 0 0 rg BT 290.28 108.90 Td (take ) Tj ET Q q 0 0 0 rg BT 311.53 108.90 Td (such ) Tj ET Q q 0 0 0 rg BT 334.53 108.90 Td (actions. ) Tj ET Q q 0 0 0 rg BT 370.65 108.90 Td ( ) Tj ET Q q 0 0 0 rg BT 374.40 108.90 Td (Performance ) Tj ET Q q 0 0 0 rg BT 431.80 108.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 452.46 108.90 Td (may ) Tj ET Q q 0 0 0 rg BT 474.29 108.90 Td (be ) Tj ET Q q 0 0 0 rg BT 487.95 108.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 519.69 108.90 Td (on ) Tj ET Q q 0 0 0 rg BT 533.94 108.90 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 96.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 99.52 96.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 139.63 96.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 181.48 96.30 Td (for ) Tj ET Q q 0 0 0 rg BT 197.67 96.30 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 244.18 96.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 301.17 96.30 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 358.48 96.30 Td (and ) Tj ET Q q 0 0 0 rg BT 377.58 96.30 Td (strong ) Tj ET Q q 0 0 0 rg BT 407.78 96.30 Td (markets ) Tj ET Q q 0 0 0 rg BT 444.97 96.30 Td (tend ) Tj ET Q q 0 0 0 rg BT 466.99 96.30 Td (to ) Tj ET Q q 0 0 0 rg BT 479.11 96.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 517.45 96.30 Td (these ) Tj ET Q q 0 0 0 rg BT 542.97 96.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 565.12 96.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.70 Td (Declines ) Tj ET Q q 0 0 0 rg BT 89.19 83.70 Td (in ) Tj ET Q q 0 0 0 rg BT 100.30 83.70 Td (market ) Tj ET Q q 0 0 0 rg BT 132.40 83.70 Td (values ) Tj ET Q q 0 0 0 rg BT 162.18 83.70 Td (of ) Tj ET Q q 0 0 0 rg BT 173.22 83.70 Td (AUM ) Tj ET Q q 0 0 0 rg BT 200.68 83.70 Td (will ) Tj ET Q q 0 0 0 rg BT 219.96 83.70 Td (result ) Tj ET Q q 0 0 0 rg BT 246.24 83.70 Td (in ) Tj ET Q q 0 0 0 rg BT 257.35 83.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 293.53 83.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 309.30 83.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 349.56 83.70 Td (and ) Tj ET Q q 0 0 0 rg BT 367.67 83.70 Td (net ) Tj ET Q q 0 0 0 rg BT 383.45 83.70 Td (income. ) Tj ET Q q 0 0 0 rg BT 419.93 83.70 Td ( ) Tj ET Q q 0 0 0 rg BT 422.67 83.70 Td (W) Tj ET Q q 0 0 0 rg BT 431.74 83.70 Td (e ) Tj ET Q q 0 0 0 rg BT 439.35 83.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 481.36 83.70 Td (earn ) Tj ET Q q 0 0 0 rg BT 502.38 83.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 532.15 83.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 552.00 83.70 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 96.86 71.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.42 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.63 71.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 171.94 71.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 199.49 71.10 Td (than ) Tj ET Q q 0 0 0 rg BT 220.62 71.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 240.58 71.10 Td (char) Tj ET Q q 0 0 0 rg BT 258.46 71.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 276.68 71.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.98 71.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 316.61 71.10 Td (income ) Tj ET Q q 0 0 0 rg BT 350.57 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.79 71.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 407.43 71.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 437.61 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.66 71.10 Td (Declines ) Tj ET Q q 0 0 0 rg BT 480.46 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.68 71.10 Td (market ) Tj ET Q q 0 0 0 rg BT 523.89 71.10 Td (values ) Tj ET Q q 0 0 0 rg BT 553.77 71.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 58.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 76.36 58.50 Td (in ) Tj ET Q q 0 0 0 rg BT 86.88 58.50 Td (these ) Tj ET Q q 0 0 0 rg BT 110.81 58.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 133.57 58.50 Td (classes ) Tj ET Q q 0 0 0 rg BT 165.09 58.50 Td (will ) Tj ET Q q 0 0 0 rg BT 183.78 58.50 Td (have ) Tj ET Q q 0 0 0 rg BT 205.95 58.50 Td (a ) Tj ET Q q 0 0 0 rg BT 212.97 58.50 Td (greater ) Tj ET Q q 0 0 0 rg BT 244.47 58.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 275.39 58.50 Td (on ) Tj ET Q q 0 0 0 rg BT 288.25 58.50 Td (our ) Tj ET Q q 0 0 0 rg BT 304.60 58.50 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 346.89 58.50 Td ( ) Tj ET Q q 0 0 0 rg BT 349.25 58.50 Td (In ) Tj ET Q q 0 0 0 rg BT 360.35 58.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 399.74 58.50 Td (under ) Tj ET Q q 0 0 0 rg BT 426.00 58.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 461.59 58.50 Td (sharing ) Tj ET Q q 0 0 0 rg BT 494.85 58.50 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 553.76 58.50 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 45.90 Td (other ) Tj ET Q q 0 0 0 rg BT 76.07 45.90 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 140.24 45.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 173.80 45.90 Td (of ) Tj ET Q q 0 0 0 rg BT 187.54 45.90 Td (our ) Tj ET Q q 0 0 0 rg BT 206.53 45.90 Td (af) Tj ET Q q 0 0 0 rg BT 214.50 45.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 248.07 45.90 Td (retain ) Tj ET Q q 0 0 0 rg BT 276.96 45.90 Td (dif) Tj ET Q q 0 0 0 rg BT 288.44 45.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 317.91 45.90 Td (percentages ) Tj ET Q q 0 0 0 rg BT 372.46 45.90 Td (of ) Tj ET Q q 0 0 0 rg BT 386.20 45.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 428.51 45.90 Td (to ) Tj ET Q q 0 0 0 rg BT 441.67 45.90 Td (cover ) Tj ET Q q 0 0 0 rg BT 469.98 45.90 Td (their ) Tj ET Q q 0 0 0 rg BT 494.22 45.90 Td (costs, ) Tj ET Q q 0 0 0 rg BT 522.84 45.90 Td (including ) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (67) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 112.92 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 130.56 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 147.04 741.75 Td (af) Tj ET Q q 0 0 0 rg BT 155.01 741.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 186.06 741.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 219.44 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 229.49 741.75 Td (dif) Tj ET Q q 0 0 0 rg BT 240.97 741.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 267.93 741.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 294.90 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.13 741.75 Td (mar) Tj ET Q q 0 0 0 rg BT 322.26 741.75 Td (gins. ) Tj ET Q q 0 0 0 rg BT 344.87 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 347.35 741.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 366.16 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 381.46 741.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 417.47 741.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 443.28 741.75 Td (mar) Tj ET Q q 0 0 0 rg BT 459.42 741.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 475.31 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 492.95 741.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 553.75 741.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 56.82 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 104.95 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 116.35 729.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.67 729.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 198.64 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 214.12 729.15 Td (impacted ) Tj ET Q q 0 0 0 rg BT 255.26 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 281.83 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 294.99 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 323.31 729.15 Td (af) Tj ET Q q 0 0 0 rg BT 331.28 729.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 362.51 729.15 Td (generate ) Tj ET Q q 0 0 0 rg BT 400.73 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 417.38 729.15 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 459.98 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 477.80 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 485.12 729.15 Td (change ) Tj ET Q q 0 0 0 rg BT 517.52 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 527.76 729.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 554.92 729.15 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (one ) Tj ET Q q 0 0 0 rg BT 66.05 716.55 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 110.60 716.55 Td (can ) Tj ET Q q 0 0 0 rg BT 126.55 716.55 Td (have ) Tj ET Q q 0 0 0 rg BT 147.76 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 153.81 716.55 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 207.67 716.55 Td (dif) Tj ET Q q 0 0 0 rg BT 219.14 716.55 Td (ferent ) Tj ET Q q 0 0 0 rg BT 245.01 716.55 Td (ef) Tj ET Q q 0 0 0 rg BT 252.98 716.55 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.10 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 281.99 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 297.37 716.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 336.07 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 352.62 716.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 389.57 716.55 Td (than ) Tj ET Q q 0 0 0 rg BT 409.04 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 420.33 716.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 444.46 716.55 Td (change ) Tj ET Q q 0 0 0 rg BT 475.58 716.55 Td (at ) Tj ET Q q 0 0 0 rg BT 484.54 716.55 Td (another ) Tj ET Q q 0 0 0 rg BT 517.41 716.55 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 559.89 716.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.63 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.60 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 137.23 678.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 183.77 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 195.32 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.20 678.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 289.29 678.75 Td (including ) Tj ET Q q 0 0 0 rg BT 331.75 678.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 353.22 678.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 384.01 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 394.98 678.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 440.36 678.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 472.33 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 498.47 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.43 678.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 90.91 666.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 123.28 666.15 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 179.86 666.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 212.23 666.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 247.52 666.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 295.05 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 312.83 666.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 344.02 666.15 Td (other ) Tj ET Q q 0 0 0 rg BT 368.22 666.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.92 666.15 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Current ) Tj ET Q q 0 0 0 rg BT 84.69 640.95 Td (investments, ) Tj ET Q q 0 0 0 rg BT 140.59 640.95 Td (excluding ) Tj ET Q q 0 0 0 rg BT 185.10 640.95 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 213.01 640.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 245.86 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 257.14 640.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 276.00 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 287.86 640.95 Td (security ) Tj ET Q q 0 0 0 rg BT 324.21 640.95 Td (price ) Tj ET Q q 0 0 0 rg BT 348.30 640.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 400.99 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 416.92 640.95 Td (summarized ) Tj ET Q q 0 0 0 rg BT 471.35 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 482.63 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 498.56 640.95 Td (table ) Tj ET Q q 0 0 0 rg BT 522.08 640.95 Td (below ) Tj ET Q q 0 0 0 rg BT 550.85 640.95 Td (\(in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 602.85 m 434 602.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 602.85 m 434 602.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 602.85 m 498 602.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 602.85 m 562 602.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 527.85 m 434 527.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 527.85 m 498 527.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 527.85 m 562 527.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 527.85 m 434 527.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 512.85 m 434 512.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 527.85 m 498 527.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 512.85 m 498 512.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 527.85 m 562 527.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 512.85 m 562 512.85 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 607.64 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 607.62 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 592.62 Td (Investment securities, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 577.62 Td (Investments relating to long-term incentive compensation plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 577.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 577.64 Td (210,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 577.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 577.62 Td (21) Tj ET Q q 0 0 0 rg BT 534.35 577.62 Td (1,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 562.62 Td (Seed capital investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 562.64 Td (108,733) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 562.62 Td (132,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 547.62 Td (Equity method investments relating to long-term incentive compensation plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.35 547.64 Td (5,287) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 547.62 Td (1) Tj ET Q q 0 0 0 rg BT 534.35 547.62 Td (1,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 532.62 Td ( Other current investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 532.64 Td (13,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 532.62 Td (21,628) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 517.62 Td (T) Tj ET Q q 0 0 0 rg BT 73.18 517.62 Td (otal current investments, excluding CIVs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 517.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.85 517.64 Td (338,894) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 517.62 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 517.62 Td (377,129) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 488.15 Td (Current ) Tj ET Q q 0 0 0 rg BT 84.89 488.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 138.37 488.15 Td (of ) Tj ET Q q 0 0 0 rg BT 150.43 488.15 Td ($216.2 ) Tj ET Q q 0 0 0 rg BT 182.62 488.15 Td (million ) Tj ET Q q 0 0 0 rg BT 216.28 488.15 Td (and ) Tj ET Q q 0 0 0 rg BT 234.75 488.15 Td ($223.0�million ) Tj ET Q q 0 0 0 rg BT 299.91 488.15 Td (at ) Tj ET Q q 0 0 0 rg BT 310.80 488.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 357.27 488.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 381.59 488.15 Td (and ) Tj ET Q q 0 0 0 rg BT 400.06 488.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 427.00 488.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 477.05 488.15 Td (, ) Tj ET Q q 0 0 0 rg BT 482.99 488.15 Td (relate ) Tj ET Q q 0 0 0 rg BT 509.62 488.15 Td (to ) Tj ET Q q 0 0 0 rg BT 521.10 488.15 Td (long-term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 90.88 475.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 115.95 475.55 Td (which ) Tj ET Q q 0 0 0 rg BT 144.51 475.55 Td (will ) Tj ET Q q 0 0 0 rg BT 163.75 475.55 Td (have ) Tj ET Q q 0 0 0 rg BT 186.47 475.55 Td (of) Tj ET Q q 0 0 0 rg BT 195.03 475.55 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 229.42 475.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 271.40 475.55 Td (at ) Tj ET Q q 0 0 0 rg BT 281.88 475.55 Td (the ) Tj ET Q q 0 0 0 rg BT 297.61 475.55 Td (end ) Tj ET Q q 0 0 0 rg BT 315.67 475.55 Td (of ) Tj ET Q q 0 0 0 rg BT 327.32 475.55 Td (the ) Tj ET Q q 0 0 0 rg BT 343.05 475.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 388.51 475.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 421.74 475.55 Td (periods, ) Tj ET Q q 0 0 0 rg BT 458.18 475.55 Td (but ) Tj ET Q q 0 0 0 rg BT 474.49 475.55 Td (for ) Tj ET Q q 0 0 0 rg BT 489.64 475.55 Td (which ) Tj ET Q q 0 0 0 rg BT 518.20 475.55 Td (the ) Tj ET Q q 0 0 0 rg BT 533.93 475.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 462.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.34 462.95 Td (may ) Tj ET Q q 0 0 0 rg BT 112.19 462.95 Td (not ) Tj ET Q q 0 0 0 rg BT 128.37 462.95 Td (completely ) Tj ET Q q 0 0 0 rg BT 177.79 462.95 Td (of) Tj ET Q q 0 0 0 rg BT 186.34 462.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 204.27 462.95 Td (at ) Tj ET Q q 0 0 0 rg BT 214.61 462.95 Td (the ) Tj ET Q q 0 0 0 rg BT 230.20 462.95 Td (end ) Tj ET Q q 0 0 0 rg BT 248.13 462.95 Td (of ) Tj ET Q q 0 0 0 rg BT 259.64 462.95 Td (each ) Tj ET Q q 0 0 0 rg BT 281.64 462.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 322.89 462.95 Td (period ) Tj ET Q q 0 0 0 rg BT 352.48 462.95 Td (due ) Tj ET Q q 0 0 0 rg BT 370.41 462.95 Td (to ) Tj ET Q q 0 0 0 rg BT 381.34 462.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 414.43 462.95 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 463.58 462.95 Td ( ) Tj ET Q q 0 0 0 rg BT 466.14 462.95 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 512.92 462.95 Td (fluctuations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 450.35 Td (in ) Tj ET Q q 0 0 0 rg BT 60.71 450.35 Td (the ) Tj ET Q q 0 0 0 rg BT 76.58 450.35 Td (market ) Tj ET Q q 0 0 0 rg BT 108.77 450.35 Td (value ) Tj ET Q q 0 0 0 rg BT 134.55 450.35 Td (of ) Tj ET Q q 0 0 0 rg BT 146.34 450.35 Td (these ) Tj ET Q q 0 0 0 rg BT 170.95 450.35 Td (trading ) Tj ET Q q 0 0 0 rg BT 203.73 450.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 256.94 450.35 Td (will ) Tj ET Q q 0 0 0 rg BT 276.32 450.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 307.93 450.35 Td (our ) Tj ET Q q 0 0 0 rg BT 324.97 450.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 386.33 450.35 Td (expense, ) Tj ET Q q 0 0 0 rg BT 425.81 450.35 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 487.75 450.35 Td (income ) Tj ET Q q 0 0 0 rg BT 521.70 450.35 Td (\(expense\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 437.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 69.91 437.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 115.69 437.75 Td (on ) Tj ET Q q 0 0 0 rg BT 128.81 437.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.26 437.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 177.22 437.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 223.60 437.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.97 437.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.42 437.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 273.75 437.75 Td (our ) Tj ET Q q 0 0 0 rg BT 290.37 437.75 Td (net ) Tj ET Q q 0 0 0 rg BT 305.83 437.75 Td (income.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 412.55 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 115.10 412.55 Td ($108.7 ) Tj ET Q q 0 0 0 rg BT 146.01 412.55 Td (million ) Tj ET Q q 0 0 0 rg BT 178.39 412.55 Td (and ) Tj ET Q q 0 0 0 rg BT 195.58 412.55 Td ($132.5 ) Tj ET Q q 0 0 0 rg BT 226.49 412.55 Td (million ) Tj ET Q q 0 0 0 rg BT 258.86 412.55 Td (of ) Tj ET Q q 0 0 0 rg BT 269.64 412.55 Td (current ) Tj ET Q q 0 0 0 rg BT 301.41 412.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 353.61 412.55 Td (at ) Tj ET Q q 0 0 0 rg BT 363.22 412.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 408.41 412.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 431.44 412.55 Td (and ) Tj ET Q q 0 0 0 rg BT 448.64 412.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 474.30 412.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 524.34 412.55 Td (, ) Tj ET Q q 0 0 0 rg BT 529.00 412.55 Td (are ) Tj ET Q q 0 0 0 rg BT 543.85 412.55 Td (seed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 399.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.71 399.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 132.10 399.95 Td (in ) Tj ET Q q 0 0 0 rg BT 142.50 399.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 187.31 399.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 218.70 399.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 244.26 399.95 Td (and ) Tj ET Q q 0 0 0 rg BT 261.65 399.95 Td (other ) Tj ET Q q 0 0 0 rg BT 285.45 399.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 333.75 399.95 Td (products ) Tj ET Q q 0 0 0 rg BT 372.14 399.95 Td (and ) Tj ET Q q 0 0 0 rg BT 389.53 399.95 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 428.79 399.95 Td (for ) Tj ET Q q 0 0 0 rg BT 443.26 399.95 Td (which ) Tj ET Q q 0 0 0 rg BT 471.15 399.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 522.95 399.95 Td (in ) Tj ET Q q 0 0 0 rg BT 533.34 399.95 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 387.35 Td (value ) Tj ET Q q 0 0 0 rg BT 76.24 387.35 Td (will ) Tj ET Q q 0 0 0 rg BT 96.58 387.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 129.16 387.35 Td (our ) Tj ET Q q 0 0 0 rg BT 147.16 387.35 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 210.06 387.35 Td (income ) Tj ET Q q 0 0 0 rg BT 244.97 387.35 Td (\(expense\). ) Tj ET Q q 0 0 0 rg BT 292.41 387.35 Td ( ) Tj ET Q q 0 0 0 rg BT 296.41 387.35 Td (Of ) Tj ET Q q 0 0 0 rg BT 311.50 387.35 Td (these ) Tj ET Q q 0 0 0 rg BT 337.08 387.35 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 379.29 387.35 Td (the ) Tj ET Q q 0 0 0 rg BT 396.12 387.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 449.70 387.35 Td (in ) Tj ET Q q 0 0 0 rg BT 461.87 387.35 Td (market ) Tj ET Q q 0 0 0 rg BT 495.02 387.35 Td (value ) Tj ET Q q 0 0 0 rg BT 521.76 387.35 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 387.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 374.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 113.34 374.75 Td ($1) Tj ET Q q 0 0 0 rg BT 123.45 374.75 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 139.76 374.75 Td (million ) Tj ET Q q 0 0 0 rg BT 173.28 374.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.63 374.75 Td ($27.2 ) Tj ET Q q 0 0 0 rg BT 218.44 374.75 Td (million ) Tj ET Q q 0 0 0 rg BT 251.97 374.75 Td (of ) Tj ET Q q 0 0 0 rg BT 263.90 374.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 285.75 374.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 316.92 374.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 370.27 374.75 Td (as ) Tj ET Q q 0 0 0 rg BT 382.21 374.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.14 374.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 440.48 374.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 464.67 374.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.02 374.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 509.83 374.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 374.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 362.15 Td (have ) Tj ET Q q 0 0 0 rg BT 73.33 362.15 Td (of) Tj ET Q q 0 0 0 rg BT 81.89 362.15 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 117.39 362.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 179.72 362.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 217.54 362.15 Td (under ) Tj ET Q q 0 0 0 rg BT 245.46 362.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 282.70 362.15 Td (share ) Tj ET Q q 0 0 0 rg BT 308.86 362.15 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 372.05 362.15 Td ( ) Tj ET Q q 0 0 0 rg BT 375.77 362.15 Td (The ) Tj ET Q q 0 0 0 rg BT 396.10 362.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 449.68 362.15 Td (in ) Tj ET Q q 0 0 0 rg BT 461.86 362.15 Td (market ) Tj ET Q q 0 0 0 rg BT 495.02 362.15 Td (value ) Tj ET Q q 0 0 0 rg BT 521.76 362.15 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 362.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 349.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.41 349.55 Td ($54.5 ) Tj ET Q q 0 0 0 rg BT 138.29 349.55 Td (million ) Tj ET Q q 0 0 0 rg BT 170.88 349.55 Td (and ) Tj ET Q q 0 0 0 rg BT 188.30 349.55 Td ($89.6 ) Tj ET Q q 0 0 0 rg BT 214.18 349.55 Td (million ) Tj ET Q q 0 0 0 rg BT 246.78 349.55 Td (in ) Tj ET Q q 0 0 0 rg BT 257.20 349.55 Td (seed ) Tj ET Q q 0 0 0 rg BT 278.12 349.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 308.36 349.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 360.78 349.55 Td (as ) Tj ET Q q 0 0 0 rg BT 371.79 349.55 Td (of ) Tj ET Q q 0 0 0 rg BT 382.79 349.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 428.20 349.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 451.46 349.55 Td (and ) Tj ET Q q 0 0 0 rg BT 468.88 349.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 494.76 349.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 544.80 349.55 Td (, ) Tj ET Q q 0 0 0 rg BT 549.69 349.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 336.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 104.39 336.95 Td (of) Tj ET Q q 0 0 0 rg BT 112.95 336.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 129.91 336.95 Td (by ) Tj ET Q q 0 0 0 rg BT 142.22 336.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 166.19 336.95 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 200.08 336.95 Td (on ) Tj ET Q q 0 0 0 rg BT 212.39 336.95 Td (market ) Tj ET Q q 0 0 0 rg BT 243.35 336.95 Td (hedges ) Tj ET Q q 0 0 0 rg BT 274.31 336.95 Td (and ) Tj ET Q q 0 0 0 rg BT 291.28 336.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 330.98 336.95 Td (do ) Tj ET Q q 0 0 0 rg BT 343.28 336.95 Td (not ) Tj ET Q q 0 0 0 rg BT 358.51 336.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 402.88 336.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 433.26 336.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 450.23 336.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 483.52 336.95 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 511.76 336.95 Td (Attributable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 324.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.93 324.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 83.77 324.35 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 135.90 324.35 Td ( ) Tj ET Q q 0 0 0 rg BT 138.16 324.35 Td (Seed ) Tj ET Q q 0 0 0 rg BT 160.84 324.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 191.09 324.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 243.51 324.35 Td (are ) Tj ET Q q 0 0 0 rg BT 258.59 324.35 Td (not ) Tj ET Q q 0 0 0 rg BT 274.28 324.35 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 318.53 324.35 Td (before ) Tj ET Q q 0 0 0 rg BT 347.61 324.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.70 324.35 Td (related ) Tj ET Q q 0 0 0 rg BT 393.53 324.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 415.04 324.35 Td (establishes ) Tj ET Q q 0 0 0 rg BT 462.80 324.35 Td (a ) Tj ET Q q 0 0 0 rg BT 469.72 324.35 Td (track ) Tj ET Q q 0 0 0 rg BT 492.97 324.35 Td (record, ) Tj ET Q q 0 0 0 rg BT 524.67 324.35 Td (has ) Tj ET Q q 0 0 0 rg BT 540.93 324.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 311.75 Td (investors, ) Tj ET Q q 0 0 0 rg BT 92.67 311.75 Td (or ) Tj ET Q q 0 0 0 rg BT 104.04 311.75 Td (a ) Tj ET Q q 0 0 0 rg BT 111.32 311.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 148.94 311.75 Td (is ) Tj ET Q q 0 0 0 rg BT 158.57 311.75 Td (made ) Tj ET Q q 0 0 0 rg BT 183.93 311.75 Td (to ) Tj ET Q q 0 0 0 rg BT 194.73 311.75 Td (no ) Tj ET Q q 0 0 0 rg BT 207.85 311.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 237.30 311.75 Td (pursue ) Tj ET Q q 0 0 0 rg BT 267.92 311.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.37 311.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 315.93 311.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 286.55 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 114.69 286.55 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 134.69 286.55 Td (million ) Tj ET Q q 0 0 0 rg BT 166.65 286.55 Td (and ) Tj ET Q q 0 0 0 rg BT 183.43 286.55 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 203.43 286.55 Td (million ) Tj ET Q q 0 0 0 rg BT 235.39 286.55 Td (of ) Tj ET Q q 0 0 0 rg BT 245.76 286.55 Td (other ) Tj ET Q q 0 0 0 rg BT 268.96 286.55 Td (current ) Tj ET Q q 0 0 0 rg BT 300.31 286.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 352.10 286.55 Td (at ) Tj ET Q q 0 0 0 rg BT 361.30 286.55 Td (March ) Tj ET Q q 0 0 0 rg BT 390.33 286.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 405.07 286.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 427.70 286.55 Td (and ) Tj ET Q q 0 0 0 rg BT 444.48 286.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 469.73 286.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 519.77 286.55 Td (, ) Tj ET Q q 0 0 0 rg BT 524.02 286.55 Td (represent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 273.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.62 273.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 150.91 273.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 196.36 273.95 Td (with ) Tj ET Q q 0 0 0 rg BT 217.33 273.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 272.69 273.95 Td (seed ) Tj ET Q q 0 0 0 rg BT 293.65 273.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.93 273.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 376.39 273.95 Td (products. ) Tj ET Q q 0 0 0 rg BT 417.47 273.95 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 471.69 273.95 Td (in ) Tj ET Q q 0 0 0 rg BT 482.15 273.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.28 273.95 Td (market ) Tj ET Q q 0 0 0 rg BT 528.73 273.95 Td (value ) Tj ET Q q 0 0 0 rg BT 553.76 273.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 261.35 Td (these ) Tj ET Q q 0 0 0 rg BT 73.70 261.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 126.48 261.35 Td (will ) Tj ET Q q 0 0 0 rg BT 145.44 261.35 Td (not ) Tj ET Q q 0 0 0 rg BT 161.48 261.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 192.67 261.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 210.45 261.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 244.56 261.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 273.43 261.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 326.79 261.35 Td (to ) Tj ET Q q 0 0 0 rg BT 337.58 261.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 361.78 261.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 395.61 261.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 414.26 261.35 Td (However) Tj ET Q q 0 0 0 rg BT 452.32 261.35 Td (, ) Tj ET Q q 0 0 0 rg BT 457.57 261.35 Td (they ) Tj ET Q q 0 0 0 rg BT 478.27 261.35 Td (may ) Tj ET Q q 0 0 0 rg BT 498.97 261.35 Td (have ) Tj ET Q q 0 0 0 rg BT 521.41 261.35 Td (an ) Tj ET Q q 0 0 0 rg BT 533.94 261.35 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 248.75 Td (on ) Tj ET Q q 0 0 0 rg BT 63.94 248.75 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 126.77 248.75 Td (income ) Tj ET Q q 0 0 0 rg BT 161.61 248.75 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 206.36 248.75 Td (with ) Tj ET Q q 0 0 0 rg BT 228.97 248.75 Td (a ) Tj ET Q q 0 0 0 rg BT 237.56 248.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 301.57 248.75 Td (of) Tj ET Q q 0 0 0 rg BT 310.12 248.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 329.22 248.75 Td (in ) Tj ET Q q 0 0 0 rg BT 341.32 248.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 360.42 248.75 Td (income ) Tj ET Q q 0 0 0 rg BT 395.26 248.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 447.02 248.75 Td (to ) Tj ET Q q 0 0 0 rg BT 459.12 248.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 524.88 248.75 Td (interests. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 236.15 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 105.23 236.15 Td (in ) Tj ET Q q 0 0 0 rg BT 117.21 236.15 Td (the ) Tj ET Q q 0 0 0 rg BT 133.85 236.15 Td (market ) Tj ET Q q 0 0 0 rg BT 166.81 236.15 Td (value ) Tj ET Q q 0 0 0 rg BT 193.36 236.15 Td (of ) Tj ET Q q 0 0 0 rg BT 205.92 236.15 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 228.11 236.15 Td (million ) Tj ET Q q 0 0 0 rg BT 262.26 236.15 Td (and ) Tj ET Q q 0 0 0 rg BT 281.23 236.15 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 308.67 236.15 Td (million ) Tj ET Q q 0 0 0 rg BT 342.82 236.15 Td (of ) Tj ET Q q 0 0 0 rg BT 355.38 236.15 Td (the ) Tj ET Q q 0 0 0 rg BT 372.02 236.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 418.40 236.15 Td (other ) Tj ET Q q 0 0 0 rg BT 443.79 236.15 Td (current ) Tj ET Q q 0 0 0 rg BT 477.33 236.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 531.31 236.15 Td (in ) Tj ET Q q 0 0 0 rg BT 543.29 236.15 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 223.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 94.69 223.55 Td (period ) Tj ET Q q 0 0 0 rg BT 124.14 223.55 Td (have ) Tj ET Q q 0 0 0 rg BT 146.58 223.55 Td (of) Tj ET Q q 0 0 0 rg BT 155.14 223.55 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 189.26 223.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 250.21 223.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.65 223.55 Td (under ) Tj ET Q q 0 0 0 rg BT 313.18 223.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 349.03 223.55 Td (share ) Tj ET Q q 0 0 0 rg BT 373.81 223.55 Td (arrangements. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 198.35 Td (Noncurrent ) Tj ET Q q 0 0 0 rg BT 100.36 198.35 Td (investments, ) Tj ET Q q 0 0 0 rg BT 156.20 198.35 Td (excluding ) Tj ET Q q 0 0 0 rg BT 200.66 198.35 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 228.50 198.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 261.29 198.35 Td (to ) Tj ET Q q 0 0 0 rg BT 272.51 198.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 291.31 198.35 Td (of ) Tj ET Q q 0 0 0 rg BT 303.11 198.35 Td (security ) Tj ET Q q 0 0 0 rg BT 339.40 198.35 Td (price ) Tj ET Q q 0 0 0 rg BT 363.43 198.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 416.05 198.35 Td (are ) Tj ET Q q 0 0 0 rg BT 431.92 198.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 486.29 198.35 Td (in ) Tj ET Q q 0 0 0 rg BT 497.50 198.35 Td (the ) Tj ET Q q 0 0 0 rg BT 513.38 198.35 Td (table ) Tj ET Q q 0 0 0 rg BT 536.84 198.35 Td (below ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 185.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 63.79 185.75 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 160.25 m 434 160.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 160.25 m 434 160.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 160.25 m 498 160.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 160.25 m 562 160.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 115.25 m 498 115.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 115.25 m 562 115.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 115.25 m 434 115.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 100.25 m 434 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 115.25 m 498 115.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 100.25 m 498 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 115.25 m 562 115.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 100.25 m 562 100.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.00 165.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 165.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 150.02 Td (Noncurrent investments, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 135.02 Td (Equity method investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 135.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 135.04 Td (64,049) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 135.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 135.02 Td (62,998) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 120.02 Td (Adjusted cost investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 120.04 Td (19,729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 120.02 Td (12,245) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 105.02 Td (T) Tj ET Q q 0 0 0 rg BT 70.18 105.02 Td (otal noncurrent investments, excluding CIVs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 105.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 105.04 Td (83,778) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 105.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 105.02 Td (75,243) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 100.04 75.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 143.58 75.55 Td (of ) Tj ET Q q 0 0 0 rg BT 156.21 75.55 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 182.27 75.55 Td (totaled ) Tj ET Q q 0 0 0 rg BT 214.72 75.55 Td ($1) Tj ET Q q 0 0 0 rg BT 224.83 75.55 Td (18.8 ) Tj ET Q q 0 0 0 rg BT 247.09 75.55 Td (million ) Tj ET Q q 0 0 0 rg BT 281.32 75.55 Td (and ) Tj ET Q q 0 0 0 rg BT 300.36 75.55 Td ($138.0�million ) Tj ET Q q 0 0 0 rg BT 366.08 75.55 Td (as ) Tj ET Q q 0 0 0 rg BT 378.72 75.55 Td (of ) Tj ET Q q 0 0 0 rg BT 391.35 75.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 438.39 75.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 463.27 75.55 Td (and ) Tj ET Q q 0 0 0 rg BT 482.32 75.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 509.83 75.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.87 75.55 Td (. ) Tj ET Q q 0 0 0 rg BT 565.12 75.55 Td ( ) Tj ET Q q 0 0 0 rg BT 567.75 75.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.95 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 104.72 62.95 Td (in ) Tj ET Q q 0 0 0 rg BT 116.19 62.95 Td (the ) Tj ET Q q 0 0 0 rg BT 132.32 62.95 Td (market ) Tj ET Q q 0 0 0 rg BT 164.78 62.95 Td (value ) Tj ET Q q 0 0 0 rg BT 190.82 62.95 Td (of ) Tj ET Q q 0 0 0 rg BT 202.87 62.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 256.34 62.95 Td (of ) Tj ET Q q 0 0 0 rg BT 268.39 62.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 293.86 62.95 Td (in ) Tj ET Q q 0 0 0 rg BT 305.33 62.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 336.04 62.95 Td (of ) Tj ET Q q 0 0 0 rg BT 348.09 62.95 Td (our ) Tj ET Q q 0 0 0 rg BT 365.39 62.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 394.94 62.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.32 62.95 Td (will ) Tj ET Q q 0 0 0 rg BT 463.96 62.95 Td (not ) Tj ET Q q 0 0 0 rg BT 480.68 62.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.55 62.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.02 62.95 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 78.18 50.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 131.29 50.35 Td (to ) Tj ET Q q 0 0 0 rg BT 141.84 50.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.79 50.35 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 218.03 50.35 Td ( ) Tj ET Q q 0 0 0 rg BT 220.40 50.35 Td (However) Tj ET Q q 0 0 0 rg BT 258.47 50.35 Td (, ) Tj ET Q q 0 0 0 rg BT 263.47 50.35 Td (it ) Tj ET Q q 0 0 0 rg BT 271.68 50.35 Td (may ) Tj ET Q q 0 0 0 rg BT 292.13 50.35 Td (have ) Tj ET Q q 0 0 0 rg BT 314.33 50.35 Td (an ) Tj ET Q q 0 0 0 rg BT 326.61 50.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 357.56 50.35 Td (on ) Tj ET Q q 0 0 0 rg BT 370.43 50.35 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 431.71 50.35 Td (income ) Tj ET Q q 0 0 0 rg BT 464.99 50.35 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 508.18 50.35 Td (of ) Tj ET Q q 0 0 0 rg BT 519.30 50.35 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 543.84 50.35 Td (with ) Tj ET Q endstream 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BT 436.84 741.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 459.71 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.73 741.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 502.22 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 516.32 741.75 Td (held ) Tj ET Q q 0 0 0 rg BT 536.26 741.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.71 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 111.92 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.79 729.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 151.00 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 161.79 729.15 Td ($28.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.41 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 187.45 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 204.66 729.15 Td ($43.7 ) Tj ET Q q 0 0 0 rg BT 230.32 729.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 265.33 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 315.37 729.15 Td (. ) Tj ET Q q 0 0 0 rg BT 320.04 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 321.63 729.15 Td (As ) Tj ET Q q 0 0 0 rg BT 335.34 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 346.13 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 375.58 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 390.74 729.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 413.79 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 430.99 729.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 456.66 729.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 508.27 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 518.48 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 533.35 729.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 74.71 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 85.92 716.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 149.04 716.55 Td ($26.7 ) Tj ET Q q 0 0 0 rg BT 175.14 716.55 Td (million ) Tj ET Q q 0 0 0 rg BT 207.94 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 225.58 716.55 Td ($32.0 ) Tj ET Q q 0 0 0 rg BT 251.67 716.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 287.10 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 337.15 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 342.24 716.55 Td 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387.23 691.35 Td ($1) Tj ET Q q 0 0 0 rg BT 397.34 691.35 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 413.16 691.35 Td (million ) Tj ET Q q 0 0 0 rg BT 446.19 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 457.05 691.35 Td (each ) Tj ET Q q 0 0 0 rg BT 478.98 691.35 Td (respective ) Tj ET Q q 0 0 0 rg BT 524.24 691.35 Td (period ) Tj ET Q q 0 0 0 rg BT 553.76 691.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.37 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 131.16 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 141.95 678.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 166.75 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 185.71 678.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 216.91 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 233.53 678.75 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 295.05 678.75 Td (income ) Tj ET Q q 0 0 0 rg BT 328.58 678.75 Td (\(expense\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (V) Tj ET Q q 0 0 0 rg BT 55.92 653.55 Td (aluation ) Tj ET Q q 0 0 0 rg BT 92.32 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 103.64 653.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 156.38 653.55 Td (is ) Tj ET Q q 0 0 0 rg BT 165.96 653.55 Td (described ) Tj ET Q q 0 0 0 rg BT 208.77 653.55 Td (below ) Tj ET Q q 0 0 0 rg BT 237.00 653.55 Td (within ) Tj ET Q q 0 0 0 rg BT 266.41 653.55 Td (Critical ) Tj ET Q q 0 0 0 rg BT 299.91 653.55 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 351.48 653.55 Td (Policies ) Tj ET Q q 0 0 0 rg BT 387.30 653.55 Td (under ) Tj ET Q q 0 0 0 rg BT 413.78 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.19 653.55 Td (heading ) Tj ET Q q 0 0 0 rg BT 465.00 653.55 Td ("V) Tj ET Q q 0 0 0 rg BT 475.71 653.55 Td (aluation ) Tj ET Q q 0 0 0 rg BT 512.10 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 523.43 653.55 Td (Financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Instruments." ) Tj ET Q q 0 0 0 rg BT 108.62 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.24 640.95 Td (See ) Tj ET Q q 0 0 0 rg BT 129.03 640.95 Td (Notes�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.15 640.95 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 161.40 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 164.02 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.81 640.95 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.31 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 194.93 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 206.31 640.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 233.43 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 244.22 640.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 302.26 640.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 343.96 640.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 392.66 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 407.53 640.95 Td (further ) Tj ET Q q 0 0 0 rg BT 438.72 640.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 485.10 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 496.47 640.95 Td (derivatives.) 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3 M 50 556.65 m 287 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 556.65 m 375 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 556.65 m 469 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 556.65 m 563 556.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 462.65 m 287 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 462.65 m 375 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 462.65 m 469 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 462.65 m 563 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 390.65 m 375 390.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 390.65 m 287 390.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 376.65 m 287 376.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 390.65 m 375 390.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 376.65 m 375 376.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 390.65 m 469 390.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 376.65 m 469 376.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 390.65 m 563 390.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 376.65 m 563 376.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 297.90 561.44 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 341.75 561.44 Td (V) Tj ET Q q 0 0 0 rg BT 348.37 561.44 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 400.10 583.04 Td (Fair) Tj ET Q q 0 0 0 rg BT 419.15 583.04 Td ( ) Tj ET Q q 0 0 0 rg BT 421.59 583.04 Td (V) Tj ET Q q 0 0 0 rg BT 428.21 583.04 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.35 571.54 Td (Assuming a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 392.80 560.04 Td (10% Incr) Tj ET Q q 0 0 0 rg BT 435.48 560.04 Td (ease) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 494.10 583.04 Td (Fair) Tj ET Q q 0 0 0 rg BT 513.15 583.04 Td ( ) Tj ET Q q 0 0 0 rg BT 515.59 583.04 Td (V) Tj ET Q q 0 0 0 rg BT 522.21 583.04 Td (alue) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.35 571.54 Td (Assuming a) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 485.65 560.04 Td (10% Decr) Tj ET Q q 0 0 0 rg BT 530.65 560.04 Td (ease) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 546.87 Td (Current investments, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 532.87 Td (Investments relating to long-term incentive) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 522.37 Td (compensation plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 522.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.85 522.42 Td (210,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.50 522.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.85 522.42 Td (231,980) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.50 522.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 522.42 Td (189,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 507.42 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.85 507.42 Td (108,733) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.85 507.42 Td (1) Tj ET Q q 0 0 0 rg BT 436.10 507.42 Td (19,606) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 507.42 Td (97,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 491.92 Td (Equity method investments relating to long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 481.42 Td (incentive compensation plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.35 481.42 Td (5,287) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.35 481.42 Td (5,816) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 481.42 Td (4,758) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 466.87 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.10 466.87 Td (13,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.10 466.87 Td (15,381) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 466.87 Td (12,585) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 452.87 Td (T) Tj ET Q q 0 0 0 rg BT 58.55 452.87 Td (otal current investments, excluding CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.85 452.87 Td (338,894) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.85 452.87 Td (372,783) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 452.87 Td (305,005) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 438.87 Td (Investments in CIVs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.10 438.87 Td (28,397) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.10 438.87 Td (31,237) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 438.87 Td (25,557) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 424.42 Td (Non-current investments, excluding CIVs:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 409.42 Td (Equity method investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.10 409.42 Td (64,049) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.10 409.42 Td (70,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 409.42 Td (57,644) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 394.87 Td (Adjusted cost investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.10 394.87 Td (19,729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.10 394.87 Td (21,702) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 394.87 Td (17,756) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 380.87 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 380.87 Td (otal investments subject to market risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.50 380.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.85 380.87 Td (451,069) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.50 380.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.85 380.87 Td (496,176) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.50 380.87 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 380.87 Td (405,962) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.95 Td (Gains ) Tj ET Q q 0 0 0 rg BT 76.67 351.95 Td (and ) Tj ET Q q 0 0 0 rg BT 94.50 351.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 122.26 351.95 Td (related ) Tj ET Q q 0 0 0 rg BT 153.49 351.95 Td (to ) Tj ET Q q 0 0 0 rg BT 164.33 351.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 217.17 351.95 Td (in ) Tj ET Q q 0 0 0 rg BT 228.01 351.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 265.65 351.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 326.64 351.95 Td (plans ) Tj ET Q q 0 0 0 rg BT 351.48 351.95 Td (are ) Tj ET Q q 0 0 0 rg BT 366.97 351.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 401.71 351.95 Td (of) Tj ET Q q 0 0 0 rg BT 410.27 351.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 428.10 351.95 Td (over ) Tj ET Q q 0 0 0 rg BT 449.43 351.95 Td (the ) Tj ET Q q 0 0 0 rg BT 464.93 351.95 Td (full ) Tj ET Q q 0 0 0 rg BT 482.18 351.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 515.18 351.95 Td (period ) Tj ET Q q 0 0 0 rg BT 544.68 351.95 Td (by ) Tj ET Q q 0 0 0 rg BT 557.85 351.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 111.04 339.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 158.59 339.35 Td (to ) Tj ET Q q 0 0 0 rg BT 168.22 339.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 228.02 339.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 263.30 339.35 Td (and ) Tj ET Q q 0 0 0 rg BT 279.93 339.35 Td (related ) Tj ET Q q 0 0 0 rg BT 309.97 339.35 Td (liability) Tj ET Q q 0 0 0 rg BT 341.95 339.35 Td (. ) Tj ET Q q 0 0 0 rg BT 346.05 339.35 Td ( ) Tj ET Q q 0 0 0 rg BT 347.52 339.35 Td (In ) Tj ET Q q 0 0 0 rg BT 357.73 339.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 396.24 339.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 447.88 339.35 Td (in ) Tj ET Q q 0 0 0 rg BT 457.51 339.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 505.63 339.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 526.35 339.35 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.60 326.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.70 326.75 Td (in ) Tj ET Q q 0 0 0 rg BT 131.81 326.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 156.92 326.75 Td (totaling ) Tj ET Q q 0 0 0 rg BT 191.94 326.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 255.52 326.75 Td ($81.2 ) Tj ET Q q 0 0 0 rg BT 282.09 326.75 Td (million ) Tj ET Q q 0 0 0 rg BT 315.36 326.75 Td (have ) Tj ET Q q 0 0 0 rg BT 338.13 326.75 Td (been ) Tj ET Q q 0 0 0 rg BT 360.89 326.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 420.39 326.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 453.65 326.75 Td (to ) Tj ET Q q 0 0 0 rg BT 464.75 326.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 487.53 326.75 Td (market ) Tj ET Q q 0 0 0 rg BT 519.62 326.75 Td (risk. ) Tj ET Q q 0 0 0 rg BT 540.94 326.75 Td ( ) Tj ET Q q 0 0 0 rg BT 543.23 326.75 Td (As ) Tj ET Q q 0 0 0 rg BT 557.83 326.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.15 Td (result, ) Tj ET Q q 0 0 0 rg BT 78.38 314.15 Td (a ) Tj ET Q q 0 0 0 rg BT 85.96 314.15 Td (10% ) Tj ET Q q 0 0 0 rg BT 108.14 314.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 145.45 314.15 Td (or ) Tj ET Q q 0 0 0 rg BT 157.12 314.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 196.19 314.15 Td (in ) Tj ET Q q 0 0 0 rg BT 207.28 314.15 Td (the ) Tj ET Q q 0 0 0 rg BT 223.03 314.15 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 269.68 314.15 Td (market ) Tj ET Q q 0 0 0 rg BT 301.76 314.15 Td (value ) Tj ET Q q 0 0 0 rg BT 327.42 314.15 Td (of ) Tj ET Q q 0 0 0 rg BT 339.09 314.15 Td (our ) Tj ET Q q 0 0 0 rg BT 356.01 314.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.67 314.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 447.59 314.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 480.26 314.15 Td (to ) Tj ET Q q 0 0 0 rg BT 491.35 314.15 Td (market ) Tj ET Q q 0 0 0 rg BT 523.43 314.15 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 71.78 301.55 Td (in ) Tj ET Q q 0 0 0 rg BT 82.39 301.55 Td (the ) Tj ET Q q 0 0 0 rg BT 97.65 301.55 Td (table ) Tj ET Q q 0 0 0 rg BT 120.50 301.55 Td (above ) Tj ET Q q 0 0 0 rg BT 148.01 301.55 Td (would ) Tj ET Q q 0 0 0 rg BT 176.70 301.55 Td (result ) Tj ET Q q 0 0 0 rg BT 202.47 301.55 Td (in ) Tj ET Q q 0 0 0 rg BT 213.08 301.55 Td (a ) Tj ET Q q 0 0 0 rg BT 220.18 301.55 Td ($12.3 ) Tj ET Q q 0 0 0 rg BT 246.25 301.55 Td (million ) Tj ET Q q 0 0 0 rg BT 279.02 301.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 315.86 301.55 Td (or ) Tj ET Q q 0 0 0 rg BT 327.04 301.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 365.62 301.55 Td (in ) Tj ET Q q 0 0 0 rg BT 376.23 301.55 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 408.40 301.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 446.41 301.55 Td (attributable ) Tj ET Q q 0 0 0 rg BT 496.67 301.55 Td (to ) Tj ET Q q 0 0 0 rg BT 507.28 301.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 531.29 301.55 Td (Mason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 68.16 288.95 Td (as ) Tj ET Q q 0 0 0 rg BT 79.53 288.95 Td (of ) Tj ET Q q 0 0 0 rg BT 90.90 288.95 Td (March ) Tj ET Q q 0 0 0 rg BT 120.93 288.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 136.68 288.95 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.77 263.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.33 263.75 Td (we ) Tj ET Q q 0 0 0 rg BT 115.10 263.75 Td (have ) Tj ET Q q 0 0 0 rg BT 137.44 263.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 170.86 263.75 Td (into ) Tj ET Q q 0 0 0 rg BT 189.72 263.75 Td (various ) Tj ET Q q 0 0 0 rg BT 223.15 263.75 Td (total ) Tj ET Q q 0 0 0 rg BT 244.33 263.75 Td (return ) Tj ET Q q 0 0 0 rg BT 271.93 263.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 296.03 263.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 355.11 263.75 Td (with ) Tj ET Q q 0 0 0 rg BT 376.30 263.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 408.56 263.75 Td (to ) Tj ET Q q 0 0 0 rg BT 419.25 263.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 450.33 263.75 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 475.61 263.75 Td (that ) Tj ET Q q 0 0 0 rg BT 493.88 263.75 Td (we ) Tj ET Q q 0 0 0 rg BT 508.64 263.75 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 543.83 263.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.15 Td (notional ) Tj ET Q q 0 0 0 rg BT 86.85 251.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 125.37 251.15 Td (totaling ) Tj ET Q q 0 0 0 rg BT 160.38 251.15 Td ($14.2 ) Tj ET Q q 0 0 0 rg BT 186.94 251.15 Td (million ) Tj ET Q q 0 0 0 rg BT 220.21 251.15 Td (as ) Tj ET Q q 0 0 0 rg BT 231.90 251.15 Td (of ) Tj ET Q q 0 0 0 rg BT 243.58 251.15 Td (March ) Tj ET Q q 0 0 0 rg BT 273.92 251.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 289.98 251.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 316.54 251.15 Td ( ) Tj ET Q q 0 0 0 rg BT 319.47 251.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 348.65 251.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.41 251.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 390.67 251.15 Td (of ) Tj ET Q q 0 0 0 rg BT 402.36 251.15 Td (each ) Tj ET Q q 0 0 0 rg BT 424.52 251.15 Td (total ) Tj ET Q q 0 0 0 rg BT 446.12 251.15 Td (return ) Tj ET Q q 0 0 0 rg BT 474.13 251.15 Td (swap, ) Tj ET Q q 0 0 0 rg BT 501.27 251.15 Td (we ) Tj ET Q q 0 0 0 rg BT 516.45 251.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 549.69 251.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.55 Td (related ) Tj ET Q q 0 0 0 rg BT 80.66 238.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 105.42 238.55 Td (and ) Tj ET Q q 0 0 0 rg BT 123.18 238.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 150.86 238.55 Td (on ) Tj ET Q q 0 0 0 rg BT 163.96 238.55 Td (the ) Tj ET Q q 0 0 0 rg BT 179.38 238.55 Td (investors' ) Tj ET Q q 0 0 0 rg BT 221.79 238.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 269.88 238.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 298.71 238.55 Td (of ) Tj ET Q q 0 0 0 rg BT 310.06 238.55 Td (the ) Tj ET Q q 0 0 0 rg BT 325.48 238.55 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 353.46 238.55 Td (however) Tj ET Q q 0 0 0 rg BT 389.19 238.55 Td (, ) Tj ET Q q 0 0 0 rg BT 394.41 238.55 Td (we ) Tj ET Q q 0 0 0 rg BT 409.25 238.55 Td (have ) Tj ET Q q 0 0 0 rg BT 431.67 238.55 Td (executed ) Tj ET Q q 0 0 0 rg BT 471.58 238.55 Td (futures ) Tj ET Q q 0 0 0 rg BT 503.33 238.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 543.83 238.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.95 Td (notional ) Tj ET Q q 0 0 0 rg BT 86.59 225.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 124.86 225.95 Td (totaling ) Tj ET Q q 0 0 0 rg BT 159.62 225.95 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 180.68 225.95 Td (million ) Tj ET Q q 0 0 0 rg BT 213.70 225.95 Td (to ) Tj ET Q q 0 0 0 rg BT 224.55 225.95 Td (limit ) Tj ET Q q 0 0 0 rg BT 247.06 225.95 Td (market ) Tj ET Q q 0 0 0 rg BT 278.90 225.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 297.33 225.95 Td (related ) Tj ET Q q 0 0 0 rg BT 328.58 225.95 Td (to ) Tj ET Q q 0 0 0 rg BT 339.43 225.95 Td (the ) Tj ET Q q 0 0 0 rg BT 354.94 225.95 Td (total ) Tj ET Q q 0 0 0 rg BT 376.28 225.95 Td (return ) Tj ET Q q 0 0 0 rg BT 404.03 225.95 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 435.01 225.95 Td ( ) Tj ET Q q 0 0 0 rg BT 437.10 225.95 Td (As ) Tj ET Q q 0 0 0 rg BT 451.45 225.95 Td (a ) Tj ET Q q 0 0 0 rg BT 458.79 225.95 Td (result, ) Tj ET Q q 0 0 0 rg BT 487.42 225.95 Td (a ) Tj ET Q q 0 0 0 rg BT 494.77 225.95 Td (10% ) Tj ET Q q 0 0 0 rg BT 516.69 225.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 553.77 225.95 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 89.02 213.35 Td (in ) Tj ET Q q 0 0 0 rg BT 100.57 213.35 Td (the ) Tj ET Q q 0 0 0 rg BT 116.78 213.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 165.65 213.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.28 213.35 Td (of ) Tj ET Q q 0 0 0 rg BT 207.41 213.35 Td (the ) Tj ET Q q 0 0 0 rg BT 223.62 213.35 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 249.75 213.35 Td (would ) Tj ET Q q 0 0 0 rg BT 279.39 213.35 Td (result ) Tj ET Q q 0 0 0 rg BT 306.10 213.35 Td (in ) Tj ET Q q 0 0 0 rg BT 317.65 213.35 Td (an ) Tj ET Q q 0 0 0 rg BT 330.94 213.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 376.31 213.35 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 398.07 213.35 Td (million ) Tj ET Q q 0 0 0 rg BT 431.79 213.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 469.56 213.35 Td (or ) Tj ET Q q 0 0 0 rg BT 481.69 213.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 521.21 213.35 Td (in ) Tj ET Q q 0 0 0 rg BT 532.76 213.35 Td (pre-tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 87.70 200.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 138.14 200.75 Td (to ) Tj ET Q q 0 0 0 rg BT 148.93 200.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 173.13 200.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 206.96 200.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 225.62 200.75 Td (as ) Tj ET Q q 0 0 0 rg BT 236.99 200.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.36 200.75 Td (March ) Tj ET Q q 0 0 0 rg BT 278.39 200.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 294.14 200.75 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.55 Td (Also, ) Tj ET Q q 0 0 0 rg BT 74.60 175.55 Td (as ) Tj ET Q q 0 0 0 rg BT 85.98 175.55 Td (of ) Tj ET Q q 0 0 0 rg BT 97.36 175.55 Td (March ) Tj ET Q q 0 0 0 rg BT 127.40 175.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.15 175.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 166.79 175.55 Td (and ) Tj ET Q q 0 0 0 rg BT 184.58 175.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 210.84 175.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 232.13 175.55 Td (and ) Tj ET Q q 0 0 0 rg BT 249.93 175.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.22 175.55 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 321.67 175.55 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.46 175.55 Td ($594.5 ) Tj ET Q q 0 0 0 rg BT 391.97 175.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.31 175.55 Td ( ) Tj ET Q q 0 0 0 rg BT 424.94 175.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 442.74 175.55 Td ($556.2 ) Tj ET Q q 0 0 0 rg BT 474.25 175.55 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.58 175.55 Td (, ) Tj ET Q q 0 0 0 rg BT 509.84 175.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.89 175.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 162.95 Td (money ) Tj ET Q q 0 0 0 rg BT 92.07 162.95 Td (market ) Tj ET Q q 0 0 0 rg BT 123.85 162.95 Td (funds. ) Tj ET Q q 0 0 0 rg BT 152.44 162.95 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 138.35 Td (For) Tj ET Q q 0 0 0 rg BT 65.63 138.35 Td (eign ) Tj ET Q q 0 0 0 rg BT 86.93 138.35 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 138.35 Td (Sensitivity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 125.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.54 125.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 100.74 125.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 143.12 125.75 Td (in ) Tj ET Q q 0 0 0 rg BT 154.60 125.75 Td (the ) Tj ET Q q 0 0 0 rg BT 170.73 125.75 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 195.34 125.75 Td (but ) Tj ET Q q 0 0 0 rg BT 212.06 125.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 247.44 125.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 287.19 125.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 308.57 125.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 349.19 125.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.66 125.75 Td (incur ) Tj ET Q q 0 0 0 rg BT 392.54 125.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 433.75 125.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 467.39 125.75 Td (the ) Tj ET Q q 0 0 0 rg BT 483.53 125.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 505.51 125.75 Td ( ) Tj ET Q q 0 0 0 rg BT 508.08 125.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 559.89 125.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 113.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 101.58 113.15 Td (in ) Tj ET Q q 0 0 0 rg BT 112.25 113.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 145.07 113.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 187.22 113.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 209.54 113.15 Td (for ) Tj ET Q q 0 0 0 rg BT 224.29 113.15 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 272.56 113.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 320.55 113.15 Td (in ) Tj ET Q q 0 0 0 rg BT 330.67 113.15 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 374.29 113.15 Td (the ) Tj ET Q q 0 0 0 rg BT 389.62 113.15 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 415.16 113.15 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 445.95 113.15 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 493.65 113.15 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 522.69 113.15 Td (and ) Tj ET Q q 0 0 0 rg BT 540.35 113.15 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 100.55 Td (denominated ) Tj ET Q q 0 0 0 rg BT 105.85 100.55 Td (in ) Tj ET Q q 0 0 0 rg BT 116.13 100.55 Td (the ) Tj ET Q q 0 0 0 rg BT 131.07 100.55 Td (euro ) Tj ET Q q 0 0 0 rg BT 151.84 100.55 Td (may ) Tj ET Q q 0 0 0 rg BT 172.03 100.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.72 100.55 Td (our ) Tj ET Q q 0 0 0 rg BT 218.37 100.55 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 247.61 100.55 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 289.66 100.55 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 332.30 100.55 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 397.98 100.55 Td (income ) Tj ET Q q 0 0 0 rg BT 431.00 100.55 Td (and ) Tj ET Q q 0 0 0 rg BT 448.27 100.55 Td (net ) Tj ET Q q 0 0 0 rg BT 463.21 100.55 Td (income. ) Tj ET Q q 0 0 0 rg BT 498.86 100.55 Td ( ) Tj ET Q q 0 0 0 rg BT 500.82 100.55 Td (W) Tj ET Q q 0 0 0 rg BT 509.89 100.55 Td (e ) Tj ET Q q 0 0 0 rg BT 516.67 100.55 Td (and ) Tj ET Q q 0 0 0 rg BT 533.94 100.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.04 87.95 Td (our ) Tj ET Q q 0 0 0 rg BT 77.83 87.95 Td (af) Tj ET Q q 0 0 0 rg BT 85.80 87.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 117.17 87.95 Td (have ) Tj ET Q q 0 0 0 rg BT 139.79 87.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 173.48 87.95 Td (into ) Tj ET Q q 0 0 0 rg BT 192.61 87.95 Td (forward ) Tj ET Q q 0 0 0 rg BT 228.64 87.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 269.33 87.95 Td (to ) Tj ET Q q 0 0 0 rg BT 280.30 87.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 315.74 87.95 Td (a ) Tj ET Q q 0 0 0 rg BT 323.20 87.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 356.32 87.95 Td (of ) Tj ET Q q 0 0 0 rg BT 367.87 87.95 Td (the ) Tj ET Q q 0 0 0 rg BT 383.49 87.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 414.86 87.95 Td (of ) Tj ET Q q 0 0 0 rg BT 426.40 87.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 478.77 87.95 Td (in ) Tj ET Q q 0 0 0 rg BT 489.73 87.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 522.85 87.95 Td (exchange ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 75.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 72.65 75.35 Td (on ) Tj ET Q q 0 0 0 rg BT 86.48 75.35 Td (their ) Tj ET Q q 0 0 0 rg BT 109.05 75.35 Td (results ) Tj ET Q q 0 0 0 rg BT 139.79 75.35 Td (of ) Tj ET Q q 0 0 0 rg BT 151.86 75.35 Td (operations. ) Tj ET Q q 0 0 0 rg BT 201.32 75.35 Td (W) Tj ET Q q 0 0 0 rg BT 210.39 75.35 Td (e ) Tj ET Q q 0 0 0 rg BT 218.37 75.35 Td (do ) Tj ET Q q 0 0 0 rg BT 232.20 75.35 Td (not ) Tj ET Q q 0 0 0 rg BT 248.95 75.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 279.67 75.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 313.32 75.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 353.38 75.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 406.28 75.35 Td (to ) Tj ET Q q 0 0 0 rg BT 417.77 75.35 Td (have ) Tj ET Q q 0 0 0 rg BT 440.92 75.35 Td (a ) Tj ET Q q 0 0 0 rg BT 448.91 75.35 Td (material ) Tj ET Q q 0 0 0 rg BT 486.64 75.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 518.54 75.35 Td (on ) Tj ET Q q 0 0 0 rg BT 532.36 75.35 Td (our ) Tj ET Q q 0 0 0 rg BT 549.69 75.35 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.75 Td (income ) Tj ET Q q 0 0 0 rg BT 83.03 62.75 Td (or ) Tj ET Q q 0 0 0 rg BT 94.40 62.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 129.31 62.75 Td (.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (69) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Inter) Tj ET Q q 0 0 0 rg BT 72.05 741.90 Td (est ) Tj ET Q q 0 0 0 rg BT 86.92 741.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 110.54 741.90 Td (Risk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.45 729.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 108.98 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 119.78 729.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 153.31 729.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 171.67 729.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 208.11 729.30 Td (is ) Tj ET Q q 0 0 0 rg BT 217.74 729.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 273.45 729.30 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 315.73 729.30 Td (as ) Tj ET Q q 0 0 0 rg BT 327.10 729.30 Td (our ) Tj ET Q q 0 0 0 rg BT 343.72 729.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 395.35 729.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 439.38 729.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 460.08 729.30 Td (is ) Tj ET Q q 0 0 0 rg BT 469.71 729.30 Td (at ) Tj ET Q q 0 0 0 rg BT 479.92 729.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 504.12 729.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 537.65 729.30 Td (rates. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 704.10 Td (Note�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 704.10 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 704.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 136.69 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.48 704.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 205.52 704.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.22 704.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 295.92 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.79 704.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 355.41 704.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 401.79 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.16 704.10 Td (debt.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (Effects ) Tj ET Q q 0 0 0 rg BT 83.03 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 94.40 678.90 Td (Inflation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (The ) Tj ET Q q 0 0 0 rg BT 67.41 666.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 84.73 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 95.06 666.30 Td (inflation ) Tj ET Q q 0 0 0 rg BT 132.22 666.30 Td (can ) Tj ET Q q 0 0 0 rg BT 148.38 666.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 182.03 666.30 Td (af) Tj ET Q q 0 0 0 rg BT 190.00 666.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 207.32 666.30 Td (various ) Tj ET Q q 0 0 0 rg BT 239.82 666.30 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 281.93 666.30 Td (including ) Tj ET Q q 0 0 0 rg BT 323.18 666.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 365.58 666.30 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 428.11 666.30 Td (communications ) Tj ET Q q 0 0 0 rg BT 499.10 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 515.84 666.30 Td (technology ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 653.70 Td (occupancy) Tj ET Q q 0 0 0 rg BT 111.10 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 115.95 653.70 Td (which ) Tj ET Q q 0 0 0 rg BT 143.84 653.70 Td (may ) Tj ET Q q 0 0 0 rg BT 164.15 653.70 Td (not ) Tj ET Q q 0 0 0 rg BT 179.80 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 191.94 653.70 Td (readily ) Tj ET Q q 0 0 0 rg BT 223.32 653.70 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 274.51 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 284.91 653.70 Td (char) Tj ET Q q 0 0 0 rg BT 302.79 653.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 319.01 653.70 Td (for ) Tj ET Q q 0 0 0 rg BT 333.49 653.70 Td (services ) Tj ET Q q 0 0 0 rg BT 369.53 653.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 409.09 653.70 Td (by ) Tj ET Q q 0 0 0 rg BT 421.82 653.70 Td (us. ) Tj ET Q q 0 0 0 rg BT 436.01 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 438.24 653.70 Td (Further) Tj ET Q q 0 0 0 rg BT 468.73 653.70 Td (, ) Tj ET Q q 0 0 0 rg BT 473.58 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 483.98 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 499.03 653.70 Td (extent ) Tj ET Q q 0 0 0 rg BT 526.92 653.70 Td (inflation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 92.99 641.10 Td (af) Tj ET Q q 0 0 0 rg BT 100.96 641.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 124.04 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.13 641.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 183.05 641.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 222.17 641.10 Td (it ) Tj ET Q q 0 0 0 rg BT 231.27 641.10 Td (may ) Tj ET Q q 0 0 0 rg BT 252.61 641.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 284.44 641.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 325.02 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.44 641.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 383.42 641.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 428.68 641.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 452.35 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.77 641.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 511.37 641.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 544.08 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.34 641.10 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.46 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 108.42 628.50 Td ("Market ) Tj ET Q q 0 0 0 rg BT 146.23 628.50 Td (Risk�� ) Tj ET Q q 0 0 0 rg BT 181.82 628.50 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 225.85 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 244.22 628.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 262.58 628.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 297.28 628.50 Td (\(Loss\)" ) Tj ET Q q 0 0 0 rg BT 331.60 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 349.97 628.50 Td ("Critical ) Tj ET Q q 0 0 0 rg BT 388.24 628.50 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 440.44 628.50 Td (Policies�� ) Tj ET Q q 0 0 0 rg BT 490.02 628.50 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 535.09 628.50 Td (Assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 615.90 Td (Goodwill" ) Tj ET Q q 0 0 0 rg BT 113.87 615.90 Td (previously ) Tj ET Q q 0 0 0 rg BT 160.82 615.90 Td (discussed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 101.43 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 103.48 590.70 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 179.03 590.70 Td (POLICIES ) Tj ET Q q 0 0 0 rg BT 231.26 590.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 256.63 590.70 Td (ESTIMA) Tj ET Q q 0 0 0 rg BT 297.28 590.70 Td (TES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.99 578.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 134.15 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.47 578.10 Td (an ) Tj ET Q q 0 0 0 rg BT 159.89 578.10 Td (integral ) Tj ET Q q 0 0 0 rg BT 193.46 578.10 Td (part ) Tj ET Q q 0 0 0 rg BT 211.29 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.54 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.87 578.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 285.18 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.43 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.93 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.16 578.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 394.99 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.66 578.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 453.37 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 473.54 578.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.11 578.10 Td (principles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.64 565.50 Td (accepted ) Tj ET Q q 0 0 0 rg BT 129.43 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 139.68 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 154.58 565.50 Td (United ) Tj ET Q q 0 0 0 rg BT 185.23 565.50 Td (States ) Tj ET Q q 0 0 0 rg BT 212.39 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 222.76 565.50 Td (America. ) Tj ET Q q 0 0 0 rg BT 263.60 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 265.68 565.50 Td (Understanding ) Tj ET Q q 0 0 0 rg BT 329.58 565.50 Td (these ) Tj ET Q q 0 0 0 rg BT 353.23 565.50 Td (policies, ) Tj ET Q q 0 0 0 rg BT 390.59 565.50 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 433.18 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 442.25 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 448.99 565.50 Td (key ) Tj ET Q q 0 0 0 rg BT 466.23 565.50 Td (factor ) Tj ET Q q 0 0 0 rg BT 492.78 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 503.03 565.50 Td (understanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (our ) Tj ET Q q 0 0 0 rg BT 66.47 552.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 104.42 552.90 Td (results ) Tj ET Q q 0 0 0 rg BT 134.80 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 146.52 552.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 193.22 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 211.35 552.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.05 552.90 Td (position. ) Tj ET Q q 0 0 0 rg BT 290.48 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 293.45 552.90 Td (See ) Tj ET Q q 0 0 0 rg BT 311.58 552.90 Td (Note�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.62 552.90 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.87 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 342.84 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 354.55 552.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 382.02 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 393.16 552.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 451.54 552.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 493.58 552.90 Td (Statements ) Tj ET Q q 0 0 0 rg BT 542.63 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 557.84 552.90 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (discussion ) Tj ET Q q 0 0 0 rg BT 96.29 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 108.06 540.30 Td (our ) Tj ET Q q 0 0 0 rg BT 125.09 540.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.45 540.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 221.55 540.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 257.24 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 275.43 540.30 Td (other ) Tj ET Q q 0 0 0 rg BT 300.03 540.30 Td (information. ) Tj ET Q q 0 0 0 rg BT 355.26 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 358.30 540.30 Td (Certain ) Tj ET Q q 0 0 0 rg BT 392.23 540.30 Td (critical ) Tj ET Q q 0 0 0 rg BT 424.41 540.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 473.51 540.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 509.20 540.30 Td (require ) Tj ET Q q 0 0 0 rg BT 541.97 540.30 Td (us ) Tj ET Q q 0 0 0 rg BT 554.33 540.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (make ) Tj ET Q q 0 0 0 rg BT 74.33 527.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 115.50 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 132.75 527.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 186.77 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 204.61 527.70 Td (af) Tj ET Q q 0 0 0 rg BT 212.58 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.40 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 245.33 527.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 283.00 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 293.84 527.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 323.06 527.70 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 366.86 527.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.26 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 423.52 527.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 463.52 527.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 500.59 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 510.85 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 527.70 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 98.92 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.39 515.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 121.35 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.99 515.10 Td (their ) Tj ET Q q 0 0 0 rg BT 153.70 515.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 185.03 515.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 226.58 515.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 260.54 515.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 302.67 515.10 Td (based ) Tj ET Q q 0 0 0 rg BT 329.05 515.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.52 515.10 Td (available ) Tj ET Q q 0 0 0 rg BT 392.89 515.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 447.55 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.85 515.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 496.33 515.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 523.86 515.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.75 515.10 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 86.86 502.50 Td (could ) Tj ET Q q 0 0 0 rg BT 111.97 502.50 Td (dif) Tj ET Q q 0 0 0 rg BT 123.45 502.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 136.88 502.50 Td (from ) Tj ET Q q 0 0 0 rg BT 159.07 502.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 199.93 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 216.87 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 231.47 502.50 Td (dif) Tj ET Q q 0 0 0 rg BT 242.95 502.50 Td (ference ) Tj ET Q q 0 0 0 rg BT 275.62 502.50 Td (could ) Tj ET Q q 0 0 0 rg BT 300.72 502.50 Td (have ) Tj ET Q q 0 0 0 rg BT 322.33 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 328.77 502.50 Td (material ) Tj ET Q q 0 0 0 rg BT 364.94 502.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 395.30 502.50 Td (on ) Tj ET Q q 0 0 0 rg BT 407.58 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 422.19 502.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 477.04 502.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 502.50 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 477.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.86 477.30 Td (consider ) Tj ET Q q 0 0 0 rg BT 104.05 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 119.51 477.30 Td (following ) Tj ET Q q 0 0 0 rg BT 162.96 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 173.75 477.30 Td (be ) Tj ET Q q 0 0 0 rg BT 186.29 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 202.91 477.30 Td (critical ) Tj ET Q q 0 0 0 rg BT 234.69 477.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 283.38 477.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 318.66 477.30 Td (that ) Tj ET Q q 0 0 0 rg BT 337.03 477.30 Td (involve ) Tj ET Q q 0 0 0 rg BT 371.15 477.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 418.10 477.30 Td (estimates ) Tj ET Q q 0 0 0 rg BT 459.80 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 471.17 477.30 Td (judgments. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Consolidation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (In ) Tj ET Q q 0 0 0 rg BT 61.23 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 77.04 439.50 Td (normal ) Tj ET Q q 0 0 0 rg BT 109.76 439.50 Td (course ) Tj ET Q q 0 0 0 rg BT 140.15 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 151.88 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 168.85 439.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 210.05 439.50 Td (we ) Tj ET Q q 0 0 0 rg BT 225.27 439.50 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 260.92 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 279.06 439.50 Td (manage ) Tj ET Q q 0 0 0 rg BT 314.70 439.50 Td (various ) Tj ET Q q 0 0 0 rg BT 348.59 439.50 Td (types ) Tj ET Q q 0 0 0 rg BT 373.73 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 385.46 439.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 434.52 439.50 Td (products. ) Tj ET Q q 0 0 0 rg BT 476.29 439.50 Td (For ) Tj ET Q q 0 0 0 rg BT 493.86 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 510.83 439.50 Td (services, ) Tj ET Q q 0 0 0 rg BT 550.26 439.50 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (are ) Tj ET Q q 0 0 0 rg BT 64.72 426.90 Td (entitled ) Tj ET Q q 0 0 0 rg BT 98.61 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 109.17 426.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 141.88 426.90 Td (management ) Tj ET Q q 0 0 0 rg BT 197.93 426.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 217.23 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 234.79 426.90 Td (may ) Tj ET Q q 0 0 0 rg BT 255.27 426.90 Td (be ) Tj ET Q q 0 0 0 rg BT 267.58 426.90 Td (eligible, ) Tj ET Q q 0 0 0 rg BT 304.09 426.90 Td (under ) Tj ET Q q 0 0 0 rg BT 330.40 426.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 361.36 426.90 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 425.86 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 436.43 426.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 469.13 426.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 513.52 426.90 Td (subordinate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (management ) Tj ET Q q 0 0 0 rg BT 105.48 414.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.73 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 135.81 414.30 Td (other ) Tj ET Q q 0 0 0 rg BT 159.73 414.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 200.55 414.30 Td (fees. ) Tj ET Q q 0 0 0 rg BT 222.42 414.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 241.09 414.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 281.33 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 291.84 414.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 309.93 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 320.44 414.30 Td (these ) Tj ET Q q 0 0 0 rg BT 344.35 414.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 377.02 414.30 Td (is ) Tj ET Q q 0 0 0 rg BT 386.36 414.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 427.76 414.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 459.85 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 470.36 414.30 Td (any ) Tj ET Q q 0 0 0 rg BT 487.86 414.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 516.44 414.30 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (we ) Tj ET Q q 0 0 0 rg BT 63.93 401.70 Td (have ) Tj ET Q q 0 0 0 rg BT 85.93 401.70 Td (made ) Tj ET Q q 0 0 0 rg BT 110.85 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 121.78 401.70 Td (are ) Tj ET Q q 0 0 0 rg BT 136.78 401.70 Td (required ) Tj ET Q q 0 0 0 rg BT 173.94 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 184.29 401.70 Td (make, ) Tj ET Q q 0 0 0 rg BT 211.83 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 229.18 401.70 Td (any ) Tj ET Q q 0 0 0 rg BT 246.52 401.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 276.68 401.70 Td (but ) Tj ET Q q 0 0 0 rg BT 292.28 401.70 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 342.85 401.70 Td (management ) Tj ET Q q 0 0 0 rg BT 398.68 401.70 Td (fees, ) Tj ET Q q 0 0 0 rg BT 420.39 401.70 Td (except ) Tj ET Q q 0 0 0 rg BT 449.97 401.70 Td (those ) Tj ET Q q 0 0 0 rg BT 474.32 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 488.74 401.70 Td (which ) Tj ET Q q 0 0 0 rg BT 516.59 401.70 Td (total ) Tj ET Q q 0 0 0 rg BT 537.43 401.70 Td (return ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 73.29 389.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 132.06 389.10 Td (have ) Tj ET Q q 0 0 0 rg BT 154.10 389.10 Td (been ) Tj ET Q q 0 0 0 rg BT 176.13 389.10 Td (executed, ) Tj ET Q q 0 0 0 rg BT 218.28 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.74 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 260.61 389.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 304.82 389.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 326.87 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 341.90 389.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 384.36 389.10 Td (below) Tj ET Q q 0 0 0 rg BT 409.34 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.18 389.10 Td (Uncollected ) Tj ET Q q 0 0 0 rg BT 467.12 389.10 Td (management ) Tj ET Q q 0 0 0 rg BT 522.98 389.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 542.10 389.10 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 90.75 376.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 140.18 376.50 Td (products ) Tj ET Q q 0 0 0 rg BT 179.69 376.50 Td (were ) Tj ET Q q 0 0 0 rg BT 203.45 376.50 Td (not ) Tj ET Q q 0 0 0 rg BT 220.21 376.50 Td (material ) Tj ET Q q 0 0 0 rg BT 257.96 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 270.06 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 282.16 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 312.92 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 329.39 376.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 356.37 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 371.97 376.50 Td (have ) Tj ET Q q 0 0 0 rg BT 395.14 376.50 Td (not ) Tj ET Q q 0 0 0 rg BT 411.91 376.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 441.51 376.50 Td (any ) Tj ET Q q 0 0 0 rg BT 460.02 376.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.45 376.50 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 97.08 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 107.94 363.90 Td (these ) Tj ET Q q 0 0 0 rg BT 132.20 363.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 180.97 363.90 Td (products ) Tj ET Q q 0 0 0 rg BT 219.81 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 231.25 363.90 Td (their ) Tj ET Q q 0 0 0 rg BT 253.18 363.90 Td (investors, ) Tj ET Q q 0 0 0 rg BT 296.41 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 314.26 363.90 Td (we ) Tj ET Q q 0 0 0 rg BT 329.19 363.90 Td (did ) Tj ET Q q 0 0 0 rg BT 345.29 363.90 Td (not ) Tj ET Q q 0 0 0 rg BT 361.40 363.90 Td (sell ) Tj ET Q q 0 0 0 rg BT 378.67 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 390.10 363.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 424.86 363.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.04 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 462.90 363.90 Td (any ) Tj ET Q q 0 0 0 rg BT 480.75 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 492.18 363.90 Td (these ) Tj ET Q q 0 0 0 rg BT 516.44 363.90 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (products. ) Tj ET Q q 0 0 0 rg BT 90.88 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 93.47 351.30 Td (In ) Tj ET Q q 0 0 0 rg BT 104.81 351.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 154.61 351.30 Td (with ) Tj ET Q q 0 0 0 rg BT 175.87 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.19 351.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 263.85 351.30 Td (standards, ) Tj ET Q q 0 0 0 rg BT 308.73 351.30 Td (we ) Tj ET Q q 0 0 0 rg BT 323.56 351.30 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 373.97 351.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 405.13 351.30 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 450.30 351.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.97 351.30 Td (products, ) Tj ET Q q 0 0 0 rg BT 540.35 351.30 Td (some ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.12 338.70 Td (which ) Tj ET Q q 0 0 0 rg BT 89.65 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 105.33 338.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 153.10 338.70 Td (as ) Tj ET Q q 0 0 0 rg BT 164.72 338.70 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 192.38 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 195.04 338.70 Td (The ) Tj ET Q q 0 0 0 rg BT 214.24 338.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 253.84 338.70 Td (information ) Tj ET Q q 0 0 0 rg BT 306.28 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 317.89 338.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 349.33 338.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 405.27 338.70 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 430.30 338.70 Td (is ) Tj ET Q q 0 0 0 rg BT 440.18 338.70 Td (included ) Tj ET Q q 0 0 0 rg BT 479.20 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 490.24 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 507.10 338.70 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.20 326.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 139.90 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.03 326.10 Td (a�three-month ) Tj ET Q q 0 0 0 rg BT 214.25 326.10 Td (lag ) Tj ET Q q 0 0 0 rg BT 229.71 326.10 Td (based ) Tj ET Q q 0 0 0 rg BT 256.24 326.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 279.87 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.32 326.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 345.18 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.55 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.01 326.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 420.71 326.10 Td (product's ) Tj ET Q q 0 0 0 rg BT 461.39 326.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.74 326.10 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.05 300.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.77 300.90 Td (products ) Tj ET Q q 0 0 0 rg BT 167.57 300.90 Td (we ) Tj ET Q q 0 0 0 rg BT 181.46 300.90 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 215.77 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 232.57 300.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 266.86 300.90 Td (are ) Tj ET Q q 0 0 0 rg BT 281.32 300.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 328.45 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 338.26 300.90 Td (be ) Tj ET Q q 0 0 0 rg BT 349.81 300.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 385.27 300.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 417.81 300.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 449.78 300.90 Td (\("VIEs"\) ) Tj ET Q q 0 0 0 rg BT 488.57 300.90 Td (\(further ) Tj ET Q q 0 0 0 rg BT 522.28 300.90 Td (described ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (below\) ) Tj ET Q q 0 0 0 rg BT 81.01 288.30 Td (while ) Tj ET Q q 0 0 0 rg BT 106.70 288.30 Td (others ) Tj ET Q q 0 0 0 rg BT 134.72 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 149.89 288.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 197.73 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 208.26 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 220.52 288.30 Td (voting ) Tj ET Q q 0 0 0 rg BT 249.72 288.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 275.99 288.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 308.68 288.30 Td (\(�VREs�\) ) Tj ET Q q 0 0 0 rg BT 352.43 288.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 384.53 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 395.06 288.30 Td (traditional ) Tj ET Q q 0 0 0 rg BT 440.57 288.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 499.50 288.30 Td (concepts ) Tj ET Q q 0 0 0 rg BT 538.60 288.30 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (on ) Tj ET Q q 0 0 0 rg BT 62.21 275.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 108.16 275.70 Td (rights. ) Tj ET Q q 0 0 0 rg BT 136.75 275.70 Td (W) Tj ET Q q 0 0 0 rg BT 145.82 275.70 Td (e ) Tj ET Q q 0 0 0 rg BT 152.69 275.70 Td (may ) Tj ET Q q 0 0 0 rg BT 172.97 275.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 194.43 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 209.46 275.70 Td (initial ) Tj ET Q q 0 0 0 rg BT 236.17 275.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 257.03 275.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 305.31 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 315.69 275.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 346.30 275.70 Td (VRE ) Tj ET Q q 0 0 0 rg BT 369.51 275.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 417.79 275.70 Td (products ) Tj ET Q q 0 0 0 rg BT 456.16 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 466.54 275.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 504.30 275.70 Td (an ) Tj ET Q q 0 0 0 rg BT 516.42 275.70 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.69 263.10 Td (track ) Tj ET Q q 0 0 0 rg BT 129.81 263.10 Td (record ) Tj ET Q q 0 0 0 rg BT 159.76 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.07 263.10 Td (order ) Tj ET Q q 0 0 0 rg BT 196.36 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.66 263.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 237.03 263.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 285.07 263.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 326.13 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.43 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.40 263.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 391.23 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.37 263.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 413.84 263.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 441.48 263.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.69 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.00 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.79 263.10 Td (new ) Tj ET Q q 0 0 0 rg BT 530.43 263.10 Td (product ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (typically ) Tj ET Q q 0 0 0 rg BT 89.19 250.50 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.71 250.50 Td (100% ) Tj ET Q q 0 0 0 rg BT 162.15 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 173.85 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 189.62 250.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 236.32 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 247.43 250.50 Td (that ) Tj ET Q q 0 0 0 rg BT 266.13 250.50 Td (product. ) Tj ET Q q 0 0 0 rg BT 303.78 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 306.08 250.50 Td (As ) Tj ET Q q 0 0 0 rg BT 320.70 250.50 Td (further ) Tj ET Q q 0 0 0 rg BT 352.21 250.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 395.41 250.50 Td (below) Tj ET Q q 0 0 0 rg BT 420.39 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 425.96 250.50 Td (these ) Tj ET Q q 0 0 0 rg BT 450.49 250.50 Td (�seed ) Tj ET Q q 0 0 0 rg BT 476.75 250.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 507.69 250.50 Td (investments� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 65.04 237.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.82 237.90 Td (as ) Tj ET Q q 0 0 0 rg BT 132.29 237.90 Td (long ) Tj ET Q q 0 0 0 rg BT 153.67 237.90 Td (as ) Tj ET Q q 0 0 0 rg BT 165.14 237.90 Td (we ) Tj ET Q q 0 0 0 rg BT 180.10 237.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 219.56 237.90 Td (a ) Tj ET Q q 0 0 0 rg BT 226.93 237.90 Td (controlling ) Tj ET Q q 0 0 0 rg BT 275.73 237.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 315.18 237.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 348.80 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 359.69 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 375.23 237.90 Td (product, ) Tj ET Q q 0 0 0 rg BT 412.65 237.90 Td (but ) Tj ET Q q 0 0 0 rg BT 428.78 237.90 Td (they ) Tj ET Q q 0 0 0 rg BT 449.58 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 465.11 237.90 Td (not ) Tj ET Q q 0 0 0 rg BT 481.25 237.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 528.87 237.90 Td (as ) Tj ET Q q 0 0 0 rg BT 540.33 237.90 Td (CIVs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (unless ) Tj ET Q q 0 0 0 rg BT 78.38 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 93.83 225.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 142.53 225.30 Td (is ) Tj ET Q q 0 0 0 rg BT 152.16 225.30 Td (longer) Tj ET Q q 0 0 0 rg BT 178.78 225.30 Td (-term. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.30 200.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 79.81 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 89.83 200.10 Td (an ) Tj ET Q q 0 0 0 rg BT 102.75 200.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.68 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 158.36 200.10 Td (does ) Tj ET Q q 0 0 0 rg BT 180.62 200.10 Td (not ) Tj ET Q q 0 0 0 rg BT 197.05 200.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.89 200.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.21 200.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.47 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.65 200.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.56 200.10 Td (its ) Tj ET Q q 0 0 0 rg BT 347.50 200.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 388.42 200.10 Td (without ) Tj ET Q q 0 0 0 rg BT 423.52 200.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 468.53 200.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 525.78 200.10 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (support; ) Tj ET Q q 0 0 0 rg BT 85.45 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 95.74 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 110.10 187.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 137.88 187.50 Td (investors, ) Tj ET Q q 0 0 0 rg BT 179.96 187.50 Td (as ) Tj ET Q q 0 0 0 rg BT 190.24 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 196.44 187.50 Td (group, ) Tj ET Q q 0 0 0 rg BT 225.09 187.50 Td (do ) Tj ET Q q 0 0 0 rg BT 237.13 187.50 Td (not ) Tj ET Q q 0 0 0 rg BT 252.08 187.50 Td (have ) Tj ET Q q 0 0 0 rg BT 273.44 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 287.80 187.50 Td (normal ) Tj ET Q q 0 0 0 rg BT 319.08 187.50 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 380.67 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 390.95 187.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.73 187.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 458.18 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 471.96 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 478.15 187.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.43 187.50 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 174.90 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.01 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 127.45 174.90 Td (W) Tj ET Q q 0 0 0 rg BT 136.52 174.90 Td (e ) Tj ET Q q 0 0 0 rg BT 143.80 174.90 Td (must ) Tj ET Q q 0 0 0 rg BT 166.85 174.90 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 217.30 174.90 Td (any ) Tj ET Q q 0 0 0 rg BT 234.89 174.90 Td (VIE ) Tj ET Q q 0 0 0 rg BT 255.01 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 269.88 174.90 Td (which ) Tj ET Q q 0 0 0 rg BT 298.17 174.90 Td (we ) Tj ET Q q 0 0 0 rg BT 313.03 174.90 Td (are ) Tj ET Q q 0 0 0 rg BT 328.48 174.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 363.75 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 374.54 174.90 Td (be ) Tj ET Q q 0 0 0 rg BT 387.08 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 402.53 174.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 438.40 174.90 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 484.94 174.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.86 149.70 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 138.55 149.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 187.73 149.70 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 231.37 149.70 Td (if ) Tj ET Q q 0 0 0 rg BT 240.90 149.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 273.77 149.70 Td (partners ) Tj ET Q q 0 0 0 rg BT 310.70 149.70 Td (or ) Tj ET Q q 0 0 0 rg BT 322.56 149.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 354.84 149.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.20 149.70 Td (holders ) Tj ET Q q 0 0 0 rg BT 418.23 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 429.51 149.70 Td (a ) Tj ET Q q 0 0 0 rg BT 437.29 149.70 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 482.98 149.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 532.18 149.70 Td (vehicle ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 94.33 137.10 Td (as ) Tj ET Q q 0 0 0 rg BT 105.92 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.43 137.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 146.02 137.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 196.11 137.10 Td (or ) Tj ET Q q 0 0 0 rg BT 207.70 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.20 137.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 247.21 137.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 273.97 137.10 Td (do ) Tj ET Q q 0 0 0 rg BT 287.32 137.10 Td (not ) Tj ET Q q 0 0 0 rg BT 303.58 137.10 Td (have ) Tj ET Q q 0 0 0 rg BT 326.25 137.10 Td (either ) Tj ET Q q 0 0 0 rg BT 353.00 137.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 403.09 137.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 439.76 137.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 466.53 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.54 137.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 510.69 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.37 137.10 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (\(kick-out ) Tj ET Q q 0 0 0 rg BT 90.09 124.50 Td (rights\) ) Tj ET Q q 0 0 0 rg BT 119.61 124.50 Td (or ) Tj ET Q q 0 0 0 rg BT 130.46 124.50 Td (substantive ) Tj ET Q q 0 0 0 rg BT 179.80 124.50 Td (participation ) Tj ET Q q 0 0 0 rg BT 234.97 124.50 Td (rights ) Tj ET Q q 0 0 0 rg BT 260.99 124.50 Td (over ) Tj ET Q q 0 0 0 rg BT 281.75 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 296.68 124.50 Td (general ) Tj ET Q q 0 0 0 rg BT 329.68 124.50 Td (partner) Tj ET Q q 0 0 0 rg BT 358.99 124.50 Td (, ) Tj ET Q q 0 0 0 rg BT 363.72 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 378.65 124.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 411.08 124.50 Td (are ) Tj ET Q q 0 0 0 rg BT 425.85 124.50 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 452.15 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 453.79 124.50 Td (As ) Tj ET Q q 0 0 0 rg BT 467.56 124.50 Td (a ) Tj ET Q q 0 0 0 rg BT 474.33 124.50 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 509.10 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 526.36 124.50 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 111.90 Td (an ) Tj ET Q q 0 0 0 rg BT 72.76 111.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 121.14 111.90 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 156.38 111.90 Td (we ) Tj ET Q q 0 0 0 rg BT 170.92 111.90 Td (may ) Tj ET Q q 0 0 0 rg BT 191.30 111.90 Td (be ) Tj ET Q q 0 0 0 rg BT 203.51 111.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 238.46 111.90 Td (a ) Tj ET Q q 0 0 0 rg BT 245.43 111.90 Td (decision ) Tj ET Q q 0 0 0 rg BT 282.72 111.90 Td (maker ) Tj ET Q q 0 0 0 rg BT 311.26 111.90 Td (under ) Tj ET Q q 0 0 0 rg BT 337.46 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 352.59 111.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 400.96 111.90 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 443.79 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 446.09 111.90 Td (If ) Tj ET Q q 0 0 0 rg BT 455.38 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 470.51 111.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 489.71 111.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 510.09 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 520.56 111.90 Td (a ) Tj ET Q q 0 0 0 rg BT 527.52 111.90 Td (decision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (maker ) Tj ET Q q 0 0 0 rg BT 78.53 99.30 Td (are ) Tj ET Q q 0 0 0 rg BT 94.15 99.30 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 156.13 99.30 Td (such ) Tj ET Q q 0 0 0 rg BT 178.17 99.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 197.88 99.30 Td (are ) Tj ET Q q 0 0 0 rg BT 213.49 99.30 Td (not ) Tj ET Q q 0 0 0 rg BT 229.71 99.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 277.99 99.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 314.60 99.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 352.39 99.30 Td (in ) Tj ET Q q 0 0 0 rg BT 363.35 99.30 Td (a ) Tj ET Q q 0 0 0 rg BT 370.61 99.30 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 393.53 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 396.33 99.30 Td (Market-based ) Tj ET Q q 0 0 0 rg BT 456.85 99.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 476.55 99.30 Td (are ) Tj ET Q q 0 0 0 rg BT 492.17 99.30 Td (those ) Tj ET Q q 0 0 0 rg BT 517.13 99.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 536.83 99.30 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (are ) Tj ET Q q 0 0 0 rg BT 64.65 86.70 Td (both ) Tj ET Q q 0 0 0 rg BT 85.66 86.70 Td (customary ) Tj ET Q q 0 0 0 rg BT 131.73 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 149.23 86.70 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 212.80 86.70 Td (with ) Tj ET Q q 0 0 0 rg BT 233.80 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 248.96 86.70 Td (level ) Tj ET Q q 0 0 0 rg BT 271.71 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 282.79 86.70 Td (ef) Tj ET Q q 0 0 0 rg BT 290.76 86.70 Td (fort ) Tj ET Q q 0 0 0 rg BT 308.25 86.70 Td (required ) Tj ET Q q 0 0 0 rg BT 345.57 86.70 Td (for ) Tj ET Q q 0 0 0 rg BT 360.15 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 375.32 86.70 Td (services ) Tj ET Q q 0 0 0 rg BT 411.47 86.70 Td (provided. ) Tj ET Q q 0 0 0 rg BT 453.76 86.70 Td ( ) Tj ET Q q 0 0 0 rg BT 455.58 86.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 507.98 86.70 Td (, ) Tj ET Q q 0 0 0 rg BT 512.94 86.70 Td (if ) Tj ET Q q 0 0 0 rg BT 521.69 86.70 Td (employee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 87.08 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.83 74.10 Td (a ) Tj ET Q q 0 0 0 rg BT 105.07 74.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 150.23 74.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.89 74.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 231.79 74.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.19 74.10 Td (not ) Tj ET Q q 0 0 0 rg BT 263.19 74.10 Td (made ) Tj ET Q q 0 0 0 rg BT 288.51 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.26 74.10 Td (circumvent ) Tj ET Q q 0 0 0 rg BT 349.08 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.49 74.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 423.65 74.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 464.13 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.87 74.10 Td (are ) Tj ET Q q 0 0 0 rg BT 497.27 74.10 Td (not ) Tj ET Q q 0 0 0 rg BT 513.27 74.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 552.00 74.10 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 66.04 61.50 Td (sponsor) Tj ET Q q 0 0 0 rg BT 98.29 61.50 Td (, ) Tj ET Q q 0 0 0 rg BT 104.62 61.50 Td (they ) Tj ET Q q 0 0 0 rg BT 126.40 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 142.93 61.50 Td (not ) Tj ET Q q 0 0 0 rg BT 160.06 61.50 Td (included ) Tj ET Q q 0 0 0 rg BT 199.92 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 211.80 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 228.33 61.50 Td (variable ) Tj ET Q q 0 0 0 rg BT 265.85 61.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 304.55 61.50 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 357.55 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 376.42 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 392.94 61.50 Td (not ) Tj ET Q q 0 0 0 rg BT 410.07 61.50 Td (included ) Tj ET Q q 0 0 0 rg BT 449.93 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 461.81 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 478.35 61.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 515.29 61.50 Td (beneficiary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (determination.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 58.56 729.15 Td (decision ) Tj ET Q q 0 0 0 rg BT 95.60 729.15 Td (maker ) Tj ET Q q 0 0 0 rg BT 123.89 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 132.95 729.15 Td (deemed ) Tj ET Q q 0 0 0 rg BT 167.65 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 177.87 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 189.84 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 196.55 729.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 231.84 729.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 281.12 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 291.92 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 298.48 729.15 Td (VIE ) Tj ET Q q 0 0 0 rg BT 318.03 729.15 Td (if ) Tj ET Q q 0 0 0 rg BT 326.50 729.15 Td (it ) Tj ET Q q 0 0 0 rg BT 334.38 729.15 Td (has ) Tj ET Q q 0 0 0 rg BT 350.43 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 365.31 729.15 Td (power ) Tj ET Q q 0 0 0 rg BT 393.61 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 403.83 729.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 429.79 729.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 469.74 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 487.54 729.15 Td (most ) Tj ET Q q 0 0 0 rg BT 510.02 729.15 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.60 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 95.96 716.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 139.31 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 194.88 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 206.16 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 221.33 716.55 Td (VIE ) Tj ET Q q 0 0 0 rg BT 241.36 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 259.05 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 274.40 716.55 Td (obligation ) Tj ET Q q 0 0 0 rg BT 319.51 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 330.21 716.55 Td (absorb ) Tj ET Q q 0 0 0 rg BT 360.73 716.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 388.35 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 399.62 716.55 Td (receive ) Tj ET Q q 0 0 0 rg BT 432.46 716.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 468.23 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 491.17 716.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 527.51 716.55 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 68.46 703.95 Td (could ) Tj ET Q q 0 0 0 rg BT 94.99 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 108.11 703.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 155.65 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 167.02 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 182.83 703.95 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 206.16 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 209.37 703.95 Td (In ) Tj ET Q q 0 0 0 rg BT 221.32 703.95 Td (determining ) Tj ET Q q 0 0 0 rg BT 275.27 703.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 312.30 703.95 Td (we ) Tj ET Q q 0 0 0 rg BT 327.75 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 343.78 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 359.82 703.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 396.26 703.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 446.69 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 458.65 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 466.29 703.95 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 489.62 703.95 Td (we ) Tj ET Q q 0 0 0 rg BT 505.07 703.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 543.85 703.95 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 96.43 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 114.21 691.35 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 166.39 691.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 197.57 691.35 Td (such ) Tj ET Q q 0 0 0 rg BT 219.43 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 230.79 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 246.23 691.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 275.68 691.35 Td (rights ) Tj ET Q q 0 0 0 rg BT 302.21 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 313.57 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.01 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 357.87 691.35 Td (holders, ) Tj ET Q q 0 0 0 rg BT 394.02 691.35 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 444.15 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 461.93 691.35 Td (implied ) Tj ET Q q 0 0 0 rg BT 496.62 691.35 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 555.52 691.35 Td (If ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 678.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 72.23 678.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 92.93 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 103.72 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 111.01 678.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 148.63 678.75 Td (maker ) Tj ET Q q 0 0 0 rg BT 177.49 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 187.12 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 203.16 678.75 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 264.97 678.75 Td (it ) Tj ET Q q 0 0 0 rg BT 273.43 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 292.39 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 304.92 678.75 Td (included ) Tj ET Q q 0 0 0 rg BT 343.70 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 354.50 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 369.95 678.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 405.81 678.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 455.66 678.75 Td (determination. ) Tj ET Q q 0 0 0 rg BT 519.22 678.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 653.55 Td (e ) Tj ET Q q 0 0 0 rg BT 64.92 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 86.43 653.55 Td (entered ) Tj ET Q q 0 0 0 rg BT 119.01 653.55 Td (into ) Tj ET Q q 0 0 0 rg BT 137.03 653.55 Td (various ) Tj ET Q q 0 0 0 rg BT 169.63 653.55 Td (total ) Tj ET Q q 0 0 0 rg BT 189.98 653.55 Td (return ) Tj ET Q q 0 0 0 rg BT 216.74 653.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 240.01 653.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 298.26 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 318.61 653.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 357.03 653.55 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 418.78 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 439.14 653.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 470.56 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 480.41 653.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 510.66 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.93 653.55 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 94.67 640.95 Td (ETFs. ) Tj ET Q q 0 0 0 rg BT 122.64 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.22 640.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 154.05 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 169.47 640.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 195.38 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 206.72 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 222.13 640.95 Td (total ) Tj ET Q q 0 0 0 rg BT 243.39 640.95 Td (return ) Tj ET Q q 0 0 0 rg BT 271.04 640.95 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 301.92 640.95 Td (we ) Tj ET Q q 0 0 0 rg BT 316.76 640.95 Td (absorb ) Tj ET Q q 0 0 0 rg BT 347.34 640.95 Td (all ) Tj ET Q q 0 0 0 rg BT 360.42 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 371.75 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 387.17 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 418.32 640.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 443.07 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 460.82 640.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 488.50 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 501.59 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 517.00 640.95 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (ETF ) Tj ET Q q 0 0 0 rg BT 69.86 628.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.71 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 132.15 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 155.41 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.83 628.35 Td (intermediaries, ) Tj ET Q q 0 0 0 rg BT 258.21 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 275.06 628.35 Td (therefore ) Tj ET Q q 0 0 0 rg BT 314.63 628.35 Td (have ) Tj ET Q q 0 0 0 rg BT 336.15 628.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 371.65 628.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 408.33 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 418.19 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 432.71 628.35 Td (related ) Tj ET Q q 0 0 0 rg BT 462.96 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 487.98 628.35 Td (and, ) Tj ET Q q 0 0 0 rg BT 507.46 628.35 Td (if ) Tj ET Q q 0 0 0 rg BT 515.56 628.35 Td (significant, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 72.27 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 86.86 615.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 124.20 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.71 615.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 179.64 615.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 226.18 615.75 Td (. ) Tj ET Q q 0 0 0 rg BT 232.46 615.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 284.26 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 291.57 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 308.50 615.75 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 361.01 615.75 Td (ETF's ) Tj ET Q q 0 0 0 rg BT 390.35 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 413.70 615.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 462.71 615.75 Td (open ) Tj ET Q q 0 0 0 rg BT 487.81 615.75 Td (total ) Tj ET Q q 0 0 0 rg BT 511.16 615.75 Td (return ) Tj ET Q q 0 0 0 rg BT 540.92 615.75 Td (swap ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (arrangements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 577.95 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.41 577.95 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.66 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 102.28 577.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.07 577.95 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.57 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 133.19 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 144.57 577.95 Td (Notes ) Tj ET Q q 0 0 0 rg BT 171.69 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 182.48 577.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 240.52 577.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 282.22 577.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 330.92 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 345.79 577.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 390.41 577.95 Td (discussion ) Tj ET Q q 0 0 0 rg BT 436.79 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 448.16 577.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 472.95 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 490.74 577.95 Td (other ) Tj ET Q q 0 0 0 rg BT 514.75 577.95 Td (VIEs.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 90.62 552.75 Td (Recognition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 540.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.69 540.15 Td (April ) Tj ET Q q 0 0 0 rg BT 114.29 540.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 124.61 540.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 150.68 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 165.36 540.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 201.04 540.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 236.72 540.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 285.23 540.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 325.57 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 338.52 540.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 374.19 540.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 424.45 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 437.39 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 444.49 540.15 Td (modified ) Tj ET Q q 0 0 0 rg BT 484.85 540.15 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 541.51 540.15 Td (basis ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 65.06 527.55 Td (any ) Tj ET Q q 0 0 0 rg BT 83.55 527.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.77 527.55 Td (that ) Tj ET Q q 0 0 0 rg BT 143.83 527.55 Td (were ) Tj ET Q q 0 0 0 rg BT 167.55 527.55 Td (not ) Tj ET Q q 0 0 0 rg BT 184.29 527.55 Td (complete ) Tj ET Q q 0 0 0 rg BT 226.10 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 238.17 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 250.23 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 265.65 527.55 Td (April ) Tj ET Q q 0 0 0 rg BT 291.13 527.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 302.33 527.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 326.65 527.55 Td (adoption ) Tj ET Q q 0 0 0 rg BT 366.72 527.55 Td (date. ) Tj ET Q q 0 0 0 rg BT 389.91 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 409.56 527.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 446.12 527.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 487.34 527.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 526.82 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 534.80 527.55 Td (single, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 118.85 514.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 157.87 514.95 Td (recognition ) Tj ET Q q 0 0 0 rg BT 211.49 514.95 Td (model ) Tj ET Q q 0 0 0 rg BT 243.52 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 261.56 514.95 Td (all ) Tj ET Q q 0 0 0 rg BT 277.85 514.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 321.54 514.95 Td (with ) Tj ET Q q 0 0 0 rg BT 346.00 514.95 Td (customers, ) Tj ET Q q 0 0 0 rg BT 396.99 514.95 Td (improves ) Tj ET Q q 0 0 0 rg BT 441.87 514.95 Td (comparability ) Tj ET Q q 0 0 0 rg BT 505.97 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 526.93 514.95 Td (removes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (inconsistencies ) Tj ET Q q 0 0 0 rg BT 115.40 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 125.90 502.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 161.46 502.35 Td (recognition ) Tj ET Q q 0 0 0 rg BT 211.61 502.35 Td (practices ) Tj ET Q q 0 0 0 rg BT 251.26 502.35 Td (across ) Tj ET Q q 0 0 0 rg BT 279.83 502.35 Td (entities, ) Tj ET Q q 0 0 0 rg BT 315.11 502.35 Td (industries, ) Tj ET Q q 0 0 0 rg BT 360.90 502.35 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 417.78 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 435.27 502.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 465.58 502.35 Td (markets. ) Tj ET Q q 0 0 0 rg BT 503.78 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 505.94 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 524.60 502.35 Td (guidance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (also ) Tj ET Q q 0 0 0 rg BT 70.02 489.75 Td (specifies ) Tj ET Q q 0 0 0 rg BT 110.37 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.80 489.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 176.48 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 192.33 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 224.50 489.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 249.11 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 260.88 489.75 Td (obtain ) Tj ET Q q 0 0 0 rg BT 290.74 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 303.09 489.75 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 330.61 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 338.88 489.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 376.30 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 398.58 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.85 489.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 448.94 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 467.71 489.75 Td (revises ) Tj ET Q q 0 0 0 rg BT 500.48 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.92 489.75 Td (criteria ) Tj ET Q q 0 0 0 rg BT 550.25 489.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (determining ) Tj ET Q q 0 0 0 rg BT 102.85 477.15 Td (if ) Tj ET Q q 0 0 0 rg BT 111.88 477.15 Td (an ) Tj ET Q q 0 0 0 rg BT 124.40 477.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 150.92 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 160.54 477.15 Td (acting ) Tj ET Q q 0 0 0 rg BT 188.81 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 200.17 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 207.44 477.15 Td (principal ) Tj ET Q q 0 0 0 rg BT 247.37 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 258.73 477.15 Td (agent ) Tj ET Q q 0 0 0 rg BT 284.08 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 294.86 477.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 326.04 477.15 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 387.65 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 406.58 477.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 445.94 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 457.30 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.74 477.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 508.59 477.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 549.10 477.15 Td (did ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (not ) Tj ET Q q 0 0 0 rg BT 65.01 464.55 Td (result ) Tj ET Q q 0 0 0 rg BT 90.43 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.70 464.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 147.11 464.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.03 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 193.29 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 209.38 464.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 231.88 464.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 267.21 464.55 Td (recognition ) Tj ET Q q 0 0 0 rg BT 317.12 464.55 Td (practices, ) Tj ET Q q 0 0 0 rg BT 359.15 464.55 Td (except ) Tj ET Q q 0 0 0 rg BT 388.65 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 402.98 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 417.91 464.55 Td (timing ) Tj ET Q q 0 0 0 rg BT 447.42 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 458.26 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 473.18 464.55 Td (recognition ) Tj ET Q q 0 0 0 rg BT 523.10 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 533.94 464.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.91 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 122.44 451.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 163.29 451.95 Td (fees, ) Tj ET Q q 0 0 0 rg BT 185.18 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 200.37 451.95 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 259.29 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 276.82 451.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 332.25 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 343.36 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 374.28 451.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 397.06 451.95 Td (commissions ) Tj ET Q q 0 0 0 rg BT 454.26 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 468.87 451.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 505.63 451.95 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 547.35 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.51 439.35 Td (net ) Tj ET Q q 0 0 0 rg BT 81.52 439.35 Td (presentation ) Tj ET Q q 0 0 0 rg BT 136.02 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 147.95 439.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 179.70 439.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.13 439.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 239.13 439.35 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 309.38 439.35 Td (which ) Tj ET Q q 0 0 0 rg BT 338.22 439.35 Td (were ) Tj ET Q q 0 0 0 rg BT 361.80 439.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 409.32 439.35 Td (presented ) Tj ET Q q 0 0 0 rg BT 452.73 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 466.41 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 474.26 439.35 Td (gross ) Tj ET Q q 0 0 0 rg BT 499.61 439.35 Td (basis. ) Tj ET Q q 0 0 0 rg BT 526.42 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 529.60 439.35 Td (Each ) Tj ET Q q 0 0 0 rg BT 553.77 439.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (these ) Tj ET Q q 0 0 0 rg BT 73.70 426.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 110.14 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 120.94 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 137.56 426.75 Td (previous ) Tj ET Q q 0 0 0 rg BT 176.34 426.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 212.20 426.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 262.64 426.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 302.58 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 312.21 426.75 Td (further ) Tj ET Q q 0 0 0 rg BT 343.40 426.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 386.27 426.75 Td (below) Tj ET Q q 0 0 0 rg BT 411.25 426.75 Td (. ) Tj ET Q q 0 0 0 rg BT 416.50 426.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 404.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 404.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.38 404.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 106.59 404.15 Td (earn ) Tj ET Q q 0 0 0 rg BT 126.81 404.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 166.27 404.15 Td (by ) Tj ET Q q 0 0 0 rg BT 178.91 404.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 221.89 404.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 270.11 404.15 Td (management ) Tj ET Q q 0 0 0 rg BT 325.90 404.15 Td (services ) Tj ET Q q 0 0 0 rg BT 361.86 404.15 Td (and ) Tj ET Q q 0 0 0 rg BT 379.17 404.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 429.73 404.15 Td (and ) Tj ET Q q 0 0 0 rg BT 447.04 404.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 498.16 404.15 Td (services ) Tj ET Q q 0 0 0 rg BT 534.12 404.15 Td (for ) Tj ET Q q 0 0 0 rg BT 548.51 404.15 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 391.55 Td (customers, ) Tj ET Q q 0 0 0 rg BT 97.72 391.55 Td (which ) Tj ET Q q 0 0 0 rg BT 126.40 391.55 Td (are ) Tj ET Q q 0 0 0 rg BT 142.24 391.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 184.32 391.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 233.42 391.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 259.77 391.55 Td (or ) Tj ET Q q 0 0 0 rg BT 271.54 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 287.39 391.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 335.90 391.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 376.84 391.55 Td (in ) Tj ET Q q 0 0 0 rg BT 388.02 391.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 433.60 391.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 474.52 391.55 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 516.90 391.55 Td ( ) Tj ET Q q 0 0 0 rg BT 519.26 391.55 Td (As ) Tj ET Q q 0 0 0 rg BT 533.95 391.55 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.76 378.95 Td (below) Tj ET Q q 0 0 0 rg BT 117.74 378.95 Td (, ) Tj ET Q q 0 0 0 rg BT 123.37 378.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 163.70 378.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 209.26 378.95 Td (based ) Tj ET Q q 0 0 0 rg BT 236.18 378.95 Td (on ) Tj ET Q q 0 0 0 rg BT 249.69 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 265.53 378.95 Td (value ) Tj ET Q q 0 0 0 rg BT 291.28 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 303.03 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 318.87 378.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 372.04 378.95 Td (under ) Tj ET Q q 0 0 0 rg BT 398.96 378.95 Td (management ) Tj ET Q q 0 0 0 rg BT 455.62 378.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 500.61 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 516.44 378.95 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.35 Td (price ) Tj ET Q q 0 0 0 rg BT 73.37 366.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 122.32 366.35 Td (when ) Tj ET Q q 0 0 0 rg BT 147.95 366.35 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.51 366.35 Td (under ) Tj ET Q q 0 0 0 rg BT 224.31 366.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.02 366.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 266.24 366.35 Td (of ) Tj ET Q q 0 0 0 rg BT 277.88 366.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 318.67 366.35 Td (with ) Tj ET Q q 0 0 0 rg BT 340.22 366.35 Td (customers ) Tj ET Q q 0 0 0 rg BT 385.69 366.35 Td (are ) Tj ET Q q 0 0 0 rg BT 401.39 366.35 Td (satisfied, ) Tj ET Q q 0 0 0 rg BT 441.90 366.35 Td (which ) Tj ET Q q 0 0 0 rg BT 470.45 366.35 Td (is ) Tj ET Q q 0 0 0 rg BT 480.35 366.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 522.30 366.35 Td (over ) Tj ET Q q 0 0 0 rg BT 543.84 366.35 Td (time ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 353.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.33 353.75 Td (services ) Tj ET Q q 0 0 0 rg BT 112.77 353.75 Td (are ) Tj ET Q q 0 0 0 rg BT 128.21 353.75 Td (rendered. ) Tj ET Q q 0 0 0 rg BT 170.19 353.75 Td ( ) Tj ET Q q 0 0 0 rg BT 172.81 353.75 Td ( ) Tj ET Q q 0 0 0 rg BT 175.44 353.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 341.15 Td ( ) Tj ET Q q 0 0 0 rg BT 52.13 341.15 Td ( ) Tj ET Q q 0 0 0 rg BT 54.75 341.15 Td ( ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 328.55 Td (V) Tj ET Q q 0 0 0 rg BT 55.34 328.55 Td (aluation ) Tj ET Q q 0 0 0 rg BT 94.15 328.55 Td (of ) Tj ET Q q 0 0 0 rg BT 105.13 328.55 Td (AUM) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 129.05 328.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 315.95 Td (e ) Tj ET Q q 0 0 0 rg BT 67.19 315.95 Td (have ) Tj ET Q q 0 0 0 rg BT 90.96 315.95 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 152.09 315.95 Td (for ) Tj ET Q q 0 0 0 rg BT 168.28 315.95 Td (the ) Tj ET Q q 0 0 0 rg BT 185.07 315.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 228.10 315.95 Td (of ) Tj ET Q q 0 0 0 rg BT 239.93 315.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 271.01 315.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 328.05 315.95 Td (all ) Tj ET Q q 0 0 0 rg BT 342.50 315.95 Td (of ) Tj ET Q q 0 0 0 rg BT 355.20 315.95 Td (which ) Tj ET Q q 0 0 0 rg BT 384.82 315.95 Td (is ) Tj ET Q q 0 0 0 rg BT 395.78 315.95 Td (based ) Tj ET Q q 0 0 0 rg BT 423.64 315.95 Td (on ) Tj ET Q q 0 0 0 rg BT 438.10 315.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 487.53 315.95 Td (market ) Tj ET Q q 0 0 0 rg BT 520.64 315.95 Td (data ) Tj ET Q q 0 0 0 rg BT 542.09 315.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 102.93 303.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 134.79 303.35 Td (services, ) Tj ET Q q 0 0 0 rg BT 173.35 303.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 194.71 303.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 242.90 303.35 Td (agents, ) Tj ET Q q 0 0 0 rg BT 274.46 303.35 Td (custodians ) Tj ET Q q 0 0 0 rg BT 320.91 303.35 Td (or ) Tj ET Q q 0 0 0 rg BT 331.77 303.35 Td (brokers. ) Tj ET Q q 0 0 0 rg BT 368.00 303.35 Td ( ) Tj ET Q q 0 0 0 rg BT 369.97 303.35 Td (The ) Tj ET Q q 0 0 0 rg BT 388.41 303.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 436.02 303.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 477.79 303.35 Td (within ) Tj ET Q q 0 0 0 rg BT 506.74 303.35 Td (the ) Tj ET Q q 0 0 0 rg BT 521.68 303.35 Td (portfolios ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (we ) Tj ET Q q 0 0 0 rg BT 64.56 290.75 Td (manage, ) Tj ET Q q 0 0 0 rg BT 102.65 290.75 Td (which ) Tj ET Q q 0 0 0 rg BT 131.13 290.75 Td (are ) Tj ET Q q 0 0 0 rg BT 146.76 290.75 Td (not ) Tj ET Q q 0 0 0 rg BT 162.99 290.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 202.53 290.75 Td (within ) Tj ET Q q 0 0 0 rg BT 232.18 290.75 Td (our ) Tj ET Q q 0 0 0 rg BT 248.99 290.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 304.88 290.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 344.43 290.75 Td (statements, ) Tj ET Q q 0 0 0 rg BT 394.19 290.75 Td (are ) Tj ET Q q 0 0 0 rg BT 409.83 290.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 451.71 290.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 482.51 290.75 Td (as ) Tj ET Q q 0 0 0 rg BT 494.07 290.75 Td (follows: ) Tj ET Q q 0 0 0 rg BT 531.31 290.75 Td (\(i\)�with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 82.62 278.15 Td (to ) Tj ET Q q 0 0 0 rg BT 94.18 278.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.22 278.15 Td (for ) Tj ET Q q 0 0 0 rg BT 152.85 278.15 Td (which ) Tj ET Q q 0 0 0 rg BT 181.90 278.15 Td (market ) Tj ET Q q 0 0 0 rg BT 214.44 278.15 Td (quotations ) Tj ET Q q 0 0 0 rg BT 261.57 278.15 Td (are ) Tj ET Q q 0 0 0 rg BT 277.78 278.15 Td (readily ) Tj ET Q q 0 0 0 rg BT 310.32 278.15 Td (available, ) Tj ET Q q 0 0 0 rg BT 354.23 278.15 Td (the ) Tj ET Q q 0 0 0 rg BT 370.44 278.15 Td (market ) Tj ET Q q 0 0 0 rg BT 402.98 278.15 Td (value ) Tj ET Q q 0 0 0 rg BT 429.11 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 441.25 278.15 Td (such ) Tj ET Q q 0 0 0 rg BT 463.88 278.15 Td (securities; ) Tj ET Q q 0 0 0 rg BT 509.84 278.15 Td (and ) Tj ET Q q 0 0 0 rg BT 528.39 278.15 Td (\(ii\)�with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 81.86 265.55 Td (to ) Tj ET Q q 0 0 0 rg BT 92.65 265.55 Td (other ) Tj ET Q q 0 0 0 rg BT 116.85 265.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 159.13 265.55 Td (and ) Tj ET Q q 0 0 0 rg BT 176.91 265.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 206.66 265.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.86 265.55 Td (value ) Tj ET Q q 0 0 0 rg BT 249.22 265.55 Td (as ) Tj ET Q q 0 0 0 rg BT 260.59 265.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 310.45 265.55 Td (in ) Tj ET Q q 0 0 0 rg BT 321.24 265.55 Td (good ) Tj ET Q q 0 0 0 rg BT 344.87 265.55 Td (faith.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (As ) Tj ET Q q 0 0 0 rg BT 64.19 240.35 Td (of ) Tj ET Q q 0 0 0 rg BT 75.95 240.35 Td (March ) Tj ET Q q 0 0 0 rg BT 106.37 240.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.51 240.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 149.15 240.35 Td (equity) Tj ET Q q 0 0 0 rg BT 174.71 240.35 Td (, ) Tj ET Q q 0 0 0 rg BT 180.36 240.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 204.95 240.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 241.49 240.35 Td (alternative ) Tj ET Q q 0 0 0 rg BT 288.82 240.35 Td (and ) Tj ET Q q 0 0 0 rg BT 307.00 240.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 344.93 240.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 372.45 240.35 Td (values ) Tj ET Q q 0 0 0 rg BT 402.29 240.35 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 451.37 240.35 Td ($161 ) Tj ET Q q 0 0 0 rg BT 475.38 240.35 Td (billion, ) Tj ET Q q 0 0 0 rg BT 508.44 240.35 Td ($420 ) Tj ET Q q 0 0 0 rg BT 532.46 240.35 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.75 Td ($75 ) Tj ET Q q 0 0 0 rg BT 67.88 227.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 100.56 227.75 Td (and ) Tj ET Q q 0 0 0 rg BT 118.35 227.75 Td ($75 ) Tj ET Q q 0 0 0 rg BT 136.74 227.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 169.41 227.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.46 227.75 Td (. ) Tj ET Q q 0 0 0 rg BT 224.72 227.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.77 227.75 Td (As ) Tj ET Q q 0 0 0 rg BT 241.07 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.53 227.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 294.74 227.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.12 227.75 Td (our ) Tj ET Q q 0 0 0 rg BT 322.17 227.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 349.31 227.75 Td (is ) Tj ET Q q 0 0 0 rg BT 358.94 227.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 389.56 227.75 Td (by ) Tj ET Q q 0 0 0 rg BT 402.70 227.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 456.65 227.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 489.02 227.75 Td (services ) Tj ET Q q 0 0 0 rg BT 525.47 227.75 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 227.75 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.15 Td (observable ) Tj ET Q q 0 0 0 rg BT 98.05 215.15 Td (market ) Tj ET Q q 0 0 0 rg BT 130.26 215.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 158.40 215.15 Td (or ) Tj ET Q q 0 0 0 rg BT 170.21 215.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 201.57 215.15 Td (we ) Tj ET Q q 0 0 0 rg BT 216.87 215.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 250.25 215.15 Td (market ) Tj ET Q q 0 0 0 rg BT 282.47 215.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 301.29 215.15 Td (is ) Tj ET Q q 0 0 0 rg BT 311.35 215.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.24 215.15 Td (most ) Tj ET Q q 0 0 0 rg BT 350.73 215.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 398.12 215.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 416.93 215.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 465.49 215.15 Td (the ) Tj ET Q q 0 0 0 rg BT 481.38 215.15 Td (value ) Tj ET Q q 0 0 0 rg BT 507.18 215.15 Td (of ) Tj ET Q q 0 0 0 rg BT 518.99 215.15 Td (our ) Tj ET Q q 0 0 0 rg BT 535.37 215.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 565.13 215.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.55 Td (Economic ) Tj ET Q q 0 0 0 rg BT 94.58 202.55 Td (events ) Tj ET Q q 0 0 0 rg BT 123.92 202.55 Td (and ) Tj ET Q q 0 0 0 rg BT 141.59 202.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.84 202.55 Td (market ) Tj ET Q q 0 0 0 rg BT 212.50 202.55 Td (turmoil ) Tj ET Q q 0 0 0 rg BT 245.93 202.55 Td (have ) Tj ET Q q 0 0 0 rg BT 268.26 202.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 310.42 202.55 Td (market ) Tj ET Q q 0 0 0 rg BT 342.08 202.55 Td (price ) Tj ET Q q 0 0 0 rg BT 365.58 202.55 Td (volatility; ) Tj ET Q q 0 0 0 rg BT 408.93 202.55 Td (however) Tj ET Q q 0 0 0 rg BT 444.66 202.55 Td (, ) Tj ET Q q 0 0 0 rg BT 449.79 202.55 Td (as ) Tj ET Q q 0 0 0 rg BT 461.05 202.55 Td (further ) Tj ET Q q 0 0 0 rg BT 492.13 202.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 534.89 202.55 Td (below) Tj ET Q q 0 0 0 rg BT 559.87 202.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.96 189.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 106.66 189.95 Td (of ) Tj ET Q q 0 0 0 rg BT 118.04 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 189.95 Td (vast ) Tj ET Q q 0 0 0 rg BT 153.04 189.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 191.25 189.95 Td (of ) Tj ET Q q 0 0 0 rg BT 202.63 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.09 189.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 260.37 189.95 Td (held ) Tj ET Q q 0 0 0 rg BT 281.08 189.95 Td (by ) Tj ET Q q 0 0 0 rg BT 294.21 189.95 Td (our ) Tj ET Q q 0 0 0 rg BT 310.84 189.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 336.80 189.95 Td (and ) Tj ET Q q 0 0 0 rg BT 354.59 189.95 Td (in ) Tj ET Q q 0 0 0 rg BT 365.39 189.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 402.41 189.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 441.78 189.95 Td (continues ) Tj ET Q q 0 0 0 rg BT 484.65 189.95 Td (to ) Tj ET Q q 0 0 0 rg BT 495.45 189.95 Td (be ) Tj ET Q q 0 0 0 rg BT 507.99 189.95 Td (derived ) Tj ET Q q 0 0 0 rg BT 542.11 189.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.35 Td (readily ) Tj ET Q q 0 0 0 rg BT 82.37 177.35 Td (available ) Tj ET Q q 0 0 0 rg BT 123.97 177.35 Td (market ) Tj ET Q q 0 0 0 rg BT 156.84 177.35 Td (price ) Tj ET Q q 0 0 0 rg BT 181.54 177.35 Td (quotations. ) Tj ET Q q 0 0 0 rg BT 231.63 177.35 Td ( ) Tj ET Q q 0 0 0 rg BT 234.52 177.35 Td (As ) Tj ET Q q 0 0 0 rg BT 249.90 177.35 Td (of ) Tj ET Q q 0 0 0 rg BT 262.36 177.35 Td (March ) Tj ET Q q 0 0 0 rg BT 293.48 177.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.32 177.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 337.66 177.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 402.02 177.35 Td (9% ) Tj ET Q q 0 0 0 rg BT 419.73 177.35 Td (of ) Tj ET Q q 0 0 0 rg BT 432.19 177.35 Td (total ) Tj ET Q q 0 0 0 rg BT 453.75 177.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 481.96 177.35 Td (is ) Tj ET Q q 0 0 0 rg BT 492.68 177.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 524.38 177.35 Td (based ) Tj ET Q q 0 0 0 rg BT 552.00 177.35 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 108.11 164.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 139.03 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.48 164.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 192.68 164.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.06 164.75 Td (which ) Tj ET Q q 0 0 0 rg BT 232.34 164.75 Td (is ) Tj ET Q q 0 0 0 rg BT 241.97 164.75 Td (related ) Tj ET Q q 0 0 0 rg BT 273.16 164.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.95 164.75 Td (our ) Tj ET Q q 0 0 0 rg BT 300.57 164.75 Td (real ) Tj ET Q q 0 0 0 rg BT 318.93 164.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 345.46 164.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 371.42 164.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 414.29 164.75 Td (below) Tj ET Q q 0 0 0 rg BT 439.27 164.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 139.55 Td (For ) Tj ET Q q 0 0 0 rg BT 67.65 139.55 Td (most ) Tj ET Q q 0 0 0 rg BT 91.64 139.55 Td (of ) Tj ET Q q 0 0 0 rg BT 103.95 139.55 Td (our ) Tj ET Q q 0 0 0 rg BT 121.51 139.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 154.24 139.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 181.13 139.55 Td (and ) Tj ET Q q 0 0 0 rg BT 199.86 139.55 Td (other ) Tj ET Q q 0 0 0 rg BT 225.00 139.55 Td (pooled ) Tj ET Q q 0 0 0 rg BT 257.14 139.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 299.49 139.55 Td (their ) Tj ET Q q 0 0 0 rg BT 322.30 139.55 Td (boards ) Tj ET Q q 0 0 0 rg BT 353.86 139.55 Td (of ) Tj ET Q q 0 0 0 rg BT 366.17 139.55 Td (directors ) Tj ET Q q 0 0 0 rg BT 406.47 139.55 Td (or ) Tj ET Q q 0 0 0 rg BT 418.78 139.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.51 139.55 Td (bodies ) Tj ET Q q 0 0 0 rg BT 482.49 139.55 Td (are ) Tj ET Q q 0 0 0 rg BT 498.87 139.55 Td (responsible ) Tj ET Q q 0 0 0 rg BT 550.26 139.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 126.95 Td (establishing ) Tj ET Q q 0 0 0 rg BT 103.04 126.95 Td (policies ) Tj ET Q q 0 0 0 rg BT 139.07 126.95 Td (and ) Tj ET Q q 0 0 0 rg BT 157.60 126.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 207.03 126.95 Td (related ) Tj ET Q q 0 0 0 rg BT 238.97 126.95 Td (to ) Tj ET Q q 0 0 0 rg BT 250.50 126.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.70 126.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 299.82 126.95 Td (of ) Tj ET Q q 0 0 0 rg BT 311.93 126.95 Td (securities. ) Tj ET Q q 0 0 0 rg BT 357.58 126.95 Td ( ) Tj ET Q q 0 0 0 rg BT 360.96 126.95 Td (Each ) Tj ET Q q 0 0 0 rg BT 385.31 126.95 Td (board ) Tj ET Q q 0 0 0 rg BT 412.59 126.95 Td (of ) Tj ET Q q 0 0 0 rg BT 424.71 126.95 Td (directors ) Tj ET Q q 0 0 0 rg BT 464.81 126.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 507.25 126.95 Td (delegates ) Tj ET Q q 0 0 0 rg BT 549.68 126.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 114.35 Td (execution ) Tj ET Q q 0 0 0 rg BT 92.85 114.35 Td (of ) Tj ET Q q 0 0 0 rg BT 104.14 114.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.51 114.35 Td (various ) Tj ET Q q 0 0 0 rg BT 152.96 114.35 Td (functions ) Tj ET Q q 0 0 0 rg BT 194.57 114.35 Td (related ) Tj ET Q q 0 0 0 rg BT 225.67 114.35 Td (to ) Tj ET Q q 0 0 0 rg BT 236.38 114.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 268.66 114.35 Td (to ) Tj ET Q q 0 0 0 rg BT 279.36 114.35 Td (a ) Tj ET Q q 0 0 0 rg BT 286.56 114.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 308.35 114.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 349.96 114.35 Td (committee ) Tj ET Q q 0 0 0 rg BT 396.82 114.35 Td (which, ) Tj ET Q q 0 0 0 rg BT 427.64 114.35 Td (in ) Tj ET Q q 0 0 0 rg BT 438.35 114.35 Td (turn, ) Tj ET Q q 0 0 0 rg BT 460.42 114.35 Td (may ) Tj ET Q q 0 0 0 rg BT 481.04 114.35 Td (rely ) Tj ET Q q 0 0 0 rg BT 499.90 114.35 Td (on ) Tj ET Q q 0 0 0 rg BT 512.94 114.35 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.75 Td (from ) Tj ET Q q 0 0 0 rg BT 72.07 101.75 Td (various ) Tj ET Q q 0 0 0 rg BT 105.14 101.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 135.29 101.75 Td (in ) Tj ET Q q 0 0 0 rg BT 145.61 101.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 177.51 101.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 219.33 101.75 Td (such ) Tj ET Q q 0 0 0 rg BT 240.73 101.75 Td (as ) Tj ET Q q 0 0 0 rg BT 251.64 101.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 305.11 101.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 337.01 101.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 375.62 101.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.60 101.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 412.01 101.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 460.23 101.75 Td (agent, ) Tj ET Q q 0 0 0 rg BT 487.76 101.75 Td (the ) Tj ET Q q 0 0 0 rg BT 502.74 101.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.15 101.75 Td (manager) Tj ET Q q 0 0 0 rg BT 559.88 101.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.15 Td (broker) Tj ET Q q 0 0 0 rg BT 76.69 89.15 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 114.70 89.15 Td (and ) Tj ET Q q 0 0 0 rg BT 132.01 89.15 Td (others ) Tj ET Q q 0 0 0 rg BT 159.82 89.15 Td (\(or ) Tj ET Q q 0 0 0 rg BT 174.22 89.15 Td (a ) Tj ET Q q 0 0 0 rg BT 181.03 89.15 Td (combination ) Tj ET Q q 0 0 0 rg BT 235.67 89.15 Td (thereof\). ) Tj ET Q q 0 0 0 rg BT 273.67 89.15 Td ( ) Tj ET Q q 0 0 0 rg BT 275.67 89.15 Td (The ) Tj ET Q q 0 0 0 rg BT 294.15 89.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 319.63 89.15 Td (have ) Tj ET Q q 0 0 0 rg BT 341.60 89.15 Td (controls ) Tj ET Q q 0 0 0 rg BT 377.58 89.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 425.21 89.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 464.69 89.15 Td (to ) Tj ET Q q 0 0 0 rg BT 475.01 89.15 Td (ensure ) Tj ET Q q 0 0 0 rg BT 504.56 89.15 Td (that ) Tj ET Q q 0 0 0 rg BT 522.46 89.15 Td (the ) Tj ET Q q 0 0 0 rg BT 537.44 89.15 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.55 Td (assigned ) Tj ET Q q 0 0 0 rg BT 88.26 76.55 Td (to ) Tj ET Q q 0 0 0 rg BT 99.02 76.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.27 76.55 Td (they ) Tj ET Q q 0 0 0 rg BT 161.94 76.55 Td (hold ) Tj ET Q q 0 0 0 rg BT 183.21 76.55 Td (are ) Tj ET Q q 0 0 0 rg BT 198.62 76.55 Td (accurate. ) Tj ET Q q 0 0 0 rg BT 238.81 76.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 296.22 76.55 Td (has ) Tj ET Q q 0 0 0 rg BT 312.81 76.55 Td (established ) Tj ET Q q 0 0 0 rg BT 362.06 76.55 Td (policies ) Tj ET Q q 0 0 0 rg BT 397.32 76.55 Td (to ) Tj ET Q q 0 0 0 rg BT 408.08 76.55 Td (ensure ) Tj ET Q q 0 0 0 rg BT 438.08 76.55 Td (consistency ) Tj ET Q q 0 0 0 rg BT 489.67 76.55 Td (in ) Tj ET Q q 0 0 0 rg BT 500.43 76.55 Td (the ) Tj ET Q q 0 0 0 rg BT 515.86 76.55 Td (application ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 63.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 96.73 63.95 Td (recognition.) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 62.84 741.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 100.65 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 117.48 741.75 Td (advisor ) Tj ET Q q 0 0 0 rg BT 150.05 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 163.96 741.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 200.02 741.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 241.05 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 254.96 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 269.44 741.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 310.17 741.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 359.67 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 373.58 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.07 741.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 419.48 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.89 741.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.21 741.75 Td (held ) Tj ET Q q 0 0 0 rg BT 490.96 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.79 741.75 Td (client ) Tj ET Q q 0 0 0 rg BT 525.78 741.75 Td (accounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (\(or ) Tj ET Q q 0 0 0 rg BT 64.68 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 85.70 729.15 Td (share ) Tj ET Q q 0 0 0 rg BT 110.79 729.15 Td (this ) Tj ET Q q 0 0 0 rg BT 128.90 729.15 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 189.00 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 210.61 729.15 Td (others\) ) Tj ET Q q 0 0 0 rg BT 242.71 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 260.80 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 283.56 729.15 Td (established ) Tj ET Q q 0 0 0 rg BT 333.16 729.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 368.76 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 379.86 729.15 Td (govern ) Tj ET Q q 0 0 0 rg BT 411.96 729.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 453.97 729.15 Td (processes ) Tj ET Q q 0 0 0 rg BT 497.15 729.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 529.25 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 540.35 729.15 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 91.33 716.55 Td (above ) Tj ET Q q 0 0 0 rg BT 117.99 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 131.82 716.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 162.57 716.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 187.49 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 204.82 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 219.22 716.55 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 266.29 716.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 305.20 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 314.95 716.55 Td (ensure ) Tj ET Q q 0 0 0 rg BT 343.94 716.55 Td (consistency ) Tj ET Q q 0 0 0 rg BT 394.52 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 404.27 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 418.68 716.55 Td (application ) Tj ET Q q 0 0 0 rg BT 466.92 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 477.25 716.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 512.07 716.55 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 565.14 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.39 703.95 Td (relies ) Tj ET Q q 0 0 0 rg BT 133.21 703.95 Td (extensively ) Tj ET Q q 0 0 0 rg BT 184.11 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 197.68 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 213.59 703.95 Td (data ) Tj ET Q q 0 0 0 rg BT 234.16 703.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 274.56 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 288.14 703.95 Td (independent ) Tj ET Q q 0 0 0 rg BT 342.53 703.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 375.35 703.95 Td (services ) Tj ET Q q 0 0 0 rg BT 412.25 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 430.49 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 446.39 703.95 Td (custodians ) Tj ET Q q 0 0 0 rg BT 493.80 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 505.04 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 520.95 703.95 Td (pricing ) Tj ET Q q 0 0 0 rg BT 553.77 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 86.52 691.35 Td (account ) Tj ET Q q 0 0 0 rg BT 121.21 691.35 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 150.97 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 153.59 691.35 Td (Separate ) Tj ET Q q 0 0 0 rg BT 192.36 691.35 Td (account ) Tj ET Q q 0 0 0 rg BT 227.64 691.35 Td (customers ) Tj ET Q q 0 0 0 rg BT 272.84 691.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 312.20 691.35 Td (select ) Tj ET Q q 0 0 0 rg BT 338.73 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 354.19 691.35 Td (custodian.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (V) Tj ET Q q 0 0 0 rg BT 55.92 666.15 Td (aluation ) Tj ET Q q 0 0 0 rg BT 93.16 666.15 Td (processes ) Tj ET Q q 0 0 0 rg BT 136.81 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 151.72 666.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 179.64 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 195.88 666.15 Td (dependent ) Tj ET Q q 0 0 0 rg BT 242.44 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 256.36 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 272.60 666.15 Td (nature ) Tj ET Q q 0 0 0 rg BT 302.26 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 314.42 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 330.66 666.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.58 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 377.16 666.15 Td (any ) Tj ET Q q 0 0 0 rg BT 395.73 666.15 Td (contractual ) Tj ET Q q 0 0 0 rg BT 445.79 666.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 492.96 666.15 Td (with ) Tj ET Q q 0 0 0 rg BT 515.05 666.15 Td (our ) Tj ET Q q 0 0 0 rg BT 532.46 666.15 Td (clients. ) Tj ET Q q 0 0 0 rg BT 565.12 666.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 80.13 653.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.42 653.55 Td (under ) Tj ET Q q 0 0 0 rg BT 148.96 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 205.24 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 220.11 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 248.41 653.55 Td (market ) Tj ET Q q 0 0 0 rg BT 280.19 653.55 Td (quotations ) Tj ET Q q 0 0 0 rg BT 326.57 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 342.02 653.55 Td (available ) Tj ET Q q 0 0 0 rg BT 382.55 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 398.00 653.55 Td (usually ) Tj ET Q q 0 0 0 rg BT 430.97 653.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 461.59 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 471.80 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 487.26 653.55 Td (last ) Tj ET Q q 0 0 0 rg BT 504.48 653.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 542.09 653.55 Td (sales ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (price ) Tj ET Q q 0 0 0 rg BT 73.24 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 84.73 640.95 Td (of) Tj ET Q q 0 0 0 rg BT 93.29 640.95 Td (ficial ) Tj ET Q q 0 0 0 rg BT 117.61 640.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 150.69 640.95 Td (price ) Tj ET Q q 0 0 0 rg BT 174.43 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 187.68 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 203.26 640.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 239.25 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 271.15 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 282.65 640.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 325.04 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 338.29 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 366.70 640.95 Td (they ) Tj ET Q q 0 0 0 rg BT 387.53 640.95 Td (trade. ) Tj ET Q q 0 0 0 rg BT 413.89 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 640.95 Td (Debt ) Tj ET Q q 0 0 0 rg BT 439.80 640.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 482.21 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 508.87 640.95 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.32 628.35 Td (usually ) Tj ET Q q 0 0 0 rg BT 96.66 628.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 126.65 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 136.23 628.35 Td (bid, ) Tj ET Q q 0 0 0 rg BT 154.28 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 165.03 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 179.86 628.35 Td (mean ) Tj ET Q q 0 0 0 rg BT 204.60 628.35 Td (between ) Tj ET Q q 0 0 0 rg BT 241.59 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 256.42 628.35 Td (last ) Tj ET Q q 0 0 0 rg BT 273.00 628.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 303.58 628.35 Td (bid ) Tj ET Q q 0 0 0 rg BT 319.01 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 336.17 628.35 Td (asked ) Tj ET Q q 0 0 0 rg BT 362.08 628.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 391.78 628.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 431.11 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 443.61 628.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 496.93 628.35 Td (pricing ) Tj ET Q q 0 0 0 rg BT 528.68 628.35 Td (services ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 67.17 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 81.90 615.75 Td (based ) Tj ET Q q 0 0 0 rg BT 107.73 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 120.15 615.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 172.22 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 182.31 615.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 202.31 615.75 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 253.52 615.75 Td (quotations ) Tj ET Q q 0 0 0 rg BT 299.19 615.75 Td (from ) Tj ET Q q 0 0 0 rg BT 321.52 615.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 344.44 615.75 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 378.72 615.75 Td (market ) Tj ET Q q 0 0 0 rg BT 409.79 615.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 461.87 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.95 615.75 Td (comparable ) Tj ET Q q 0 0 0 rg BT 522.85 615.75 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.51 603.15 Td (various ) Tj ET Q q 0 0 0 rg BT 99.27 603.15 Td (other ) Tj ET Q q 0 0 0 rg BT 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rg BT 213.90 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 225.34 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 241.44 590.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 268.64 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 278.35 590.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 309.03 590.55 Td (based ) Tj ET Q q 0 0 0 rg BT 335.64 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 348.84 590.55 Td (data ) Tj ET Q q 0 0 0 rg BT 369.02 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 392.13 590.55 Td (third ) Tj ET Q q 0 0 0 rg BT 414.66 590.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 445.35 590.55 Td (such ) Tj ET Q q 0 0 0 rg BT 467.30 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 478.74 590.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 532.76 590.55 Td (pricing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (services, ) Tj ET Q q 0 0 0 rg BT 88.39 577.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 110.08 577.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 158.59 577.95 Td (agents, ) Tj ET Q q 0 0 0 rg BT 190.48 577.95 Td (custodians ) Tj ET Q q 0 0 0 rg BT 237.26 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 254.86 577.95 Td (brokers. ) Tj ET Q q 0 0 0 rg BT 291.42 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 293.69 577.95 Td (This ) Tj ET Q q 0 0 0 rg BT 314.80 577.95 Td (varies ) Tj ET Q q 0 0 0 rg BT 342.32 577.95 Td (slightly ) Tj ET Q q 0 0 0 rg BT 376.27 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 399.13 577.95 Td (time ) Tj ET Q q 0 0 0 rg BT 420.23 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 430.84 577.95 Td (time ) Tj ET Q q 0 0 0 rg BT 451.95 577.95 Td (based ) Tj ET Q q 0 0 0 rg BT 478.30 577.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 501.75 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 517.02 577.95 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (composition ) Tj ET Q q 0 0 0 rg BT 103.86 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 115.05 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 130.32 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 153.17 565.35 Td (class ) Tj ET Q q 0 0 0 rg BT 176.02 565.35 Td (\(equity) Tj ET Q q 0 0 0 rg BT 205.08 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 210.15 565.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 234.17 565.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 270.14 565.35 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 319.52 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 337.12 565.35 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 378.65 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 389.83 565.35 Td (well ) Tj ET Q q 0 0 0 rg BT 410.36 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 421.54 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 436.81 565.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 464.32 565.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 512.26 565.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 554.35 565.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.36 552.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 105.14 552.75 Td (within ) Tj ET Q q 0 0 0 rg BT 135.01 552.75 Td (each ) Tj ET Q q 0 0 0 rg BT 157.28 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 180.73 552.75 Td (class. ) Tj ET Q q 0 0 0 rg BT 206.80 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 209.84 552.75 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 258.94 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 270.72 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.59 552.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 328.70 552.75 Td (process ) Tj ET Q q 0 0 0 rg BT 363.22 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 375.00 552.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 407.78 552.75 Td (source, ) Tj ET Q q 0 0 0 rg BT 440.85 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 456.13 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 478.98 552.75 Td (established ) Tj ET Q q 0 0 0 rg BT 528.67 552.75 Td (controls ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 97.61 540.15 Td (designed ) Tj ET Q q 0 0 0 rg BT 137.56 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 148.35 540.15 Td (assess ) Tj ET Q q 0 0 0 rg BT 176.64 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 192.10 540.15 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 257.70 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 269.07 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 284.52 540.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 312.22 540.15 Td (provided. ) Tj ET Q q 0 0 0 rg BT 354.79 540.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Where ) Tj ET Q q 0 0 0 rg BT 81.25 514.95 Td (market ) Tj ET Q q 0 0 0 rg BT 114.17 514.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 143.02 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 159.60 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 176.79 514.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 209.72 514.95 Td (available, ) Tj ET Q q 0 0 0 rg BT 254.01 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 266.53 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 283.11 514.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 334.12 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 351.31 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 363.24 514.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 393.82 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 412.17 514.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 441.30 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 467.81 514.95 Td (may ) Tj ET Q q 0 0 0 rg BT 489.66 514.95 Td (be ) Tj ET Q q 0 0 0 rg BT 503.34 514.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 554.34 514.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 99.02 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 120.00 502.35 Td (established ) Tj ET Q q 0 0 0 rg BT 168.97 502.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 210.35 502.35 Td (procedures ) Tj ET Q q 0 0 0 rg BT 258.73 502.35 Td (based ) Tj ET Q q 0 0 0 rg BT 284.94 502.35 Td (on, ) Tj ET Q q 0 0 0 rg BT 300.38 502.35 Td (among ) Tj ET Q q 0 0 0 rg BT 331.27 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 355.16 502.35 Td (things, ) Tj ET Q q 0 0 0 rg BT 385.76 502.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 444.06 502.35 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 474.66 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 476.81 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 495.44 502.35 Td (most ) Tj ET Q q 0 0 0 rg BT 518.18 502.35 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 82.11 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.14 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 108.91 489.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 135.70 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 150.22 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 178.16 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.27 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 210.12 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 235.14 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 244.42 489.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 293.93 489.75 Td (based ) Tj ET Q q 0 0 0 rg BT 320.12 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 332.90 489.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 391.17 489.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 419.12 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 434.22 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 465.06 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 476.09 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 492.36 489.75 Td (real ) Tj ET Q q 0 0 0 rg BT 510.38 489.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 536.56 489.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 565.15 489.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.89 477.15 Td (values ) Tj ET Q q 0 0 0 rg BT 96.78 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.60 477.15 Td (real ) Tj ET Q q 0 0 0 rg BT 125.40 477.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 151.37 477.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.60 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 218.48 477.15 Td (prepared ) Tj ET Q q 0 0 0 rg BT 257.27 477.15 Td (giving ) Tj ET Q q 0 0 0 rg BT 286.17 477.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 344.81 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 355.04 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 369.94 477.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 405.53 477.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 424.52 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 441.74 477.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 464.22 477.15 Td (comparison ) Tj ET Q q 0 0 0 rg BT 515.28 477.15 Td (approaches ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.18 464.55 Td (estimating ) Tj ET Q q 0 0 0 rg BT 107.86 464.55 Td (property ) Tj ET Q q 0 0 0 rg BT 146.37 464.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 174.66 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 177.39 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 196.64 464.55 Td (income ) Tj ET Q q 0 0 0 rg BT 230.48 464.55 Td (approach ) Tj ET Q q 0 0 0 rg BT 271.90 464.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 313.91 464.55 Td (an ) Tj ET Q q 0 0 0 rg BT 326.75 464.55 Td (income ) Tj ET Q q 0 0 0 rg BT 360.59 464.55 Td (stream ) Tj ET Q q 0 0 0 rg BT 391.51 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 406.69 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 414.29 464.55 Td (property ) Tj ET Q q 0 0 0 rg BT 452.79 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 470.89 464.55 Td (discounts ) Tj ET Q q 0 0 0 rg BT 513.49 464.55 Td (this ) Tj ET Q q 0 0 0 rg BT 531.59 464.55 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (plus ) Tj ET Q q 0 0 0 rg BT 69.55 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 76.77 451.95 Td (reversion ) Tj ET Q q 0 0 0 rg BT 118.39 451.95 Td (\(presumed ) Tj ET Q q 0 0 0 rg BT 165.25 451.95 Td (sale\) ) Tj ET Q q 0 0 0 rg BT 187.63 451.95 Td (into ) Tj ET Q q 0 0 0 rg BT 206.51 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 213.72 451.95 Td (present ) Tj ET Q q 0 0 0 rg BT 246.60 451.95 Td (value ) Tj ET Q q 0 0 0 rg BT 271.89 451.95 Td (at ) Tj ET Q q 0 0 0 rg BT 282.02 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 289.23 451.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 307.53 451.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 345.07 451.95 Td (rate. ) Tj ET Q q 0 0 0 rg BT 365.98 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 368.15 451.95 Td (Y) Tj ET Q q 0 0 0 rg BT 375.16 451.95 Td (ield ) Tj ET Q q 0 0 0 rg BT 393.45 451.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 415.83 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 433.54 451.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 465.84 451.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 520.31 451.95 Td (utilized ) Tj ET Q q 0 0 0 rg BT 554.35 451.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (this ) Tj ET Q q 0 0 0 rg BT 67.64 439.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 109.08 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 124.87 439.35 Td (derived ) Tj ET Q q 0 0 0 rg BT 159.32 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 182.69 439.35 Td (market ) Tj ET Q q 0 0 0 rg BT 214.81 439.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.93 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 279.64 439.35 Td (well ) Tj ET Q q 0 0 0 rg BT 300.69 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 312.40 439.35 Td (other ) Tj ET Q q 0 0 0 rg BT 336.94 439.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.64 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 394.77 439.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 432.15 439.35 Td (data. ) Tj ET Q q 0 0 0 rg BT 455.01 439.35 Td (The ) Tj ET Q q 0 0 0 rg BT 474.31 439.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 512.85 439.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 531.55 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (exit ) Tj ET Q q 0 0 0 rg BT 68.26 426.75 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 127.83 426.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 146.58 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 162.41 426.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.74 426.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 238.43 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 249.61 426.75 Td (these ) Tj ET Q q 0 0 0 rg BT 274.19 426.75 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 322.77 426.75 Td (These ) Tj ET Q q 0 0 0 rg BT 350.86 426.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 373.69 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 389.52 426.75 Td (based ) Tj ET Q q 0 0 0 rg BT 416.44 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 429.95 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 426.75 Td (location, ) Tj ET Q q 0 0 0 rg BT 485.25 426.75 Td (type ) Tj ET Q q 0 0 0 rg BT 506.34 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.52 426.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 553.77 426.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (each ) Tj ET Q q 0 0 0 rg BT 72.35 414.15 Td (property) Tj ET Q q 0 0 0 rg BT 107.24 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 113.48 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 132.25 414.15 Td (current ) Tj ET Q q 0 0 0 rg BT 165.60 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 184.38 414.15 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 234.06 414.15 Td (market ) Tj ET Q q 0 0 0 rg BT 266.83 414.15 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 316.82 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 320.17 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 340.11 414.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 360.64 414.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 402.74 414.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 445.43 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 461.87 414.15 Td (replacement ) Tj ET Q q 0 0 0 rg BT 516.79 414.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 537.32 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (building ) Tj ET Q q 0 0 0 rg BT 86.89 401.55 Td (less ) Tj ET Q q 0 0 0 rg BT 105.02 401.55 Td (physical ) Tj ET Q q 0 0 0 rg BT 142.40 401.55 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 196.67 401.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 216.56 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 401.55 Td (land ) Tj ET Q q 0 0 0 rg BT 252.24 401.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 279.99 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 282.20 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 300.91 401.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 323.70 401.55 Td (comparison ) Tj ET Q q 0 0 0 rg BT 375.08 401.55 Td (approach ) Tj ET Q q 0 0 0 rg BT 415.94 401.55 Td (compares ) Tj ET Q q 0 0 0 rg BT 458.56 401.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 486.59 401.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 539.12 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 401.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (appraised ) Tj ET Q q 0 0 0 rg BT 92.89 388.95 Td (property) Tj ET Q q 0 0 0 rg BT 127.78 388.95 Td (. ) Tj ET Q q 0 0 0 rg BT 132.87 388.95 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 189.12 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 205.09 388.95 Td (made ) Tj ET Q q 0 0 0 rg BT 230.99 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 246.39 388.95 Td (dissimilarities ) Tj ET Q q 0 0 0 rg BT 308.47 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 337.29 388.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 377.19 388.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 412.43 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 420.25 388.95 Td (range ) Tj ET Q q 0 0 0 rg BT 446.72 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 458.63 388.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 487.15 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 490.31 388.95 Td (Many ) Tj ET Q q 0 0 0 rg BT 517.97 388.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 549.70 388.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (also ) Tj ET Q q 0 0 0 rg BT 70.26 376.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 119.59 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 131.60 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 148.27 376.35 Td (determination ) Tj ET Q q 0 0 0 rg BT 210.43 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 223.03 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 241.44 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 268.03 376.35 Td (including, ) Tj ET Q q 0 0 0 rg BT 314.16 376.35 Td (but ) Tj ET Q q 0 0 0 rg BT 331.42 376.35 Td (not ) Tj ET Q q 0 0 0 rg BT 348.69 376.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.28 376.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 396.92 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 413.59 376.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 457.09 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 479.59 376.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 506.77 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 525.78 376.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.42 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 115.03 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 129.73 363.75 Td (properties, ) Tj ET Q q 0 0 0 rg BT 176.21 363.75 Td (property ) Tj ET Q q 0 0 0 rg BT 213.65 363.75 Td (types ) Tj ET Q q 0 0 0 rg BT 237.68 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 254.71 363.75 Td (geographic ) Tj ET Q q 0 0 0 rg BT 303.22 363.75 Td (locations, ) Tj ET Q q 0 0 0 rg BT 345.62 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 363.75 Td (physical ) Tj ET Q q 0 0 0 rg BT 397.18 363.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 438.71 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 449.32 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.02 363.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 488.92 363.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 533.36 363.75 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 109.75 351.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 135.88 351.15 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 182.14 351.15 Td (market ) Tj ET Q q 0 0 0 rg BT 214.98 351.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 254.25 351.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 280.39 351.15 Td (general ) Tj ET Q q 0 0 0 rg BT 314.98 351.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.48 351.15 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 409.54 351.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 454.05 351.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 501.49 351.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 537.83 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.68 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 82.06 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 93.63 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 122.69 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 138.92 338.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.82 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 183.04 338.55 Td (located, ) Tj ET Q q 0 0 0 rg BT 219.39 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 237.95 338.55 Td (any ) Tj ET Q q 0 0 0 rg BT 256.51 338.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 292.57 338.55 Td (rights ) Tj ET Q q 0 0 0 rg BT 319.89 338.55 Td (or ) Tj ET Q q 0 0 0 rg BT 332.04 338.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 358.77 338.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 405.32 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 427.39 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.62 338.55 Td (investment. ) Tj ET Q q 0 0 0 rg BT 495.73 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 499.13 338.55 Td (Because ) Tj ET Q q 0 0 0 rg BT 537.52 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 338.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (inherent ) Tj ET Q q 0 0 0 rg BT 85.67 325.95 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 141.08 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 151.60 325.95 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 195.06 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 209.66 325.95 Td (values ) Tj ET Q q 0 0 0 rg BT 238.25 325.95 Td (may ) Tj ET Q q 0 0 0 rg BT 258.10 325.95 Td (materially ) Tj ET Q q 0 0 0 rg BT 302.43 325.95 Td (dif) Tj ET Q q 0 0 0 rg BT 313.91 325.95 Td (fer ) Tj ET Q q 0 0 0 rg BT 327.33 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 349.51 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 364.10 325.95 Td (values ) Tj ET Q q 0 0 0 rg BT 392.69 325.95 Td (that ) Tj ET Q q 0 0 0 rg BT 410.21 325.95 Td (would ) Tj ET Q q 0 0 0 rg BT 438.23 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 449.90 325.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 498.90 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 511.17 325.95 Td (negotiations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (held ) Tj ET Q q 0 0 0 rg BT 70.20 313.35 Td (between ) Tj ET Q q 0 0 0 rg BT 107.81 313.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 138.42 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 149.22 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 156.50 313.35 Td (sale ) Tj ET Q q 0 0 0 rg BT 175.45 313.35 Td (transaction. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 288.15 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 288.15 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 275.55 Td (e ) Tj ET Q q 0 0 0 rg BT 65.50 275.55 Td (earn ) Tj ET Q q 0 0 0 rg BT 85.83 275.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.17 275.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 172.60 275.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 191.76 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 204.53 275.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 231.29 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 241.72 275.55 Td (separately ) Tj ET Q q 0 0 0 rg BT 286.55 275.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 326.71 275.55 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 368.34 275.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.68 275.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 444.90 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 462.33 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 486.17 275.55 Td (products ) Tj ET Q q 0 0 0 rg BT 524.59 275.55 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.33 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 80.92 262.95 Td (clients. ) Tj ET Q q 0 0 0 rg BT 113.54 262.95 Td (Generally) Tj ET Q q 0 0 0 rg BT 154.25 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 159.47 262.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 208.13 262.95 Td (management ) Tj ET Q q 0 0 0 rg BT 264.36 262.95 Td (services ) Tj ET Q q 0 0 0 rg BT 300.77 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 316.18 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 323.43 262.95 Td (single ) Tj ET Q q 0 0 0 rg BT 351.10 262.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 406.73 262.95 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 454.53 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 465.86 262.95 Td (they ) Tj ET Q q 0 0 0 rg BT 486.53 262.95 Td (include ) Tj ET Q q 0 0 0 rg BT 520.02 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 527.27 262.95 Td (series ) Tj ET Q q 0 0 0 rg BT 553.77 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (distinct ) Tj ET Q q 0 0 0 rg BT 83.68 250.35 Td (services ) Tj ET Q q 0 0 0 rg BT 120.76 250.35 Td (that ) Tj ET Q q 0 0 0 rg BT 139.77 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 155.85 250.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 212.20 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 228.29 250.35 Td (same ) Tj ET Q q 0 0 0 rg BT 253.13 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 271.55 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 287.63 250.35 Td (transferred ) Tj ET Q q 0 0 0 rg BT 336.37 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 347.80 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.89 250.35 Td (customer ) Tj ET Q q 0 0 0 rg BT 405.64 250.35 Td (over ) Tj ET Q q 0 0 0 rg BT 427.56 250.35 Td (time ) Tj ET Q q 0 0 0 rg BT 449.49 250.35 Td (using ) Tj ET Q q 0 0 0 rg BT 475.50 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 491.60 250.35 Td (same ) Tj ET Q q 0 0 0 rg BT 516.43 250.35 Td (time-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.90 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 98.06 237.75 Td (progress. ) Tj ET Q q 0 0 0 rg BT 138.67 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 141.08 237.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 190.16 237.75 Td (management ) Tj ET Q q 0 0 0 rg BT 246.21 237.75 Td (services ) Tj ET Q q 0 0 0 rg BT 282.45 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 297.68 237.75 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 335.08 237.75 Td (over ) Tj ET Q q 0 0 0 rg BT 356.16 237.75 Td (time ) Tj ET Q q 0 0 0 rg BT 377.23 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 388.39 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.63 237.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 444.54 237.75 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 510.53 237.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 547.34 237.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (consumes ) Tj ET Q q 0 0 0 rg BT 93.54 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 108.99 225.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 144.85 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 156.23 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 171.68 225.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 210.47 225.15 Td (services ) Tj ET Q q 0 0 0 rg BT 246.91 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 262.35 225.15 Td (performed. ) Tj ET Q q 0 0 0 rg BT 311.33 225.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 198.55034179687505 m 232.35302734375 198.55034179687505 l s q 0 0 0 rg BT 49.50 199.95 Td (Separate ) Tj ET Q q 0 0 0 rg BT 87.69 199.95 Td (Account ) Tj ET Q q 0 0 0 rg BT 125.89 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 143.67 199.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 171.40 199.95 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 213.11 199.95 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Separate ) Tj ET Q q 0 0 0 rg BT 87.85 187.35 Td (account ) Tj ET Q q 0 0 0 rg BT 122.71 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 140.08 187.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 165.62 187.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 203.99 187.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 223.10 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 238.12 187.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 274.14 187.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 332.92 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 360.79 187.35 Td (is ) Tj ET Q q 0 0 0 rg BT 370.00 187.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 411.28 187.35 Td (based ) Tj ET Q q 0 0 0 rg BT 437.39 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 450.10 187.35 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 512.94 187.35 Td (percentages ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.62 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.82 174.75 Td (daily) Tj ET Q q 0 0 0 rg BT 96.14 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 101.14 174.75 Td (monthly ) Tj ET Q q 0 0 0 rg BT 138.52 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 149.64 174.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 189.91 174.75 Td (average ) Tj ET Q q 0 0 0 rg BT 224.93 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 256.45 174.75 Td (value ) Tj ET Q q 0 0 0 rg BT 281.57 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 292.69 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.37 174.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 336.87 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 347.99 174.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 381.85 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 392.40 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.60 174.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.05 174.75 Td (management ) Tj ET Q q 0 0 0 rg BT 512.07 174.75 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 565.13 174.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 162.15 Td (average ) Tj ET Q q 0 0 0 rg BT 102.58 162.15 Td (market ) Tj ET Q q 0 0 0 rg BT 133.79 162.15 Td (value ) Tj ET Q q 0 0 0 rg BT 158.58 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 168.93 162.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 195.49 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 204.55 162.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.35 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 246.57 162.15 Td (change ) Tj ET Q q 0 0 0 rg BT 278.36 162.15 Td (based ) Tj ET Q q 0 0 0 rg BT 304.32 162.15 Td (on ) Tj ET Q q 0 0 0 rg BT 316.88 162.15 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 368.51 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 385.73 162.15 Td (volatility ) Tj ET Q q 0 0 0 rg BT 425.70 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 435.92 162.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 474.71 162.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 512.63 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 529.85 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 540.65 162.15 Td (such, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 85.72 149.55 Td (account ) Tj ET Q q 0 0 0 rg BT 120.21 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 137.20 149.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 162.36 149.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 200.35 149.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 219.09 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 233.74 149.55 Td (constrained ) Tj ET Q q 0 0 0 rg BT 283.97 149.55 Td (until ) Tj ET Q q 0 0 0 rg BT 305.06 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 319.72 149.55 Td (end ) Tj ET Q q 0 0 0 rg BT 336.71 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 347.29 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 361.95 149.55 Td (month ) Tj ET Q q 0 0 0 rg BT 390.61 149.55 Td (or ) Tj ET Q q 0 0 0 rg BT 401.19 149.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 432.75 149.55 Td (when ) Tj ET Q q 0 0 0 rg BT 457.33 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 471.99 149.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 498.89 149.55 Td (average ) Tj ET Q q 0 0 0 rg BT 533.36 149.55 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.72 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 85.94 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 100.70 136.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 127.69 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 137.17 136.95 Td (known ) Tj ET Q q 0 0 0 rg BT 168.23 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 185.87 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 193.01 136.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 239.81 136.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 275.52 136.95 Td (reversal ) Tj ET Q q 0 0 0 rg BT 311.23 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 320.71 136.95 Td (no ) Tj ET Q q 0 0 0 rg BT 333.69 136.95 Td (longer ) Tj ET Q q 0 0 0 rg BT 362.99 136.95 Td (probable. ) Tj ET Q q 0 0 0 rg BT 404.83 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 407.13 136.95 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 453.62 136.95 Td (separate ) Tj ET Q q 0 0 0 rg BT 490.49 136.95 Td (account ) Tj ET Q q 0 0 0 rg BT 525.62 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 543.26 136.95 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.81 124.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 110.87 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 127.84 124.35 Td (included ) Tj ET Q q 0 0 0 rg BT 168.15 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 180.46 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 197.44 124.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 247.66 124.35 Td (price ) Tj ET Q q 0 0 0 rg BT 272.80 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 292.11 124.35 Td (allocated ) Tj ET Q q 0 0 0 rg BT 334.16 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 346.48 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.46 124.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.68 124.35 Td (management ) Tj ET Q q 0 0 0 rg BT 471.48 124.35 Td (services ) Tj ET Q q 0 0 0 rg BT 509.45 124.35 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 95.23 111.75 Td (at ) Tj ET Q q 0 0 0 rg BT 105.95 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 121.93 111.75 Td (end ) Tj ET Q q 0 0 0 rg BT 140.23 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 152.13 111.75 Td (each ) Tj ET Q q 0 0 0 rg BT 174.50 111.75 Td (monthly ) Tj ET Q q 0 0 0 rg BT 212.65 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 224.55 111.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 265.59 111.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 307.23 111.75 Td (period, ) Tj ET Q q 0 0 0 rg BT 339.82 111.75 Td (as ) Tj ET Q q 0 0 0 rg BT 351.72 111.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 392.76 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 404.08 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.05 111.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 469.28 111.75 Td (management ) Tj ET Q q 0 0 0 rg BT 526.07 111.75 Td (contract. ) Tj ET Q q 0 0 0 rg BT 565.13 111.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Payment ) Tj ET Q q 0 0 0 rg BT 89.85 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 105.69 99.15 Td (services ) Tj ET Q q 0 0 0 rg BT 143.11 99.15 Td (under ) Tj ET Q q 0 0 0 rg BT 170.61 99.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.29 99.15 Td (management ) Tj ET Q q 0 0 0 rg BT 277.53 99.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 319.03 99.15 Td (is ) Tj ET Q q 0 0 0 rg BT 329.63 99.15 Td (due ) Tj ET Q q 0 0 0 rg BT 348.39 99.15 Td (once ) Tj ET Q q 0 0 0 rg BT 371.81 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 388.24 99.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 425.65 99.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 485.82 99.15 Td (is ) Tj ET Q q 0 0 0 rg BT 496.42 99.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 537.92 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.69 99.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 98.09 86.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 124.21 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 141.89 86.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 183.48 86.55 Td (within ) Tj ET Q q 0 0 0 rg BT 212.83 86.55 Td (30 ) Tj ET Q q 0 0 0 rg BT 225.85 86.55 Td (days. ) Tj ET Q q 0 0 0 rg BT 250.24 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 252.76 86.55 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 306.60 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 317.87 86.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 354.78 86.55 Td (account ) Tj ET Q q 0 0 0 rg BT 389.95 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 407.63 86.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 433.48 86.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 472.16 86.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 487.50 86.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 523.24 86.55 Td (under ) Tj ET Q q 0 0 0 rg BT 549.67 86.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 85.36 73.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 125.89 73.95 Td (is ) Tj ET Q q 0 0 0 rg BT 135.52 73.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 180.14 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 201.43 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 218.05 73.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 241.09 73.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 276.94 73.95 Td (recognition ) Tj ET Q q 0 0 0 rg BT 327.39 73.95 Td (process.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (72) Tj ET Q BT /F1 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 740.350341796875 m 184.486328125 740.350341796875 l s q 0 0 0 rg BT 49.50 741.75 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.76 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.55 741.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 165.24 741.75 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.62 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.26 729.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 164.23 729.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 183.61 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 198.91 729.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 235.21 729.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 294.26 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 312.48 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 333.04 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 345.44 729.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 375.90 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 388.88 729.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 419.92 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 468.48 729.15 Td (management ) Tj ET Q q 0 0 0 rg BT 524.61 729.15 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 65.88 716.55 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 112.57 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 169.75 716.55 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 224.61 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 239.24 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 248.04 716.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 283.65 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 296.53 716.55 Td (absolute ) Tj ET Q q 0 0 0 rg BT 335.65 716.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 360.79 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 373.66 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 390.04 716.55 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 436.73 716.55 Td (contractual ) Tj ET Q q 0 0 0 rg BT 487.50 716.55 Td (return ) Tj ET Q q 0 0 0 rg BT 516.71 716.55 Td (thresholds. ) Tj ET Q q 0 0 0 rg BT 565.12 716.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.59 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.20 703.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 164.13 703.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 183.49 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 198.75 703.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 241.44 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 251.47 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.75 703.95 Td (inception ) Tj ET Q q 0 0 0 rg BT 308.27 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 319.46 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 326.57 703.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 362.84 703.95 Td (however) Tj ET Q q 0 0 0 rg BT 398.57 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 403.64 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 410.75 703.95 Td (range ) Tj ET Q q 0 0 0 rg BT 436.52 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 703.95 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 490.41 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 499.86 703.95 Td (possible ) Tj ET Q q 0 0 0 rg BT 536.73 703.95 Td (due ) Tj ET Q q 0 0 0 rg BT 554.34 703.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 80.86 691.35 Td (outside ) Tj ET Q q 0 0 0 rg BT 113.98 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 129.59 691.35 Td (control ) Tj ET Q q 0 0 0 rg BT 162.12 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 173.66 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 189.27 691.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.14 691.35 Td (manager) Tj ET Q q 0 0 0 rg BT 273.86 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 279.27 691.35 Td (particularly ) Tj ET Q q 0 0 0 rg BT 330.46 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 362.40 691.35 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 411.56 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 414.35 691.35 Td (Performance ) Tj ET Q q 0 0 0 rg BT 470.77 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 488.72 691.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 529.99 691.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 549.69 691.35 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 89.82 678.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 130.14 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 152.98 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.24 678.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 216.73 678.75 Td (price ) Tj ET Q q 0 0 0 rg BT 240.15 678.75 Td (until ) Tj ET Q q 0 0 0 rg BT 261.83 678.75 Td (it ) Tj ET Q q 0 0 0 rg BT 270.09 678.75 Td (becomes ) Tj ET Q q 0 0 0 rg BT 309.25 678.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 348.42 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 366.59 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 373.68 678.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 420.43 678.75 Td (reversal ) Tj ET Q q 0 0 0 rg BT 456.09 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 466.68 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.94 678.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 531.02 678.75 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 59.90 666.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 94.79 666.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 142.50 666.15 Td (will ) Tj ET Q q 0 0 0 rg BT 160.49 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 175.57 666.15 Td (occur) Tj ET Q q 0 0 0 rg BT 198.30 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 202.59 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 203.88 666.15 Td (A) Tj ET Q q 0 0 0 rg BT 210.88 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 212.54 666.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 244.52 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 254.93 666.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 309.63 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 326.45 666.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 366.59 666.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 385.15 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 399.63 666.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 429.26 666.15 Td (based ) Tj ET Q q 0 0 0 rg BT 454.82 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 466.98 666.15 Td (12-month ) Tj ET Q q 0 0 0 rg BT 509.47 666.15 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (periods ) Tj ET Q q 0 0 0 rg BT 83.02 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 101.38 653.55 Td (end ) Tj ET Q q 0 0 0 rg BT 119.15 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 129.93 653.55 Td (dif) Tj ET Q q 0 0 0 rg BT 141.40 653.55 Td (fering ) Tj ET Q q 0 0 0 rg BT 169.08 653.55 Td (quarters ) Tj ET Q q 0 0 0 rg BT 205.51 653.55 Td (during ) Tj ET Q q 0 0 0 rg BT 235.54 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 250.98 653.55 Td (year) Tj ET Q q 0 0 0 rg BT 268.63 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 273.86 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 295.14 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 302.41 653.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 335.35 653.55 Td (also ) Tj ET Q q 0 0 0 rg BT 354.88 653.55 Td (based ) Tj ET Q q 0 0 0 rg BT 381.40 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 394.51 653.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 435.02 653.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 490.68 653.55 Td (periods. ) Tj ET Q q 0 0 0 rg BT 526.83 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 529.25 653.55 Td (W) Tj ET Q q 0 0 0 rg BT 538.32 653.55 Td (e ) Tj ET Q q 0 0 0 rg BT 545.59 653.55 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (earn ) Tj ET Q q 0 0 0 rg BT 71.52 640.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 128.53 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 147.65 640.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 190.09 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 210.95 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 225.41 640.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 273.68 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 292.79 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 325.31 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 350.85 640.95 Td (products ) Tj ET Q q 0 0 0 rg BT 390.96 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 410.67 640.95 Td (lock ) Tj ET Q q 0 0 0 rg BT 432.70 640.95 Td (at ) Tj ET Q q 0 0 0 rg BT 444.24 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 461.02 640.95 Td (earlier ) Tj ET Q q 0 0 0 rg BT 491.79 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 504.49 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 521.28 640.95 Td (investor) Tj ET Q q 0 0 0 rg BT 555.50 640.95 Td (�) Tj ET Q q 0 0 0 rg BT 558.41 640.95 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (termination ) Tj ET Q q 0 0 0 rg BT 100.59 628.35 Td (date ) Tj ET Q q 0 0 0 rg BT 120.77 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 132.21 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 147.72 628.35 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 195.91 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 207.35 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 222.86 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 244.80 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 256.24 628.35 Td (contract, ) Tj ET Q q 0 0 0 rg BT 295.36 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 306.22 628.35 Td (multiple-year ) Tj ET Q q 0 0 0 rg BT 365.47 628.35 Td (intervals, ) Tj ET Q q 0 0 0 rg BT 406.94 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 418.38 628.35 Td (specific ) Tj ET Q q 0 0 0 rg BT 453.72 628.35 Td (events, ) Tj ET Q q 0 0 0 rg BT 485.85 628.35 Td (such ) Tj ET Q q 0 0 0 rg BT 507.79 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 519.23 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 534.74 628.35 Td (sale ) Tj ET Q q 0 0 0 rg BT 553.76 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 78.58 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 80.54 615.75 Td (For ) Tj ET Q q 0 0 0 rg BT 97.08 615.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 127.61 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 138.31 615.75 Td (these ) Tj ET Q q 0 0 0 rg BT 161.85 615.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 202.59 615.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.60 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 274.72 615.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 315.16 615.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.02 615.75 Td (may ) Tj ET Q q 0 0 0 rg BT 354.06 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 365.93 615.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 413.94 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 424.65 615.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 459.84 615.75 Td (earlier ) Tj ET Q q 0 0 0 rg BT 488.61 615.75 Td (under ) Tj ET Q q 0 0 0 rg BT 514.47 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.26 615.75 Td (updated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 90.06 603.15 Td (than ) Tj ET Q q 0 0 0 rg BT 110.79 603.15 Td (under ) Tj ET Q q 0 0 0 rg BT 137.36 603.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 160.42 603.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 196.31 603.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 246.79 603.15 Td (practices, ) Tj ET Q q 0 0 0 rg BT 289.38 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 317.70 603.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 355.33 603.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 405.81 603.15 Td (until ) Tj ET Q q 0 0 0 rg BT 427.71 603.15 Td (all ) Tj ET Q q 0 0 0 rg BT 440.87 603.15 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 501.26 603.15 Td (were ) Tj ET Q q 0 0 0 rg BT 524.31 603.15 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 565.14 603.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.30 590.55 Td (such ) Tj ET Q q 0 0 0 rg BT 92.26 590.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.03 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 165.90 590.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 207.10 590.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 226.72 590.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 275.50 590.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 298.62 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 309.51 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 325.05 590.55 Td (resolution ) Tj ET Q q 0 0 0 rg BT 369.76 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 381.22 590.55 Td (all ) Tj ET Q q 0 0 0 rg BT 394.44 590.55 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 454.88 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 470.42 590.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 509.86 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 521.32 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 528.70 590.55 Td (contract ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (asset) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 69.91 577.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.54 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 83.33 577.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 109.86 577.95 Td (current ) Tj ET Q q 0 0 0 rg BT 142.22 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 169.34 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 180.71 577.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 207.25 577.95 Td (non-current ) Tj ET Q q 0 0 0 rg BT 258.85 577.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.97 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 296.77 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 312.22 577.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 370.26 577.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 406.70 577.95 Td (Sheet. ) Tj ET Q q 0 0 0 rg BT 435.27 577.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 551.350341796875 m 254.63525390625 551.350341796875 l s q 0 0 0 rg BT 49.50 552.75 Td (Fee ) Tj ET Q q 0 0 0 rg BT 67.10 552.75 Td (W) Tj ET Q q 0 0 0 rg BT 76.17 552.75 Td (aivers ) Tj ET Q q 0 0 0 rg BT 103.86 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.65 552.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 145.86 552.75 Td (Expense ) Tj ET Q q 0 0 0 rg BT 184.06 552.75 Td (Reimbursements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 540.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.89 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 86.63 540.15 Td (waive ) Tj ET Q q 0 0 0 rg BT 114.37 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.59 540.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 165.16 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 180.06 540.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 220.64 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 232.05 540.15 Td (may ) Tj ET Q q 0 0 0 rg BT 252.79 540.15 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 297.44 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 314.10 540.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 362.84 540.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.83 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 403.74 540.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 434.96 540.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 477.28 540.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 517.84 540.15 Td (when ) Tj ET Q q 0 0 0 rg BT 543.25 540.15 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 90.10 527.55 Td (exceed ) Tj ET Q q 0 0 0 rg BT 121.93 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 129.28 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 160.54 527.55 Td (threshold. ) Tj ET Q q 0 0 0 rg BT 204.93 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 207.63 527.55 Td (Fee ) Tj ET Q q 0 0 0 rg BT 225.48 527.55 Td (waivers ) Tj ET Q q 0 0 0 rg BT 260.83 527.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 299.67 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 310.53 527.55 Td (be ) Tj ET Q q 0 0 0 rg BT 323.14 527.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 360.81 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 372.25 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 379.60 527.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 421.95 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 432.81 527.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 471.66 527.55 Td (fee ) Tj ET Q q 0 0 0 rg BT 487.17 527.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 523.09 527.55 Td (under ) Tj ET Q q 0 0 0 rg BT 549.69 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 85.53 514.95 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 128.84 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 131.63 514.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 160.67 514.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 183.87 514.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 232.72 514.95 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 276.04 514.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 298.08 514.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 334.69 514.95 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 404.54 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 415.50 514.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 445.70 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 457.23 514.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 506.08 514.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 542.10 514.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.86 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 100.23 502.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 126.77 502.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 163.22 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 174.02 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 189.48 502.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 247.53 502.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 296.24 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 307.61 502.35 Td (Income. ) Tj ET Q q 0 0 0 rg BT 344.36 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 346.99 502.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 375.86 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 391.32 502.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 427.19 502.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 475.89 502.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 519.04 502.35 Td (these ) Tj ET Q q 0 0 0 rg BT 543.25 502.35 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 86.34 489.75 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 156.43 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 175.19 489.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 207.36 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.21 489.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 272.29 489.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 308.53 489.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 350.03 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 357.72 489.75 Td (change ) Tj ET Q q 0 0 0 rg BT 390.47 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 401.66 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 417.51 489.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 466.60 489.75 Td (price ) Tj ET Q q 0 0 0 rg BT 490.60 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 508.78 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 524.62 489.75 Td (therefore ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 87.11 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 98.48 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 105.76 477.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 148.04 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 159.41 477.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 208.70 477.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 247.48 477.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 267.01 477.15 Td (- ) Tj ET Q q 0 0 0 rg BT 273.13 477.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 301.43 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 312.23 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.68 477.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 385.72 477.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 434.42 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 445.79 477.15 Td (Income.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 451.95 Td (Service ) Tj ET Q q 0 0 0 rg BT 157.72 451.95 Td (Fees ) Tj ET Q q 0 0 0 rg BT 180.76 451.95 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 220.71 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 239.68 451.95 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 102.98 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 120.86 439.35 Td (service ) Tj ET Q q 0 0 0 rg BT 153.31 439.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 172.94 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 188.48 439.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 208.11 439.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 238.81 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 261.94 439.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 288.00 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 298.89 439.35 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 343.60 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 359.15 439.35 Td (distributor ) Tj ET Q q 0 0 0 rg BT 405.62 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 420.59 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 436.14 439.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 459.86 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 471.33 439.35 Td (marketing ) Tj ET Q q 0 0 0 rg BT 516.62 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 534.51 439.35 Td (selling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.41 426.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 100.32 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 118.15 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 133.63 426.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 175.36 426.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 225.26 426.75 Td (as ) Tj ET Q q 0 0 0 rg BT 236.67 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 244.00 426.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 292.13 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 303.54 426.75 Td (client ) Tj ET Q q 0 0 0 rg BT 329.53 426.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 359.32 426.75 Td (Reported ) Tj ET Q q 0 0 0 rg BT 400.48 426.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 438.72 426.75 Td (also ) Tj ET Q q 0 0 0 rg BT 458.30 426.75 Td (include ) Tj ET Q q 0 0 0 rg BT 491.88 426.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 511.45 426.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 542.09 426.75 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 92.50 414.15 Td (client ) Tj ET Q q 0 0 0 rg BT 117.99 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 128.90 414.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 180.04 414.15 Td (servicing, ) Tj ET Q q 0 0 0 rg BT 223.32 414.15 Td (including ) Tj ET Q q 0 0 0 rg BT 265.15 414.15 Td (record ) Tj ET Q q 0 0 0 rg BT 294.13 414.15 Td (keeping ) Tj ET Q q 0 0 0 rg BT 329.53 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 340.44 414.15 Td (administrative ) Tj ET Q q 0 0 0 rg BT 402.68 414.15 Td (services ) Tj ET Q q 0 0 0 rg BT 438.66 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 448.99 414.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 497.81 414.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 525.93 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 543.25 414.15 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 107.28 401.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 146.41 401.55 Td (services ) Tj ET Q q 0 0 0 rg BT 183.19 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 198.40 401.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 225.86 401.55 Td (under ) Tj ET Q q 0 0 0 rg BT 252.74 401.55 Td (advisement. ) Tj ET Q q 0 0 0 rg BT 306.15 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 309.11 401.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 362.83 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 380.96 401.55 Td (service ) Tj ET Q q 0 0 0 rg BT 413.66 401.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 433.53 401.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 464.47 401.55 Td (on ) Tj ET Q q 0 0 0 rg BT 477.94 401.55 Td (company-sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.70 388.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 123.16 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 138.10 388.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 175.21 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 186.08 388.95 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 224.06 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 226.18 388.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 279.06 388.95 Td (services ) Tj ET Q q 0 0 0 rg BT 315.00 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 332.28 388.95 Td (marketing ) Tj ET Q q 0 0 0 rg BT 376.98 388.95 Td (services ) Tj ET Q q 0 0 0 rg BT 412.92 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 427.86 388.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 475.47 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 482.25 388.95 Td (single ) Tj ET Q q 0 0 0 rg BT 509.46 388.95 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (obligation ) Tj ET Q q 0 0 0 rg BT 94.33 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 105.33 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 120.41 376.35 Td (success ) Tj ET Q q 0 0 0 rg BT 154.15 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 165.15 376.35 Td (selling ) Tj ET Q q 0 0 0 rg BT 195.40 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 210.48 376.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 258.22 376.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 286.71 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 295.97 376.35 Td (highly ) Tj ET Q q 0 0 0 rg BT 325.05 376.35 Td (dependent ) Tj ET Q q 0 0 0 rg BT 370.45 376.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 393.71 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 408.78 376.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 431.45 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 448.86 376.35 Td (marketing ) Tj ET Q q 0 0 0 rg BT 493.68 376.35 Td (ef) Tj ET Q q 0 0 0 rg BT 501.65 376.35 Td (forts. ) Tj ET Q q 0 0 0 rg BT 525.77 376.35 Td (Ongoing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 101.23 363.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 142.47 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 152.23 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.64 363.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 196.79 363.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 252.59 363.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 297.92 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 309.42 363.75 Td (these ) Tj ET Q q 0 0 0 rg BT 333.75 363.75 Td (services ) Tj ET Q q 0 0 0 rg BT 370.32 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 385.89 363.75 Td (not ) Tj ET Q q 0 0 0 rg BT 402.06 363.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.64 363.75 Td (interrelated ) Tj ET Q q 0 0 0 rg BT 482.20 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.11 363.75 Td (interdependent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (on ) Tj ET Q q 0 0 0 rg BT 62.60 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 78.03 351.15 Td (sale ) Tj ET Q q 0 0 0 rg BT 96.96 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.30 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 123.73 351.15 Td (shares. ) Tj ET Q q 0 0 0 rg BT 155.20 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 157.80 351.15 Td (Fees ) Tj ET Q q 0 0 0 rg BT 179.65 351.15 Td (earned ) Tj ET Q q 0 0 0 rg BT 210.23 351.15 Td (related ) Tj ET Q q 0 0 0 rg BT 241.39 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 252.16 351.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 303.18 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 320.94 351.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 372.52 351.15 Td (serving ) Tj ET Q q 0 0 0 rg BT 406.03 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 421.45 351.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 469.53 351.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 505.95 351.15 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (because ) Tj ET Q q 0 0 0 rg BT 85.13 338.55 Td (they ) Tj ET Q q 0 0 0 rg BT 105.61 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 120.83 338.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 165.79 338.55 Td (based ) Tj ET Q q 0 0 0 rg BT 192.10 338.55 Td (on ) Tj ET Q q 0 0 0 rg BT 205.01 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 220.24 338.55 Td (average ) Tj ET Q q 0 0 0 rg BT 255.28 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 286.84 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 311.98 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 323.13 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 338.36 338.55 Td (fund. ) Tj ET Q q 0 0 0 rg BT 362.64 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 364.87 338.55 Td (The ) Tj ET Q q 0 0 0 rg BT 383.59 338.55 Td (average ) Tj ET Q q 0 0 0 rg BT 418.64 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 450.19 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 475.34 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 486.49 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 501.72 338.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 523.37 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 532.77 338.55 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.86 325.95 Td (change ) Tj ET Q q 0 0 0 rg BT 91.79 325.95 Td (based ) Tj ET Q q 0 0 0 rg BT 117.89 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 130.58 325.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 182.35 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 199.71 325.95 Td (volatility ) Tj ET Q q 0 0 0 rg BT 239.82 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 250.18 325.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.10 325.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 327.16 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 344.52 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 355.46 325.95 Td (such, ) Tj ET Q q 0 0 0 rg BT 379.53 325.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 430.14 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 447.50 325.95 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 498.67 325.95 Td (service ) Tj ET Q q 0 0 0 rg BT 530.60 325.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 549.69 325.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.53 313.35 Td (constrained ) Tj ET Q q 0 0 0 rg BT 140.90 313.35 Td (until ) Tj ET Q q 0 0 0 rg BT 162.12 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 176.92 313.35 Td (end ) Tj ET Q q 0 0 0 rg BT 194.05 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 204.76 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 219.56 313.35 Td (month ) Tj ET Q q 0 0 0 rg BT 248.36 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 259.08 313.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 290.78 313.35 Td (when ) Tj ET Q q 0 0 0 rg BT 315.49 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 330.29 313.35 Td (actual ) Tj ET Q q 0 0 0 rg BT 357.33 313.35 Td (market ) Tj ET Q q 0 0 0 rg BT 388.45 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 413.15 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 423.87 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 438.67 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 459.88 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 468.85 313.35 Td (known, ) Tj ET Q q 0 0 0 rg BT 502.03 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 519.16 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 533.96 313.35 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.34 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 94.96 300.75 Td (no ) Tj ET Q q 0 0 0 rg BT 108.07 300.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 137.51 300.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.86 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.64 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 187.91 300.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 234.85 300.75 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 273.32 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 275.74 300.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 322.36 300.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 373.40 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.17 300.75 Td (service ) Tj ET Q q 0 0 0 rg BT 423.51 300.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 443.03 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 458.46 300.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 500.14 300.75 Td (included ) Tj ET Q q 0 0 0 rg BT 538.91 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.69 300.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 97.31 288.15 Td (price ) Tj ET Q q 0 0 0 rg BT 120.04 288.15 Td (at ) Tj ET Q q 0 0 0 rg BT 129.36 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 143.93 288.15 Td (end ) Tj ET Q q 0 0 0 rg BT 160.84 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.33 288.15 Td (each ) Tj ET Q q 0 0 0 rg BT 192.30 288.15 Td (monthly ) Tj ET Q q 0 0 0 rg BT 229.05 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 239.54 288.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 279.18 288.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 319.41 288.15 Td (period ) Tj ET Q q 0 0 0 rg BT 347.98 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 364.88 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 379.44 288.15 Td (allocated ) Tj ET Q q 0 0 0 rg BT 419.08 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 428.99 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.56 288.15 Td (two ) Tj ET Q q 0 0 0 rg BT 461.06 288.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 515.85 288.15 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (based ) Tj ET Q q 0 0 0 rg BT 76.57 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 90.23 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 106.22 275.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.87 275.55 Td (specified ) Tj ET Q q 0 0 0 rg BT 181.93 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 193.26 275.55 Td (each ) Tj ET Q q 0 0 0 rg BT 215.66 275.55 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 265.17 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 268.10 275.55 Td (While ) Tj ET Q q 0 0 0 rg BT 296.91 275.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 348.50 275.55 Td (services ) Tj ET Q q 0 0 0 rg BT 385.48 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 401.45 275.55 Td (lar) Tj ET Q q 0 0 0 rg BT 412.34 275.55 Td (gely ) Tj ET Q q 0 0 0 rg BT 433.58 275.55 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 471.73 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 482.47 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 498.46 275.55 Td (inception ) Tj ET Q q 0 0 0 rg BT 540.69 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 552.60 275.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (investment, ) Tj ET Q q 0 0 0 rg BT 100.79 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 116.20 262.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 153.20 262.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 191.36 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 202.70 262.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 238.51 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 253.91 262.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.24 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 296.99 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 312.41 262.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 348.81 262.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 407.96 262.95 Td (constraint. ) Tj ET Q q 0 0 0 rg BT 454.58 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 456.59 262.95 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 508.40 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 513.61 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 520.85 262.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 553.77 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.41 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 118.05 250.35 Td (service ) Tj ET Q q 0 0 0 rg BT 150.27 250.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 185.98 250.35 Td (will ) Tj ET Q q 0 0 0 rg BT 204.80 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 217.20 250.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 265.74 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 276.40 250.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 309.79 250.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 358.94 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 369.59 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 384.90 250.35 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 435.21 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 446.44 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 461.76 250.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 517.29 250.35 Td (obligation. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.37 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.59 225.15 Td (share ) Tj ET Q q 0 0 0 rg BT 127.71 225.15 Td (classes ) Tj ET Q q 0 0 0 rg BT 158.83 225.15 Td (only ) Tj ET Q q 0 0 0 rg BT 179.46 225.15 Td (char) Tj ET Q q 0 0 0 rg BT 197.34 225.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 209.22 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 223.43 225.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 273.82 225.15 Td (services ) Tj ET Q q 0 0 0 rg BT 309.60 225.15 Td (at ) Tj ET Q q 0 0 0 rg BT 319.15 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 333.94 225.15 Td (inception ) Tj ET Q q 0 0 0 rg BT 374.98 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 385.69 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.49 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 448.53 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 474.41 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 486.87 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 493.50 225.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 517.04 225.15 Td (percentage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.72 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.02 212.55 Td (share ) Tj ET Q q 0 0 0 rg BT 100.65 212.55 Td (price. ) Tj ET Q q 0 0 0 rg BT 126.73 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.02 212.55 Td (This ) Tj ET Q q 0 0 0 rg BT 150.16 212.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 174.21 212.55 Td (price ) Tj ET Q q 0 0 0 rg BT 197.67 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 207.15 212.55 Td (allocated ) Tj ET Q q 0 0 0 rg BT 247.51 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 258.15 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 273.46 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 328.98 212.55 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 376.66 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 404.79 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 414.27 212.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 469.82 212.55 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 507.29 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 517.34 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 532.64 212.55 Td (time ) Tj ET Q q 0 0 0 rg BT 553.77 212.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 199.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 92.08 199.95 Td (investment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 102.16 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.23 174.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 161.98 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.47 174.75 Td (service ) Tj ET Q q 0 0 0 rg BT 209.53 174.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 223.67 174.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 258.23 174.75 Td (under ) Tj ET Q q 0 0 0 rg BT 283.47 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.62 174.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 332.19 174.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 371.42 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 379.75 174.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 423.07 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 443.07 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 458.39 174.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 480.13 174.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 514.69 174.75 Td (recognition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (process. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (When ) Tj ET Q q 0 0 0 rg BT 78.64 136.95 Td (we ) Tj ET Q q 0 0 0 rg BT 94.95 136.95 Td (enter ) Tj ET Q q 0 0 0 rg BT 120.01 136.95 Td (into ) Tj ET Q q 0 0 0 rg BT 140.41 136.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 201.04 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 223.77 136.95 Td (broker) Tj ET Q q 0 0 0 rg BT 250.97 136.95 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 288.27 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 301.08 136.95 Td (other ) Tj ET Q q 0 0 0 rg BT 326.72 136.95 Td (third ) Tj ET Q q 0 0 0 rg BT 350.62 136.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 382.68 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 394.92 136.95 Td (sell ) Tj ET Q q 0 0 0 rg BT 413.57 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 426.39 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 459.61 136.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 510.32 136.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 533.64 136.95 Td (shares, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.41 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 118.07 124.35 Td (servicing ) Tj ET Q q 0 0 0 rg BT 159.05 124.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 195.37 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 204.86 124.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 240.00 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 254.73 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 270.06 124.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 308.13 124.35 Td (owed ) Tj ET Q q 0 0 0 rg BT 333.37 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 344.03 124.35 Td (third ) Tj ET Q q 0 0 0 rg BT 366.36 124.35 Td (parties, ) Tj ET Q q 0 0 0 rg BT 399.47 124.35 Td (including ) Tj ET Q q 0 0 0 rg BT 441.62 124.35 Td (finders' ) Tj ET Q q 0 0 0 rg BT 475.17 124.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 494.57 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 512.22 124.35 Td (referral ) Tj ET Q q 0 0 0 rg BT 545.60 124.35 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 71.71 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 84.01 111.75 Td (unaf) Tj ET Q q 0 0 0 rg BT 102.48 111.75 Td (filiated ) Tj ET Q q 0 0 0 rg BT 136.35 111.75 Td (broker) Tj ET Q q 0 0 0 rg BT 163.54 111.75 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 200.91 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 213.78 111.75 Td (introducing ) Tj ET Q q 0 0 0 rg BT 266.33 111.75 Td (parties ) Tj ET Q q 0 0 0 rg BT 298.45 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.74 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 328.88 111.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 369.74 111.75 Td (as ) Tj ET Q q 0 0 0 rg BT 382.62 111.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 437.50 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.80 111.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 499.42 111.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 537.37 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.51 99.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 156.18 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 167.52 99.15 Td (Income. ) Tj ET Q q 0 0 0 rg BT 204.22 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 206.81 99.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 260.16 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 277.91 99.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 318.99 99.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 355.41 99.15 Td (also ) Tj ET Q q 0 0 0 rg BT 374.91 99.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 412.50 99.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 455.33 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 466.09 99.15 Td (third ) Tj ET Q q 0 0 0 rg BT 488.52 99.15 Td (parties ) Tj ET Q q 0 0 0 rg BT 519.10 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 533.94 99.15 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 101.10 86.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 163.80 86.55 Td (services ) Tj ET Q q 0 0 0 rg BT 200.24 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 218.03 86.55 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 274.90 86.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 294.43 86.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 315.13 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 325.92 86.55 Td (unaf) Tj ET Q q 0 0 0 rg BT 344.39 86.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 376.75 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 399.79 86.55 Td (managers.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (73) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Contract ) Tj ET Q q 0 0 0 rg BT 90.05 741.90 Td (Costs ) Tj ET Q q 0 0 0 rg BT 116.02 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 134.98 741.90 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 176.09 741.90 Td (Sales ) Tj ET Q q 0 0 0 rg BT 201.47 741.90 Td (Commissions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.30 Td (e ) Tj ET Q q 0 0 0 rg BT 66.01 729.30 Td (incur ) Tj ET Q q 0 0 0 rg BT 90.36 729.30 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 128.71 729.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 152.48 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 163.43 729.30 Td (obtain ) Tj ET Q q 0 0 0 rg BT 192.45 729.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 241.30 729.30 Td (management ) Tj ET Q q 0 0 0 rg BT 297.72 729.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 338.40 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 356.34 729.30 Td (for ) Tj ET Q q 0 0 0 rg BT 371.36 729.30 Td (services ) Tj ET Q q 0 0 0 rg BT 407.95 729.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 448.05 729.30 Td (to ) Tj ET Q q 0 0 0 rg BT 459.00 729.30 Td (customers ) Tj ET Q q 0 0 0 rg BT 504.35 729.30 Td (in ) Tj ET Q q 0 0 0 rg BT 515.29 729.30 Td (accordance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (with ) Tj ET Q q 0 0 0 rg BT 70.25 716.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 118.40 716.70 Td (management ) Tj ET Q q 0 0 0 rg BT 174.13 716.70 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 226.64 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 228.57 716.70 Td (These ) Tj ET Q q 0 0 0 rg BT 255.72 716.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 278.80 716.70 Td (include ) Tj ET Q q 0 0 0 rg BT 311.79 716.70 Td (commissions ) Tj ET Q q 0 0 0 rg BT 368.71 716.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 388.86 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 399.11 716.70 Td (wholesalers, ) Tj ET Q q 0 0 0 rg BT 453.38 716.70 Td (employees ) Tj ET Q q 0 0 0 rg BT 500.37 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 517.61 716.70 Td (third-party ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.41 704.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 111.66 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.33 704.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 192.50 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.17 704.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 255.82 704.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 277.86 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.37 704.10 Td (Depending ) Tj ET Q q 0 0 0 rg BT 328.95 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.96 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.30 704.10 Td (type ) Tj ET Q q 0 0 0 rg BT 377.89 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.14 704.10 Td (services ) Tj ET Q q 0 0 0 rg BT 425.47 704.10 Td (provided, ) Tj ET Q q 0 0 0 rg BT 467.93 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 492.02 704.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 511.43 704.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.02 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 544.44 704.10 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (at ) Tj ET Q q 0 0 0 rg BT 59.91 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 75.56 691.50 Td (time ) Tj ET Q q 0 0 0 rg BT 97.05 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 112.71 691.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 149.35 691.50 Td (is ) Tj ET Q q 0 0 0 rg BT 159.18 691.50 Td (obtained ) Tj ET Q q 0 0 0 rg BT 198.16 691.50 Td (or ) Tj ET Q q 0 0 0 rg BT 209.74 691.50 Td (on ) Tj ET Q q 0 0 0 rg BT 223.07 691.50 Td (an ) Tj ET Q q 0 0 0 rg BT 235.80 691.50 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 273.05 691.50 Td (basis. ) Tj ET Q q 0 0 0 rg BT 299.50 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 302.33 691.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 331.40 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 347.05 691.50 Td (updated ) Tj ET Q q 0 0 0 rg BT 383.12 691.50 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 426.47 691.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 450.30 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 461.30 691.50 Td (obtain ) Tj ET Q q 0 0 0 rg BT 490.37 691.50 Td (a ) Tj ET Q q 0 0 0 rg BT 497.86 691.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 534.50 691.50 Td (should ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (be ) Tj ET Q q 0 0 0 rg BT 61.75 678.90 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 109.56 678.90 Td (if ) Tj ET Q q 0 0 0 rg BT 118.32 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 133.49 678.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 156.83 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 171.99 678.90 Td (incremental ) Tj ET Q q 0 0 0 rg BT 223.89 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 241.39 678.90 Td (would ) Tj ET Q q 0 0 0 rg BT 269.98 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 285.74 678.90 Td (have ) Tj ET Q q 0 0 0 rg BT 307.90 678.90 Td (been ) Tj ET Q q 0 0 0 rg BT 330.06 678.90 Td (incurred ) Tj ET Q q 0 0 0 rg BT 367.38 678.90 Td (if ) Tj ET Q q 0 0 0 rg BT 376.14 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 391.30 678.90 Td (contract ) Tj ET Q q 0 0 0 rg BT 427.46 678.90 Td (had ) Tj ET Q q 0 0 0 rg BT 444.96 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 460.72 678.90 Td (been ) Tj ET Q q 0 0 0 rg BT 482.88 678.90 Td (obtained, ) Tj ET Q q 0 0 0 rg BT 524.00 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 541.50 678.90 Td (costs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.33 666.30 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 86.90 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 102.40 666.30 Td (contract ) Tj ET Q q 0 0 0 rg BT 138.87 666.30 Td (should ) Tj ET Q q 0 0 0 rg BT 169.54 666.30 Td (be ) Tj ET Q q 0 0 0 rg BT 182.11 666.30 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 230.24 666.30 Td (if ) Tj ET Q q 0 0 0 rg BT 239.32 666.30 Td (they ) Tj ET Q q 0 0 0 rg BT 260.06 666.30 Td (relate ) Tj ET Q q 0 0 0 rg BT 286.04 666.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 320.77 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 331.60 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 338.92 666.30 Td (contract, ) Tj ET Q q 0 0 0 rg BT 378.02 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 393.51 666.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 417.18 666.30 Td (will ) Tj ET Q q 0 0 0 rg BT 436.17 666.30 Td (generate ) Tj ET Q q 0 0 0 rg BT 474.39 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 485.80 666.30 Td (enhance ) Tj ET Q q 0 0 0 rg BT 522.85 666.30 Td (resources ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.52 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 75.61 653.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 101.80 653.70 Td (that ) Tj ET Q q 0 0 0 rg BT 119.81 653.70 Td (will ) Tj ET Q q 0 0 0 rg BT 138.42 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 150.60 653.70 Td (used ) Tj ET Q q 0 0 0 rg BT 172.12 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 182.55 653.70 Td (satisfying ) Tj ET Q q 0 0 0 rg BT 225.66 653.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 280.98 653.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 329.91 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 340.35 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 355.45 653.70 Td (future, ) Tj ET Q q 0 0 0 rg BT 385.42 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 402.85 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 417.94 653.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 441.22 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 456.30 653.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 495.88 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 506.32 653.70 Td (be ) Tj ET Q q 0 0 0 rg BT 518.50 653.70 Td (recovered. ) Tj ET Q q 0 0 0 rg BT 565.14 653.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 96.01 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 116.85 641.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 139.44 641.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 187.68 641.10 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 238.54 641.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 259.96 641.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 290.12 641.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 315.92 641.10 Td (including ) Tj ET Q q 0 0 0 rg BT 357.76 641.10 Td (or) Tj ET Q q 0 0 0 rg BT 366.32 641.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 419.80 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.14 641.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 493.55 641.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 519.35 641.10 Td (placement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.88 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 86.51 628.50 Td (commissions ) Tj ET Q q 0 0 0 rg BT 143.83 628.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 164.38 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 175.02 628.50 Td (employees, ) Tj ET Q q 0 0 0 rg BT 225.02 628.50 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 277.06 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 294.70 628.50 Td (broker) Tj ET Q q 0 0 0 rg BT 321.89 628.50 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 357.59 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 372.31 628.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 395.20 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 406.42 628.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 428.14 628.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 456.85 628.50 Td (are ) Tj ET Q q 0 0 0 rg BT 472.14 628.50 Td (expensed ) Tj ET Q q 0 0 0 rg BT 513.68 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 524.91 628.50 Td (incurred, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 615.90 Td (these ) Tj ET Q q 0 0 0 rg BT 83.99 615.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 107.08 615.90 Td (would ) Tj ET Q q 0 0 0 rg BT 135.42 615.90 Td (be ) Tj ET Q q 0 0 0 rg BT 147.41 615.90 Td (incurred ) Tj ET Q q 0 0 0 rg BT 184.48 615.90 Td (regardless ) Tj ET Q q 0 0 0 rg BT 229.13 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.96 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 254.88 615.90 Td (investor) Tj ET Q q 0 0 0 rg BT 288.13 615.90 Td (. ) Tj ET Q q 0 0 0 rg BT 292.84 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 294.92 615.90 Td (However) Tj ET Q q 0 0 0 rg BT 332.98 615.90 Td (, ) Tj ET Q q 0 0 0 rg BT 337.69 615.90 Td (commissions ) Tj ET Q q 0 0 0 rg BT 394.62 615.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 414.78 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 425.04 615.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 472.03 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 489.27 615.90 Td (retail ) Tj ET Q q 0 0 0 rg BT 512.93 615.90 Td (wholesalers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 59.95 603.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.30 603.30 Td (with ) Tj ET Q q 0 0 0 rg BT 129.25 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 144.36 603.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 162.96 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 173.99 603.30 Td (retail ) Tj ET Q q 0 0 0 rg BT 197.84 603.30 Td (separate ) Tj ET Q q 0 0 0 rg BT 234.52 603.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 273.54 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 288.64 603.30 Td (considered ) Tj ET Q q 0 0 0 rg BT 336.40 603.30 Td (incremental, ) Tj ET Q q 0 0 0 rg BT 390.87 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 401.90 603.30 Td (these ) Tj ET Q q 0 0 0 rg BT 425.75 603.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 444.94 603.30 Td (relate ) Tj ET Q q 0 0 0 rg BT 470.53 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 480.98 603.30 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 522.93 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 529.87 603.30 Td (specific ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (contract, ) Tj ET Q q 0 0 0 rg BT 88.73 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 104.34 590.70 Td (calculated ) Tj ET Q q 0 0 0 rg BT 149.69 590.70 Td (based ) Tj ET Q q 0 0 0 rg BT 176.39 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 189.68 590.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 225.13 590.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 247.74 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 265.70 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 281.31 590.70 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 333.06 590.70 Td (through ) Tj ET Q q 0 0 0 rg BT 368.52 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 384.14 590.70 Td (management ) Tj ET Q q 0 0 0 rg BT 440.58 590.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 460.28 590.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 491.05 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 509.00 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 524.61 590.70 Td (therefore ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 96.69 578.10 Td (under ) Tj ET Q q 0 0 0 rg BT 122.32 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.87 578.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 171.83 578.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 219.62 578.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 261.87 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.59 578.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 286.31 578.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 342.87 578.10 Td (were ) Tj ET Q q 0 0 0 rg BT 364.99 578.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 405.78 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 416.25 578.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 452.95 578.10 Td (under ) Tj ET Q q 0 0 0 rg BT 478.58 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.30 578.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 516.43 578.10 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (practices. ) Tj ET Q q 0 0 0 rg BT 92.25 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 95.05 565.50 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 145.68 565.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 168.90 565.50 Td (commissions ) Tj ET Q q 0 0 0 rg BT 226.55 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 242.18 565.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 286.97 565.50 Td (based ) Tj ET Q q 0 0 0 rg BT 313.69 565.50 Td (on ) Tj ET Q q 0 0 0 rg BT 327.00 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 342.63 565.50 Td (transfer ) Tj ET Q q 0 0 0 rg BT 377.51 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 389.06 565.50 Td (services ) Tj ET Q q 0 0 0 rg BT 425.69 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 436.67 565.50 Td (which ) Tj ET Q q 0 0 0 rg BT 465.14 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 480.78 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 508.09 565.50 Td (relate, ) Tj ET Q q 0 0 0 rg BT 536.83 565.50 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (averages ) Tj ET Q q 0 0 0 rg BT 88.85 552.90 Td (four ) Tj ET Q q 0 0 0 rg BT 108.97 552.90 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 109.43 527.70 Td (we ) Tj ET Q q 0 0 0 rg BT 124.42 527.70 Td (pay ) Tj ET Q q 0 0 0 rg BT 142.33 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 153.24 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 192.72 527.70 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 255.52 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 266.44 527.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 315.25 527.70 Td (with ) Tj ET Q q 0 0 0 rg BT 336.67 527.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 359.82 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 371.32 527.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 402.63 527.70 Td (classes ) Tj ET Q q 0 0 0 rg BT 434.53 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 446.03 527.70 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 533.34 527.70 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 76.13 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.25 515.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 141.02 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 153.06 515.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 191.33 515.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 215.04 515.10 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 275.57 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 295.19 515.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 318.90 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 329.20 515.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 374.48 515.10 Td (over ) Tj ET Q q 0 0 0 rg BT 396.43 515.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 430.64 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 447.36 515.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 493.22 515.10 Td (six ) Tj ET Q q 0 0 0 rg BT 508.77 515.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 536.85 515.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (represent ) Tj ET Q q 0 0 0 rg BT 89.86 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.58 502.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 137.37 502.50 Td (during ) Tj ET Q q 0 0 0 rg BT 166.67 502.50 Td (which ) Tj ET Q q 0 0 0 rg BT 194.22 502.50 Td (commissions ) Tj ET Q q 0 0 0 rg BT 250.94 502.50 Td (are ) Tj ET Q q 0 0 0 rg BT 265.65 502.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 306.60 502.50 Td (recovered ) Tj ET Q q 0 0 0 rg BT 349.87 502.50 Td (from ) Tj ET Q q 0 0 0 rg BT 372.16 502.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 422.47 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 439.52 502.50 Td (service ) Tj ET Q q 0 0 0 rg BT 471.13 502.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 485.84 502.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 525.04 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 542.08 502.50 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 97.12 489.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 135.39 489.90 Td (sales ) Tj ET Q q 0 0 0 rg BT 159.10 489.90 Td (char) Tj ET Q q 0 0 0 rg BT 176.98 489.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 194.27 489.90 Td (\("CDSC"\) ) Tj ET Q q 0 0 0 rg BT 240.57 489.90 Td (received ) Tj ET Q q 0 0 0 rg BT 279.42 489.90 Td (from ) Tj ET Q q 0 0 0 rg BT 303.13 489.90 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 359.49 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 371.54 489.90 Td (those ) Tj ET Q q 0 0 0 rg BT 397.00 489.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 423.63 489.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 447.93 489.90 Td (redemption ) Tj ET Q q 0 0 0 rg BT 499.05 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 511.09 489.90 Td (their ) Tj ET Q q 0 0 0 rg BT 533.63 489.90 Td (shares. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (CDSC ) Tj ET Q q 0 0 0 rg BT 79.16 477.30 Td (consideration ) Tj ET Q q 0 0 0 rg BT 137.96 477.30 Td (is ) Tj ET Q q 0 0 0 rg BT 147.20 477.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 188.50 477.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 224.55 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 241.94 477.30 Td (is ) Tj ET Q q 0 0 0 rg BT 251.18 477.30 Td (based ) Tj ET Q q 0 0 0 rg BT 277.32 477.30 Td (on ) Tj ET Q q 0 0 0 rg BT 290.06 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 305.12 477.30 Td (timing ) Tj ET Q q 0 0 0 rg BT 334.77 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 345.75 477.30 Td (when ) Tj ET Q q 0 0 0 rg BT 370.73 477.30 Td (investors ) Tj ET Q q 0 0 0 rg BT 410.88 477.30 Td (redeem ) Tj ET Q q 0 0 0 rg BT 444.01 477.30 Td (their ) Tj ET Q q 0 0 0 rg BT 465.48 477.30 Td (investment. ) Tj ET Q q 0 0 0 rg BT 516.42 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 518.49 477.30 Td (Therefore, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.36 464.70 Td (variable ) Tj ET Q q 0 0 0 rg BT 100.21 464.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 158.81 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 167.84 464.70 Td (included ) Tj ET Q q 0 0 0 rg BT 206.03 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 216.23 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 231.09 464.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 279.19 464.70 Td (price ) Tj ET Q q 0 0 0 rg BT 302.21 464.70 Td (once ) Tj ET Q q 0 0 0 rg BT 324.07 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 338.93 464.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 378.87 464.70 Td (redeem ) Tj ET Q q 0 0 0 rg BT 411.80 464.70 Td (their ) Tj ET Q q 0 0 0 rg BT 433.08 464.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 461.35 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 478.54 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 487.58 464.70 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 524.61 464.70 Td (at ) Tj ET Q q 0 0 0 rg BT 534.22 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 540.91 464.70 Td (point ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.37 452.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 82.35 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.05 452.10 Td (CDSC ) Tj ET Q q 0 0 0 rg BT 113.18 452.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 147.53 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 162.05 452.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 200.48 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.92 452.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 261.04 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.90 452.10 Td (service ) Tj ET Q q 0 0 0 rg BT 309.34 452.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 323.85 452.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 358.78 452.10 Td (when ) Tj ET Q q 0 0 0 rg BT 383.22 452.10 Td (received ) Tj ET Q q 0 0 0 rg BT 420.48 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.34 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 443.70 452.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 485.05 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.50 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.03 452.10 Td (unamortized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 83.46 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 94.11 439.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 130.99 439.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 153.30 439.50 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 212.67 439.50 Td (with ) Tj ET Q q 0 0 0 rg BT 233.24 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 239.81 439.50 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 301.78 439.50 Td (expense. ) Tj ET Q q 0 0 0 rg BT 340.13 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 342.03 439.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 370.17 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 384.90 439.50 Td (updated ) Tj ET Q q 0 0 0 rg BT 420.05 439.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 468.02 439.50 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 510.44 439.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 439.50 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (has ) Tj ET Q q 0 0 0 rg BT 66.53 426.90 Td (elected ) Tj ET Q q 0 0 0 rg BT 99.29 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 110.48 426.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 147.33 426.90 Td (sales ) Tj ET Q q 0 0 0 rg BT 170.77 426.90 Td (commissions ) Tj ET Q q 0 0 0 rg BT 228.64 426.90 Td (related ) Tj ET Q q 0 0 0 rg BT 260.24 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 271.44 426.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 303.03 426.90 Td (share ) Tj ET Q q 0 0 0 rg BT 328.21 426.90 Td (classes ) Tj ET Q q 0 0 0 rg BT 360.40 426.90 Td (with ) Tj ET Q q 0 0 0 rg BT 382.10 426.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 438.20 426.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 472.14 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 483.92 426.90 Td (one ) Tj ET Q q 0 0 0 rg BT 502.11 426.90 Td (year ) Tj ET Q q 0 0 0 rg BT 523.20 426.90 Td (or ) Tj ET Q q 0 0 0 rg BT 534.98 426.90 Td (less ) Tj ET Q q 0 0 0 rg BT 553.76 426.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (incurred.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.12 389.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 95.51 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.88 389.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 151.51 389.10 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.59 376.50 Td (all ) Tj ET Q q 0 0 0 rg BT 119.34 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.33 376.50 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.58 376.50 Td (are ) Tj ET Q q 0 0 0 rg BT 224.66 376.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 263.64 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 274.06 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 289.14 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.13 376.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 374.71 376.50 Td (at ) Tj ET Q q 0 0 0 rg BT 384.54 376.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.37 376.50 Td (value ) Tj ET Q q 0 0 0 rg BT 426.37 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 437.37 376.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 475.21 376.50 Td (that ) Tj ET Q q 0 0 0 rg BT 493.21 376.50 Td (approximate ) Tj ET Q q 0 0 0 rg BT 547.94 376.50 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.45 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 80.04 363.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 110.63 363.90 Td (investments, ) Tj ET Q q 0 0 0 rg BT 166.01 363.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 214.68 363.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 256.93 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 274.68 363.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 319.25 363.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.34 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 364.09 363.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 405.76 363.90 Td (included ) Tj ET Q q 0 0 0 rg BT 444.50 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 455.26 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 470.68 363.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.68 363.90 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 78.74 351.30 Td (include ) Tj ET Q q 0 0 0 rg BT 111.47 351.30 Td (forms ) Tj ET Q q 0 0 0 rg BT 137.79 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 148.37 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.92 351.30 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 240.37 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 242.20 351.30 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 290.08 351.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 314.07 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 331.06 351.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 357.97 351.30 Td (related ) Tj ET Q q 0 0 0 rg BT 388.36 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 398.35 351.30 Td (these ) Tj ET Q q 0 0 0 rg BT 421.75 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.31 351.30 Td (instruments ) Tj ET Q q 0 0 0 rg BT 511.13 351.30 Td (are ) Tj ET Q q 0 0 0 rg BT 525.77 351.30 Td (reflected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 61.23 338.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 79.95 338.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 114.99 338.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 145.38 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 157.69 338.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 185.16 338.70 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 254.62 338.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 289.66 338.70 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 322.68 338.70 Td (depending ) Tj ET Q q 0 0 0 rg BT 369.98 338.70 Td (on ) Tj ET Q q 0 0 0 rg BT 384.04 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 400.42 338.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 449.48 338.70 Td (purpose ) Tj ET Q q 0 0 0 rg BT 486.28 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 498.58 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 514.97 338.70 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 565.14 338.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 326.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.66 326.10 Td (April ) Tj ET Q q 0 0 0 rg BT 114.23 326.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 124.50 326.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 150.53 326.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.18 326.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 200.82 326.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 236.46 326.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 284.93 326.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 325.24 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 338.14 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 345.20 326.10 Td (prospective ) Tj ET Q q 0 0 0 rg BT 396.01 326.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 419.41 326.10 Td (which ) Tj ET Q q 0 0 0 rg BT 447.48 326.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 483.70 326.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 512.35 326.10 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.39 313.50 Td (be ) Tj ET Q q 0 0 0 rg BT 73.03 313.50 Td (measured ) Tj ET Q q 0 0 0 rg BT 115.98 313.50 Td (at ) Tj ET Q q 0 0 0 rg BT 126.28 313.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.58 313.50 Td (value, ) Tj ET Q q 0 0 0 rg BT 171.67 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 193.06 313.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 229.60 313.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 278.38 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 289.27 313.50 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 329.99 313.50 Td (This ) Tj ET Q q 0 0 0 rg BT 351.39 313.50 Td (guidance ) Tj ET Q q 0 0 0 rg BT 392.01 313.50 Td (does ) Tj ET Q q 0 0 0 rg BT 413.98 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 430.12 313.50 Td (apply ) Tj ET Q q 0 0 0 rg BT 456.17 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 467.06 313.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 519.95 313.50 Td (accounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (for ) Tj ET Q q 0 0 0 rg BT 65.06 300.90 Td (under ) Tj ET Q q 0 0 0 rg BT 92.28 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 108.42 300.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 137.98 300.90 Td (method. ) Tj ET Q q 0 0 0 rg BT 175.41 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 178.49 300.90 Td (The ) Tj ET Q q 0 0 0 rg BT 198.12 300.90 Td (adoption ) Tj ET Q q 0 0 0 rg BT 238.18 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 250.24 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 266.39 300.90 Td (updated ) Tj ET Q q 0 0 0 rg BT 302.94 300.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 344.15 300.90 Td (did ) Tj ET Q q 0 0 0 rg BT 360.88 300.90 Td (not ) Tj ET Q q 0 0 0 rg BT 377.61 300.90 Td (have ) Tj ET Q q 0 0 0 rg BT 400.75 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 408.72 300.90 Td (material ) Tj ET Q q 0 0 0 rg BT 446.43 300.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 478.32 300.90 Td (on ) Tj ET Q q 0 0 0 rg BT 492.13 300.90 Td (our ) Tj ET Q q 0 0 0 rg BT 509.44 300.90 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 288.30 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (For ) Tj ET Q q 0 0 0 rg BT 67.00 263.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 96.17 263.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 149.25 263.10 Td (where ) Tj ET Q q 0 0 0 rg BT 177.82 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 192.98 263.10 Td (do ) Tj ET Q q 0 0 0 rg BT 206.40 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 222.74 263.10 Td (control ) Tj ET Q q 0 0 0 rg BT 255.40 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.14 263.10 Td (investee, ) Tj ET Q q 0 0 0 rg BT 311.09 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.17 263.10 Td (where ) Tj ET Q q 0 0 0 rg BT 357.74 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 372.90 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 388.64 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 404.97 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.72 263.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 456.88 263.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 507.02 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.68 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 526.05 263.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 549.09 263.10 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (can ) Tj ET Q q 0 0 0 rg BT 67.45 250.50 Td (exert ) Tj ET Q q 0 0 0 rg BT 91.81 250.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.51 250.50 Td (influence ) Tj ET Q q 0 0 0 rg BT 181.95 250.50 Td (over ) Tj ET Q q 0 0 0 rg BT 203.99 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 220.19 250.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.30 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 278.84 250.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 321.87 250.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 357.91 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 370.03 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 386.24 250.50 Td (investee, ) Tj ET Q q 0 0 0 rg BT 426.64 250.50 Td (we ) Tj ET Q q 0 0 0 rg BT 442.27 250.50 Td (follow ) Tj ET Q q 0 0 0 rg BT 473.06 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 489.26 250.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.89 250.50 Td (method ) Tj ET Q q 0 0 0 rg BT 553.76 250.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 100.75 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 103.12 237.90 Td (The ) Tj ET Q q 0 0 0 rg BT 122.01 237.90 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 168.30 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 179.61 237.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 215.98 237.90 Td (we ) Tj ET Q q 0 0 0 rg BT 230.78 237.90 Td (exert ) Tj ET Q q 0 0 0 rg BT 254.33 237.90 Td (control ) Tj ET Q q 0 0 0 rg BT 286.63 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 297.93 237.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 344.82 237.90 Td (influence ) Tj ET Q q 0 0 0 rg BT 386.44 237.90 Td (over ) Tj ET Q q 0 0 0 rg BT 407.66 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 423.04 237.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.33 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 480.05 237.90 Td (operational ) Tj ET Q q 0 0 0 rg BT 529.84 237.90 Td (policies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.86 225.30 Td (an ) Tj ET Q q 0 0 0 rg BT 73.38 225.30 Td (investee ) Tj ET Q q 0 0 0 rg BT 110.40 225.30 Td (requires ) Tj ET Q q 0 0 0 rg BT 146.83 225.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 193.76 225.30 Td (judgment ) Tj ET Q q 0 0 0 rg BT 236.04 225.30 Td (based ) Tj ET Q q 0 0 0 rg BT 262.56 225.30 Td (on ) Tj ET Q q 0 0 0 rg BT 275.67 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 291.11 225.30 Td (facts ) Tj ET Q q 0 0 0 rg BT 313.55 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 331.32 225.30 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 393.41 225.30 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 446.77 225.30 Td (each ) Tj ET Q q 0 0 0 rg BT 468.61 225.30 Td (individual ) Tj ET Q q 0 0 0 rg BT 513.80 225.30 Td (investment. ) Tj ET Q q 0 0 0 rg BT 565.13 225.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (Factors ) Tj ET Q q 0 0 0 rg BT 84.01 212.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 133.10 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 144.87 212.70 Td (these ) Tj ET Q q 0 0 0 rg BT 170.04 212.70 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 221.47 212.70 Td (may ) Tj ET Q q 0 0 0 rg BT 243.15 212.70 Td (include ) Tj ET Q q 0 0 0 rg BT 277.65 212.70 Td (investor ) Tj ET Q q 0 0 0 rg BT 315.08 212.70 Td (voting ) Tj ET Q q 0 0 0 rg BT 345.52 212.70 Td (or ) Tj ET Q q 0 0 0 rg BT 357.87 212.70 Td (other ) Tj ET Q q 0 0 0 rg BT 383.04 212.70 Td (rights, ) Tj ET Q q 0 0 0 rg BT 413.19 212.70 Td (any ) Tj ET Q q 0 0 0 rg BT 431.95 212.70 Td (influence ) Tj ET Q q 0 0 0 rg BT 474.62 212.70 Td (we ) Tj ET Q q 0 0 0 rg BT 490.46 212.70 Td (may ) Tj ET Q q 0 0 0 rg BT 512.14 212.70 Td (have ) Tj ET Q q 0 0 0 rg BT 535.56 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 212.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 94.71 200.10 Td (board ) Tj ET Q q 0 0 0 rg BT 121.26 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.64 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.10 200.10 Td (investee, ) Tj ET Q q 0 0 0 rg BT 187.77 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.23 200.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 226.28 200.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 252.83 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.21 200.10 Td (other ) Tj ET Q q 0 0 0 rg BT 288.43 200.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 328.98 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.78 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.25 200.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 381.80 200.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 420.59 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.40 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.86 200.10 Td (fund's ) Tj ET Q q 0 0 0 rg BT 474.73 200.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 517.01 200.10 Td (documents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 81.44 187.50 Td (relationship ) Tj ET Q q 0 0 0 rg BT 132.99 187.50 Td (between ) Tj ET Q q 0 0 0 rg BT 169.95 187.50 Td (us ) Tj ET Q q 0 0 0 rg BT 181.26 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 198.39 187.50 Td (other ) Tj ET Q q 0 0 0 rg BT 221.94 187.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 261.83 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 271.98 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 286.78 187.50 Td (entity) Tj ET Q q 0 0 0 rg BT 310.01 187.50 Td (. ) Tj ET Q q 0 0 0 rg BT 314.61 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 316.59 187.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 334.89 187.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.11 187.50 Td (method ) Tj ET Q q 0 0 0 rg BT 396.58 187.50 Td (investees ) Tj ET Q q 0 0 0 rg BT 437.05 187.50 Td (that ) Tj ET Q q 0 0 0 rg BT 454.77 187.50 Td (are ) Tj ET Q q 0 0 0 rg BT 469.56 187.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 517.61 187.50 Td (companies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (record ) Tj ET Q q 0 0 0 rg BT 77.89 174.90 Td (their ) Tj ET Q q 0 0 0 rg BT 98.70 174.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 145.76 174.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 197.50 174.90 Td (at ) Tj ET Q q 0 0 0 rg BT 206.65 174.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.79 174.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 249.73 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 251.18 174.90 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 296.77 174.90 Td (under ) Tj ET Q q 0 0 0 rg BT 322.24 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.64 174.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 364.46 174.90 Td (method ) Tj ET Q q 0 0 0 rg BT 397.53 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 407.84 174.90 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 458.11 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 473.68 174.90 Td (share ) Tj ET Q q 0 0 0 rg BT 497.40 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 507.72 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 522.12 174.90 Td (investee's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (underlying ) Tj ET Q q 0 0 0 rg BT 97.17 162.30 Td (net ) Tj ET Q q 0 0 0 rg BT 112.19 162.30 Td (income ) Tj ET Q q 0 0 0 rg BT 145.27 162.30 Td (or ) Tj ET Q q 0 0 0 rg BT 156.20 162.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 174.73 162.30 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 238.15 162.30 Td (represents ) Tj ET Q q 0 0 0 rg BT 282.90 162.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.65 162.30 Td (value ) Tj ET Q q 0 0 0 rg BT 324.57 162.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 376.92 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 387.27 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 402.28 162.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 454.62 162.30 Td (held ) Tj ET Q q 0 0 0 rg BT 474.89 162.30 Td (by ) Tj ET Q q 0 0 0 rg BT 487.57 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 502.58 162.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 531.01 162.30 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (investee. ) Tj ET Q q 0 0 0 rg BT 89.19 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 91.86 149.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.85 149.70 Td (share ) Tj ET Q q 0 0 0 rg BT 135.67 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 147.08 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 162.57 149.70 Td (investee's ) Tj ET Q q 0 0 0 rg BT 205.62 149.70 Td (net ) Tj ET Q q 0 0 0 rg BT 221.11 149.70 Td (income ) Tj ET Q q 0 0 0 rg BT 254.68 149.70 Td (or ) Tj ET Q q 0 0 0 rg BT 266.10 149.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 285.10 149.70 Td (is ) Tj ET Q q 0 0 0 rg BT 294.77 149.70 Td (based ) Tj ET Q q 0 0 0 rg BT 321.34 149.70 Td (on ) Tj ET Q q 0 0 0 rg BT 334.51 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 350.00 149.70 Td (most ) Tj ET Q q 0 0 0 rg BT 373.08 149.70 Td (current ) Tj ET Q q 0 0 0 rg BT 405.48 149.70 Td (information ) Tj ET Q q 0 0 0 rg BT 457.72 149.70 Td (available ) Tj ET Q q 0 0 0 rg BT 498.28 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 516.10 149.70 Td (is ) Tj ET Q q 0 0 0 rg BT 525.77 149.70 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.58 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.57 137.10 Td (net ) Tj ET Q q 0 0 0 rg BT 82.72 137.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 103.13 137.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 128.79 137.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.62 137.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 194.12 137.10 Td (within ) Tj ET Q q 0 0 0 rg BT 223.28 137.10 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 284.51 137.10 Td (income ) Tj ET Q q 0 0 0 rg BT 317.74 137.10 Td (\(expense\). ) Tj ET Q q 0 0 0 rg BT 363.51 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.67 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.74 137.10 Td (e ) Tj ET Q q 0 0 0 rg BT 381.73 137.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 419.04 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.36 137.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 463.94 137.10 Td (method ) Tj ET Q q 0 0 0 rg BT 497.76 137.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 550.25 137.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 99.83 124.50 Td (when ) Tj ET Q q 0 0 0 rg BT 124.49 124.50 Td (events ) Tj ET Q q 0 0 0 rg BT 153.23 124.50 Td (or ) Tj ET Q q 0 0 0 rg BT 163.90 124.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 199.64 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 209.73 124.50 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 271.12 124.50 Td (indicate ) Tj ET Q q 0 0 0 rg BT 306.28 124.50 Td (that ) Tj ET Q q 0 0 0 rg BT 323.94 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 338.69 124.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 375.59 124.50 Td (value ) Tj ET Q q 0 0 0 rg BT 400.25 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 410.92 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 425.66 124.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.66 124.50 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 508.81 124.50 Td (its ) Tj ET Q q 0 0 0 rg BT 520.65 124.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.14 124.50 Td (value, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 111.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 115.68 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 126.47 111.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.67 111.90 Td (value ) Tj ET Q q 0 0 0 rg BT 169.03 111.90 Td (is ) Tj ET Q q 0 0 0 rg BT 178.66 111.90 Td (other ) Tj ET Q q 0 0 0 rg BT 202.86 111.90 Td (than ) Tj ET Q q 0 0 0 rg BT 223.56 111.90 Td (temporary) Tj ET Q q 0 0 0 rg BT 266.03 111.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (For ) Tj ET Q q 0 0 0 rg BT 66.53 86.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 115.04 86.70 Td (securities, ) Tj ET Q q 0 0 0 rg BT 159.76 86.70 Td (we ) Tj ET Q q 0 0 0 rg BT 174.45 86.70 Td (value ) Tj ET Q q 0 0 0 rg BT 199.63 86.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 228.31 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 245.91 86.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 269.93 86.70 Td (income ) Tj ET Q q 0 0 0 rg BT 303.28 86.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 345.37 86.70 Td (using ) Tj ET Q q 0 0 0 rg BT 370.56 86.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 403.34 86.70 Td (market ) Tj ET Q q 0 0 0 rg BT 434.93 86.70 Td (prices ) Tj ET Q q 0 0 0 rg BT 462.44 86.70 Td (for ) Tj ET Q q 0 0 0 rg BT 477.13 86.70 Td (listed ) Tj ET Q q 0 0 0 rg BT 502.32 86.70 Td (instruments ) Tj ET Q q 0 0 0 rg BT 553.76 86.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.45 74.10 Td (or ) Tj ET Q q 0 0 0 rg BT 90.75 74.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 118.94 74.10 Td (price ) Tj ET Q q 0 0 0 rg BT 142.48 74.10 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 191.40 74.10 Td (when ) Tj ET Q q 0 0 0 rg BT 216.70 74.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 259.77 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.31 74.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 288.78 74.10 Td (income ) Tj ET Q q 0 0 0 rg BT 322.24 74.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.44 74.10 Td (may ) Tj ET Q q 0 0 0 rg BT 385.07 74.10 Td (also ) Tj ET Q q 0 0 0 rg BT 404.53 74.10 Td (be ) Tj ET Q q 0 0 0 rg BT 416.99 74.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 447.53 74.10 Td (using ) Tj ET Q q 0 0 0 rg BT 472.83 74.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 514.46 74.10 Td (models ) Tj ET Q q 0 0 0 rg BT 547.34 74.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.20 61.50 Td (based ) Tj ET Q q 0 0 0 rg BT 117.73 61.50 Td (on ) Tj ET Q q 0 0 0 rg BT 130.86 61.50 Td (spreads ) Tj ET Q q 0 0 0 rg BT 164.97 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 175.77 61.50 Td (actively ) Tj ET Q q 0 0 0 rg BT 211.63 61.50 Td (traded ) Tj ET Q q 0 0 0 rg BT 240.49 61.50 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 289.76 61.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 310.46 61.50 Td (instruments ) Tj ET Q q 0 0 0 rg BT 362.08 61.50 Td (with ) Tj ET Q q 0 0 0 rg BT 383.38 61.50 Td (readily ) Tj ET Q q 0 0 0 rg BT 415.16 61.50 Td (available ) Tj ET Q q 0 0 0 rg BT 455.68 61.50 Td (market ) Tj ET Q q 0 0 0 rg BT 487.45 61.50 Td (prices.) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.97 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.03 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 131.08 741.75 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 164.31 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 175.94 741.75 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 237.72 741.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.26 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 295.40 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 323.94 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 355.98 741.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 383.94 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 395.58 741.75 Td (quotations ) Tj ET Q q 0 0 0 rg BT 442.22 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 457.92 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 474.23 741.75 Td (readily ) Tj ET Q q 0 0 0 rg BT 506.27 741.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 549.67 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (determination ) Tj ET Q q 0 0 0 rg BT 111.35 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 123.63 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.74 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 168.02 729.15 Td (requires ) Tj ET Q q 0 0 0 rg BT 205.37 729.15 Td (us ) Tj ET Q q 0 0 0 rg BT 218.24 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 229.95 729.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 268.47 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 284.84 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 311.11 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.39 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 339.76 729.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.95 729.15 Td (using ) Tj ET Q q 0 0 0 rg BT 409.24 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 417.44 729.15 Td (variety ) Tj ET Q q 0 0 0 rg BT 450.12 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 462.41 729.15 Td (methods ) Tj ET Q q 0 0 0 rg BT 501.52 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 520.22 729.15 Td (resources, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (including ) Tj ET Q q 0 0 0 rg BT 92.02 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 107.70 716.55 Td (most ) Tj ET Q q 0 0 0 rg BT 130.97 716.55 Td (current ) Tj ET Q q 0 0 0 rg BT 163.55 716.55 Td (available ) Tj ET Q q 0 0 0 rg BT 204.30 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.88 716.55 Td (information ) Tj ET Q q 0 0 0 rg BT 296.31 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 311.40 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 327.08 716.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 376.01 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 394.03 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 409.71 716.55 Td (industry) Tj ET Q q 0 0 0 rg BT 443.44 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 448.92 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.14 716.55 Td (As ) Tj ET Q q 0 0 0 rg BT 465.66 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 477.26 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 507.52 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 523.50 716.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 547.35 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 74.99 703.95 Td (we ) Tj ET Q q 0 0 0 rg BT 89.10 703.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 118.97 703.95 Td ($64.0 ) Tj ET Q q 0 0 0 rg BT 144.46 703.95 Td (million ) Tj ET Q q 0 0 0 rg BT 176.66 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 193.69 703.95 Td ($63.0 ) Tj ET Q q 0 0 0 rg BT 219.18 703.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 254.01 703.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 304.06 703.95 Td (, ) Tj ET Q q 0 0 0 rg BT 308.55 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 319.17 703.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 371.20 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 381.23 703.95 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 434.42 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 451.45 703.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 483.07 703.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 517.60 703.95 Td (companies ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 76.90 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 99.04 691.35 Td (accounted ) Tj ET Q q 0 0 0 rg BT 143.34 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 157.33 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 182.98 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 197.54 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 225.53 691.35 Td (method ) Tj ET Q q 0 0 0 rg BT 258.77 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 275.67 691.35 Td (were ) Tj ET Q q 0 0 0 rg BT 297.81 691.35 Td (included ) Tj ET Q q 0 0 0 rg BT 335.71 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 345.62 691.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 371.26 691.35 Td (noncurrent ) Tj ET Q q 0 0 0 rg BT 418.49 691.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 444.73 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 456.97 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 471.54 691.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.69 691.35 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 83.22 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 102.06 678.75 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 124.11 678.75 Td (million ) Tj ET Q q 0 0 0 rg BT 158.13 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.97 678.75 Td ($1) Tj ET Q q 0 0 0 rg BT 187.08 678.75 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 203.88 678.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 240.52 678.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 290.57 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 296.87 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.30 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 339.22 678.75 Td (method ) Tj ET Q q 0 0 0 rg BT 374.40 678.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 428.24 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 447.66 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 464.16 678.75 Td (included ) Tj ET Q q 0 0 0 rg BT 504.00 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 515.84 678.75 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 91.10 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 103.55 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 118.33 666.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 175.69 666.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 211.45 666.15 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 243.44 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 245.39 666.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 258.41 666.15 Td (these ) Tj ET Q q 0 0 0 rg BT 281.94 666.15 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 322.09 666.15 Td ($43.1 ) Tj ET Q q 0 0 0 rg BT 347.67 666.15 Td (million ) Tj ET Q q 0 0 0 rg BT 379.95 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 397.06 666.15 Td ($42.1 ) Tj ET Q q 0 0 0 rg BT 422.63 666.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 457.54 666.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 507.59 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 512.16 666.15 Td (were ) Tj ET Q q 0 0 0 rg BT 534.51 666.15 Td (valued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (based ) Tj ET Q q 0 0 0 rg BT 75.64 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 88.38 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 104.61 653.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 158.77 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 176.17 653.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 217.48 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 234.88 653.55 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 293.10 653.55 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 323.63 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 325.71 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 344.27 653.55 Td (remainder ) Tj ET Q q 0 0 0 rg BT 389.07 653.55 Td (was ) Tj ET Q q 0 0 0 rg BT 407.63 653.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 437.86 653.55 Td (using ) Tj ET Q q 0 0 0 rg BT 462.85 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 477.91 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 500.56 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 525.54 653.55 Td (\("NA) Tj ET Q q 0 0 0 rg BT 547.13 653.55 Td (V"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 68.16 640.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 106.92 640.95 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 152.99 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 164.36 640.95 Td (further ) Tj ET Q q 0 0 0 rg BT 195.56 640.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 238.43 640.95 Td (below) Tj ET Q q 0 0 0 rg BT 263.41 640.95 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.85 615.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 107.11 615.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 157.20 615.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 199.13 615.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 236.39 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 249.16 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 261.04 615.75 Td (April ) Tj ET Q q 0 0 0 rg BT 287.23 615.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 299.13 615.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 326.78 615.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 366.96 615.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 401.31 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 418.17 615.75 Td (option ) Tj ET Q q 0 0 0 rg BT 449.03 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.22 615.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 485.06 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 497.25 615.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 536.26 615.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.72 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 119.52 603.15 Td (do ) Tj ET Q q 0 0 0 rg BT 132.08 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 147.56 603.15 Td (have ) Tj ET Q q 0 0 0 rg BT 169.43 603.15 Td (readily ) Tj ET Q q 0 0 0 rg BT 200.64 603.15 Td (determinable ) Tj ET Q q 0 0 0 rg BT 257.51 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 274.14 603.15 Td (values ) Tj ET Q q 0 0 0 rg BT 303.02 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 320.24 603.15 Td (do ) Tj ET Q q 0 0 0 rg BT 332.80 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 348.27 603.15 Td (qualify ) Tj ET Q q 0 0 0 rg BT 380.07 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 394.37 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 409.26 603.15 Td (NA) Tj ET Q q 0 0 0 rg BT 423.07 603.15 Td (V) Tj ET Q q 0 0 0 rg BT 430.46 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 432.52 603.15 Td (practical ) Tj ET Q q 0 0 0 rg BT 470.72 603.15 Td (expedient ) Tj ET Q q 0 0 0 rg BT 513.59 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 523.23 603.15 Td ("adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (cost." ) Tj ET Q q 0 0 0 rg BT 76.16 590.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 105.24 590.55 Td (this ) Tj ET Q q 0 0 0 rg BT 123.25 590.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 161.08 590.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 180.83 590.55 Td (method, ) Tj ET Q q 0 0 0 rg BT 217.78 590.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.78 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 286.44 590.55 Td (initially ) Tj ET Q q 0 0 0 rg BT 321.94 590.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 361.50 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 371.92 590.55 Td (cost, ) Tj ET Q q 0 0 0 rg BT 394.29 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 412.29 590.55 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 469.96 590.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 507.78 590.55 Td (\(increased ) Tj ET Q q 0 0 0 rg BT 553.76 590.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (decreased\) ) Tj ET Q q 0 0 0 rg BT 97.23 577.95 Td (when ) Tj ET Q q 0 0 0 rg BT 122.82 577.95 Td (there ) Tj ET Q q 0 0 0 rg BT 146.66 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 156.51 577.95 Td (an ) Tj ET Q q 0 0 0 rg BT 169.27 577.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 217.60 577.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 266.52 577.95 Td (involving ) Tj ET Q q 0 0 0 rg BT 309.62 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 325.30 577.95 Td (same ) Tj ET Q q 0 0 0 rg BT 349.72 577.95 Td (investments, ) Tj ET Q q 0 0 0 rg BT 405.36 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 416.96 577.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 448.97 577.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 501.98 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 525.24 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 540.92 577.95 Td (same ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (issuer) Tj ET Q q 0 0 0 rg BT 73.42 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 78.46 565.35 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 119.48 565.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 139.50 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 188.69 565.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 226.77 565.35 Td (values ) Tj ET Q q 0 0 0 rg BT 256.71 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 272.63 565.35 Td (also ) Tj ET Q q 0 0 0 rg BT 292.65 565.35 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 334.23 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 352.50 565.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 390.60 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 405.95 565.35 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 460.08 565.35 Td (if ) Tj ET Q q 0 0 0 rg BT 469.60 565.35 Td (any) Tj ET Q q 0 0 0 rg BT 484.08 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 489.81 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 492.23 565.35 Td (As ) Tj ET Q q 0 0 0 rg BT 507.01 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 518.86 565.35 Td (March ) Tj ET Q q 0 0 0 rg BT 549.37 565.35 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 73.89 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 92.44 552.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 119.46 552.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 183.50 552.75 Td ($19.7 ) Tj ET Q q 0 0 0 rg BT 210.52 552.75 Td (million ) Tj ET Q q 0 0 0 rg BT 244.25 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 262.80 552.75 Td ($12.2 ) Tj ET Q q 0 0 0 rg BT 289.81 552.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 326.17 552.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 376.22 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 382.23 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.37 552.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 447.93 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.48 552.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 514.20 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.75 552.75 Td (limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 84.79 540.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 132.32 540.15 Td (were ) Tj ET Q q 0 0 0 rg BT 155.34 540.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 200.53 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 215.40 540.15 Td (using ) Tj ET Q q 0 0 0 rg BT 240.78 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 256.23 540.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 293.85 540.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 313.39 540.15 Td (method. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 514.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.14 514.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 159.17 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 174.54 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.24 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 218.10 514.95 Td (measurements ) Tj ET Q q 0 0 0 rg BT 281.29 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 299.58 514.95 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 349.37 514.95 Td (defines ) Tj ET Q q 0 0 0 rg BT 382.81 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 400.51 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 426.38 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 444.66 514.95 Td (establishes ) Tj ET Q q 0 0 0 rg BT 493.28 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 501.07 514.95 Td (framework ) Tj ET Q q 0 0 0 rg BT 550.26 514.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (measuring ) Tj ET Q q 0 0 0 rg BT 95.71 502.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.75 502.35 Td (value. ) Tj ET Q q 0 0 0 rg BT 140.58 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 142.87 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 161.66 502.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.19 502.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 250.56 502.35 Td (defines ) Tj ET Q q 0 0 0 rg BT 283.35 502.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 300.39 502.35 Td (value ) Tj ET Q q 0 0 0 rg BT 325.59 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 336.81 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 352.10 502.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 394.21 502.35 Td (price ) Tj ET Q q 0 0 0 rg BT 417.66 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 435.88 502.35 Td (would ) Tj ET Q q 0 0 0 rg BT 464.59 502.35 Td (be ) Tj ET Q q 0 0 0 rg BT 476.97 502.35 Td (received ) Tj ET Q q 0 0 0 rg BT 515.00 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 529.71 502.35 Td (an ) Tj ET Q q 0 0 0 rg BT 542.08 502.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.79 489.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 81.42 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 92.13 489.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 126.74 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 133.95 489.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 169.16 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 179.88 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.25 489.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.12 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 246.41 489.75 Td (most ) Tj ET Q q 0 0 0 rg BT 269.38 489.75 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 329.08 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 360.78 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 375.57 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.94 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 413.90 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 425.19 489.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 460.41 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.12 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 483.58 489.75 Td (orderly ) Tj ET Q q 0 0 0 rg BT 516.45 489.75 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (between ) Tj ET Q q 0 0 0 rg BT 87.05 477.15 Td (market ) Tj ET Q q 0 0 0 rg BT 118.77 477.15 Td (participants ) Tj ET Q q 0 0 0 rg BT 170.32 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 183.38 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 198.78 477.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 257.32 477.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 280.00 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 282.00 477.15 Td (A) Tj ET Q q 0 0 0 rg BT 289.00 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 291.57 477.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.71 477.15 Td (value ) Tj ET Q q 0 0 0 rg BT 334.01 477.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 392.56 477.15 Td (should ) Tj ET Q q 0 0 0 rg BT 423.13 477.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 452.50 477.15 Td (all ) Tj ET Q q 0 0 0 rg BT 465.56 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 476.88 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.27 477.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 546.76 477.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (market ) Tj ET Q q 0 0 0 rg BT 81.38 464.55 Td (participants ) Tj ET Q q 0 0 0 rg BT 133.10 464.55 Td (would ) Tj ET Q q 0 0 0 rg BT 162.08 464.55 Td (use ) Tj ET Q q 0 0 0 rg BT 178.81 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 189.71 464.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 222.18 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 237.74 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.89 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 272.36 464.55 Td (liability) Tj ET Q q 0 0 0 rg BT 304.35 464.55 Td (, ) Tj ET Q q 0 0 0 rg BT 309.70 464.55 Td (including ) Tj ET Q q 0 0 0 rg BT 352.10 464.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 406.75 464.55 Td (about ) Tj ET Q q 0 0 0 rg BT 432.81 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 448.37 464.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.85 464.55 Td (inherent ) Tj ET Q q 0 0 0 rg BT 503.99 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 514.89 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 522.28 464.55 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.20 451.95 Td (technique, ) Tj ET Q q 0 0 0 rg BT 137.27 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 152.72 451.95 Td (ef) Tj ET Q q 0 0 0 rg BT 160.69 451.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 179.05 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 190.42 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 197.70 451.95 Td (restriction ) Tj ET Q q 0 0 0 rg BT 242.90 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 256.02 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 271.48 451.95 Td (sale ) Tj ET Q q 0 0 0 rg BT 290.43 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 301.80 451.95 Td (use ) Tj ET Q q 0 0 0 rg BT 318.42 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 329.79 451.95 Td (an ) Tj ET Q q 0 0 0 rg BT 342.33 451.95 Td (asset, ) Tj ET Q q 0 0 0 rg BT 367.99 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 385.78 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 401.23 451.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.60 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 430.98 451.95 Td (non-performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.17 426.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 120.58 426.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 162.82 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 179.41 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.33 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 225.41 426.75 Td (measurements ) Tj ET Q q 0 0 0 rg BT 289.82 426.75 Td (establishes ) Tj ET Q q 0 0 0 rg BT 339.66 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.66 426.75 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 392.65 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 412.74 426.75 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 459.65 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 476.83 426.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 506.84 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 523.43 426.75 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 96.78 414.15 Td (used ) Tj ET Q q 0 0 0 rg BT 118.41 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 128.95 414.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 166.31 414.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.26 414.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 211.00 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 213.21 414.15 Td (The ) Tj ET Q q 0 0 0 rg BT 231.91 414.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.86 414.15 Td (value ) Tj ET Q q 0 0 0 rg BT 273.97 414.15 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 315.99 414.15 Td (gives ) Tj ET Q q 0 0 0 rg BT 340.54 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 355.74 414.15 Td (highest ) Tj ET Q q 0 0 0 rg BT 388.45 414.15 Td (priority ) Tj ET Q q 0 0 0 rg BT 422.32 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 432.87 414.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 463.82 414.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 491.27 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 501.82 414.15 Td (active ) Tj ET Q q 0 0 0 rg BT 529.26 414.15 Td (markets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 401.55 Td (identical ) Tj ET Q q 0 0 0 rg BT 103.15 401.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 130.27 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 141.64 401.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 183.34 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 201.13 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 216.58 401.55 Td (lowest ) Tj ET Q q 0 0 0 rg BT 246.62 401.55 Td (priority ) Tj ET Q q 0 0 0 rg BT 280.74 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 291.54 401.55 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 350.14 401.55 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.93 376.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.76 376.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 157.85 376.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 200.19 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 217.44 376.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 254.52 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 264.20 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.87 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 305.71 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 320.62 376.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 362.38 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 379.63 376.35 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 420.81 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 431.08 376.35 Td (one ) Tj ET Q q 0 0 0 rg BT 448.34 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 459.18 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 474.11 376.35 Td (following ) Tj ET Q q 0 0 0 rg BT 517.04 376.35 Td (categories:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 351.15 Td (Level�1�� ) Tj ET Q q 0 0 0 rg BT 132.87 351.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 174.41 351.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 225.88 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 240.59 351.15 Td (which ) Tj ET Q q 0 0 0 rg BT 268.71 351.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 296.25 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 311.54 351.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 342.58 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 353.21 351.15 Td (active ) Tj ET Q q 0 0 0 rg BT 380.75 351.15 Td (markets, ) Tj ET Q q 0 0 0 rg BT 419.08 351.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 449.83 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 464.54 351.15 Td (us, ) Tj ET Q q 0 0 0 rg BT 478.97 351.15 Td (include ) Tj ET Q q 0 0 0 rg BT 512.34 351.15 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 96.29 338.55 Td (publicly ) Tj ET Q q 0 0 0 rg BT 133.33 338.55 Td (traded ) Tj ET Q q 0 0 0 rg BT 162.19 338.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 193.98 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 219.94 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 241.23 338.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 272.43 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 304.21 338.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 331.91 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.69 338.55 Td (equities ) Tj ET Q q 0 0 0 rg BT 384.98 338.55 Td (listed ) Tj ET Q q 0 0 0 rg BT 410.35 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 421.15 338.55 Td (active ) Tj ET Q q 0 0 0 rg BT 448.84 338.55 Td (markets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 313.35 Td (Level�2�� ) Tj ET Q q 0 0 0 rg BT 133.74 313.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.16 313.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.50 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 244.09 313.35 Td (which ) Tj ET Q q 0 0 0 rg BT 273.09 313.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 301.50 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 317.66 313.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 349.58 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 365.16 313.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 397.67 313.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.51 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 444.01 313.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 486.43 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 497.94 313.35 Td (active ) Tj ET Q q 0 0 0 rg BT 526.35 313.35 Td (markets; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 300.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 113.11 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 128.48 300.75 Td (quoted ) Tj ET Q q 0 0 0 rg BT 159.60 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 174.38 300.75 Td (identical ) Tj ET Q q 0 0 0 rg BT 213.08 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 224.37 300.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 256.07 300.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.11 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 293.83 300.75 Td (inactive ) Tj ET Q q 0 0 0 rg BT 329.60 300.75 Td (markets; ) Tj ET Q q 0 0 0 rg BT 368.30 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 379.59 300.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 407.21 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 422.57 300.75 Td (based ) Tj ET Q q 0 0 0 rg BT 449.02 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 462.06 300.75 Td (observable ) Tj ET Q q 0 0 0 rg BT 510.09 300.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 540.93 300.75 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 288.15 Td (than ) Tj ET Q q 0 0 0 rg BT 106.23 288.15 Td (quoted ) Tj ET Q q 0 0 0 rg BT 137.47 288.15 Td (prices, ) Tj ET Q q 0 0 0 rg BT 167.82 288.15 Td (such ) Tj ET Q q 0 0 0 rg BT 189.72 288.15 Td (as ) Tj ET Q q 0 0 0 rg BT 201.13 288.15 Td (models ) Tj ET Q q 0 0 0 rg BT 234.11 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 245.52 288.15 Td (other ) Tj ET Q q 0 0 0 rg BT 269.75 288.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 311.48 288.15 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 378.58 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 381.24 288.15 Td (For ) Tj ET Q q 0 0 0 rg BT 398.48 288.15 Td (us, ) Tj ET Q q 0 0 0 rg BT 413.10 288.15 Td (this ) Tj ET Q q 0 0 0 rg BT 430.93 288.15 Td (category ) Tj ET Q q 0 0 0 rg BT 469.73 288.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 507.38 288.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 531.61 288.15 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 275.55 Td (securities, ) Tj ET Q q 0 0 0 rg BT 130.40 275.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 161.59 275.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 210.86 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 232.73 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 250.52 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 274.72 275.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.42 275.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 364.83 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 382.62 275.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 413.81 275.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 457.84 275.55 Td (debt. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 250.35 Td (Level�3�� ) Tj ET Q q 0 0 0 rg BT 133.84 250.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.34 250.35 Td (instruments ) Tj ET Q q 0 0 0 rg BT 228.77 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 244.45 250.35 Td (which ) Tj ET Q q 0 0 0 rg BT 273.54 250.35 Td (values ) Tj ET Q q 0 0 0 rg BT 303.80 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 320.05 250.35 Td (based ) Tj ET Q q 0 0 0 rg BT 347.39 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 361.33 250.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 420.74 250.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 452.47 250.35 Td (including ) Tj ET Q q 0 0 0 rg BT 495.57 250.35 Td (those ) Tj ET Q q 0 0 0 rg BT 521.16 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 250.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 237.75 Td (there ) Tj ET Q q 0 0 0 rg BT 108.74 237.75 Td (is ) Tj ET Q q 0 0 0 rg BT 118.00 237.75 Td (little ) Tj ET Q q 0 0 0 rg BT 139.50 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 150.50 237.75 Td (no ) Tj ET Q q 0 0 0 rg BT 163.26 237.75 Td (market ) Tj ET Q q 0 0 0 rg BT 194.66 237.75 Td (activity) Tj ET Q q 0 0 0 rg BT 225.47 237.75 Td (. ) Tj ET Q q 0 0 0 rg BT 230.35 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.44 237.75 Td (This ) Tj ET Q q 0 0 0 rg BT 253.37 237.75 Td (category ) Tj ET Q q 0 0 0 rg BT 291.77 237.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 329.01 237.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 381.43 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 391.85 237.75 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 448.06 237.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 480.06 237.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 514.98 237.75 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 225.15 Td (private ) Tj ET Q q 0 0 0 rg BT 116.48 225.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 144.55 225.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 172.33 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 189.32 225.15 Td (real ) Tj ET Q q 0 0 0 rg BT 206.88 225.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 232.61 225.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 260.39 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 262.08 225.15 Td (This ) Tj ET Q q 0 0 0 rg BT 282.58 225.15 Td (category ) Tj ET Q q 0 0 0 rg BT 320.55 225.15 Td (also ) Tj ET Q q 0 0 0 rg BT 339.29 225.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 376.11 225.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 406.49 225.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 454.97 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 476.04 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 493.02 225.15 Td (other ) Tj ET Q q 0 0 0 rg BT 516.42 225.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 212.55 Td (products ) Tj ET Q q 0 0 0 rg BT 124.29 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 145.58 212.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 196.02 212.55 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 245.31 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 263.09 212.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 310.04 212.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 369.23 212.55 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 413.56 212.55 Td (if ) Tj ET Q q 0 0 0 rg BT 422.60 212.55 Td (any) Tj ET Q q 0 0 0 rg BT 437.08 212.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 187.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.07 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 122.91 187.35 Td (an ) Tj ET Q q 0 0 0 rg BT 135.91 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.41 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 171.24 187.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.99 187.35 Td (may ) Tj ET Q q 0 0 0 rg BT 228.16 187.35 Td (involve ) Tj ET Q q 0 0 0 rg BT 262.74 187.35 Td (inputs ) Tj ET Q q 0 0 0 rg BT 291.50 187.35 Td (from ) Tj ET Q q 0 0 0 rg BT 315.00 187.35 Td (more ) Tj ET Q q 0 0 0 rg BT 339.66 187.35 Td (than ) Tj ET Q q 0 0 0 rg BT 360.83 187.35 Td (one ) Tj ET Q q 0 0 0 rg BT 379.08 187.35 Td (level ) Tj ET Q q 0 0 0 rg BT 402.57 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 430.32 187.35 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 469.28 187.35 Td (. ) Tj ET Q q 0 0 0 rg BT 475.00 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 477.86 187.35 Td (The ) Tj ET Q q 0 0 0 rg BT 497.27 187.35 Td (level ) Tj ET Q q 0 0 0 rg BT 520.77 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 532.02 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 187.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.50 174.75 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 116.41 174.75 Td (within ) Tj ET Q q 0 0 0 rg BT 145.52 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 173.44 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 180.37 174.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 197.21 174.75 Td (value ) Tj ET Q q 0 0 0 rg BT 222.21 174.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 280.46 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 290.89 174.75 Td (its ) Tj ET Q q 0 0 0 rg BT 303.08 174.75 Td (entirety ) Tj ET Q q 0 0 0 rg BT 337.41 174.75 Td (falls ) Tj ET Q q 0 0 0 rg BT 357.76 174.75 Td (is ) Tj ET Q q 0 0 0 rg BT 367.03 174.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 416.52 174.75 Td (based ) Tj ET Q q 0 0 0 rg BT 442.70 174.75 Td (on ) Tj ET Q q 0 0 0 rg BT 455.46 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.56 174.75 Td (lowest ) Tj ET Q q 0 0 0 rg BT 500.24 174.75 Td (level ) Tj ET Q q 0 0 0 rg BT 522.91 174.75 Td (input ) Tj ET Q q 0 0 0 rg BT 546.76 174.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 162.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.08 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 116.87 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 132.32 162.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 149.52 162.15 Td (value ) Tj ET Q q 0 0 0 rg BT 174.88 162.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 233.49 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 244.28 162.15 Td (its ) Tj ET Q q 0 0 0 rg BT 256.83 162.15 Td (entirety) Tj ET Q q 0 0 0 rg BT 288.21 162.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 84.88 136.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 135.99 136.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 159.71 136.95 Td (products ) Tj ET Q q 0 0 0 rg BT 200.34 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 219.98 136.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 253.01 136.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 307.65 136.95 Td (held ) Tj ET Q q 0 0 0 rg BT 330.20 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 345.17 136.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 371.81 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 389.10 136.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 421.56 136.95 Td (at ) Tj ET Q q 0 0 0 rg BT 433.61 136.95 Td (NA) Tj ET Q q 0 0 0 rg BT 447.42 136.95 Td (V) Tj ET Q q 0 0 0 rg BT 454.81 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 459.28 136.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 510.98 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 525.96 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 543.26 136.95 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (administrator) Tj ET Q q 0 0 0 rg BT 104.91 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 110.94 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.11 124.35 Td (These ) Tj ET Q q 0 0 0 rg BT 142.59 124.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 169.33 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 185.56 124.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 225.71 124.35 Td (invested ) Tj ET Q q 0 0 0 rg BT 264.11 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 275.69 124.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 318.74 124.35 Td (traded ) Tj ET Q q 0 0 0 rg BT 348.39 124.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 401.96 124.35 Td (with ) Tj ET Q q 0 0 0 rg BT 424.04 124.35 Td (observable ) Tj ET Q q 0 0 0 rg BT 472.93 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 505.49 124.35 Td (prices. ) Tj ET Q q 0 0 0 rg BT 536.60 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 539.76 124.35 Td (Their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (valuations ) Tj ET Q q 0 0 0 rg BT 94.64 111.75 Td (may ) Tj ET Q q 0 0 0 rg BT 114.70 111.75 Td (be ) Tj ET Q q 0 0 0 rg BT 126.60 111.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 168.23 111.75 Td (as ) Tj ET Q q 0 0 0 rg BT 178.96 111.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 204.85 111.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 214.71 111.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 240.59 111.75 Td (2, ) Tj ET Q q 0 0 0 rg BT 250.45 111.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 276.34 111.75 Td (3, ) Tj ET Q q 0 0 0 rg BT 286.20 111.75 Td (or ) Tj ET Q q 0 0 0 rg BT 296.92 111.75 Td (NA) Tj ET Q q 0 0 0 rg BT 310.74 111.75 Td (V) Tj ET Q q 0 0 0 rg BT 318.13 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 320.11 111.75 Td (practical ) Tj ET Q q 0 0 0 rg BT 358.24 111.75 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 403.66 111.75 Td (based ) Tj ET Q q 0 0 0 rg BT 429.55 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 442.04 111.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 477.84 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.65 111.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 513.88 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 522.86 111.75 Td (exchange ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (traded, ) Tj ET Q q 0 0 0 rg BT 81.91 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 98.28 99.15 Td (frequency ) Tj ET Q q 0 0 0 rg BT 143.80 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 156.09 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 172.47 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 204.57 99.15 Td (NA) Tj ET Q q 0 0 0 rg BT 218.39 99.15 Td (V) Tj ET Q q 0 0 0 rg BT 225.78 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 229.33 99.15 Td (determinations ) Tj ET Q q 0 0 0 rg BT 295.27 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 313.98 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 330.35 99.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 362.47 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 374.76 99.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 426.13 99.15 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 478.96 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 482.50 99.15 Td (For ) Tj ET Q q 0 0 0 rg BT 500.63 99.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.34 99.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 82.37 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 100.07 86.55 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 161.50 86.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 203.68 86.55 Td (\(private ) Tj ET Q q 0 0 0 rg BT 238.87 86.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 267.65 86.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 296.14 86.55 Td (real ) Tj ET Q q 0 0 0 rg BT 314.41 86.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 340.85 86.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 366.71 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 384.41 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 433.02 86.55 Td (partnerships\) ) Tj ET Q q 0 0 0 rg BT 490.37 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 505.15 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 533.35 86.55 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 77.29 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 88.76 73.95 Td (quotations ) Tj ET Q q 0 0 0 rg BT 135.23 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 156.03 73.95 Td (not ) Tj ET Q q 0 0 0 rg BT 172.17 73.95 Td (be ) Tj ET Q q 0 0 0 rg BT 184.80 73.95 Td (readily ) Tj ET Q q 0 0 0 rg BT 216.68 73.95 Td (available, ) Tj ET Q q 0 0 0 rg BT 259.92 73.95 Td (including ) Tj ET Q q 0 0 0 rg BT 302.30 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 333.59 73.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 386.47 73.95 Td (held ) Tj ET Q q 0 0 0 rg BT 407.27 73.95 Td (by ) Tj ET Q q 0 0 0 rg BT 420.49 73.95 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 448.01 73.95 Td (management ) Tj ET Q q 0 0 0 rg BT 504.37 73.95 Td (must ) Tj ET Q q 0 0 0 rg BT 527.52 73.95 Td (estimate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.05 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 88.52 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 98.99 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 113.54 61.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 154.92 61.35 Td (using ) Tj ET Q q 0 0 0 rg BT 179.39 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 185.78 61.35 Td (variety ) Tj ET Q q 0 0 0 rg BT 216.66 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 227.13 61.35 Td (methods ) Tj ET Q q 0 0 0 rg BT 264.43 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 281.32 61.35 Td (resources, ) Tj ET Q q 0 0 0 rg BT 325.31 61.35 Td (including ) Tj ET Q q 0 0 0 rg BT 366.70 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 381.25 61.35 Td (most ) Tj ET Q q 0 0 0 rg BT 403.40 61.35 Td (current ) Tj ET Q q 0 0 0 rg BT 434.86 61.35 Td (available ) Tj ET Q q 0 0 0 rg BT 474.47 61.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 512.93 61.35 Td (information ) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (75) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 63.78 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.65 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 126.77 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.97 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.83 741.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 195.29 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 205.50 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 233.20 741.75 Td (it ) Tj ET Q q 0 0 0 rg BT 241.07 741.75 Td (applies ) Tj ET Q q 0 0 0 rg BT 272.85 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 283.06 741.75 Td (order ) Tj ET Q q 0 0 0 rg BT 307.25 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 317.46 741.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 361.48 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 378.09 741.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 405.49 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 407.38 741.75 Td (These ) Tj ET Q q 0 0 0 rg BT 434.49 741.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 475.61 741.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 517.88 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 532.17 741.75 Td (illiquid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 729.15 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 128.81 729.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.08 729.15 Td (inherently ) Tj ET Q q 0 0 0 rg BT 216.28 729.15 Td (require ) Tj ET Q q 0 0 0 rg BT 248.64 729.15 Td (management's ) Tj ET Q q 0 0 0 rg BT 310.89 729.15 Td (judgment ) Tj ET Q q 0 0 0 rg BT 353.17 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 370.96 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 386.40 729.15 Td (therefore ) Tj ET Q q 0 0 0 rg BT 426.92 729.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 469.19 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 479.99 729.15 Td (Level�3.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Futures ) Tj ET Q q 0 0 0 rg BT 83.65 703.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.19 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 139.66 703.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 170.29 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 180.51 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 195.99 703.95 Td (last ) Tj ET Q q 0 0 0 rg BT 213.21 703.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 259.02 703.95 Td (price ) Tj ET Q q 0 0 0 rg BT 282.65 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 292.87 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 308.34 703.95 Td (end ) Tj ET Q q 0 0 0 rg BT 326.15 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 337.54 703.95 Td (each ) Tj ET Q q 0 0 0 rg BT 359.42 703.95 Td (day ) Tj ET Q q 0 0 0 rg BT 377.23 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 390.37 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 405.84 703.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 448.13 703.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 471.78 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 500.08 703.95 Td (they ) Tj ET Q q 0 0 0 rg BT 520.81 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 536.27 703.95 Td (traded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 82.73 691.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 125.01 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 136.38 691.35 Td (Level�1. ) Tj ET Q q 0 0 0 rg BT 173.41 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.39 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 70.28 666.15 Td (practical ) Tj ET Q q 0 0 0 rg BT 108.65 666.15 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 154.31 666.15 Td (we ) Tj ET Q q 0 0 0 rg BT 168.78 666.15 Td (rely ) Tj ET Q q 0 0 0 rg BT 187.33 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 200.06 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 215.11 666.15 Td (NA) Tj ET Q q 0 0 0 rg BT 228.92 666.15 Td (Vs ) Tj ET Q q 0 0 0 rg BT 242.82 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 253.79 666.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 284.58 666.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 336.97 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 347.36 666.15 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 400.91 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 418.29 666.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 450.27 666.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 485.16 666.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 532.29 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 543.26 666.15 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.75 653.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 94.79 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.28 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 116.28 653.55 Td (NA) Tj ET Q q 0 0 0 rg BT 130.09 653.55 Td (Vs ) Tj ET Q q 0 0 0 rg BT 144.44 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 162.87 653.55 Td (have ) Tj ET Q q 0 0 0 rg BT 185.37 653.55 Td (been ) Tj ET Q q 0 0 0 rg BT 207.87 653.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 247.87 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 261.05 653.55 Td (investees ) Tj ET Q q 0 0 0 rg BT 302.22 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 317.71 653.55 Td (derived ) Tj ET Q q 0 0 0 rg BT 351.88 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 374.97 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 390.47 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 407.72 653.55 Td (values ) Tj ET Q q 0 0 0 rg BT 437.23 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 448.65 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 464.16 653.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 512.33 653.55 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 60.18 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 70.86 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 85.62 640.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 126.04 640.95 Td (date. ) Tj ET Q q 0 0 0 rg BT 148.09 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 150.02 640.95 Td (Investments ) Tj ET Q q 0 0 0 rg BT 202.70 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 216.88 640.95 Td (which ) Tj ET Q q 0 0 0 rg BT 244.47 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 259.23 640.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 275.74 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 300.41 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 309.34 640.95 Td (measured ) Tj ET Q q 0 0 0 rg BT 351.51 640.95 Td (using ) Tj ET Q q 0 0 0 rg BT 376.20 640.95 Td (NA) Tj ET Q q 0 0 0 rg BT 390.01 640.95 Td (V) Tj ET Q q 0 0 0 rg BT 397.40 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 399.34 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 410.02 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 416.61 640.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 454.68 640.95 Td (expedient ) Tj ET Q q 0 0 0 rg BT 497.43 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 512.19 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 527.54 640.95 Td (required ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 72.83 628.35 Td (categorized ) Tj ET Q q 0 0 0 rg BT 123.84 628.35 Td (within ) Tj ET Q q 0 0 0 rg BT 153.30 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 168.75 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 185.95 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 211.31 628.35 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 250.27 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 255.52 628.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.82 603.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 127.22 603.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 164.03 603.15 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 190.35 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 202.08 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 213.82 603.15 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 259.96 603.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 286.58 603.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 324.56 603.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 388.20 603.15 Td (1% ) Tj ET Q q 0 0 0 rg BT 405.19 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 416.93 603.15 Td (total ) Tj ET Q q 0 0 0 rg BT 438.58 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 466.07 603.15 Td (\(9% ) Tj ET Q q 0 0 0 rg BT 486.55 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 498.29 603.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 538.01 603.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 92.11 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 102.07 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 119.03 590.55 Td (value\) ) Tj ET Q q 0 0 0 rg BT 147.64 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 165.18 590.55 Td (less ) Tj ET Q q 0 0 0 rg BT 183.32 590.55 Td (than ) Tj ET Q q 0 0 0 rg BT 203.78 590.55 Td (1% ) Tj ET Q q 0 0 0 rg BT 220.15 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 231.28 590.55 Td (total ) Tj ET Q q 0 0 0 rg BT 252.33 590.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 293.79 590.55 Td (\(19% ) Tj ET Q q 0 0 0 rg BT 318.91 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 330.04 590.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.15 590.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 410.61 590.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 453.23 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 463.19 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 480.14 590.55 Td (value\) ) Tj ET Q q 0 0 0 rg BT 508.76 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 526.88 590.55 Td (meet ) Tj ET Q q 0 0 0 rg BT 549.67 590.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (definition ) Tj ET Q q 0 0 0 rg BT 92.95 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 104.32 577.95 Td (Level�3. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.21 552.75 Td (transfers ) Tj ET Q q 0 0 0 rg BT 108.98 552.75 Td (between ) Tj ET Q q 0 0 0 rg BT 146.59 552.75 Td (categories ) Tj ET Q q 0 0 0 rg BT 191.78 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 207.22 552.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 250.08 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 260.28 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.73 552.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 320.35 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.73 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.18 552.75 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 527.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 527.55 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 527.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.98 527.55 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.48 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 129.11 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 140.48 527.55 Td (Notes ) Tj ET Q q 0 0 0 rg BT 167.60 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 178.39 527.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 236.43 527.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 278.13 527.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 326.84 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 341.70 527.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 386.32 527.55 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 97.64 502.35 Td (Assets ) Tj ET Q q 0 0 0 rg BT 128.27 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 147.82 502.35 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Balances ) Tj ET Q q 0 0 0 rg BT 90.02 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 101.40 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.77 489.75 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 158.55 489.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 184.80 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 200.24 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 211.61 489.75 Td (follows ) Tj ET Q q 0 0 0 rg BT 245.74 489.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 260.03 489.75 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 423.25 m 461 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 423.25 m 562 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 410.25 m 461 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 408.25 m 461 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 410.25 m 562 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 408.25 m 562 408.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 469.47 Td (Amortizable intangible asset management contracts and other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 467.50 469.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.85 469.64 Td (109,21) Tj ET Q q 0 0 0 rg BT 552.73 469.64 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 455.47 Td (Indefinite-life intangible assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 455.64 Td (3,198,388) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 441.47 Td (T) Tj ET Q q 0 0 0 rg BT 58.73 441.47 Td (rade names) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 441.64 Td (48,091) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 427.47 Td (Goodwill) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 427.64 Td (1,847,766) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 413.47 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 467.50 413.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.00 413.64 Td (5,203,456) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 384.55 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 118.83 384.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 163.41 384.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.50 384.55 Td (consist ) Tj ET Q q 0 0 0 rg BT 222.25 384.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 263.92 384.55 Td (of ) Tj ET Q q 0 0 0 rg BT 275.26 384.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.26 384.55 Td (management ) Tj ET Q q 0 0 0 rg BT 354.49 384.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 397.61 384.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 438.10 384.55 Td (to ) Tj ET Q q 0 0 0 rg BT 448.86 384.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 484.10 384.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 533.33 384.55 Td (mutual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 371.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 77.94 371.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 105.50 371.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 131.31 371.95 Td (or ) Tj ET Q q 0 0 0 rg BT 142.54 371.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 209.17 371.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 237.61 371.95 Td (and ) Tj ET Q q 0 0 0 rg BT 255.25 371.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 278.72 371.95 Td (names ) Tj ET Q q 0 0 0 rg BT 308.03 371.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 347.26 371.95 Td (from ) Tj ET Q q 0 0 0 rg BT 370.15 371.95 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 425.42 371.95 Td ( ) Tj ET Q q 0 0 0 rg BT 427.36 371.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 453.17 371.95 Td (management ) Tj ET Q q 0 0 0 rg BT 509.30 371.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 549.69 371.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.35 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 100.79 359.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 144.50 359.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.73 359.35 Td (that ) Tj ET Q q 0 0 0 rg BT 188.20 359.35 Td (are ) Tj ET Q q 0 0 0 rg BT 202.74 359.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 249.94 359.35 Td (at ) Tj ET Q q 0 0 0 rg BT 259.25 359.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 307.05 359.35 Td (and ) Tj ET Q q 0 0 0 rg BT 323.94 359.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 367.65 359.35 Td (over ) Tj ET Q q 0 0 0 rg BT 388.03 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 402.59 359.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 441.62 359.35 Td (life ) Tj ET Q q 0 0 0 rg BT 457.34 359.35 Td (of ) Tj ET Q q 0 0 0 rg BT 467.81 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 482.37 359.35 Td (contract. ) Tj ET Q q 0 0 0 rg BT 520.53 359.35 Td ( ) Tj ET Q q 0 0 0 rg BT 522.26 359.35 Td (Contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 346.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.55 346.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 96.09 346.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 145.62 346.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 177.67 346.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 206.51 346.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 234.47 346.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 260.69 346.75 Td (or ) Tj ET Q q 0 0 0 rg BT 272.32 346.75 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 339.35 346.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 365.56 346.75 Td (are ) Tj ET Q q 0 0 0 rg BT 381.27 346.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 441.88 346.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 486.76 346.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 514.14 346.75 Td (because ) Tj ET Q q 0 0 0 rg BT 550.25 346.75 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.15 Td (assume ) Tj ET Q q 0 0 0 rg BT 82.62 334.15 Td (that ) Tj ET Q q 0 0 0 rg BT 100.57 334.15 Td (there ) Tj ET Q q 0 0 0 rg BT 123.76 334.15 Td (is ) Tj ET Q q 0 0 0 rg BT 132.97 334.15 Td (no ) Tj ET Q q 0 0 0 rg BT 145.68 334.15 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 195.68 334.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 217.73 334.15 Td (on ) Tj ET Q q 0 0 0 rg BT 230.43 334.15 Td (the ) Tj ET Q q 0 0 0 rg BT 245.47 334.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 281.49 334.15 Td (period ) Tj ET Q q 0 0 0 rg BT 310.52 334.15 Td (due ) Tj ET Q q 0 0 0 rg BT 327.88 334.15 Td (to ) Tj ET Q q 0 0 0 rg BT 338.26 334.15 Td (the ) Tj ET Q q 0 0 0 rg BT 353.29 334.15 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 398.08 334.15 Td (of ) Tj ET Q q 0 0 0 rg BT 409.03 334.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 452.64 334.15 Td (renewal ) Tj ET Q q 0 0 0 rg BT 488.08 334.15 Td (at ) Tj ET Q q 0 0 0 rg BT 497.86 334.15 Td (little ) Tj ET Q q 0 0 0 rg BT 519.32 334.15 Td (or ) Tj ET Q q 0 0 0 rg BT 530.27 334.15 Td (no ) Tj ET Q q 0 0 0 rg BT 542.98 334.15 Td (cost. ) Tj ET Q q 0 0 0 rg BT 565.14 334.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.55 Td (Similarly) Tj ET Q q 0 0 0 rg BT 87.90 321.55 Td (, ) Tj ET Q q 0 0 0 rg BT 94.16 321.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 118.78 321.55 Td (names ) Tj ET Q q 0 0 0 rg BT 149.24 321.55 Td (are ) Tj ET Q q 0 0 0 rg BT 165.69 321.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 214.81 321.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 276.17 321.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 321.79 321.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 349.92 321.55 Td (because ) Tj ET Q q 0 0 0 rg BT 386.79 321.55 Td (they ) Tj ET Q q 0 0 0 rg BT 408.50 321.55 Td (are ) Tj ET Q q 0 0 0 rg BT 424.95 321.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 465.90 321.55 Td (to ) Tj ET Q q 0 0 0 rg BT 477.70 321.55 Td (generate ) Tj ET Q q 0 0 0 rg BT 516.89 321.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.18 321.55 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 308.95 Td (indefinitely) Tj ET Q q 0 0 0 rg BT 97.22 308.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 2.63 0 0 10.55 49.50 294.08 cm /I36 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 283.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.25 283.75 Td (allocating ) Tj ET Q q 0 0 0 rg BT 103.66 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 283.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 157.81 283.75 Td (price ) Tj ET Q q 0 0 0 rg BT 180.80 283.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.55 283.75 Td (an ) Tj ET Q q 0 0 0 rg BT 203.47 283.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 251.55 283.75 Td (to ) Tj ET Q q 0 0 0 rg BT 261.72 283.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 305.72 283.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 334.85 283.75 Td (we ) Tj ET Q q 0 0 0 rg BT 349.10 283.75 Td (must ) Tj ET Q q 0 0 0 rg BT 371.52 283.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 415.51 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 430.34 283.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 446.92 283.75 Td (value ) Tj ET Q q 0 0 0 rg BT 471.66 283.75 Td (of ) Tj ET Q q 0 0 0 rg BT 482.41 283.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.25 283.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.75 283.75 Td (acquired. ) Tj ET Q q 0 0 0 rg BT 565.14 283.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 271.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.28 271.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 109.31 271.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.92 271.15 Td (values ) Tj ET Q q 0 0 0 rg BT 154.80 271.15 Td (of ) Tj ET Q q 0 0 0 rg BT 165.59 271.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 209.63 271.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 236.17 271.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 274.36 271.15 Td (based ) Tj ET Q q 0 0 0 rg BT 300.32 271.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 323.37 271.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 364.48 271.15 Td (future ) Tj ET Q q 0 0 0 rg BT 391.59 271.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.30 271.15 Td (flows, ) Tj ET Q q 0 0 0 rg BT 440.30 271.15 Td (which ) Tj ET Q q 0 0 0 rg BT 468.01 271.15 Td (take ) Tj ET Q q 0 0 0 rg BT 487.55 271.15 Td (into ) Tj ET Q q 0 0 0 rg BT 505.93 271.15 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 90.42 258.55 Td (and ) Tj ET Q q 0 0 0 rg BT 107.43 258.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 161.19 258.55 Td (including ) Tj ET Q q 0 0 0 rg BT 202.70 258.55 Td (profit ) Tj ET Q q 0 0 0 rg BT 227.88 258.55 Td (mar) Tj ET Q q 0 0 0 rg BT 244.01 258.55 Td (gins, ) Tj ET Q q 0 0 0 rg BT 265.99 258.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 297.58 258.55 Td (and/or ) Tj ET Q q 0 0 0 rg BT 326.25 258.55 Td (attrition ) Tj ET Q q 0 0 0 rg BT 361.34 258.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 383.01 258.55 Td (for ) Tj ET Q q 0 0 0 rg BT 397.10 258.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 435.09 258.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 474.83 258.55 Td (based ) Tj ET Q q 0 0 0 rg BT 500.59 258.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 523.43 258.55 Td (historical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 245.95 Td (experience ) Tj ET Q q 0 0 0 rg BT 98.07 245.95 Td (and ) Tj ET Q q 0 0 0 rg BT 116.33 245.95 Td (other ) Tj ET Q q 0 0 0 rg BT 141.01 245.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 175.30 245.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 218.64 245.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 255.56 245.95 Td (lives, ) Tj ET Q q 0 0 0 rg BT 281.12 245.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 319.80 245.95 Td (rates, ) Tj ET Q q 0 0 0 rg BT 345.35 245.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 387.52 245.95 Td (net ) Tj ET Q q 0 0 0 rg BT 403.45 245.95 Td (client ) Tj ET Q q 0 0 0 rg BT 429.87 245.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 456.31 245.95 Td (and ) Tj ET Q q 0 0 0 rg BT 474.57 245.95 Td (market ) Tj ET Q q 0 0 0 rg BT 506.83 245.95 Td (performance. ) Tj ET Q q 0 0 0 rg BT 565.13 245.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 233.35 Td (determination ) Tj ET Q q 0 0 0 rg BT 128.64 233.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.64 233.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 182.12 233.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 218.19 233.35 Td (lives ) Tj ET Q q 0 0 0 rg BT 240.27 233.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 276.34 233.35 Td (judgment ) Tj ET Q q 0 0 0 rg BT 318.25 233.35 Td (based ) Tj ET Q q 0 0 0 rg BT 344.41 233.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 367.66 233.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 408.98 233.35 Td (client ) Tj ET Q q 0 0 0 rg BT 434.55 233.35 Td (turnover ) Tj ET Q q 0 0 0 rg BT 472.37 233.35 Td (and ) Tj ET Q q 0 0 0 rg BT 489.78 233.35 Td (attrition ) Tj ET Q q 0 0 0 rg BT 525.28 233.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 547.35 233.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.09 220.75 Td (probability ) Tj ET Q q 0 0 0 rg BT 111.93 220.75 Td (that ) Tj ET Q q 0 0 0 rg BT 129.44 220.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 169.11 220.75 Td (with ) Tj ET Q q 0 0 0 rg BT 189.54 220.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 239.71 220.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 285.22 220.75 Td (will ) Tj ET Q q 0 0 0 rg BT 303.32 220.75 Td (be ) Tj ET Q q 0 0 0 rg BT 315.00 220.75 Td (renewed. ) Tj ET Q q 0 0 0 rg BT 354.95 220.75 Td ( ) Tj ET Q q 0 0 0 rg BT 356.58 220.75 Td (The ) Tj ET Q q 0 0 0 rg BT 374.67 220.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 412.02 220.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 429.52 220.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 472.69 220.75 Td (is ) Tj ET Q q 0 0 0 rg BT 481.45 220.75 Td (a ) Tj ET Q q 0 0 0 rg BT 487.88 220.75 Td (weighted-average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 69.45 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 81.24 208.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 112.26 208.15 Td (that ) Tj ET Q q 0 0 0 rg BT 131.05 208.15 Td (takes ) Tj ET Q q 0 0 0 rg BT 155.66 208.15 Td (into ) Tj ET Q q 0 0 0 rg BT 175.04 208.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 234.64 208.15 Td (a ) Tj ET Q q 0 0 0 rg BT 242.34 208.15 Td (premium ) Tj ET Q q 0 0 0 rg BT 283.29 208.15 Td (representing ) Tj ET Q q 0 0 0 rg BT 338.23 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 354.09 208.15 Td (degree ) Tj ET Q q 0 0 0 rg BT 385.11 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 396.90 208.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 415.69 208.15 Td (inherent ) Tj ET Q q 0 0 0 rg BT 453.13 208.15 Td (in ) Tj ET Q q 0 0 0 rg BT 464.33 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 480.20 208.15 Td (asset, ) Tj ET Q q 0 0 0 rg BT 506.28 208.15 Td (as ) Tj ET Q q 0 0 0 rg BT 518.06 208.15 Td (more ) Tj ET Q q 0 0 0 rg BT 542.68 208.15 Td (fully ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.55 Td (described ) Tj ET Q q 0 0 0 rg BT 92.36 195.55 Td (below) Tj ET Q q 0 0 0 rg BT 117.34 195.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.35 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.94 170.35 Td (represents ) Tj ET Q q 0 0 0 rg BT 135.28 170.35 Td (the ) Tj ET Q q 0 0 0 rg BT 149.88 170.35 Td (residual ) Tj ET Q q 0 0 0 rg BT 184.89 170.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.15 170.35 Td (of ) Tj ET Q q 0 0 0 rg BT 228.67 170.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.52 170.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.21 170.35 Td (in ) Tj ET Q q 0 0 0 rg BT 305.15 170.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 334.32 170.35 Td (of ) Tj ET Q q 0 0 0 rg BT 344.84 170.35 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.85 170.35 Td (tangible ) Tj ET Q q 0 0 0 rg BT 422.45 170.35 Td (and ) Tj ET Q q 0 0 0 rg BT 439.38 170.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 483.14 170.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.41 170.35 Td (and ) Tj ET Q q 0 0 0 rg BT 526.34 170.35 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.75 Td (liabilities.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 2.63 0 0 10.55 49.50 142.88 cm /I37 Do Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 132.55 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.43 132.55 Td (the ) Tj ET Q q 0 0 0 rg BT 92.53 132.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 126.28 132.55 Td (significance ) Tj ET Q q 0 0 0 rg BT 179.28 132.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.30 132.55 Td (our ) Tj ET Q q 0 0 0 rg BT 206.57 132.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 250.83 132.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.60 132.55 Td (and ) Tj ET Q q 0 0 0 rg BT 295.03 132.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 334.64 132.55 Td (to ) Tj ET Q q 0 0 0 rg BT 345.08 132.55 Td (our ) Tj ET Q q 0 0 0 rg BT 361.35 132.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.69 132.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.69 132.55 Td (statements, ) Tj ET Q q 0 0 0 rg BT 504.91 132.55 Td (on ) Tj ET Q q 0 0 0 rg BT 517.69 132.55 Td (a ) Tj ET Q q 0 0 0 rg BT 524.62 132.55 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.81 119.95 Td (we ) Tj ET Q q 0 0 0 rg BT 87.36 119.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 125.24 119.95 Td (if ) Tj ET Q q 0 0 0 rg BT 133.96 119.95 Td (triggering ) Tj ET Q q 0 0 0 rg BT 177.67 119.95 Td (events ) Tj ET Q q 0 0 0 rg BT 206.80 119.95 Td (have ) Tj ET Q q 0 0 0 rg BT 228.93 119.95 Td (occurred ) Tj ET Q q 0 0 0 rg BT 267.97 119.95 Td (that ) Tj ET Q q 0 0 0 rg BT 286.02 119.95 Td (may ) Tj ET Q q 0 0 0 rg BT 306.40 119.95 Td (indicate ) Tj ET Q q 0 0 0 rg BT 341.94 119.95 Td (a ) Tj ET Q q 0 0 0 rg BT 348.91 119.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 395.54 119.95 Td (change ) Tj ET Q q 0 0 0 rg BT 427.58 119.95 Td (in ) Tj ET Q q 0 0 0 rg BT 438.06 119.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.94 119.95 Td (values. ) Tj ET Q q 0 0 0 rg BT 486.69 119.95 Td ( ) Tj ET Q q 0 0 0 rg BT 488.83 119.95 Td (T) Tj ET Q q 0 0 0 rg BT 494.88 119.95 Td (riggering ) Tj ET Q q 0 0 0 rg BT 535.67 119.95 Td (events ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.35 Td (may ) Tj ET Q q 0 0 0 rg BT 71.27 107.35 Td (include ) Tj ET Q q 0 0 0 rg BT 105.87 107.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.89 107.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 189.65 107.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 227.16 107.35 Td (in ) Tj ET Q q 0 0 0 rg BT 239.02 107.35 Td (our ) Tj ET Q q 0 0 0 rg BT 256.71 107.35 Td (business ) Tj ET Q q 0 0 0 rg BT 295.99 107.35 Td (or ) Tj ET Q q 0 0 0 rg BT 308.43 107.35 Td (the ) Tj ET Q q 0 0 0 rg BT 324.96 107.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 349.06 107.35 Td (or ) Tj ET Q q 0 0 0 rg BT 361.50 107.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 408.34 107.35 Td (environment, ) Tj ET Q q 0 0 0 rg BT 467.73 107.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 487.76 107.35 Td (of ) Tj ET Q q 0 0 0 rg BT 500.20 107.35 Td (key ) Tj ET Q q 0 0 0 rg BT 519.06 107.35 Td (personnel, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 94.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.50 94.75 Td (business ) Tj ET Q q 0 0 0 rg BT 134.77 94.75 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 190.26 94.75 Td (or ) Tj ET Q q 0 0 0 rg BT 201.68 94.75 Td (other ) Tj ET Q q 0 0 0 rg BT 225.94 94.75 Td (events, ) Tj ET Q q 0 0 0 rg BT 258.07 94.75 Td (including ) Tj ET Q q 0 0 0 rg BT 300.41 94.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 336.91 94.75 Td (in ) Tj ET Q q 0 0 0 rg BT 347.76 94.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 391.25 94.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 450.49 94.75 Td (with ) Tj ET Q q 0 0 0 rg BT 471.84 94.75 Td (our ) Tj ET Q q 0 0 0 rg BT 488.52 94.75 Td (af) Tj ET Q q 0 0 0 rg BT 496.48 94.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 527.74 94.75 Td (that ) Tj ET Q q 0 0 0 rg BT 546.17 94.75 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 82.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 81.48 82.15 Td (future ) Tj ET Q q 0 0 0 rg BT 109.95 82.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 153.01 82.15 Td (results. ) Tj ET Q q 0 0 0 rg BT 186.46 82.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.86 82.15 Td (If ) Tj ET Q q 0 0 0 rg BT 200.26 82.15 Td (a ) Tj ET Q q 0 0 0 rg BT 208.32 82.15 Td (triggering ) Tj ET Q q 0 0 0 rg BT 253.13 82.15 Td (event ) Tj ET Q q 0 0 0 rg BT 279.28 82.15 Td (has ) Tj ET Q q 0 0 0 rg BT 296.68 82.15 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 339.43 82.15 Td (we ) Tj ET Q q 0 0 0 rg BT 355.08 82.15 Td (perform ) Tj ET Q q 0 0 0 rg BT 392.30 82.15 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 445.27 82.15 Td (tests, ) Tj ET Q q 0 0 0 rg BT 469.97 82.15 Td (which ) Tj ET Q q 0 0 0 rg BT 499.04 82.15 Td (include ) Tj ET Q q 0 0 0 rg BT 533.35 82.15 Td (critical ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 69.55 Td (reviews ) Tj ET Q q 0 0 0 rg BT 85.98 69.55 Td (of ) Tj ET Q q 0 0 0 rg BT 98.55 69.55 Td (all ) Tj ET Q q 0 0 0 rg BT 112.88 69.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 161.03 69.55 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 219.40 69.55 Td (to ) Tj ET Q q 0 0 0 rg BT 231.39 69.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 277.20 69.55 Td (if ) Tj ET Q q 0 0 0 rg BT 287.44 69.55 Td (any ) Tj ET Q q 0 0 0 rg BT 306.43 69.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 352.24 69.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 380.57 69.55 Td (or ) Tj ET Q q 0 0 0 rg BT 393.14 69.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 434.30 69.55 Td (are ) Tj ET Q q 0 0 0 rg BT 450.95 69.55 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 494.72 69.55 Td ( ) Tj ET Q q 0 0 0 rg BT 498.54 69.55 Td (If ) Tj ET Q q 0 0 0 rg BT 509.36 69.55 Td (we ) Tj ET Q q 0 0 0 rg BT 525.43 69.55 Td (have ) Tj ET Q q 0 0 0 rg BT 549.08 69.55 Td (not ) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (76) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 104.73 741.75 Td (concluded ) Tj ET Q q 0 0 0 rg BT 150.62 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 169.10 741.75 Td (it ) Tj ET Q q 0 0 0 rg BT 177.68 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 187.42 741.75 Td (more ) Tj ET Q q 0 0 0 rg BT 211.74 741.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 238.39 741.75 Td (than ) Tj ET Q q 0 0 0 rg BT 259.21 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 275.37 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 293.85 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 309.42 741.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 354.72 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 372.03 741.75 Td (values ) Tj ET Q q 0 0 0 rg BT 401.60 741.75 Td (exceed ) Tj ET Q q 0 0 0 rg BT 433.48 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.05 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 480.35 741.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 518.08 741.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 550.27 741.75 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (perform ) Tj ET Q q 0 0 0 rg BT 85.94 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 110.14 729.15 Td (tests ) Tj ET Q q 0 0 0 rg BT 131.44 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 146.30 729.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 206.66 729.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 251.27 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 278.40 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 296.18 729.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 336.14 729.15 Td (annually) Tj ET Q q 0 0 0 rg BT 371.62 729.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 711.23 361.21 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 703.95 Td (Details ) Tj ET Q q 0 0 0 rg BT 81.87 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 93.24 703.95 Td (our ) Tj ET Q q 0 0 0 rg BT 109.86 703.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 154.48 703.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 181.60 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 199.39 703.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 239.35 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 257.13 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 272.59 703.95 Td (related ) Tj ET Q q 0 0 0 rg BT 303.77 703.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 354.80 703.95 Td (tests ) Tj ET Q q 0 0 0 rg BT 376.10 703.95 Td (follow) Tj ET Q q 0 0 0 rg BT 402.83 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 408.08 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.08 678.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 112.66 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 129.51 678.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 160.35 678.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 211.61 678.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 242.46 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.06 678.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 294.25 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.26 678.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 372.84 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 417.68 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 445.03 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 456.63 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 468.23 678.75 Td (October ) Tj ET Q q 0 0 0 rg BT 504.90 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 520.88 678.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 547.35 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.15 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 117.31 666.15 Td (there ) Tj ET Q q 0 0 0 rg BT 140.71 666.15 Td (was ) Tj ET Q q 0 0 0 rg BT 159.45 666.15 Td (no ) Tj ET Q q 0 0 0 rg BT 172.37 666.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 223.19 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 233.77 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 249.01 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 274.17 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 285.33 666.15 Td (these ) Tj ET Q q 0 0 0 rg BT 309.32 666.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 338.86 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 341.10 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 350.17 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 357.24 666.15 Td (also ) Tj ET Q q 0 0 0 rg BT 376.57 666.15 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 417.47 666.15 Td (more ) Tj ET Q q 0 0 0 rg BT 441.46 666.15 Td (critical ) Tj ET Q q 0 0 0 rg BT 473.02 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 514.51 666.15 Td (inputs ) Tj ET Q q 0 0 0 rg BT 542.60 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 553.76 666.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (December ) Tj ET Q q 0 0 0 rg BT 94.33 653.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 109.15 653.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 131.84 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 141.71 653.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 185.38 653.55 Td (that ) Tj ET Q q 0 0 0 rg BT 202.82 653.55 Td (no ) Tj ET Q q 0 0 0 rg BT 215.01 653.55 Td (further ) Tj ET Q q 0 0 0 rg BT 245.27 653.55 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 296.54 653.55 Td (analyses ) Tj ET Q q 0 0 0 rg BT 333.80 653.55 Td (were ) Tj ET Q q 0 0 0 rg BT 355.90 653.55 Td (warranted. ) Tj ET Q q 0 0 0 rg BT 402.19 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 403.88 653.55 Td (In ) Tj ET Q q 0 0 0 rg BT 414.32 653.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 453.05 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 466.99 653.55 Td (performed ) Tj ET Q q 0 0 0 rg BT 512.41 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 528.10 653.55 Td (periodic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.53 640.95 Td (review ) Tj ET Q q 0 0 0 rg BT 131.72 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 143.10 640.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 195.28 640.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 239.90 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.02 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 278.39 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 289.76 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 319.79 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 335.54 640.95 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.95 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.56 615.75 Td (level ) Tj ET Q q 0 0 0 rg BT 116.76 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.29 615.75 Td (market ) Tj ET Q q 0 0 0 rg BT 160.23 615.75 Td (disruption ) Tj ET Q q 0 0 0 rg BT 205.60 615.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 251.54 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 272.99 615.75 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 325.65 615.75 Td (we ) Tj ET Q q 0 0 0 rg BT 340.68 615.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 379.04 615.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 415.65 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 423.10 615.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 467.29 615.75 Td (event ) Tj ET Q q 0 0 0 rg BT 492.81 615.75 Td (had ) Tj ET Q q 0 0 0 rg BT 510.76 615.75 Td (occurred ) Tj ET Q q 0 0 0 rg BT 550.27 615.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (each ) Tj ET Q q 0 0 0 rg BT 70.75 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 81.51 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 97.52 603.15 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 147.35 603.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 207.09 603.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 251.09 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.60 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 294.78 603.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 334.13 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 344.89 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 355.65 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 385.06 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 400.20 603.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 425.84 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 427.86 603.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 460.78 603.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 520.52 603.15 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.73 590.55 Td (were ) Tj ET Q q 0 0 0 rg BT 99.87 590.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 149.83 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 160.73 590.55 Td (have ) Tj ET Q q 0 0 0 rg BT 183.29 590.55 Td (had ) Tj ET Q q 0 0 0 rg BT 201.18 590.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 245.32 590.55 Td (events ) Tj ET Q q 0 0 0 rg BT 274.88 590.55 Td (due ) Tj ET Q q 0 0 0 rg BT 292.78 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 303.68 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 311.07 590.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 366.30 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 377.78 590.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 424.84 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 456.72 590.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 497.37 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 515.27 590.55 Td (uncertainty ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (ensuing ) Tj ET Q q 0 0 0 rg BT 84.80 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 107.84 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.30 577.95 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 173.17 577.95 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 216.62 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 234.41 577.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 266.79 577.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 296.83 577.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 314.03 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 339.40 577.95 Td (over ) Tj ET Q q 0 0 0 rg BT 360.69 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 376.15 577.95 Td (related ) Tj ET Q q 0 0 0 rg BT 407.35 577.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 444.96 577.95 Td (values ) Tj ET Q q 0 0 0 rg BT 474.42 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 485.79 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.17 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 513.80 577.95 Td (most ) Tj ET Q q 0 0 0 rg BT 536.85 577.95 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 101.24 565.35 Td (analyses ) Tj ET Q q 0 0 0 rg BT 138.99 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 149.91 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 160.84 565.35 Td (October ) Tj ET Q q 0 0 0 rg BT 196.83 565.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 212.13 565.35 Td (2019. ) Tj ET Q q 0 0 0 rg BT 237.93 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 239.95 565.35 Td (W) Tj ET Q q 0 0 0 rg BT 249.02 565.35 Td (e ) Tj ET Q q 0 0 0 rg BT 255.85 565.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 291.27 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 306.27 565.35 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 358.02 565.35 Td (analyses ) Tj ET Q q 0 0 0 rg BT 395.76 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 410.18 565.35 Td (these ) Tj ET Q q 0 0 0 rg BT 433.93 565.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 493.83 565.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 538.00 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 565.12 565.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.78 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 72.07 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 102.01 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.67 552.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 141.21 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 158.90 552.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 208.67 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 226.95 552.75 Td (there ) Tj ET Q q 0 0 0 rg BT 250.48 552.75 Td (was ) Tj ET Q q 0 0 0 rg BT 269.34 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 282.38 552.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 333.32 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 344.02 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 359.39 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 384.66 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 395.95 552.75 Td (these ) Tj ET Q q 0 0 0 rg BT 420.06 552.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 449.72 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 461.00 552.75 Td (further ) Tj ET Q q 0 0 0 rg BT 492.11 552.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 534.89 552.75 Td (below) Tj ET Q q 0 0 0 rg BT 559.87 552.75 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Amortizable Intangible ) Tj ET Q q 0 0 0 rg BT 151.80 527.55 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.36 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.14 514.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 153.17 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 514.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 218.97 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 234.07 514.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 281.84 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 296.37 514.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 347.06 514.95 Td (at ) Tj ET Q q 0 0 0 rg BT 356.92 514.95 Td (each ) Tj ET Q q 0 0 0 rg BT 378.44 514.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 419.21 514.95 Td (period ) Tj ET Q q 0 0 0 rg BT 448.32 514.95 Td (using ) Tj ET Q q 0 0 0 rg BT 473.36 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 485.56 514.95 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 543.84 514.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 70.62 502.35 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 108.94 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 110.82 502.35 Td (Significant ) Tj ET Q q 0 0 0 rg BT 158.77 502.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 212.56 502.35 Td (used ) Tj ET Q q 0 0 0 rg BT 233.68 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 243.72 502.35 Td (assessing ) Tj ET Q q 0 0 0 rg BT 284.67 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 299.37 502.35 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 359.55 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 370.17 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 425.68 502.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 461.37 502.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 505.23 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 531.60 502.35 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.78 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.66 489.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 137.21 489.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 180.24 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 192.96 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.00 489.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 248.12 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 265.50 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.55 489.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 325.34 489.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 368.37 489.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 390.42 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 401.39 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.43 489.75 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 459.18 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 461.40 489.75 Td (Projected ) Tj ET Q q 0 0 0 rg BT 503.27 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 524.15 489.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 549.70 489.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (based ) Tj ET Q q 0 0 0 rg BT 76.07 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 89.24 477.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 108.81 477.15 Td (generated ) Tj ET Q q 0 0 0 rg BT 152.28 477.15 Td (by ) Tj ET Q q 0 0 0 rg BT 165.45 477.15 Td (current ) Tj ET Q q 0 0 0 rg BT 197.26 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 224.43 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 239.34 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 254.83 477.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 300.64 477.15 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 343.83 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 346.50 477.15 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 389.41 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 404.89 477.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 446.62 477.15 Td (assumed ) Tj ET Q q 0 0 0 rg BT 485.45 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 496.28 477.15 Td (turnover ) Tj ET Q q 0 0 0 rg BT 534.52 477.15 Td (evenly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (throughout ) Tj ET Q q 0 0 0 rg BT 99.13 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 115.50 464.55 Td (life ) Tj ET Q q 0 0 0 rg BT 133.04 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 145.33 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 161.70 464.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 207.24 464.55 Td (asset. ) Tj ET Q q 0 0 0 rg BT 233.82 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 237.11 464.55 Td (The ) Tj ET Q q 0 0 0 rg BT 256.98 464.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 303.10 464.55 Td (life ) Tj ET Q q 0 0 0 rg BT 320.64 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.93 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 349.30 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 373.26 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 383.81 464.55 Td (based ) Tj ET Q q 0 0 0 rg BT 411.26 464.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 435.81 464.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 467.92 464.55 Td (such ) Tj ET Q q 0 0 0 rg BT 490.71 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 503.00 464.55 Td (average ) Tj ET Q q 0 0 0 rg BT 539.19 464.55 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (retention ) Tj ET Q q 0 0 0 rg BT 89.02 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 106.39 451.95 Td (client ) Tj ET Q q 0 0 0 rg BT 131.91 451.95 Td (turnover ) Tj ET Q q 0 0 0 rg BT 169.69 451.95 Td (rates. ) Tj ET Q q 0 0 0 rg BT 194.34 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 196.54 451.95 Td (If ) Tj ET Q q 0 0 0 rg BT 205.74 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 220.77 451.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 276.04 451.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 309.15 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 324.17 451.95 Td (no ) Tj ET Q q 0 0 0 rg BT 336.88 451.95 Td (longer ) Tj ET Q q 0 0 0 rg BT 365.90 451.95 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 418.54 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 433.57 451.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 473.09 451.95 Td (lives ) Tj ET Q q 0 0 0 rg BT 495.12 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 510.14 451.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 547.34 451.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.41 439.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 95.06 439.35 Td (on ) Tj ET Q q 0 0 0 rg BT 107.64 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.55 439.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 139.20 439.35 Td (value ) Tj ET Q q 0 0 0 rg BT 164.01 439.35 Td (is ) Tj ET Q q 0 0 0 rg BT 173.10 439.35 Td (assessed. ) Tj ET Q q 0 0 0 rg BT 213.38 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 215.00 439.35 Td (Actual ) Tj ET Q q 0 0 0 rg BT 245.07 439.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 265.80 439.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 291.22 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 301.46 439.35 Td (any ) Tj ET Q q 0 0 0 rg BT 318.70 439.35 Td (one ) Tj ET Q q 0 0 0 rg BT 335.94 439.35 Td (period ) Tj ET Q q 0 0 0 rg BT 364.85 439.35 Td (may ) Tj ET Q q 0 0 0 rg BT 385.00 439.35 Td (vary ) Tj ET Q q 0 0 0 rg BT 405.74 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 428.23 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 443.14 439.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 484.28 439.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 505.02 439.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 530.43 439.35 Td (without ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 90.10 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 102.13 426.75 Td (an ) Tj ET Q q 0 0 0 rg BT 115.90 426.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 168.16 426.75 Td (char) Tj ET Q q 0 0 0 rg BT 186.04 426.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 199.80 426.75 Td (because ) Tj ET Q q 0 0 0 rg BT 236.89 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 245.41 426.75 Td (variance ) Tj ET Q q 0 0 0 rg BT 284.82 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 296.84 426.75 Td (any ) Tj ET Q q 0 0 0 rg BT 315.86 426.75 Td (one ) Tj ET Q q 0 0 0 rg BT 334.88 426.75 Td (period ) Tj ET Q q 0 0 0 rg BT 365.56 426.75 Td (must ) Tj ET Q q 0 0 0 rg BT 389.84 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 403.61 426.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 452.95 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 464.97 426.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 518.40 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 540.93 426.75 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.05 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 122.42 414.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 153.62 414.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 195.31 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 216.59 414.15 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (There ) Tj ET Q q 0 0 0 rg BT 76.14 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 98.71 388.95 Td (no ) Tj ET Q q 0 0 0 rg BT 111.37 388.95 Td (impairments ) Tj ET Q q 0 0 0 rg BT 166.02 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 176.35 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 191.34 388.95 Td (values ) Tj ET Q q 0 0 0 rg BT 220.33 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 231.24 388.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 282.96 388.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 327.11 388.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 353.77 388.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 401.99 388.95 Td (during ) Tj ET Q q 0 0 0 rg BT 431.57 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 446.56 388.95 Td (year ) Tj ET Q q 0 0 0 rg BT 466.79 388.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 494.02 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 523.59 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 388.95 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 376.35 Td (our ) Tj ET Q q 0 0 0 rg BT 77.49 376.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 119.19 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 130.56 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.02 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 177.21 376.35 Td (future ) Tj ET Q q 0 0 0 rg BT 204.90 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 226.19 376.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 252.14 376.35 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 293.82 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 309.28 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 332.31 376.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 369.92 376.35 Td (values. ) Tj ET Q q 0 0 0 rg BT 401.99 376.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (As ) Tj ET Q q 0 0 0 rg BT 64.13 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 75.83 351.15 Td (March ) Tj ET Q q 0 0 0 rg BT 106.20 351.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.28 351.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 148.87 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 164.66 351.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 182.36 351.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 201.07 351.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 232.61 351.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 269.96 351.15 Td (account ) Tj ET Q q 0 0 0 rg BT 305.57 351.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 346.43 351.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 398.95 351.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 422.32 351.15 Td (net ) Tj ET Q q 0 0 0 rg BT 438.11 351.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 476.05 351.15 Td (value ) Tj ET Q q 0 0 0 rg BT 501.75 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 513.46 351.15 Td ($33 ) Tj ET Q q 0 0 0 rg BT 532.17 351.15 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (represented ) Tj ET Q q 0 0 0 rg BT 99.84 338.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 162.43 338.55 Td (30% ) Tj ET Q q 0 0 0 rg BT 183.63 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 194.32 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 210.27 338.55 Td (total ) Tj ET Q q 0 0 0 rg BT 230.88 338.55 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 282.39 338.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 326.33 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.69 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 404.28 338.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 444.13 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 461.24 338.55 Td (other ) Tj ET Q q 0 0 0 rg BT 484.76 338.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 527.52 338.55 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.04 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 95.72 325.95 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 144.72 325.95 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 203.06 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 224.07 325.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 249.75 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 280.67 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 291.18 325.95 Td (this ) Tj ET Q q 0 0 0 rg BT 308.70 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 331.46 325.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 372.87 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 388.04 325.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 425.38 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 450.46 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 463.31 325.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 526.31 325.95 Td (3% ) Tj ET Q q 0 0 0 rg BT 542.66 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 553.76 325.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (March ) Tj ET Q q 0 0 0 rg BT 78.59 313.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 93.41 313.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 118.72 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 120.41 313.35 Td (Despite ) Tj ET Q q 0 0 0 rg BT 154.17 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 168.69 313.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 197.78 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 208.21 313.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 224.47 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 248.90 313.35 Td (over ) Tj ET Q q 0 0 0 rg BT 269.24 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 283.76 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 314.01 313.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 350.68 313.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 377.73 313.35 Td (future ) Tj ET Q q 0 0 0 rg BT 404.49 313.35 Td (decreases ) Tj ET Q q 0 0 0 rg BT 446.40 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 456.26 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 471.94 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 492.29 313.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 513.22 313.35 Td (projections, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.79 300.75 Td (from ) Tj ET Q q 0 0 0 rg BT 109.75 300.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 136.36 300.75 Td (results, ) Tj ET Q q 0 0 0 rg BT 167.94 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 178.23 300.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 213.60 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 223.31 300.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 276.77 300.75 Td (due ) Tj ET Q q 0 0 0 rg BT 293.48 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 303.19 300.75 Td (client ) Tj ET Q q 0 0 0 rg BT 328.06 300.75 Td (attrition ) Tj ET Q q 0 0 0 rg BT 362.85 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 379.55 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.93 300.75 Td (related ) Tj ET Q q 0 0 0 rg BT 424.03 300.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 465.23 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 474.94 300.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 516.43 300.75 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (performance, ) Tj ET Q q 0 0 0 rg BT 108.31 288.15 Td (market ) Tj ET Q q 0 0 0 rg BT 140.60 288.15 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 190.11 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 201.99 288.15 Td (other ) Tj ET Q q 0 0 0 rg BT 226.70 288.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 261.03 288.15 Td (may ) Tj ET Q q 0 0 0 rg BT 282.24 288.15 Td (result ) Tj ET Q q 0 0 0 rg BT 308.71 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 320.01 288.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 371.55 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.43 288.15 Td (this ) Tj ET Q q 0 0 0 rg BT 401.74 288.15 Td (asset. ) Tj ET Q q 0 0 0 rg BT 427.91 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 430.82 288.15 Td (There ) Tj ET Q q 0 0 0 rg BT 458.44 288.15 Td (can ) Tj ET Q q 0 0 0 rg BT 476.14 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 489.19 288.15 Td (no ) Tj ET Q q 0 0 0 rg BT 502.82 288.15 Td (assurance ) Tj ET Q q 0 0 0 rg BT 546.77 288.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 93.45 275.55 Td (client ) Tj ET Q q 0 0 0 rg BT 119.32 275.55 Td (attrition, ) Tj ET Q q 0 0 0 rg BT 157.74 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 180.69 275.55 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 222.61 275.55 Td (market ) Tj ET Q q 0 0 0 rg BT 254.31 275.55 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 300.86 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 306.03 275.55 Td (or ) Tj ET Q q 0 0 0 rg BT 317.32 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 341.44 275.55 Td (factors, ) Tj ET Q q 0 0 0 rg BT 375.18 275.55 Td (will ) Tj ET Q q 0 0 0 rg BT 394.06 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 410.03 275.55 Td (produce ) Tj ET Q q 0 0 0 rg BT 446.39 275.55 Td (an ) Tj ET Q q 0 0 0 rg BT 458.85 275.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 503.38 275.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 554.33 275.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (this ) Tj ET Q q 0 0 0 rg BT 67.30 262.95 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.92 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.41 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 105.56 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.43 237.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 147.80 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.37 237.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 197.61 237.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 234.77 237.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 271.91 237.75 Td (account ) Tj ET Q q 0 0 0 rg BT 307.30 237.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 347.95 237.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 400.25 237.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 423.41 237.75 Td (net ) Tj ET Q q 0 0 0 rg BT 438.98 237.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 476.71 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 502.19 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 513.69 237.75 Td ($60 ) Tj ET Q q 0 0 0 rg BT 532.18 237.75 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (represented ) Tj ET Q q 0 0 0 rg BT 99.84 225.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 162.43 225.15 Td (55% ) Tj ET Q q 0 0 0 rg BT 183.63 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 194.32 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 210.27 225.15 Td (total ) Tj ET Q q 0 0 0 rg BT 230.88 225.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 282.39 225.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 326.33 225.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.69 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 404.28 225.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 444.13 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 461.24 225.15 Td (other ) Tj ET Q q 0 0 0 rg BT 484.76 225.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 527.52 225.15 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.07 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 78.79 212.55 Td (As ) Tj ET Q q 0 0 0 rg BT 92.66 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 103.61 212.55 Td (March ) Tj ET Q q 0 0 0 rg BT 133.22 212.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 148.55 212.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 174.38 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 189.41 212.55 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 238.27 212.55 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 296.47 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 317.33 212.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 342.87 212.55 Td (related ) Tj ET Q q 0 0 0 rg BT 373.63 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 384.01 212.55 Td (this ) Tj ET Q q 0 0 0 rg BT 401.38 212.55 Td (separate ) Tj ET Q q 0 0 0 rg BT 437.98 212.55 Td (account ) Tj ET Q q 0 0 0 rg BT 472.83 212.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 512.94 212.55 Td (amortizable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.54 199.95 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 114.21 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 129.67 199.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 167.27 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 192.64 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 205.76 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 213.05 199.95 Td (material ) Tj ET Q q 0 0 0 rg BT 250.07 199.95 Td (amount. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 174.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 109.30 174.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 153.49 174.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 180.77 174.75 Td (lives ) Tj ET Q q 0 0 0 rg BT 202.23 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.59 174.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 263.77 174.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 307.38 174.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 333.50 174.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 373.02 174.75 Td (range ) Tj ET Q q 0 0 0 rg BT 397.96 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 419.99 174.75 Td (one ) Tj ET Q q 0 0 0 rg BT 436.77 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 446.56 174.75 Td (eight�years ) Tj ET Q q 0 0 0 rg BT 493.95 174.75 Td (with ) Tj ET Q q 0 0 0 rg BT 514.24 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 520.52 174.75 Td (weighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (average ) Tj ET Q q 0 0 0 rg BT 84.76 162.15 Td (life ) Tj ET Q q 0 0 0 rg BT 101.38 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 112.75 162.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 176.03 162.15 Td (5.4 ) Tj ET Q q 0 0 0 rg BT 191.78 162.15 Td (years.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Indefinite-Life Intangible ) Tj ET Q q 0 0 0 rg BT 162.86 136.95 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (For ) Tj ET Q q 0 0 0 rg BT 67.24 124.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 112.39 124.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.04 124.35 Td (with ) Tj ET Q q 0 0 0 rg BT 161.86 124.35 Td (lives ) Tj ET Q q 0 0 0 rg BT 184.85 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 203.75 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 219.72 124.35 Td (indeterminable ) Tj ET Q q 0 0 0 rg BT 285.85 124.35 Td (or ) Tj ET Q q 0 0 0 rg BT 297.75 124.35 Td (indefinite, ) Tj ET Q q 0 0 0 rg BT 343.77 124.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.49 124.35 Td (value ) Tj ET Q q 0 0 0 rg BT 387.39 124.35 Td (is ) Tj ET Q q 0 0 0 rg BT 397.54 124.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 447.93 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 479.31 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 511.62 124.35 Td (participant's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (perspective ) Tj ET Q q 0 0 0 rg BT 100.51 111.75 Td (based ) Tj ET Q q 0 0 0 rg BT 127.61 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 141.31 111.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 183.57 111.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 232.26 111.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.12 111.75 Td (flows, ) Tj ET Q q 0 0 0 rg BT 283.27 111.75 Td (taking ) Tj ET Q q 0 0 0 rg BT 312.72 111.75 Td (into ) Tj ET Q q 0 0 0 rg BT 332.25 111.75 Td (account ) Tj ET Q q 0 0 0 rg BT 368.10 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 111.75 Td (values ) Tj ET Q q 0 0 0 rg BT 414.15 111.75 Td (market ) Tj ET Q q 0 0 0 rg BT 446.50 111.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 498.68 111.75 Td (would ) Tj ET Q q 0 0 0 rg BT 528.13 111.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 546.49 111.75 Td (in ) Tj ET Q q 0 0 0 rg BT 557.85 111.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 81.46 99.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 129.17 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 138.98 99.15 Td (acquire ) Tj ET Q q 0 0 0 rg BT 171.52 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 185.99 99.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 230.19 99.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 258.96 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 260.49 99.15 Td (W) Tj ET Q q 0 0 0 rg BT 269.56 99.15 Td (e ) Tj ET Q q 0 0 0 rg BT 275.86 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 297.32 99.15 Td (two ) Tj ET Q q 0 0 0 rg BT 314.72 99.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 349.60 99.15 Td (types ) Tj ET Q q 0 0 0 rg BT 373.41 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.80 99.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 443.17 99.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 486.80 99.15 Td (assets: ) Tj ET Q q 0 0 0 rg BT 515.86 99.15 Td (proprietary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.37 86.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 111.90 86.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 132.31 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 143.10 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 150.39 86.55 Td (lesser ) Tj ET Q q 0 0 0 rg BT 176.92 86.55 Td (extent, ) Tj ET Q q 0 0 0 rg BT 207.82 86.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 231.44 86.55 Td (names.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 61.35 Td (e ) Tj ET Q q 0 0 0 rg BT 64.77 61.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 108.30 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.67 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 138.79 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 163.07 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 173.36 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 188.90 61.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 232.44 61.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 258.48 61.35 Td (based ) Tj ET Q q 0 0 0 rg BT 283.93 61.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 306.48 61.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 353.52 61.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 394.12 61.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.33 61.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 441.83 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 469.03 61.35 Td (take ) Tj ET Q q 0 0 0 rg BT 488.07 61.35 Td (into ) Tj ET Q q 0 0 0 rg BT 505.95 61.35 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 91.14 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.45 48.75 Td (future ) Tj ET Q q 0 0 0 rg BT 130.08 48.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 152.17 48.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 178.06 48.75 Td (mar) Tj ET Q q 0 0 0 rg BT 194.20 48.75 Td (gins, ) Tj ET Q q 0 0 0 rg BT 216.89 48.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 249.20 48.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 274.20 48.75 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 300.97 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 318.69 48.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 356.83 48.75 Td (rates. ) Tj ET Q q 0 0 0 rg BT 381.84 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 384.22 48.75 Td (The ) Tj ET Q q 0 0 0 rg BT 403.11 48.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 463.98 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.29 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 490.68 48.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.82 48.75 Td (values ) Tj ET Q q 0 0 0 rg BT 537.20 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 48.75 Td (our ) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (77) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 109.58 741.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 153.93 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.78 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 190.14 741.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 219.33 741.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 264.83 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 277.69 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 301.62 741.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 343.04 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 360.56 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 396.73 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 407.25 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 431.18 741.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 459.21 741.75 Td (could ) Tj ET Q q 0 0 0 rg BT 484.89 741.75 Td (result ) Tj ET Q q 0 0 0 rg BT 510.58 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 521.10 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 528.11 741.75 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.14 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 113.12 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 129.18 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 160.98 729.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 199.19 729.15 Td (values. ) Tj ET Q q 0 0 0 rg BT 231.17 729.15 Td (An ) Tj ET Q q 0 0 0 rg BT 247.23 729.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 270.88 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 281.12 729.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 331.58 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 342.98 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 356.13 729.15 Td (impaired ) Tj ET Q q 0 0 0 rg BT 396.68 729.15 Td (if ) Tj ET Q q 0 0 0 rg BT 406.33 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 422.39 729.15 Td (current ) Tj ET Q q 0 0 0 rg BT 455.36 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.16 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 499.13 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 509.37 729.15 Td (less ) Tj ET Q q 0 0 0 rg BT 528.36 729.15 Td (than ) Tj ET Q q 0 0 0 rg BT 549.67 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.92 716.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 126.61 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 152.04 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 163.49 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 179.02 716.55 Td (asset. ) Tj ET Q q 0 0 0 rg BT 204.75 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 207.45 716.55 Td (If ) Tj ET Q q 0 0 0 rg BT 217.14 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 229.75 716.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 252.86 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 262.57 716.55 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 305.21 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 320.74 716.55 Td (dif) Tj ET Q q 0 0 0 rg BT 332.21 716.55 Td (ference ) Tj ET Q q 0 0 0 rg BT 365.80 716.55 Td (between ) Tj ET Q q 0 0 0 rg BT 403.48 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 419.01 716.55 Td (current ) Tj ET Q q 0 0 0 rg BT 451.44 716.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.71 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 494.15 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 512.01 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 527.54 716.55 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 75.61 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 87.74 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 103.94 703.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 127.73 703.95 Td (reflected ) Tj ET Q q 0 0 0 rg BT 167.83 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 181.70 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 197.91 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.01 703.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 285.71 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 296.09 703.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 345.53 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 357.65 703.95 Td (an ) Tj ET Q q 0 0 0 rg BT 370.94 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 703.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 451.16 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 462.70 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 478.91 703.95 Td (period ) Tj ET Q q 0 0 0 rg BT 509.11 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 520.65 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 549.69 703.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.53 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 110.16 691.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 160.02 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 170.81 691.35 Td (exist.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 92.59 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 111.19 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 126.86 666.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 167.61 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 185.62 666.15 Td (operated ) Tj ET Q q 0 0 0 rg BT 224.62 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 236.21 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 243.72 666.15 Td (single ) Tj ET Q q 0 0 0 rg BT 271.66 666.15 Td (unit, ) Tj ET Q q 0 0 0 rg BT 293.47 666.15 Td (such ) Tj ET Q q 0 0 0 rg BT 315.57 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 327.16 666.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 367.91 666.15 Td (within ) Tj ET Q q 0 0 0 rg BT 397.60 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 413.28 666.15 Td (same ) Tj ET Q q 0 0 0 rg BT 437.70 666.15 Td (family ) Tj ET Q q 0 0 0 rg BT 467.96 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 479.56 666.15 Td (funds, ) Tj ET Q q 0 0 0 rg BT 508.37 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 524.04 666.15 Td (reviewed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.07 653.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 103.29 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 120.86 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 136.08 653.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 183.97 653.55 Td (interchangeable ) Tj ET Q q 0 0 0 rg BT 252.84 653.55 Td (if ) Tj ET Q q 0 0 0 rg BT 261.66 653.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 301.98 653.55 Td (can ) Tj ET Q q 0 0 0 rg BT 318.96 653.55 Td (transfer ) Tj ET Q q 0 0 0 rg BT 353.44 653.55 Td (between ) Tj ET Q q 0 0 0 rg BT 390.83 653.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 416.57 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 437.64 653.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 469.80 653.55 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 521.49 653.55 Td (Similarly) Tj ET Q q 0 0 0 rg BT 559.89 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.80 640.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 96.78 640.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 140.23 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 153.38 640.95 Td (new ) Tj ET Q q 0 0 0 rg BT 173.52 640.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 199.50 640.95 Td (added ) Tj ET Q q 0 0 0 rg BT 227.21 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 238.03 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 253.50 640.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 275.39 640.95 Td (group ) Tj ET Q q 0 0 0 rg BT 302.54 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 318.00 640.95 Td (included ) Tj ET Q q 0 0 0 rg BT 356.80 640.95 Td (when ) Tj ET Q q 0 0 0 rg BT 382.19 640.95 Td (determining ) Tj ET Q q 0 0 0 rg BT 435.57 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 451.05 640.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.26 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 493.65 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 505.04 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 520.51 640.95 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Projected ) Tj ET Q q 0 0 0 rg BT 91.70 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.90 603.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 138.77 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 154.13 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 180.58 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 193.63 603.15 Td (annualized ) Tj ET Q q 0 0 0 rg BT 241.65 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.85 603.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 288.73 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 303.51 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 318.88 603.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 364.57 603.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 405.01 603.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 446.62 603.15 Td (forward ) Tj ET Q q 0 0 0 rg BT 482.40 603.15 Td (40�years, ) Tj ET Q q 0 0 0 rg BT 522.84 603.15 Td (assuming ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 79.81 590.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 100.80 590.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 122.37 590.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 154.45 590.55 Td (from ) Tj ET Q q 0 0 0 rg BT 177.18 590.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 219.75 590.55 Td (net ) Tj ET Q q 0 0 0 rg BT 234.90 590.55 Td (client ) Tj ET Q q 0 0 0 rg BT 260.55 590.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 286.21 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 303.70 590.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 345.09 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 376.57 590.55 Td (performance. ) Tj ET Q q 0 0 0 rg BT 434.57 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 436.73 590.55 Td (T) Tj ET Q q 0 0 0 rg BT 442.41 590.55 Td (o ) Tj ET Q q 0 0 0 rg BT 449.98 590.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 487.30 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 502.45 590.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 543.84 590.55 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 77.88 577.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 119.36 577.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 151.52 577.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 173.76 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 186.68 577.95 Td (af) Tj ET Q q 0 0 0 rg BT 194.65 577.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 221.56 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 236.79 577.95 Td (used ) Tj ET Q q 0 0 0 rg BT 258.46 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 269.04 577.95 Td (project ) Tj ET Q q 0 0 0 rg BT 300.62 577.95 Td (their ) Tj ET Q q 0 0 0 rg BT 321.74 577.95 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 351.29 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 353.71 577.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 377.13 577.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 398.79 577.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 430.96 577.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 453.20 577.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 491.19 577.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 532.68 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 543.85 577.95 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.59 565.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 104.50 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.25 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 155.99 565.35 Td (expectations ) Tj ET Q q 0 0 0 rg BT 212.05 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 226.13 565.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 250.13 565.35 Td (class ) Tj ET Q q 0 0 0 rg BT 274.13 565.35 Td (\(equity) Tj ET Q q 0 0 0 rg BT 303.19 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 309.40 565.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 334.55 565.35 Td (income, ) Tj ET Q q 0 0 0 rg BT 371.67 565.35 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 422.19 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 440.93 565.35 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 483.60 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 502.34 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 516.43 565.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (manager ) Tj ET Q q 0 0 0 rg BT 87.08 552.75 Td (based ) Tj ET Q q 0 0 0 rg BT 112.41 552.75 Td (upon, ) Tj ET Q q 0 0 0 rg BT 137.47 552.75 Td (among ) Tj ET Q q 0 0 0 rg BT 167.47 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 190.48 552.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 220.20 552.75 Td (historical ) Tj ET Q q 0 0 0 rg BT 260.71 552.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 307.60 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 324.19 552.75 Td (expectations ) Tj ET Q q 0 0 0 rg BT 378.10 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 388.28 552.75 Td (future ) Tj ET Q q 0 0 0 rg BT 414.78 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 445.36 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.95 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.46 552.75 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 73.04 540.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 108.24 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 126.53 540.15 Td (external ) Tj ET Q q 0 0 0 rg BT 163.47 540.15 Td (sources. ) Tj ET Q q 0 0 0 rg BT 200.72 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 203.84 540.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 223.30 540.15 Td (market ) Tj ET Q q 0 0 0 rg BT 255.58 540.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 288.46 540.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 343.51 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 358.88 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 376.01 540.15 Td (most ) Tj ET Q q 0 0 0 rg BT 399.56 540.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 428.33 540.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 459.45 540.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 510.99 540.15 Td (testing ) Tj ET Q q 0 0 0 rg BT 542.11 540.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (4.5% ) Tj ET Q q 0 0 0 rg BT 74.15 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 89.18 527.55 Td (equity) Tj ET Q q 0 0 0 rg BT 114.74 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 120.14 527.55 Td (2% ) Tj ET Q q 0 0 0 rg BT 136.92 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 151.94 527.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 176.30 527.55 Td (income, ) Tj ET Q q 0 0 0 rg BT 212.61 527.55 Td (3% ) Tj ET Q q 0 0 0 rg BT 229.39 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 244.41 527.55 Td (alternative, ) Tj ET Q q 0 0 0 rg BT 294.13 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 312.07 527.55 Td (0% ) Tj ET Q q 0 0 0 rg BT 328.84 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 343.87 527.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 382.23 527.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 423.80 527.55 Td (with ) Tj ET Q q 0 0 0 rg BT 445.25 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 452.69 527.55 Td (general ) Tj ET Q q 0 0 0 rg BT 486.37 527.55 Td (assumption ) Tj ET Q q 0 0 0 rg BT 536.98 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 527.55 Td (2% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (or) Tj ET Q q 0 0 0 rg BT 58.06 514.95 Td (ganic ) Tj ET Q q 0 0 0 rg BT 83.42 514.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 115.78 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 130.65 514.95 Td (all ) Tj ET Q q 0 0 0 rg BT 143.76 514.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 185.17 514.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 217.53 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 228.32 514.95 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 275.84 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 302.37 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 315.49 514.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 343.76 514.95 Td (trends ) Tj ET Q q 0 0 0 rg BT 372.04 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 386.90 514.95 Td (or) Tj ET Q q 0 0 0 rg BT 395.46 514.95 Td (ganic ) Tj ET Q q 0 0 0 rg BT 420.82 514.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 453.18 514.95 Td (\(contraction\), ) Tj ET Q q 0 0 0 rg BT 512.65 514.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 554.34 514.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (years ) Tj ET Q q 0 0 0 rg BT 74.28 502.35 Td (one ) Tj ET Q q 0 0 0 rg BT 92.06 502.35 Td (through ) Tj ET Q q 0 0 0 rg BT 127.35 502.35 Td (five.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 477.15 Td (starting ) Tj ET Q q 0 0 0 rg BT 102.91 477.15 Td (point ) Tj ET Q q 0 0 0 rg BT 127.30 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 142.34 477.15 Td (these ) Tj ET Q q 0 0 0 rg BT 166.71 477.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 221.43 477.15 Td (is ) Tj ET Q q 0 0 0 rg BT 231.23 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 248.02 477.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 290.46 477.15 Td (planning ) Tj ET Q q 0 0 0 rg BT 330.00 477.15 Td (process ) Tj ET Q q 0 0 0 rg BT 364.29 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 382.83 477.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 420.62 477.15 Td (three-year ) Tj ET Q q 0 0 0 rg BT 465.35 477.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 492.65 477.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 542.11 477.15 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 67.19 464.55 Td (management ) Tj ET Q q 0 0 0 rg BT 125.69 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 139.29 464.55 Td (each ) Tj ET Q q 0 0 0 rg BT 163.38 464.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.89 464.55 Td (af) Tj ET Q q 0 0 0 rg BT 215.86 464.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 245.20 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 265.80 464.55 Td (consider ) Tj ET Q q 0 0 0 rg BT 306.23 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 323.92 464.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 361.42 464.55 Td (business ) Tj ET Q q 0 0 0 rg BT 401.87 464.55 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 466.20 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 479.80 464.55 Td (each ) Tj ET Q q 0 0 0 rg BT 503.89 464.55 Td (af) Tj ET Q q 0 0 0 rg BT 511.86 464.55 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 543.83 464.55 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 105.17 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 121.16 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.47 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 161.44 451.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 193.76 451.95 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 235.13 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 247.62 451.95 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 301.81 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 313.72 451.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 344.28 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 352.69 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 385.59 451.95 Td (participant ) Tj ET Q q 0 0 0 rg BT 434.24 451.95 Td (view) Tj ET Q q 0 0 0 rg BT 453.97 451.95 Td (. ) Tj ET Q q 0 0 0 rg BT 460.34 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 464.09 451.95 Td (Beyond ) Tj ET Q q 0 0 0 rg BT 500.50 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 522.31 451.95 Td (three, ) Tj ET Q q 0 0 0 rg BT 549.67 451.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 92.05 439.35 Td (move ) Tj ET Q q 0 0 0 rg BT 118.86 439.35 Td (towards ) Tj ET Q q 0 0 0 rg BT 155.58 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 173.05 439.35 Td (general ) Tj ET Q q 0 0 0 rg BT 207.43 439.35 Td (or) Tj ET Q q 0 0 0 rg BT 215.98 439.35 Td (ganic ) Tj ET Q q 0 0 0 rg BT 242.20 439.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 275.43 439.35 Td (assumption ) Tj ET Q q 0 0 0 rg BT 326.74 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 338.96 439.35 Td (2%, ) Tj ET Q q 0 0 0 rg BT 359.06 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 371.29 439.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 422.57 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 438.29 439.35 Td (each ) Tj ET Q q 0 0 0 rg BT 461.00 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 468.97 439.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 496.94 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 515.58 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 539.46 439.35 Td (class, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (through ) Tj ET Q q 0 0 0 rg BT 85.33 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 106.57 426.75 Td (20. ) Tj ET Q q 0 0 0 rg BT 122.87 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 125.81 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 145.30 426.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 185.22 426.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 207.05 426.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 229.46 426.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 262.38 426.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 281.29 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 296.70 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 317.94 426.75 Td (20 ) Tj ET Q q 0 0 0 rg BT 331.61 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 341.78 426.75 Td (held ) Tj ET Q q 0 0 0 rg BT 363.03 426.75 Td (constant ) Tj ET Q q 0 0 0 rg BT 401.19 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.52 426.75 Td (used ) Tj ET Q q 0 0 0 rg BT 441.94 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 453.28 426.75 Td (further ) Tj ET Q q 0 0 0 rg BT 485.01 426.75 Td (project ) Tj ET Q q 0 0 0 rg BT 517.34 426.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.16 426.75 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (through ) Tj ET Q q 0 0 0 rg BT 84.83 414.15 Td (year ) Tj ET Q q 0 0 0 rg BT 105.56 414.15 Td (40. ) Tj ET Q q 0 0 0 rg BT 121.35 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 124.02 414.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 152.35 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 165.51 414.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 206.66 414.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 233.82 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 246.99 414.15 Td (af) Tj ET Q q 0 0 0 rg BT 254.96 414.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 282.11 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 299.94 414.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.02 414.15 Td (class, ) Tj ET Q q 0 0 0 rg BT 348.72 414.15 Td (af) Tj ET Q q 0 0 0 rg BT 356.69 414.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 383.84 414.15 Td (advisory ) Tj ET Q q 0 0 0 rg BT 422.67 414.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 438.15 414.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 460.64 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 476.12 414.15 Td (applied ) Tj ET Q q 0 0 0 rg BT 509.69 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 520.53 414.15 Td (determine ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.33 401.55 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 134.04 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 136.61 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 155.70 401.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 196.38 401.55 Td (mutual ) Tj ET Q q 0 0 0 rg BT 228.31 401.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 250.33 401.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 291.00 401.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 332.83 401.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 372.91 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 388.50 401.55 Td (applied ) Tj ET Q q 0 0 0 rg BT 422.17 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 433.11 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 440.54 401.55 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 517.93 401.55 Td (mar) Tj ET Q q 0 0 0 rg BT 534.07 401.55 Td (gin ) Tj ET Q q 0 0 0 rg BT 550.25 401.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.90 388.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 112.61 388.95 Td (af) Tj ET Q q 0 0 0 rg BT 120.58 388.95 Td (filiates ) Tj ET Q q 0 0 0 rg BT 152.72 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 172.03 388.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 208.25 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 223.86 388.95 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 254.56 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 258.13 388.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 275.43 388.95 Td (gins ) Tj ET Q q 0 0 0 rg BT 296.50 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 312.89 388.95 Td (based ) Tj ET Q q 0 0 0 rg BT 340.36 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 354.43 388.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 414.56 388.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 456.03 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 467.76 388.95 Td (place ) Tj ET Q q 0 0 0 rg BT 493.48 388.95 Td (at ) Tj ET Q q 0 0 0 rg BT 504.63 388.95 Td (each ) Tj ET Q q 0 0 0 rg BT 527.43 388.95 Td (af) Tj ET Q q 0 0 0 rg BT 535.39 388.95 Td (filiate. ) Tj ET Q q 0 0 0 rg BT 565.13 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Projected ) Tj ET Q q 0 0 0 rg BT 91.78 376.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 134.06 376.35 Td (income ) Tj ET Q q 0 0 0 rg BT 167.59 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 177.22 376.35 Td (further ) Tj ET Q q 0 0 0 rg BT 208.41 376.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 244.26 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 257.39 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 269.92 376.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 320.36 376.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.81 376.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 354.17 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 364.96 376.35 Td (calculate ) Tj ET Q q 0 0 0 rg BT 404.90 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.35 376.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 462.04 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 483.32 376.35 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 351.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.04 351.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 97.16 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 112.97 351.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 144.53 351.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 198.26 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 212.88 351.15 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 259.58 351.15 Td (given ) Tj ET Q q 0 0 0 rg BT 284.72 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 300.53 351.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 358.90 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 369.46 351.15 Td (multiple ) Tj ET Q q 0 0 0 rg BT 406.26 351.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 436.37 351.15 Td (including ) Tj ET Q q 0 0 0 rg BT 477.84 351.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 511.72 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 528.69 351.15 Td (external ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (sources, ) Tj ET Q q 0 0 0 rg BT 86.35 338.55 Td (although ) Tj ET Q q 0 0 0 rg BT 125.83 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 142.56 338.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 197.21 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 212.76 338.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 245.24 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 338.55 Td (change ) Tj ET Q q 0 0 0 rg BT 288.60 338.55 Td (based ) Tj ET Q q 0 0 0 rg BT 315.24 338.55 Td (on ) Tj ET Q q 0 0 0 rg BT 328.48 338.55 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 380.78 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 391.68 338.55 Td (our ) Tj ET Q q 0 0 0 rg BT 408.41 338.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 436.21 338.55 Td (results ) Tj ET Q q 0 0 0 rg BT 466.36 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 484.26 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 338.55 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 565.14 338.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.83 325.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.75 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 139.57 325.95 Td (also ) Tj ET Q q 0 0 0 rg BT 159.48 325.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.22 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 203.39 325.95 Td (change ) Tj ET Q q 0 0 0 rg BT 236.12 325.95 Td (due ) Tj ET Q q 0 0 0 rg BT 254.28 325.95 Td (to, ) Tj ET Q q 0 0 0 rg BT 268.08 325.95 Td (among ) Tj ET Q q 0 0 0 rg BT 299.65 325.95 Td (other ) Tj ET Q q 0 0 0 rg BT 324.23 325.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 358.42 325.95 Td (poor ) Tj ET Q q 0 0 0 rg BT 380.67 325.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 429.74 325.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.79 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 499.29 325.95 Td (one ) Tj ET Q q 0 0 0 rg BT 517.45 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 529.20 325.95 Td (more ) Tj ET Q q 0 0 0 rg BT 553.77 325.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 66.03 313.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.22 313.35 Td (af) Tj ET Q q 0 0 0 rg BT 116.19 313.35 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 149.93 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 165.29 313.35 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 215.06 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 225.79 313.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 252.83 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 265.86 313.35 Td (clients, ) Tj ET Q q 0 0 0 rg BT 298.44 313.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 334.79 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 345.49 313.35 Td (business ) Tj ET Q q 0 0 0 rg BT 383.62 313.35 Td (climate, ) Tj ET Q q 0 0 0 rg BT 419.68 313.35 Td (adverse ) Tj ET Q q 0 0 0 rg BT 454.28 313.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 499.97 313.35 Td (actions, ) Tj ET Q q 0 0 0 rg BT 534.87 313.35 Td (or ) Tj ET Q q 0 0 0 rg BT 546.16 313.35 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.70 300.75 Td (key ) Tj ET Q q 0 0 0 rg BT 80.31 300.75 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 127.21 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 130.41 300.75 Td (W) Tj ET Q q 0 0 0 rg BT 139.48 300.75 Td (e ) Tj ET Q q 0 0 0 rg BT 147.59 300.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 186.61 300.75 Td (these ) Tj ET Q q 0 0 0 rg BT 211.64 300.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 234.92 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.54 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.82 300.75 Td (development ) Tj ET Q q 0 0 0 rg BT 320.51 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 332.70 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 350.15 300.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 383.35 300.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 438.72 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 457.33 300.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 496.37 300.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 522.26 300.75 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (further ) Tj ET Q q 0 0 0 rg BT 80.61 288.15 Td (below) Tj ET Q q 0 0 0 rg BT 105.59 288.15 Td (. ) Tj ET Q q 0 0 0 rg BT 110.76 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 113.30 288.15 Td (Further) Tj ET Q q 0 0 0 rg BT 143.79 288.15 Td (, ) Tj ET Q q 0 0 0 rg BT 148.96 288.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 176.57 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.77 288.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 223.65 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 234.36 288.15 Td (any ) Tj ET Q q 0 0 0 rg BT 252.06 288.15 Td (one ) Tj ET Q q 0 0 0 rg BT 269.76 288.15 Td (period ) Tj ET Q q 0 0 0 rg BT 299.13 288.15 Td (may ) Tj ET Q q 0 0 0 rg BT 319.75 288.15 Td (vary ) Tj ET Q q 0 0 0 rg BT 340.95 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 363.91 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 379.28 288.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 420.88 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.08 288.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 467.96 288.15 Td (without ) Tj ET Q q 0 0 0 rg BT 502.59 288.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 541.88 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 552.59 288.15 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.23 275.55 Td (char) Tj ET Q q 0 0 0 rg BT 119.11 275.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 132.35 275.55 Td (because ) Tj ET Q q 0 0 0 rg BT 168.91 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 176.90 275.55 Td (variance ) Tj ET Q q 0 0 0 rg BT 215.78 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 227.28 275.55 Td (any ) Tj ET Q q 0 0 0 rg BT 245.77 275.55 Td (one ) Tj ET Q q 0 0 0 rg BT 264.26 275.55 Td (period ) Tj ET Q q 0 0 0 rg BT 294.41 275.55 Td (must ) Tj ET Q q 0 0 0 rg BT 318.16 275.55 Td (be ) Tj ET Q q 0 0 0 rg BT 331.40 275.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 380.21 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 391.71 275.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 444.61 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 466.61 275.55 Td (other ) Tj ET Q q 0 0 0 rg BT 491.51 275.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 546.76 275.55 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.70 262.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 122.39 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.67 262.95 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.19 237.75 Td (process ) Tj ET Q q 0 0 0 rg BT 102.04 237.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 139.40 237.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 190.75 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.85 237.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 229.28 237.75 Td (results ) Tj ET Q q 0 0 0 rg BT 259.06 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 269.58 237.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 292.36 237.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 324.46 237.75 Td (projections. ) Tj ET Q q 0 0 0 rg BT 376.11 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 378.47 237.75 Td (However) Tj ET Q q 0 0 0 rg BT 416.53 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 421.52 237.75 Td (dif) Tj ET Q q 0 0 0 rg BT 432.99 237.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 470.32 237.75 Td (between ) Tj ET Q q 0 0 0 rg BT 507.67 237.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 535.10 237.75 Td (results ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.59 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 82.51 225.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 104.84 225.15 Td (projections ) Tj ET Q q 0 0 0 rg BT 153.43 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 168.17 225.15 Td (not ) Tj ET Q q 0 0 0 rg BT 183.51 225.15 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 232.08 225.15 Td (indicative ) Tj ET Q q 0 0 0 rg BT 275.41 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 286.08 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 292.67 225.15 Td (need ) Tj ET Q q 0 0 0 rg BT 314.42 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 324.51 225.15 Td (reassess ) Tj ET Q q 0 0 0 rg BT 360.26 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 376.18 225.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 417.18 225.15 Td (given ) Tj ET Q q 0 0 0 rg BT 442.43 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 460.10 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 476.03 225.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 523.44 225.15 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.60 212.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 92.29 212.55 Td (analyses ) Tj ET Q q 0 0 0 rg BT 130.31 212.55 Td (include ) Tj ET Q q 0 0 0 rg BT 163.66 212.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 212.76 212.55 Td (well ) Tj ET Q q 0 0 0 rg BT 233.28 212.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 266.64 212.55 Td (three ) Tj ET Q q 0 0 0 rg BT 290.07 212.55 Td (years ) Tj ET Q q 0 0 0 rg BT 314.67 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 332.27 212.55 Td (variances ) Tj ET Q q 0 0 0 rg BT 374.36 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 384.97 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.24 212.55 Td (near) Tj ET Q q 0 0 0 rg BT 418.10 212.55 Td (-years ) Tj ET Q q 0 0 0 rg BT 446.20 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 466.72 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 479.08 212.55 Td (of) Tj ET Q q 0 0 0 rg BT 487.63 212.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 505.24 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 515.85 212.55 Td (subsequent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (years; ) Tj ET Q q 0 0 0 rg BT 76.88 199.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 93.76 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 118.80 199.95 Td (assessments ) Tj ET Q q 0 0 0 rg BT 171.86 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 186.98 199.95 Td (point-in-time, ) Tj ET Q q 0 0 0 rg BT 247.33 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 264.79 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 279.93 199.95 Td (consistency ) Tj ET Q q 0 0 0 rg BT 331.23 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 342.28 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 349.25 199.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.13 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 391.17 199.95 Td (assessment ) Tj ET Q q 0 0 0 rg BT 440.14 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 461.12 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 485.00 199.95 Td (indicators ) Tj ET Q q 0 0 0 rg BT 528.71 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 539.77 199.95 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 67.96 187.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 97.48 187.35 Td (expectations ) Tj ET Q q 0 0 0 rg BT 152.68 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 164.14 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 196.00 187.35 Td (participants ) Tj ET Q q 0 0 0 rg BT 247.70 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 257.99 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 276.45 187.35 Td (point-in-time ) Tj ET Q q 0 0 0 rg BT 334.57 187.35 Td (is ) Tj ET Q q 0 0 0 rg BT 344.29 187.35 Td (critical ) Tj ET Q q 0 0 0 rg BT 376.15 187.35 Td (evidence ) Tj ET Q q 0 0 0 rg BT 416.18 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 427.64 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 443.18 187.35 Td (soundness ) Tj ET Q q 0 0 0 rg BT 489.06 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 500.52 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 516.06 187.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 553.76 187.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 78.17 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.48 174.75 Td (In ) Tj ET Q q 0 0 0 rg BT 93.53 174.75 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 143.49 174.75 Td (periods, ) Tj ET Q q 0 0 0 rg BT 180.34 174.75 Td (we ) Tj ET Q q 0 0 0 rg BT 195.89 174.75 Td (consider ) Tj ET Q q 0 0 0 rg BT 234.76 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.90 174.75 Td (dif) Tj ET Q q 0 0 0 rg BT 262.37 174.75 Td (ferences ) Tj ET Q q 0 0 0 rg BT 300.65 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 312.12 174.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 340.50 174.75 Td (results ) Tj ET Q q 0 0 0 rg BT 371.22 174.75 Td (from ) Tj ET Q q 0 0 0 rg BT 394.93 174.75 Td (our ) Tj ET Q q 0 0 0 rg BT 412.23 174.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 435.95 174.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 485.91 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 497.39 174.75 Td (considering ) Tj ET Q q 0 0 0 rg BT 549.68 174.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 115.10 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 126.47 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.93 162.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 174.30 162.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 228.85 162.15 Td (used ) Tj ET Q q 0 0 0 rg BT 250.72 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 261.51 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 278.13 162.15 Td (current ) Tj ET Q q 0 0 0 rg BT 310.49 162.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 361.52 162.15 Td (testing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Discount ) Tj ET Q q 0 0 0 rg BT 90.63 136.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.67 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 129.70 136.95 Td (based ) Tj ET Q q 0 0 0 rg BT 156.82 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 170.54 136.95 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 229.73 136.95 Td (weighted ) Tj ET Q q 0 0 0 rg BT 271.43 136.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 314.89 136.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 339.10 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 351.06 136.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 372.36 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 390.73 136.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 420.19 136.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 451.39 136.95 Td (using ) Tj ET Q q 0 0 0 rg BT 477.36 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 485.24 136.95 Td (market ) Tj ET Q q 0 0 0 rg BT 517.60 136.95 Td (participant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (perspective. ) Tj ET Q q 0 0 0 rg BT 102.35 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 104.60 124.35 Td (W) Tj ET Q q 0 0 0 rg BT 113.67 124.35 Td (e ) Tj ET Q q 0 0 0 rg BT 120.74 124.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 158.15 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 173.40 124.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 192.73 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 203.89 124.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 224.39 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 250.71 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 263.63 124.35 Td (published ) Tj ET Q q 0 0 0 rg BT 306.88 124.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 327.37 124.35 Td (rates. ) Tj ET Q q 0 0 0 rg BT 352.06 124.35 Td (W) Tj ET Q q 0 0 0 rg BT 361.13 124.35 Td (e ) Tj ET Q q 0 0 0 rg BT 368.21 124.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 405.62 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.86 124.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 440.20 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 451.36 124.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.02 124.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.42 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 536.75 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.55 111.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 109.38 111.75 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 143.20 111.75 Td (Model, ) Tj ET Q q 0 0 0 rg BT 176.74 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 205.89 111.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 249.05 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 265.37 111.75 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 304.42 111.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 338.82 111.75 Td (rate, ) Tj ET Q q 0 0 0 rg BT 360.68 111.75 Td (peer) Tj ET Q q 0 0 0 rg BT 378.54 111.75 Td (-group ) Tj ET Q q 0 0 0 rg BT 410.02 111.75 Td (betas, ) Tj ET Q q 0 0 0 rg BT 437.72 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.37 111.75 Td (company ) Tj ET Q q 0 0 0 rg BT 498.36 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.01 111.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 546.75 111.75 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (premiums. ) Tj ET Q q 0 0 0 rg BT 95.82 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 97.40 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 115.43 99.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 143.37 99.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 160.82 99.15 Td (is ) Tj ET Q q 0 0 0 rg BT 169.53 99.15 Td (further ) Tj ET Q q 0 0 0 rg BT 199.80 99.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 236.49 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 246.36 99.15 Td (consider ) Tj ET Q q 0 0 0 rg BT 283.63 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 298.16 99.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 331.34 99.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 348.79 99.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 393.64 99.15 Td (with ) Tj ET Q q 0 0 0 rg BT 414.01 99.15 Td (each ) Tj ET Q q 0 0 0 rg BT 434.94 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 445.39 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 461.09 99.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 520.52 99.15 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.54 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 90.32 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 106.94 86.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 148.06 86.55 Td (unit. ) Tj ET Q q 0 0 0 rg BT 169.45 86.55 Td (The ) Tj ET Q q 0 0 0 rg BT 188.40 86.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 226.61 86.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 249.06 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 264.50 86.55 Td (also ) Tj ET Q q 0 0 0 rg BT 284.04 86.55 Td (calibrated ) Tj ET Q q 0 0 0 rg BT 328.06 86.55 Td (based ) Tj ET Q q 0 0 0 rg BT 354.59 86.55 Td (on ) Tj ET Q q 0 0 0 rg BT 367.71 86.55 Td (an ) Tj ET Q q 0 0 0 rg BT 380.25 86.55 Td (assessment ) Tj ET Q q 0 0 0 rg BT 429.54 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 440.91 86.55 Td (relevant ) Tj ET Q q 0 0 0 rg BT 477.35 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 509.12 86.55 Td (values.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 95.71 61.35 Td (with ) Tj ET Q q 0 0 0 rg BT 116.26 61.35 Td (standard ) Tj ET Q q 0 0 0 rg BT 153.70 61.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 194.65 61.35 Td (practices ) Tj ET Q q 0 0 0 rg BT 233.83 61.35 Td (for ) Tj ET Q q 0 0 0 rg BT 247.95 61.35 Td (taxable ) Tj ET Q q 0 0 0 rg BT 280.14 61.35 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 334.79 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 349.50 61.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 390.43 61.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 437.80 61.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 458.33 61.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 479.45 61.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 515.16 61.35 Td (also ) Tj ET Q q 0 0 0 rg BT 533.95 61.35 Td (factors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.35 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 67.70 48.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 83.21 48.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 115.05 48.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 143.10 48.75 Td (as ) Tj ET Q q 0 0 0 rg BT 154.53 48.75 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 207.46 48.75 Td (This ) Tj ET Q q 0 0 0 rg BT 228.81 48.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 244.32 48.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 276.16 48.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 321.41 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.92 48.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 385.10 48.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 400.62 48.75 Td (savings ) Tj ET Q q 0 0 0 rg BT 434.80 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 442.15 48.75 Td (third ) Tj ET Q q 0 0 0 rg BT 464.66 48.75 Td (party ) Tj ET Q q 0 0 0 rg BT 488.92 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 507.35 48.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 552.60 48.75 Td (an ) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.41 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 85.41 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 92.57 741.75 Td (given ) Tj ET Q q 0 0 0 rg BT 118.40 741.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 159.98 741.75 Td (date ) Tj ET Q q 0 0 0 rg BT 179.97 741.75 Td (would ) Tj ET Q q 0 0 0 rg BT 208.72 741.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 241.52 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 264.44 741.75 Td (future ) Tj ET Q q 0 0 0 rg BT 292.01 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.34 741.75 Td (deductions ) Tj ET Q q 0 0 0 rg BT 355.33 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 370.07 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 385.40 741.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 440.97 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 452.21 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.54 741.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 507.36 741.75 Td (price ) Tj ET Q q 0 0 0 rg BT 530.84 741.75 Td (over ) Tj ET Q q 0 0 0 rg BT 552.00 741.75 Td (15 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.44 703.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 110.97 703.95 Td (mutual ) Tj ET Q q 0 0 0 rg BT 143.75 703.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 166.61 703.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 208.12 703.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 247.88 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 259.67 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 276.11 703.95 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 319.18 703.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 346.13 703.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 404.56 703.95 Td (\(�CAM�\) ) Tj ET Q q 0 0 0 rg BT 448.41 703.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 498.10 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 510.46 703.95 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 532.45 703.95 Td (billion, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (account ) Tj ET Q q 0 0 0 rg BT 84.45 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 98.99 691.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 161.94 691.35 Td (65% ) Tj ET Q q 0 0 0 rg BT 183.48 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 194.53 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 210.83 691.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 270.85 691.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 315.14 691.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 344.57 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 346.36 691.35 Td (As ) Tj ET Q q 0 0 0 rg BT 360.33 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 371.37 691.35 Td (October ) Tj ET Q q 0 0 0 rg BT 407.49 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.91 691.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 448.84 691.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 511.79 691.35 Td ($163 ) Tj ET Q q 0 0 0 rg BT 535.09 691.35 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.14 678.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 89.69 678.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.19 678.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 171.52 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 184.27 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 193.34 678.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 220.30 678.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 246.06 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.65 678.75 Td (ClearBridge, ) Tj ET Q q 0 0 0 rg BT 320.02 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 338.77 678.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 384.35 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 405.44 678.75 Td (this ) Tj ET Q q 0 0 0 rg BT 423.04 678.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 448.50 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 469.60 678.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 532.67 678.75 Td (38% ) Tj ET Q q 0 0 0 rg BT 554.35 678.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.79 666.15 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 107.55 666.15 Td (48% ) Tj ET Q q 0 0 0 rg BT 129.42 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 140.21 666.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 164.41 666.15 Td (income ) Tj ET Q q 0 0 0 rg BT 197.37 666.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 224.50 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 242.28 666.15 Td (14% ) Tj ET Q q 0 0 0 rg BT 264.16 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 274.95 666.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 312.58 666.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 342.34 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 344.97 666.15 Td (Previously ) Tj ET Q q 0 0 0 rg BT 392.51 666.15 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 434.22 666.15 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 490.49 666.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 533.35 666.15 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 96.50 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 114.90 653.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.56 653.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 165.14 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 183.54 653.55 Td (risks ) Tj ET Q q 0 0 0 rg BT 206.63 653.55 Td (related ) Tj ET Q q 0 0 0 rg BT 238.44 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 249.85 653.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 289.84 653.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 336.23 653.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 373.29 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 384.71 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.78 653.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 439.61 653.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 481.07 653.55 Td (are ) Tj ET Q q 0 0 0 rg BT 497.14 653.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 537.10 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 548.52 653.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.71 640.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 138.35 640.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 159.15 640.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 180.55 640.95 Td (analyses. ) Tj ET Q q 0 0 0 rg BT 220.89 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 223.04 640.95 Td (Despite ) Tj ET Q q 0 0 0 rg BT 257.26 640.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 293.22 640.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 321.02 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 352.32 640.95 Td (activity) Tj ET Q q 0 0 0 rg BT 383.13 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 387.90 640.95 Td (given ) Tj ET Q q 0 0 0 rg BT 413.37 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 428.35 640.95 Td (level ) Tj ET Q q 0 0 0 rg BT 450.90 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 461.79 640.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 491.35 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 502.24 640.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.96 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 543.84 640.95 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.93 628.35 Td (related ) Tj ET Q q 0 0 0 rg BT 96.09 628.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 133.67 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 159.00 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 169.77 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 186.37 628.35 Td (most ) Tj ET Q q 0 0 0 rg BT 209.38 628.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 237.63 628.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 288.63 628.35 Td (testing, ) Tj ET Q q 0 0 0 rg BT 321.85 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 337.28 628.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 377.79 628.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 409.55 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 431.40 628.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 471.89 628.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 494.90 628.35 Td (was ) Tj ET Q q 0 0 0 rg BT 513.83 628.35 Td (not ) Tj ET Q q 0 0 0 rg BT 529.85 628.35 Td (deemed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 615.75 Td (have ) Tj ET Q q 0 0 0 rg BT 82.74 615.75 Td (had ) Tj ET Q q 0 0 0 rg BT 100.52 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 107.81 615.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 151.84 615.75 Td (event ) Tj ET Q q 0 0 0 rg BT 177.21 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 188.58 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.95 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 229.98 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 245.73 615.75 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.32 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 74.21 590.55 Td (October ) Tj ET Q q 0 0 0 rg BT 110.18 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.46 590.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 151.23 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 166.21 590.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 199.85 590.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 236.41 590.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 257.81 590.55 Td (management ) Tj ET Q q 0 0 0 rg BT 313.60 590.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 353.65 590.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 376.21 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 387.11 590.55 Td ($505 ) Tj ET Q q 0 0 0 rg BT 410.26 590.55 Td (million ) Tj ET Q q 0 0 0 rg BT 442.74 590.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 487.45 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 501.85 590.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (16% ) Tj ET Q q 0 0 0 rg BT 71.78 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 83.57 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 100.60 577.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 161.36 577.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.39 577.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 236.55 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 239.59 577.95 Td (Based ) Tj ET Q q 0 0 0 rg BT 268.28 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 281.82 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 298.85 577.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 340.95 577.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 389.48 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.18 577.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 433.46 577.95 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 474.70 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 490.56 577.95 Td (related ) Tj ET Q q 0 0 0 rg BT 522.16 577.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.77 577.95 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 91.18 565.35 Td (its ) Tj ET Q q 0 0 0 rg BT 103.72 565.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 141.33 565.35 Td (value ) Tj ET Q q 0 0 0 rg BT 166.69 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 179.81 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 187.10 565.35 Td (material ) Tj ET Q q 0 0 0 rg BT 224.12 565.35 Td (amount. ) Tj ET Q q 0 0 0 rg BT 260.86 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 263.49 565.35 Td (Despite ) Tj ET Q q 0 0 0 rg BT 298.19 565.35 Td (relevant ) Tj ET Q q 0 0 0 rg BT 334.62 565.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 362.89 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 394.67 565.35 Td (activity) Tj ET Q q 0 0 0 rg BT 425.48 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 430.73 565.35 Td (given ) Tj ET Q q 0 0 0 rg BT 456.68 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 472.13 565.35 Td (level ) Tj ET Q q 0 0 0 rg BT 495.16 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 506.53 565.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 536.56 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 547.93 565.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.34 552.75 Td (over ) Tj ET Q q 0 0 0 rg BT 95.10 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.03 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 140.69 552.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 177.77 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 202.61 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 212.88 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 228.98 552.75 Td (most ) Tj ET Q q 0 0 0 rg BT 251.50 552.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 279.25 552.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 329.75 552.75 Td (testing, ) Tj ET Q q 0 0 0 rg BT 362.48 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.41 552.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 411.00 552.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 447.51 552.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 468.86 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 524.60 552.75 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.54 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 91.49 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 107.53 540.15 Td (deemed ) Tj ET Q q 0 0 0 rg BT 142.81 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 153.60 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 176.05 540.15 Td (had ) Tj ET Q q 0 0 0 rg BT 193.83 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 201.12 540.15 Td (triggering ) Tj ET Q q 0 0 0 rg BT 245.15 540.15 Td (event ) Tj ET Q q 0 0 0 rg BT 270.51 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 281.89 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 293.26 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 323.29 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 339.04 540.15 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.68 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 76.93 514.95 Td (October ) Tj ET Q q 0 0 0 rg BT 114.26 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 130.90 514.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 158.03 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 174.37 514.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 219.28 514.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 236.99 514.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 256.25 514.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 288.34 514.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 311.10 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 368.25 514.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 409.66 514.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.58 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 445.84 514.95 Td ($127 ) Tj ET Q q 0 0 0 rg BT 470.35 514.95 Td (million ) Tj ET Q q 0 0 0 rg BT 504.19 514.95 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.26 514.95 Td (for) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 111.91 502.35 Td (4% ) Tj ET Q q 0 0 0 rg BT 127.66 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 138.17 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 153.93 502.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 213.41 502.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 257.16 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.42 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 300.34 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 309.11 502.35 Td (supported ) Tj ET Q q 0 0 0 rg BT 352.28 502.35 Td (by ) Tj ET Q q 0 0 0 rg BT 364.54 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 379.13 502.35 Td (combined ) Tj ET Q q 0 0 0 rg BT 422.29 502.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 440.00 502.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 457.51 502.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 487.85 502.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 508.85 502.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 90.28 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 92.85 489.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 121.08 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 134.15 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 150.72 489.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 192.35 489.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 240.42 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 261.64 489.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 283.46 489.75 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 324.23 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.62 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 370.76 489.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 387.90 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 413.21 489.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 454.83 489.75 Td (its ) Tj ET Q q 0 0 0 rg BT 467.32 489.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 504.87 489.75 Td (value ) Tj ET Q q 0 0 0 rg BT 530.18 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 543.25 489.75 Td (10% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.61 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 71.71 477.15 Td (October ) Tj ET Q q 0 0 0 rg BT 107.89 477.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.37 477.15 Td (2019. ) Tj ET Q q 0 0 0 rg BT 149.35 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 151.71 477.15 Td (For ) Tj ET Q q 0 0 0 rg BT 168.66 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 185.01 477.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 235.78 477.15 Td (test, ) Tj ET Q q 0 0 0 rg BT 255.34 477.15 Td (base ) Tj ET Q q 0 0 0 rg BT 276.36 477.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 316.03 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 346.95 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 357.48 477.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 375.19 477.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 393.30 477.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 424.23 477.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 445.84 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 501.84 477.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.10 477.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (assumed ) Tj ET Q q 0 0 0 rg BT 88.32 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 99.15 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 121.64 464.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 165.71 464.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 196.36 464.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 228.77 464.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 251.25 464.55 Td (averaging ) Tj ET Q q 0 0 0 rg BT 295.31 464.55 Td (6%. ) Tj ET Q q 0 0 0 rg BT 314.59 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 317.25 464.55 Td (Projected ) Tj ET Q q 0 0 0 rg BT 359.57 464.55 Td (near) Tj ET Q q 0 0 0 rg BT 377.43 464.55 Td (-year ) Tj ET Q q 0 0 0 rg BT 401.65 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 422.97 464.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 448.97 464.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 487.76 464.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 514.93 464.55 Td (outflows ) Tj ET Q q 0 0 0 rg BT 554.34 464.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (years ) Tj ET Q q 0 0 0 rg BT 73.77 451.95 Td (one ) Tj ET Q q 0 0 0 rg BT 91.04 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 108.32 451.95 Td (two, ) Tj ET Q q 0 0 0 rg BT 128.81 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 146.08 451.95 Td (trend ) Tj ET Q q 0 0 0 rg BT 169.77 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 180.05 451.95 Td (modest ) Tj ET Q q 0 0 0 rg BT 212.03 451.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 238.65 451.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 272.26 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 283.12 451.95 Td (2% ) Tj ET Q q 0 0 0 rg BT 299.23 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 311.85 451.95 Td (year ) Tj ET Q q 0 0 0 rg BT 332.03 451.95 Td (five. ) Tj ET Q q 0 0 0 rg BT 353.09 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 355.05 451.95 Td (The ) Tj ET Q q 0 0 0 rg BT 373.49 451.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 414.67 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.44 451.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 460.89 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 483.41 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 498.35 451.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 516.06 451.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 533.93 451.95 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.37 439.35 Td (management ) Tj ET Q q 0 0 0 rg BT 127.64 439.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 168.17 439.35 Td (were ) Tj ET Q q 0 0 0 rg BT 191.19 439.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 239.31 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 249.51 439.35 Td (15.5%. ) Tj ET Q q 0 0 0 rg BT 281.88 439.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.15 414.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 104.79 414.15 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 145.85 414.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 181.08 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 198.23 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 213.05 414.15 Td (relatively ) Tj ET Q q 0 0 0 rg BT 254.69 414.15 Td (limited ) Tj ET Q q 0 0 0 rg BT 286.43 414.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 315.83 414.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 332.39 414.15 Td (value ) Tj ET Q q 0 0 0 rg BT 357.12 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 367.86 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 378.60 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 394.58 414.15 Td (most ) Tj ET Q q 0 0 0 rg BT 417.00 414.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 444.63 414.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 495.03 414.15 Td (test, ) Tj ET Q q 0 0 0 rg BT 514.23 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 529.05 414.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.76 414.15 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 80.92 401.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.01 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 159.50 401.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 200.25 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 223.50 401.55 Td (was ) Tj ET Q q 0 0 0 rg BT 242.68 401.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 278.17 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 289.18 401.55 Td (have ) Tj ET Q q 0 0 0 rg BT 311.85 401.55 Td (had ) Tj ET Q q 0 0 0 rg BT 329.85 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 337.36 401.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 381.61 401.55 Td (event ) Tj ET Q q 0 0 0 rg BT 407.19 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 418.78 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 430.37 401.55 Td (March ) Tj ET Q q 0 0 0 rg BT 460.62 401.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.59 401.55 Td (2020. ) Tj ET Q q 0 0 0 rg BT 503.06 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 505.70 401.55 Td (W) Tj ET Q q 0 0 0 rg BT 514.77 401.55 Td (e ) Tj ET Q q 0 0 0 rg BT 522.27 401.55 Td (expanded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (our ) Tj ET Q q 0 0 0 rg BT 67.05 388.95 Td (most ) Tj ET Q q 0 0 0 rg BT 91.02 388.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 120.21 388.95 Td (analysis ) Tj ET Q q 0 0 0 rg BT 157.59 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 169.89 388.95 Td (this ) Tj ET Q q 0 0 0 rg BT 188.61 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 212.57 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 224.29 388.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 263.41 388.95 Td (several ) Tj ET Q q 0 0 0 rg BT 296.70 388.95 Td (dif) Tj ET Q q 0 0 0 rg BT 308.17 388.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 336.20 388.95 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 380.00 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 394.05 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 402.26 388.95 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 493.87 388.95 Td (basis, ) Tj ET Q q 0 0 0 rg BT 521.05 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 543.27 388.95 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (scenario ) Tj ET Q q 0 0 0 rg BT 87.04 376.35 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 129.83 376.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 165.62 376.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 201.42 376.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 233.72 376.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 256.11 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 273.83 376.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 300.30 376.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.52 376.35 Td (mar) Tj ET Q q 0 0 0 rg BT 358.65 376.35 Td (gins, ) Tj ET Q q 0 0 0 rg BT 381.34 376.35 Td (particularly ) Tj ET Q q 0 0 0 rg BT 432.30 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 443.03 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 458.42 376.35 Td (near ) Tj ET Q q 0 0 0 rg BT 479.05 376.35 Td (term. ) Tj ET Q q 0 0 0 rg BT 503.48 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 506.04 376.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 534.26 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 547.32 376.35 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 139.70 363.75 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 178.29 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.25 363.75 Td (related ) Tj ET Q q 0 0 0 rg BT 223.95 363.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 240.66 363.75 Td (value ) Tj ET Q q 0 0 0 rg BT 265.53 363.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 306.72 363.75 Td (its ) Tj ET Q q 0 0 0 rg BT 318.78 363.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 355.89 363.75 Td (value ) Tj ET Q q 0 0 0 rg BT 380.77 363.75 Td (by ) Tj ET Q q 0 0 0 rg BT 393.40 363.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 456.19 363.75 Td (1% ) Tj ET Q q 0 0 0 rg BT 472.32 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 483.20 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.08 363.75 Td (March ) Tj ET Q q 0 0 0 rg BT 523.62 363.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 363.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 565.13 363.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (As ) Tj ET Q q 0 0 0 rg BT 62.50 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 72.57 338.55 Td (October ) Tj ET Q q 0 0 0 rg BT 107.72 338.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.17 338.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 147.13 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 161.28 338.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 190.61 338.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 249.08 338.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 269.65 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 324.63 338.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.85 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 385.59 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 395.67 338.55 Td ($55 ) Tj ET Q q 0 0 0 rg BT 412.75 338.55 Td (million ) Tj ET Q q 0 0 0 rg BT 444.41 338.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 488.30 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 501.87 338.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (2% ) Tj ET Q q 0 0 0 rg BT 66.83 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 78.90 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 96.23 325.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 157.28 325.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 202.60 325.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 233.05 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 236.38 325.95 Td (Based ) Tj ET Q q 0 0 0 rg BT 265.37 325.95 Td (on ) Tj ET Q q 0 0 0 rg BT 279.20 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 296.52 325.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 338.92 325.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 387.74 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 409.72 325.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 432.30 325.95 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 473.83 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 489.98 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 521.87 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.77 325.95 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 91.12 313.35 Td (its ) Tj ET Q q 0 0 0 rg BT 103.61 313.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 141.17 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 166.47 313.35 Td (by ) Tj ET Q q 0 0 0 rg BT 179.54 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 186.77 313.35 Td (material ) Tj ET Q q 0 0 0 rg BT 223.74 313.35 Td (amount. ) Tj ET Q q 0 0 0 rg BT 260.43 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 263.00 313.35 Td (For ) Tj ET Q q 0 0 0 rg BT 280.16 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 296.73 313.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 347.70 313.35 Td (test, ) Tj ET Q q 0 0 0 rg BT 367.48 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 388.71 313.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 414.61 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 437.59 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 452.99 313.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 483.56 313.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 543.27 313.35 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 106.56 300.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 147.87 300.75 Td (were ) Tj ET Q q 0 0 0 rg BT 171.69 300.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 211.26 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 222.84 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 246.07 300.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 290.89 300.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 322.30 300.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 355.46 300.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 378.69 300.75 Td (averaging ) Tj ET Q q 0 0 0 rg BT 423.50 300.75 Td (10%. ) Tj ET Q q 0 0 0 rg BT 448.78 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 452.20 300.75 Td (Given ) Tj ET Q q 0 0 0 rg BT 481.27 300.75 Td (current ) Tj ET Q q 0 0 0 rg BT 514.42 300.75 Td (experience, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 90.60 288.15 Td (near) Tj ET Q q 0 0 0 rg BT 108.46 288.15 Td (-year ) Tj ET Q q 0 0 0 rg BT 132.06 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 152.75 288.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 178.12 288.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 206.97 288.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 241.79 288.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 268.33 288.15 Td (inflows ) Tj ET Q q 0 0 0 rg BT 301.86 288.15 Td (throughout ) Tj ET Q q 0 0 0 rg BT 349.98 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.85 288.15 Td (projection ) Tj ET Q q 0 0 0 rg BT 409.45 288.15 Td (period ) Tj ET Q q 0 0 0 rg BT 438.31 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 455.51 288.15 Td (modest ) Tj ET Q q 0 0 0 rg BT 487.88 288.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 542.97 288.15 Td (fees. ) Tj ET Q q 0 0 0 rg BT 565.12 288.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.02 275.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 111.28 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.14 275.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 159.67 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 183.28 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 199.30 275.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 230.51 275.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 290.84 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 313.28 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 370.13 275.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 411.23 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 434.82 275.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 483.51 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 494.29 275.55 Td (15.0%. ) Tj ET Q q 0 0 0 rg BT 527.23 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 530.43 275.55 Td (Despite ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 85.85 262.95 Td (recent ) Tj ET Q q 0 0 0 rg BT 114.04 262.95 Td (market ) Tj ET Q q 0 0 0 rg BT 145.73 262.95 Td (activity) Tj ET Q q 0 0 0 rg BT 176.54 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 181.71 262.95 Td (given ) Tj ET Q q 0 0 0 rg BT 207.58 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 222.95 262.95 Td (level ) Tj ET Q q 0 0 0 rg BT 245.89 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 257.18 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 272.55 262.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 302.49 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 313.78 262.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 330.89 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 356.17 262.95 Td (over ) Tj ET Q q 0 0 0 rg BT 377.37 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 392.74 262.95 Td (related ) Tj ET Q q 0 0 0 rg BT 423.84 262.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 461.37 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 486.64 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 497.35 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 513.89 262.95 Td (most ) Tj ET Q q 0 0 0 rg BT 536.85 262.95 Td (recent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.23 250.35 Td (testing, ) Tj ET Q q 0 0 0 rg BT 135.18 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 151.33 250.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 182.66 250.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 243.12 250.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 265.69 250.35 Td (management ) Tj ET Q q 0 0 0 rg BT 322.66 250.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.89 250.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 387.62 250.35 Td (was ) Tj ET Q q 0 0 0 rg BT 407.28 250.35 Td (not ) Tj ET Q q 0 0 0 rg BT 424.02 250.35 Td (deemed ) Tj ET Q q 0 0 0 rg BT 459.99 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 471.49 250.35 Td (have ) Tj ET Q q 0 0 0 rg BT 494.63 250.35 Td (had ) Tj ET Q q 0 0 0 rg BT 513.12 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 521.10 250.35 Td (triggering ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (event ) Tj ET Q q 0 0 0 rg BT 74.86 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 86.24 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 97.61 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 127.64 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.39 237.75 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (Future ) Tj ET Q q 0 0 0 rg BT 79.73 212.55 Td (decreases ) Tj ET Q q 0 0 0 rg BT 122.77 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 133.75 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 150.56 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.03 212.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 194.10 212.55 Td (projections ) Tj ET Q q 0 0 0 rg BT 243.57 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 255.13 212.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 296.42 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 307.41 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 323.05 212.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 361.45 212.55 Td (rate, ) Tj ET Q q 0 0 0 rg BT 382.62 212.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 422.18 212.55 Td (from ) Tj ET Q q 0 0 0 rg BT 445.41 212.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 473.29 212.55 Td (results, ) Tj ET Q q 0 0 0 rg BT 506.14 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 517.71 212.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.34 212.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 103.97 199.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 143.27 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 166.23 199.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 188.03 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 205.18 199.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 232.23 199.95 Td (levels, ) Tj ET Q q 0 0 0 rg BT 261.90 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 310.53 199.95 Td (performance, ) Tj ET Q q 0 0 0 rg BT 368.75 199.95 Td (market ) Tj ET Q q 0 0 0 rg BT 400.46 199.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 449.38 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 460.68 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 484.81 199.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 518.55 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 539.18 199.95 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.88 187.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.50 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 121.46 187.35 Td (this ) Tj ET Q q 0 0 0 rg BT 138.84 187.35 Td (asset. ) Tj ET Q q 0 0 0 rg BT 164.09 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 166.14 187.35 Td (There ) Tj ET Q q 0 0 0 rg BT 192.84 187.35 Td (can ) Tj ET Q q 0 0 0 rg BT 209.62 187.35 Td (be ) Tj ET Q q 0 0 0 rg BT 221.74 187.35 Td (no ) Tj ET Q q 0 0 0 rg BT 234.46 187.35 Td (assurance ) Tj ET Q q 0 0 0 rg BT 277.48 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 295.44 187.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 318.06 187.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 346.23 187.35 Td (market ) Tj ET Q q 0 0 0 rg BT 377.60 187.35 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 424.15 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 428.98 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 439.94 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 463.73 187.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 494.51 187.35 Td (will ) Tj ET Q q 0 0 0 rg BT 513.06 187.35 Td (not ) Tj ET Q q 0 0 0 rg BT 528.69 187.35 Td (produce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (an ) Tj ET Q q 0 0 0 rg BT 62.04 174.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 113.07 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 123.86 174.75 Td (this ) Tj ET Q q 0 0 0 rg BT 141.65 174.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 167.32 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 195.60 174.75 Td (could ) Tj ET Q q 0 0 0 rg BT 221.56 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 234.09 174.75 Td (significant.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.13 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 73.83 149.55 Td (October ) Tj ET Q q 0 0 0 rg BT 109.60 149.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.68 149.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 150.26 149.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 173.21 149.55 Td (names ) Tj ET Q q 0 0 0 rg BT 201.99 149.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 246.50 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 260.70 149.55 Td (1% ) Tj ET Q q 0 0 0 rg BT 276.66 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 287.36 149.55 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 347.04 149.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 390.99 149.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.44 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 434.56 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 449.33 149.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 490.36 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 520.88 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 531.01 149.55 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 87.53 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 106.32 136.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 124.02 136.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 143.40 136.95 Td (Global, ) Tj ET Q q 0 0 0 rg BT 178.23 136.95 Td (which ) Tj ET Q q 0 0 0 rg BT 207.51 136.95 Td (had ) Tj ET Q q 0 0 0 rg BT 226.29 136.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 264.90 136.95 Td (values ) Tj ET Q q 0 0 0 rg BT 295.35 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 307.72 136.95 Td ($23 ) Tj ET Q q 0 0 0 rg BT 327.09 136.95 Td (million ) Tj ET Q q 0 0 0 rg BT 361.05 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 379.84 136.95 Td ($10 ) Tj ET Q q 0 0 0 rg BT 399.21 136.95 Td (million, ) Tj ET Q q 0 0 0 rg BT 435.80 136.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 485.84 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 492.09 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 495.45 136.95 Td (W) Tj ET Q q 0 0 0 rg BT 504.52 136.95 Td (e ) Tj ET Q q 0 0 0 rg BT 512.81 136.95 Td (tested ) Tj ET Q q 0 0 0 rg BT 540.92 136.95 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 94.40 124.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.80 124.35 Td (using ) Tj ET Q q 0 0 0 rg BT 147.46 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 155.02 124.35 Td (relief ) Tj ET Q q 0 0 0 rg BT 180.07 124.35 Td (from ) Tj ET Q q 0 0 0 rg BT 203.39 124.35 Td (royalty ) Tj ET Q q 0 0 0 rg BT 236.04 124.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 277.42 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 295.48 124.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 343.88 124.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 365.44 124.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 387.59 124.35 Td (methods ) Tj ET Q q 0 0 0 rg BT 426.08 124.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 458.15 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 469.22 124.35 Td (those ) Tj ET Q q 0 0 0 rg BT 494.29 124.35 Td (described ) Tj ET Q q 0 0 0 rg BT 537.43 124.35 Td (above ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.04 111.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 124.06 111.75 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 166.89 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 168.68 111.75 Td (As ) Tj ET Q q 0 0 0 rg BT 182.64 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 193.69 111.75 Td (October ) Tj ET Q q 0 0 0 rg BT 229.80 111.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 245.22 111.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 271.14 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.27 111.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 325.31 111.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 342.18 111.75 Td (value ) Tj ET Q q 0 0 0 rg BT 367.22 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.26 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.38 111.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 411.09 111.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 429.14 111.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 460.02 111.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 483.30 111.75 Td (name ) Tj ET Q q 0 0 0 rg BT 508.33 111.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 549.68 111.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 86.81 99.15 Td (value ) Tj ET Q q 0 0 0 rg BT 111.87 99.15 Td (by ) Tj ET Q q 0 0 0 rg BT 124.70 99.15 Td (6% ) Tj ET Q q 0 0 0 rg BT 141.02 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 158.51 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 173.66 99.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 212.74 99.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.63 99.15 Td (values ) Tj ET Q q 0 0 0 rg BT 258.78 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 269.86 99.15 Td (our ) Tj ET Q q 0 0 0 rg BT 286.18 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 310.08 99.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 333.39 99.15 Td (name ) Tj ET Q q 0 0 0 rg BT 358.46 99.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.28 99.15 Td (significantly ) Tj ET Q q 0 0 0 rg BT 440.10 99.15 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 481.48 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 496.63 99.15 Td (related ) Tj ET Q q 0 0 0 rg BT 527.52 99.15 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 90.33 86.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.15 61.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 104.79 61.35 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 145.85 61.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 181.08 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 198.23 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.05 61.35 Td (relatively ) Tj ET Q q 0 0 0 rg BT 254.69 61.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 286.43 61.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 315.83 61.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 332.39 61.35 Td (value ) Tj ET Q q 0 0 0 rg BT 357.12 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 367.86 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 378.60 61.35 Td (our ) Tj ET Q q 0 0 0 rg BT 394.58 61.35 Td (most ) Tj ET Q q 0 0 0 rg BT 417.00 61.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 444.63 61.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 495.03 61.35 Td (test, ) Tj ET Q q 0 0 0 rg BT 514.23 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 529.05 61.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 546.76 61.35 Td (rust ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 80.93 48.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 104.77 48.75 Td (name ) Tj ET Q q 0 0 0 rg BT 130.35 48.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 153.62 48.75 Td (was ) Tj ET Q q 0 0 0 rg BT 172.80 48.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 208.30 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 219.32 48.75 Td (have ) Tj ET Q q 0 0 0 rg BT 241.99 48.75 Td (had ) Tj ET Q q 0 0 0 rg BT 260.00 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 267.51 48.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 311.77 48.75 Td (event ) Tj ET Q q 0 0 0 rg BT 337.36 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 355.37 48.75 Td (was ) Tj ET Q q 0 0 0 rg BT 374.55 48.75 Td (tested ) Tj ET Q q 0 0 0 rg BT 401.89 48.75 Td (using ) Tj ET Q q 0 0 0 rg BT 427.50 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.17 48.75 Td (relief ) Tj ET Q q 0 0 0 rg BT 468.17 48.75 Td (from ) Tj ET Q q 0 0 0 rg BT 491.44 48.75 Td (royalty ) Tj ET Q q 0 0 0 rg BT 524.03 48.75 Td (approach ) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.94 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 72.39 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 102.49 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.31 741.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 144.63 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 147.13 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 166.16 741.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 205.60 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.87 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 248.30 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.75 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.27 741.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 292.98 741.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 311.43 741.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 342.70 741.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 366.38 741.75 Td (name ) Tj ET Q q 0 0 0 rg BT 391.82 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 414.93 741.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 456.68 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.20 741.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 509.88 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 535.32 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 546.76 741.75 Td ($10 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (million ) Tj ET Q q 0 0 0 rg BT 82.46 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 95.59 729.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 158.86 729.15 Td (3%.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 91.28 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 100.39 691.35 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 142.73 691.35 Td (at ) Tj ET Q q 0 0 0 rg BT 152.41 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 167.35 691.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 207.95 691.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 226.39 691.35 Td (level ) Tj ET Q q 0 0 0 rg BT 248.90 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 266.17 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 275.28 691.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 322.88 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 337.23 691.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 387.74 691.35 Td (when ) Tj ET Q q 0 0 0 rg BT 412.59 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 427.53 691.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 464.62 691.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 498.22 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 509.08 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 524.02 691.35 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.66 678.75 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 104.72 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.38 678.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 155.29 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 172.69 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 198.25 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.83 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 225.49 678.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 266.80 678.75 Td (unit. ) Tj ET Q q 0 0 0 rg BT 288.59 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 291.42 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 303.00 678.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 349.57 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.23 678.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 400.14 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 417.54 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 443.10 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 454.68 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.33 678.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 511.65 678.75 Td (unit, ) Tj ET Q q 0 0 0 rg BT 533.44 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 548.51 678.75 Td (use ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.34 666.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 139.01 666.15 Td (based ) Tj ET Q q 0 0 0 rg BT 165.68 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 178.94 666.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 227.20 666.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 269.03 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.45 666.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 316.55 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 334.47 666.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 372.39 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 375.15 666.15 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 419.63 666.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.56 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 462.49 666.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 510.16 666.15 Td (employed ) Tj ET Q q 0 0 0 rg BT 554.33 666.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 93.57 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 109.65 653.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 150.21 653.55 Td (price ) Tj ET Q q 0 0 0 rg BT 174.45 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 186.44 653.55 Td (an ) Tj ET Q q 0 0 0 rg BT 199.61 653.55 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 251.56 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 254.57 653.55 Td (W) Tj ET Q q 0 0 0 rg BT 263.64 653.55 Td (e ) Tj ET Q q 0 0 0 rg BT 271.56 653.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 310.96 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 322.38 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 335.54 653.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 376.69 653.55 Td (as ) Tj ET Q q 0 0 0 rg BT 388.69 653.55 Td (one ) Tj ET Q q 0 0 0 rg BT 407.10 653.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 438.21 653.55 Td (Asset ) Tj ET Q q 0 0 0 rg BT 464.80 653.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 522.86 653.55 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (segment. ) Tj ET Q q 0 0 0 rg BT 89.15 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 91.18 640.95 Td (Internal ) Tj ET Q q 0 0 0 rg BT 125.87 640.95 Td (management ) Tj ET Q q 0 0 0 rg BT 181.54 640.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 222.06 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 232.84 640.95 Td (discrete ) Tj ET Q q 0 0 0 rg BT 267.53 640.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.29 640.95 Td (information ) Tj ET Q q 0 0 0 rg BT 357.90 640.95 Td (regularly ) Tj ET Q q 0 0 0 rg BT 397.83 640.95 Td (received ) Tj ET Q q 0 0 0 rg BT 435.42 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 447.95 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 462.81 640.95 Td (chief ) Tj ET Q q 0 0 0 rg BT 485.83 640.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 527.52 640.95 Td (decision ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (maker) Tj ET Q q 0 0 0 rg BT 75.31 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 80.64 628.35 Td (our ) Tj ET Q q 0 0 0 rg BT 97.35 628.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 123.38 628.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 168.06 628.35 Td (Of) Tj ET Q q 0 0 0 rg BT 178.95 628.35 Td (ficer) Tj ET Q q 0 0 0 rg BT 197.77 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 203.10 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 212.80 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 223.09 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 238.62 628.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.39 628.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 325.08 628.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 351.12 628.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 408.64 628.35 Td (business ) Tj ET Q q 0 0 0 rg BT 446.93 628.35 Td (level. ) Tj ET Q q 0 0 0 rg BT 472.67 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 474.77 628.35 Td (As ) Tj ET Q q 0 0 0 rg BT 489.15 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 496.51 628.35 Td (result, ) Tj ET Q q 0 0 0 rg BT 525.17 628.35 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.22 615.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 98.67 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.55 615.75 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 159.49 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 169.79 615.75 Td (one ) Tj ET Q q 0 0 0 rg BT 187.67 615.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 218.37 615.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 244.42 615.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 301.95 615.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 343.16 615.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 362.21 615.75 Td (level. ) Tj ET Q q 0 0 0 rg BT 387.96 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 390.68 615.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 409.73 615.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 440.43 615.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 466.48 615.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 524.01 615.75 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 67.60 603.15 Td (consists ) Tj ET Q q 0 0 0 rg BT 102.63 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 113.14 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.73 603.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 169.16 603.15 Td (businesses ) Tj ET Q q 0 0 0 rg BT 215.26 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 225.77 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 241.54 603.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.71 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 319.13 603.15 Td (af) Tj ET Q q 0 0 0 rg BT 327.10 603.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 357.44 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 374.37 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 390.13 603.15 Td (centralized ) Tj ET Q q 0 0 0 rg BT 437.95 603.15 Td (global ) Tj ET Q q 0 0 0 rg BT 465.96 603.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 516.15 603.15 Td (operations. ) Tj ET Q q 0 0 0 rg BT 565.14 603.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.65 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 77.05 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 127.87 590.55 Td (testing ) Tj ET Q q 0 0 0 rg BT 158.27 590.55 Td (process, ) Tj ET Q q 0 0 0 rg BT 194.79 590.55 Td (all ) Tj ET Q q 0 0 0 rg BT 207.69 590.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 263.17 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 290.07 590.55 Td (\(except ) Tj ET Q q 0 0 0 rg BT 323.38 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 338.02 590.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 368.99 590.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 384.23 590.55 Td (benefits\) ) Tj ET Q q 0 0 0 rg BT 423.37 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 440.94 590.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 482.42 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 497.65 590.55 Td (allocated ) Tj ET Q q 0 0 0 rg BT 537.95 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 548.52 590.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (single ) Tj ET Q q 0 0 0 rg BT 77.11 577.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 107.66 577.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 133.53 577.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 190.87 577.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 231.89 577.95 Td (unit. ) Tj ET Q q 0 0 0 rg BT 253.38 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 255.91 577.95 Td (Similarly) Tj ET Q q 0 0 0 rg BT 294.31 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 299.47 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 314.83 577.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 356.42 577.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 398.60 577.95 Td (results ) Tj ET Q q 0 0 0 rg BT 428.55 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 439.83 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 455.19 577.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 496.20 577.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 515.07 577.95 Td (include ) Tj ET Q q 0 0 0 rg BT 548.51 577.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (holding ) Tj ET Q q 0 0 0 rg BT 83.49 565.35 Td (company ) Tj ET Q q 0 0 0 rg BT 123.88 565.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 165.43 565.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 188.34 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 205.40 565.35 Td (overhead, ) Tj ET Q q 0 0 0 rg BT 248.41 565.35 Td (including ) Tj ET Q q 0 0 0 rg BT 289.98 565.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.79 565.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.51 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 375.58 565.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 398.48 565.35 Td (associated ) Tj ET Q q 0 0 0 rg BT 443.54 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 464.11 565.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 506.24 565.35 Td (management, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (finance, ) Tj ET Q q 0 0 0 rg BT 85.65 552.75 Td (human ) Tj ET Q q 0 0 0 rg BT 116.85 552.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 161.75 552.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 184.78 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 202.56 552.75 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 256.21 552.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 290.90 552.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 314.52 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.31 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 356.51 552.75 Td (central ) Tj ET Q q 0 0 0 rg BT 387.70 552.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 429.97 552.75 Td (functions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 91.13 527.55 Td (principally ) Tj ET Q q 0 0 0 rg BT 138.58 527.55 Td (originated ) Tj ET Q q 0 0 0 rg BT 183.11 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 205.49 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 220.28 527.55 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 272.40 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 283.11 527.55 Td (CAM, ) Tj ET Q q 0 0 0 rg BT 311.62 527.55 Td (Permal, ) Tj ET Q q 0 0 0 rg BT 345.95 527.55 Td (Royce, ) Tj ET Q q 0 0 0 rg BT 377.37 527.55 Td (Martin ) Tj ET Q q 0 0 0 rg BT 407.91 527.55 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 439.32 527.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 469.28 527.55 Td (Infrastructure, ) Tj ET Q q 0 0 0 rg BT 531.01 527.55 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 89.12 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 106.86 514.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 124.57 514.95 Td (rust. ) Tj ET Q q 0 0 0 rg BT 145.53 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 147.93 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 166.84 514.95 Td (value ) Tj ET Q q 0 0 0 rg BT 192.16 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 203.49 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.90 514.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 259.97 514.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 278.89 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 288.48 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 314.97 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 325.72 514.95 Td (part, ) Tj ET Q q 0 0 0 rg BT 347.26 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 360.34 514.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 401.99 514.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 457.64 514.95 Td (net ) Tj ET Q q 0 0 0 rg BT 473.06 514.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 494.30 514.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 522.84 514.95 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (all ) Tj ET Q q 0 0 0 rg BT 62.56 502.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 83.79 502.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 109.69 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 121.01 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.08 502.35 Td (managed ) Tj ET Q q 0 0 0 rg BT 188.54 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 199.28 502.35 Td (our ) Tj ET Q q 0 0 0 rg BT 215.85 502.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 247.58 502.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 276.10 502.35 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 324.16 502.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 350.06 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 367.79 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 391.93 502.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 441.15 502.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 469.67 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 480.41 502.35 Td (addition ) Tj ET Q q 0 0 0 rg BT 517.39 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 528.13 502.35 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (account ) Tj ET Q q 0 0 0 rg BT 84.77 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 111.90 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.27 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.89 489.75 Td (managers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Significant ) Tj ET Q q 0 0 0 rg BT 97.70 464.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 151.75 464.55 Td (used ) Tj ET Q q 0 0 0 rg BT 173.12 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 183.41 464.55 Td (assessing ) Tj ET Q q 0 0 0 rg BT 224.62 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 239.58 464.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 273.78 464.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 290.48 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 315.34 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 326.21 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 341.17 464.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 381.78 464.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 400.24 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 426.27 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 441.23 464.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 488.84 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.63 464.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 531.00 464.55 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 65.07 451.95 Td (consistent ) Tj ET Q q 0 0 0 rg BT 109.82 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 131.23 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 146.81 451.95 Td (methodology ) Tj ET Q q 0 0 0 rg BT 204.98 451.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 247.97 451.95 Td (above ) Tj ET Q q 0 0 0 rg BT 275.80 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 290.79 451.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 351.27 451.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 396.01 451.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 425.88 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 428.03 451.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 453.24 451.95 Td (at ) Tj ET Q q 0 0 0 rg BT 463.57 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 479.15 451.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 520.38 451.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 539.47 451.95 Td (level, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (future ) Tj ET Q q 0 0 0 rg BT 77.20 439.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 119.46 439.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 143.09 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 158.53 439.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 201.40 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 219.18 439.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 274.88 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 296.17 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 311.62 439.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 353.31 439.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 395.59 439.35 Td (results ) Tj ET Q q 0 0 0 rg BT 425.63 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 437.00 439.35 Td (all ) Tj ET Q q 0 0 0 rg BT 450.12 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 466.74 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 474.71 439.35 Td (filiates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Actual ) Tj ET Q q 0 0 0 rg BT 80.84 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 102.84 414.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 129.52 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 141.03 414.15 Td (any ) Tj ET Q q 0 0 0 rg BT 159.54 414.15 Td (one ) Tj ET Q q 0 0 0 rg BT 178.05 414.15 Td (period ) Tj ET Q q 0 0 0 rg BT 208.22 414.15 Td (may ) Tj ET Q q 0 0 0 rg BT 229.65 414.15 Td (vary ) Tj ET Q q 0 0 0 rg BT 251.65 414.15 Td (from ) Tj ET Q q 0 0 0 rg BT 275.41 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 291.58 414.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 333.99 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 356.00 414.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 382.68 414.15 Td (without ) Tj ET Q q 0 0 0 rg BT 418.11 414.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 458.20 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 469.72 414.15 Td (an ) Tj ET Q q 0 0 0 rg BT 482.97 414.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 534.72 414.15 Td (char) Tj ET Q q 0 0 0 rg BT 552.60 414.15 Td (ge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (because ) Tj ET Q q 0 0 0 rg BT 85.31 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 92.55 401.55 Td (variance ) Tj ET Q q 0 0 0 rg BT 130.69 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 141.44 401.55 Td (any ) Tj ET Q q 0 0 0 rg BT 159.19 401.55 Td (one ) Tj ET Q q 0 0 0 rg BT 176.93 401.55 Td (period ) Tj ET Q q 0 0 0 rg BT 206.34 401.55 Td (must ) Tj ET Q q 0 0 0 rg BT 229.34 401.55 Td (be ) Tj ET Q q 0 0 0 rg BT 241.83 401.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 289.90 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 300.65 401.55 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 352.81 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 374.06 401.55 Td (other ) Tj ET Q q 0 0 0 rg BT 398.21 401.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 452.72 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 471.05 401.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.20 401.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 543.85 401.55 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (Discount ) Tj ET Q q 0 0 0 rg BT 90.96 363.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 114.32 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 130.69 363.75 Td (based ) Tj ET Q q 0 0 0 rg BT 158.14 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 172.18 363.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 231.70 363.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 273.74 363.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 317.52 363.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 342.06 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 354.35 363.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 375.98 363.75 Td (using ) Tj ET Q q 0 0 0 rg BT 402.27 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 410.48 363.75 Td (market ) Tj ET Q q 0 0 0 rg BT 443.18 363.75 Td (participant ) Tj ET Q q 0 0 0 rg BT 491.62 363.75 Td (perspective, ) Tj ET Q q 0 0 0 rg BT 545.60 363.75 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 94.12 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 115.41 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 130.87 351.15 Td (methodology ) Tj ET Q q 0 0 0 rg BT 188.91 351.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 231.78 351.15 Td (above ) Tj ET Q q 0 0 0 rg BT 259.48 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 274.34 351.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 334.69 351.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 379.31 351.15 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 325.95 Td (e ) Tj ET Q q 0 0 0 rg BT 65.65 325.95 Td (also ) Tj ET Q q 0 0 0 rg BT 84.98 325.95 Td (perform ) Tj ET Q q 0 0 0 rg BT 121.22 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 128.30 325.95 Td (market-based ) Tj ET Q q 0 0 0 rg BT 187.27 325.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 228.77 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 239.93 325.95 Td (our ) Tj ET Q q 0 0 0 rg BT 256.35 325.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 297.25 325.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 316.01 325.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 343.79 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 371.87 325.95 Td (applies ) Tj ET Q q 0 0 0 rg BT 404.03 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 416.36 325.95 Td (average ) Tj ET Q q 0 0 0 rg BT 451.42 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 462.58 325.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 500.50 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 502.91 325.95 Td (multiples ) Tj ET Q q 0 0 0 rg BT 544.42 325.95 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 61.02 313.35 Td (change ) Tj ET Q q 0 0 0 rg BT 94.10 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.19 313.35 Td (control ) Tj ET Q q 0 0 0 rg BT 139.28 313.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 192.79 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 208.38 313.35 Td (peer ) Tj ET Q q 0 0 0 rg BT 229.80 313.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 278.05 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 289.57 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 306.91 313.35 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 351.38 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 354.49 313.35 Td (The ) Tj ET Q q 0 0 0 rg BT 374.16 313.35 Td (results ) Tj ET Q q 0 0 0 rg BT 404.93 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 417.02 313.35 Td (our ) Tj ET Q q 0 0 0 rg BT 434.37 313.35 Td (two ) Tj ET Q q 0 0 0 rg BT 453.47 313.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 495.89 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 507.99 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 534.07 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 313.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 90.80 300.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 109.95 300.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 129.09 300.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 177.40 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.87 300.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 220.94 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 238.91 300.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 276.83 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 279.64 300.75 Td (multiple ) Tj ET Q q 0 0 0 rg BT 317.45 300.75 Td (analyses\) ) Tj ET Q q 0 0 0 rg BT 359.34 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 374.97 300.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 419.18 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.16 300.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 484.30 300.75 Td (dif) Tj ET Q q 0 0 0 rg BT 495.77 300.75 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 536.18 300.75 Td (if ) Tj ET Q q 0 0 0 rg BT 545.41 300.75 Td (any) Tj ET Q q 0 0 0 rg BT 559.89 300.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.87 288.15 Td (assessed ) Tj ET Q q 0 0 0 rg BT 103.01 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 113.73 288.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 158.27 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 173.65 288.15 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 239.18 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 250.48 288.15 Td (each ) Tj ET Q q 0 0 0 rg BT 272.27 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 297.57 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 315.28 288.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 351.66 288.15 Td (any ) Tj ET Q q 0 0 0 rg BT 369.37 288.15 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 418.01 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 428.73 288.15 Td (either ) Tj ET Q q 0 0 0 rg BT 455.19 288.15 Td (result ) Tj ET Q q 0 0 0 rg BT 481.07 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 490.63 288.15 Td (warranted. ) Tj ET Q q 0 0 0 rg BT 537.79 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 540.34 288.15 Td (Once ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 65.05 275.55 Td (values ) Tj ET Q q 0 0 0 rg BT 94.59 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 110.13 275.55 Td (accepted, ) Tj ET Q q 0 0 0 rg BT 152.19 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.74 275.55 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 226.44 275.55 Td (weighted ) Tj ET Q q 0 0 0 rg BT 267.64 275.55 Td (average ) Tj ET Q q 0 0 0 rg BT 303.00 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 314.47 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.01 275.55 Td (two ) Tj ET Q q 0 0 0 rg BT 348.48 275.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 389.69 275.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 408.74 275.55 Td (valuations ) Tj ET Q q 0 0 0 rg BT 454.62 275.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 473.67 275.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 521.88 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.25 275.55 Td (flow ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 262.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 105.16 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 107.74 262.95 Td (multiple ) Tj ET Q q 0 0 0 rg BT 145.32 262.95 Td (analyses\) ) Tj ET Q q 0 0 0 rg BT 186.97 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 196.55 262.95 Td (used ) Tj ET Q q 0 0 0 rg BT 218.38 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 229.71 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 245.12 262.95 Td (implied ) Tj ET Q q 0 0 0 rg BT 279.78 262.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 296.94 262.95 Td (value ) Tj ET Q q 0 0 0 rg BT 322.26 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 333.58 262.95 Td (our ) Tj ET Q q 0 0 0 rg BT 350.16 262.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 380.75 262.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 406.67 262.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 464.06 262.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 505.13 262.95 Td (unit, ) Tj ET Q q 0 0 0 rg BT 526.68 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 554.92 262.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (October ) Tj ET Q q 0 0 0 rg BT 86.76 250.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 103.33 250.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 130.40 250.35 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 172.90 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 189.17 250.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 227.59 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 253.78 250.35 Td (by ) Tj ET Q q 0 0 0 rg BT 267.72 250.35 Td (22%. ) Tj ET Q q 0 0 0 rg BT 293.04 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 296.48 250.35 Td (Considering ) Tj ET Q q 0 0 0 rg BT 351.26 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 367.53 250.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 402.45 250.35 Td (merits ) Tj ET Q q 0 0 0 rg BT 432.14 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 444.33 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 460.61 250.35 Td (details ) Tj ET Q q 0 0 0 rg BT 491.46 250.35 Td (involved ) Tj ET Q q 0 0 0 rg BT 531.65 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 543.26 250.35 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (valuation ) Tj ET Q q 0 0 0 rg BT 91.37 237.75 Td (process, ) Tj ET Q q 0 0 0 rg BT 128.27 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 143.31 237.75 Td (used ) Tj ET Q q 0 0 0 rg BT 165.35 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 178.05 237.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 203.58 237.75 Td (weighting ) Tj ET Q q 0 0 0 rg BT 248.37 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.90 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.52 237.75 Td (two ) Tj ET Q q 0 0 0 rg BT 294.07 237.75 Td (values ) Tj ET Q q 0 0 0 rg BT 323.68 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 338.72 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.34 237.75 Td (2019 ) Tj ET Q q 0 0 0 rg BT 378.13 237.75 Td (testing. ) Tj ET Q q 0 0 0 rg BT 411.34 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 430.46 237.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 477.58 237.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 532.29 237.75 Td (used ) Tj ET Q q 0 0 0 rg BT 554.33 237.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.11 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.56 225.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 108.59 225.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 145.21 225.15 Td (included ) Tj ET Q q 0 0 0 rg BT 184.15 225.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 226.00 225.15 Td (average ) Tj ET Q q 0 0 0 rg BT 261.43 225.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 292.20 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 313.65 225.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 335.68 225.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 368.21 225.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 390.82 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 402.36 225.15 Td (7% ) Tj ET Q q 0 0 0 rg BT 419.14 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 437.09 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 452.70 225.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 494.55 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 516.00 225.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 542.12 225.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 97.93 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 108.44 212.55 Td (16.0%. ) Tj ET Q q 0 0 0 rg BT 141.13 212.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 180.22 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 191.33 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 207.09 212.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 261.95 212.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 310.38 212.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 352.38 212.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 373.98 212.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 400.25 212.55 Td (from ) Tj ET Q q 0 0 0 rg BT 423.59 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 439.36 212.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 480.78 212.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 500.05 212.55 Td (or ) Tj ET Q q 0 0 0 rg BT 511.74 212.55 Td (its ) Tj ET Q q 0 0 0 rg BT 524.59 212.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 562.51 212.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (multiple, ) Tj ET Q q 0 0 0 rg BT 89.89 199.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 129.41 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 152.59 199.95 Td (market ) Tj ET Q q 0 0 0 rg BT 184.51 199.95 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 233.65 199.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 269.04 199.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 296.31 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 307.82 199.95 Td (other ) Tj ET Q q 0 0 0 rg BT 332.17 199.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 366.13 199.95 Td (could ) Tj ET Q q 0 0 0 rg BT 392.22 199.95 Td (result ) Tj ET Q q 0 0 0 rg BT 418.32 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 429.26 199.95 Td (an ) Tj ET Q q 0 0 0 rg BT 441.94 199.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 493.11 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 504.63 199.95 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 547.35 199.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (such ) Tj ET Q q 0 0 0 rg BT 71.37 187.35 Td (an ) Tj ET Q q 0 0 0 rg BT 83.91 187.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 134.94 187.35 Td (could ) Tj ET Q q 0 0 0 rg BT 160.89 187.35 Td (potentially ) Tj ET Q q 0 0 0 rg BT 208.42 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 230.87 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 238.16 187.35 Td (material ) Tj ET Q q 0 0 0 rg BT 275.18 187.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 306.38 187.35 Td (on ) Tj ET Q q 0 0 0 rg BT 319.50 187.35 Td (our ) Tj ET Q q 0 0 0 rg BT 336.13 187.35 Td (results ) Tj ET Q q 0 0 0 rg BT 366.17 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 377.54 187.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 423.90 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 441.69 187.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.04 187.35 Td (condition. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 162.15 Td (e ) Tj ET Q q 0 0 0 rg BT 66.60 162.15 Td (further ) Tj ET Q q 0 0 0 rg BT 98.54 162.15 Td (assess ) Tj ET Q q 0 0 0 rg BT 127.57 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 143.77 162.15 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 184.44 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 196.55 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 212.75 162.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 254.61 162.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 274.31 162.15 Td (value ) Tj ET Q q 0 0 0 rg BT 300.42 162.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 351.02 162.15 Td (from ) Tj ET Q q 0 0 0 rg BT 374.80 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 399.74 162.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 442.18 162.15 Td (methods ) Tj ET Q q 0 0 0 rg BT 481.13 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 495.00 162.15 Td (comparing ) Tj ET Q q 0 0 0 rg BT 543.27 162.15 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (results ) Tj ET Q q 0 0 0 rg BT 79.88 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 91.02 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 107.99 149.55 Td (market ) Tj ET Q q 0 0 0 rg BT 140.11 149.55 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 199.63 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 210.77 149.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 255.72 149.55 Td (an ) Tj ET Q q 0 0 0 rg BT 268.60 149.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 303.65 149.55 Td (control ) Tj ET Q q 0 0 0 rg BT 336.36 149.55 Td (premium. ) Tj ET Q q 0 0 0 rg BT 379.86 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 382.62 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 401.91 149.55 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 467.86 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 479.57 149.55 Td (this ) Tj ET Q q 0 0 0 rg BT 497.71 149.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 532.76 149.55 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (premium ) Tj ET Q q 0 0 0 rg BT 91.45 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 102.49 136.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 152.02 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 166.56 136.95 Td (comparing ) Tj ET Q q 0 0 0 rg BT 215.50 136.95 Td (it ) Tj ET Q q 0 0 0 rg BT 225.38 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 237.58 136.95 Td (control ) Tj ET Q q 0 0 0 rg BT 271.37 136.95 Td (premiums ) Tj ET Q q 0 0 0 rg BT 317.40 136.95 Td (that ) Tj ET Q q 0 0 0 rg BT 337.19 136.95 Td (have ) Tj ET Q q 0 0 0 rg BT 361.05 136.95 Td (been ) Tj ET Q q 0 0 0 rg BT 384.91 136.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 407.03 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 419.24 136.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 457.09 136.95 Td (actual ) Tj ET Q q 0 0 0 rg BT 486.20 136.95 Td (change ) Tj ET Q q 0 0 0 rg BT 519.97 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 532.76 136.95 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 104.90 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 107.33 124.35 Td (This ) Tj ET Q q 0 0 0 rg BT 128.63 124.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 177.91 124.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 216.69 124.35 Td (evidence ) Tj ET Q q 0 0 0 rg BT 256.63 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 274.99 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 291.61 124.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 339.73 124.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 394.27 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 405.06 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 421.68 124.35 Td (analyses ) Tj ET Q q 0 0 0 rg BT 459.88 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 471.25 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 487.87 124.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 528.98 124.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 547.93 124.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 90.31 111.75 Td (reasonable.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (In ) Tj ET Q q 0 0 0 rg BT 63.32 86.55 Td (calculating ) Tj ET Q q 0 0 0 rg BT 114.46 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 133.53 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 167.76 86.55 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 229.39 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 246.71 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 273.36 86.55 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 318.39 86.55 Td (market ) Tj ET Q q 0 0 0 rg BT 352.62 86.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 395.61 86.55 Td (can ) Tj ET Q q 0 0 0 rg BT 415.25 86.55 Td (have ) Tj ET Q q 0 0 0 rg BT 440.15 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 449.88 86.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 499.28 86.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 532.93 86.55 Td (on ) Tj ET Q q 0 0 0 rg BT 548.50 86.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 110.98 73.95 Td (and ) Tj ET Q q 0 0 0 rg BT 128.44 73.95 Td (if ) Tj ET Q q 0 0 0 rg BT 137.15 73.95 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 189.89 73.95 Td (we ) Tj ET Q q 0 0 0 rg BT 204.43 73.95 Td (may ) Tj ET Q q 0 0 0 rg BT 224.80 73.95 Td (consider ) Tj ET Q q 0 0 0 rg BT 262.67 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 277.80 73.95 Td (average ) Tj ET Q q 0 0 0 rg BT 312.74 73.95 Td (market ) Tj ET Q q 0 0 0 rg BT 344.19 73.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 371.56 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 382.60 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 398.90 73.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.36 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 437.90 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 444.86 73.95 Td (period ) Tj ET Q q 0 0 0 rg BT 473.99 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 485.03 73.95 Td (one ) Tj ET Q q 0 0 0 rg BT 502.49 73.95 Td (or ) Tj ET Q q 0 0 0 rg BT 513.54 73.95 Td (two ) Tj ET Q q 0 0 0 rg BT 531.58 73.95 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (before ) Tj ET Q q 0 0 0 rg BT 79.07 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 94.65 61.35 Td (test ) Tj ET Q q 0 0 0 rg BT 111.99 61.35 Td (date ) Tj ET Q q 0 0 0 rg BT 132.24 61.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.16 61.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 187.90 61.35 Td (market ) Tj ET Q q 0 0 0 rg BT 219.81 61.35 Td (capitalization. ) Tj ET Q q 0 0 0 rg BT 281.14 61.35 Td (A) Tj ET Q q 0 0 0 rg BT 288.14 61.35 Td ( ) Tj ET Q q 0 0 0 rg BT 290.90 61.35 Td (control ) Tj ET Q q 0 0 0 rg BT 323.39 61.35 Td (premium ) Tj ET Q q 0 0 0 rg BT 364.06 61.35 Td (arises ) Tj ET Q q 0 0 0 rg BT 390.72 61.35 Td (from ) Tj ET Q q 0 0 0 rg BT 413.89 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 429.47 61.35 Td (fact ) Tj ET Q q 0 0 0 rg BT 447.97 61.35 Td (that ) Tj ET Q q 0 0 0 rg BT 466.47 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 477.39 61.35 Td (an ) Tj ET Q q 0 0 0 rg BT 490.06 61.35 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 541.52 61.35 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.00 48.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 98.24 48.75 Td (a ) Tj ET Q q 0 0 0 rg BT 105.40 48.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 145.81 48.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 166.39 48.75 Td (over ) Tj ET Q q 0 0 0 rg BT 187.55 48.75 Td (current ) Tj ET Q q 0 0 0 rg BT 219.78 48.75 Td (market ) Tj ET Q q 0 0 0 rg BT 251.43 48.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 279.00 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 290.25 48.75 Td (publicly ) Tj ET Q q 0 0 0 rg BT 327.16 48.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 355.90 48.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 403.30 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 421.54 48.75 Td (relates ) Tj ET Q q 0 0 0 rg BT 451.44 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 462.11 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 477.44 48.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 506.77 48.75 Td (to ) Tj ET Q q 0 0 0 rg BT 517.44 48.75 Td (control ) Tj ET Q q 0 0 0 rg BT 549.68 48.75 Td (the ) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 95.35 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.21 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 118.23 741.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 156.48 741.75 Td (company) Tj ET Q q 0 0 0 rg BT 194.29 741.75 Td (. ) Tj ET Q q 0 0 0 rg BT 199.02 741.75 Td (Further) Tj ET Q q 0 0 0 rg BT 229.51 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 234.25 741.75 Td (assessments ) Tj ET Q q 0 0 0 rg BT 287.11 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.96 741.75 Td (control ) Tj ET Q q 0 0 0 rg BT 329.82 741.75 Td (premiums ) Tj ET Q q 0 0 0 rg BT 373.92 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.20 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 399.14 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.66 741.75 Td (management ) Tj ET Q q 0 0 0 rg BT 477.41 741.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 513.94 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 528.87 741.75 Td (dif) Tj ET Q q 0 0 0 rg BT 540.34 741.75 Td (ficult ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (because ) Tj ET Q q 0 0 0 rg BT 85.84 729.15 Td (many ) Tj ET Q q 0 0 0 rg BT 112.29 729.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 165.57 729.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 200.18 729.15 Td (privately ) Tj ET Q q 0 0 0 rg BT 240.61 729.15 Td (held ) Tj ET Q q 0 0 0 rg BT 261.80 729.15 Td (companies, ) Tj ET Q q 0 0 0 rg BT 312.45 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 324.31 729.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 358.92 729.15 Td (only ) Tj ET Q q 0 0 0 rg BT 380.70 729.15 Td (portions ) Tj ET Q q 0 0 0 rg BT 418.23 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 430.09 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 437.87 729.15 Td (public ) Tj ET Q q 0 0 0 rg BT 467.23 729.15 Td (company) Tj ET Q q 0 0 0 rg BT 505.04 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 510.78 729.15 Td (such ) Tj ET Q q 0 0 0 rg BT 533.14 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 552.00 729.15 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (control ) Tj ET Q q 0 0 0 rg BT 81.87 716.55 Td (premium ) Tj ET Q q 0 0 0 rg BT 122.40 716.55 Td (can ) Tj ET Q q 0 0 0 rg BT 139.60 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 152.13 716.55 Td (calculated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.18 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 112.86 691.35 Td (evidence ) Tj ET Q q 0 0 0 rg BT 152.70 691.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 195.46 691.35 Td (control ) Tj ET Q q 0 0 0 rg BT 227.73 691.35 Td (premiums ) Tj ET Q q 0 0 0 rg BT 272.26 691.35 Td (suggest ) Tj ET Q q 0 0 0 rg BT 306.29 691.35 Td (values ) Tj ET Q q 0 0 0 rg BT 335.64 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 346.92 691.35 Td (up ) Tj ET Q q 0 0 0 rg BT 359.95 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 370.64 691.35 Td (173%, ) Tj ET Q q 0 0 0 rg BT 400.29 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 421.49 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 433.93 691.35 Td (average ) Tj ET Q q 0 0 0 rg BT 469.10 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 480.37 691.35 Td (24%. ) Tj ET Q q 0 0 0 rg BT 504.77 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 507.30 691.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 535.49 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 548.52 691.35 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 85.02 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.86 678.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 162.74 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 176.67 678.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 208.68 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.19 678.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 256.96 678.75 Td (control ) Tj ET Q q 0 0 0 rg BT 288.39 678.75 Td (premium ) Tj ET Q q 0 0 0 rg BT 327.99 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 338.42 678.75 Td (37% ) Tj ET Q q 0 0 0 rg BT 359.35 678.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 408.27 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 420.46 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 436.14 678.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 476.32 678.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 494.34 678.75 Td (value ) Tj ET Q q 0 0 0 rg BT 518.77 678.75 Td (estimation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 59.70 666.15 Td (October ) Tj ET Q q 0 0 0 rg BT 96.15 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 111.90 666.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 138.15 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 147.78 666.15 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 195.29 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 206.09 666.15 Td (relation ) Tj ET Q q 0 0 0 rg BT 240.78 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 251.57 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.03 666.15 Td (observed ) Tj ET Q q 0 0 0 rg BT 307.56 666.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 343.99 666.15 Td (market ) Tj ET Q q 0 0 0 rg BT 375.77 666.15 Td (control ) Tj ET Q q 0 0 0 rg BT 408.14 666.15 Td (premium ) Tj ET Q q 0 0 0 rg BT 448.67 666.15 Td (values.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 640.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 115.07 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 122.04 640.95 Td (triggering ) Tj ET Q q 0 0 0 rg BT 165.75 640.95 Td (event ) Tj ET Q q 0 0 0 rg BT 190.80 640.95 Td (had ) Tj ET Q q 0 0 0 rg BT 208.26 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 223.98 640.95 Td (occurred ) Tj ET Q q 0 0 0 rg BT 263.02 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 277.56 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 293.87 640.95 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 333.51 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 344.56 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 355.61 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 385.32 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 400.75 640.95 Td (2020. ) Tj ET Q q 0 0 0 rg BT 426.68 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 428.82 640.95 Td (W) Tj ET Q q 0 0 0 rg BT 437.89 640.95 Td (e ) Tj ET Q q 0 0 0 rg BT 444.86 640.95 Td (note ) Tj ET Q q 0 0 0 rg BT 465.24 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 483.29 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 499.60 640.95 Td (share ) Tj ET Q q 0 0 0 rg BT 524.06 640.95 Td (price ) Tj ET Q q 0 0 0 rg BT 547.35 640.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 91.63 628.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 111.61 628.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 129.82 628.35 Td (value ) Tj ET Q q 0 0 0 rg BT 156.20 628.35 Td (have ) Tj ET Q q 0 0 0 rg BT 179.66 628.35 Td (not ) Tj ET Q q 0 0 0 rg BT 196.72 628.35 Td (been ) Tj ET Q q 0 0 0 rg BT 220.19 628.35 Td (significantly ) Tj ET Q q 0 0 0 rg BT 276.32 628.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 318.44 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 332.59 628.35 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 383.47 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 395.86 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 404.16 628.35 Td (result ) Tj ET Q q 0 0 0 rg BT 431.13 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 443.52 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 459.99 628.35 Td (Mer) Tj ET Q q 0 0 0 rg BT 477.30 628.35 Td (ger ) Tj ET Q q 0 0 0 rg BT 493.54 628.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 543.83 628.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 86.75 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 92.43 615.75 Td (empleton. ) Tj ET Q q 0 0 0 rg BT 135.94 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 137.74 615.75 Td (Per ) Tj ET Q q 0 0 0 rg BT 153.54 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.17 615.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 193.30 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.85 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.48 615.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 235.78 615.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 250.59 615.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 301.67 615.75 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 338.92 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 344.60 615.75 Td (empleton ) Tj ET Q q 0 0 0 rg BT 385.48 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 403.62 615.75 Td (acquire ) Tj ET Q q 0 0 0 rg BT 436.31 615.75 Td (all ) Tj ET Q q 0 0 0 rg BT 448.61 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 459.16 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 474.96 615.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 525.76 615.75 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.76 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 88.09 603.15 Td ($50 ) Tj ET Q q 0 0 0 rg BT 105.94 603.15 Td (per ) Tj ET Q q 0 0 0 rg BT 121.44 603.15 Td (share ) Tj ET Q q 0 0 0 rg BT 145.69 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 155.95 603.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 179.32 603.15 Td (valuing ) Tj ET Q q 0 0 0 rg BT 212.91 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 227.83 603.15 Td (total ) Tj ET Q q 0 0 0 rg BT 248.59 603.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 296.75 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 306.42 603.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 369.16 603.15 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 389.63 603.15 Td (billion, ) Tj ET Q q 0 0 0 rg BT 421.77 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 449.52 603.15 Td (approximates ) Tj ET Q q 0 0 0 rg BT 508.18 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 523.11 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.77 603.15 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.48 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.53 590.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 119.25 590.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 138.82 590.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 189.28 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 200.68 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 217.90 590.55 Td (most ) Tj ET Q q 0 0 0 rg BT 241.55 590.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 270.43 590.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 322.07 590.55 Td (testing, ) Tj ET Q q 0 0 0 rg BT 355.92 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 374.31 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 391.54 590.55 Td (been ) Tj ET Q q 0 0 0 rg BT 414.59 590.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 454.54 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 465.94 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 482.00 590.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 514.97 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 540.94 590.55 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.71 577.95 Td (common ) Tj ET Q q 0 0 0 rg BT 120.08 577.95 Td (stock.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 553.35 Td (Stock-Based Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.52 540.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 118.77 540.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 178.78 540.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 202.64 540.75 Td (include ) Tj ET Q q 0 0 0 rg BT 235.23 540.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 275.98 540.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 299.83 540.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 324.57 540.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 348.42 540.75 Td (options, ) Tj ET Q q 0 0 0 rg BT 383.66 540.75 Td (an ) Tj ET Q q 0 0 0 rg BT 395.25 540.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 437.76 540.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 461.61 540.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 500.61 540.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 520.38 540.75 Td (\("ESPP"\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.15 Td (market ) Tj ET Q q 0 0 0 rg BT 80.22 528.15 Td (and ) Tj ET Q q 0 0 0 rg BT 96.95 528.15 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 178.97 528.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 233.59 528.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 261.40 528.15 Td (payable ) Tj ET Q q 0 0 0 rg BT 295.61 528.15 Td (in ) Tj ET Q q 0 0 0 rg BT 305.35 528.15 Td (common ) Tj ET Q q 0 0 0 rg BT 343.66 528.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 370.02 528.15 Td (af) Tj ET Q q 0 0 0 rg BT 377.98 528.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 404.04 528.15 Td (management ) Tj ET Q q 0 0 0 rg BT 459.25 528.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 487.06 528.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 510.80 528.15 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 528.15 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.60 515.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 146.03 515.55 Td (in ) Tj ET Q q 0 0 0 rg BT 156.97 515.55 Td (stock. ) Tj ET Q q 0 0 0 rg BT 184.54 515.55 Td ( ) Tj ET Q q 0 0 0 rg BT 187.32 515.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 216.34 515.55 Td (our ) Tj ET Q q 0 0 0 rg BT 233.12 515.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 258.06 515.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 319.16 515.55 Td (plans, ) Tj ET Q q 0 0 0 rg BT 346.73 515.55 Td (we ) Tj ET Q q 0 0 0 rg BT 361.75 515.55 Td (have ) Tj ET Q q 0 0 0 rg BT 384.35 515.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 413.38 515.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.40 515.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 474.92 515.55 Td (to ) Tj ET Q q 0 0 0 rg BT 485.87 515.55 Td (directors, ) Tj ET Q q 0 0 0 rg BT 528.01 515.55 Td (of) Tj ET Q q 0 0 0 rg BT 536.56 515.55 Td (ficers, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.18 502.95 Td (key ) Tj ET Q q 0 0 0 rg BT 84.86 502.95 Td (employees. ) Tj ET Q q 0 0 0 rg BT 134.91 502.95 Td ( ) Tj ET Q q 0 0 0 rg BT 137.42 502.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 166.18 502.95 Td (the ) Tj ET Q q 0 0 0 rg BT 181.53 502.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 207.38 502.95 Td (of ) Tj ET Q q 0 0 0 rg BT 218.64 502.95 Td (the ) Tj ET Q q 0 0 0 rg BT 233.99 502.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 251.29 502.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 266.66 502.95 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 318.45 502.95 Td (we ) Tj ET Q q 0 0 0 rg BT 333.21 502.95 Td (may ) Tj ET Q q 0 0 0 rg BT 353.81 502.95 Td (not ) Tj ET Q q 0 0 0 rg BT 369.75 502.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 393.84 502.95 Td (any ) Tj ET Q q 0 0 0 rg BT 411.52 502.95 Td (new ) Tj ET Q q 0 0 0 rg BT 431.53 502.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 463.79 502.95 Td (or ) Tj ET Q q 0 0 0 rg BT 475.05 502.95 Td (amend ) Tj ET Q q 0 0 0 rg BT 505.56 502.95 Td (or ) Tj ET Q q 0 0 0 rg BT 516.83 502.95 Td (modify ) Tj ET Q q 0 0 0 rg BT 549.68 502.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.66 490.35 Td (of ) Tj ET Q q 0 0 0 rg BT 87.23 490.35 Td (any ) Tj ET Q q 0 0 0 rg BT 105.22 490.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 157.05 490.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 189.61 490.35 Td (under ) Tj ET Q q 0 0 0 rg BT 216.35 490.35 Td (any ) Tj ET Q q 0 0 0 rg BT 234.33 490.35 Td (of ) Tj ET Q q 0 0 0 rg BT 245.91 490.35 Td (our ) Tj ET Q q 0 0 0 rg BT 262.73 490.35 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 315.13 490.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 376.28 490.35 Td (plans. ) Tj ET Q q 0 0 0 rg BT 403.89 490.35 Td ( ) Tj ET Q q 0 0 0 rg BT 406.72 490.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 427.04 490.35 Td (to ) Tj ET Q q 0 0 0 rg BT 438.04 490.35 Td (this ) Tj ET Q q 0 0 0 rg BT 456.04 490.35 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 502.32 490.35 Td (in ) Tj ET Q q 0 0 0 rg BT 513.32 490.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 538.89 490.35 Td (2021, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (directors, ) Tj ET Q q 0 0 0 rg BT 91.91 477.75 Td (of) Tj ET Q q 0 0 0 rg BT 100.47 477.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 126.83 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 145.04 477.75 Td (key ) Tj ET Q q 0 0 0 rg BT 163.25 477.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 211.20 477.75 Td (will ) Tj ET Q q 0 0 0 rg BT 230.58 477.75 Td (be ) Tj ET Q q 0 0 0 rg BT 243.54 477.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 272.84 477.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 310.86 477.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.57 477.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 358.66 477.75 Td (which ) Tj ET Q q 0 0 0 rg BT 387.37 477.75 Td (will ) Tj ET Q q 0 0 0 rg BT 406.75 477.75 Td (be ) Tj ET Q q 0 0 0 rg BT 419.71 477.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 452.50 477.75 Td (to ) Tj ET Q q 0 0 0 rg BT 463.72 477.75 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 513.97 477.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 547.35 477.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 87.79 465.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 110.92 465.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 143.39 465.15 Td (of ) Tj ET Q q 0 0 0 rg BT 154.27 465.15 Td (the ) Tj ET Q q 0 0 0 rg BT 169.23 465.15 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 220.06 465.15 Td (in ) Tj ET Q q 0 0 0 rg BT 230.36 465.15 Td (lieu ) Tj ET Q q 0 0 0 rg BT 248.24 465.15 Td (of ) Tj ET Q q 0 0 0 rg BT 259.12 465.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 287.50 465.15 Td (awards. ) Tj ET Q q 0 0 0 rg BT 322.00 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 324.13 465.15 Td (In ) Tj ET Q q 0 0 0 rg BT 335.02 465.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 374.19 465.15 Td (the ) Tj ET Q q 0 0 0 rg BT 389.15 465.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 428.60 465.15 Td (of ) Tj ET Q q 0 0 0 rg BT 439.48 465.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 467.85 465.15 Td (under ) Tj ET Q q 0 0 0 rg BT 493.90 465.15 Td (the ) Tj ET Q q 0 0 0 rg BT 508.86 465.15 Td (ESPP) Tj ET Q q 0 0 0 rg BT 532.40 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 534.54 465.15 Td (ceased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 452.55 Td (February ) Tj ET Q q 0 0 0 rg BT 100.82 452.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 124.45 452.55 Td (and ) Tj ET Q q 0 0 0 rg BT 142.23 452.55 Td (the ) Tj ET Q q 0 0 0 rg BT 157.69 452.55 Td (ESPP) Tj ET Q q 0 0 0 rg BT 181.23 452.55 Td ( ) Tj ET Q q 0 0 0 rg BT 183.85 452.55 Td (will ) Tj ET Q q 0 0 0 rg BT 202.81 452.55 Td (terminate ) Tj ET Q q 0 0 0 rg BT 245.09 452.55 Td (immediately ) Tj ET Q q 0 0 0 rg BT 300.20 452.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 323.24 452.55 Td (to ) Tj ET Q q 0 0 0 rg BT 334.03 452.55 Td (the ) Tj ET Q q 0 0 0 rg BT 349.48 452.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 382.44 452.55 Td (date ) Tj ET Q q 0 0 0 rg BT 402.55 452.55 Td (of ) Tj ET Q q 0 0 0 rg BT 413.92 452.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.38 452.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 446.68 452.55 Td (ger) Tj ET Q q 0 0 0 rg BT 459.51 452.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 427.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.82 427.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 110.61 427.35 Td (with ) Tj ET Q q 0 0 0 rg BT 131.85 427.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 177.57 427.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 226.22 427.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 269.32 427.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 330.22 427.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 366.61 427.35 Td (for ) Tj ET Q q 0 0 0 rg BT 381.43 427.35 Td (the ) Tj ET Q q 0 0 0 rg BT 396.83 427.35 Td (years ) Tj ET Q q 0 0 0 rg BT 421.56 427.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 449.21 427.35 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 494.94 427.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 521.14 427.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 547.34 427.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 76.32 414.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 114.52 414.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 176.04 414.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 196.15 414.75 Td (for ) Tj ET Q q 0 0 0 rg BT 211.59 414.75 Td (all ) Tj ET Q q 0 0 0 rg BT 225.29 414.75 Td (non-vested ) Tj ET Q q 0 0 0 rg BT 274.56 414.75 Td (share-based ) Tj ET Q q 0 0 0 rg BT 327.32 414.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 360.25 414.75 Td (at ) Tj ET Q q 0 0 0 rg BT 371.03 414.75 Td (their ) Tj ET Q q 0 0 0 rg BT 393.47 414.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 418.25 414.75 Td (date ) Tj ET Q q 0 0 0 rg BT 438.93 414.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 456.70 414.75 Td (value ) Tj ET Q q 0 0 0 rg BT 482.64 414.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 527.82 414.75 Td (over ) Tj ET Q q 0 0 0 rg BT 549.68 414.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 402.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 93.99 402.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 126.24 402.15 Td (periods, ) Tj ET Q q 0 0 0 rg BT 161.70 402.15 Td (which ) Tj ET Q q 0 0 0 rg BT 189.29 402.15 Td (may ) Tj ET Q q 0 0 0 rg BT 209.29 402.15 Td (be ) Tj ET Q q 0 0 0 rg BT 221.13 402.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 256.28 402.15 Td (for ) Tj ET Q q 0 0 0 rg BT 270.45 402.15 Td (retirement-eligible ) Tj ET Q q 0 0 0 rg BT 350.51 402.15 Td (recipients, ) Tj ET Q q 0 0 0 rg BT 395.88 402.15 Td (on ) Tj ET Q q 0 0 0 rg BT 408.30 402.15 Td (the ) Tj ET Q q 0 0 0 rg BT 423.06 402.15 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 475.72 402.15 Td (method. ) Tj ET Q q 0 0 0 rg BT 511.77 402.15 Td ( ) Tj ET Q q 0 0 0 rg BT 513.55 402.15 Td (The ) Tj ET Q q 0 0 0 rg BT 531.80 402.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 549.11 402.15 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 98.64 389.55 Td (provides ) Tj ET Q q 0 0 0 rg BT 137.30 389.55 Td (for ) Tj ET Q q 0 0 0 rg BT 152.04 389.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.37 389.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 213.02 389.55 Td (of ) Tj ET Q q 0 0 0 rg BT 224.26 389.55 Td (all ) Tj ET Q q 0 0 0 rg BT 237.26 389.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 288.75 389.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 317.50 389.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 349.73 389.55 Td (\(vested ) Tj ET Q q 0 0 0 rg BT 382.55 389.55 Td (and ) Tj ET Q q 0 0 0 rg BT 400.21 389.55 Td (unvested\), ) Tj ET Q q 0 0 0 rg BT 446.15 389.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 492.97 389.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 516.47 389.55 Td (the ) Tj ET Q q 0 0 0 rg BT 531.79 389.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 549.10 389.55 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.95 Td (closing. ) Tj ET Q q 0 0 0 rg BT 84.86 376.95 Td ( ) Tj ET Q q 0 0 0 rg BT 87.09 376.95 Td (The ) Tj ET Q q 0 0 0 rg BT 105.81 376.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 151.37 376.95 Td (of ) Tj ET Q q 0 0 0 rg BT 162.52 376.95 Td (unvested ) Tj ET Q q 0 0 0 rg BT 202.25 376.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 234.39 376.95 Td (accommodates ) Tj ET Q q 0 0 0 rg BT 299.18 376.95 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 336.99 376.95 Td (T) Tj ET Q q 0 0 0 rg BT 342.67 376.95 Td (empleton's ) Tj ET Q q 0 0 0 rg BT 390.13 376.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 438.60 376.95 Td (of ) Tj ET Q q 0 0 0 rg BT 449.75 376.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 473.73 376.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 507.34 376.95 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 550.26 376.95 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 364.35 Td (do ) Tj ET Q q 0 0 0 rg BT 62.63 364.35 Td (not ) Tj ET Q q 0 0 0 rg BT 78.67 364.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 102.87 364.35 Td (any ) Tj ET Q q 0 0 0 rg BT 120.65 364.35 Td (related ) Tj ET Q q 0 0 0 rg BT 151.84 364.35 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 201.67 364.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 262.62 364.35 Td (expense. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 339.15 Td (Excess ) Tj ET Q q 0 0 0 rg BT 80.36 339.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 94.90 339.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 129.84 339.15 Td (and ) Tj ET Q q 0 0 0 rg BT 146.70 339.15 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 198.55 339.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 243.40 339.15 Td (with ) Tj ET Q q 0 0 0 rg BT 263.78 339.15 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 315.05 339.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.07 339.15 Td (are ) Tj ET Q q 0 0 0 rg BT 389.60 339.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 437.36 339.15 Td (as ) Tj ET Q q 0 0 0 rg BT 447.81 339.15 Td (discrete ) Tj ET Q q 0 0 0 rg BT 482.16 339.15 Td (items ) Tj ET Q q 0 0 0 rg BT 506.62 339.15 Td (in ) Tj ET Q q 0 0 0 rg BT 516.49 339.15 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 339.15 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.72 326.55 Td (provision ) Tj ET Q q 0 0 0 rg BT 106.78 326.55 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 145.31 326.55 Td (in ) Tj ET Q q 0 0 0 rg BT 155.87 326.55 Td (the ) Tj ET Q q 0 0 0 rg BT 171.09 326.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 228.90 326.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 277.36 326.55 Td (of ) Tj ET Q q 0 0 0 rg BT 288.50 326.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 322.38 326.55 Td ( ) Tj ET Q q 0 0 0 rg BT 324.77 326.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 353.99 326.55 Td (in ) Tj ET Q q 0 0 0 rg BT 364.55 326.55 Td (the ) Tj ET Q q 0 0 0 rg BT 379.77 326.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 420.64 326.55 Td (period ) Tj ET Q q 0 0 0 rg BT 449.86 326.55 Td (in ) Tj ET Q q 0 0 0 rg BT 460.42 326.55 Td (which ) Tj ET Q q 0 0 0 rg BT 488.47 326.55 Td (they ) Tj ET Q q 0 0 0 rg BT 508.94 326.55 Td (occur) Tj ET Q q 0 0 0 rg BT 531.84 326.55 Td (, ) Tj ET Q q 0 0 0 rg BT 536.85 326.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.95 Td (may ) Tj ET Q q 0 0 0 rg BT 70.38 313.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 107.58 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.22 313.95 Td (volatility ) Tj ET Q q 0 0 0 rg BT 163.94 313.95 Td (of ) Tj ET Q q 0 0 0 rg BT 175.49 313.95 Td (the ) Tj ET Q q 0 0 0 rg BT 191.12 313.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 225.41 313.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.05 313.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 283.52 313.95 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 322.47 313.95 Td (as ) Tj ET Q q 0 0 0 rg BT 334.03 313.95 Td (a ) Tj ET Q q 0 0 0 rg BT 341.49 313.95 Td (result ) Tj ET Q q 0 0 0 rg BT 367.63 313.95 Td (of ) Tj ET Q q 0 0 0 rg BT 379.18 313.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 431.56 313.95 Td (in ) Tj ET Q q 0 0 0 rg BT 442.53 313.95 Td (our ) Tj ET Q q 0 0 0 rg BT 459.33 313.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 484.30 313.95 Td (price. ) Tj ET Q q 0 0 0 rg BT 510.72 313.95 Td ( ) Tj ET Q q 0 0 0 rg BT 513.32 313.95 Td (W) Tj ET Q q 0 0 0 rg BT 522.39 313.95 Td (e ) Tj ET Q q 0 0 0 rg BT 529.86 313.95 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.52 301.35 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 111.03 301.35 Td (as ) Tj ET Q q 0 0 0 rg BT 122.55 301.35 Td (they ) Tj ET Q q 0 0 0 rg BT 143.41 301.35 Td (occur) Tj ET Q q 0 0 0 rg BT 166.15 301.35 Td (. ) Tj ET Q q 0 0 0 rg BT 171.55 301.35 Td ( ) Tj ET Q q 0 0 0 rg BT 173.71 301.35 Td (Also, ) Tj ET Q q 0 0 0 rg BT 198.95 301.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 220.39 301.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 246.50 301.35 Td (related ) Tj ET Q q 0 0 0 rg BT 277.84 301.35 Td (to ) Tj ET Q q 0 0 0 rg BT 288.78 301.35 Td (income ) Tj ET Q q 0 0 0 rg BT 322.47 301.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 338.07 301.35 Td (deductions ) Tj ET Q q 0 0 0 rg BT 386.34 301.35 Td (in ) Tj ET Q q 0 0 0 rg BT 397.29 301.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 427.47 301.35 Td (of ) Tj ET Q q 0 0 0 rg BT 438.99 301.35 Td (or ) Tj ET Q q 0 0 0 rg BT 450.52 301.35 Td (less ) Tj ET Q q 0 0 0 rg BT 469.05 301.35 Td (than ) Tj ET Q q 0 0 0 rg BT 489.90 301.35 Td (the ) Tj ET Q q 0 0 0 rg BT 505.51 301.35 Td (related ) Tj ET Q q 0 0 0 rg BT 536.85 301.35 Td (stock-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (based ) Tj ET Q q 0 0 0 rg BT 75.54 288.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 135.99 288.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 171.93 288.75 Td (are ) Tj ET Q q 0 0 0 rg BT 186.88 288.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 228.66 288.75 Td (as ) Tj ET Q q 0 0 0 rg BT 239.54 288.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 262.67 288.75 Td (Flows ) Tj ET Q q 0 0 0 rg BT 290.47 288.75 Td (from ) Tj ET Q q 0 0 0 rg BT 313.01 288.75 Td (Operating ) Tj ET Q q 0 0 0 rg BT 356.66 288.75 Td (Activities ) Tj ET Q q 0 0 0 rg BT 399.62 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 409.91 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.87 288.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 482.41 288.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 530.62 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 541.49 288.75 Td (Cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.15 Td (Flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 250.95 Td (e ) Tj ET Q q 0 0 0 rg BT 66.79 250.95 Td (granted ) Tj ET Q q 0 0 0 rg BT 101.84 250.95 Td (0.4 ) Tj ET Q q 0 0 0 rg BT 118.53 250.95 Td (million ) Tj ET Q q 0 0 0 rg BT 152.44 250.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.17 250.95 Td (options ) Tj ET Q q 0 0 0 rg BT 212.65 250.95 Td (in ) Tj ET Q q 0 0 0 rg BT 224.38 250.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 250.69 250.95 Td (2018. ) Tj ET Q q 0 0 0 rg BT 277.88 250.95 Td ( ) Tj ET Q q 0 0 0 rg BT 281.44 250.95 Td (No ) Tj ET Q q 0 0 0 rg BT 297.84 250.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 323.57 250.95 Td (options ) Tj ET Q q 0 0 0 rg BT 358.05 250.95 Td (were ) Tj ET Q q 0 0 0 rg BT 382.02 250.95 Td (granted ) Tj ET Q q 0 0 0 rg BT 417.07 250.95 Td (in ) Tj ET Q q 0 0 0 rg BT 428.80 250.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 455.10 250.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 479.67 250.95 Td (or ) Tj ET Q q 0 0 0 rg BT 491.98 250.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 518.28 250.95 Td (2019. ) Tj ET Q q 0 0 0 rg BT 545.47 250.95 Td ( ) Tj ET Q q 0 0 0 rg BT 548.78 250.95 Td (W) Tj ET Q q 0 0 0 rg BT 557.85 250.95 Td (e ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 93.86 238.35 Td (the ) Tj ET Q q 0 0 0 rg BT 109.06 238.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.01 238.35 Td (value ) Tj ET Q q 0 0 0 rg BT 151.13 238.35 Td (of ) Tj ET Q q 0 0 0 rg BT 162.25 238.35 Td (each ) Tj ET Q q 0 0 0 rg BT 183.86 238.35 Td (option ) Tj ET Q q 0 0 0 rg BT 213.07 238.35 Td (grant ) Tj ET Q q 0 0 0 rg BT 237.02 238.35 Td (using ) Tj ET Q q 0 0 0 rg BT 262.15 238.35 Td (the ) Tj ET Q q 0 0 0 rg BT 277.35 238.35 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 340.38 238.35 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 402.83 238.35 Td (model, ) Tj ET Q q 0 0 0 rg BT 434.08 238.35 Td (which ) Tj ET Q q 0 0 0 rg BT 462.12 238.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 498.31 238.35 Td (management ) Tj ET Q q 0 0 0 rg BT 554.34 238.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (develop ) Tj ET Q q 0 0 0 rg BT 84.86 225.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 126.06 225.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 168.41 225.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 199.09 225.75 Td (input ) Tj ET Q q 0 0 0 rg BT 222.80 225.75 Td (variables. ) Tj ET Q q 0 0 0 rg BT 265.45 225.75 Td ( ) Tj ET Q q 0 0 0 rg BT 267.41 225.75 Td (The ) Tj ET Q q 0 0 0 rg BT 285.86 225.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 313.65 225.75 Td (for ) Tj ET Q q 0 0 0 rg BT 328.02 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.97 225.75 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 405.74 225.75 Td (model ) Tj ET Q q 0 0 0 rg BT 434.11 225.75 Td (include: ) Tj ET Q q 0 0 0 rg BT 470.05 225.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 494.34 225.75 Td (price ) Tj ET Q q 0 0 0 rg BT 517.44 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 530.06 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 545.01 225.75 Td (date ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 213.15 Td (grant, ) Tj ET Q q 0 0 0 rg BT 86.76 213.15 Td (exercise ) Tj ET Q q 0 0 0 rg BT 123.31 213.15 Td (price ) Tj ET Q q 0 0 0 rg BT 146.45 213.15 Td (of ) Tj ET Q q 0 0 0 rg BT 157.35 213.15 Td (the ) Tj ET Q q 0 0 0 rg BT 172.33 213.15 Td (option, ) Tj ET Q q 0 0 0 rg BT 203.95 213.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 242.85 213.15 Td (yield, ) Tj ET Q q 0 0 0 rg BT 268.63 213.15 Td (volatility) Tj ET Q q 0 0 0 rg BT 305.86 213.15 Td (, ) Tj ET Q q 0 0 0 rg BT 310.64 213.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 350.11 213.15 Td (life ) Tj ET Q q 0 0 0 rg BT 366.26 213.15 Td (and ) Tj ET Q q 0 0 0 rg BT 383.57 213.15 Td (the ) Tj ET Q q 0 0 0 rg BT 398.56 213.15 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 436.27 213.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 469.34 213.15 Td (rate, ) Tj ET Q q 0 0 0 rg BT 489.85 213.15 Td (all ) Tj ET Q q 0 0 0 rg BT 502.50 213.15 Td (of ) Tj ET Q q 0 0 0 rg BT 513.41 213.15 Td (which, ) Tj ET Q q 0 0 0 rg BT 543.85 213.15 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.18 200.55 Td (exception ) Tj ET Q q 0 0 0 rg BT 106.85 200.55 Td (of ) Tj ET Q q 0 0 0 rg BT 117.44 200.55 Td (the ) Tj ET Q q 0 0 0 rg BT 132.12 200.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 155.55 200.55 Td (date ) Tj ET Q q 0 0 0 rg BT 174.89 200.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.91 200.55 Td (price ) Tj ET Q q 0 0 0 rg BT 221.74 200.55 Td (and ) Tj ET Q q 0 0 0 rg BT 238.75 200.55 Td (the ) Tj ET Q q 0 0 0 rg BT 253.43 200.55 Td (exercise ) Tj ET Q q 0 0 0 rg BT 289.68 200.55 Td (price, ) Tj ET Q q 0 0 0 rg BT 315.14 200.55 Td (require ) Tj ET Q q 0 0 0 rg BT 346.72 200.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 387.65 200.55 Td (or ) Tj ET Q q 0 0 0 rg BT 398.24 200.55 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 454.64 200.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.36 200.55 Td (W) Tj ET Q q 0 0 0 rg BT 465.43 200.55 Td (e ) Tj ET Q q 0 0 0 rg BT 471.94 200.55 Td (calculate ) Tj ET Q q 0 0 0 rg BT 511.10 200.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.78 200.55 Td (dividend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.95 Td (yield ) Tj ET Q q 0 0 0 rg BT 73.84 187.95 Td (based ) Tj ET Q q 0 0 0 rg BT 101.10 187.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 125.44 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 141.62 187.95 Td (average ) Tj ET Q q 0 0 0 rg BT 177.60 187.95 Td (of ) Tj ET Q q 0 0 0 rg BT 189.70 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 205.87 187.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 248.29 187.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 289.54 187.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 329.63 187.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 373.22 187.95 Td (over ) Tj ET Q q 0 0 0 rg BT 395.22 187.95 Td (a ) Tj ET Q q 0 0 0 rg BT 403.23 187.95 Td (term ) Tj ET Q q 0 0 0 rg BT 425.82 187.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 451.91 187.95 Td (to ) Tj ET Q q 0 0 0 rg BT 463.42 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 479.60 187.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 520.25 187.95 Td (life ) Tj ET Q q 0 0 0 rg BT 537.59 187.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 187.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 175.35 Td (options. ) Tj ET Q q 0 0 0 rg BT 84.82 175.35 Td ( ) Tj ET Q q 0 0 0 rg BT 86.47 175.35 Td (W) Tj ET Q q 0 0 0 rg BT 95.54 175.35 Td (e ) Tj ET Q q 0 0 0 rg BT 101.97 175.35 Td (estimate ) Tj ET Q q 0 0 0 rg BT 138.74 175.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 178.43 175.35 Td (equally ) Tj ET Q q 0 0 0 rg BT 211.11 175.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 251.38 175.35 Td (between ) Tj ET Q q 0 0 0 rg BT 288.13 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 302.74 175.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 343.59 175.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 370.43 175.35 Td (of ) Tj ET Q q 0 0 0 rg BT 380.96 175.35 Td (our ) Tj ET Q q 0 0 0 rg BT 396.73 175.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 420.67 175.35 Td (over ) Tj ET Q q 0 0 0 rg BT 441.10 175.35 Td (a ) Tj ET Q q 0 0 0 rg BT 447.54 175.35 Td (period ) Tj ET Q q 0 0 0 rg BT 476.14 175.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 500.65 175.35 Td (to ) Tj ET Q q 0 0 0 rg BT 510.59 175.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.20 175.35 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.75 Td (life ) Tj ET Q q 0 0 0 rg BT 66.22 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 77.69 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.25 162.75 Td (option ) Tj ET Q q 0 0 0 rg BT 122.81 162.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.69 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.25 162.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 191.05 162.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 231.70 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 243.17 162.75 Td (market ) Tj ET Q q 0 0 0 rg BT 275.05 162.75 Td (listed ) Tj ET Q q 0 0 0 rg BT 300.52 162.75 Td (options ) Tj ET Q q 0 0 0 rg BT 334.17 162.75 Td (at ) Tj ET Q q 0 0 0 rg BT 344.47 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 360.03 162.75 Td (date ) Tj ET Q q 0 0 0 rg BT 380.24 162.75 Td (of ) Tj ET Q q 0 0 0 rg BT 391.72 162.75 Td (grant. ) Tj ET Q q 0 0 0 rg BT 418.64 162.75 Td ( ) Tj ET Q q 0 0 0 rg BT 421.17 162.75 Td (The ) Tj ET Q q 0 0 0 rg BT 440.22 162.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 480.26 162.75 Td (life ) Tj ET Q q 0 0 0 rg BT 496.98 162.75 Td (is ) Tj ET Q q 0 0 0 rg BT 506.71 162.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.26 162.75 Td (estimated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.15 Td (length ) Tj ET Q q 0 0 0 rg BT 79.13 150.15 Td (of ) Tj ET Q q 0 0 0 rg BT 91.27 150.15 Td (time ) Tj ET Q q 0 0 0 rg BT 113.32 150.15 Td (an ) Tj ET Q q 0 0 0 rg BT 126.62 150.15 Td (option ) Tj ET Q q 0 0 0 rg BT 156.85 150.15 Td (will ) Tj ET Q q 0 0 0 rg BT 176.57 150.15 Td (be ) Tj ET Q q 0 0 0 rg BT 189.87 150.15 Td (held ) Tj ET Q q 0 0 0 rg BT 211.34 150.15 Td (before ) Tj ET Q q 0 0 0 rg BT 241.54 150.15 Td (it ) Tj ET Q q 0 0 0 rg BT 250.77 150.15 Td (is ) Tj ET Q q 0 0 0 rg BT 261.16 150.15 Td (either ) Tj ET Q q 0 0 0 rg BT 288.45 150.15 Td (exercised ) Tj ET Q q 0 0 0 rg BT 331.48 150.15 Td (or ) Tj ET Q q 0 0 0 rg BT 343.62 150.15 Td (canceled, ) Tj ET Q q 0 0 0 rg BT 386.35 150.15 Td (based ) Tj ET Q q 0 0 0 rg BT 413.65 150.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 438.04 150.15 Td (our ) Tj ET Q q 0 0 0 rg BT 455.43 150.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 497.89 150.15 Td (option ) Tj ET Q q 0 0 0 rg BT 528.11 150.15 Td (exercise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.55 Td (experience. ) Tj ET Q q 0 0 0 rg BT 100.20 137.55 Td ( ) Tj ET Q q 0 0 0 rg BT 102.63 137.55 Td (The ) Tj ET Q q 0 0 0 rg BT 121.56 137.55 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 159.73 137.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.25 137.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.60 137.55 Td (is ) Tj ET Q q 0 0 0 rg BT 221.21 137.55 Td (the ) Tj ET Q q 0 0 0 rg BT 236.65 137.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.00 137.55 Td (available ) Tj ET Q q 0 0 0 rg BT 295.50 137.55 Td (for ) Tj ET Q q 0 0 0 rg BT 310.36 137.55 Td (zero-coupon ) Tj ET Q q 0 0 0 rg BT 365.44 137.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 386.73 137.55 Td (Government ) Tj ET Q q 0 0 0 rg BT 441.82 137.55 Td (issues ) Tj ET Q q 0 0 0 rg BT 469.52 137.55 Td (with ) Tj ET Q q 0 0 0 rg BT 490.80 137.55 Td (a ) Tj ET Q q 0 0 0 rg BT 498.07 137.55 Td (remaining ) Tj ET Q q 0 0 0 rg BT 543.25 137.55 Td (term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 74.67 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 85.26 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 100.52 124.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 140.26 124.95 Td (life ) Tj ET Q q 0 0 0 rg BT 156.68 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 167.85 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 183.11 124.95 Td (options ) Tj ET Q q 0 0 0 rg BT 216.45 124.95 Td (being ) Tj ET Q q 0 0 0 rg BT 242.21 124.95 Td (valued. ) Tj ET Q q 0 0 0 rg BT 275.25 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 277.68 124.95 Td (If ) Tj ET Q q 0 0 0 rg BT 287.10 124.95 Td (we ) Tj ET Q q 0 0 0 rg BT 301.77 124.95 Td (used ) Tj ET Q q 0 0 0 rg BT 323.45 124.95 Td (dif) Tj ET Q q 0 0 0 rg BT 334.92 124.95 Td (ferent ) Tj ET Q q 0 0 0 rg BT 361.83 124.95 Td (methods ) Tj ET Q q 0 0 0 rg BT 399.84 124.95 Td (to ) Tj ET Q q 0 0 0 rg BT 410.44 124.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 447.85 124.95 Td (our ) Tj ET Q q 0 0 0 rg BT 464.28 124.95 Td (variables ) Tj ET Q q 0 0 0 rg BT 504.60 124.95 Td (for ) Tj ET Q q 0 0 0 rg BT 519.27 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 534.53 124.95 Td (Black-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (Scholes ) Tj ET Q q 0 0 0 rg BT 84.55 112.35 Td (model, ) Tj ET Q q 0 0 0 rg BT 115.80 112.35 Td (or ) Tj ET Q q 0 0 0 rg BT 126.94 112.35 Td (if ) Tj ET Q q 0 0 0 rg BT 135.73 112.35 Td (we ) Tj ET Q q 0 0 0 rg BT 150.36 112.35 Td (used ) Tj ET Q q 0 0 0 rg BT 171.99 112.35 Td (a ) Tj ET Q q 0 0 0 rg BT 179.04 112.35 Td (dif) Tj ET Q q 0 0 0 rg BT 190.51 112.35 Td (ferent ) Tj ET Q q 0 0 0 rg BT 217.38 112.35 Td (type ) Tj ET Q q 0 0 0 rg BT 237.84 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 248.97 112.35 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 311.43 112.35 Td (model, ) Tj ET Q q 0 0 0 rg BT 342.68 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 357.90 112.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 374.85 112.35 Td (value ) Tj ET Q q 0 0 0 rg BT 399.98 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 411.11 112.35 Td (our ) Tj ET Q q 0 0 0 rg BT 427.49 112.35 Td (option ) Tj ET Q q 0 0 0 rg BT 456.71 112.35 Td (grants ) Tj ET Q q 0 0 0 rg BT 484.75 112.35 Td (might ) Tj ET Q q 0 0 0 rg BT 511.64 112.35 Td (be ) Tj ET Q q 0 0 0 rg BT 523.93 112.35 Td (dif) Tj ET Q q 0 0 0 rg BT 535.41 112.35 Td (ferent.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 87.15 Td (During ) Tj ET Q q 0 0 0 rg BT 82.66 87.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 108.81 87.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 135.84 87.15 Td (we ) Tj ET Q q 0 0 0 rg BT 151.49 87.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 209.72 87.15 Td (an ) Tj ET Q q 0 0 0 rg BT 223.04 87.15 Td (af) Tj ET Q q 0 0 0 rg BT 231.01 87.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 258.91 87.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 288.56 87.15 Td (management ) Tj ET Q q 0 0 0 rg BT 345.62 87.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 367.11 87.15 Td (that ) Tj ET Q q 0 0 0 rg BT 386.26 87.15 Td (entitles ) Tj ET Q q 0 0 0 rg BT 420.00 87.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 451.97 87.15 Td (key ) Tj ET Q q 0 0 0 rg BT 470.54 87.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 518.85 87.15 Td (of ) Tj ET Q q 0 0 0 rg BT 531.01 87.15 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.00 74.55 Td (to ) Tj ET Q q 0 0 0 rg BT 96.25 74.55 Td (participate ) Tj ET Q q 0 0 0 rg BT 142.65 74.55 Td (in ) Tj ET Q q 0 0 0 rg BT 152.90 74.55 Td (15% ) Tj ET Q q 0 0 0 rg BT 174.23 74.55 Td (of ) Tj ET Q q 0 0 0 rg BT 185.07 74.55 Td (the ) Tj ET Q q 0 0 0 rg BT 199.98 74.55 Td (future ) Tj ET Q q 0 0 0 rg BT 227.14 74.55 Td (growth, ) Tj ET Q q 0 0 0 rg BT 261.60 74.55 Td (if ) Tj ET Q q 0 0 0 rg BT 270.10 74.55 Td (any) Tj ET Q q 0 0 0 rg BT 284.58 74.55 Td (, ) Tj ET Q q 0 0 0 rg BT 289.29 74.55 Td (of ) Tj ET Q q 0 0 0 rg BT 300.12 74.55 Td (the ) Tj ET Q q 0 0 0 rg BT 315.04 74.55 Td (af) Tj ET Q q 0 0 0 rg BT 323.01 74.55 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 355.56 74.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 399.04 74.55 Td (value ) Tj ET Q q 0 0 0 rg BT 423.87 74.55 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 459.20 74.55 Td (to ) Tj ET Q q 0 0 0 rg BT 469.45 74.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 519.35 74.55 Td (discounts\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 98.96 61.95 Td (to ) Tj ET Q q 0 0 0 rg BT 109.92 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 125.54 61.95 Td (date ) Tj ET Q q 0 0 0 rg BT 145.82 61.95 Td (of ) Tj ET Q q 0 0 0 rg BT 157.36 61.95 Td (the ) Tj ET Q q 0 0 0 rg BT 172.99 61.95 Td (grant. ) Tj ET Q q 0 0 0 rg BT 199.98 61.95 Td ( ) Tj ET Q q 0 0 0 rg BT 202.78 61.95 Td (During ) Tj ET Q q 0 0 0 rg BT 235.32 61.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 260.85 61.95 Td (2016, ) Tj ET Q q 0 0 0 rg BT 287.27 61.95 Td (we ) Tj ET Q q 0 0 0 rg BT 302.31 61.95 Td (implemented ) Tj ET Q q 0 0 0 rg BT 359.92 61.95 Td (an ) Tj ET Q q 0 0 0 rg BT 372.63 61.95 Td (af) Tj ET Q q 0 0 0 rg BT 380.60 61.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 407.88 61.95 Td (management ) Tj ET Q q 0 0 0 rg BT 464.32 61.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 493.36 61.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 514.23 61.95 Td (with ) Tj ET Q q 0 0 0 rg BT 535.69 61.95 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 49.35 Td (which ) Tj ET Q q 0 0 0 rg BT 77.78 49.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 113.65 49.35 Td (in ) Tj ET Q q 0 0 0 rg BT 124.44 49.35 Td (the ) Tj ET Q q 0 0 0 rg BT 139.89 49.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 178.09 49.35 Td (of ) Tj ET Q q 0 0 0 rg BT 189.46 49.35 Td (minority ) Tj ET Q q 0 0 0 rg BT 228.25 49.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 257.12 49.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 294.73 49.35 Td (in ) Tj ET Q q 0 0 0 rg BT 305.52 49.35 Td (the ) Tj ET Q q 0 0 0 rg BT 320.97 49.35 Td (af) Tj ET Q q 0 0 0 rg BT 328.94 49.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 356.05 49.35 Td (to ) Tj ET Q q 0 0 0 rg BT 366.84 49.35 Td (its ) Tj ET Q q 0 0 0 rg BT 379.39 49.35 Td (management ) Tj ET Q q 0 0 0 rg BT 435.66 49.35 Td (team ) Tj ET Q q 0 0 0 rg BT 458.69 49.35 Td (in ) Tj ET Q q 0 0 0 rg BT 469.48 49.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 494.84 49.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 521.09 49.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 547.34 49.35 Td (and ) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (81) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 76.06 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 78.79 741.75 Td (These ) Tj ET Q q 0 0 0 rg BT 106.79 741.75 Td (Royce ) Tj ET Q q 0 0 0 rg BT 136.56 741.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 174.49 741.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 200.75 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.52 741.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 250.36 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 261.47 741.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 294.71 741.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 335.55 741.75 Td (distributions ) Tj ET Q q 0 0 0 rg BT 390.99 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.67 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 418.44 741.75 Td (af) Tj ET Q q 0 0 0 rg BT 426.40 741.75 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 459.81 741.75 Td (net ) Tj ET Q q 0 0 0 rg BT 475.57 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 515.82 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 526.93 741.75 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 75.92 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 87.76 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 104.27 729.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 153.42 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 165.84 729.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 213.26 729.15 Td (represented ) Tj ET Q q 0 0 0 rg BT 265.33 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 279.51 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 296.02 729.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 325.94 729.15 Td (they ) Tj ET Q q 0 0 0 rg BT 347.70 729.15 Td (hold, ) Tj ET Q q 0 0 0 rg BT 372.67 729.15 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 425.34 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 437.19 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 453.69 729.15 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 510.43 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 522.85 729.15 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 89.66 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 107.08 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 123.34 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 151.84 716.55 Td (interests. ) Tj ET Q q 0 0 0 rg BT 191.72 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 193.98 716.55 Td (During ) Tj ET Q q 0 0 0 rg BT 225.98 716.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 250.98 716.55 Td (2014, ) Tj ET Q q 0 0 0 rg BT 276.86 716.55 Td (we ) Tj ET Q q 0 0 0 rg BT 291.36 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 310.54 716.55 Td (implemented ) Tj ET Q q 0 0 0 rg BT 367.61 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 374.53 716.55 Td (management ) Tj ET Q q 0 0 0 rg BT 430.44 716.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 458.94 716.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 479.28 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 493.78 716.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 547.35 716.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (granted ) Tj ET Q q 0 0 0 rg BT 84.39 703.95 Td (units ) Tj ET Q q 0 0 0 rg BT 108.22 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 119.79 703.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.75 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 163.91 703.95 Td (their ) Tj ET Q q 0 0 0 rg BT 186.55 703.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 234.86 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 254.01 703.95 Td (entitle ) Tj ET Q q 0 0 0 rg BT 283.66 703.95 Td (them ) Tj ET Q q 0 0 0 rg BT 308.06 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 319.63 703.95 Td (participate ) Tj ET Q q 0 0 0 rg BT 367.34 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 378.91 703.95 Td (15% ) Tj ET Q q 0 0 0 rg BT 401.56 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 413.71 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 429.95 703.95 Td (future ) Tj ET Q q 0 0 0 rg BT 458.42 703.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 491.57 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 503.72 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 519.96 703.95 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 691.35 Td (filiate's ) Tj ET Q q 0 0 0 rg BT 90.56 691.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 134.58 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 159.94 691.35 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 195.81 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 206.60 691.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 257.04 691.35 Td (discounts\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.89 666.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 110.54 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.03 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.26 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 168.66 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 180.07 666.15 Td (option-like ) Tj ET Q q 0 0 0 rg BT 228.81 666.15 Td (af) Tj ET Q q 0 0 0 rg BT 236.78 666.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 263.93 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 320.23 666.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 349.14 666.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 369.88 666.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 398.20 666.15 Td (using ) Tj ET Q q 0 0 0 rg BT 423.62 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 439.11 666.15 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 502.43 666.15 Td (option-pricing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (model, ) Tj ET Q q 0 0 0 rg BT 80.77 653.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 112.92 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 123.48 653.55 Td (any ) Tj ET Q q 0 0 0 rg BT 141.04 653.55 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 194.78 653.55 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 238.60 653.55 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 283.30 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 311.36 653.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 347.58 653.55 Td (management ) Tj ET Q q 0 0 0 rg BT 403.62 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 414.19 653.55 Td (develop ) Tj ET Q q 0 0 0 rg BT 449.83 653.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 491.31 653.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 533.94 653.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (input ) Tj ET Q q 0 0 0 rg BT 74.20 640.95 Td (variables. ) Tj ET Q q 0 0 0 rg BT 117.62 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 137.07 640.95 Td (inputs ) Tj ET Q q 0 0 0 rg BT 165.86 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 181.22 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 197.16 640.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 260.94 640.95 Td (model ) Tj ET Q q 0 0 0 rg BT 290.30 640.95 Td (include: ) Tj ET Q q 0 0 0 rg BT 327.24 640.95 Td (baseline ) Tj ET Q q 0 0 0 rg BT 364.77 640.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 393.25 640.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 433.11 640.95 Td (yield, ) Tj ET Q q 0 0 0 rg BT 459.85 640.95 Td (volatility) Tj ET Q q 0 0 0 rg BT 497.08 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 502.83 640.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 543.26 640.95 Td (term ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.65 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.48 628.35 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 122.03 628.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 155.93 628.35 Td (rate, ) Tj ET Q q 0 0 0 rg BT 177.29 628.35 Td (all ) Tj ET Q q 0 0 0 rg BT 190.78 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 202.52 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 231.17 628.35 Td (require ) Tj ET Q q 0 0 0 rg BT 263.90 628.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 305.97 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 317.71 628.35 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 375.25 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 378.03 628.35 Td (W) Tj ET Q q 0 0 0 rg BT 387.10 628.35 Td (e ) Tj ET Q q 0 0 0 rg BT 394.75 628.35 Td (calculate ) Tj ET Q q 0 0 0 rg BT 435.05 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 450.88 628.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 490.62 628.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 514.60 628.35 Td (based ) Tj ET Q q 0 0 0 rg BT 541.51 628.35 Td (upon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.74 615.75 Td (average ) Tj ET Q q 0 0 0 rg BT 99.80 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.96 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 126.21 615.75 Td (historical ) Tj ET Q q 0 0 0 rg BT 167.70 615.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 208.01 615.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 247.17 615.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 289.83 615.75 Td (over ) Tj ET Q q 0 0 0 rg BT 310.91 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 317.98 615.75 Td (term ) Tj ET Q q 0 0 0 rg BT 339.64 615.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 364.79 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 375.38 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.62 615.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 430.35 615.75 Td (life ) Tj ET Q q 0 0 0 rg BT 446.76 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.92 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 473.16 615.75 Td (options. ) Tj ET Q q 0 0 0 rg BT 509.13 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 511.37 615.75 Td (W) Tj ET Q q 0 0 0 rg BT 520.44 615.75 Td (e ) Tj ET Q q 0 0 0 rg BT 527.51 615.75 Td (estimate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (volatility ) Tj ET Q q 0 0 0 rg BT 90.44 603.15 Td (equally ) Tj ET Q q 0 0 0 rg BT 124.37 603.15 Td (weighted ) Tj ET Q q 0 0 0 rg BT 165.89 603.15 Td (between ) Tj ET Q q 0 0 0 rg BT 203.89 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 219.75 603.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 261.85 603.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 289.94 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 301.71 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 318.73 603.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 343.92 603.15 Td (over ) Tj ET Q q 0 0 0 rg BT 365.61 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 373.29 603.15 Td (period ) Tj ET Q q 0 0 0 rg BT 403.14 603.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 428.91 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 440.10 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 455.95 603.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 496.29 603.15 Td (life ) Tj ET Q q 0 0 0 rg BT 513.30 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.07 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 540.93 603.15 Td (grant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.34 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 82.84 590.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 117.60 590.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 158.19 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 169.61 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 201.44 590.55 Td (listed ) Tj ET Q q 0 0 0 rg BT 226.87 590.55 Td (options ) Tj ET Q q 0 0 0 rg BT 260.47 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 270.72 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 286.22 590.55 Td (date ) Tj ET Q q 0 0 0 rg BT 306.39 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 317.81 590.55 Td (grant. ) Tj ET Q q 0 0 0 rg BT 344.69 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 347.17 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 366.17 590.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 406.16 590.55 Td (life ) Tj ET Q q 0 0 0 rg BT 422.83 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 432.51 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 448.01 590.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 490.93 590.55 Td (length ) Tj ET Q q 0 0 0 rg BT 519.85 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 531.27 590.55 Td (time ) Tj ET Q q 0 0 0 rg BT 552.61 590.55 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (option ) Tj ET Q q 0 0 0 rg BT 78.73 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 97.46 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 109.76 577.95 Td (held ) Tj ET Q q 0 0 0 rg BT 130.23 577.95 Td (before ) Tj ET Q q 0 0 0 rg BT 159.44 577.95 Td (it ) Tj ET Q q 0 0 0 rg BT 167.67 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 177.06 577.95 Td (either ) Tj ET Q q 0 0 0 rg BT 203.36 577.95 Td (exercised ) Tj ET Q q 0 0 0 rg BT 245.40 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 256.54 577.95 Td (canceled, ) Tj ET Q q 0 0 0 rg BT 298.27 577.95 Td (based ) Tj ET Q q 0 0 0 rg BT 324.58 577.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 347.97 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 364.36 577.95 Td (historical ) Tj ET Q q 0 0 0 rg BT 405.83 577.95 Td (option ) Tj ET Q q 0 0 0 rg BT 435.05 577.95 Td (exercise ) Tj ET Q q 0 0 0 rg BT 471.84 577.95 Td (experience. ) Tj ET Q q 0 0 0 rg BT 522.32 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 524.54 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 543.26 577.95 Td (risk-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (free ) Tj ET Q q 0 0 0 rg BT 68.42 565.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 101.93 565.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 120.26 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 129.87 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 145.30 565.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 163.64 565.35 Td (available ) Tj ET Q q 0 0 0 rg BT 204.13 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 218.98 565.35 Td (zero-coupon ) Tj ET Q q 0 0 0 rg BT 274.06 565.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 295.33 565.35 Td (Government ) Tj ET Q q 0 0 0 rg BT 350.42 565.35 Td (issues ) Tj ET Q q 0 0 0 rg BT 378.11 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 399.38 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 406.64 565.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 451.81 565.35 Td (term ) Tj ET Q q 0 0 0 rg BT 473.66 565.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 499.00 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 509.77 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.20 565.35 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (life ) Tj ET Q q 0 0 0 rg BT 66.24 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 77.74 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 93.32 552.75 Td (options ) Tj ET Q q 0 0 0 rg BT 126.99 552.75 Td (being ) Tj ET Q q 0 0 0 rg BT 153.06 552.75 Td (valued. ) Tj ET Q q 0 0 0 rg BT 186.43 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.18 552.75 Td (If ) Tj ET Q q 0 0 0 rg BT 198.92 552.75 Td (we ) Tj ET Q q 0 0 0 rg BT 213.91 552.75 Td (used ) Tj ET Q q 0 0 0 rg BT 235.91 552.75 Td (dif) Tj ET Q q 0 0 0 rg BT 247.38 552.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 274.62 552.75 Td (methods ) Tj ET Q q 0 0 0 rg BT 312.95 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 323.86 552.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 361.60 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 378.35 552.75 Td (variables ) Tj ET Q q 0 0 0 rg BT 419.00 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 433.99 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.57 552.75 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 512.97 552.75 Td (model, ) Tj ET Q q 0 0 0 rg BT 544.59 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 556.09 552.75 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (we ) Tj ET Q q 0 0 0 rg BT 64.39 540.15 Td (used ) Tj ET Q q 0 0 0 rg BT 86.27 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 93.58 540.15 Td (dif) Tj ET Q q 0 0 0 rg BT 105.05 540.15 Td (ferent ) Tj ET Q q 0 0 0 rg BT 132.17 540.15 Td (type ) Tj ET Q q 0 0 0 rg BT 152.89 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 164.28 540.15 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 227.00 540.15 Td (model, ) Tj ET Q q 0 0 0 rg BT 258.51 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 273.98 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 291.19 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 316.57 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 327.96 540.15 Td (our ) Tj ET Q q 0 0 0 rg BT 344.60 540.15 Td (option ) Tj ET Q q 0 0 0 rg BT 374.08 540.15 Td (grants ) Tj ET Q q 0 0 0 rg BT 402.38 540.15 Td (might ) Tj ET Q q 0 0 0 rg BT 429.52 540.15 Td (be ) Tj ET Q q 0 0 0 rg BT 442.07 540.15 Td (dif) Tj ET Q q 0 0 0 rg BT 453.55 540.15 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 483.30 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 485.94 540.15 Td (However) Tj ET Q q 0 0 0 rg BT 524.00 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 529.27 540.15 Td (because ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 65.74 527.55 Td (af) Tj ET Q q 0 0 0 rg BT 73.71 527.55 Td (filiates ) Tj ET Q q 0 0 0 rg BT 104.52 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 119.59 527.55 Td (private ) Tj ET Q q 0 0 0 rg BT 150.98 527.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 198.13 527.55 Td (without ) Tj ET Q q 0 0 0 rg BT 232.46 527.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 263.28 527.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.69 527.55 Td (prices, ) Tj ET Q q 0 0 0 rg BT 317.63 527.55 Td (we ) Tj ET Q q 0 0 0 rg BT 332.11 527.55 Td (utilize ) Tj ET Q q 0 0 0 rg BT 360.60 527.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 408.33 527.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 429.23 527.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 450.72 527.55 Td (analyses ) Tj ET Q q 0 0 0 rg BT 488.54 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 505.94 527.55 Td (market-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 97.19 514.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 128.27 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 138.35 514.95 Td (those ) Tj ET Q q 0 0 0 rg BT 162.42 514.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 204.58 514.95 Td (above ) Tj ET Q q 0 0 0 rg BT 231.56 514.95 Td (under ) Tj ET Q q 0 0 0 rg BT 257.38 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 272.11 514.95 Td (heading ) Tj ET Q q 0 0 0 rg BT 307.26 514.95 Td (�Intangible ) Tj ET Q q 0 0 0 rg BT 355.98 514.95 Td (Assets ) Tj ET Q q 0 0 0 rg BT 385.31 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 402.38 514.95 Td (Goodwill�, ) Tj ET Q q 0 0 0 rg BT 451.24 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 461.32 514.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 505.21 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 519.95 514.95 Td (respective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (business ) Tj ET Q q 0 0 0 rg BT 87.71 502.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 131.73 502.35 Td (values, ) Tj ET Q q 0 0 0 rg BT 163.81 502.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 196.18 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 206.97 502.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 257.40 502.35 Td (discounts ) Tj ET Q q 0 0 0 rg BT 299.70 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 314.57 502.35 Td (lack ) Tj ET Q q 0 0 0 rg BT 334.68 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 346.05 502.35 Td (control ) Tj ET Q q 0 0 0 rg BT 378.42 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 396.20 502.35 Td (marketability) Tj ET Q q 0 0 0 rg BT 451.51 502.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.07 477.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 110.05 477.15 Td (information ) Tj ET Q q 0 0 0 rg BT 161.61 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 174.10 477.15 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 225.65 477.15 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 288.59 477.15 Td (see ) Tj ET Q q 0 0 0 rg BT 303.98 477.15 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.47 477.15 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.72 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 337.70 477.15 Td (and�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.49 477.15 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.99 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 367.98 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 378.71 477.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.19 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 415.35 477.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 472.75 477.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 513.81 477.15 Td (Statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 91.89 451.95 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.61 451.95 Td (Inter) Tj ET Q q 0 0 0 rg BT 142.16 451.95 Td (ests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.48 439.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 152.29 439.35 Td (include ) Tj ET Q q 0 0 0 rg BT 185.02 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 192.98 439.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 219.29 439.35 Td (minority ) Tj ET Q q 0 0 0 rg BT 257.28 439.35 Td (interests, ) Tj ET Q q 0 0 0 rg BT 296.71 439.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 343.43 439.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 379.08 439.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 407.15 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 417.13 439.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.02 439.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 439.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (products, ) Tj ET Q q 0 0 0 rg BT 91.00 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.87 426.75 Td (vested ) Tj ET Q q 0 0 0 rg BT 138.40 426.75 Td (af) Tj ET Q q 0 0 0 rg BT 146.37 426.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 173.57 426.75 Td (management ) Tj ET Q q 0 0 0 rg BT 229.93 426.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 258.88 426.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 279.67 426.75 Td (interests. ) Tj ET Q q 0 0 0 rg BT 320.00 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 322.71 426.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 389.58 426.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 427.29 426.75 Td (where ) Tj ET Q q 0 0 0 rg BT 455.65 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.19 426.75 Td (holder ) Tj ET Q q 0 0 0 rg BT 500.72 426.75 Td (may ) Tj ET Q q 0 0 0 rg BT 521.51 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 534.14 426.75 Td (able ) Tj ET Q q 0 0 0 rg BT 554.33 426.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (request ) Tj ET Q q 0 0 0 rg BT 81.68 414.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 126.69 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 141.37 414.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 182.88 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 193.48 414.15 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 243.73 414.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 307.41 414.15 Td (interests, ) Tj ET Q q 0 0 0 rg BT 346.89 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 363.90 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 378.58 414.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 415.42 414.15 Td (at ) Tj ET Q q 0 0 0 rg BT 424.85 414.15 Td (their ) Tj ET Q q 0 0 0 rg BT 445.95 414.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 488.05 414.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 533.06 414.15 Td (values, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (except ) Tj ET Q q 0 0 0 rg BT 80.70 401.55 Td (when ) Tj ET Q q 0 0 0 rg BT 107.24 401.55 Td (such ) Tj ET Q q 0 0 0 rg BT 130.28 401.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 177.24 401.55 Td (values ) Tj ET Q q 0 0 0 rg BT 207.86 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 224.48 401.55 Td (less ) Tj ET Q q 0 0 0 rg BT 244.02 401.55 Td (than ) Tj ET Q q 0 0 0 rg BT 265.90 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 282.53 401.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 321.90 401.55 Td (value, ) Tj ET Q q 0 0 0 rg BT 351.06 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 367.68 401.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 406.46 401.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 441.76 401.55 Td (is ) Tj ET Q q 0 0 0 rg BT 452.56 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 469.19 401.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 508.56 401.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 537.44 401.55 Td (When ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.77 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 105.88 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 122.41 388.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 162.82 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 174.10 388.95 Td (occur ) Tj ET Q q 0 0 0 rg BT 200.53 388.95 Td (until ) Tj ET Q q 0 0 0 rg BT 222.89 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 230.66 388.95 Td (future ) Tj ET Q q 0 0 0 rg BT 258.84 388.95 Td (date, ) Tj ET Q q 0 0 0 rg BT 282.06 388.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 318.99 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 330.27 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 346.21 388.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 386.63 388.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 432.89 388.95 Td (values ) Tj ET Q q 0 0 0 rg BT 462.83 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 478.75 388.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 527.92 388.95 Td (over ) Tj ET Q q 0 0 0 rg BT 549.69 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.42 376.35 Td (period ) Tj ET Q q 0 0 0 rg BT 125.01 376.35 Td (as ) Tj ET Q q 0 0 0 rg BT 136.53 376.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 189.46 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 200.39 376.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 236.98 376.35 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 277.94 376.35 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 347.17 376.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 411.77 376.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 449.53 376.35 Td (do ) Tj ET Q q 0 0 0 rg BT 462.80 376.35 Td (not ) Tj ET Q q 0 0 0 rg BT 478.98 376.35 Td (permit ) Tj ET Q q 0 0 0 rg BT 509.16 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 376.35 Td (holder ) Tj ET Q q 0 0 0 rg BT 554.34 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (request ) Tj ET Q q 0 0 0 rg BT 83.86 363.75 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 133.67 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 152.87 363.75 Td (are ) Tj ET Q q 0 0 0 rg BT 169.72 363.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 208.74 363.75 Td (at ) Tj ET Q q 0 0 0 rg BT 220.35 363.75 Td (their ) Tj ET Q q 0 0 0 rg BT 243.63 363.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 283.24 363.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 312.64 363.75 Td (together ) Tj ET Q q 0 0 0 rg BT 351.07 363.75 Td (with ) Tj ET Q q 0 0 0 rg BT 373.78 363.75 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 433.23 363.75 Td (net ) Tj ET Q q 0 0 0 rg BT 450.09 363.75 Td (income ) Tj ET Q q 0 0 0 rg BT 485.03 363.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 512.40 363.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 554.33 363.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.95 351.15 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 325.95 Td (e ) Tj ET Q q 0 0 0 rg BT 65.62 325.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 103.00 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 118.23 325.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 163.77 325.95 Td (value ) Tj ET Q q 0 0 0 rg BT 188.91 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 200.05 325.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 264.27 325.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 301.65 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 312.79 325.95 Td (their ) Tj ET Q q 0 0 0 rg BT 334.43 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 351.39 325.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 379.15 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 381.01 325.95 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 421.91 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 436.55 325.95 Td (af) Tj ET Q q 0 0 0 rg BT 444.52 325.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 471.40 325.95 Td (minority ) Tj ET Q q 0 0 0 rg BT 509.96 325.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 547.34 325.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 313.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 84.76 313.35 Td (management ) Tj ET Q q 0 0 0 rg BT 141.20 313.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.25 313.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 191.13 313.35 Td (interests, ) Tj ET Q q 0 0 0 rg BT 231.55 313.35 Td (if ) Tj ET Q q 0 0 0 rg BT 240.76 313.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 278.54 313.35 Td (at ) Tj ET Q q 0 0 0 rg BT 288.92 313.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 306.29 313.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 334.46 313.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 364.07 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 379.70 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 411.06 313.35 Td (total ) Tj ET Q q 0 0 0 rg BT 432.53 313.35 Td (business ) Tj ET Q q 0 0 0 rg BT 470.92 313.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 515.11 313.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 543.28 313.35 Td (after ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 100.41 300.75 Td (discounts ) Tj ET Q q 0 0 0 rg BT 143.18 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 158.53 300.75 Td (lack ) Tj ET Q q 0 0 0 rg BT 179.12 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.97 300.75 Td (marketability ) Tj ET Q q 0 0 0 rg BT 250.06 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 268.32 300.75 Td (control. ) Tj ET Q q 0 0 0 rg BT 303.79 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 306.67 300.75 Td (There ) Tj ET Q q 0 0 0 rg BT 334.26 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 355.44 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 375.46 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 388.47 300.75 Td (features ) Tj ET Q q 0 0 0 rg BT 424.80 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.65 300.75 Td (these ) Tj ET Q q 0 0 0 rg BT 461.33 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 490.68 300.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 531.40 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 553.75 300.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 89.46 288.15 Td (subordination, ) Tj ET Q q 0 0 0 rg BT 153.04 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 172.00 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 188.02 288.15 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 247.80 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 259.18 288.15 Td (their ) Tj ET Q q 0 0 0 rg BT 281.63 288.15 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 330.63 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 333.60 288.15 Td (The ) Tj ET Q q 0 0 0 rg BT 353.14 288.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 370.92 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 396.87 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 408.83 288.15 Td (option-like ) Tj ET Q q 0 0 0 rg BT 458.12 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 514.97 288.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 544.43 288.15 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.08 275.55 Td (also ) Tj ET Q q 0 0 0 rg BT 104.58 275.55 Td (relies ) Tj ET Q q 0 0 0 rg BT 128.90 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 140.98 275.55 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 203.22 275.55 Td (option ) Tj ET Q q 0 0 0 rg BT 231.64 275.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 262.97 275.55 Td (model ) Tj ET Q q 0 0 0 rg BT 290.80 275.55 Td (calculations, ) Tj ET Q q 0 0 0 rg BT 345.16 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 355.49 275.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 380.40 275.55 Td (above. ) Tj ET Q q 0 0 0 rg BT 409.68 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 411.27 275.55 Td (For ) Tj ET Q q 0 0 0 rg BT 427.44 275.55 Td (af) Tj ET Q q 0 0 0 rg BT 435.41 275.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 461.48 275.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 524.89 275.55 Td (interests, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 99.00 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 110.00 262.95 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 161.54 262.95 Td (business ) Tj ET Q q 0 0 0 rg BT 199.96 262.95 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 244.20 262.95 Td (values ) Tj ET Q q 0 0 0 rg BT 273.86 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 289.51 262.95 Td (derived ) Tj ET Q q 0 0 0 rg BT 323.84 262.95 Td (using ) Tj ET Q q 0 0 0 rg BT 349.43 262.95 Td (various ) Tj ET Q q 0 0 0 rg BT 383.17 262.95 Td (methods, ) Tj ET Q q 0 0 0 rg BT 424.22 262.95 Td (including ) Tj ET Q q 0 0 0 rg BT 466.72 262.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 515.05 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 536.54 262.95 Td (flows, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (guideline ) Tj ET Q q 0 0 0 rg BT 90.25 250.35 Td (public ) Tj ET Q q 0 0 0 rg BT 118.16 250.35 Td (company ) Tj ET Q q 0 0 0 rg BT 158.32 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 175.15 250.35 Td (guideline ) Tj ET Q q 0 0 0 rg BT 215.90 250.35 Td (public ) Tj ET Q q 0 0 0 rg BT 243.82 250.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 291.56 250.35 Td (methods. ) Tj ET Q q 0 0 0 rg BT 331.43 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 332.98 250.35 Td (W) Tj ET Q q 0 0 0 rg BT 342.05 250.35 Td (e ) Tj ET Q q 0 0 0 rg BT 348.39 250.35 Td (may ) Tj ET Q q 0 0 0 rg BT 368.14 250.35 Td (engage ) Tj ET Q q 0 0 0 rg BT 399.54 250.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 446.11 250.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 486.86 250.35 Td (experts ) Tj ET Q q 0 0 0 rg BT 518.85 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 528.69 250.35 Td (perform ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 103.76 237.75 Td (determinations ) Tj ET Q q 0 0 0 rg BT 169.11 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.80 237.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.31 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 224.00 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 235.69 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 246.80 237.75 Td (review ) Tj ET Q q 0 0 0 rg BT 278.31 237.75 Td (internally ) Tj ET Q q 0 0 0 rg BT 321.50 237.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 361.16 237.75 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 409.89 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 421.59 237.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 474.96 237.75 Td (based ) Tj ET Q q 0 0 0 rg BT 501.82 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 515.26 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 531.03 237.75 Td (relative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (significance ) Tj ET Q q 0 0 0 rg BT 103.58 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 115.68 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.85 225.15 Td (related ) Tj ET Q q 0 0 0 rg BT 163.77 225.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 202.70 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 221.21 225.15 Td (related ) Tj ET Q q 0 0 0 rg BT 253.13 225.15 Td (contractual ) Tj ET Q q 0 0 0 rg BT 303.12 225.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 350.22 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 368.73 225.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 405.90 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 417.42 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 459.85 225.15 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 491.49 225.15 Td (For ) Tj ET Q q 0 0 0 rg BT 509.43 225.15 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 94.21 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 142.41 212.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 183.33 212.55 Td (where ) Tj ET Q q 0 0 0 rg BT 211.11 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 226.06 212.55 Td (investor ) Tj ET Q q 0 0 0 rg BT 262.02 212.55 Td (may ) Tj ET Q q 0 0 0 rg BT 282.23 212.55 Td (request ) Tj ET Q q 0 0 0 rg BT 314.67 212.55 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 364.04 212.55 Td (at ) Tj ET Q q 0 0 0 rg BT 373.75 212.55 Td (any ) Tj ET Q q 0 0 0 rg BT 391.03 212.55 Td (time, ) Tj ET Q q 0 0 0 rg BT 414.45 212.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 431.15 212.55 Td (value ) Tj ET Q q 0 0 0 rg BT 456.02 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 465.15 212.55 Td (based ) Tj ET Q q 0 0 0 rg BT 491.18 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 503.81 212.55 Td (market ) Tj ET Q q 0 0 0 rg BT 535.09 212.55 Td (quotes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 199.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 124.44 199.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.72 199.95 Td (held ) Tj ET Q q 0 0 0 rg BT 187.42 199.95 Td (by ) Tj ET Q q 0 0 0 rg BT 200.55 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 216.00 199.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 264.70 199.95 Td (vehicles.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 174.75 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 174.75 Td (axes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 162.15 Td (e ) Tj ET Q q 0 0 0 rg BT 64.83 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 79.25 162.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 110.59 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 120.36 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 134.79 162.15 Td (income ) Tj ET Q q 0 0 0 rg BT 167.30 162.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 181.73 162.15 Td (laws ) Tj ET Q q 0 0 0 rg BT 202.58 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 212.92 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 227.35 162.15 Td (federal, ) Tj ET Q q 0 0 0 rg BT 260.72 162.15 Td (state ) Tj ET Q q 0 0 0 rg BT 281.57 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 298.33 162.15 Td (local ) Tj ET Q q 0 0 0 rg BT 320.34 162.15 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 373.85 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 384.20 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 398.63 162.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 418.90 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 435.67 162.15 Td (numerous ) Tj ET Q q 0 0 0 rg BT 478.68 162.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 510.60 162.15 Td (jurisdictions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 60.60 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 89.19 149.55 Td (we ) Tj ET Q q 0 0 0 rg BT 104.36 149.55 Td (operate. ) Tj ET Q q 0 0 0 rg BT 140.81 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 143.53 149.55 Td (W) Tj ET Q q 0 0 0 rg BT 152.60 149.55 Td (e ) Tj ET Q q 0 0 0 rg BT 160.19 149.55 Td (file ) Tj ET Q q 0 0 0 rg BT 177.12 149.55 Td (income ) Tj ET Q q 0 0 0 rg BT 210.95 149.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 226.71 149.55 Td (returns ) Tj ET Q q 0 0 0 rg BT 258.80 149.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 313.63 149.55 Td (our ) Tj ET Q q 0 0 0 rg BT 330.55 149.55 Td (filing ) Tj ET Q q 0 0 0 rg BT 356.23 149.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.09 149.55 Td (with ) Tj ET Q q 0 0 0 rg BT 418.68 149.55 Td (each ) Tj ET Q q 0 0 0 rg BT 440.85 149.55 Td (relevant ) Tj ET Q q 0 0 0 rg BT 477.59 149.55 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 530.98 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 533.91 149.55 Td (Due ) Tj ET Q q 0 0 0 rg BT 554.33 149.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.32 136.95 Td (inherent ) Tj ET Q q 0 0 0 rg BT 100.72 136.95 Td (complexities ) Tj ET Q q 0 0 0 rg BT 156.37 136.95 Td (arising ) Tj ET Q q 0 0 0 rg BT 186.94 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 209.34 136.95 Td (conducting ) Tj ET Q q 0 0 0 rg BT 257.99 136.95 Td (business ) Tj ET Q q 0 0 0 rg BT 295.57 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 312.73 136.95 Td (being ) Tj ET Q q 0 0 0 rg BT 338.05 136.95 Td (taxed ) Tj ET Q q 0 0 0 rg BT 362.78 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 372.94 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 379.59 136.95 Td (substantial ) Tj ET Q q 0 0 0 rg BT 426.50 136.95 Td (number ) Tj ET Q q 0 0 0 rg BT 460.57 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 471.31 136.95 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 527.84 136.95 Td (we ) Tj ET Q q 0 0 0 rg BT 542.08 136.95 Td (must ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (make ) Tj ET Q q 0 0 0 rg BT 74.86 124.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 106.05 124.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 147.75 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 165.54 124.35 Td (judgments ) Tj ET Q q 0 0 0 rg BT 211.91 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 222.70 124.35 Td (determining ) Tj ET Q q 0 0 0 rg BT 276.07 124.35 Td (our ) Tj ET Q q 0 0 0 rg BT 292.69 124.35 Td (income ) Tj ET Q q 0 0 0 rg BT 326.22 124.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 341.67 124.35 Td (provision ) Tj ET Q q 0 0 0 rg BT 383.97 124.35 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 422.74 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 437.61 124.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 476.96 124.35 Td (statement ) Tj ET Q q 0 0 0 rg BT 519.82 124.35 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.75 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.83 101.75 Td (all ) Tj ET Q q 0 0 0 rg BT 119.82 101.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.07 101.75 Td (our ) Tj ET Q q 0 0 0 rg BT 147.56 101.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 185.03 101.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 200.36 101.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 227.35 101.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 253.16 101.75 Td (to ) Tj ET Q q 0 0 0 rg BT 263.83 101.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 285.00 101.75 Td (\(federal ) Tj ET Q q 0 0 0 rg BT 320.13 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 337.79 101.75 Td (state\), ) Tj ET Q q 0 0 0 rg BT 365.65 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 383.31 101.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 406.22 101.75 Td (taxing ) Tj ET Q q 0 0 0 rg BT 434.96 101.75 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 492.00 101.75 Td ( ) Tj ET Q q 0 0 0 rg BT 493.95 101.75 Td (As ) Tj ET Q q 0 0 0 rg BT 508.12 101.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.36 101.75 Td (March�31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 76.13 89.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 97.82 89.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 129.97 89.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 167.95 89.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.79 89.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.30 89.15 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 260.36 89.15 Td ($627�million, ) Tj ET Q q 0 0 0 rg BT 319.96 89.15 Td (realization ) Tj ET Q q 0 0 0 rg BT 367.28 89.15 Td (of ) Tj ET Q q 0 0 0 rg BT 379.04 89.15 Td (which ) Tj ET Q q 0 0 0 rg BT 407.71 89.15 Td (is ) Tj ET Q q 0 0 0 rg BT 417.72 89.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 458.04 89.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.22 89.15 Td (require ) Tj ET Q q 0 0 0 rg BT 501.96 89.15 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 523.34 89.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 553.77 89.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.85 76.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 109.10 76.55 Td (over ) Tj ET Q q 0 0 0 rg BT 130.44 76.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.94 76.55 Td (next ) Tj ET Q q 0 0 0 rg BT 166.70 76.55 Td (eight ) Tj ET Q q 0 0 0 rg BT 190.38 76.55 Td (years, ) Tj ET Q q 0 0 0 rg BT 217.83 76.55 Td (of ) Tj ET Q q 0 0 0 rg BT 229.26 76.55 Td (which ) Tj ET Q q 0 0 0 rg BT 257.60 76.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 320.93 76.55 Td ($349 ) Tj ET Q q 0 0 0 rg BT 344.60 76.55 Td (million ) Tj ET Q q 0 0 0 rg BT 377.62 76.55 Td (must ) Tj ET Q q 0 0 0 rg BT 400.72 76.55 Td (be ) Tj ET Q q 0 0 0 rg BT 413.31 76.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 446.31 76.55 Td (sourced ) Tj ET Q q 0 0 0 rg BT 481.64 76.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 522.52 76.55 Td ( ) Tj ET Q q 0 0 0 rg BT 525.20 76.55 Td (Deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.09 63.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 90.34 63.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 132.90 63.95 Td (in ) Tj ET Q q 0 0 0 rg BT 142.83 63.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.26 63.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 216.93 63.95 Td (resulting ) Tj ET Q q 0 0 0 rg BT 255.44 63.95 Td (from ) Tj ET Q q 0 0 0 rg BT 277.61 63.95 Td (net ) Tj ET Q q 0 0 0 rg BT 292.19 63.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.60 63.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 360.45 63.95 Td (generally ) Tj ET Q q 0 0 0 rg BT 401.27 63.95 Td (expire ) Tj ET Q q 0 0 0 rg BT 429.26 63.95 Td (20�years ) Tj ET Q q 0 0 0 rg BT 466.30 63.95 Td (after ) Tj ET Q q 0 0 0 rg BT 487.29 63.95 Td (they ) Tj ET Q q 0 0 0 rg BT 507.12 63.95 Td (are ) Tj ET Q q 0 0 0 rg BT 521.70 63.95 Td (generated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 51.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.99 51.35 Td (those ) Tj ET Q q 0 0 0 rg BT 91.48 51.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 130.55 51.35 Td (from ) Tj ET Q q 0 0 0 rg BT 153.29 51.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 185.93 51.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 201.09 51.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 231.40 51.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 272.79 51.35 Td (expire ) Tj ET Q q 0 0 0 rg BT 301.35 51.35 Td (10�years ) Tj ET Q q 0 0 0 rg BT 338.96 51.35 Td (after ) Tj ET Q q 0 0 0 rg BT 360.52 51.35 Td (they ) Tj ET Q q 0 0 0 rg BT 380.92 51.35 Td (are ) Tj ET Q q 0 0 0 rg BT 396.07 51.35 Td (generated. ) Tj ET Q q 0 0 0 rg BT 441.82 51.35 Td ( ) Tj ET Q q 0 0 0 rg BT 444.15 51.35 Td (Based ) Tj ET Q q 0 0 0 rg BT 472.14 51.35 Td (on ) Tj ET Q q 0 0 0 rg BT 484.96 51.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 526.37 51.35 Td (of ) Tj ET Q q 0 0 0 rg BT 537.44 51.35 Td (future ) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (82) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (taxable ) Tj ET Q q 0 0 0 rg BT 82.54 741.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 118.79 741.75 Td (using ) Tj ET Q q 0 0 0 rg BT 144.26 741.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 198.90 741.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 230.78 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 241.67 741.75 Td (those ) Tj ET Q q 0 0 0 rg BT 266.55 741.75 Td (used ) Tj ET Q q 0 0 0 rg BT 288.52 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.40 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 316.12 741.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 356.17 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 407.30 741.75 Td (testing, ) Tj ET Q q 0 0 0 rg BT 440.64 741.75 Td (it ) Tj ET Q q 0 0 0 rg BT 449.19 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 458.92 741.75 Td (more ) Tj ET Q q 0 0 0 rg BT 483.21 741.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 509.84 741.75 Td (than ) Tj ET Q q 0 0 0 rg BT 530.64 741.75 Td (not ) Tj ET Q q 0 0 0 rg BT 546.77 741.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 105.71 729.15 Td (all ) Tj ET Q q 0 0 0 rg BT 119.34 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.21 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.17 729.15 Td (current ) Tj ET Q q 0 0 0 rg BT 180.03 729.15 Td (federal ) Tj ET Q q 0 0 0 rg BT 212.31 729.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 228.26 729.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 264.63 729.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 299.83 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 311.13 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 327.09 729.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.87 729.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 398.09 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 417.55 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 430.59 729.15 Td (realized. ) Tj ET Q q 0 0 0 rg BT 469.57 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 472.48 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 481.97 729.15 Td (ith ) Tj ET Q q 0 0 0 rg BT 496.18 729.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 529.04 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 540.34 729.15 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 90.00 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 114.16 716.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 148.23 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.81 716.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 192.46 716.55 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 257.72 716.55 Td (it ) Tj ET Q q 0 0 0 rg BT 267.31 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 278.06 716.55 Td (more ) Tj ET Q q 0 0 0 rg BT 303.39 716.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 331.05 716.55 Td (than ) Tj ET Q q 0 0 0 rg BT 352.88 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 370.05 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 389.54 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 406.12 716.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 443.11 716.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 478.93 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 490.85 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 507.43 716.55 Td (utilization ) Tj ET Q q 0 0 0 rg BT 553.75 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 112.87 703.95 Td ($2.4�million ) Tj ET Q q 0 0 0 rg BT 166.92 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 178.38 703.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 211.42 703.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 235.72 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 247.18 703.95 Td (credits ) Tj ET Q q 0 0 0 rg BT 277.89 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 296.94 703.95 Td (not ) Tj ET Q q 0 0 0 rg BT 313.07 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 325.70 703.95 Td (realized ) Tj ET Q q 0 0 0 rg BT 361.64 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 379.52 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 386.90 703.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 428.69 703.95 Td (allowance ) Tj ET Q q 0 0 0 rg BT 473.97 703.95 Td (has ) Tj ET Q q 0 0 0 rg BT 490.68 703.95 Td (been ) Tj ET Q q 0 0 0 rg BT 513.22 703.95 Td (established. ) Tj ET Q q 0 0 0 rg BT 565.13 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 691.35 Td (, ) Tj ET Q q 0 0 0 rg BT 85.59 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 102.57 691.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 144.62 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 162.76 691.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 217.67 691.35 Td (do ) Tj ET Q q 0 0 0 rg BT 231.14 691.35 Td (not ) Tj ET Q q 0 0 0 rg BT 247.54 691.35 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 301.83 691.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 338.63 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 349.78 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 365.58 691.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 412.31 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 424.03 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 448.59 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 480.15 691.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 507.92 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 536.56 691.35 Td (could, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 76.12 678.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 107.40 678.75 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 172.21 678.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 194.76 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 211.47 678.75 Td (utilization ) Tj ET Q q 0 0 0 rg BT 256.76 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 268.21 678.75 Td (net ) Tj ET Q q 0 0 0 rg BT 283.75 678.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 326.12 678.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 345.17 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.05 678.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 396.08 678.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 411.62 678.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 438.24 678.75 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 476.81 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 478.93 678.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 499.72 678.75 Td (such ) Tj ET Q q 0 0 0 rg BT 521.68 678.75 Td (limitation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (would ) Tj ET Q q 0 0 0 rg BT 77.94 666.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 108.70 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 123.71 666.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 153.31 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 164.25 666.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 197.93 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 208.86 666.15 Td (net ) Tj ET Q q 0 0 0 rg BT 223.87 666.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 265.71 666.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 284.24 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 295.17 666.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 327.68 666.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 342.69 666.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.78 666.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 404.20 666.15 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 448.97 666.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 484.38 666.15 Td (before ) Tj ET Q q 0 0 0 rg BT 513.38 666.15 Td (they ) Tj ET Q q 0 0 0 rg BT 533.64 666.15 Td (expire.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 643.55 Td (As ) Tj ET Q q 0 0 0 rg BT 63.15 643.55 Td (of ) Tj ET Q q 0 0 0 rg BT 73.87 643.55 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 119.01 643.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 144.61 643.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 165.26 643.55 Td (state ) Tj ET Q q 0 0 0 rg BT 186.48 643.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 223.44 643.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 238.24 643.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 264.72 643.55 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 312.76 643.55 Td ($238 ) Tj ET Q q 0 0 0 rg BT 335.73 643.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 370.68 643.55 Td (of) Tj ET Q q 0 0 0 rg BT 379.23 643.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 396.37 643.55 Td (by ) Tj ET Q q 0 0 0 rg BT 408.85 643.55 Td (a ) Tj ET Q q 0 0 0 rg BT 415.49 643.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 456.54 643.55 Td (allowance ) Tj ET Q q 0 0 0 rg BT 501.08 643.55 Td (of ) Tj ET Q q 0 0 0 rg BT 511.81 643.55 Td ($92 ) Tj ET Q q 0 0 0 rg BT 529.54 643.55 Td (million, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 630.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.84 630.95 Td (were ) Tj ET Q q 0 0 0 rg BT 91.43 630.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 133.69 630.95 Td (related ) Tj ET Q q 0 0 0 rg BT 165.44 630.95 Td (to ) Tj ET Q q 0 0 0 rg BT 176.79 630.95 Td (state ) Tj ET Q q 0 0 0 rg BT 199.21 630.95 Td (net ) Tj ET Q q 0 0 0 rg BT 215.23 630.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.06 630.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 277.59 630.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 314.01 630.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 358.00 630.95 Td (in ) Tj ET Q q 0 0 0 rg BT 369.35 630.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.10 630.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 456.20 630.95 Td (in ) Tj ET Q q 0 0 0 rg BT 467.55 630.95 Td (cases ) Tj ET Q q 0 0 0 rg BT 492.89 630.95 Td (where ) Tj ET Q q 0 0 0 rg BT 521.73 630.95 Td (it ) Tj ET Q q 0 0 0 rg BT 530.75 630.95 Td (is ) Tj ET Q q 0 0 0 rg BT 540.93 630.95 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 618.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 76.61 618.35 Td (that ) Tj ET Q q 0 0 0 rg BT 95.55 618.35 Td (these ) Tj ET Q q 0 0 0 rg BT 120.33 618.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 156.76 618.35 Td (will ) Tj ET Q q 0 0 0 rg BT 176.30 618.35 Td (not ) Tj ET Q q 0 0 0 rg BT 192.91 618.35 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 238.69 618.35 Td (be ) Tj ET Q q 0 0 0 rg BT 251.79 618.35 Td (realized. ) Tj ET Q q 0 0 0 rg BT 290.84 618.35 Td ( ) Tj ET Q q 0 0 0 rg BT 294.04 618.35 Td (Due ) Tj ET Q q 0 0 0 rg BT 314.73 618.35 Td (to ) Tj ET Q q 0 0 0 rg BT 326.10 618.35 Td (the ) Tj ET Q q 0 0 0 rg BT 342.12 618.35 Td (variability ) Tj ET Q q 0 0 0 rg BT 388.48 618.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.42 618.35 Td (future ) Tj ET Q q 0 0 0 rg BT 428.69 618.35 Td (state ) Tj ET Q q 0 0 0 rg BT 451.13 618.35 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 515.56 618.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 547.33 618.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 605.75 Td (future ) Tj ET Q q 0 0 0 rg BT 77.20 605.75 Td (ef) Tj ET Q q 0 0 0 rg BT 85.16 605.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 116.35 605.75 Td (state ) Tj ET Q q 0 0 0 rg BT 138.22 605.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 153.67 605.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 178.75 605.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.20 605.75 Td (value ) Tj ET Q q 0 0 0 rg BT 219.56 605.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.93 605.75 Td (state ) Tj ET Q q 0 0 0 rg BT 252.80 605.75 Td (net ) Tj ET Q q 0 0 0 rg BT 268.25 605.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 310.53 605.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 329.50 605.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 365.36 605.75 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 410.56 605.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 446.41 605.75 Td (may ) Tj ET Q q 0 0 0 rg BT 467.12 605.75 Td (vary) Tj ET Q q 0 0 0 rg BT 485.09 605.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 583.15 Td (For ) Tj ET Q q 0 0 0 rg BT 67.22 583.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 100.67 583.15 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 158.34 583.15 Td (the ) Tj ET Q q 0 0 0 rg BT 174.30 583.15 Td (net ) Tj ET Q q 0 0 0 rg BT 190.26 583.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 229.53 583.15 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 583.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 283.03 583.15 Td (allowances ) Tj ET Q q 0 0 0 rg BT 332.81 583.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.69 583.15 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 366.20 583.15 Td (million ) Tj ET Q q 0 0 0 rg BT 399.67 583.15 Td (in ) Tj ET Q q 0 0 0 rg BT 410.96 583.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 436.84 583.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 460.97 583.15 Td (was ) Tj ET Q q 0 0 0 rg BT 480.43 583.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 522.63 583.15 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 583.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 570.55 Td (current ) Tj ET Q q 0 0 0 rg BT 83.21 570.55 Td (year ) Tj ET Q q 0 0 0 rg BT 105.25 570.55 Td (increases ) Tj ET Q q 0 0 0 rg BT 147.70 570.55 Td (in ) Tj ET Q q 0 0 0 rg BT 159.85 570.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 192.96 570.55 Td (forward ) Tj ET Q q 0 0 0 rg BT 230.17 570.55 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 254.56 570.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.44 570.55 Td (deductions ) Tj ET Q q 0 0 0 rg BT 338.91 570.55 Td (of) Tj ET Q q 0 0 0 rg BT 347.47 570.55 Td (fset ) Tj ET Q q 0 0 0 rg BT 366.60 570.55 Td (in ) Tj ET Q q 0 0 0 rg BT 378.74 570.55 Td (part ) Tj ET Q q 0 0 0 rg BT 399.04 570.55 Td (by ) Tj ET Q q 0 0 0 rg BT 413.52 570.55 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 461.22 570.55 Td (gains/losses ) Tj ET Q q 0 0 0 rg BT 515.36 570.55 Td (on ) Tj ET Q q 0 0 0 rg BT 529.84 570.55 Td (pension ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 557.95 Td (liabilities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 535.35 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 535.35 Td (o ) Tj ET Q q 0 0 0 rg BT 63.22 535.35 Td (the ) Tj ET Q q 0 0 0 rg BT 78.83 535.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 107.27 535.35 Td (our ) Tj ET Q q 0 0 0 rg BT 124.06 535.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 160.67 535.35 Td (of ) Tj ET Q q 0 0 0 rg BT 172.21 535.35 Td (the ) Tj ET Q q 0 0 0 rg BT 187.82 535.35 Td (realization ) Tj ET Q q 0 0 0 rg BT 234.92 535.35 Td (of ) Tj ET Q q 0 0 0 rg BT 246.45 535.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 284.21 535.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.82 535.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 327.11 535.35 Td (relies ) Tj ET Q q 0 0 0 rg BT 352.63 535.35 Td (on ) Tj ET Q q 0 0 0 rg BT 365.92 535.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 403.68 535.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.29 535.35 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 463.79 535.35 Td (we ) Tj ET Q q 0 0 0 rg BT 478.82 535.35 Td (have ) Tj ET Q q 0 0 0 rg BT 501.42 535.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 549.69 535.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 522.75 Td (timing, ) Tj ET Q q 0 0 0 rg BT 82.40 522.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 111.49 522.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.50 522.75 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 180.19 522.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.79 522.75 Td (reversals, ) Tj ET Q q 0 0 0 rg BT 234.59 522.75 Td (as ) Tj ET Q q 0 0 0 rg BT 246.19 522.75 Td (well ) Tj ET Q q 0 0 0 rg BT 267.12 522.75 Td (as, ) Tj ET Q q 0 0 0 rg BT 281.35 522.75 Td (available ) Tj ET Q q 0 0 0 rg BT 322.10 522.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 361.70 522.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 404.21 522.75 Td (to ) Tj ET Q q 0 0 0 rg BT 415.23 522.75 Td (value ) Tj ET Q q 0 0 0 rg BT 440.82 522.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.84 522.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 496.67 522.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.35 522.75 Td (realizability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 510.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 510.15 Td (our ) Tj ET Q q 0 0 0 rg BT 76.78 510.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 114.02 510.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.11 510.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 158.50 510.15 Td ( ) Tj ET Q q 0 0 0 rg BT 160.77 510.15 Td (In ) Tj ET Q q 0 0 0 rg BT 171.79 510.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.88 510.15 Td (event ) Tj ET Q q 0 0 0 rg BT 211.89 510.15 Td (we ) Tj ET Q q 0 0 0 rg BT 226.40 510.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 270.65 510.15 Td (all ) Tj ET Q q 0 0 0 rg BT 283.41 510.15 Td (or ) Tj ET Q q 0 0 0 rg BT 294.42 510.15 Td (any ) Tj ET Q q 0 0 0 rg BT 311.85 510.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 344.45 510.15 Td (of ) Tj ET Q q 0 0 0 rg BT 355.47 510.15 Td (our ) Tj ET Q q 0 0 0 rg BT 371.73 510.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 408.97 510.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 424.07 510.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 450.83 510.15 Td (that ) Tj ET Q q 0 0 0 rg BT 468.84 510.15 Td (are ) Tj ET Q q 0 0 0 rg BT 483.93 510.15 Td (not ) Tj ET Q q 0 0 0 rg BT 499.61 510.15 Td (already ) Tj ET Q q 0 0 0 rg BT 532.78 510.15 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 497.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.02 497.55 Td (a ) Tj ET Q q 0 0 0 rg BT 67.03 497.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 108.45 497.55 Td (allowance ) Tj ET Q q 0 0 0 rg BT 153.36 497.55 Td (are ) Tj ET Q q 0 0 0 rg BT 168.53 497.55 Td (not ) Tj ET Q q 0 0 0 rg BT 184.30 497.55 Td (realizable, ) Tj ET Q q 0 0 0 rg BT 230.07 497.55 Td (we ) Tj ET Q q 0 0 0 rg BT 244.67 497.55 Td (will ) Tj ET Q q 0 0 0 rg BT 263.35 497.55 Td (be ) Tj ET Q q 0 0 0 rg BT 275.61 497.55 Td (required ) Tj ET Q q 0 0 0 rg BT 312.94 497.55 Td (to ) Tj ET Q q 0 0 0 rg BT 323.46 497.55 Td (establish ) Tj ET Q q 0 0 0 rg BT 362.56 497.55 Td (a ) Tj ET Q q 0 0 0 rg BT 369.57 497.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 410.99 497.55 Td (allowance ) Tj ET Q q 0 0 0 rg BT 455.90 497.55 Td (by ) Tj ET Q q 0 0 0 rg BT 468.75 497.55 Td (a ) Tj ET Q q 0 0 0 rg BT 475.76 497.55 Td (char) Tj ET Q q 0 0 0 rg BT 493.64 497.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 505.90 497.55 Td (to ) Tj ET Q q 0 0 0 rg BT 516.42 497.55 Td (the ) Tj ET Q q 0 0 0 rg BT 531.59 497.55 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 484.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.83 484.95 Td (provision ) Tj ET Q q 0 0 0 rg BT 107.01 484.95 Td (in ) Tj ET Q q 0 0 0 rg BT 117.68 484.95 Td (the ) Tj ET Q q 0 0 0 rg BT 133.02 484.95 Td (period ) Tj ET Q q 0 0 0 rg BT 162.35 484.95 Td (in ) Tj ET Q q 0 0 0 rg BT 173.02 484.95 Td (which ) Tj ET Q q 0 0 0 rg BT 201.19 484.95 Td (that ) Tj ET Q q 0 0 0 rg BT 219.44 484.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 280.26 484.95 Td (is ) Tj ET Q q 0 0 0 rg BT 289.77 484.95 Td (made. ) Tj ET Q q 0 0 0 rg BT 317.64 484.95 Td ( ) Tj ET Q q 0 0 0 rg BT 319.96 484.95 Td (The ) Tj ET Q q 0 0 0 rg BT 338.79 484.95 Td (values ) Tj ET Q q 0 0 0 rg BT 368.13 484.95 Td (of ) Tj ET Q q 0 0 0 rg BT 379.38 484.95 Td (our ) Tj ET Q q 0 0 0 rg BT 395.88 484.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 433.36 484.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.69 484.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 475.70 484.95 Td (are ) Tj ET Q q 0 0 0 rg BT 491.02 484.95 Td (based ) Tj ET Q q 0 0 0 rg BT 517.43 484.95 Td (on ) Tj ET Q q 0 0 0 rg BT 530.44 484.95 Td (enacted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 472.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 92.33 472.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 108.35 472.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 131.35 472.35 Td (for ) Tj ET Q q 0 0 0 rg BT 146.79 472.35 Td (the ) Tj ET Q q 0 0 0 rg BT 162.80 472.35 Td (future ) Tj ET Q q 0 0 0 rg BT 191.06 472.35 Td (period ) Tj ET Q q 0 0 0 rg BT 221.07 472.35 Td (in ) Tj ET Q q 0 0 0 rg BT 232.43 472.35 Td (which ) Tj ET Q q 0 0 0 rg BT 261.28 472.35 Td (the ) Tj ET Q q 0 0 0 rg BT 277.29 472.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 293.31 472.35 Td (attributes ) Tj ET Q q 0 0 0 rg BT 335.57 472.35 Td (are ) Tj ET Q q 0 0 0 rg BT 351.57 472.35 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 400.82 472.35 Td (to ) Tj ET Q q 0 0 0 rg BT 412.18 472.35 Td (be ) Tj ET Q q 0 0 0 rg BT 425.28 472.35 Td (realized. ) Tj ET Q q 0 0 0 rg BT 464.31 472.35 Td ( ) Tj ET Q q 0 0 0 rg BT 467.50 472.35 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 517.34 472.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.35 472.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 459.75 Td (these ) Tj ET Q q 0 0 0 rg BT 73.91 459.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 96.57 459.75 Td (would ) Tj ET Q q 0 0 0 rg BT 125.66 459.75 Td (require ) Tj ET Q q 0 0 0 rg BT 158.23 459.75 Td (a ) Tj ET Q q 0 0 0 rg BT 165.72 459.75 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 236.19 459.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.77 459.75 Td (our ) Tj ET Q q 0 0 0 rg BT 264.61 459.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 302.41 459.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 318.08 459.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 345.41 459.75 Td (in ) Tj ET Q q 0 0 0 rg BT 356.42 459.75 Td (the ) Tj ET Q q 0 0 0 rg BT 372.08 459.75 Td (period ) Tj ET Q q 0 0 0 rg BT 401.74 459.75 Td (of ) Tj ET Q q 0 0 0 rg BT 413.33 459.75 Td (enactment. ) Tj ET Q q 0 0 0 rg BT 461.93 459.75 Td ( ) Tj ET Q q 0 0 0 rg BT 464.77 459.75 Td (Depending ) Tj ET Q q 0 0 0 rg BT 513.68 459.75 Td (on ) Tj ET Q q 0 0 0 rg BT 527.01 459.75 Td (the ) Tj ET Q q 0 0 0 rg BT 542.68 459.75 Td (facts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 447.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 447.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 132.01 447.15 Td (the ) Tj ET Q q 0 0 0 rg BT 147.46 447.15 Td (char) Tj ET Q q 0 0 0 rg BT 165.34 447.15 Td (ge ) Tj ET Q q 0 0 0 rg BT 177.88 447.15 Td (could ) Tj ET Q q 0 0 0 rg BT 203.83 447.15 Td (be ) Tj ET Q q 0 0 0 rg BT 216.37 447.15 Td (material ) Tj ET Q q 0 0 0 rg BT 253.39 447.15 Td (to ) Tj ET Q q 0 0 0 rg BT 264.18 447.15 Td (our ) Tj ET Q q 0 0 0 rg BT 280.80 447.15 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 424.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.22 424.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 118.69 424.55 Td (of ) Tj ET Q q 0 0 0 rg BT 130.83 424.55 Td (our ) Tj ET Q q 0 0 0 rg BT 148.23 424.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.46 424.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 206.94 424.55 Td (involves ) Tj ET Q q 0 0 0 rg BT 245.92 424.55 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 302.96 424.55 Td (in ) Tj ET Q q 0 0 0 rg BT 314.53 424.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.76 424.55 Td (application ) Tj ET Q q 0 0 0 rg BT 380.81 424.55 Td (of ) Tj ET Q q 0 0 0 rg BT 392.95 424.55 Td (complex ) Tj ET Q q 0 0 0 rg BT 432.51 424.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.74 424.55 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 501.42 424.55 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 424.55 Td (W) Tj ET Q q 0 0 0 rg BT 513.64 424.55 Td (e ) Tj ET Q q 0 0 0 rg BT 521.70 424.55 Td (recognize ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 411.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 91.31 411.95 Td (for ) Tj ET Q q 0 0 0 rg BT 106.28 411.95 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 155.07 411.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 170.63 411.95 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 227.00 411.95 Td (in ) Tj ET Q q 0 0 0 rg BT 237.90 411.95 Td (the ) Tj ET Q q 0 0 0 rg BT 253.46 411.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 274.86 411.95 Td (and ) Tj ET Q q 0 0 0 rg BT 292.75 411.95 Td (other ) Tj ET Q q 0 0 0 rg BT 317.05 411.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 332.61 411.95 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 387.26 411.95 Td (based ) Tj ET Q q 0 0 0 rg BT 413.89 411.95 Td (on ) Tj ET Q q 0 0 0 rg BT 427.12 411.95 Td (our ) Tj ET Q q 0 0 0 rg BT 443.85 411.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 481.57 411.95 Td (of ) Tj ET Q q 0 0 0 rg BT 493.04 411.95 Td (whether) Tj ET Q q 0 0 0 rg BT 526.44 411.95 Td (, ) Tj ET Q q 0 0 0 rg BT 531.79 411.95 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 411.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 399.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 77.78 399.35 Td (to ) Tj ET Q q 0 0 0 rg BT 88.57 399.35 Td (which, ) Tj ET Q q 0 0 0 rg BT 119.48 399.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 164.10 399.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 188.30 399.35 Td (will ) Tj ET Q q 0 0 0 rg BT 207.26 399.35 Td (be ) Tj ET Q q 0 0 0 rg BT 219.80 399.35 Td (due.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 376.75 Td (RECENT) Tj ET Q q 0 0 0 rg BT 93.57 376.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.62 376.75 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 171.16 376.75 Td (DEVELOPMENTS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 364.15 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 364.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 114.17 364.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.54 364.15 Td (Recent ) Tj ET Q q 0 0 0 rg BT 156.74 364.15 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 208.35 364.15 Td (Developments ) Tj ET Q q 0 0 0 rg BT 271.63 364.15 Td (in ) Tj ET Q q 0 0 0 rg BT 282.42 364.15 Td (Note�1 ) Tj ET Q q 0 0 0 rg BT 313.33 364.15 Td (of ) Tj ET Q q 0 0 0 rg BT 324.70 364.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 351.83 364.15 Td (to ) Tj ET Q q 0 0 0 rg BT 362.62 364.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 420.66 364.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 462.36 364.15 Td (Statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 339.55 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 339.55 Td (7A. ) Tj ET Q q 0 0 0 rg BT 98.21 339.55 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 146.44 339.55 Td (A) Tj ET Q q 0 0 0 rg BT 153.25 339.55 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 180.97 339.55 Td (AND ) Tj ET Q q 0 0 0 rg BT 206.34 339.55 Td (QUALIT) Tj ET Q q 0 0 0 rg BT 246.99 339.55 Td (A) Tj ET Q q 0 0 0 rg BT 253.79 339.55 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 282.09 339.55 Td (DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 358.25 339.55 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 395.40 339.55 Td ( ) Tj ET Q q 0 0 0 rg BT 398.03 339.55 Td (MARKET) Tj ET Q q 0 0 0 rg BT 445.09 339.55 Td ( ) Tj ET Q q 0 0 0 rg BT 447.72 339.55 Td (RISK.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.35 Td (See "Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 233.28 314.35 Td (Analysis of Financial Condition and Results of Operations - Market Risk" for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 301.75 Td (disclosures about market risk. ) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (83) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (ITEM 8. FINANCIAL) Tj ET Q q 0 0 0 rg BT 152.68 741.90 Td ( ST) Tj ET Q q 0 0 0 rg BT 167.37 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 174.17 741.90 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 227.57 741.90 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 323.92 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 338.72 741.90 Td (Y) Tj ET Q q 0 0 0 rg BT 345.91 741.90 Td ( DA) Tj ET Q q 0 0 0 rg BT 362.92 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 369.15 741.90 Td (A.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 225.90 716.70 Td (REPOR) Tj ET Q q 0 0 0 rg BT 262.28 716.70 Td (T) Tj ET Q q 0 0 0 rg BT 269.10 716.70 Td ( OF) Tj ET Q q 0 0 0 rg BT 285.91 716.70 Td ( MANAGEMENT) Tj ET Q q 0 0 0 rg BT 367.68 716.70 Td ( ON ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 170.80 704.10 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 225.65 704.10 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 280.79 704.10 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 375.30 704.10 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 414.31 704.10 Td (TING) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.54 678.90 Td (management ) Tj ET Q q 0 0 0 rg BT 122.91 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.37 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.67 678.90 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 208.25 678.90 Td (is ) Tj ET Q q 0 0 0 rg BT 216.97 678.90 Td (responsible ) Tj ET Q q 0 0 0 rg BT 266.52 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.48 678.90 Td (establishing ) Tj ET Q q 0 0 0 rg BT 332.36 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.24 678.90 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 401.12 678.90 Td (adequate ) Tj ET Q q 0 0 0 rg BT 440.15 678.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 473.94 678.90 Td (control ) Tj ET Q q 0 0 0 rg BT 505.40 678.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.77 678.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (reporting.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.68 641.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.85 641.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 145.52 641.10 Td (control ) Tj ET Q q 0 0 0 rg BT 177.87 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 199.14 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.47 641.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 279.57 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.18 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.44 641.10 Td (process ) Tj ET Q q 0 0 0 rg BT 330.54 641.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 370.47 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.25 641.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 415.93 641.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 463.43 641.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 506.84 641.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.68 641.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (reliability ) Tj ET Q q 0 0 0 rg BT 94.67 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 107.76 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.84 628.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 191.67 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 211.18 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 628.50 Td (preparation ) Tj ET Q q 0 0 0 rg BT 280.50 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 293.60 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.67 628.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 383.34 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 399.93 628.50 Td (external ) Tj ET Q q 0 0 0 rg BT 438.09 628.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 479.76 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 492.28 628.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 543.83 628.50 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 99.24 615.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 144.31 615.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 187.05 615.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 227.44 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 239.27 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 255.77 615.90 Td (United ) Tj ET Q q 0 0 0 rg BT 288.02 615.90 Td (States ) Tj ET Q q 0 0 0 rg BT 316.77 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.38 615.90 Td (America. ) Tj ET Q q 0 0 0 rg BT 370.82 615.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 396.06 615.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 434.29 615.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.03 615.90 Td (control ) Tj ET Q q 0 0 0 rg BT 503.44 615.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.77 615.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 91.42 603.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 129.85 603.30 Td (those ) Tj ET Q q 0 0 0 rg BT 155.45 603.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 191.55 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 210.14 603.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 259.64 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 278.82 603.30 Td (\(i\)�pertain ) Tj ET Q q 0 0 0 rg BT 323.94 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 335.55 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 351.81 603.30 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 408.30 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 603.30 Td (records ) Tj ET Q q 0 0 0 rg BT 454.82 603.30 Td (that, ) Tj ET Q q 0 0 0 rg BT 476.62 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 488.23 603.30 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 536.55 603.30 Td (detail, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (accurately ) Tj ET Q q 0 0 0 rg BT 94.87 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 112.26 590.70 Td (fairly ) Tj ET Q q 0 0 0 rg BT 137.23 590.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 166.27 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 181.33 590.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 233.71 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 251.11 590.70 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 303.52 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 314.50 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 329.56 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.28 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 367.26 590.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 391.07 590.70 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 424.80 590.70 Td (\(ii\)�provide ) Tj ET Q q 0 0 0 rg BT 474.56 590.70 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 521.69 590.70 Td (assurance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 68.89 578.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 122.69 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.16 578.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 179.53 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.92 578.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 236.38 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.19 578.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 279.25 578.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 330.71 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.10 578.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.48 578.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 431.45 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.26 578.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 494.12 578.10 Td (with ) Tj ET Q q 0 0 0 rg BT 516.43 578.10 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (principles ) Tj ET Q q 0 0 0 rg BT 93.51 565.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 135.17 565.50 Td (accepted ) Tj ET Q q 0 0 0 rg BT 174.49 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 185.26 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 200.68 565.50 Td (United ) Tj ET Q q 0 0 0 rg BT 231.86 565.50 Td (States ) Tj ET Q q 0 0 0 rg BT 259.54 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 270.32 565.50 Td (America, ) Tj ET Q q 0 0 0 rg BT 311.69 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 329.45 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 347.79 565.50 Td (receipts ) Tj ET Q q 0 0 0 rg BT 383.04 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 400.80 565.50 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 457.05 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 468.40 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 492.57 565.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 523.76 565.50 Td (are ) Tj ET Q q 0 0 0 rg BT 539.17 565.50 Td (being ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (made ) Tj ET Q q 0 0 0 rg BT 75.67 552.90 Td (only ) Tj ET Q q 0 0 0 rg BT 97.77 552.90 Td (in ) Tj ET Q q 0 0 0 rg BT 109.36 552.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 160.00 552.90 Td (with ) Tj ET Q q 0 0 0 rg BT 182.10 552.90 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 245.02 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.19 552.90 Td (management ) Tj ET Q q 0 0 0 rg BT 314.27 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 332.86 552.90 Td (directors ) Tj ET Q q 0 0 0 rg BT 373.03 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 385.20 552.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 410.21 552.90 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 445.14 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 463.73 552.90 Td (\(iii\)�provide ) Tj ET Q q 0 0 0 rg BT 517.61 552.90 Td (reasonable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (assurance ) Tj ET Q q 0 0 0 rg BT 92.97 540.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 135.86 540.30 Td (prevention ) Tj ET Q q 0 0 0 rg BT 183.43 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 194.83 540.30 Td (timely ) Tj ET Q q 0 0 0 rg BT 224.32 540.30 Td (detection ) Tj ET Q q 0 0 0 rg BT 265.47 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 276.87 540.30 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 334.35 540.30 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 385.71 540.30 Td (use, ) Tj ET Q q 0 0 0 rg BT 404.99 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 416.40 540.30 Td (disposition ) Tj ET Q q 0 0 0 rg BT 465.15 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 476.55 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 500.79 540.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 538.01 540.30 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 527.70 Td (could ) Tj ET Q q 0 0 0 rg BT 93.82 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 116.27 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 123.56 527.70 Td (material ) Tj ET Q q 0 0 0 rg BT 160.58 527.70 Td (ef) Tj ET Q q 0 0 0 rg BT 168.55 527.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.91 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 200.03 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.84 527.70 Td (statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.04 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 98.34 502.50 Td (its ) Tj ET Q q 0 0 0 rg BT 110.82 502.50 Td (inherent ) Tj ET Q q 0 0 0 rg BT 147.78 502.50 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 197.88 502.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 232.51 502.50 Td (control ) Tj ET Q q 0 0 0 rg BT 264.81 502.50 Td (over ) Tj ET Q q 0 0 0 rg BT 286.02 502.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.31 502.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.36 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 386.99 502.50 Td (not ) Tj ET Q q 0 0 0 rg BT 402.97 502.50 Td (prevent ) Tj ET Q q 0 0 0 rg BT 437.01 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 448.31 502.50 Td (detect ) Tj ET Q q 0 0 0 rg BT 475.94 502.50 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 540.05 502.50 Td (Also, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (projections ) Tj ET Q q 0 0 0 rg BT 98.72 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 127.75 489.90 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 174.05 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 185.35 489.90 Td (ef) Tj ET Q q 0 0 0 rg BT 193.32 489.90 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 242.53 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 253.26 489.90 Td (future ) Tj ET Q q 0 0 0 rg BT 280.89 489.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 314.37 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 329.75 489.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 362.05 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 372.78 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 388.17 489.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.48 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 424.79 489.90 Td (controls ) Tj ET Q q 0 0 0 rg BT 461.18 489.90 Td (may ) Tj ET Q q 0 0 0 rg BT 481.82 489.90 Td (become ) Tj ET Q q 0 0 0 rg BT 517.03 489.90 Td (inadequate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (because ) Tj ET Q q 0 0 0 rg BT 85.35 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 96.73 477.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.17 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 143.96 477.30 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 192.96 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 204.33 477.30 Td (that ) Tj ET Q q 0 0 0 rg BT 222.70 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.16 477.30 Td (degree ) Tj ET Q q 0 0 0 rg BT 268.76 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 280.13 477.30 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.15 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 352.44 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 367.90 477.30 Td (policies ) Tj ET Q q 0 0 0 rg BT 403.18 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 414.55 477.30 Td (procedures ) Tj ET Q q 0 0 0 rg BT 463.24 477.30 Td (may ) Tj ET Q q 0 0 0 rg BT 483.94 477.30 Td (deteriorate.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.62 452.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 146.51 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.65 452.10 Td (ef) Tj ET Q q 0 0 0 rg BT 170.62 452.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 220.57 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.63 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 257.51 452.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 295.38 452.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 330.76 452.10 Td (control ) Tj ET Q q 0 0 0 rg BT 363.82 452.10 Td (over ) Tj ET Q q 0 0 0 rg BT 385.78 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.82 452.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 467.62 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.68 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.73 452.10 Td (March ) Tj ET Q q 0 0 0 rg BT 522.45 452.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 452.10 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (based ) Tj ET Q q 0 0 0 rg BT 76.08 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 89.24 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.74 439.50 Td (framework ) Tj ET Q q 0 0 0 rg BT 153.47 439.50 Td (set ) Tj ET Q q 0 0 0 rg BT 167.80 439.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 190.88 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 204.04 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 219.54 439.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 268.87 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 280.28 439.50 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 330.79 439.50 Td (Or) Tj ET Q q 0 0 0 rg BT 341.68 439.50 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 392.17 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 403.58 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 418.89 439.50 Td (T) Tj ET Q q 0 0 0 rg BT 424.93 439.50 Td (readway ) Tj ET Q q 0 0 0 rg BT 463.16 439.50 Td (Commission ) Tj ET Q q 0 0 0 rg BT 518.92 439.50 Td (\("COSO"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (in ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 60.48 426.90 Td (Internal ) Tj ET Q q 0 0 0 rg BT 97.12 426.90 Td (Contr) Tj ET Q q 0 0 0 rg BT 121.23 426.90 Td (ol�� ) Tj ET Q q 0 0 0 rg BT 144.17 426.90 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 190.72 426.90 Td (Framework ) Tj ET Q q 0 0 0 rg BT 242.52 426.90 Td (\(2013\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.95 426.90 Td (Based ) Tj ET Q q 0 0 0 rg BT 304.42 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 317.73 426.90 Td (that ) Tj ET Q q 0 0 0 rg BT 336.29 426.90 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 388.38 426.90 Td (management ) Tj ET Q q 0 0 0 rg BT 444.84 426.90 Td (concluded ) Tj ET Q q 0 0 0 rg BT 490.80 426.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 511.98 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 523.54 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 535.09 426.90 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.31 414.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 91.61 414.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 115.87 414.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 153.11 414.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 187.87 414.30 Td (control ) Tj ET Q q 0 0 0 rg BT 220.29 414.30 Td (over ) Tj ET Q q 0 0 0 rg BT 241.63 414.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.04 414.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 322.21 414.30 Td (is ) Tj ET Q q 0 0 0 rg BT 331.90 414.30 Td (ef) Tj ET Q q 0 0 0 rg BT 339.86 414.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 371.11 414.30 Td (based ) Tj ET Q q 0 0 0 rg BT 397.70 414.30 Td (on ) Tj ET Q q 0 0 0 rg BT 410.88 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 426.39 414.30 Td (criteria ) Tj ET Q q 0 0 0 rg BT 458.80 414.30 Td (established ) Tj ET Q q 0 0 0 rg BT 508.14 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 518.99 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 534.50 414.30 Td (COSO ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (framework.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.42 376.50 Td (ef) Tj ET Q q 0 0 0 rg BT 77.38 376.50 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 127.62 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.96 376.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.12 376.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 203.27 376.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 238.94 376.50 Td (control ) Tj ET Q q 0 0 0 rg BT 272.27 376.50 Td (over ) Tj ET Q q 0 0 0 rg BT 294.52 376.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.84 376.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 376.92 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 389.25 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 401.59 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 432.58 376.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 449.30 376.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 476.52 376.50 Td (has ) Tj ET Q q 0 0 0 rg BT 494.10 376.50 Td (been ) Tj ET Q q 0 0 0 rg BT 517.51 376.50 Td (audited ) Tj ET Q q 0 0 0 rg BT 552.01 376.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (PricewaterhouseCoopers�LLP) Tj ET Q q 0 0 0 rg BT 174.02 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 179.28 363.90 Td (an ) Tj ET Q q 0 0 0 rg BT 191.82 363.90 Td (independent ) Tj ET Q q 0 0 0 rg BT 245.77 363.90 Td (registered ) Tj ET Q q 0 0 0 rg BT 289.80 363.90 Td (public ) Tj ET Q q 0 0 0 rg BT 318.68 363.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.38 363.90 Td (firm, ) Tj ET Q q 0 0 0 rg BT 390.72 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 402.10 363.90 Td (stated ) Tj ET Q q 0 0 0 rg BT 429.23 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 440.03 363.90 Td (their ) Tj ET Q q 0 0 0 rg BT 461.90 363.90 Td (report ) Tj ET Q q 0 0 0 rg BT 489.61 363.90 Td (appearing ) Tj ET Q q 0 0 0 rg BT 533.64 363.90 Td (herein, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (which ) Tj ET Q q 0 0 0 rg BT 77.59 351.30 Td (expresses ) Tj ET Q q 0 0 0 rg BT 120.26 351.30 Td (an ) Tj ET Q q 0 0 0 rg BT 132.60 351.30 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 182.84 351.30 Td (opinion ) Tj ET Q q 0 0 0 rg BT 217.36 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 230.29 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 245.54 351.30 Td (ef) Tj ET Q q 0 0 0 rg BT 253.51 351.30 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 302.59 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 313.76 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 337.77 351.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 374.76 351.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.26 351.30 Td (control ) Tj ET Q q 0 0 0 rg BT 441.43 351.30 Td (over ) Tj ET Q q 0 0 0 rg BT 462.51 351.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 501.67 351.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 542.59 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 553.77 351.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (March ) Tj ET Q q 0 0 0 rg BT 79.53 338.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.28 338.70 Td (2020.) Tj ET Q /GS0 gs q 125.00 0 0 28.00 49.50 267.90 cm /I38 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 255.30 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 80.13 255.30 Td (A. Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 242.70 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 192.77 242.70 Td (ficer) Tj ET Q /GS0 gs q 100.00 0 0 50.00 49.50 163.70 cm /I39 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (Peter H. Nachtwey ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 138.50 Td (Senior Executive ) Tj ET Q q 0 0 0 rg BT 123.96 138.50 Td (V) Tj ET Q q 0 0 0 rg BT 130.91 138.50 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 283.80 138.50 Td (ficer) Tj ET Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (84) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 236.55 741.90 Td (REPOR) Tj ET Q q 0 0 0 rg BT 272.93 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 279.75 741.90 Td ( OF) Tj ET Q q 0 0 0 rg BT 296.56 741.90 Td ( INDEPENDENT) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 197.60 729.30 Td (REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 310.80 729.30 Td (ACCOUNTING FIRM ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 692.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.68 692.70 Td (o ) Tj ET Q q 0 0 0 rg BT 63.56 692.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.01 692.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 107.29 692.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.67 692.70 Td (Directors ) Tj ET Q q 0 0 0 rg BT 160.36 692.70 Td (and ) Tj ET Q q 0 0 0 rg BT 178.15 692.70 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 235.60 692.70 Td (of ) Tj ET Q q 0 0 0 rg BT 246.97 692.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 271.17 692.70 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 305.00 692.70 Td (Inc.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 667.50 Td (Opinions ) Tj ET Q q 0 0 0 rg BT 92.31 667.50 Td (on ) Tj ET Q q 0 0 0 rg BT 106.02 667.50 Td (the ) Tj ET Q q 0 0 0 rg BT 122.07 667.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 167.29 667.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 217.17 667.50 Td (and ) Tj ET Q q 0 0 0 rg BT 236.14 667.50 Td (Internal ) Tj ET Q q 0 0 0 rg BT 274.36 667.50 Td (Control ) Tj ET Q q 0 0 0 rg BT 310.25 667.50 Td (over ) Tj ET Q q 0 0 0 rg BT 331.53 667.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 376.75 667.50 Td (Reporting) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 642.30 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 642.30 Td (e ) Tj ET Q q 0 0 0 rg BT 66.26 642.30 Td (have ) Tj ET Q q 0 0 0 rg BT 88.61 642.30 Td (audited ) Tj ET Q q 0 0 0 rg BT 122.05 642.30 Td (the ) Tj ET Q q 0 0 0 rg BT 137.41 642.30 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 201.17 642.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 256.77 642.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 291.36 642.30 Td (sheets ) Tj ET Q q 0 0 0 rg BT 319.56 642.30 Td (of ) Tj ET Q q 0 0 0 rg BT 330.83 642.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 354.94 642.30 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 388.68 642.30 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 404.71 642.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 407.24 642.30 Td (and ) Tj ET Q q 0 0 0 rg BT 424.94 642.30 Td (its ) Tj ET Q q 0 0 0 rg BT 437.39 642.30 Td (subsidiaries) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 486.97 642.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 489.50 642.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 508.35 642.30 Td (�Company�\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 629.70 Td (as ) Tj ET Q q 0 0 0 rg BT 61.94 629.70 Td (of ) Tj ET Q q 0 0 0 rg BT 73.87 629.70 Td (March ) Tj ET Q q 0 0 0 rg BT 104.46 629.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.78 629.70 Td (2020) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 141.78 629.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 144.97 629.70 Td (and ) Tj ET Q q 0 0 0 rg BT 163.32 629.70 Td (2019,) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 186.94 629.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 190.13 629.70 Td (and ) Tj ET Q q 0 0 0 rg BT 208.48 629.70 Td (the ) Tj ET Q q 0 0 0 rg BT 224.50 629.70 Td (related ) Tj ET Q q 0 0 0 rg BT 256.25 629.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 312.51 629.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 360.02 629.70 Td (of ) Tj ET Q q 0 0 0 rg BT 371.96 629.70 Td (income ) Tj ET Q q 0 0 0 rg BT 406.05 629.70 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 435.20 629.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 501.95 629.70 Td (income ) Tj ET Q q 0 0 0 rg BT 536.05 629.70 Td (\(loss\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.72 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.78 617.10 Td (stockholders�) Tj ET Q q 0 0 0 rg BT 153.57 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.47 617.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.61 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.67 617.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 225.22 617.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 251.46 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 266.60 617.10 Td (each ) Tj ET Q q 0 0 0 rg BT 288.72 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.37 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.09 617.10 Td (three ) Tj ET Q q 0 0 0 rg BT 339.98 617.10 Td (years ) Tj ET Q q 0 0 0 rg BT 365.03 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.09 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.82 617.10 Td (period ) Tj ET Q q 0 0 0 rg BT 421.54 617.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 449.51 617.10 Td (March ) Tj ET Q q 0 0 0 rg BT 479.81 617.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.83 617.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 522.35 617.10 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.48 604.50 Td (related ) Tj ET Q q 0 0 0 rg BT 96.70 604.50 Td (notes ) Tj ET Q q 0 0 0 rg BT 121.51 604.50 Td (\(collectively ) Tj ET Q q 0 0 0 rg BT 176.64 604.50 Td (referred ) Tj ET Q q 0 0 0 rg BT 212.51 604.50 Td (to ) Tj ET Q q 0 0 0 rg BT 223.33 604.50 Td (as ) Tj ET Q q 0 0 0 rg BT 234.73 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 250.21 604.50 Td (�consolidated ) Tj ET Q q 0 0 0 rg BT 310.59 604.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.97 604.50 Td (statements�\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.08 604.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.73 604.50 Td (W) Tj ET Q q 0 0 0 rg BT 416.80 604.50 Td (e ) Tj ET Q q 0 0 0 rg BT 424.12 604.50 Td (also ) Tj ET Q q 0 0 0 rg BT 443.68 604.50 Td (have ) Tj ET Q q 0 0 0 rg BT 466.16 604.50 Td (audited ) Tj ET Q q 0 0 0 rg BT 499.71 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 515.19 604.50 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 591.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 84.42 591.90 Td (control ) Tj ET Q q 0 0 0 rg BT 116.52 591.90 Td (over ) Tj ET Q q 0 0 0 rg BT 137.53 591.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.61 591.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 217.46 591.90 Td (as ) Tj ET Q q 0 0 0 rg BT 228.56 591.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.66 591.90 Td (March ) Tj ET Q q 0 0 0 rg BT 269.42 591.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 284.89 591.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 310.87 591.90 Td (based ) Tj ET Q q 0 0 0 rg BT 337.13 591.90 Td (on ) Tj ET Q q 0 0 0 rg BT 349.99 591.90 Td (criteria ) Tj ET Q q 0 0 0 rg BT 382.07 591.90 Td (established ) Tj ET Q q 0 0 0 rg BT 431.08 591.90 Td (in ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 441.60 591.90 Td (Internal ) Tj ET Q q 0 0 0 rg BT 477.78 591.90 Td (Contr) Tj ET Q q 0 0 0 rg BT 501.90 591.90 Td (ol ) Tj ET Q q 0 0 0 rg BT 512.42 591.90 Td (- ) Tj ET Q q 0 0 0 rg BT 518.27 591.90 Td (Integrated ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 50.00 579.30 Td (Framework) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 98.99 579.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 101.62 579.30 Td (\(2013\)) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 129.61 579.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.24 579.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 161.11 579.30 Td (by ) Tj ET Q q 0 0 0 rg BT 174.24 579.30 Td (the ) Tj ET Q q 0 0 0 rg BT 189.69 579.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 238.98 579.30 Td (of ) Tj ET Q q 0 0 0 rg BT 250.35 579.30 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 300.82 579.30 Td (Or) Tj ET Q q 0 0 0 rg BT 311.71 579.30 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 362.15 579.30 Td (of ) Tj ET Q q 0 0 0 rg BT 373.52 579.30 Td (the ) Tj ET Q q 0 0 0 rg BT 388.79 579.30 Td (T) Tj ET Q q 0 0 0 rg BT 394.83 579.30 Td (readway ) Tj ET Q q 0 0 0 rg BT 433.02 579.30 Td (Commission ) Tj ET Q q 0 0 0 rg BT 488.74 579.30 Td (\(COSO\). ) Tj ET Q q 0 0 0 rg BT 528.99 579.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.52 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 78.28 554.10 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 115.76 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.36 554.10 Td (consolidated) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 184.43 554.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 187.19 554.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.69 554.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 273.79 554.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 309.77 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.71 554.10 Td (above ) Tj ET Q q 0 0 0 rg BT 348.55 554.10 Td (present ) Tj ET Q q 0 0 0 rg BT 381.64 554.10 Td (fairly) Tj ET Q q 0 0 0 rg BT 403.70 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.09 554.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.03 554.10 Td (all ) Tj ET Q q 0 0 0 rg BT 433.29 554.10 Td (material ) Tj ET Q q 0 0 0 rg BT 470.46 554.10 Td (respects, ) Tj ET Q q 0 0 0 rg BT 509.67 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.27 554.10 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 541.50 Td (position ) Tj ET Q q 0 0 0 rg BT 86.34 541.50 Td (of ) Tj ET Q q 0 0 0 rg BT 97.59 541.50 Td (the ) Tj ET Q q 0 0 0 rg BT 112.92 541.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 156.25 541.50 Td (as ) Tj ET Q q 0 0 0 rg BT 167.49 541.50 Td (of ) Tj ET Q q 0 0 0 rg BT 178.74 541.50 Td (March ) Tj ET Q q 0 0 0 rg BT 208.65 541.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 224.27 541.50 Td (2020) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 245.27 541.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 247.77 541.50 Td (and ) Tj ET Q q 0 0 0 rg BT 265.43 541.50 Td (2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 286.43 541.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.56 541.50 Td (and ) Tj ET Q q 0 0 0 rg BT 309.22 541.50 Td (the ) Tj ET Q q 0 0 0 rg BT 324.55 541.50 Td (results ) Tj ET Q q 0 0 0 rg BT 354.46 541.50 Td (of ) Tj ET Q q 0 0 0 rg BT 365.71 541.50 Td (its) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 375.63 541.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 378.13 541.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 424.37 541.50 Td (and ) Tj ET Q q 0 0 0 rg BT 442.03 541.50 Td (its) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 451.96 541.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 454.46 541.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 475.61 541.50 Td (flows ) Tj ET Q q 0 0 0 rg BT 501.45 541.50 Td (for ) Tj ET Q q 0 0 0 rg BT 516.19 541.50 Td (each ) Tj ET Q q 0 0 0 rg BT 537.92 541.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 541.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 528.90 Td (three ) Tj ET Q q 0 0 0 rg BT 73.66 528.90 Td (years ) Tj ET Q q 0 0 0 rg BT 98.49 528.90 Td (in ) Tj ET Q q 0 0 0 rg BT 109.33 528.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.83 528.90 Td (period ) Tj ET Q q 0 0 0 rg BT 154.33 528.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 182.07 528.90 Td (March ) Tj ET Q q 0 0 0 rg BT 212.15 528.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 227.95 528.90 Td (2020) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 248.95 528.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 251.63 528.90 Td (in ) Tj ET Q q 0 0 0 rg BT 262.47 528.90 Td (conformity ) Tj ET Q q 0 0 0 rg BT 311.80 528.90 Td (with ) Tj ET Q q 0 0 0 rg BT 333.14 528.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 381.88 528.90 Td (principles ) Tj ET Q q 0 0 0 rg BT 425.96 528.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 467.70 528.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 507.09 528.90 Td (in ) Tj ET Q q 0 0 0 rg BT 517.93 528.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.43 528.90 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 516.30 Td (States ) Tj ET Q q 0 0 0 rg BT 78.30 516.30 Td (of ) Tj ET Q q 0 0 0 rg BT 89.55 516.30 Td (America. ) Tj ET Q q 0 0 0 rg BT 130.83 516.30 Td (Also ) Tj ET Q q 0 0 0 rg BT 153.88 516.30 Td (in ) Tj ET Q q 0 0 0 rg BT 165.27 516.30 Td (our ) Tj ET Q q 0 0 0 rg BT 182.48 516.30 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 220.40 516.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.45 516.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.49 516.30 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 332.99 516.30 Td (in ) Tj ET Q q 0 0 0 rg BT 344.37 516.30 Td (all ) Tj ET Q q 0 0 0 rg BT 358.08 516.30 Td (material ) Tj ET Q q 0 0 0 rg BT 395.70 516.30 Td (respects, ) Tj ET Q q 0 0 0 rg BT 435.36 516.30 Td (ef) Tj ET Q q 0 0 0 rg BT 443.32 516.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 475.10 516.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 510.39 516.30 Td (control ) Tj ET Q q 0 0 0 rg BT 543.35 516.30 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 503.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.43 503.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 130.61 503.70 Td (as ) Tj ET Q q 0 0 0 rg BT 142.06 503.70 Td (of ) Tj ET Q q 0 0 0 rg BT 153.50 503.70 Td (March ) Tj ET Q q 0 0 0 rg BT 183.60 503.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 199.42 503.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 225.75 503.70 Td (based ) Tj ET Q q 0 0 0 rg BT 252.35 503.70 Td (on ) Tj ET Q q 0 0 0 rg BT 265.55 503.70 Td (criteria ) Tj ET Q q 0 0 0 rg BT 297.97 503.70 Td (established ) Tj ET Q q 0 0 0 rg BT 347.32 503.70 Td (in ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 358.19 503.70 Td (Internal ) Tj ET Q q 0 0 0 rg BT 394.71 503.70 Td (Contr) Tj ET Q q 0 0 0 rg BT 418.83 503.70 Td (ol ) Tj ET Q q 0 0 0 rg BT 429.70 503.70 Td (- ) Tj ET Q q 0 0 0 rg BT 435.89 503.70 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 482.33 503.70 Td (Framework) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 531.32 503.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 534.02 503.70 Td (\(2013\)) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 491.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 78.88 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 92.00 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.45 491.10 Td (COSO.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 50.00 465.90 Td (Change ) Tj ET Q q 0 0 0 rg BT 85.29 465.90 Td (in ) Tj ET Q q 0 0 0 rg BT 95.89 465.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 146.34 465.90 Td (Principle) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 440.70 Td (As ) Tj ET Q q 0 0 0 rg BT 64.96 440.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 108.49 440.70 Td (in ) Tj ET Q q 0 0 0 rg BT 119.94 440.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 143.64 440.70 Td (1 ) Tj ET Q q 0 0 0 rg BT 152.18 440.70 Td (to ) Tj ET Q q 0 0 0 rg BT 163.63 440.70 Td (the ) Tj ET Q q 0 0 0 rg BT 179.75 440.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 236.11 440.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.12 440.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 326.36 440.70 Td (the ) Tj ET Q q 0 0 0 rg BT 342.47 440.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 386.59 440.70 Td (changed ) Tj ET Q q 0 0 0 rg BT 424.86 440.70 Td (the ) Tj ET Q q 0 0 0 rg BT 440.98 440.70 Td (manner ) Tj ET Q q 0 0 0 rg BT 475.75 440.70 Td (in ) Tj ET Q q 0 0 0 rg BT 487.20 440.70 Td (which ) Tj ET Q q 0 0 0 rg BT 516.15 440.70 Td (it ) Tj ET Q q 0 0 0 rg BT 525.27 440.70 Td (accounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (for�leases�on ) Tj ET Q q 0 0 0 rg BT 105.11 428.10 Td (April ) Tj ET Q q 0 0 0 rg BT 129.90 428.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 140.40 428.10 Td (2019.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 402.90 Td (Basis ) Tj ET Q q 0 0 0 rg BT 75.97 402.90 Td (for ) Tj ET Q q 0 0 0 rg BT 91.43 402.90 Td (Opinions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 377.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.31 377.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 119.11 377.70 Td (management ) Tj ET Q q 0 0 0 rg BT 175.74 377.70 Td (is ) Tj ET Q q 0 0 0 rg BT 185.73 377.70 Td (responsible ) Tj ET Q q 0 0 0 rg BT 236.54 377.70 Td (for ) Tj ET Q q 0 0 0 rg BT 251.77 377.70 Td (these ) Tj ET Q q 0 0 0 rg BT 276.33 377.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 332.39 377.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.11 377.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 422.04 377.70 Td (for ) Tj ET Q q 0 0 0 rg BT 437.27 377.70 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 490.42 377.70 Td (ef) Tj ET Q q 0 0 0 rg BT 498.38 377.70 Td (fective ) Tj ET Q q 0 0 0 rg BT 529.93 377.70 Td (internal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (control ) Tj ET Q q 0 0 0 rg BT 83.40 365.10 Td (over ) Tj ET Q q 0 0 0 rg BT 105.72 365.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.10 365.10 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 190.88 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.70 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 225.60 365.10 Td (its ) Tj ET Q q 0 0 0 rg BT 239.18 365.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 289.50 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.90 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.39 365.10 Td (ef) Tj ET Q q 0 0 0 rg BT 326.36 365.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 376.66 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.07 365.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 424.79 365.10 Td (control ) Tj ET Q q 0 0 0 rg BT 458.20 365.10 Td (over ) Tj ET Q q 0 0 0 rg BT 480.51 365.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.90 365.10 Td (reporting, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 352.50 Td (included ) Tj ET Q q 0 0 0 rg BT 88.89 352.50 Td (in ) Tj ET Q q 0 0 0 rg BT 99.80 352.50 Td (the ) Tj ET Q q 0 0 0 rg BT 115.37 352.50 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 179.33 352.50 Td (Report ) Tj ET Q q 0 0 0 rg BT 210.65 352.50 Td (of ) Tj ET Q q 0 0 0 rg BT 222.13 352.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 279.68 352.50 Td (on ) Tj ET Q q 0 0 0 rg BT 292.92 352.50 Td (Internal ) Tj ET Q q 0 0 0 rg BT 328.31 352.50 Td (Control ) Tj ET Q q 0 0 0 rg BT 363.13 352.50 Td (Over ) Tj ET Q q 0 0 0 rg BT 386.86 352.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 428.67 352.50 Td (Reporting. ) Tj ET Q q 0 0 0 rg BT 476.03 352.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 495.10 352.50 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 555.00 352.50 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 339.90 Td (to ) Tj ET Q q 0 0 0 rg BT 59.94 339.90 Td (express ) Tj ET Q q 0 0 0 rg BT 93.21 339.90 Td (opinions ) Tj ET Q q 0 0 0 rg BT 131.15 339.90 Td (on ) Tj ET Q q 0 0 0 rg BT 143.43 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 158.03 339.90 Td (Company�) Tj ET Q q 0 0 0 rg BT 201.78 339.90 Td (s ) Tj ET Q q 0 0 0 rg BT 207.64 339.90 Td (consolidated) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 260.71 339.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 262.48 339.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.99 339.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 347.08 339.90 Td (and ) Tj ET Q q 0 0 0 rg BT 364.02 339.90 Td (on ) Tj ET Q q 0 0 0 rg BT 376.29 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 390.90 339.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 439.48 339.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 473.32 339.90 Td (control ) Tj ET Q q 0 0 0 rg BT 504.84 339.90 Td (over ) Tj ET Q q 0 0 0 rg BT 525.27 339.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 327.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 91.17 327.30 Td (based ) Tj ET Q q 0 0 0 rg BT 117.76 327.30 Td (on ) Tj ET Q q 0 0 0 rg BT 130.95 327.30 Td (our ) Tj ET Q q 0 0 0 rg BT 147.63 327.30 Td (audits. ) Tj ET Q q 0 0 0 rg BT 177.83 327.30 Td (W) Tj ET Q q 0 0 0 rg BT 186.90 327.30 Td (e ) Tj ET Q q 0 0 0 rg BT 194.24 327.30 Td (are ) Tj ET Q q 0 0 0 rg BT 209.74 327.30 Td (a ) Tj ET Q q 0 0 0 rg BT 217.09 327.30 Td (public ) Tj ET Q q 0 0 0 rg BT 246.02 327.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 294.77 327.30 Td (firm ) Tj ET Q q 0 0 0 rg BT 315.53 327.30 Td (registered ) Tj ET Q q 0 0 0 rg BT 359.61 327.30 Td (with ) Tj ET Q q 0 0 0 rg BT 380.96 327.30 Td (the ) Tj ET Q q 0 0 0 rg BT 396.48 327.30 Td (Public ) Tj ET Q q 0 0 0 rg BT 426.00 327.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 468.92 327.30 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 520.59 327.30 Td (Oversight ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 314.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 78.67 314.70 Td (\(United ) Tj ET Q q 0 0 0 rg BT 113.76 314.70 Td (States\) ) Tj ET Q q 0 0 0 rg BT 145.35 314.70 Td (\(PCAOB\) ) Tj ET Q q 0 0 0 rg BT 190.37 314.70 Td (and ) Tj ET Q q 0 0 0 rg BT 208.54 314.70 Td (are ) Tj ET Q q 0 0 0 rg BT 224.37 314.70 Td (required ) Tj ET Q q 0 0 0 rg BT 262.37 314.70 Td (to ) Tj ET Q q 0 0 0 rg BT 273.55 314.70 Td (be ) Tj ET Q q 0 0 0 rg BT 286.47 314.70 Td (independent ) Tj ET Q q 0 0 0 rg BT 340.80 314.70 Td (with ) Tj ET Q q 0 0 0 rg BT 362.48 314.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 395.22 314.70 Td (to ) Tj ET Q q 0 0 0 rg BT 406.40 314.70 Td (the ) Tj ET Q q 0 0 0 rg BT 422.24 314.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 466.09 314.70 Td (in ) Tj ET Q q 0 0 0 rg BT 477.27 314.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 527.49 314.70 Td (with ) Tj ET Q q 0 0 0 rg BT 549.17 314.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.69 302.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 103.85 302.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 146.52 302.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 168.79 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.96 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.81 302.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 248.97 302.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 272.40 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.58 302.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 340.25 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.01 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.86 302.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 412.28 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.46 302.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 474.87 302.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 530.99 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 302.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 289.50 Td (PCAOB.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 264.30 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 264.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.85 264.30 Td (conducted ) Tj ET Q q 0 0 0 rg BT 111.13 264.30 Td (our ) Tj ET Q q 0 0 0 rg BT 127.25 264.30 Td (audits ) Tj ET Q q 0 0 0 rg BT 154.45 264.30 Td (in ) Tj ET Q q 0 0 0 rg BT 164.75 264.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 214.08 264.30 Td (with ) Tj ET Q q 0 0 0 rg BT 234.87 264.30 Td (the ) Tj ET Q q 0 0 0 rg BT 249.82 264.30 Td (standards ) Tj ET Q q 0 0 0 rg BT 291.61 264.30 Td (of ) Tj ET Q q 0 0 0 rg BT 302.48 264.30 Td (the ) Tj ET Q q 0 0 0 rg BT 317.43 264.30 Td (PCAOB. ) Tj ET Q q 0 0 0 rg BT 357.04 264.30 Td (Those ) Tj ET Q q 0 0 0 rg BT 384.82 264.30 Td (standards ) Tj ET Q q 0 0 0 rg BT 426.61 264.30 Td (require ) Tj ET Q q 0 0 0 rg BT 458.46 264.30 Td (that ) Tj ET Q q 0 0 0 rg BT 476.33 264.30 Td (we ) Tj ET Q q 0 0 0 rg BT 490.70 264.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 510.90 264.30 Td (and ) Tj ET Q q 0 0 0 rg BT 528.19 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BT 513.80 201.30 Td (of ) Tj ET Q q 0 0 0 rg BT 527.60 201.30 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 188.70 Td (misstatement ) Tj ET Q q 0 0 0 rg BT 107.27 188.70 Td (of ) Tj ET Q q 0 0 0 rg BT 117.88 188.70 Td (the ) Tj ET Q q 0 0 0 rg BT 132.56 188.70 Td (consolidated) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 185.63 188.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 187.49 188.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.09 188.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 274.90 188.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 310.57 188.70 Td (due ) Tj ET Q q 0 0 0 rg BT 327.59 188.70 Td (to ) Tj ET Q q 0 0 0 rg BT 337.62 188.70 Td (error ) Tj ET Q q 0 0 0 rg BT 359.88 188.70 Td (or ) Tj ET Q q 0 0 0 rg BT 370.49 188.70 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 397.13 188.70 Td (and ) Tj ET Q q 0 0 0 rg BT 414.15 188.70 Td (performing ) Tj ET Q q 0 0 0 rg BT 463.24 188.70 Td (procedures ) Tj ET Q q 0 0 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150.90 Td (made ) Tj ET Q q 0 0 0 rg BT 75.42 150.90 Td (by ) Tj ET Q q 0 0 0 rg BT 88.59 150.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 147.54 150.90 Td (as ) Tj ET Q q 0 0 0 rg BT 158.96 150.90 Td (well ) Tj ET Q q 0 0 0 rg BT 179.72 150.90 Td (as ) Tj ET Q q 0 0 0 rg BT 191.14 150.90 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 237.55 150.90 Td (the ) Tj ET Q q 0 0 0 rg BT 253.05 150.90 Td (overall ) Tj ET Q q 0 0 0 rg BT 284.88 150.90 Td (presentation ) Tj ET Q q 0 0 0 rg BT 338.88 150.90 Td (of ) Tj ET Q q 0 0 0 rg BT 350.30 150.90 Td (the ) Tj ET Q q 0 0 0 rg BT 365.80 150.90 Td (consolidated) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 418.88 150.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 421.55 150.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.96 150.90 Td (statements. ) Tj ET Q q 0 0 0 rg BT 510.58 150.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 529.59 150.90 Td (audit ) Tj ET Q q 0 0 0 rg BT 553.26 150.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 138.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 85.22 138.30 Td (control ) Tj ET Q q 0 0 0 rg BT 118.10 138.30 Td (over ) Tj ET Q q 0 0 0 rg BT 139.91 138.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.78 138.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 221.42 138.30 Td (included ) Tj ET Q q 0 0 0 rg BT 260.72 138.30 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 303.53 138.30 Td (an ) Tj ET Q q 0 0 0 rg BT 316.58 138.30 Td (understanding ) Tj ET Q q 0 0 0 rg BT 379.22 138.30 Td (of ) Tj ET Q q 0 0 0 rg BT 391.11 138.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 426.33 138.30 Td (control ) Tj ET Q q 0 0 0 rg BT 459.21 138.30 Td (over ) Tj ET Q q 0 0 0 rg BT 481.02 138.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.89 138.30 Td (reporting, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 125.70 Td (assessing ) Tj ET Q q 0 0 0 rg BT 90.76 125.70 Td (the ) Tj ET Q q 0 0 0 rg BT 105.27 125.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.70 125.70 Td (that ) Tj ET Q q 0 0 0 rg BT 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(assessed ) Tj ET Q q 0 0 0 rg BT 175.85 113.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 196.88 113.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 215.87 113.10 Td (audits ) Tj ET Q q 0 0 0 rg BT 243.61 113.10 Td (also ) Tj ET Q q 0 0 0 rg BT 263.18 113.10 Td (included ) Tj ET Q q 0 0 0 rg BT 302.00 113.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 351.89 113.10 Td (such ) Tj ET Q q 0 0 0 rg BT 373.79 113.10 Td (other ) Tj ET Q q 0 0 0 rg BT 398.03 113.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 446.75 113.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.15 113.10 Td (we ) Tj ET Q q 0 0 0 rg BT 473.05 113.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 521.19 113.10 Td (necessary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 100.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 100.50 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 100.50 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 140.78 100.50 Td (W) Tj ET Q q 0 0 0 rg BT 149.85 100.50 Td (e ) Tj ET Q q 0 0 0 rg BT 157.14 100.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 190.08 100.50 Td (that ) Tj 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (Because ) Tj ET Q q 0 0 0 rg BT 87.48 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 98.72 590.70 Td (its ) Tj ET Q q 0 0 0 rg BT 111.13 590.70 Td (inherent ) Tj ET Q q 0 0 0 rg BT 148.03 590.70 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 198.06 590.70 Td (internal ) Tj ET Q q 0 0 0 rg BT 232.63 590.70 Td (control ) Tj ET Q q 0 0 0 rg BT 264.86 590.70 Td (over ) Tj ET Q q 0 0 0 rg BT 286.01 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.24 590.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.22 590.70 Td (may ) Tj ET Q q 0 0 0 rg BT 386.79 590.70 Td (not ) Tj ET Q q 0 0 0 rg BT 402.70 590.70 Td (prevent ) Tj ET Q q 0 0 0 rg BT 436.68 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 447.92 590.70 Td (detect ) Tj ET Q q 0 0 0 rg BT 475.48 590.70 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 539.54 590.70 Td (Also, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 99.16 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.42 578.10 Td (any ) Tj ET Q q 0 0 0 rg BT 128.08 578.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 174.32 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.57 578.10 Td (ef) Tj ET Q q 0 0 0 rg BT 193.54 578.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 242.69 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.37 578.10 Td (future ) Tj ET Q q 0 0 0 rg BT 280.95 578.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 314.36 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 329.69 578.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 361.93 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.61 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.94 578.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.20 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 424.45 578.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 460.78 578.10 Td (may ) Tj ET Q q 0 0 0 rg BT 481.37 578.10 Td (become ) Tj ET Q q 0 0 0 rg BT 516.52 578.10 Td (inadequate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (because ) Tj ET Q q 0 0 0 rg BT 85.85 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 97.23 565.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.67 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 144.46 565.50 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 193.46 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 204.83 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 223.20 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 238.66 565.50 Td (degree ) Tj ET Q q 0 0 0 rg BT 269.26 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 280.63 565.50 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.65 565.50 Td (with ) Tj ET Q q 0 0 0 rg BT 352.94 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 368.40 565.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 403.68 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 415.05 565.50 Td (procedures ) Tj ET Q q 0 0 0 rg BT 463.74 565.50 Td (may ) Tj ET Q q 0 0 0 rg BT 484.44 565.50 Td (deteriorate.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.91 540.30 Td (Audit ) Tj ET Q q 0 0 0 rg BT 111.46 540.30 Td (Matters) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.25 515.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 99.32 515.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 122.24 515.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 155.07 515.10 Td (communicated ) Tj ET Q q 0 0 0 rg BT 218.80 515.10 Td (below) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 244.46 515.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 246.39 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.13 515.10 Td (matters) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 292.03 515.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 293.96 515.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 324.46 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.79 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.54 515.10 Td (current ) Tj ET Q q 0 0 0 rg BT 393.20 515.10 Td (period ) Tj ET Q q 0 0 0 rg BT 421.94 515.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 444.86 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.53 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.28 515.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.28 515.10 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 97.14 502.50 Td (that ) Tj ET Q q 0 0 0 rg BT 115.71 502.50 Td (were ) Tj ET Q q 0 0 0 rg BT 138.93 502.50 Td (communicated ) Tj ET Q q 0 0 0 rg BT 203.56 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 215.13 502.50 Td (required ) Tj ET Q q 0 0 0 rg BT 252.93 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 263.92 502.50 Td (be ) Tj ET Q q 0 0 0 rg BT 276.65 502.50 Td (communicated ) Tj ET Q q 0 0 0 rg BT 341.28 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 352.27 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 367.92 502.50 Td (audit ) Tj ET Q q 0 0 0 rg BT 391.73 502.50 Td (committee ) Tj ET Q q 0 0 0 rg BT 438.87 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 456.85 502.50 Td (that ) Tj ET Q q 0 0 0 rg BT 475.42 502.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 488.15 502.50 Td (relate ) Tj ET Q q 0 0 0 rg BT 514.28 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 525.27 502.50 Td (accounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 63.16 489.90 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 114.23 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 134.39 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 151.62 489.90 Td (material ) Tj ET Q q 0 0 0 rg BT 190.43 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 203.01 489.90 Td (the) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 215.84 489.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 220.25 489.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 277.74 489.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.88 489.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 367.62 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 387.19 489.90 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 404.43 489.90 Td (involved ) Tj ET Q q 0 0 0 rg BT 445.59 489.90 Td (our ) Tj ET Q q 0 0 0 rg BT 464.00 489.90 Td (especially ) Tj ET Q q 0 0 0 rg BT 510.39 489.90 Td (challenging, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (subjective, ) Tj ET Q q 0 0 0 rg BT 97.44 477.30 Td (or ) Tj ET Q q 0 0 0 rg BT 108.44 477.30 Td (complex ) Tj ET Q q 0 0 0 rg BT 146.84 477.30 Td (judgments. ) Tj ET Q q 0 0 0 rg BT 195.30 477.30 Td (The ) Tj ET Q q 0 0 0 rg BT 213.88 477.30 Td (communication ) Tj ET Q q 0 0 0 rg BT 281.44 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 292.44 477.30 Td (critical ) Tj ET Q q 0 0 0 rg BT 323.83 477.30 Td (audit ) Tj ET Q q 0 0 0 rg BT 347.08 477.30 Td (matters ) Tj ET Q q 0 0 0 rg BT 380.23 477.30 Td (does ) Tj ET Q q 0 0 0 rg BT 401.73 477.30 Td (not ) Tj ET Q q 0 0 0 rg BT 417.39 477.30 Td (alter ) Tj ET Q q 0 0 0 rg BT 438.29 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 448.71 477.30 Td (any ) Tj ET Q q 0 0 0 rg BT 466.12 477.30 Td (way ) Tj ET Q q 0 0 0 rg BT 485.86 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 502.10 477.30 Td (opinion ) Tj ET Q q 0 0 0 rg BT 536.44 477.30 Td (on ) Tj ET Q q 0 0 0 rg BT 549.19 477.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (consolidated) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 103.07 464.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 106.44 464.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.54 464.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 196.86 464.70 Td (taken ) Tj ET Q q 0 0 0 rg BT 222.96 464.70 Td (as ) Tj ET Q q 0 0 0 rg BT 235.08 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 243.11 464.70 Td (whole, ) Tj ET Q q 0 0 0 rg BT 274.76 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 293.29 464.70 Td (we ) Tj ET Q q 0 0 0 rg BT 308.91 464.70 Td (are ) Tj ET Q q 0 0 0 rg BT 325.09 464.70 Td (not, ) Tj ET Q q 0 0 0 rg BT 344.50 464.70 Td (by ) Tj ET Q q 0 0 0 rg BT 358.37 464.70 Td (communicating ) Tj ET Q q 0 0 0 rg BT 427.06 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 443.26 464.70 Td (critical ) Tj ET Q q 0 0 0 rg BT 475.77 464.70 Td (audit ) Tj ET Q q 0 0 0 rg BT 500.14 464.70 Td (matters ) Tj ET Q q 0 0 0 rg BT 534.41 464.70 Td (below) Tj ET Q q 0 0 0 rg BT 559.39 464.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 93.46 452.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 130.47 452.10 Td (opinions ) Tj ET Q q 0 0 0 rg BT 169.27 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 182.40 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.85 452.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 229.62 452.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 253.24 452.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 286.77 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.15 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 311.27 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.72 452.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 366.09 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.46 452.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 426.74 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.54 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 465.82 452.10 Td (they ) Tj ET Q q 0 0 0 rg BT 486.53 452.10 Td (relate.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (Indefinite-Lived ) Tj ET Q q 0 0 0 rg BT 119.69 426.90 Td (Intangibles ) Tj ET Q q 0 0 0 rg BT 169.56 426.90 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 220.99 426.90 Td (Assessment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (As ) Tj ET Q q 0 0 0 rg BT 66.04 401.70 Td (described ) Tj ET Q q 0 0 0 rg BT 110.64 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 123.18 401.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 152.05 401.70 Td (1 ) Tj ET Q q 0 0 0 rg BT 161.67 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 181.20 401.70 Td (5 ) Tj ET Q q 0 0 0 rg BT 190.82 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 203.36 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 220.56 401.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 278.00 401.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 319.10 401.70 Td (statements, ) Tj ET Q q 0 0 0 rg BT 370.42 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 387.62 401.70 Td (Company�) Tj ET Q q 0 0 0 rg BT 431.37 401.70 Td (s ) Tj ET Q q 0 0 0 rg BT 439.83 401.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 497.27 401.70 Td (indefinite-lived ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 98.17 389.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 132.32 389.10 Td (was ) Tj ET Q q 0 0 0 rg BT 150.74 389.10 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 171.21 389.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 200.72 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 211.56 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.40 389.10 Td (March ) Tj ET Q q 0 0 0 rg BT 251.90 389.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 267.11 389.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 292.83 389.10 Td (which ) Tj ET Q q 0 0 0 rg BT 320.58 389.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 371.06 389.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 411.05 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.31 389.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 456.06 389.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 504.79 389.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 536.05 389.10 Td (funds, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 77.35 376.50 Td (funds, ) Tj ET Q q 0 0 0 rg BT 105.58 376.50 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 172.00 376.50 Td (funds, ) Tj ET Q q 0 0 0 rg BT 200.23 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 211.25 376.50 Td (real ) Tj ET Q q 0 0 0 rg BT 229.26 376.50 Td (estate ) Tj ET Q q 0 0 0 rg BT 255.43 376.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 281.04 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 298.48 376.50 Td (trade ) Tj ET Q q 0 0 0 rg BT 321.73 376.50 Td (names ) Tj ET Q q 0 0 0 rg BT 350.83 376.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 389.85 376.50 Td (from ) Tj ET Q q 0 0 0 rg BT 412.54 376.50 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 467.60 376.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 524.69 376.50 Td (conducts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (an ) Tj ET Q q 0 0 0 rg BT 62.29 363.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 92.65 363.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 143.44 363.90 Td (test ) Tj ET Q q 0 0 0 rg BT 160.40 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 171.52 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 182.65 363.90 Td (October ) Tj ET Q q 0 0 0 rg BT 218.84 363.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 234.34 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 245.47 363.90 Td (more ) Tj ET Q q 0 0 0 rg BT 269.42 363.90 Td (frequently ) Tj ET Q q 0 0 0 rg BT 314.95 363.90 Td (if ) Tj ET Q q 0 0 0 rg BT 323.74 363.90 Td (triggering ) Tj ET Q q 0 0 0 rg BT 367.52 363.90 Td (events ) Tj ET Q q 0 0 0 rg BT 396.72 363.90 Td (have ) Tj ET Q q 0 0 0 rg BT 418.92 363.90 Td (occurred ) Tj ET Q q 0 0 0 rg BT 458.03 363.90 Td (that ) Tj ET Q q 0 0 0 rg BT 476.15 363.90 Td (may ) Tj ET Q q 0 0 0 rg BT 496.60 363.90 Td (indicate ) Tj ET Q q 0 0 0 rg BT 532.22 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 547.42 363.90 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (value ) Tj ET Q q 0 0 0 rg BT 74.55 351.30 Td (has ) Tj ET Q q 0 0 0 rg BT 90.36 351.30 Td (declined ) Tj ET Q q 0 0 0 rg BT 127.74 351.30 Td (below ) Tj ET Q q 0 0 0 rg BT 155.21 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 169.85 351.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 206.64 351.30 Td (amount. ) Tj ET Q q 0 0 0 rg BT 242.17 351.30 Td (An ) Tj ET Q q 0 0 0 rg BT 256.82 351.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 279.04 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 287.85 351.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 336.90 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 346.87 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 358.60 351.30 Td (impaired ) Tj ET Q q 0 0 0 rg BT 397.73 351.30 Td (if ) Tj ET Q q 0 0 0 rg BT 405.95 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 420.59 351.30 Td (current ) Tj ET Q q 0 0 0 rg BT 452.13 351.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.52 351.30 Td (value ) Tj ET Q q 0 0 0 rg BT 493.07 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 503.62 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 518.26 351.30 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (lived ) Tj ET Q q 0 0 0 rg BT 73.42 338.70 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 121.91 338.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 140.67 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 151.83 338.70 Td (account ) Tj ET Q q 0 0 0 rg BT 186.90 338.70 Td (is ) Tj ET Q q 0 0 0 rg BT 196.33 338.70 Td (less ) Tj ET Q q 0 0 0 rg BT 214.50 338.70 Td (than ) Tj ET Q q 0 0 0 rg BT 235.00 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 250.24 338.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 289.39 338.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 326.79 338.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 354.40 338.70 Td (The ) Tj ET Q q 0 0 0 rg BT 373.15 338.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 390.14 338.70 Td (values ) Tj ET Q q 0 0 0 rg BT 419.38 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 434.62 338.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 477.28 338.70 Td (based ) Tj ET Q q 0 0 0 rg BT 503.60 338.70 Td (on ) Tj ET Q q 0 0 0 rg BT 516.52 338.70 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.24 326.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.08 326.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 139.74 326.10 Td (As ) Tj ET Q q 0 0 0 rg BT 153.58 326.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 194.84 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 207.52 326.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 265.97 326.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 318.89 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.90 326.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.65 326.10 Td (value ) Tj ET Q q 0 0 0 rg BT 375.56 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.49 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.50 326.10 Td (indefinite-lived ) Tj ET Q q 0 0 0 rg BT 468.41 326.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 512.58 326.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.25 326.10 Td (using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (this ) Tj ET Q q 0 0 0 rg BT 67.42 313.50 Td (technique ) Tj ET Q q 0 0 0 rg BT 110.48 313.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 149.47 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 164.54 313.50 Td (use ) Tj ET Q q 0 0 0 rg BT 180.78 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 191.77 313.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 238.34 313.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 292.51 313.50 Td (related ) Tj ET Q q 0 0 0 rg BT 323.31 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 333.72 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 348.80 313.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 369.70 313.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 391.19 313.50 Td (projections, ) Tj ET Q q 0 0 0 rg BT 442.72 313.50 Td (including ) Tj ET Q q 0 0 0 rg BT 484.62 313.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 525.94 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 536.93 313.50 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 92.56 300.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 124.94 300.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 147.38 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 158.18 300.90 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 187.93 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 203.38 300.90 Td (related ) Tj ET Q q 0 0 0 rg BT 234.57 300.90 Td (profit ) Tj ET Q q 0 0 0 rg BT 260.52 300.90 Td (mar) Tj ET Q q 0 0 0 rg BT 276.66 300.90 Td (gins, ) Tj ET Q q 0 0 0 rg BT 299.41 300.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 323.61 300.90 Td (and ) Tj ET Q q 0 0 0 rg BT 341.40 300.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 379.61 300.90 Td (rates. ) Tj ET Q q 0 0 0 rg BT 404.68 300.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (The ) Tj ET Q q 0 0 0 rg BT 70.75 275.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 112.49 275.70 Td (considerations ) Tj ET Q q 0 0 0 rg BT 177.56 275.70 Td (for ) Tj ET Q q 0 0 0 rg BT 194.23 275.70 Td (our ) Tj ET Q q 0 0 0 rg BT 212.65 275.70 Td (determination ) Tj ET Q q 0 0 0 rg BT 275.38 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 295.55 275.70 Td (performing ) Tj ET Q q 0 0 0 rg BT 347.21 275.70 Td (procedures ) Tj ET Q q 0 0 0 rg BT 397.69 275.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 434.18 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 446.77 275.70 Td (indefinite-lived ) Tj ET Q q 0 0 0 rg BT 515.92 275.70 Td (intangibles ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 101.39 263.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 151.05 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.04 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 168.69 263.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 200.83 263.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 224.81 263.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 254.62 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.43 263.10 Td (there ) Tj ET Q q 0 0 0 rg BT 294.40 263.10 Td (was ) Tj ET Q q 0 0 0 rg BT 313.72 263.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 361.04 263.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 403.69 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 417.18 263.10 Td (management ) Tj ET Q q 0 0 0 rg BT 473.81 263.10 Td (when ) Tj ET Q q 0 0 0 rg BT 499.54 263.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 549.19 263.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.78 250.50 Td (value ) Tj ET Q q 0 0 0 rg BT 91.72 250.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 128.92 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.87 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 154.91 250.50 Td (indefinite-lived ) Tj ET Q q 0 0 0 rg BT 221.85 250.50 Td (intangibles. ) Tj ET Q q 0 0 0 rg BT 272.60 250.50 Td (This ) Tj ET Q q 0 0 0 rg BT 293.47 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 303.85 250.50 Td (turn ) Tj ET Q q 0 0 0 rg BT 322.97 250.50 Td (led ) Tj ET Q q 0 0 0 rg BT 338.00 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 348.38 250.50 Td (a ) Tj ET Q q 0 0 0 rg BT 355.24 250.50 Td (high ) Tj ET Q q 0 0 0 rg BT 376.12 250.50 Td (degree ) Tj ET Q q 0 0 0 rg BT 406.30 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 417.26 250.50 Td (auditor ) Tj ET Q q 0 0 0 rg BT 449.21 250.50 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 493.70 250.50 Td (subjectivity) Tj ET Q q 0 0 0 rg BT 542.02 250.50 Td (, ) Tj ET Q q 0 0 0 rg BT 546.85 250.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (ef) Tj ET Q q 0 0 0 rg BT 57.97 237.90 Td (fort ) Tj ET Q q 0 0 0 rg BT 75.38 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 85.81 237.90 Td (performing ) Tj ET Q q 0 0 0 rg BT 135.30 237.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 183.62 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 194.04 237.90 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 231.27 237.90 Td (management�) Tj ET Q q 0 0 0 rg BT 287.84 237.90 Td (s ) Tj ET Q q 0 0 0 rg BT 294.18 237.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 340.76 237.90 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 397.56 237.90 Td (including ) Tj ET Q q 0 0 0 rg BT 439.48 237.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 471.48 237.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 493.56 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 504.07 237.90 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 533.45 237.90 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (profit ) Tj ET Q q 0 0 0 rg BT 75.97 225.30 Td (mar) Tj ET Q q 0 0 0 rg BT 92.10 225.30 Td (gins, ) Tj ET Q q 0 0 0 rg BT 114.88 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 132.68 225.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 170.90 225.30 Td (rates. ) Tj ET Q q 0 0 0 rg BT 195.99 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 198.63 225.30 Td (In ) Tj ET Q q 0 0 0 rg BT 210.02 225.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 249.70 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 265.17 225.30 Td (audit ) Tj ET Q q 0 0 0 rg BT 288.81 225.30 Td (ef) Tj ET Q q 0 0 0 rg BT 296.77 225.30 Td (fort ) Tj ET Q q 0 0 0 rg BT 314.58 225.30 Td (involved ) Tj ET Q q 0 0 0 rg BT 353.96 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 369.43 225.30 Td (use ) Tj ET Q q 0 0 0 rg BT 386.07 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 397.46 225.30 Td (professionals ) Tj ET Q q 0 0 0 rg BT 455.51 225.30 Td (with ) Tj ET Q q 0 0 0 rg BT 476.82 225.30 Td (specialized ) Tj ET Q q 0 0 0 rg BT 526.10 225.30 Td (skill ) Tj ET Q q 0 0 0 rg BT 546.83 225.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 98.70 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 109.49 212.70 Td (assist ) Tj ET Q q 0 0 0 rg BT 134.87 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 145.66 212.70 Td (performing ) Tj ET Q q 0 0 0 rg BT 195.52 212.70 Td (these ) Tj ET Q q 0 0 0 rg BT 219.72 212.70 Td (procedures ) Tj ET Q q 0 0 0 rg BT 268.41 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 286.19 212.70 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 332.55 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 348.01 212.70 Td (audit ) Tj ET Q q 0 0 0 rg BT 371.63 212.70 Td (evidence ) Tj ET Q q 0 0 0 rg BT 411.56 212.70 Td (obtained.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (Addressing ) Tj ET Q q 0 0 0 rg BT 99.66 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 114.31 187.50 Td (matter ) Tj ET Q q 0 0 0 rg BT 142.96 187.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 181.53 187.50 Td (performing ) Tj ET Q q 0 0 0 rg BT 230.59 187.50 Td (procedures ) Tj ET Q q 0 0 0 rg BT 278.48 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 295.47 187.50 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 341.03 187.50 Td (audit ) Tj ET Q q 0 0 0 rg BT 363.85 187.50 Td (evidence ) Tj ET Q q 0 0 0 rg BT 402.99 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 412.98 187.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 460.88 187.50 Td (with ) Tj ET Q q 0 0 0 rg BT 481.37 187.50 Td (forming ) Tj ET Q q 0 0 0 rg BT 517.03 187.50 Td (our ) Tj ET Q q 0 0 0 rg BT 532.85 187.50 Td (overall ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.90 Td (opinion ) Tj ET Q q 0 0 0 rg BT 84.38 174.90 Td (on ) Tj ET Q q 0 0 0 rg BT 97.18 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 112.30 174.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.67 174.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.70 174.90 Td (statements. ) Tj ET Q q 0 0 0 rg BT 255.78 174.90 Td (These ) Tj ET Q q 0 0 0 rg BT 283.15 174.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 331.51 174.90 Td (included ) Tj ET Q q 0 0 0 rg BT 369.96 174.90 Td (testing ) Tj ET Q q 0 0 0 rg BT 400.26 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 415.38 174.90 Td (ef) Tj ET Q q 0 0 0 rg BT 423.35 174.90 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 472.29 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 483.34 174.90 Td (controls ) Tj ET Q q 0 0 0 rg BT 519.46 174.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 553.83 174.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 162.30 Td (indefinite-lived ) Tj ET Q q 0 0 0 rg BT 130.59 162.30 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 178.19 162.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 228.11 162.30 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 278.92 162.30 Td (including ) Tj ET Q q 0 0 0 rg BT 320.10 162.30 Td (controls ) Tj ET Q q 0 0 0 rg BT 355.44 162.30 Td (over ) Tj ET Q q 0 0 0 rg BT 375.62 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 389.96 162.30 Td (determination ) Tj ET Q q 0 0 0 rg BT 449.80 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 460.06 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 474.41 162.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 494.58 162.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 515.35 162.30 Td (projections ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 68.74 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 85.14 149.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 133.04 149.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 188.54 149.70 Td (used. ) Tj ET Q q 0 0 0 rg BT 213.74 149.70 Td (These ) Tj ET Q q 0 0 0 rg BT 242.38 149.70 Td (procedures ) Tj ET Q q 0 0 0 rg BT 292.02 149.70 Td (also ) Tj ET Q q 0 0 0 rg BT 312.51 149.70 Td (included, ) Tj ET Q q 0 0 0 rg BT 354.87 149.70 Td (among ) Tj ET Q q 0 0 0 rg BT 387.03 149.70 Td (others, ) Tj ET Q q 0 0 0 rg BT 418.89 149.70 Td (testing ) Tj ET Q q 0 0 0 rg BT 450.47 149.70 Td (management�) Tj ET Q q 0 0 0 rg BT 507.03 149.70 Td (s ) Tj ET Q q 0 0 0 rg BT 514.69 149.70 Td (process ) Tj ET Q q 0 0 0 rg BT 549.76 149.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 101.98 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.13 137.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.03 137.10 Td (value ) Tj ET Q q 0 0 0 rg BT 168.10 137.10 Td (estimate; ) Tj ET Q q 0 0 0 rg BT 211.33 137.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 260.39 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.54 137.10 Td (appropriateness ) Tj ET Q q 0 0 0 rg BT 349.76 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.83 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.98 137.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 432.80 137.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 456.78 137.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 481.36 137.10 Td (model; ) Tj ET Q q 0 0 0 rg BT 515.84 137.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 549.17 137.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (completeness, ) Tj ET Q q 0 0 0 rg BT 112.47 124.50 Td (accuracy) Tj ET Q q 0 0 0 rg BT 149.08 124.50 Td (, ) Tj ET Q q 0 0 0 rg BT 154.98 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 173.41 124.50 Td (relevance ) Tj ET Q q 0 0 0 rg BT 216.90 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 228.92 124.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 277.69 124.50 Td (data ) Tj ET Q q 0 0 0 rg BT 298.45 124.50 Td (used ) Tj ET Q q 0 0 0 rg BT 320.97 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 332.41 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 348.51 124.50 Td (model; ) Tj ET Q q 0 0 0 rg BT 380.94 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 399.38 124.50 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 446.38 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 462.48 124.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 510.08 124.50 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (used ) Tj ET Q q 0 0 0 rg BT 71.83 111.90 Td (by ) Tj ET Q q 0 0 0 rg BT 84.91 111.90 Td (management, ) Tj ET Q q 0 0 0 rg BT 143.75 111.90 Td (including ) Tj ET Q q 0 0 0 rg BT 186.00 111.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 218.32 111.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 240.72 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 251.48 111.90 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 281.19 111.90 Td (profit ) Tj ET Q q 0 0 0 rg BT 307.09 111.90 Td (mar) Tj ET Q q 0 0 0 rg BT 323.23 111.90 Td (gins ) Tj ET Q q 0 0 0 rg BT 343.31 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 361.05 111.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 399.21 111.90 Td (rates. ) Tj ET Q q 0 0 0 rg BT 424.24 111.90 Td (Evaluating ) Tj ET Q q 0 0 0 rg BT 472.31 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 487.71 111.90 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 553.27 111.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (management�) Tj ET Q q 0 0 0 rg BT 106.56 99.30 Td (s ) Tj ET Q q 0 0 0 rg BT 114.96 99.30 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 171.19 99.30 Td (related ) Tj ET Q q 0 0 0 rg BT 204.07 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 216.55 99.30 Td (growth ) Tj ET Q q 0 0 0 rg BT 250.60 99.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 274.74 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 286.84 99.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 315.66 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 335.13 99.30 Td (related ) Tj ET Q q 0 0 0 rg BT 368.00 99.30 Td (profit ) Tj ET Q q 0 0 0 rg BT 395.64 99.30 Td (mar) Tj ET Q q 0 0 0 rg BT 411.78 99.30 Td (gins ) Tj ET Q q 0 0 0 rg BT 433.59 99.30 Td (involved ) Tj ET Q q 0 0 0 rg BT 474.65 99.30 Td (considering ) Tj ET Q q 0 0 0 rg BT 527.95 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 545.09 99.30 Td (past ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.78 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 117.25 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 132.81 86.70 Td (indefinite-lived ) Tj ET Q q 0 0 0 rg BT 200.26 86.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 244.98 86.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 274.83 86.70 Td (consistency ) Tj ET Q q 0 0 0 rg BT 326.55 86.70 Td (with ) Tj ET Q q 0 0 0 rg BT 347.95 86.70 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 417.73 86.70 Td (trends ) Tj ET Q q 0 0 0 rg BT 446.12 86.70 Td (that ) Tj ET Q q 0 0 0 rg BT 464.59 86.70 Td (may ) Tj ET Q q 0 0 0 rg BT 485.39 86.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 516.70 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 532.25 86.70 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.94 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.33 74.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 108.95 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.23 74.10 Td (related ) Tj ET Q q 0 0 0 rg BT 156.91 74.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 182.35 74.10 Td (mar) Tj ET Q q 0 0 0 rg BT 198.49 74.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 214.02 74.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 268.06 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.34 74.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 321.27 74.10 Td (these ) Tj ET Q q 0 0 0 rg BT 344.96 74.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 399.00 74.10 Td (were ) Tj ET Q q 0 0 0 rg BT 421.52 74.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 465.63 74.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.42 74.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 525.84 74.10 Td (obtained ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 61.07 61.50 Td (other ) Tj ET Q q 0 0 0 rg BT 85.54 61.50 Td (areas ) Tj ET Q q 0 0 0 rg BT 110.01 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 121.66 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 137.38 61.50 Td (audit. ) Tj ET Q q 0 0 0 rg BT 163.90 61.50 Td (Professionals ) Tj ET Q q 0 0 0 rg BT 222.80 61.50 Td (with ) Tj ET Q q 0 0 0 rg BT 244.37 61.50 Td (specialized ) Tj ET Q q 0 0 0 rg BT 293.91 61.50 Td (skill ) Tj ET Q q 0 0 0 rg BT 314.90 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 332.96 61.50 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 381.94 61.50 Td (were ) Tj ET Q q 0 0 0 rg BT 405.24 61.50 Td (used ) Tj ET Q q 0 0 0 rg BT 427.39 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 438.45 61.50 Td (assist ) Tj ET Q q 0 0 0 rg BT 464.11 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 475.18 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 490.91 61.50 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 537.54 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 61.50 Td (the ) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (86) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Company�) Tj ET Q q 0 0 0 rg BT 93.75 741.75 Td (s ) Tj ET Q q 0 0 0 rg BT 100.92 741.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 149.49 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 171.23 741.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 193.56 741.75 Td (model ) Tj ET Q q 0 0 0 rg BT 222.89 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.13 741.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 272.78 741.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 320.19 741.75 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 377.82 741.75 Td (including ) Tj ET Q q 0 0 0 rg BT 420.56 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.47 741.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 469.30 741.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 492.21 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.36 741.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 530.94 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 88.21 729.15 Td (rates.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (Realizability ) Tj ET Q q 0 0 0 rg BT 105.70 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 116.49 703.95 Td (Deferr) Tj ET Q q 0 0 0 rg BT 144.10 703.95 Td (ed ) Tj ET Q q 0 0 0 rg BT 156.63 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 161.51 703.95 Td (ax ) Tj ET Q q 0 0 0 rg BT 173.86 703.95 Td (Assets ) Tj ET Q q 0 0 0 rg BT 202.73 703.95 Td (- ) Tj ET Q q 0 0 0 rg BT 208.85 703.95 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 251.14 703.95 Td (Net ) Tj ET Q q 0 0 0 rg BT 268.35 703.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 314.14 703.95 Td (Loss ) Tj ET Q q 0 0 0 rg BT 336.02 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 354.40 703.95 Td (For) Tj ET Q q 0 0 0 rg BT 369.76 703.95 Td (eign ) Tj ET Q q 0 0 0 rg BT 390.46 703.95 Td (T) Tj ET Q q 0 0 0 rg BT 395.34 703.95 Td (ax ) Tj ET Q q 0 0 0 rg BT 407.87 703.95 Td (Cr) Tj ET Q q 0 0 0 rg BT 418.57 703.95 Td (edit ) Tj ET Q q 0 0 0 rg BT 436.94 703.95 Td (Carryforwar) Tj ET Q q 0 0 0 rg BT 490.24 703.95 Td (ds ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.66 678.75 Td (described ) Tj ET Q q 0 0 0 rg BT 105.88 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.04 678.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 142.53 678.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 149.77 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 166.92 678.75 Td (7 ) Tj ET Q q 0 0 0 rg BT 174.16 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 184.32 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.14 678.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 254.20 678.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.92 678.75 Td (statements, ) Tj ET Q q 0 0 0 rg BT 341.86 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.68 678.75 Td (Company�) Tj ET Q q 0 0 0 rg BT 400.43 678.75 Td (s ) Tj ET Q q 0 0 0 rg BT 406.51 678.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 461.57 678.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 485.73 678.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 522.69 678.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 537.51 678.75 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (were ) Tj ET Q q 0 0 0 rg BT 73.65 666.15 Td ($929 ) Tj ET Q q 0 0 0 rg BT 97.90 666.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 134.12 666.15 Td (excluding ) Tj ET Q q 0 0 0 rg BT 178.78 666.15 Td ($137 ) Tj ET Q q 0 0 0 rg BT 203.03 666.15 Td (million ) Tj ET Q q 0 0 0 rg BT 236.62 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 248.62 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 290.94 666.15 Td (allowance ) Tj ET Q q 0 0 0 rg BT 336.76 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 348.75 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 360.75 666.15 Td (March ) Tj ET Q q 0 0 0 rg BT 391.41 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.79 666.15 Td (2020; ) Tj ET Q q 0 0 0 rg BT 434.96 666.15 Td (63% ) Tj ET Q q 0 0 0 rg BT 457.45 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 469.45 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 485.53 666.15 Td (gross ) Tj ET Q q 0 0 0 rg BT 510.95 666.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 549.18 666.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.99 653.55 Td (relate ) Tj ET Q q 0 0 0 rg BT 102.79 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 113.45 653.55 Td (domestic ) Tj ET Q q 0 0 0 rg BT 153.85 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 169.16 653.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 211.31 653.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 230.14 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 247.79 653.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 280.60 653.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 295.91 653.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 322.31 653.55 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 386.30 653.55 Td (Realizability ) Tj ET Q q 0 0 0 rg BT 442.44 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 453.68 653.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 491.14 653.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 506.46 653.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 533.45 653.55 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 61.43 640.95 Td (domestic ) Tj ET Q q 0 0 0 rg BT 102.60 640.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 145.51 640.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 173.85 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 192.27 640.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 225.86 640.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.94 640.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 269.10 640.95 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 331.25 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 341.51 640.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 392.00 640.95 Td (based ) Tj ET Q q 0 0 0 rg BT 419.17 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 432.93 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 449.02 640.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 491.35 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 503.36 640.95 Td (future ) Tj ET Q q 0 0 0 rg BT 531.69 640.95 Td (taxable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 82.94 628.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 125.23 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 140.10 628.35 Td (use ) Tj ET Q q 0 0 0 rg BT 156.14 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.92 628.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 213.28 628.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 267.24 628.35 Td (related ) Tj ET Q q 0 0 0 rg BT 297.85 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 308.05 628.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.75 628.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 350.03 628.35 Td (projections, ) Tj ET Q q 0 0 0 rg BT 401.35 628.35 Td (including ) Tj ET Q q 0 0 0 rg BT 443.05 628.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 484.17 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 494.95 628.35 Td (future ) Tj ET Q q 0 0 0 rg BT 522.06 628.35 Td (revenues, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 82.05 615.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 104.17 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.71 615.75 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 144.13 615.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 169.76 615.75 Td (mar) Tj ET Q q 0 0 0 rg BT 185.90 615.75 Td (gins, ) Tj ET Q q 0 0 0 rg BT 208.32 615.75 Td (future ) Tj ET Q q 0 0 0 rg BT 235.69 615.75 Td (state ) Tj ET Q q 0 0 0 rg BT 257.24 615.75 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 320.77 615.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 354.27 615.75 Td (future ) Tj ET Q q 0 0 0 rg BT 381.64 615.75 Td (ef) Tj ET Q q 0 0 0 rg BT 389.60 615.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 420.47 615.75 Td (state ) Tj ET Q q 0 0 0 rg BT 442.01 615.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 457.14 615.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 479.26 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.72 615.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 529.34 615.75 Td (sourced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (earnings. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.28 577.95 Td (principal ) Tj ET Q q 0 0 0 rg BT 109.56 577.95 Td (considerations ) Tj ET Q q 0 0 0 rg BT 173.17 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 188.37 577.95 Td (our ) Tj ET Q q 0 0 0 rg BT 205.32 577.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 266.60 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 285.30 577.95 Td (performing ) Tj ET Q q 0 0 0 rg BT 335.49 577.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 384.51 577.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 419.54 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 430.66 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 446.45 577.95 Td (realizability ) Tj ET Q q 0 0 0 rg BT 499.55 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 511.25 577.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 549.18 577.95 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.40 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 98.72 565.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 138.53 565.35 Td (net ) Tj ET Q q 0 0 0 rg BT 153.27 565.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.82 565.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 213.07 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 230.13 565.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 262.36 565.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.09 565.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 302.90 565.35 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 363.69 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 372.60 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 379.16 565.35 Td (critical ) Tj ET Q q 0 0 0 rg BT 410.22 565.35 Td (audit ) Tj ET Q q 0 0 0 rg BT 433.12 565.35 Td (matter ) Tj ET Q q 0 0 0 rg BT 461.84 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 476.57 565.35 Td (there ) Tj ET Q q 0 0 0 rg BT 499.46 565.35 Td (was ) Tj ET Q q 0 0 0 rg BT 517.69 565.35 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (judgment ) Tj ET Q q 0 0 0 rg BT 91.92 552.75 Td (by ) Tj ET Q q 0 0 0 rg BT 104.68 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 160.59 552.75 Td (when ) Tj ET Q q 0 0 0 rg BT 185.59 552.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 238.59 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.68 552.75 Td (realizability ) Tj ET Q q 0 0 0 rg BT 306.08 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.09 552.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 354.32 552.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 369.41 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 396.16 552.75 Td (related ) Tj ET Q q 0 0 0 rg BT 426.99 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 437.41 552.75 Td (domestic ) Tj ET Q q 0 0 0 rg BT 477.58 552.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 519.50 552.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 546.84 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.54 540.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.59 540.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 123.71 540.15 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 187.28 540.15 Td (This ) Tj ET Q q 0 0 0 rg BT 208.16 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 218.55 540.15 Td (turn ) Tj ET Q q 0 0 0 rg BT 237.68 540.15 Td (led ) Tj ET Q q 0 0 0 rg BT 252.73 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 263.12 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 269.99 540.15 Td (high ) Tj ET Q q 0 0 0 rg BT 290.88 540.15 Td (degree ) Tj ET Q q 0 0 0 rg BT 321.08 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 332.04 540.15 Td (auditor ) Tj ET Q q 0 0 0 rg BT 364.00 540.15 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 408.51 540.15 Td (subjectivity) Tj ET Q q 0 0 0 rg BT 456.82 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 461.67 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 479.05 540.15 Td (ef) Tj ET Q q 0 0 0 rg BT 487.02 540.15 Td (fort ) Tj ET Q q 0 0 0 rg BT 504.40 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 514.78 540.15 Td (performing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (procedures ) Tj ET Q q 0 0 0 rg BT 99.87 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 111.85 527.55 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 150.64 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.28 527.55 Td (realizability ) Tj ET Q q 0 0 0 rg BT 221.24 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 233.80 527.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 272.58 527.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 289.22 527.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 320.16 527.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 363.04 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 375.60 527.55 Td (future ) Tj ET Q q 0 0 0 rg BT 404.48 527.55 Td (taxable ) Tj ET Q q 0 0 0 rg BT 438.61 527.55 Td (income ) Tj ET Q q 0 0 0 rg BT 473.33 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 492.30 527.55 Td (other ) Tj ET Q q 0 0 0 rg BT 517.69 527.55 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 104.97 514.95 Td (including ) Tj ET Q q 0 0 0 rg BT 147.67 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 163.54 514.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 196.33 514.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 219.20 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 230.32 514.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 260.49 514.95 Td (profit ) Tj ET Q q 0 0 0 rg BT 286.86 514.95 Td (mar) Tj ET Q q 0 0 0 rg BT 302.99 514.95 Td (gins, ) Tj ET Q q 0 0 0 rg BT 326.16 514.95 Td (future ) Tj ET Q q 0 0 0 rg BT 354.28 514.95 Td (state ) Tj ET Q q 0 0 0 rg BT 376.56 514.95 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 440.84 514.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 475.08 514.95 Td (future ) Tj ET Q q 0 0 0 rg BT 503.20 514.95 Td (ef) Tj ET Q q 0 0 0 rg BT 511.16 514.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 542.77 514.95 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.42 502.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 87.83 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 105.57 502.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 138.48 502.35 Td (sourced ) Tj ET Q q 0 0 0 rg BT 173.73 502.35 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 214.51 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 217.10 502.35 Td (In ) Tj ET Q q 0 0 0 rg BT 228.43 502.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 268.06 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 283.47 502.35 Td (audit ) Tj ET Q q 0 0 0 rg BT 307.06 502.35 Td (ef) Tj ET Q q 0 0 0 rg BT 315.03 502.35 Td (fort ) Tj ET Q q 0 0 0 rg BT 332.77 502.35 Td (involved ) Tj ET Q q 0 0 0 rg BT 372.11 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 387.52 502.35 Td (use ) Tj ET Q q 0 0 0 rg BT 404.11 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 415.44 502.35 Td (professionals ) Tj ET Q q 0 0 0 rg BT 473.44 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 494.70 502.35 Td (specialized ) Tj ET Q q 0 0 0 rg BT 543.93 502.35 Td (skill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 489.75 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 116.48 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 127.27 489.75 Td (assist ) Tj ET Q q 0 0 0 rg BT 152.65 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 163.45 489.75 Td (performing ) Tj ET Q q 0 0 0 rg BT 213.31 489.75 Td (these ) Tj ET Q q 0 0 0 rg BT 237.51 489.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 286.19 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 303.98 489.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 350.34 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.79 489.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 389.41 489.75 Td (evidence ) Tj ET Q q 0 0 0 rg BT 429.35 489.75 Td (obtained.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Addressing ) Tj ET Q q 0 0 0 rg BT 99.66 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 114.31 464.55 Td (matter ) Tj ET Q q 0 0 0 rg BT 142.96 464.55 Td (involved ) Tj ET Q q 0 0 0 rg BT 181.53 464.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 230.59 464.55 Td (procedures ) Tj ET Q q 0 0 0 rg BT 278.48 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 295.47 464.55 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 341.03 464.55 Td (audit ) Tj ET Q q 0 0 0 rg BT 363.85 464.55 Td (evidence ) Tj ET Q q 0 0 0 rg BT 402.99 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 412.98 464.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 460.88 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 481.37 464.55 Td (forming ) Tj ET Q q 0 0 0 rg BT 517.03 464.55 Td (our ) Tj ET Q q 0 0 0 rg BT 532.85 464.55 Td (overall ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (opinion ) Tj ET Q q 0 0 0 rg BT 84.38 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 97.18 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 112.30 451.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.67 451.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.70 451.95 Td (statements. ) Tj ET Q q 0 0 0 rg BT 255.78 451.95 Td (These ) Tj ET Q q 0 0 0 rg BT 283.15 451.95 Td (procedures ) Tj ET Q q 0 0 0 rg BT 331.51 451.95 Td (included ) Tj ET Q q 0 0 0 rg BT 369.96 451.95 Td (testing ) Tj ET Q q 0 0 0 rg BT 400.26 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 415.38 451.95 Td (ef) Tj ET Q q 0 0 0 rg BT 423.35 451.95 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 472.29 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 483.34 451.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 519.46 451.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 553.83 451.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (management�) Tj ET Q q 0 0 0 rg BT 106.56 439.35 Td (s ) Tj ET Q q 0 0 0 rg BT 113.80 439.35 Td (realizability ) Tj ET Q q 0 0 0 rg BT 167.10 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 179.00 439.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 217.13 439.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.11 439.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 263.39 439.35 Td (including ) Tj ET Q q 0 0 0 rg BT 306.21 439.35 Td (controls ) Tj ET Q q 0 0 0 rg BT 343.19 439.35 Td (over ) Tj ET Q q 0 0 0 rg BT 365.00 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 380.98 439.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 423.21 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 435.11 439.35 Td (future ) Tj ET Q q 0 0 0 rg BT 463.34 439.35 Td (taxable ) Tj ET Q q 0 0 0 rg BT 496.81 439.35 Td (income ) Tj ET Q q 0 0 0 rg BT 530.87 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.42 426.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 150.44 426.75 Td (used. ) Tj ET Q q 0 0 0 rg BT 174.25 426.75 Td (These ) Tj ET Q q 0 0 0 rg BT 201.42 426.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 249.57 426.75 Td (also ) Tj ET Q q 0 0 0 rg BT 268.58 426.75 Td (included, ) Tj ET Q q 0 0 0 rg BT 309.46 426.75 Td (among ) Tj ET Q q 0 0 0 rg BT 340.13 426.75 Td (others, ) Tj ET Q q 0 0 0 rg BT 370.51 426.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 400.60 426.75 Td (management�) Tj ET Q q 0 0 0 rg BT 457.17 426.75 Td (s ) Tj ET Q q 0 0 0 rg BT 463.35 426.75 Td (process ) Tj ET Q q 0 0 0 rg BT 496.93 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 511.27 426.75 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.42 414.15 Td (realizability ) Tj ET Q q 0 0 0 rg BT 118.15 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 129.49 414.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 167.05 414.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 182.47 414.15 Td (assets; ) Tj ET Q q 0 0 0 rg BT 212.47 414.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 258.79 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 274.21 414.15 Td (appropriateness ) Tj ET Q q 0 0 0 rg BT 342.69 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 354.03 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 369.45 414.15 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 428.03 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 449.28 414.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 471.11 414.15 Td (model; ) Tj ET Q q 0 0 0 rg BT 502.87 414.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 549.19 414.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.91 401.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 151.41 401.55 Td (used ) Tj ET Q q 0 0 0 rg BT 173.24 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 186.32 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 242.55 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 253.30 401.55 Td (developing ) Tj ET Q q 0 0 0 rg BT 302.54 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 317.95 401.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 359.61 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 370.94 401.55 Td (future ) Tj ET Q q 0 0 0 rg BT 398.59 401.55 Td (taxable ) Tj ET Q q 0 0 0 rg BT 431.49 401.55 Td (income, ) Tj ET Q q 0 0 0 rg BT 467.60 401.55 Td (including ) Tj ET Q q 0 0 0 rg BT 509.85 401.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 542.18 401.55 Td (rates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.20 388.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 91.48 388.95 Td (profit ) Tj ET Q q 0 0 0 rg BT 117.95 388.95 Td (mar) Tj ET Q q 0 0 0 rg BT 134.09 388.95 Td (gins, ) Tj ET Q q 0 0 0 rg BT 157.36 388.95 Td (future ) Tj ET Q q 0 0 0 rg BT 185.58 388.95 Td (state ) Tj ET Q q 0 0 0 rg BT 207.97 388.95 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 272.36 388.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 306.70 388.95 Td (future ) Tj ET Q q 0 0 0 rg BT 334.92 388.95 Td (ef) Tj ET Q q 0 0 0 rg BT 342.89 388.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.60 388.95 Td (state ) Tj ET Q q 0 0 0 rg BT 396.99 388.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 412.97 388.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 435.94 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 454.24 388.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 487.71 388.95 Td (sourced ) Tj ET Q q 0 0 0 rg BT 523.52 388.95 Td (earnings; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.63 376.35 Td (testing ) Tj ET Q q 0 0 0 rg BT 98.11 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 113.41 376.35 Td (completeness, ) Tj ET Q q 0 0 0 rg BT 175.07 376.35 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 214.84 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 232.48 376.35 Td (relevance ) Tj ET Q q 0 0 0 rg BT 275.17 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 286.39 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 301.69 376.35 Td (data ) Tj ET Q q 0 0 0 rg BT 321.65 376.35 Td (used ) Tj ET Q q 0 0 0 rg BT 343.37 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 354.01 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 369.31 376.35 Td (calculations. ) Tj ET Q q 0 0 0 rg BT 424.56 376.35 Td (Evaluating ) Tj ET Q q 0 0 0 rg BT 472.52 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.82 376.35 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 553.27 376.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (management�) Tj ET Q q 0 0 0 rg BT 106.56 363.75 Td (s ) Tj ET Q q 0 0 0 rg BT 113.30 363.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 167.88 363.75 Td (related ) Tj ET Q q 0 0 0 rg BT 199.10 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 209.92 363.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 242.32 363.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 264.80 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.61 363.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 302.77 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 320.58 363.75 Td (profit ) Tj ET Q q 0 0 0 rg BT 346.57 363.75 Td (mar) Tj ET Q q 0 0 0 rg BT 362.70 363.75 Td (gins ) Tj ET Q q 0 0 0 rg BT 382.86 363.75 Td (involved ) Tj ET Q q 0 0 0 rg BT 422.26 363.75 Td (considering ) Tj ET Q q 0 0 0 rg BT 473.90 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 489.39 363.75 Td (past ) Tj ET Q q 0 0 0 rg BT 508.95 363.75 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.11 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.29 351.15 Td (Company) Tj ET Q q 0 0 0 rg BT 116.44 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 121.43 351.15 Td (consistency ) Tj ET Q q 0 0 0 rg BT 172.78 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 193.81 351.15 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 263.22 351.15 Td (trends ) Tj ET Q q 0 0 0 rg BT 291.24 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 309.35 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 329.78 351.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 360.72 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 375.90 351.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 408.01 351.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 430.19 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 440.78 351.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 467.64 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 485.16 351.15 Td (profit ) Tj ET Q q 0 0 0 rg BT 510.85 351.15 Td (mar) Tj ET Q q 0 0 0 rg BT 526.98 351.15 Td (gins ) Tj ET Q q 0 0 0 rg BT 546.85 351.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 85.84 338.55 Td (these ) Tj ET Q q 0 0 0 rg BT 109.44 338.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 163.38 338.55 Td (were ) Tj ET Q q 0 0 0 rg BT 185.80 338.55 Td (consistent ) Tj ET Q q 0 0 0 rg BT 229.82 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 250.51 338.55 Td (evidence ) Tj ET Q q 0 0 0 rg BT 289.84 338.55 Td (obtained ) Tj ET Q q 0 0 0 rg BT 328.02 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 338.21 338.55 Td (other ) Tj ET Q q 0 0 0 rg BT 361.80 338.55 Td (areas ) Tj ET Q q 0 0 0 rg BT 385.39 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 396.16 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 411.01 338.55 Td (audit. ) Tj ET Q q 0 0 0 rg BT 436.65 338.55 Td (Professionals ) Tj ET Q q 0 0 0 rg BT 494.67 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 515.36 338.55 Td (specialized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (skill ) Tj ET Q q 0 0 0 rg BT 72.92 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 92.90 325.95 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 143.80 325.95 Td (were ) Tj ET Q q 0 0 0 rg BT 169.03 325.95 Td (used ) Tj ET Q q 0 0 0 rg BT 193.10 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 206.09 325.95 Td (assist ) Tj ET Q q 0 0 0 rg BT 233.67 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 246.67 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 264.32 325.95 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 312.88 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 326.46 325.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 359.85 325.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 409.00 325.95 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 468.37 325.95 Td (including ) Tj ET Q q 0 0 0 rg BT 512.86 325.95 Td (future ) Tj ET Q q 0 0 0 rg BT 542.76 325.95 Td (state ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 113.86 313.35 Td (factors, ) Tj ET Q q 0 0 0 rg BT 147.68 313.35 Td (future ) Tj ET Q q 0 0 0 rg BT 175.38 313.35 Td (ef) Tj ET Q q 0 0 0 rg BT 183.35 313.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 214.53 313.35 Td (state ) Tj ET Q q 0 0 0 rg BT 236.40 313.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.85 313.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 274.30 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 292.09 313.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 325.03 313.35 Td (sourced ) Tj ET Q q 0 0 0 rg BT 360.31 313.35 Td (earnings.) Tj ET Q /GS0 gs q 159.00 0 0 30.00 50.00 253.15 cm /I40 Do Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 227.95 Td (Baltimore, Maryland) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 215.35 Td (May 28, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 108.62 215.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 190.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.07 190.75 Td (e ) Tj ET Q q 0 0 0 rg BT 65.89 190.75 Td (have ) Tj ET Q q 0 0 0 rg BT 87.86 190.75 Td (served ) Tj ET Q q 0 0 0 rg BT 117.42 190.75 Td (as ) Tj ET Q q 0 0 0 rg BT 128.32 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.31 190.75 Td (Company�) Tj ET Q q 0 0 0 rg BT 187.05 190.75 Td (s ) Tj ET Q q 0 0 0 rg BT 193.30 190.75 Td (auditor ) Tj ET Q q 0 0 0 rg BT 225.19 190.75 Td (since ) Tj ET Q q 0 0 0 rg BT 248.92 190.75 Td (at ) Tj ET Q q 0 0 0 rg BT 258.66 190.75 Td (least ) Tj ET Q q 0 0 0 rg BT 280.05 190.75 Td (1983, ) Tj ET Q q 0 0 0 rg BT 305.83 190.75 Td (which ) Tj ET Q q 0 0 0 rg BT 333.65 190.75 Td (is ) Tj ET Q q 0 0 0 rg BT 342.81 190.75 Td (when ) Tj ET Q q 0 0 0 rg BT 367.71 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 382.69 190.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 425.67 190.75 Td (became ) Tj ET Q q 0 0 0 rg BT 459.89 190.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 491.79 190.75 Td (to ) Tj ET Q q 0 0 0 rg BT 502.11 190.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 523.52 190.75 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 178.15 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 110.06 178.15 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 178.15 Td (W) Tj ET Q q 0 0 0 rg BT 121.57 178.15 Td (e ) Tj ET Q q 0 0 0 rg BT 128.85 178.15 Td (have ) Tj ET Q q 0 0 0 rg BT 151.30 178.15 Td (not ) Tj ET Q q 0 0 0 rg BT 167.34 178.15 Td (been ) Tj ET Q q 0 0 0 rg BT 189.79 178.15 Td (able ) Tj ET Q q 0 0 0 rg BT 209.90 178.15 Td (to ) Tj ET Q q 0 0 0 rg BT 220.70 178.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 265.30 178.15 Td (the ) Tj ET Q q 0 0 0 rg BT 280.76 178.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 316.03 178.15 Td (year ) Tj ET Q q 0 0 0 rg BT 336.72 178.15 Td (we ) Tj ET Q q 0 0 0 rg BT 351.59 178.15 Td (began ) Tj ET Q q 0 0 0 rg BT 379.29 178.15 Td (serving ) Tj ET Q q 0 0 0 rg BT 412.82 178.15 Td (as ) Tj ET Q q 0 0 0 rg BT 424.20 178.15 Td (auditor ) Tj ET Q q 0 0 0 rg BT 456.56 178.15 Td (of ) Tj ET Q q 0 0 0 rg BT 467.94 178.15 Td (the ) Tj ET Q q 0 0 0 rg BT 483.39 178.15 Td (Company) Tj ET Q q 0 0 0 rg BT 523.54 178.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 526.16 182.91 Td ( ) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (87) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 215.15 730.85 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.73 730.85 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 223.70 719.45 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 280.53 719.45 Td (TED BALANCE SHEETS) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 263.75 708.05 Td (\(Dollars in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 683.55 m 403 683.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 683.55 m 482 683.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 683.55 m 561 683.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 552.55 m 403 552.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 552.55 m 482 552.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 552.55 m 561 552.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 541.55 m 403 541.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 552.55 m 482 552.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 541.55 m 482 541.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 552.55 m 561 552.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 541.55 m 561 541.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 541.55 m 482 541.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 541.55 m 561 541.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 464.54999999999995 m 403 464.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 464.54999999999995 m 482 464.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 464.54999999999995 m 561 464.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 453.54999999999995 m 403 453.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 464.54999999999995 m 482 464.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 453.54999999999995 m 482 453.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 464.54999999999995 m 561 464.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 453.54999999999995 m 561 453.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 353.54999999999995 m 403 353.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 353.54999999999995 m 482 353.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 353.54999999999995 m 561 353.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 342.54999999999995 m 403 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 353.54999999999995 m 482 353.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 342.54999999999995 m 482 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 353.54999999999995 m 561 353.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 342.54999999999995 m 561 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 342.54999999999995 m 482 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 342.54999999999995 m 561 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 281.54999999999995 m 403 281.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 281.54999999999995 m 482 281.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 281.54999999999995 m 561 281.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 270.54999999999995 m 403 270.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 281.54999999999995 m 482 281.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 270.54999999999995 m 482 270.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 281.54999999999995 m 561 281.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 270.54999999999995 m 561 270.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 270.54999999999995 m 482 270.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 157.54999999999995 m 403 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 157.54999999999995 m 482 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 157.54999999999995 m 561 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 157.54999999999995 m 482 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 157.54999999999995 m 561 157.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 135.54999999999995 m 403 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 135.54999999999995 m 482 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 135.54999999999995 m 561 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 124.54999999999995 m 403 124.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 113.54999999999995 m 403 113.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 124.54999999999995 m 482 124.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 113.54999999999995 m 482 113.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 124.54999999999995 m 561 124.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 113.54999999999995 m 561 113.54999999999995 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 688.01 Td (�) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.20 688.00 Td (Mar) Tj ET Q q 0 0 0 rg BT 431.03 688.00 Td (ch 31, 2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.35 688.01 Td (March 31, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 675.00 Td (ASSETS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 663.86 Td (Current ) Tj ET Q q 0 0 0 rg BT 87.99 663.86 Td (Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 652.86 Td (Cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.50 653.00 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 653.00 Td (1,018,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.50 652.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 652.86 Td (921,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 641.86 Td (Cash and cash equivalents of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.00 642.00 Td (620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.25 641.86 Td (4,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 630.86 Td (Restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 631.00 Td (28,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 630.86 Td (21,213) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 619.86 Td (Receivables:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 608.86 Td (Investment advisory and related fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 609.00 Td (407,893) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 608.86 Td (425,470) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 597.86 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 598.00 Td (47,634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 597.86 Td (57,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 586.86 Td (Investment securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 587.00 Td (338,894) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 586.86 Td (377,129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 576.86 Td (Investment securities of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 577.00 Td (1) Tj ET Q q 0 0 0 rg BT 453.75 577.00 Td (17,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 576.86 Td (129,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 565.86 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 566.00 Td (80,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 565.86 Td (82,131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 554.86 Td (Other current assets of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.00 555.00 Td (476) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.25 554.86 Td (1,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 94.50 543.86 Td (T) Tj ET Q q 0 0 0 rg BT 99.68 543.86 Td (otal Current ) Tj ET Q q 0 0 0 rg BT 144.61 543.86 Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 544.00 Td (2,039,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 543.86 Td (2,019,856) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 532.86 Td (Fixed assets, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 533.00 Td (134,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 532.86 Td (149,989) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 521.86 Td (Intangible assets, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 522.00 Td (3,355,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 521.86 Td (3,386,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 510.86 Td (Goodwill) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 511.00 Td (1,847,766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 510.86 Td (1,883,554) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 499.86 Td (Deferred income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 500.00 Td (161,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 499.86 Td (199,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 488.86 Td (Right-of-use assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 489.00 Td (291,342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.50 488.86 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 477.86 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 478.00 Td (152,985) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 477.86 Td (145,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 466.86 Td (Other assets of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 467.00 Td (22,313) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.25 466.86 Td (8,993) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 456.00 Td (T) Tj ET Q q 0 0 0 rg BT 58.42 456.00 Td (OT) Tj ET Q q 0 0 0 rg BT 71.01 456.00 Td (AL) Tj ET Q q 0 0 0 rg BT 82.93 456.00 Td ( ) Tj ET Q q 0 0 0 rg BT 84.68 456.00 Td (ASSETS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.50 456.00 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 456.00 Td (8,006,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.50 455.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 455.86 Td (7,794,122) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 444.95 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 110.03 444.95 Td (AND ST) Tj ET Q q 0 0 0 rg BT 142.46 444.95 Td (OCKHOLDERS�) Tj ET Q q 0 0 0 rg BT 209.55 444.95 Td ( EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 433.00 Td (LIABILITIES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 421.86 Td (Current Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 410.86 Td (Accrued compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.50 411.00 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 411.00 Td (574,430) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.50 410.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 410.86 Td (571,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 399.86 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 400.00 Td (156,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 399.86 Td (182,921) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 388.86 Td (Current portion of long-term debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.50 389.00 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 388.86 Td (250,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 377.86 Td (Lease liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 378.00 Td (77,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.50 377.86 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 366.86 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 367.00 Td (1) Tj ET Q q 0 0 0 rg BT 453.75 367.00 Td (15,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 366.86 Td (99,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 355.86 Td (Other current liabilities of consolidated investment vehicles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 356.00 Td (1,044) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.25 355.86 Td (5,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 94.50 344.86 Td (T) Tj ET Q q 0 0 0 rg BT 99.37 344.86 Td (otal Current Liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 345.00 Td (926,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 344.86 Td (1,109,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 333.86 Td (Deferred compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 334.00 Td (95,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 333.86 Td (85,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 322.81 Td (Lease liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 322.95 Td (278,737) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.50 322.81 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 310.81 Td (Deferred income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 310.95 Td (165,038) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 310.81 Td (123,420) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 298.01 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 298.00 Td (32,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 298.01 Td (122,044) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 284.81 Td (Long-term debt, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 284.95 Td (1,972,733) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 284.81 Td (1,971,451) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 273.00 Td (T) Tj ET Q q 0 0 0 rg BT 64.42 273.00 Td (OT) Tj ET Q q 0 0 0 rg BT 77.01 273.00 Td (AL) Tj ET Q q 0 0 0 rg BT 88.93 273.00 Td ( LIABILITIES) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 273.00 Td (3,470,025) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 272.86 Td (3,412,207) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 261.95 Td (Commitments and Contingencies \(Note 9\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 250.00 Td (REDEEMABLE NONCONTROLLING INTERESTS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 250.00 Td (714,414) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.25 249.86 Td (692,376) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 238.95 Td (ST) Tj ET Q q 0 0 0 rg BT 69.43 238.95 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.50 238.95 Td (�) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 226.01 Td (Common stock, par value $0.10 per share; authorized 500,000,000 shares; issued) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.50 217.01 Td (87,781,705 and 85,556,562 shares for March 31, 2020 and 2019, respectively) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 217.00 Td (8,778) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.25 217.01 Td (8,556) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 203.86 Td (Additional paid-in capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 204.00 Td (2,158,755) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 203.86 Td (2,039,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 192.86 Td (Employee stock trust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.75 193.00 Td (\(19,778) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.50 193.00 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 192.86 Td (\(21,416) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.50 192.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 181.86 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 182.00 Td (19,778) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 181.86 Td (21,416) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 170.86 Td (Retained earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 171.00 Td (1,820,412) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 170.86 Td (1,742,764) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 159.86 Td (Accumulated other comprehensive loss, net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 160.00 Td (\(195,306) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.50 160.00 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.25 159.86 Td (\(131,236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.50 159.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 148.86 Td (T) Tj ET Q q 0 0 0 rg BT 77.18 148.86 Td (otal stockholders' equity attributable to Legg Mason, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 149.00 Td (3,792,639) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 148.86 Td (3,659,755) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 137.86 Td (Nonredeemable noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 138.00 Td (29,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.75 137.86 Td (29,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 127.00 Td (T) Tj ET Q q 0 0 0 rg BT 64.34 127.00 Td (OT) Tj ET Q q 0 0 0 rg BT 76.68 127.00 Td (AL) Tj ET Q q 0 0 0 rg BT 88.68 127.00 Td ( ST) Tj ET Q q 0 0 0 rg BT 101.78 127.00 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 127.00 Td (3,821,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 126.86 Td (3,689,539) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 116.00 Td (T) Tj ET Q q 0 0 0 rg BT 58.34 116.00 Td (OT) Tj ET Q q 0 0 0 rg BT 70.68 116.00 Td (AL) Tj ET Q q 0 0 0 rg BT 82.68 116.00 Td ( LIABILITIES ) Tj ET Q q 0 0 0 rg BT 142.21 116.00 Td (AND ST) Tj ET Q q 0 0 0 rg BT 174.81 116.00 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.50 116.00 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 116.00 Td (8,006,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.50 115.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.50 115.86 Td (7,794,122) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 104.45 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (88) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 177.25 729.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 240.07 729.30 Td (TED ST) Tj ET Q q 0 0 0 rg BT 276.35 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 283.15 729.30 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 351.31 729.30 Td ( INCOME \(LOSS\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.50 716.70 Td (\(Dollars in thousands, except per share amounts\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 678.6 m 407.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 678.6 m 411.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 678.6 m 485.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 678.6 m 489.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 678.6 m 562.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 663.6 m 329.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 663.6 m 407.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 663.6 m 485.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 663.6 m 562.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 559.6 m 329.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 559.6 m 407.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 559.6 m 485.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 559.6 m 562.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 544.6 m 329.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 559.6 m 407.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 544.6 m 407.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 559.6 m 485.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 544.6 m 485.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 559.6 m 562.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 544.6 m 562.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 410.6 m 329.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 410.6 m 407.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 410.6 m 485.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 410.6 m 562.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 395.6 m 329.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 395.6 m 407.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 395.6 m 485.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 410.6 m 562.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 395.6 m 562.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.6 m 329.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 380.6 m 407.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 380.6 m 485.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 395.6 m 562.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 380.6 m 562.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 380.6 m 329.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 296.6 m 329.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 296.6 m 407.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 296.6 m 485.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 296.6 m 562.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 281.6 m 407.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 281.6 m 485.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 296.6 m 562.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 281.6 m 562.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 281.6 m 329.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 251.60000000000002 m 329.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 251.60000000000002 m 407.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 251.60000000000002 m 485.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 251.60000000000002 m 562.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 221.60000000000002 m 329.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 221.60000000000002 m 407.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 221.60000000000002 m 485.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 221.60000000000002 m 562.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 198.60000000000002 m 329.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 221.60000000000002 m 407.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 198.60000000000002 m 407.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 221.60000000000002 m 485.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 198.60000000000002 m 485.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 198.60000000000002 m 562.5 198.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.15 683.37 Td (Y) Tj ET Q q 0 0 0 rg BT 404.68 683.37 Td (ears Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.27 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 668.28 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 668.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.50 668.27 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 654.28 Td (OPERA) Tj ET Q q 0 0 0 rg BT 87.63 654.28 Td (TING REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 639.27 Td (Investment advisory fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 624.27 Td (Separate accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 624.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 624.28 Td (1,051,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 624.27 Td (1,029,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 624.27 Td (1,020,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 609.27 Td (Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 609.28 Td (1,495,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 609.27 Td (1,479,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 609.27 Td (1,564,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 594.27 Td (Performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 594.28 Td (99,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 594.27 Td (84,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 594.27 Td (227,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 579.27 Td (Distribution and service fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 579.28 Td (270,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 579.27 Td (302,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 579.27 Td (321,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 564.28 Td (5,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 564.27 Td (6,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 564.27 Td (4,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 549.27 Td (otal Operating Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 549.28 Td (2,922,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 549.27 Td (2,903,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 549.27 Td (3,140,322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.28 Td (OPERA) Tj ET Q q 0 0 0 rg BT 87.63 535.28 Td (TING EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 520.27 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 520.28 Td (1,436,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 520.27 Td (1,398,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 520.27 Td (1,508,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 505.27 Td (Distribution and servicing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 505.28 Td (413,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 505.27 Td (439,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 505.27 Td (489,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 490.27 Td (Communications and technology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 490.28 Td (225,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 490.27 Td (228,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 490.27 Td (212,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 475.27 Td (Occupancy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 475.28 Td (1) Tj ET Q q 0 0 0 rg BT 376.15 475.28 Td (10,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 475.27 Td (105,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 475.27 Td (100,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 460.27 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 460.28 Td (22,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 460.27 Td (24,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 460.27 Td (24,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 445.27 Td (Impairment of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 445.28 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 445.27 Td (365,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 445.27 Td (229,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.27 Td (Contingent consideration fair value adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.30 430.33 Td (\(915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 430.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 430.27 Td (571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 430.32 Td (\(31,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 430.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 415.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 415.28 Td (209,41) Tj ET Q q 0 0 0 rg BT 398.65 415.28 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 415.27 Td (238,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 415.27 Td (282,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 400.27 Td (otal Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 400.28 Td (2,416,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 400.27 Td (2,800,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 400.27 Td (2,816,321) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 385.28 Td (OPERA) Tj ET Q q 0 0 0 rg BT 87.63 385.28 Td (TING INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 385.28 Td (505,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 385.27 Td (103,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 385.27 Td (324,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 371.28 Td (NON-OPERA) Tj ET Q q 0 0 0 rg BT 113.18 371.28 Td (TING INCOME \(EXPENSE\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 356.27 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 356.28 Td (12,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 356.27 Td (12,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 356.27 Td (7,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 341.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 341.33 Td (\(109,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 341.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 341.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 454.13 341.32 Td (17,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 341.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 531.13 341.32 Td (17,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 326.27 Td (Other income \(expense\), net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.80 326.33 Td (\(13,312) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 326.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 326.27 Td (31,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 326.27 Td (10,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 311.27 Td (Non-operating income \(expense\) of consolidated investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 301.27 Td (vehicles, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 301.28 Td (16,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 301.32 Td (\(565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 301.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 301.27 Td (9,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 286.27 Td (otal Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.80 286.33 Td (\(94,626) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 286.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 286.32 Td (\(74,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 286.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 286.32 Td (\(90,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 286.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 271.28 Td (INCOME BEFORE INCOME ) Tj ET Q q 0 0 0 rg BT 185.97 271.28 Td (T) Tj ET Q q 0 0 0 rg BT 192.18 271.28 Td (AX PROVISION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 271.28 Td (410,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 271.27 Td (28,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 271.27 Td (233,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 256.27 Td (Income tax provision \(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 256.28 Td (106,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 256.27 Td (20,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 256.32 Td (\(102,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 256.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 241.28 Td (NET) Tj ET Q q 0 0 0 rg BT 73.38 241.28 Td ( INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 241.28 Td (304,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 241.27 Td (7,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 241.27 Td (336,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 226.27 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 226.28 Td (53,1) Tj ET Q q 0 0 0 rg BT 393.65 226.28 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 226.27 Td (36,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 226.27 Td (51,275) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 212.33 Td (NET) Tj ET Q q 0 0 0 rg BT 73.47 212.33 Td ( INCOME \(LOSS\) ) Tj ET Q q 0 0 0 rg BT 155.06 212.33 Td (A) Tj ET Q q 0 0 0 rg BT 161.63 212.33 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 205.91 212.33 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 235.18 212.33 Td (T) Tj ET Q q 0 0 0 rg BT 241.66 212.33 Td (O LEGG MASON,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 202.33 Td (INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 203.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 203.28 Td (251,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 203.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 203.32 Td (\(28,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 203.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 203.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 203.27 Td (285,075) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 189.28 Td (NET) Tj ET Q q 0 0 0 rg BT 73.38 189.28 Td ( INCOME \(LOSS\) PER SHARE ) Tj ET Q q 0 0 0 rg BT 214.24 189.28 Td (A) Tj ET Q q 0 0 0 rg BT 220.71 189.28 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 264.99 189.28 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 294.54 189.28 Td (T) Tj ET Q q 0 0 0 rg BT 301.03 189.28 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 179.28 Td (LEGG MASON, INC. ST) Tj ET Q q 0 0 0 rg BT 180.00 179.28 Td (OCKHOLDERS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 164.27 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 164.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 164.28 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 164.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 164.32 Td (\(0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 164.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 164.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 164.27 Td (3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 149.27 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 149.28 Td (2.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 149.32 Td (\(0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 149.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 149.27 Td (3.01) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 135.50 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (89) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 128.95 729.30 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 191.77 729.30 Td (TED ST) Tj ET Q q 0 0 0 rg BT 228.05 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 234.85 729.30 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 303.01 729.30 Td ( COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.30 716.70 Td (\(Dollars in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 678.6 m 403.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 678.6 m 407.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 678.6 m 483.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 678.6 m 487.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 678.6 m 562.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 663.6 m 322.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 663.6 m 403.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 663.6 m 483.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 663.6 m 562.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 663.6 m 403.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 663.6 m 483.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 663.6 m 562.5 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 603.6 m 322.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 603.6 m 403.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 603.6 m 483.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 603.6 m 562.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 588.6 m 322.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 588.6 m 403.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 588.6 m 483.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 588.6 m 562.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 548.6 m 322.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 548.6 m 403.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 548.6 m 483.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 548.6 m 562.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 523.6 m 322.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 523.6 m 403.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 523.6 m 483.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 523.6 m 562.5 523.6 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.65 683.37 Td (Y) Tj ET Q q 0 0 0 rg BT 401.18 683.37 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 668.37 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 354.00 668.39 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.50 668.37 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.00 668.37 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 653.39 Td (NET) Tj ET Q q 0 0 0 rg BT 74.40 653.39 Td ( INCOME) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 329.00 653.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.35 653.39 Td (304,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 653.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.85 653.37 Td (7,934) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 653.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 653.37 Td (336,350) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 638.37 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 623.37 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.10 623.39 Td (\(81,087) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.50 623.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 623.37 Td (\(71,882) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 623.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 623.37 Td (48,556) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.00 608.37 Td (Changes in defined benefit pension plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 370.60 608.39 Td (17,017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 608.37 Td (\(4,172) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 608.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 608.37 Td (3,046) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 593.37 Td (T) Tj ET Q q 0 0 0 rg BT 76.68 593.37 Td (otal other comprehensive income \(loss\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 367.10 593.39 Td (\(64,070) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 399.50 593.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 593.37 Td (\(76,054) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 593.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 593.37 Td (51,602) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 578.39 Td (COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.35 578.39 Td (240,416) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 578.37 Td (\(68,120) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 578.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 578.37 Td (387,952) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 563.82 Td (Less: Comprehensive income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.00 553.32 Td (noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 370.60 553.39 Td (54,190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 553.37 Td (41,180) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 553.37 Td (50,894) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 538.89 Td (COMPREHENSIVE INCOME \(LOSS\) ) Tj ET Q q 0 0 0 rg BT 232.40 538.89 Td (A) Tj ET Q q 0 0 0 rg BT 239.21 538.89 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 285.69 538.89 Td (ABLE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 71.00 528.39 Td (T) Tj ET Q q 0 0 0 rg BT 77.81 528.39 Td (O LEGG MASON, INC.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 329.00 528.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.35 528.39 Td (186,226) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 528.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.85 528.37 Td (\(109,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 528.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 528.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 528.37 Td (337,058) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 514.50 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 19.75 Td (90) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 224.75 754.75 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.69 754.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 152.25 744.55 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 203.10 744.55 Td (TED ST) Tj ET Q q 0 0 0 rg BT 232.47 744.55 Td (A) Tj ET Q q 0 0 0 rg BT 237.98 744.55 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 293.16 744.55 Td ( CHANGES IN ST) Tj ET Q q 0 0 0 rg BT 361.26 744.55 Td (OCKHOLDERS�) Tj ET Q q 0 0 0 rg BT 424.39 744.55 Td ( EQUITY) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 268.20 734.35 Td (\(Dollars in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 700.65 m 426.5 700.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 700.65 m 430.5 700.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 700.65 m 492.5 700.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 700.65 m 496.5 700.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 700.65 m 558.5 700.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 689.65 m 360.5 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 689.65 m 426.5 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 689.65 m 492.5 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 689.65 m 558.5 689.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 592.65 m 426.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 592.65 m 492.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 592.65 m 558.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 592.65 m 360.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 580.65 m 360.5 580.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 592.65 m 426.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 580.65 m 426.5 580.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 592.65 m 492.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 580.65 m 492.5 580.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 592.65 m 558.5 592.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 580.65 m 558.5 580.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 474.65 m 426.5 474.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 474.65 m 558.5 474.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 474.65 m 360.5 474.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 462.65 m 360.5 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 474.65 m 426.5 474.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 462.65 m 426.5 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 474.65 m 492.5 474.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 462.65 m 492.5 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 474.65 m 558.5 474.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 462.65 m 558.5 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 462.65 m 360.5 462.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 417.65 m 360.5 417.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 417.65 m 426.5 417.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 417.65 m 492.5 417.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 417.65 m 558.5 417.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 405.65 m 360.5 405.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 405.65 m 426.5 405.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 405.65 m 492.5 405.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 417.65 m 558.5 417.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 405.65 m 558.5 405.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 405.65 m 360.5 405.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 359.65 m 360.5 359.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 359.65 m 426.5 359.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 359.65 m 492.5 359.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 359.65 m 558.5 359.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 359.65 m 360.5 359.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 347.65 m 360.5 347.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 347.65 m 426.5 347.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 347.65 m 492.5 347.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 359.65 m 558.5 359.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 347.65 m 558.5 347.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 347.65 m 360.5 347.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 256.65 m 426.5 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 256.65 m 492.5 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 256.65 m 360.5 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 244.64999999999998 m 360.5 244.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 256.65 m 426.5 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 244.64999999999998 m 426.5 244.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 256.65 m 492.5 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 244.64999999999998 m 492.5 244.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 256.65 m 558.5 256.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 244.64999999999998 m 558.5 244.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 198.64999999999998 m 426.5 198.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 198.64999999999998 m 360.5 198.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 186.64999999999998 m 360.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 198.64999999999998 m 426.5 198.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 186.64999999999998 m 426.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 198.64999999999998 m 492.5 198.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 186.64999999999998 m 492.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 198.64999999999998 m 558.5 198.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 186.64999999999998 m 558.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 186.64999999999998 m 360.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 174.64999999999998 m 360.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 186.64999999999998 m 426.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 174.64999999999998 m 426.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 186.64999999999998 m 492.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 174.64999999999998 m 492.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 186.64999999999998 m 558.5 186.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 174.64999999999998 m 558.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 174.64999999999998 m 360.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 174.64999999999998 m 426.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 174.64999999999998 m 492.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 174.64999999999998 m 558.5 174.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 118.64999999999998 m 360.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 118.64999999999998 m 426.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 118.64999999999998 m 492.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 118.64999999999998 m 558.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 118.64999999999998 m 360.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 106.64999999999998 m 360.5 106.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 118.64999999999998 m 426.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 106.64999999999998 m 426.5 106.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 118.64999999999998 m 492.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 106.64999999999998 m 492.5 106.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 118.64999999999998 m 558.5 118.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 106.64999999999998 m 558.5 106.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 95.64999999999998 m 360.5 95.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 95.64999999999998 m 426.5 95.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 95.64999999999998 m 492.5 95.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 95.64999999999998 m 558.5 95.64999999999998 l s BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 705.01 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 421.05 705.01 Td (Y) Tj ET Q q 0 0 0 rg BT 426.34 705.01 Td (ears Ended March 31,) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 692.26 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 386.50 692.39 Td (2020) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 452.50 692.26 Td (2019) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 518.50 692.26 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 681.73 Td (ST) Tj ET Q q 0 0 0 rg BT 66.71 681.73 Td (OCKHOLDERS' EQUITY) Tj ET Q q 0 0 0 rg BT 159.62 681.73 Td ( ) Tj ET Q q 0 0 0 rg BT 161.25 681.73 Td (A) Tj ET Q q 0 0 0 rg BT 166.51 681.73 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 201.93 681.73 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 225.35 681.73 Td (T) Tj ET Q q 0 0 0 rg BT 230.54 681.73 Td (O LEGG MASON, INC.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 670.73 Td (COMMON ST) Tj ET Q q 0 0 0 rg BT 112.31 670.73 Td (OCK) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 659.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 367.00 659.39 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 404.00 659.39 Td (8,556) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 433.00 659.26 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 659.26 Td (8,461) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 499.00 659.26 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.00 659.26 Td (9,573) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 647.26 Td (Stock options exercised) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 410.40 647.39 Td (126) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.65 647.26 Td (20) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.65 647.26 Td (47) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 635.26 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.90 635.39 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 484.90 635.26 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 550.90 635.26 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 623.26 Td (Stock-based compensation) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 410.40 623.39 Td (141) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 476.40 623.26 Td (1) Tj ET Q q 0 0 0 rg BT 480.65 623.26 Td (14) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.65 623.26 Td (95) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 609.01 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 411.80 609.04 Td (\(46) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 608.99 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 477.80 609.06 Td (\(40) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 609.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 543.80 609.06 Td (\(35) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 609.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 596.26 Td (Shares repurchased and retired) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 414.65 596.39 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.65 596.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 533.15 596.26 Td (\(1,220) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 596.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 584.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 404.00 584.39 Td (8,778) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 584.26 Td (8,556) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.00 584.26 Td (8,461) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 572.73 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 113.29 572.73 Td ( P) Tj ET Q q 0 0 0 rg BT 119.66 572.73 Td (AID-IN CAPIT) Tj ET Q q 0 0 0 rg BT 172.18 572.73 Td (AL) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.00 572.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 561.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.15 561.39 Td (2,039,671) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.15 561.26 Td (1,976,364) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 521.15 561.26 Td (2,385,726) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 549.26 Td (Stock options exercised) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 549.39 Td (43,260) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 549.26 Td (6,094) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 549.26 Td (14,024) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 537.26 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 410.40 537.39 Td (707) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 476.40 537.26 Td (630) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 542.40 537.26 Td (554) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 525.26 Td (Stock-based compensation) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 525.39 Td (65,150) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.75 525.26 Td (62,704) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 525.26 Td (70,277) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 513.01 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 396.90 512.99 Td (\(15,402) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 512.99 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 513.01 Td (\(15,535) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 513.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.90 513.01 Td (\(13,198) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 513.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 500.01 Td (Shares repurchased and retired) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 414.65 499.99 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.65 500.01 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 524.65 500.01 Td (\(477,919) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 500.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 487.26 Td (Redeemable noncontrolling interest reclassification for af) Tj ET Q q 0 0 0 rg BT 267.59 487.26 Td (filiate management equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 81.00 478.76 Td (plans and af) Tj ET Q q 0 0 0 rg BT 121.99 478.76 Td (filiate noncontrolling interest) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 478.99 Td (25,369) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 479.01 Td (9,414) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 533.15 479.01 Td (\(3,100) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 479.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 466.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.15 466.39 Td (2,158,755) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.15 466.26 Td (2,039,671) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 521.15 466.26 Td (1,976,364) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 454.73 Td (EMPLOYEE ST) Tj ET Q q 0 0 0 rg BT 118.99 454.73 Td (OCK ) Tj ET Q q 0 0 0 rg BT 139.07 454.73 Td (TRUST) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.00 454.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 443.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 396.90 443.39 Td (\(21,416) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 443.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 443.26 Td (\(21,996) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 443.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.90 443.26 Td (\(24,057) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 443.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 431.26 Td (Shares issued to plans) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 407.55 431.44 Td (\(707) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 431.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 473.55 431.31 Td (\(631) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 431.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 539.55 431.31 Td (\(555) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 431.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 420.26 Td (Distributions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 404.00 420.39 Td (2,345) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 420.26 Td (1,21) Tj ET Q q 0 0 0 rg BT 484.88 420.26 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.00 420.26 Td (2,616) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 409.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 396.90 409.39 Td (\(19,778) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 409.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 409.26 Td (\(21,416) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 409.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.90 409.26 Td (\(21,996) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 409.26 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 397.73 Td (DEFERRED COMPENSA) Tj ET Q q 0 0 0 rg BT 152.69 397.73 Td (TION EMPLOYEE ST) Tj ET Q q 0 0 0 rg BT 232.56 397.73 Td (OCK ) Tj ET Q q 0 0 0 rg BT 252.64 397.73 Td (TRUST) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 386.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 386.39 Td (21,416) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.75 386.26 Td (21,996) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 386.26 Td (24,057) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 374.26 Td (Shares issued to plans) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 410.40 374.39 Td (707) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 476.40 374.26 Td (631) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 542.40 374.26 Td (555) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 363.26 Td (Distributions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 401.15 363.39 Td (\(2,345) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 363.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 467.15 363.26 Td (\(1,21) Tj ET Q q 0 0 0 rg BT 484.86 363.26 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 363.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 533.15 363.26 Td (\(2,616) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 363.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 351.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 351.39 Td (19,778) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.75 351.26 Td (21,416) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 351.26 Td (21,996) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 339.73 Td (RET) Tj ET Q q 0 0 0 rg BT 77.65 339.73 Td (AINED EARNINGS) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 328.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.15 328.39 Td (1,742,764) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.15 328.26 Td (1,894,762) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 521.15 328.26 Td (1,694,859) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 316.26 Td (Net income \(loss\) attributable to Legg Mason, Inc.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 395.50 316.39 Td (251,367) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 316.26 Td (\(28,508) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 316.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 527.50 316.26 Td (285,075) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 304.01 Td (Dividends declared \($1.60, $1.36 and $1.12 per share, respectively\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 392.65 303.99 Td (\(146,294) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 303.99 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 458.65 304.01 Td (\(120,669) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 304.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 524.65 304.01 Td (\(105,169) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 304.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 291.26 Td (Reclassification to noncontrolling interest for net increase in estimated redemption) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 81.00 282.81 Td (value of af) Tj ET Q q 0 0 0 rg BT 117.19 282.81 Td (filiate management equity plan and af) Tj ET Q q 0 0 0 rg BT 245.67 282.81 Td (filiate noncontrolling interests) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 396.90 284.99 Td (\(27,425) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 284.99 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 285.01 Td (\(15,084) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 285.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 533.15 285.01 Td (\(4,330) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 285.01 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 272.26 Td (Adoption of stock-based compensation guidance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 414.65 272.39 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 480.65 272.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 272.26 Td (24,327) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 260.26 Td (Adoption of revenue recognition guidance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 414.65 260.39 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.75 260.26 Td (12,263) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.65 260.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 248.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.15 248.39 Td (1,820,412) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.15 248.26 Td (1,742,764) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 521.15 248.26 Td (1,894,762) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 236.73 Td (ACCUMULA) Tj ET Q q 0 0 0 rg BT 108.75 236.73 Td (TED OTHER COMPREHENSIVE LOSS, NET) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.00 236.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 225.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 392.65 225.39 Td (\(131,236) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 225.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 225.26 Td (\(55,182) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 225.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 524.65 225.26 Td (\(106,784) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 225.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 213.26 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 396.90 213.39 Td (\(81,087) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 213.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 467.15 213.26 Td (\(4,172) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 213.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.00 213.26 Td (3,046) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 201.26 Td (Changes in defined benefit pension plan) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 201.39 Td (17,017) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 462.90 201.26 Td (\(71,882) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 201.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 201.26 Td (48,556) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 190.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 392.65 190.39 Td (\(195,306) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 190.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 458.65 190.26 Td (\(131,236) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 190.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.90 190.26 Td (\(55,182) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 190.26 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 178.73 Td (T) Tj ET Q q 0 0 0 rg BT 62.19 178.73 Td (OT) Tj ET Q q 0 0 0 rg BT 73.16 178.73 Td (AL) Tj ET Q q 0 0 0 rg BT 83.83 178.73 Td ( ST) Tj ET Q q 0 0 0 rg BT 95.47 178.73 Td (OCKHOLDERS�) Tj ET Q q 0 0 0 rg BT 154.88 178.73 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 188.15 178.73 Td ( ) Tj ET Q q 0 0 0 rg BT 189.71 178.73 Td (A) Tj ET Q q 0 0 0 rg BT 194.89 178.73 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 230.31 178.73 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 253.95 178.73 Td (T) Tj ET Q q 0 0 0 rg BT 259.14 178.73 Td (O LEGG MASON, INC.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.15 178.39 Td (3,792,639) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.15 178.26 Td (3,659,755) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 521.15 178.26 Td (3,824,405) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 166.73 Td (NONREDEEMABLE NONCONTROLLING INTEREST) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 154.26 Td (Beginning balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 154.39 Td (29,784) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.75 154.26 Td (27,731) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 154.26 Td (27,798) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 143.26 Td (Net income attributable to noncontrolling interests) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 404.00 143.39 Td (5,891) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 143.26 Td (8,413) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.00 143.26 Td (8,403) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 132.26 Td (Grants of af) Tj ET Q q 0 0 0 rg BT 112.52 132.26 Td (filiate management equity plan interests) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 414.65 132.39 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 470.00 132.26 Td (2,400) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.65 132.26 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 121.26 Td (Distributions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 401.15 121.39 Td (\(6,633) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 423.15 121.39 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 467.15 121.26 Td (\(8,760) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 489.15 121.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 533.15 121.26 Td (\(8,470) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 555.15 121.26 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 72.00 110.26 Td (Ending balance) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 399.75 110.39 Td (29,042) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.75 110.26 Td (29,784) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.75 110.26 Td (27,731) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 98.73 Td (T) Tj ET Q q 0 0 0 rg BT 62.19 98.73 Td (OT) Tj ET Q q 0 0 0 rg BT 73.16 98.73 Td (AL) Tj ET Q q 0 0 0 rg BT 83.83 98.73 Td ( ST) Tj ET Q q 0 0 0 rg BT 95.47 98.73 Td (OCKHOLDERS�) Tj ET Q q 0 0 0 rg BT 154.88 98.73 Td ( EQUITY) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 367.00 98.39 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.15 98.39 Td (3,821,681) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 433.00 98.26 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 455.15 98.26 Td (3,689,539) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 499.00 98.26 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 521.15 98.26 Td (3,852,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 86.55 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.40 742.25 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.80 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 730.25 Td ( CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 718.25 Td (\(Dollars in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 665.75 m 363.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 680.75 m 429.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 665.75 m 429.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 680.75 m 433.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 680.75 m 495.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 665.75 m 495.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 640.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 640.42 Td (336,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 625.42 Td (Adjustments to reconcile Net Income to net cash provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 615.42 Td (operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 600.42 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 600.43 Td (67,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 600.42 Td (72,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 600.42 Td (72,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 585.42 Td (Accretion and amortization of securities discounts and premiums, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 585.43 Td (1,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 585.42 Td (2,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 585.42 Td (2,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 570.42 Td 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398.15 360.43 Td (24,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 360.42 Td (12,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 360.47 Td (\(67,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 360.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 345.42 Td (Increase \(decrease\) in liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 330.42 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 330.43 Td (7,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 330.42 Td (100,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 330.47 Td (\(13,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 330.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 315.42 Td (Deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 315.43 Td (9,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 315.47 Td (\(6,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 315.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 315.42 Td (4,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 300.42 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 300.48 Td (\(26,404) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 300.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 300.42 Td (9,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 300.47 Td (\(8,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 300.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 285.42 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 285.48 Td (\(14,61) Tj ET Q q 0 0 0 rg BT 420.63 285.48 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 285.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 285.47 Td (\(79,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 285.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 285.42 Td (32,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 270.42 Td (Other liabilities of consolidated investment vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.80 270.48 Td (\(4,698) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 270.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 270.42 Td (5,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 270.47 Td (\(102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 270.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 255.43 Td (CASH PROVIDED BY) Tj ET Q q 0 0 0 rg BT 151.64 255.43 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 188.40 255.43 Td (TING ) Tj ET Q q 0 0 0 rg BT 215.91 255.43 Td (ACTIVITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 255.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 255.43 Td (560,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 255.42 Td (560,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 255.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 255.42 Td (489,368) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.25 238.65 Td (\(Continued\)) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.40 742.25 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.80 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 213.32 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 247.88 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 254.35 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 319.27 730.25 Td ( CASH FLOWS \(CONTINUED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 718.25 Td (\(Dollars in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 665.75 m 430.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 665.75 m 434.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 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BT 418.00 670.42 Td (Y) Tj ET Q q 0 0 0 rg BT 424.72 670.42 Td (ears Ended March 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.42 Td (�) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.00 655.43 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 655.42 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 655.42 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 640.43 Td (CASH FLOWS FROM INVESTING ) Tj ET Q q 0 0 0 rg BT 213.30 640.43 Td (ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 625.42 Td (Business acquisition, net of cash acquired of $992) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 625.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 625.48 Td (\(10,247) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 625.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 625.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 625.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 610.42 Td (Payments for fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 610.48 Td (\(29,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 610.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 610.47 Td (\(51,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 610.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 610.47 Td (\(37,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 610.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 595.42 Td (Contingent payment from prior sale of business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 595.43 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 595.42 Td (923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 595.42 Td (6,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 580.42 Td (Business investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 580.48 Td (\(14,150) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 580.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 580.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 580.47 Td (\(2,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 580.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 565.42 Td (Returns of capital and proceeds from sales and maturities of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 555.42 Td (investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 555.43 Td (8,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 555.42 Td (13,91) Tj ET Q q 0 0 0 rg BT 487.65 555.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 555.42 Td (14,785) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 540.43 Td (CASH USED IN INVESTING ) Tj ET Q q 0 0 0 rg BT 184.42 540.43 Td (ACTIVITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 540.48 Td (\(45,372) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 540.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 540.47 Td (\(36,501) Tj ET Q BT /F1 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465.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 465.47 Td (\(4,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 465.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 465.47 Td (\(3,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 465.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 450.42 Td (Purchase of af) Tj ET Q q 0 0 0 rg BT 128.11 450.42 Td (filiate noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 450.48 Td (\(10,547) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 450.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 450.47 Td (\(16,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 450.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 450.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 435.42 Td (Net \(redemptions\) subscriptions attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.30 435.48 Td (\(873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 435.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 435.47 Td (\(22,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 435.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 435.42 Td (57,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 420.42 Td (Employee tax withholdings by settlement of net share transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 420.48 Td (\(15,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 420.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 420.47 Td (\(15,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 420.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 420.47 Td (\(13,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 420.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 405.42 Td (Issuances of common stock for stock-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 405.43 Td (44,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 405.42 Td (6,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 405.42 Td (14,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 390.42 Td (Repurchases of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 390.43 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 390.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 390.47 Td (\(479,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 390.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 375.42 Td (Increase \(decrease\) in short-term borrowings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.65 375.43 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 375.47 Td (\(125,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 375.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 375.42 Td (125,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 360.43 Td (CASH USED IN FINANCING ) Tj ET Q q 0 0 0 rg BT 186.07 360.43 Td (ACTIVITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.80 360.48 Td (\(409,01) Tj ET Q q 0 0 0 rg BT 421.63 360.48 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 360.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 360.47 Td (\(331,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 360.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 360.47 Td (\(462,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 360.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 345.43 Td (EFFECT) Tj ET Q q 0 0 0 rg BT 92.36 345.43 Td ( OF) Tj ET Q q 0 0 0 rg BT 108.47 345.43 Td ( EXCHANGE RA) Tj ET Q q 0 0 0 rg BT 185.14 345.43 Td (TES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.80 345.48 Td (\(7,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 345.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 345.47 Td (\(15,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 345.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 345.42 Td (1) Tj ET Q q 0 0 0 rg BT 536.15 345.42 Td (1,837) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 331.43 Td (NET) Tj ET Q q 0 0 0 rg BT 73.47 331.43 Td ( INCREASE IN CASH, CASH EQUIV) Tj ET Q q 0 0 0 rg BT 238.88 331.43 Td (ALENTS, ) Tj ET Q q 0 0 0 rg BT 282.97 331.43 Td (AND) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 321.43 Td (RESTRICTED CASH) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 321.43 Td (98,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 321.42 Td (177,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 321.42 Td (19,426) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 306.43 Td (CASH, CASH EQUIV) Tj ET Q q 0 0 0 rg BT 147.56 306.43 Td (ALENTS, ) Tj ET Q q 0 0 0 rg BT 192.02 306.43 Td (AND RESTRICTED CASH:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 291.43 Td (BEGINNING OF) Tj ET Q q 0 0 0 rg BT 145.55 291.43 Td ( PERIOD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 291.43 Td (950,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 291.42 Td (773,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 291.42 Td (754,339) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 276.43 Td (END OF) Tj ET Q q 0 0 0 rg BT 108.13 276.43 Td ( PERIOD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 276.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 276.43 Td (1,049,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 276.42 Td (950,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 276.42 Td (773,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 262.43 Td (Supplemental Disclosur) Tj ET Q q 0 0 0 rg BT 154.31 262.43 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 247.42 Td (Cash paid for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 247.42 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 232.42 Td (Income taxes, net of refunds of $5,883, $757 and $9,032, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 232.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 232.43 Td (17,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 232.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 232.42 Td (39,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 232.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 232.42 Td (32,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 217.42 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 217.43 Td (109,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 217.42 Td (1) Tj ET Q q 0 0 0 rg BT 465.15 217.42 Td (15,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 217.42 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 217.42 Td (15,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.20 196.42 Td (As of March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 181.43 Td (Reconciliation of cash, cash equivalents and r) Tj ET Q q 0 0 0 rg BT 246.44 181.43 Td (estricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.00 181.43 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 181.42 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 181.42 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 166.42 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 166.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 166.43 Td (1,018,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 166.42 Td (921,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 166.42 Td (736,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 151.42 Td (Restricted cash:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 136.42 Td (Corporate restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 136.43 Td (28,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 136.42 Td (21,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 136.42 Td (30,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 121.42 Td (Cash and cash equivalents of consolidated investment vehicles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 121.43 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 121.42 Td (4,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 121.42 Td (2,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 106.42 Td (Af) Tj ET Q q 0 0 0 rg BT 81.37 106.42 Td (filiate employee benefit trust cash included in Other non-current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 96.42 Td (assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 96.43 Td (2,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 96.42 Td (4,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 96.42 Td (4,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 80.42 Td (T) Tj ET Q q 0 0 0 rg BT 80.91 80.42 Td (otal cash, cash equivalents and restricted cash per consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 70.42 Td (statements of cash flows) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.00 70.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 70.43 Td (1,049,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 70.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 70.42 Td (950,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 70.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 70.42 Td (773,765) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 56.65 Td (See Notes to Consolidated Financial Statements) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (93) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.60 741.90 Td (LEGG MASON, INC. ) Tj ET Q q 0 0 0 rg BT 306.82 741.90 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 168.75 729.30 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 206.78 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 213.60 729.30 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 287.21 729.30 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 370.35 729.30 Td ( ST) Tj ET Q q 0 0 0 rg BT 385.04 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 391.84 729.30 Td (TEMENTS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.85 716.70 Td (\(Amounts in thousands, except per share amounts or unless otherwise noted\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.60 704.10 Td (March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.38 704.10 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 678.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 678.90 Td (Significant ) Tj ET Q q 0 0 0 rg BT 110.47 678.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 164.43 678.90 Td (Policies) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 198.26 678.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (Business ) Tj ET Q q 0 0 0 rg BT 90.65 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 110.20 653.70 Td (Basis ) Tj ET Q q 0 0 0 rg BT 136.17 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 147.54 653.70 Td (Pr) Tj ET Q q 0 0 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628.50 Td (related ) Tj ET Q q 0 0 0 rg BT 154.74 628.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.10 628.50 Td (services ) Tj ET Q q 0 0 0 rg BT 230.54 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 241.34 628.50 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 293.25 628.50 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 345.18 628.50 Td (corporations ) Tj ET Q q 0 0 0 rg BT 400.29 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 418.08 628.50 Td (municipalities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.86 603.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.97 603.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.73 603.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.09 603.30 Td (include ) Tj ET Q q 0 0 0 rg BT 246.03 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 261.90 603.30 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.67 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 313.45 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.31 603.30 Td (Parent ) Tj ET Q q 0 0 0 rg BT 359.17 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 377.37 603.30 Td (its ) Tj ET Q q 0 0 0 rg BT 390.33 603.30 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 442.94 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 454.14 603.30 Td (which ) Tj ET Q q 0 0 0 rg BT 482.84 603.30 Td (it ) Tj ET Q q 0 0 0 rg BT 491.71 603.30 Td (has ) Tj ET Q q 0 0 0 rg BT 508.74 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 516.44 603.30 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.94 590.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.18 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 127.89 590.70 Td (Generally) Tj ET Q q 0 0 0 rg BT 168.60 590.70 Td (, ) Tj ET Q q 0 0 0 rg BT 173.94 590.70 Td (an ) Tj ET Q q 0 0 0 rg BT 186.56 590.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 213.18 590.70 Td (is ) Tj ET Q q 0 0 0 rg BT 222.89 590.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 271.08 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 281.96 590.70 Td (have ) Tj ET Q q 0 0 0 rg BT 304.49 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 311.86 590.70 Td (controlling ) Tj ET Q q 0 0 0 rg BT 360.64 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.08 590.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 433.70 590.70 Td (when ) Tj ET Q q 0 0 0 rg BT 459.15 590.70 Td (it ) Tj ET Q q 0 0 0 rg BT 467.69 590.70 Td (owns ) Tj ET Q q 0 0 0 rg BT 492.57 590.70 Td (a ) Tj ET Q q 0 0 0 rg BT 499.94 590.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 538.22 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 590.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 79.32 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.22 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.38 578.10 Td (an ) Tj ET Q q 0 0 0 rg BT 137.28 578.10 Td (entity) Tj ET Q q 0 0 0 rg BT 160.51 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.12 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.11 578.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 193.68 578.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 225.25 578.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.24 578.10 Td (also ) Tj ET Q q 0 0 0 rg BT 255.15 578.10 Td (required ) Tj ET Q q 0 0 0 rg BT 293.12 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.27 578.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 355.08 578.10 Td (any ) Tj ET Q q 0 0 0 rg BT 373.23 578.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 410.04 578.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.93 578.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 470.83 578.10 Td (\("VIE"\) ) Tj ET Q q 0 0 0 rg BT 506.88 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.04 578.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.69 578.10 Td (it ) Tj ET Q q 0 0 0 rg BT 555.51 578.10 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 98.24 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 109.67 565.50 Td (be ) Tj ET Q q 0 0 0 rg BT 122.84 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 138.93 565.50 Td (primary ) Tj ET Q q 0 0 0 rg BT 175.42 565.50 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 221.96 565.50 Td (. ) Tj ET Q q 0 0 0 rg BT 227.85 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 231.11 565.50 Td (See ) Tj ET Q q 0 0 0 rg BT 249.53 565.50 Td ("Consolidation" ) Tj ET Q q 0 0 0 rg BT 320.28 565.50 Td (below ) Tj ET Q q 0 0 0 rg BT 349.20 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 367.62 565.50 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.29 565.50 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.79 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 405.05 565.50 Td (for ) Tj ET Q q 0 0 0 rg BT 420.55 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 428.47 565.50 Td (further ) Tj ET Q q 0 0 0 rg BT 460.30 565.50 Td (discussion ) Tj ET Q q 0 0 0 rg BT 507.31 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 519.08 565.50 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 546.55 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 549.09 565.50 Td (All ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (material ) Tj ET Q q 0 0 0 rg BT 86.52 552.90 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 146.88 552.90 Td (balances ) Tj ET Q q 0 0 0 rg BT 185.65 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 203.44 552.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 256.22 552.90 Td (have ) Tj ET Q q 0 0 0 rg BT 278.66 552.90 Td (been ) Tj ET Q q 0 0 0 rg BT 301.11 552.90 Td (eliminated.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.03 527.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 121.24 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 132.03 527.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 155.07 527.70 Td (year ) Tj ET Q q 0 0 0 rg BT 175.76 527.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.12 527.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 262.06 527.70 Td (have ) Tj ET Q q 0 0 0 rg BT 284.51 527.70 Td (been ) Tj ET Q q 0 0 0 rg BT 306.96 527.70 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 357.39 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 368.19 527.70 Td (conform ) Tj ET Q q 0 0 0 rg BT 406.38 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 417.17 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 432.63 527.70 Td (current ) Tj ET Q q 0 0 0 rg BT 464.98 527.70 Td (year ) Tj ET Q q 0 0 0 rg BT 485.68 527.70 Td (presentation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (All ) Tj ET Q q 0 0 0 rg BT 65.75 502.50 Td (references ) Tj ET Q q 0 0 0 rg BT 111.72 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 122.72 502.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 148.30 502.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 174.76 502.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 198.59 502.50 Td (or ) Tj ET Q q 0 0 0 rg BT 210.17 502.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 236.63 502.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 259.28 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 270.28 502.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 294.69 502.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 332.09 502.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 357.67 502.50 Td (year ) Tj ET Q q 0 0 0 rg BT 378.57 502.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 406.48 502.50 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 449.84 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 461.42 502.50 Td (that ) Tj ET Q q 0 0 0 rg BT 480.00 502.50 Td (year) Tj ET Q q 0 0 0 rg BT 497.49 502.50 Td (. ) Tj ET Q q 0 0 0 rg BT 502.75 502.50 Td (T) Tj ET Q q 0 0 0 rg BT 508.43 502.50 Td (erms ) Tj ET Q q 0 0 0 rg BT 531.68 502.50 Td (such ) Tj ET Q q 0 0 0 rg BT 553.76 502.50 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td ("we", ) Tj ET Q q 0 0 0 rg BT 75.57 489.90 Td ("us", ) Tj ET Q q 0 0 0 rg BT 98.72 489.90 Td ("our) Tj ET Q q 0 0 0 rg BT 116.59 489.90 Td (," ) Tj ET Q q 0 0 0 rg BT 126.12 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 143.91 489.90 Td ("Company" ) Tj ET Q q 0 0 0 rg BT 195.94 489.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 218.37 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 229.17 489.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 253.37 489.90 Td (Mason.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 72.55 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 83.92 464.70 Td (Merger) Tj ET Q q 0 0 0 rg BT 117.53 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 120.16 464.70 Td (with ) Tj ET Q q 0 0 0 rg BT 142.62 464.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 184.92 464.70 Td (Resour) Tj ET Q q 0 0 0 rg BT 216.81 464.70 Td (ces, ) Tj ET Q q 0 0 0 rg BT 235.47 464.70 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.51 452.10 Td (February ) Tj ET Q q 0 0 0 rg BT 104.60 452.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 119.90 452.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 145.71 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 169.46 452.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 200.23 452.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 233.30 452.10 Td (into ) Tj ET Q q 0 0 0 rg BT 251.82 452.10 Td (an ) Tj ET Q q 0 0 0 rg BT 263.43 452.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 312.25 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.60 452.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 350.44 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.37 452.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 378.67 452.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 394.26 452.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 412.77 452.10 Td ("Mer) Tj ET Q q 0 0 0 rg BT 434.36 452.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 449.46 452.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 506.07 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 526.92 452.10 Td (Franklin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (Resources, ) Tj ET Q q 0 0 0 rg BT 99.69 439.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 120.14 439.50 Td (\("Franklin ) Tj ET Q q 0 0 0 rg BT 167.60 439.50 Td (T) Tj ET Q q 0 0 0 rg BT 173.28 439.50 Td (empleton"\) ) Tj ET Q q 0 0 0 rg BT 224.55 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 243.15 439.50 Td (Alpha ) Tj ET Q q 0 0 0 rg BT 273.22 439.50 Td (Sub, ) Tj ET Q q 0 0 0 rg BT 296.60 439.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 317.05 439.50 Td (\("Mer) Tj ET Q q 0 0 0 rg BT 342.14 439.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 359.96 439.50 Td (Sub"\), ) Tj ET Q q 0 0 0 rg BT 391.12 439.50 Td (a ) Tj ET Q q 0 0 0 rg BT 400.19 439.50 Td (wholly ) Tj ET Q q 0 0 0 rg BT 433.77 439.50 Td (owned ) Tj ET Q q 0 0 0 rg BT 466.18 439.50 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 513.76 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 526.92 439.50 Td (Franklin ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 426.90 Td (empleton, ) Tj ET Q q 0 0 0 rg BT 99.35 426.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 137.99 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 148.63 426.90 Td (which ) Tj ET Q q 0 0 0 rg BT 176.77 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 192.07 426.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 235.38 426.90 Td (will ) Tj ET Q q 0 0 0 rg BT 254.19 426.90 Td (be ) Tj ET Q q 0 0 0 rg BT 266.58 426.90 Td (mer) Tj ET Q q 0 0 0 rg BT 282.71 426.90 Td (ged ) Tj ET Q q 0 0 0 rg BT 300.35 426.90 Td (into ) Tj ET Q q 0 0 0 rg BT 319.16 426.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 336.46 426.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 352.34 426.90 Td (Sub ) Tj ET Q q 0 0 0 rg BT 371.16 426.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 389.96 426.90 Td ("Mer) Tj ET Q q 0 0 0 rg BT 411.55 426.90 Td (ger"\), ) Tj ET Q q 0 0 0 rg BT 437.84 426.90 Td (with ) Tj ET Q q 0 0 0 rg BT 458.98 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 474.28 426.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 517.59 426.90 Td (continuing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 76.33 414.30 Td (surviving ) Tj ET Q q 0 0 0 rg BT 118.62 414.30 Td (corporation ) Tj ET Q q 0 0 0 rg BT 169.64 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 187.43 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 194.71 414.30 Td (wholly ) Tj ET Q q 0 0 0 rg BT 226.51 414.30 Td (owned ) Tj ET Q q 0 0 0 rg BT 257.13 414.30 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 302.92 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 314.29 414.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 352.30 414.30 Td (T) Tj ET Q q 0 0 0 rg BT 357.99 414.30 Td (empleton.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 88.29 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.49 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.35 389.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 130.65 389.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 145.65 389.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 196.95 389.10 Td (each ) Tj ET Q q 0 0 0 rg BT 218.22 389.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 269.25 389.10 Td (share ) Tj ET Q q 0 0 0 rg BT 293.44 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.22 389.10 Td (common ) Tj ET Q q 0 0 0 rg BT 343.00 389.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 367.20 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.98 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.84 389.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 435.71 389.10 Td (will ) Tj ET Q q 0 0 0 rg BT 454.08 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 466.02 389.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 509.45 389.10 Td (into ) Tj ET Q q 0 0 0 rg BT 527.82 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.68 389.10 Td (right ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.72 376.50 Td (receive ) Tj ET Q q 0 0 0 rg BT 94.07 376.50 Td (from ) Tj ET Q q 0 0 0 rg BT 117.53 376.50 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 155.94 376.50 Td (T) Tj ET Q q 0 0 0 rg BT 161.62 376.50 Td (empleton ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.74 376.50 Td ($50.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.62 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 235.66 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 246.88 376.50 Td (cash. ) Tj ET Q q 0 0 0 rg BT 271.21 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 274.04 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 293.41 376.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 342.53 376.50 Td (is ) Tj ET Q q 0 0 0 rg BT 352.58 376.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 392.94 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 404.15 376.50 Td (close ) Tj ET Q q 0 0 0 rg BT 428.77 376.50 Td (by ) Tj ET Q q 0 0 0 rg BT 442.32 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.20 376.50 Td (end ) Tj ET Q q 0 0 0 rg BT 476.41 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 488.20 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 504.08 376.50 Td (third ) Tj ET Q q 0 0 0 rg BT 526.96 376.50 Td (calendar ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 82.46 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 94.44 363.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 121.29 363.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 154.26 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 165.66 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 181.71 363.90 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 232.76 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 244.74 363.90 Td (customary ) Tj ET Q q 0 0 0 rg BT 291.71 363.90 Td (closing ) Tj ET Q q 0 0 0 rg BT 325.27 363.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 372.24 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 387.72 363.90 Td (both ) Tj ET Q q 0 0 0 rg BT 409.61 363.90 Td (parties, ) Tj ET Q q 0 0 0 rg BT 443.45 363.90 Td (including ) Tj ET Q q 0 0 0 rg BT 486.35 363.90 Td (among ) Tj ET Q q 0 0 0 rg BT 518.15 363.90 Td (others, ) Tj ET Q q 0 0 0 rg BT 549.67 363.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (approval ) Tj ET Q q 0 0 0 rg BT 88.40 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 99.32 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 114.31 351.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 131.62 351.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 146.71 351.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 195.53 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 208.19 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 223.19 351.30 Td (holders ) Tj ET Q q 0 0 0 rg BT 256.27 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 267.18 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 274.01 351.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 311.76 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 322.67 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 346.41 351.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 383.14 351.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 434.31 351.30 Td (common ) Tj ET Q q 0 0 0 rg BT 473.22 351.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 501.63 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 518.96 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 533.95 351.30 Td (receipt ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 338.70 Td (required ) Tj ET Q q 0 0 0 rg BT 98.48 338.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 144.25 338.70 Td (approvals.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (Risks ) Tj ET Q q 0 0 0 rg BT 76.64 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 96.19 313.50 Td (Uncertainties) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (In ) Tj ET Q q 0 0 0 rg BT 60.16 300.90 Td (March ) Tj ET Q q 0 0 0 rg BT 89.48 300.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 115.02 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 129.63 300.90 Td (W) Tj ET Q q 0 0 0 rg BT 138.70 300.90 Td (orld ) Tj ET Q q 0 0 0 rg BT 157.52 300.90 Td (Health ) Tj ET Q q 0 0 0 rg BT 187.43 300.90 Td (Or) Tj ET Q q 0 0 0 rg BT 198.32 300.90 Td (ganization ) Tj ET Q q 0 0 0 rg BT 243.97 300.90 Td (declared ) Tj ET Q q 0 0 0 rg BT 281.44 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 296.18 300.90 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 334.83 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 345.50 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 352.07 300.90 Td (novel ) Tj ET Q q 0 0 0 rg BT 377.31 300.90 Td (coronavirus ) Tj ET Q q 0 0 0 rg BT 428.80 300.90 Td (\("COVID-19"\) ) Tj ET Q q 0 0 0 rg BT 493.52 300.90 Td (global ) Tj ET Q q 0 0 0 rg BT 521.68 300.90 Td (pandemic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.20 288.30 Td (recommended ) Tj ET Q q 0 0 0 rg BT 127.21 288.30 Td (containment ) Tj ET Q q 0 0 0 rg BT 180.64 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 197.34 288.30 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 242.04 288.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 282.65 288.30 Td (worldwide.� ) Tj ET Q q 0 0 0 rg BT 334.23 288.30 Td (This ) Tj ET Q q 0 0 0 rg BT 354.43 288.30 Td (contagious ) Tj ET Q q 0 0 0 rg BT 401.46 288.30 Td (disease ) Tj ET Q q 0 0 0 rg BT 433.32 288.30 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 471.59 288.30 Td (has ) Tj ET Q q 0 0 0 rg BT 487.12 288.30 Td (adversely ) Tj ET Q q 0 0 0 rg BT 528.89 288.30 Td (af) Tj ET Q q 0 0 0 rg BT 536.86 288.30 Td (fected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (workforces, ) Tj ET Q q 0 0 0 rg BT 102.38 275.70 Td (customers, ) Tj ET Q q 0 0 0 rg BT 150.60 275.70 Td (economies, ) Tj ET Q q 0 0 0 rg BT 201.15 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 219.34 275.70 Td (global ) Tj ET Q q 0 0 0 rg BT 248.61 275.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.36 275.70 Td (markets.� ) Tj ET Q q 0 0 0 rg BT 329.66 275.70 Td (There ) Tj ET Q q 0 0 0 rg BT 357.16 275.70 Td (is ) Tj ET Q q 0 0 0 rg BT 367.19 275.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 414.54 275.70 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 464.79 275.70 Td (around ) Tj ET Q q 0 0 0 rg BT 496.97 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 512.82 275.70 Td (breadth ) Tj ET Q q 0 0 0 rg BT 547.33 275.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 86.71 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.67 263.10 Td (business ) Tj ET Q q 0 0 0 rg BT 135.48 263.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 184.36 263.10 Td (related ) Tj ET Q q 0 0 0 rg BT 215.14 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.53 263.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 274.99 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.95 263.10 Td (well ) Tj ET Q q 0 0 0 rg BT 306.25 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 317.21 263.10 Td (its ) Tj ET Q q 0 0 0 rg BT 329.35 263.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 360.14 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 372.85 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.90 263.10 Td (global ) Tj ET Q q 0 0 0 rg BT 416.36 263.10 Td (economy) Tj ET Q q 0 0 0 rg BT 454.17 263.10 Td (.� ) Tj ET Q q 0 0 0 rg BT 461.47 263.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 507.70 263.10 Td (Management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 250.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 99.65 250.50 Td (unable ) Tj ET Q q 0 0 0 rg BT 130.27 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 141.06 250.50 Td (determine ) Tj ET Q q 0 0 0 rg BT 185.67 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 201.12 250.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 229.40 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 240.77 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 256.22 250.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 295.59 250.50 Td (impacts ) Tj ET Q q 0 0 0 rg BT 330.88 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 341.67 250.50 Td (its ) Tj ET Q q 0 0 0 rg BT 354.21 250.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.57 250.50 Td (condition ) Tj ET Q q 0 0 0 rg BT 435.86 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 447.23 250.50 Td (results ) Tj ET Q q 0 0 0 rg BT 477.27 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 488.64 250.50 Td (operations.� ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (Use ) Tj ET Q q 0 0 0 rg BT 68.46 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 79.83 225.30 Td (Estimates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.57 212.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.38 212.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.85 212.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 206.92 212.70 Td (are ) Tj ET Q q 0 0 0 rg BT 221.48 212.70 Td (prepared ) Tj ET Q q 0 0 0 rg BT 259.94 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 269.85 212.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 318.81 212.70 Td (with ) Tj ET Q q 0 0 0 rg BT 339.22 212.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 387.02 212.70 Td (principles ) Tj ET Q q 0 0 0 rg BT 430.17 212.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 470.98 212.70 Td (accepted ) Tj ET Q q 0 0 0 rg BT 509.44 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 519.35 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 533.92 212.70 Td (United ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (States ) Tj ET Q q 0 0 0 rg BT 78.00 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.41 200.10 Td (America ) Tj ET Q q 0 0 0 rg BT 128.97 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.55 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.80 200.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 210.36 200.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 234.19 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.76 200.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 302.84 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.00 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.25 200.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 376.07 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.65 200.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 439.46 200.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 495.97 200.10 Td (\("SEC"\), ) Tj ET Q q 0 0 0 rg BT 536.84 200.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (require ) Tj ET Q q 0 0 0 rg BT 83.16 187.50 Td (management ) Tj ET Q q 0 0 0 rg BT 140.73 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 152.83 187.50 Td (make ) Tj ET Q q 0 0 0 rg BT 179.50 187.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 235.35 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 254.44 187.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 297.44 187.50 Td (that ) Tj ET Q q 0 0 0 rg BT 317.12 187.50 Td (af) Tj ET Q q 0 0 0 rg BT 325.08 187.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 344.75 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 361.50 187.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 401.02 187.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 439.93 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 452.02 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 468.78 187.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.78 187.50 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 95.85 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 113.04 174.90 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 176.29 174.90 Td (notes, ) Tj ET Q q 0 0 0 rg BT 203.11 174.90 Td (including ) Tj ET Q q 0 0 0 rg BT 244.80 174.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 280.05 174.90 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 332.52 174.90 Td (valuation ) Tj ET Q q 0 0 0 rg BT 373.62 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 384.40 174.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.15 174.90 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 476.81 174.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 520.82 174.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.35 174.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 93.45 162.30 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 147.00 162.30 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 211.93 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 231.08 162.30 Td (income ) Tj ET Q q 0 0 0 rg BT 265.97 162.30 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 294.16 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 298.15 162.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 356.95 162.30 Td (believes ) Tj ET Q q 0 0 0 rg BT 395.34 162.30 Td (that ) Tj ET Q q 0 0 0 rg BT 415.07 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 431.88 162.30 Td (estimates ) Tj ET Q q 0 0 0 rg BT 474.94 162.30 Td (used ) Tj ET Q q 0 0 0 rg BT 498.18 162.30 Td (are ) Tj ET Q q 0 0 0 rg BT 514.98 162.30 Td (reasonable, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (although ) Tj ET Q q 0 0 0 rg BT 88.20 149.70 Td (actual ) Tj ET Q q 0 0 0 rg BT 115.23 149.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 152.77 149.70 Td (could ) Tj ET Q q 0 0 0 rg BT 178.05 149.70 Td (dif) Tj ET Q q 0 0 0 rg BT 189.53 149.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 203.14 149.70 Td (from ) Tj ET Q q 0 0 0 rg BT 225.50 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 240.29 149.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 281.32 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 298.44 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 313.22 149.70 Td (dif) Tj ET Q q 0 0 0 rg BT 324.70 149.70 Td (ferences ) Tj ET Q q 0 0 0 rg BT 361.63 149.70 Td (could ) Tj ET Q q 0 0 0 rg BT 386.91 149.70 Td (have ) Tj ET Q q 0 0 0 rg BT 408.69 149.70 Td (a ) Tj ET Q q 0 0 0 rg BT 415.31 149.70 Td (material ) Tj ET Q q 0 0 0 rg BT 451.66 149.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 482.19 149.70 Td (on ) Tj ET Q q 0 0 0 rg BT 494.65 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 509.44 149.70 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 137.10 Td (statements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (Consolidation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.15 99.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.81 99.30 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 142.64 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 159.88 99.30 Td (manages ) Tj ET Q q 0 0 0 rg BT 198.69 99.30 Td (various ) Tj ET Q q 0 0 0 rg BT 231.67 99.30 Td (types ) Tj ET Q q 0 0 0 rg BT 255.91 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 266.73 99.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 314.89 99.30 Td (products. ) Tj ET Q q 0 0 0 rg BT 355.75 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 357.82 99.30 Td (For ) Tj ET Q q 0 0 0 rg BT 374.49 99.30 Td (its ) Tj ET Q q 0 0 0 rg BT 386.48 99.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 425.00 99.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 448.65 99.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 479.31 99.30 Td (is ) Tj ET Q q 0 0 0 rg BT 488.39 99.30 Td (entitled ) Tj ET Q q 0 0 0 rg BT 521.96 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 532.20 99.30 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (management ) Tj ET Q q 0 0 0 rg BT 105.59 86.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.93 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 142.54 86.70 Td (may ) Tj ET Q q 0 0 0 rg BT 163.06 86.70 Td (be ) Tj ET Q q 0 0 0 rg BT 175.41 86.70 Td (eligible, ) Tj ET Q q 0 0 0 rg BT 211.97 86.70 Td (under ) Tj ET Q q 0 0 0 rg BT 238.32 86.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 269.32 86.70 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 333.86 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 344.47 86.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 377.22 86.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 421.65 86.70 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 478.33 86.70 Td (management ) Tj ET Q q 0 0 0 rg BT 534.42 86.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 553.77 86.70 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (other ) Tj ET Q q 0 0 0 rg BT 74.28 74.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 115.97 74.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 138.70 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.91 74.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 166.69 74.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 204.45 74.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 245.56 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.93 74.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 275.89 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.26 74.10 Td (these ) Tj ET Q q 0 0 0 rg BT 312.04 74.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 345.57 74.10 Td (is ) Tj ET Q q 0 0 0 rg BT 355.78 74.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 398.05 74.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 431.00 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.37 74.10 Td (any ) Tj ET Q q 0 0 0 rg BT 460.74 74.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 490.19 74.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 539.47 74.10 Td (it ) Tj ET Q q 0 0 0 rg BT 548.51 74.10 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (made ) Tj ET Q q 0 0 0 rg BT 75.39 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 87.29 61.50 Td (is ) Tj ET Q q 0 0 0 rg BT 97.45 61.50 Td (required ) Tj ET Q q 0 0 0 rg BT 135.59 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 146.91 61.50 Td (make, ) Tj ET Q q 0 0 0 rg BT 175.43 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 193.74 61.50 Td (any ) Tj ET Q q 0 0 0 rg BT 212.06 61.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 243.19 61.50 Td (but ) Tj ET Q q 0 0 0 rg BT 259.76 61.50 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 311.31 61.50 Td (management ) Tj ET Q q 0 0 0 rg BT 368.11 61.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 390.79 61.50 Td (except ) Tj ET Q q 0 0 0 rg BT 421.35 61.50 Td (those ) Tj ET Q q 0 0 0 rg BT 446.67 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 462.06 61.50 Td (which ) Tj ET Q q 0 0 0 rg BT 490.88 61.50 Td (total ) Tj ET Q q 0 0 0 rg BT 512.70 61.50 Td (return ) Tj ET Q q 0 0 0 rg BT 540.92 61.50 Td (swap ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 109.62 48.90 Td (have ) Tj ET Q q 0 0 0 rg BT 133.00 48.90 Td (been ) Tj ET Q q 0 0 0 rg BT 156.38 48.90 Td (executed, ) Tj ET Q q 0 0 0 rg BT 199.88 48.90 Td (for ) Tj ET Q q 0 0 0 rg BT 215.68 48.90 Td (which ) Tj ET Q q 0 0 0 rg BT 244.90 48.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 290.45 48.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 313.85 48.90 Td (are ) Tj ET Q q 0 0 0 rg BT 330.23 48.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 374.04 48.90 Td (below) Tj ET Q q 0 0 0 rg BT 399.02 48.90 Td (. ) Tj ET Q q 0 0 0 rg BT 405.20 48.90 Td ( ) Tj ET Q q 0 0 0 rg BT 408.76 48.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 433.90 48.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 466.04 48.90 Td (did ) Tj ET Q q 0 0 0 rg BT 483.02 48.90 Td (not ) Tj ET Q q 0 0 0 rg BT 500.00 48.90 Td (sell ) Tj ET Q q 0 0 0 rg BT 518.14 48.90 Td (or ) Tj ET Q q 0 0 0 rg BT 530.45 48.90 Td (transfer ) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (94) Tj ET 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729.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 179.57 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 227.99 729.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 269.12 729.15 Td (some ) Tj ET Q q 0 0 0 rg BT 293.62 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 304.71 729.15 Td (which ) Tj ET Q q 0 0 0 rg BT 332.71 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 347.87 729.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 395.11 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 412.61 729.15 Td (reported ) Tj ET Q q 0 0 0 rg BT 449.93 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 461.02 729.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 516.43 729.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 86.15 716.55 Td (\("CIVs"\). ) Tj ET Q q 0 0 0 rg BT 128.76 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 130.85 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 149.42 716.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 208.24 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 219.24 716.55 Td (sponsored ) Tj ET Q q 0 0 0 rg 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.15 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 92.65 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 107.22 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.05 628.35 Td (products ) Tj ET Q q 0 0 0 rg BT 192.96 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.28 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 246.61 628.35 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 285.11 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 302.02 628.35 Td (manages ) Tj ET Q q 0 0 0 rg BT 340.50 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 355.07 628.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 402.30 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 412.21 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 423.74 628.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 447.07 628.35 Td (\(as ) Tj ET Q q 0 0 0 rg BT 461.06 628.35 Td (further ) Tj ET Q q 0 0 0 rg BT 491.37 628.35 Td (described ) Tj ET Q q 0 0 0 rg BT 533.35 628.35 Td (below\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (while ) Tj ET Q q 0 0 0 rg BT 76.35 615.75 Td (others ) Tj ET Q q 0 0 0 rg BT 105.54 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 121.88 615.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 170.88 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 182.57 615.75 Td (be ) Tj ET Q q 0 0 0 rg BT 196.01 615.75 Td (voting ) Tj ET Q q 0 0 0 rg BT 226.37 615.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 253.81 615.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 287.66 615.75 Td (\(�VREs�\) ) Tj ET Q q 0 0 0 rg BT 332.58 615.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 365.85 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 377.54 615.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 424.22 615.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 484.32 615.75 Td (concepts ) Tj ET Q q 0 0 0 rg BT 524.58 615.75 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 615.75 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 96.57 603.15 Td (rights. ) Tj ET Q q 0 0 0 rg BT 126.43 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 129.75 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 154.65 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 186.56 603.15 Td (may ) Tj ET Q q 0 0 0 rg BT 207.96 603.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 230.53 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 246.68 603.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 274.50 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 296.48 603.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 345.88 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 357.37 603.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 389.01 603.15 Td (VRE ) Tj ET Q q 0 0 0 rg BT 413.33 603.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 462.73 603.15 Td (products ) Tj ET Q q 0 0 0 rg BT 502.22 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 513.71 603.15 Td (generate ) Tj ET Q q 0 0 0 rg BT 552.59 603.15 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.70 590.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 152.88 590.55 Td (track ) Tj ET Q q 0 0 0 rg BT 175.99 590.55 Td (record ) Tj ET Q q 0 0 0 rg BT 204.93 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 215.22 590.55 Td (order ) Tj ET Q q 0 0 0 rg BT 239.50 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 249.79 590.55 Td (attract ) Tj ET Q q 0 0 0 rg BT 278.15 590.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 325.17 590.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 365.21 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 375.51 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 390.46 590.55 Td (product. ) Tj ET Q q 0 0 0 rg BT 427.29 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 429.41 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 453.11 590.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 489.80 590.55 Td (initial ) Tj ET Q q 0 0 0 rg BT 516.42 590.55 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.42 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 67.83 577.95 Td (new ) Tj ET Q q 0 0 0 rg BT 88.08 577.95 Td (product ) Tj ET Q q 0 0 0 rg BT 122.91 577.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 162.40 577.95 Td (represents�100%�of ) Tj ET Q q 0 0 0 rg BT 246.22 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 261.80 577.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 308.30 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 319.22 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 337.72 577.95 Td (product. ) Tj ET Q q 0 0 0 rg BT 375.17 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 377.31 577.95 Td (As ) Tj ET Q q 0 0 0 rg BT 391.74 577.95 Td (further ) Tj ET Q q 0 0 0 rg BT 423.06 577.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 466.06 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 476.98 577.95 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.15 577.95 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.40 577.95 Td (, ) Tj ET Q q 0 0 0 rg BT 510.77 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 526.36 577.95 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 71.45 565.35 Td (�seed ) Tj ET Q q 0 0 0 rg BT 98.05 565.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 129.32 565.35 Td (investments� ) Tj ET Q q 0 0 0 rg BT 187.43 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 203.53 565.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 259.88 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 271.91 565.35 Td (long ) Tj ET Q q 0 0 0 rg BT 293.86 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 305.89 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 330.75 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 362.61 565.35 Td (maintains ) Tj ET Q q 0 0 0 rg BT 406.72 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 414.67 565.35 Td (controlling ) Tj ET Q q 0 0 0 rg BT 464.03 565.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 504.04 565.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 538.23 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 565.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (product, ) Tj ET Q q 0 0 0 rg BT 86.87 552.75 Td (but ) Tj ET Q q 0 0 0 rg BT 102.95 552.75 Td (they ) Tj ET Q q 0 0 0 rg BT 123.69 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.18 552.75 Td (not ) Tj ET Q q 0 0 0 rg BT 155.26 552.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 202.83 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 214.24 552.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 239.08 552.75 Td (by ) Tj ET Q q 0 0 0 rg BT 252.24 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 276.49 552.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 307.73 552.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 336.65 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 352.15 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 400.89 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 410.56 552.75 Td (longer) Tj ET Q q 0 0 0 rg BT 437.17 552.75 Td (-term. ) Tj ET Q q 0 0 0 rg BT 465.20 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 467.28 552.75 Td (As ) Tj ET Q q 0 0 0 rg BT 481.62 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 493.03 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 523.10 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.89 552.75 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 75.75 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.54 540.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 119.79 540.15 Td (no ) Tj ET Q q 0 0 0 rg BT 132.91 540.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 188.42 540.15 Td (VREs ) Tj ET Q q 0 0 0 rg BT 216.13 540.15 Td (were ) Tj ET Q q 0 0 0 rg BT 239.15 540.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 286.68 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 298.06 540.15 Td (CIVs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 59.30 514.95 Td (VIE ) Tj ET Q q 0 0 0 rg BT 79.81 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 89.83 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 102.75 514.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.68 514.95 Td (which ) Tj ET Q q 0 0 0 rg BT 158.36 514.95 Td (does ) Tj ET Q q 0 0 0 rg BT 180.62 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 197.05 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 219.89 514.95 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.21 514.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.47 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 300.65 514.95 Td (finance ) Tj ET Q q 0 0 0 rg BT 334.56 514.95 Td (its ) Tj ET Q q 0 0 0 rg BT 347.50 514.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 388.42 514.95 Td (without ) Tj ET Q q 0 0 0 rg BT 423.52 514.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 468.53 514.95 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 525.78 514.95 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (support; ) Tj ET Q q 0 0 0 rg BT 85.45 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 95.74 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 110.10 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 137.88 502.35 Td (investors, ) Tj ET Q q 0 0 0 rg BT 179.96 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 190.24 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 196.44 502.35 Td (group, ) Tj ET Q q 0 0 0 rg BT 225.09 502.35 Td (do ) Tj ET Q q 0 0 0 rg BT 237.13 502.35 Td (not ) Tj ET Q q 0 0 0 rg BT 252.08 502.35 Td (have ) Tj ET Q q 0 0 0 rg BT 273.44 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 287.80 502.35 Td (normal ) Tj ET Q q 0 0 0 rg BT 319.08 502.35 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 380.67 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 390.95 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.73 502.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 458.18 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 471.96 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 478.15 502.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 516.43 502.35 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.86 489.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 125.01 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 127.64 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 151.84 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 183.05 489.75 Td (must ) Tj ET Q q 0 0 0 rg BT 206.09 489.75 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 256.54 489.75 Td (any ) Tj ET Q q 0 0 0 rg BT 274.13 489.75 Td (VIE ) Tj ET Q q 0 0 0 rg BT 294.25 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 309.12 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 337.41 489.75 Td (it ) Tj ET Q q 0 0 0 rg BT 345.87 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 355.50 489.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 390.77 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 401.56 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 414.10 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.55 489.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 465.42 489.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 511.95 489.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.86 464.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 138.55 464.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 187.73 464.55 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 231.37 464.55 Td (if ) Tj ET Q q 0 0 0 rg BT 240.90 464.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 273.77 464.55 Td (partners ) Tj ET Q q 0 0 0 rg BT 310.70 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 322.56 464.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 354.84 464.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.20 464.55 Td (holders ) Tj ET Q q 0 0 0 rg BT 418.23 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 429.51 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 437.29 464.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 482.98 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 532.18 464.55 Td (vehicle ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (structured ) Tj ET Q q 0 0 0 rg BT 94.33 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 105.92 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 113.43 451.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 146.02 451.95 Td (partnership ) Tj ET Q q 0 0 0 rg BT 196.11 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 207.70 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 215.20 451.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 247.21 451.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 273.97 451.95 Td (do ) Tj ET Q q 0 0 0 rg BT 287.32 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 303.58 451.95 Td (have ) Tj ET Q q 0 0 0 rg BT 326.25 451.95 Td (either ) Tj ET Q q 0 0 0 rg BT 353.00 451.95 Td (substantive ) Tj ET Q q 0 0 0 rg BT 403.09 451.95 Td (investor ) Tj ET Q q 0 0 0 rg BT 439.76 451.95 Td (rights ) Tj ET Q q 0 0 0 rg BT 466.53 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 477.54 451.95 Td (replace ) Tj ET Q q 0 0 0 rg BT 510.69 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 526.37 451.95 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (\(kick-out ) Tj ET Q q 0 0 0 rg BT 90.09 439.35 Td (rights\) ) Tj ET Q q 0 0 0 rg BT 119.61 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 130.46 439.35 Td (substantive ) Tj ET Q q 0 0 0 rg BT 179.80 439.35 Td (participation ) Tj ET Q q 0 0 0 rg BT 234.97 439.35 Td (rights ) Tj ET Q q 0 0 0 rg BT 260.99 439.35 Td (over ) Tj ET Q q 0 0 0 rg BT 281.75 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 296.68 439.35 Td (general ) Tj ET Q q 0 0 0 rg BT 329.68 439.35 Td (partner) Tj ET Q q 0 0 0 rg BT 358.99 439.35 Td (, ) Tj ET Q q 0 0 0 rg BT 363.72 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 378.65 439.35 Td (entities ) Tj ET Q q 0 0 0 rg BT 411.08 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 425.85 439.35 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 452.15 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 453.79 439.35 Td (As ) Tj ET Q q 0 0 0 rg BT 467.56 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 474.33 439.35 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 509.10 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 526.36 439.35 Td (manager ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 426.75 Td (an ) Tj ET Q q 0 0 0 rg BT 73.14 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 121.71 426.75 Td (vehicle, ) Tj ET Q q 0 0 0 rg BT 157.15 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 181.22 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 212.29 426.75 Td (may ) Tj ET Q q 0 0 0 rg BT 232.87 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 245.27 426.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 280.41 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 287.57 426.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 325.05 426.75 Td (maker ) Tj ET Q q 0 0 0 rg BT 353.78 426.75 Td (under ) Tj ET Q q 0 0 0 rg BT 380.18 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 395.50 426.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 444.06 426.75 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 487.08 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 489.57 426.75 Td (If ) Tj ET Q q 0 0 0 rg BT 499.06 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 514.38 426.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 533.78 426.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.35 426.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 57.11 414.15 Td (decision ) Tj ET Q q 0 0 0 rg BT 95.06 414.15 Td (maker ) Tj ET Q q 0 0 0 rg BT 124.24 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 140.01 414.15 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 202.15 414.15 Td (such ) Tj ET Q q 0 0 0 rg BT 224.35 414.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 244.20 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 259.97 414.15 Td (not ) Tj ET Q q 0 0 0 rg BT 276.34 414.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 324.77 414.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 361.54 414.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 399.48 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 410.60 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 418.00 414.15 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 441.07 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 444.02 414.15 Td (Market-based ) Tj ET Q q 0 0 0 rg BT 504.70 414.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 524.56 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 540.33 414.15 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.00 401.55 Td (which ) Tj ET Q q 0 0 0 rg BT 97.26 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 112.68 401.55 Td (both ) Tj ET Q q 0 0 0 rg BT 133.94 401.55 Td (customary ) Tj ET Q q 0 0 0 rg BT 180.28 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 198.04 401.55 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 261.87 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 283.13 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 298.56 401.55 Td (level ) Tj ET Q q 0 0 0 rg BT 321.56 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 332.91 401.55 Td (ef) Tj ET Q q 0 0 0 rg BT 340.88 401.55 Td (fort ) Tj ET Q q 0 0 0 rg BT 358.63 401.55 Td (required ) Tj ET Q q 0 0 0 rg BT 396.21 401.55 Td (for ) Tj ET Q q 0 0 0 rg BT 411.06 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 426.48 401.55 Td (services ) Tj ET Q q 0 0 0 rg BT 462.90 401.55 Td (provided. ) Tj ET Q q 0 0 0 rg BT 505.45 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 507.47 401.55 Td (Additionally) Tj ET Q q 0 0 0 rg BT 559.87 401.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (if ) Tj ET Q q 0 0 0 rg BT 58.46 388.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 101.83 388.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 139.38 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 150.09 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 157.31 388.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 202.44 388.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.07 388.95 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 283.93 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 299.30 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 315.27 388.95 Td (made ) Tj ET Q q 0 0 0 rg BT 340.56 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 351.28 388.95 Td (circumvent ) Tj ET Q q 0 0 0 rg BT 401.06 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 416.44 388.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 475.57 388.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 516.02 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 533.73 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 549.10 388.95 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (financed ) Tj ET Q q 0 0 0 rg BT 89.19 376.35 Td (by ) Tj ET Q q 0 0 0 rg BT 103.23 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 119.60 376.35 Td (sponsor) Tj ET Q q 0 0 0 rg BT 151.85 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 158.02 376.35 Td (they ) Tj ET Q q 0 0 0 rg BT 179.64 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 196.00 376.35 Td (not ) Tj ET Q q 0 0 0 rg BT 212.96 376.35 Td (included ) Tj ET Q q 0 0 0 rg BT 252.66 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 264.37 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 280.74 376.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 318.10 376.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 356.64 376.35 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 409.47 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 428.17 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 444.53 376.35 Td (not ) Tj ET Q q 0 0 0 rg BT 461.49 376.35 Td (included ) Tj ET Q q 0 0 0 rg BT 501.19 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 512.90 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 529.27 376.35 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 99.35 363.75 Td (determination.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 58.56 338.55 Td (decision ) Tj ET Q q 0 0 0 rg BT 95.60 338.55 Td (maker ) Tj ET Q q 0 0 0 rg BT 123.89 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 132.95 338.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 167.65 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 177.87 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 189.84 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 196.55 338.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 231.84 338.55 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 281.12 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 291.92 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 298.48 338.55 Td (VIE ) Tj ET Q q 0 0 0 rg BT 318.03 338.55 Td (if ) Tj ET Q q 0 0 0 rg BT 326.50 338.55 Td (it ) Tj ET Q q 0 0 0 rg BT 334.38 338.55 Td (has ) Tj ET Q q 0 0 0 rg BT 350.43 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 365.31 338.55 Td (power ) Tj ET Q q 0 0 0 rg BT 393.61 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 403.83 338.55 Td (direct ) Tj ET Q q 0 0 0 rg BT 429.79 338.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 469.74 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 487.54 338.55 Td (most ) Tj ET Q q 0 0 0 rg BT 510.02 338.55 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.60 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 95.96 325.95 Td (economic ) Tj ET Q q 0 0 0 rg BT 139.31 325.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 194.88 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 206.16 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 221.33 325.95 Td (VIE ) Tj ET Q q 0 0 0 rg BT 241.36 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 259.05 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 274.40 325.95 Td (obligation ) Tj ET Q q 0 0 0 rg BT 319.51 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 330.21 325.95 Td (absorb ) Tj ET Q q 0 0 0 rg BT 360.73 325.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 388.35 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 399.62 325.95 Td (receive ) Tj ET Q q 0 0 0 rg BT 432.46 325.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 468.23 325.95 Td (from ) Tj ET Q q 0 0 0 rg BT 491.17 325.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 527.51 325.95 Td (interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 67.92 313.35 Td (could ) Tj ET Q q 0 0 0 rg BT 93.93 313.35 Td (be ) Tj ET Q q 0 0 0 rg BT 106.51 313.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.51 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 164.36 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 179.67 313.35 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 202.46 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 205.14 313.35 Td (In ) Tj ET Q q 0 0 0 rg BT 216.56 313.35 Td (determining ) Tj ET Q q 0 0 0 rg BT 269.98 313.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 306.47 313.35 Td (it ) Tj ET Q q 0 0 0 rg BT 314.98 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 324.66 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 340.17 313.35 Td (primary ) Tj ET Q q 0 0 0 rg BT 376.08 313.35 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 425.98 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 437.40 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 444.55 313.35 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 467.34 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 491.59 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 522.85 313.35 Td (considers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (both ) Tj ET Q q 0 0 0 rg BT 70.09 300.75 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 116.34 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 133.43 300.75 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 184.92 300.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 215.42 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 236.59 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 247.26 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.02 300.75 Td (voting ) Tj ET Q q 0 0 0 rg BT 290.78 300.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 316.62 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.30 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.05 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 370.22 300.75 Td (holders, ) Tj ET Q q 0 0 0 rg BT 405.68 300.75 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 455.13 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 472.22 300.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 506.22 300.75 Td (relationships. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (If ) Tj ET Q q 0 0 0 rg BT 59.12 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 66.40 288.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 81.85 288.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 102.55 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 113.34 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 120.63 288.15 Td (decision ) Tj ET Q q 0 0 0 rg BT 158.25 288.15 Td (maker ) Tj ET Q q 0 0 0 rg BT 187.11 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 196.73 288.15 Td (not ) Tj ET Q q 0 0 0 rg BT 212.78 288.15 Td (market-based, ) Tj ET Q q 0 0 0 rg BT 274.58 288.15 Td (it ) Tj ET Q q 0 0 0 rg BT 283.04 288.15 Td (will ) Tj ET Q q 0 0 0 rg BT 302.00 288.15 Td (be ) Tj ET Q q 0 0 0 rg BT 314.54 288.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 362.65 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 373.44 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 388.89 288.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 424.76 288.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 474.60 288.15 Td (determination.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.66 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 74.90 262.95 Td (March ) Tj ET Q q 0 0 0 rg BT 104.80 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.42 262.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 146.54 262.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 172.65 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 190.31 262.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 216.43 262.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 240.49 262.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 271.57 262.95 Td (concluded ) Tj ET Q q 0 0 0 rg BT 317.21 262.95 Td (it ) Tj ET Q q 0 0 0 rg BT 325.54 262.95 Td (was ) Tj ET Q q 0 0 0 rg BT 344.36 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 359.69 262.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 395.42 262.95 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 445.13 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 456.37 262.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 487.25 262.95 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 513.95 262.95 Td (which ) Tj ET Q q 0 0 0 rg BT 542.10 262.95 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.36 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.31 250.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 171.01 250.35 Td (as ) Tj ET Q q 0 0 0 rg BT 182.55 250.35 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 210.13 250.35 Td (because ) Tj ET Q q 0 0 0 rg BT 246.15 250.35 Td (it ) Tj ET Q q 0 0 0 rg BT 254.78 250.35 Td (held ) Tj ET Q q 0 0 0 rg BT 275.65 250.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 322.77 250.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.29 250.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 400.07 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 411.03 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 426.65 250.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 455.40 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 458.19 250.35 Td (In ) Tj ET Q q 0 0 0 rg BT 469.73 250.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 509.56 250.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.93 250.35 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (has ) Tj ET Q q 0 0 0 rg BT 66.51 237.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 100.43 237.75 Td (into ) Tj ET Q q 0 0 0 rg BT 119.78 237.75 Td (various ) Tj ET Q q 0 0 0 rg BT 153.70 237.75 Td (total ) Tj ET Q q 0 0 0 rg BT 175.38 237.75 Td (return ) Tj ET Q q 0 0 0 rg BT 203.47 237.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 228.07 237.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 287.64 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 309.32 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.07 237.75 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 412.15 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 433.83 237.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 466.58 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 477.76 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 509.34 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.93 237.75 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 94.15 225.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 135.86 225.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 164.17 225.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 189.57 225.15 Td (\("ETFs"\). ) Tj ET Q q 0 0 0 rg BT 232.58 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 234.65 225.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 262.96 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.86 225.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 303.26 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 314.08 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 328.98 225.15 Td (total ) Tj ET Q q 0 0 0 rg BT 349.71 225.15 Td (return ) Tj ET Q q 0 0 0 rg BT 376.85 225.15 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 407.21 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 430.86 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 461.51 225.15 Td (absorbs ) Tj ET Q q 0 0 0 rg BT 495.66 225.15 Td (all ) Tj ET Q q 0 0 0 rg BT 508.22 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 519.04 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 225.15 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 73.97 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 91.43 212.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 118.83 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 131.63 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 146.76 212.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 194.56 212.55 Td (ETF ) Tj ET Q q 0 0 0 rg BT 215.53 212.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 268.00 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.05 212.55 Td (these ) Tj ET Q q 0 0 0 rg BT 302.93 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.97 212.55 Td (intermediaries, ) Tj ET Q q 0 0 0 rg BT 406.96 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 424.42 212.55 Td (therefore ) Tj ET Q q 0 0 0 rg BT 464.62 212.55 Td (has ) Tj ET Q q 0 0 0 rg BT 480.92 212.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 517.04 212.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 554.34 212.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.99 199.95 Td (related ) Tj ET Q q 0 0 0 rg BT 96.22 199.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 122.22 199.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 142.67 199.95 Td (if ) Tj ET Q q 0 0 0 rg BT 151.75 199.95 Td (significant, ) Tj ET Q q 0 0 0 rg BT 201.36 199.95 Td (may ) Tj ET Q q 0 0 0 rg BT 222.10 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 234.68 199.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 269.99 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 285.49 199.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 321.39 199.95 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 367.93 199.95 Td (. ) Tj ET Q q 0 0 0 rg BT 372.63 199.95 Td (As ) Tj ET Q q 0 0 0 rg BT 386.96 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 398.37 199.95 Td (March ) Tj ET Q q 0 0 0 rg BT 428.44 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 444.23 199.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 470.52 199.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 496.81 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 514.64 199.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 540.93 199.95 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.92 187.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 136.83 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 152.49 187.35 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 178.08 187.35 Td (with ) Tj ET Q q 0 0 0 rg BT 199.58 187.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 246.74 187.35 Td (open ) Tj ET Q q 0 0 0 rg BT 269.99 187.35 Td (total ) Tj ET Q q 0 0 0 rg BT 291.49 187.35 Td (return ) Tj ET Q q 0 0 0 rg BT 319.39 187.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 343.81 187.35 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 405.83 187.35 Td (which ) Tj ET Q q 0 0 0 rg BT 434.32 187.35 Td (were ) Tj ET Q q 0 0 0 rg BT 457.56 187.35 Td (designated ) Tj ET Q q 0 0 0 rg BT 505.30 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 516.88 187.35 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 544.51 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 547.35 187.35 Td (See ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.54 174.75 Td (20) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 83.04 174.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.66 174.75 Td (for ) Tj ET Q q 0 0 0 rg BT 100.53 174.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 145.15 174.75 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (Revenue Recognition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 136.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.19 136.95 Td (April ) Tj ET Q q 0 0 0 rg BT 115.45 136.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 126.41 136.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 153.13 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 177.79 136.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 209.47 136.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 245.80 136.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 282.13 136.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 331.28 136.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 372.27 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 385.86 136.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.18 136.95 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 475.72 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 478.58 136.95 Td (The ) Tj ET Q q 0 0 0 rg BT 498.00 136.95 Td (adoption ) Tj ET Q q 0 0 0 rg BT 537.84 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 136.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 85.46 124.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 126.07 124.35 Td (did ) Tj ET Q q 0 0 0 rg BT 142.21 124.35 Td (not ) Tj ET Q q 0 0 0 rg BT 158.34 124.35 Td (result ) Tj ET Q q 0 0 0 rg BT 184.39 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 195.27 124.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 242.31 124.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 278.85 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 289.73 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 314.03 124.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 345.53 124.35 Td (s ) Tj ET Q q 0 0 0 rg BT 352.33 124.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 375.46 124.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 411.41 124.35 Td (recognition ) Tj ET Q q 0 0 0 rg BT 461.94 124.35 Td (practices, ) Tj ET Q q 0 0 0 rg BT 504.60 124.35 Td (except ) Tj ET Q q 0 0 0 rg BT 534.71 124.35 Td (for ) Tj ET Q q 0 0 0 rg BT 549.67 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 80.50 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 109.24 111.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 160.65 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 172.97 111.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.12 111.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 261.75 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.50 111.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 322.56 111.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 345.67 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.08 111.75 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 422.23 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.97 111.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 497.62 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 509.95 111.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 542.09 111.75 Td (sales ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 106.49 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 120.88 99.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 157.42 99.15 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 198.92 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.23 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 231.21 99.15 Td (net ) Tj ET Q q 0 0 0 rg BT 246.18 99.15 Td (presentation ) Tj ET Q q 0 0 0 rg BT 299.65 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 310.54 99.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 341.25 99.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 362.64 99.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 398.61 99.15 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 467.82 99.15 Td (which ) Tj ET Q q 0 0 0 rg BT 495.63 99.15 Td (were ) Tj ET Q q 0 0 0 rg BT 518.18 99.15 Td (previously ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (presented ) Tj ET Q q 0 0 0 rg BT 91.37 86.55 Td (on ) Tj ET Q q 0 0 0 rg BT 103.50 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 109.79 86.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 133.59 86.55 Td (basis. ) Tj ET Q q 0 0 0 rg BT 158.85 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 160.49 86.55 Td (Each ) Tj ET Q q 0 0 0 rg BT 183.10 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 193.48 86.55 Td (these ) Tj ET Q q 0 0 0 rg BT 216.69 86.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 252.14 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 261.94 86.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 285.15 86.55 Td (Mason�) Tj ET Q q 0 0 0 rg BT 316.65 86.55 Td (s ) Tj ET Q q 0 0 0 rg BT 322.37 86.55 Td (previous ) Tj ET Q q 0 0 0 rg BT 360.16 86.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 395.03 86.55 Td (recognition ) Tj ET Q q 0 0 0 rg BT 444.48 86.55 Td (practices ) Tj ET Q q 0 0 0 rg BT 483.42 86.55 Td (is ) Tj ET Q q 0 0 0 rg BT 492.06 86.55 Td (further ) Tj ET Q q 0 0 0 rg BT 522.26 86.55 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (below) Tj ET Q q 0 0 0 rg BT 74.48 73.95 Td (.) 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q 0 0 0 rg BT 427.18 716.55 Td (2018. ) Tj ET Q q 0 0 0 rg BT 453.59 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.18 716.55 Td (There ) Tj ET Q q 0 0 0 rg BT 483.45 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 502.56 716.55 Td (no ) Tj ET Q q 0 0 0 rg BT 515.85 716.55 Td (cumulative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 703.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 76.55 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 92.14 703.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.53 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 167.04 703.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 208.87 703.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 229.12 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 241.21 703.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 263.80 703.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 300.96 703.95 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 367.29 703.95 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 419.33 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 422.43 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 442.10 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Tj ET Q q 0 0 0 rg BT 481.76 691.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 500.02 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 514.79 691.35 Td (that ) Tj ET Q q 0 0 0 rg BT 533.06 691.35 Td (period. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 668.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.05 668.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 107.61 668.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 150.66 668.75 Td (earns ) Tj ET Q q 0 0 0 rg BT 176.80 668.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 218.09 668.75 Td (by ) Tj ET Q q 0 0 0 rg BT 232.57 668.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 277.38 668.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.43 668.75 Td (management ) Tj ET Q q 0 0 0 rg BT 385.05 668.75 Td (services ) Tj ET Q q 0 0 0 rg BT 422.85 668.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.99 668.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 494.39 668.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.52 668.75 Td (shareholder ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 656.15 Td (services ) Tj ET Q q 0 0 0 rg BT 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(on ) Tj ET Q q 0 0 0 rg BT 89.16 580.55 Td (observable ) Tj ET Q q 0 0 0 rg BT 137.27 580.55 Td (market ) Tj ET Q q 0 0 0 rg BT 169.04 580.55 Td (data ) Tj ET Q q 0 0 0 rg BT 189.16 580.55 Td (from ) Tj ET Q q 0 0 0 rg BT 212.19 580.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 266.13 580.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 298.50 580.55 Td (services, ) Tj ET Q q 0 0 0 rg BT 337.57 580.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 359.44 580.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 408.13 580.55 Td (agents, ) Tj ET Q q 0 0 0 rg BT 440.21 580.55 Td (custodians ) Tj ET Q q 0 0 0 rg BT 487.16 580.55 Td (or ) Tj ET Q q 0 0 0 rg BT 498.53 580.55 Td (brokers. ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 555.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.57 555.35 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.11 555.35 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 542.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.18 542.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.86 542.75 Td (earns ) Tj ET Q q 0 0 0 rg BT 128.12 542.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 176.30 542.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 214.56 542.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 233.57 542.75 Td (on ) Tj ET Q q 0 0 0 rg BT 246.17 542.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.77 542.75 Td (in ) Tj ET Q q 0 0 0 rg BT 283.04 542.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 327.70 542.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 367.70 542.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 409.17 542.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 457.35 542.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 485.41 542.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.67 542.75 Td (other ) Tj ET Q q 0 0 0 rg BT 526.35 542.75 Td (products ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 530.15 Td (managed ) Tj ET Q q 0 0 0 rg BT 89.41 530.15 Td (for ) Tj ET Q q 0 0 0 rg BT 103.67 530.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 127.25 530.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 163.82 530.15 Td (clients. ) Tj ET Q q 0 0 0 rg BT 195.87 530.15 Td ( ) Tj ET Q q 0 0 0 rg BT 197.88 530.15 Td (Generally) Tj ET Q q 0 0 0 rg BT 238.60 530.15 Td (, ) Tj ET Q q 0 0 0 rg BT 243.23 530.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 291.32 530.15 Td (management ) Tj ET Q q 0 0 0 rg BT 346.98 530.15 Td (services ) Tj ET Q q 0 0 0 rg BT 382.81 530.15 Td (are ) Tj ET Q q 0 0 0 rg BT 397.64 530.15 Td (a ) Tj ET Q q 0 0 0 rg BT 404.31 530.15 Td (single ) Tj ET Q q 0 0 0 rg BT 431.40 530.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 486.46 530.15 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 533.68 530.15 Td (as ) Tj ET Q q 0 0 0 rg BT 544.44 530.15 Td (they ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 517.55 Td (include ) Tj ET Q q 0 0 0 rg BT 83.31 517.55 Td (a ) Tj ET Q q 0 0 0 rg BT 90.88 517.55 Td (series ) Tj ET Q q 0 0 0 rg BT 117.70 517.55 Td (of ) Tj ET Q q 0 0 0 rg BT 129.35 517.55 Td (distinct ) Tj ET Q q 0 0 0 rg BT 163.18 517.55 Td (services ) Tj ET Q q 0 0 0 rg BT 199.91 517.55 Td (that ) Tj ET Q q 0 0 0 rg BT 218.56 517.55 Td (are ) Tj ET Q q 0 0 0 rg BT 234.29 517.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 290.28 517.55 Td (the ) Tj ET Q q 0 0 0 rg BT 306.01 517.55 Td (same ) Tj ET Q q 0 0 0 rg BT 330.50 517.55 Td (and ) Tj ET Q q 0 0 0 rg BT 348.56 517.55 Td (are ) Tj ET Q q 0 0 0 rg BT 364.29 517.55 Td (transferred ) Tj ET Q q 0 0 0 rg BT 412.67 517.55 Td (to ) Tj ET Q q 0 0 0 rg BT 423.75 517.55 Td (the ) Tj ET Q q 0 0 0 rg BT 439.48 517.55 Td (customer ) Tj ET Q q 0 0 0 rg BT 480.88 517.55 Td (over ) Tj ET Q q 0 0 0 rg BT 502.45 517.55 Td (time ) Tj ET Q q 0 0 0 rg BT 524.02 517.55 Td (using ) Tj ET Q q 0 0 0 rg BT 549.68 517.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 504.95 Td (same ) Tj ET Q q 0 0 0 rg BT 76.68 504.95 Td (time-based ) Tj ET Q q 0 0 0 rg BT 128.36 504.95 Td (measure ) Tj ET Q q 0 0 0 rg BT 168.95 504.95 Td (of ) Tj ET Q q 0 0 0 rg BT 183.30 504.95 Td (progress. ) Tj ET Q q 0 0 0 rg BT 227.11 504.95 Td ( ) Tj ET Q q 0 0 0 rg BT 232.72 504.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 284.98 504.95 Td (management ) Tj ET Q q 0 0 0 rg BT 344.23 504.95 Td (services ) Tj ET Q q 0 0 0 rg BT 383.66 504.95 Td (are ) Tj ET Q q 0 0 0 rg BT 402.09 504.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 442.69 504.95 Td (over ) Tj ET Q q 0 0 0 rg BT 466.95 504.95 Td (time ) Tj ET Q q 0 0 0 rg BT 491.22 504.95 Td (as ) Tj ET Q q 0 0 0 rg BT 505.58 504.95 Td (the ) Tj ET Q q 0 0 0 rg BT 524.01 504.95 Td (customer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 492.35 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 115.71 492.35 Td (receives ) Tj ET Q q 0 0 0 rg BT 152.72 492.35 Td (and ) Tj ET Q q 0 0 0 rg BT 170.51 492.35 Td (consumes ) Tj ET Q q 0 0 0 rg BT 214.55 492.35 Td (the ) Tj ET Q q 0 0 0 rg BT 230.00 492.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 265.86 492.35 Td (as ) Tj ET Q q 0 0 0 rg BT 277.24 492.35 Td (the ) Tj ET Q q 0 0 0 rg BT 292.69 492.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 331.48 492.35 Td (services ) Tj ET Q q 0 0 0 rg BT 367.92 492.35 Td (are ) Tj ET Q q 0 0 0 rg BT 383.36 492.35 Td (performed.) Tj ET Q BT /F5 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 465.750341796875 m 233.1220703125 465.750341796875 l s q 0 0 0 rg BT 49.50 467.15 Td (Separate ) Tj ET Q q 0 0 0 rg BT 89.26 467.15 Td (Account ) Tj ET Q q 0 0 0 rg BT 126.29 467.15 Td (and ) Tj ET Q q 0 0 0 rg BT 144.66 467.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 173.35 467.15 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 213.30 467.15 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 454.55 Td (Separate ) Tj ET Q q 0 0 0 rg BT 87.85 454.55 Td (account ) Tj ET Q q 0 0 0 rg BT 122.71 454.55 Td (and ) Tj ET Q q 0 0 0 rg BT 140.08 454.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 165.62 454.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 203.99 454.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 223.10 454.55 Td (are ) Tj ET Q q 0 0 0 rg BT 238.12 454.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 274.14 454.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 332.92 454.55 Td (which ) Tj ET Q q 0 0 0 rg BT 360.79 454.55 Td (is ) Tj ET Q q 0 0 0 rg BT 370.00 454.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 411.28 454.55 Td (based ) Tj ET Q q 0 0 0 rg BT 437.39 454.55 Td (on ) Tj ET Q q 0 0 0 rg BT 450.10 454.55 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 512.94 454.55 Td (percentages ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 441.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.62 441.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.82 441.95 Td (daily) Tj ET Q q 0 0 0 rg BT 96.14 441.95 Td (, ) Tj ET Q q 0 0 0 rg BT 101.14 441.95 Td (monthly ) Tj ET Q q 0 0 0 rg BT 138.52 441.95 Td (or ) Tj ET Q q 0 0 0 rg BT 149.64 441.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 189.91 441.95 Td (average ) Tj ET Q q 0 0 0 rg BT 224.93 441.95 Td (market ) Tj ET Q q 0 0 0 rg BT 256.45 441.95 Td (value ) Tj ET Q q 0 0 0 rg BT 281.57 441.95 Td (of ) Tj ET Q q 0 0 0 rg BT 292.69 441.95 Td (the ) Tj ET Q q 0 0 0 rg BT 307.37 441.95 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 336.87 441.95 Td (as ) Tj ET Q q 0 0 0 rg BT 347.99 441.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 381.85 441.95 Td (in ) Tj ET Q q 0 0 0 rg BT 392.40 441.95 Td (the ) Tj ET Q q 0 0 0 rg BT 407.60 441.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.05 441.95 Td (management ) Tj ET Q q 0 0 0 rg BT 512.07 441.95 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 565.13 441.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 429.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 429.35 Td (average ) Tj ET Q q 0 0 0 rg BT 102.58 429.35 Td (market ) Tj ET Q q 0 0 0 rg BT 133.79 429.35 Td (value ) Tj ET Q q 0 0 0 rg BT 158.58 429.35 Td (of ) Tj ET Q q 0 0 0 rg BT 168.93 429.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 195.49 429.35 Td (is ) Tj ET Q q 0 0 0 rg BT 204.55 429.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.35 429.35 Td (to ) Tj ET Q q 0 0 0 rg BT 246.57 429.35 Td (change ) Tj ET Q q 0 0 0 rg BT 278.36 429.35 Td (based ) Tj ET Q q 0 0 0 rg BT 304.32 429.35 Td (on ) Tj ET Q q 0 0 0 rg BT 316.88 429.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 368.51 429.35 Td (and ) Tj ET Q q 0 0 0 rg BT 385.73 429.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 425.70 429.35 Td (in ) Tj ET Q q 0 0 0 rg BT 435.92 429.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 474.71 429.35 Td (markets, ) Tj ET Q q 0 0 0 rg BT 512.63 429.35 Td (and ) Tj ET Q q 0 0 0 rg BT 529.85 429.35 Td (as ) Tj ET Q q 0 0 0 rg BT 540.65 429.35 Td (such, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 416.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 85.72 416.75 Td (account ) Tj ET Q q 0 0 0 rg BT 120.21 416.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.20 416.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 162.36 416.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 200.35 416.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 219.09 416.75 Td (are ) Tj ET Q q 0 0 0 rg BT 233.74 416.75 Td (constrained ) Tj ET Q q 0 0 0 rg BT 283.97 416.75 Td (until ) Tj ET Q q 0 0 0 rg BT 305.06 416.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.72 416.75 Td (end ) Tj ET Q q 0 0 0 rg BT 336.71 416.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.29 416.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.95 416.75 Td (month ) Tj ET Q q 0 0 0 rg BT 390.61 416.75 Td (or ) Tj ET Q q 0 0 0 rg BT 401.19 416.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 432.75 416.75 Td (when ) Tj ET Q q 0 0 0 rg BT 457.33 416.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.99 416.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 498.89 416.75 Td (average ) Tj ET Q q 0 0 0 rg BT 533.36 416.75 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 404.15 Td (value ) Tj ET Q q 0 0 0 rg BT 74.72 404.15 Td (of ) Tj ET Q q 0 0 0 rg BT 85.94 404.15 Td (the ) Tj ET Q q 0 0 0 rg BT 100.70 404.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 127.69 404.15 Td (is ) Tj ET Q q 0 0 0 rg BT 137.17 404.15 Td (known ) Tj ET Q q 0 0 0 rg BT 168.23 404.15 Td (and ) Tj ET Q q 0 0 0 rg BT 185.87 404.15 Td (a ) Tj ET Q q 0 0 0 rg BT 193.01 404.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 239.81 404.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 275.52 404.15 Td (reversal ) Tj ET Q q 0 0 0 rg BT 311.23 404.15 Td (is ) Tj ET Q q 0 0 0 rg BT 320.71 404.15 Td (no ) Tj ET Q q 0 0 0 rg BT 333.69 404.15 Td (longer ) Tj ET Q q 0 0 0 rg BT 362.99 404.15 Td (probable. ) Tj ET Q q 0 0 0 rg BT 404.83 404.15 Td ( ) Tj ET Q q 0 0 0 rg BT 407.13 404.15 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 453.62 404.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 490.49 404.15 Td (account ) Tj ET Q q 0 0 0 rg BT 525.62 404.15 Td (and ) Tj ET Q q 0 0 0 rg BT 543.26 404.15 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 391.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 89.81 391.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 110.87 391.55 Td (are ) Tj ET Q q 0 0 0 rg BT 127.84 391.55 Td (included ) Tj ET Q q 0 0 0 rg BT 168.15 391.55 Td (in ) Tj ET Q q 0 0 0 rg BT 180.46 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 197.44 391.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 247.66 391.55 Td (price ) Tj ET Q q 0 0 0 rg BT 272.80 391.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.11 391.55 Td (allocated ) Tj ET Q q 0 0 0 rg BT 334.16 391.55 Td (to ) Tj ET Q q 0 0 0 rg BT 346.48 391.55 Td (the ) Tj ET Q q 0 0 0 rg BT 363.46 391.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.68 391.55 Td (management ) Tj ET Q q 0 0 0 rg BT 471.48 391.55 Td (services ) Tj ET Q q 0 0 0 rg BT 509.45 391.55 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.95 Td (obligation ) Tj ET Q q 0 0 0 rg BT 95.23 378.95 Td (at ) Tj ET Q q 0 0 0 rg BT 105.95 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 121.93 378.95 Td (end ) Tj ET Q q 0 0 0 rg BT 140.23 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 152.13 378.95 Td (each ) Tj ET Q q 0 0 0 rg BT 174.50 378.95 Td (monthly ) Tj ET Q q 0 0 0 rg BT 212.65 378.95 Td (or ) Tj ET Q q 0 0 0 rg BT 224.55 378.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 265.59 378.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 307.23 378.95 Td (period, ) Tj ET Q q 0 0 0 rg BT 339.82 378.95 Td (as ) Tj ET Q q 0 0 0 rg BT 351.72 378.95 Td (specified ) Tj ET Q q 0 0 0 rg BT 392.76 378.95 Td (in ) Tj ET Q q 0 0 0 rg BT 404.08 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 420.05 378.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 469.28 378.95 Td (management ) Tj ET Q q 0 0 0 rg BT 526.07 378.95 Td (contract. ) Tj ET Q q 0 0 0 rg BT 565.13 378.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.35 Td (Payment ) Tj ET Q q 0 0 0 rg BT 89.85 366.35 Td (for ) Tj ET Q q 0 0 0 rg BT 105.69 366.35 Td (services ) Tj ET Q q 0 0 0 rg BT 143.11 366.35 Td (under ) Tj ET Q q 0 0 0 rg BT 170.61 366.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.29 366.35 Td (management ) Tj ET Q q 0 0 0 rg BT 277.53 366.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 319.03 366.35 Td (is ) Tj ET Q q 0 0 0 rg BT 329.63 366.35 Td (due ) Tj ET Q q 0 0 0 rg BT 348.39 366.35 Td (once ) Tj ET Q q 0 0 0 rg BT 371.81 366.35 Td (the ) Tj ET Q q 0 0 0 rg BT 388.24 366.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 425.65 366.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 485.82 366.35 Td (is ) Tj ET Q q 0 0 0 rg BT 496.42 366.35 Td (allocated ) Tj ET Q q 0 0 0 rg BT 537.92 366.35 Td (to ) Tj ET Q q 0 0 0 rg BT 549.69 366.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 98.09 353.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 124.21 353.75 Td (and ) Tj ET Q q 0 0 0 rg BT 141.89 353.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 183.48 353.75 Td (within ) Tj ET Q q 0 0 0 rg BT 212.83 353.75 Td (30 ) Tj ET Q q 0 0 0 rg BT 225.85 353.75 Td (days. ) Tj ET Q q 0 0 0 rg BT 250.24 353.75 Td ( ) Tj ET Q q 0 0 0 rg BT 252.76 353.75 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 306.60 353.75 Td (of ) Tj ET Q q 0 0 0 rg BT 317.87 353.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 354.78 353.75 Td (account ) Tj ET Q q 0 0 0 rg BT 389.95 353.75 Td (and ) Tj ET Q q 0 0 0 rg BT 407.63 353.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 433.48 353.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 472.16 353.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 487.50 353.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 523.24 353.75 Td (under ) Tj ET Q q 0 0 0 rg BT 549.67 353.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 341.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 85.36 341.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 125.89 341.15 Td (is ) Tj ET Q q 0 0 0 rg BT 135.52 341.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 180.14 341.15 Td (with ) Tj ET Q q 0 0 0 rg BT 201.43 341.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 225.63 341.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 257.13 341.15 Td (s ) Tj ET Q q 0 0 0 rg BT 263.84 341.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 286.88 341.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 322.73 341.15 Td (recognition ) Tj ET Q q 0 0 0 rg BT 373.18 341.15 Td (process.) Tj ET Q BT /F5 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 314.550341796875 m 186.240234375 314.550341796875 l s q 0 0 0 rg BT 49.50 315.95 Td (Performance ) Tj ET Q q 0 0 0 rg BT 106.94 315.95 Td (and ) Tj ET Q q 0 0 0 rg BT 125.32 315.95 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 166.42 315.95 Td (Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.35 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.62 303.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.26 303.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 164.23 303.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 183.61 303.35 Td (are ) Tj ET Q q 0 0 0 rg BT 198.91 303.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 235.21 303.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 294.26 303.35 Td (that ) Tj ET Q q 0 0 0 rg BT 312.48 303.35 Td (may ) Tj ET Q q 0 0 0 rg BT 333.04 303.35 Td (be ) Tj ET Q q 0 0 0 rg BT 345.44 303.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 375.90 303.35 Td (on ) Tj ET Q q 0 0 0 rg BT 388.88 303.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 419.92 303.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 468.48 303.35 Td (management ) Tj ET Q q 0 0 0 rg BT 524.61 303.35 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (for ) Tj ET Q q 0 0 0 rg BT 65.88 290.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 112.57 290.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 169.75 290.75 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 224.61 290.75 Td (on ) Tj ET Q q 0 0 0 rg BT 239.24 290.75 Td (a ) Tj ET Q q 0 0 0 rg BT 248.04 290.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 283.65 290.75 Td (or ) Tj ET Q q 0 0 0 rg BT 296.53 290.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 335.65 290.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 360.79 290.75 Td (or ) Tj ET Q q 0 0 0 rg BT 373.66 290.75 Td (for ) Tj ET Q q 0 0 0 rg BT 390.04 290.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 436.73 290.75 Td (contractual ) Tj ET Q q 0 0 0 rg BT 487.50 290.75 Td (return ) Tj ET Q q 0 0 0 rg BT 516.71 290.75 Td (thresholds. ) Tj ET Q q 0 0 0 rg BT 565.12 290.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.15 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.99 278.15 Td (and ) Tj ET Q q 0 0 0 rg BT 124.01 278.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 165.35 278.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 185.11 278.15 Td (are ) Tj ET Q q 0 0 0 rg BT 200.78 278.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 243.87 278.15 Td (at ) Tj ET Q q 0 0 0 rg BT 254.30 278.15 Td (the ) Tj ET Q q 0 0 0 rg BT 269.99 278.15 Td (inception ) Tj ET Q q 0 0 0 rg BT 311.92 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.52 278.15 Td (a ) Tj ET Q q 0 0 0 rg BT 331.03 278.15 Td (contract; ) Tj ET Q q 0 0 0 rg BT 370.62 278.15 Td (however) Tj ET Q q 0 0 0 rg BT 406.35 278.15 Td (, ) Tj ET Q q 0 0 0 rg BT 411.83 278.15 Td (a ) Tj ET Q q 0 0 0 rg BT 419.34 278.15 Td (range ) Tj ET Q q 0 0 0 rg BT 445.51 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 457.12 278.15 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 500.21 278.15 Td (is ) Tj ET Q q 0 0 0 rg BT 510.07 278.15 Td (possible ) Tj ET Q q 0 0 0 rg BT 547.34 278.15 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.75 265.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 92.39 265.55 Td (outside ) Tj ET Q q 0 0 0 rg BT 125.80 265.55 Td (the ) Tj ET Q q 0 0 0 rg BT 141.71 265.55 Td (control ) Tj ET Q q 0 0 0 rg BT 174.53 265.55 Td (of ) Tj ET Q q 0 0 0 rg BT 186.36 265.55 Td (the ) Tj ET Q q 0 0 0 rg BT 202.26 265.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.42 265.55 Td (manager) Tj ET Q q 0 0 0 rg BT 287.15 265.55 Td (, ) Tj ET Q q 0 0 0 rg BT 292.85 265.55 Td (particularly ) Tj ET Q q 0 0 0 rg BT 344.32 265.55 Td (market ) Tj ET Q q 0 0 0 rg BT 376.55 265.55 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 426.01 265.55 Td ( ) Tj ET Q q 0 0 0 rg BT 429.09 265.55 Td (Performance ) Tj ET Q q 0 0 0 rg BT 485.80 265.55 Td (and ) Tj ET Q q 0 0 0 rg BT 504.04 265.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 545.61 265.55 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.95 Td (are ) Tj ET Q q 0 0 0 rg BT 65.84 252.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 107.26 252.95 Td (excluded ) Tj ET Q q 0 0 0 rg BT 148.68 252.95 Td (from ) Tj ET Q q 0 0 0 rg BT 172.62 252.95 Td (the ) Tj ET Q q 0 0 0 rg BT 188.97 252.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 238.57 252.95 Td (price ) Tj ET Q q 0 0 0 rg BT 263.08 252.95 Td (until ) Tj ET Q q 0 0 0 rg BT 285.86 252.95 Td (it ) Tj ET Q q 0 0 0 rg BT 295.22 252.95 Td (becomes ) Tj ET Q q 0 0 0 rg BT 335.48 252.95 Td (probable ) Tj ET Q q 0 0 0 rg BT 375.74 252.95 Td (that ) Tj ET Q q 0 0 0 rg BT 395.01 252.95 Td (a ) Tj ET Q q 0 0 0 rg BT 403.20 252.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 451.05 252.95 Td (reversal ) Tj ET Q q 0 0 0 rg BT 487.80 252.95 Td (in ) Tj ET Q q 0 0 0 rg BT 499.50 252.95 Td (the ) Tj ET Q q 0 0 0 rg BT 515.85 252.95 Td (cumulative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.54 240.35 Td (of ) Tj ET Q q 0 0 0 rg BT 94.84 240.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 130.62 240.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 179.22 240.35 Td (will ) Tj ET Q q 0 0 0 rg BT 198.10 240.35 Td (not ) Tj ET Q q 0 0 0 rg BT 214.07 240.35 Td (occur) Tj ET Q q 0 0 0 rg BT 236.81 240.35 Td (. ) Tj ET Q q 0 0 0 rg BT 241.98 240.35 Td ( ) Tj ET Q q 0 0 0 rg BT 243.97 240.35 Td (A) Tj ET Q q 0 0 0 rg BT 250.97 240.35 Td ( ) Tj ET Q q 0 0 0 rg BT 253.52 240.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 286.40 240.35 Td (of ) Tj ET Q q 0 0 0 rg BT 297.69 240.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 321.82 240.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 358.93 240.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 414.53 240.35 Td (and ) Tj ET Q q 0 0 0 rg BT 432.24 240.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 473.27 240.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 492.72 240.35 Td (are ) Tj ET Q q 0 0 0 rg BT 508.09 240.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 538.61 240.35 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (on ) Tj ET Q q 0 0 0 rg BT 63.60 227.75 Td (12-month ) Tj ET Q q 0 0 0 rg BT 108.04 227.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 164.69 227.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 199.21 227.75 Td (that ) Tj ET Q q 0 0 0 rg BT 218.56 227.75 Td (end ) Tj ET Q q 0 0 0 rg BT 237.33 227.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.10 227.75 Td (dif) Tj ET Q q 0 0 0 rg BT 260.57 227.75 Td (fering ) Tj ET Q q 0 0 0 rg BT 289.25 227.75 Td (quarters ) Tj ET Q q 0 0 0 rg BT 326.67 227.75 Td (during ) Tj ET Q q 0 0 0 rg BT 357.69 227.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.12 227.75 Td (year) Tj ET Q q 0 0 0 rg BT 391.77 227.75 Td (, ) Tj ET Q q 0 0 0 rg BT 398.00 227.75 Td (with ) Tj ET Q q 0 0 0 rg BT 420.27 227.75 Td (a ) Tj ET Q q 0 0 0 rg BT 428.54 227.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 462.47 227.75 Td (also ) Tj ET Q q 0 0 0 rg BT 482.99 227.75 Td (based ) Tj ET Q q 0 0 0 rg BT 510.50 227.75 Td (on ) Tj ET Q q 0 0 0 rg BT 524.61 227.75 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.00 215.15 Td (periods. ) Tj ET Q q 0 0 0 rg BT 140.98 215.15 Td ( ) Tj ET Q q 0 0 0 rg BT 143.42 215.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.44 215.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.47 215.15 Td (also ) Tj ET Q q 0 0 0 rg BT 217.83 215.15 Td (earns ) Tj ET Q q 0 0 0 rg BT 242.43 215.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 297.93 215.15 Td (and ) Tj ET Q q 0 0 0 rg BT 315.54 215.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 356.47 215.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 375.82 215.15 Td (on ) Tj ET Q q 0 0 0 rg BT 388.76 215.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 435.52 215.15 Td (and ) Tj ET Q q 0 0 0 rg BT 453.12 215.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 484.13 215.15 Td (other ) Tj ET Q q 0 0 0 rg BT 508.15 215.15 Td (products ) Tj ET Q q 0 0 0 rg BT 546.76 215.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.55 Td (lock ) Tj ET Q q 0 0 0 rg BT 70.26 202.55 Td (at ) Tj ET Q q 0 0 0 rg BT 80.52 202.55 Td (the ) Tj ET Q q 0 0 0 rg BT 96.04 202.55 Td (earlier ) Tj ET Q q 0 0 0 rg BT 125.53 202.55 Td (of ) Tj ET Q q 0 0 0 rg BT 136.96 202.55 Td (the ) Tj ET Q q 0 0 0 rg BT 152.47 202.55 Td (investor) Tj ET Q q 0 0 0 rg BT 186.69 202.55 Td (�) Tj ET Q q 0 0 0 rg BT 189.61 202.55 Td (s ) Tj ET Q q 0 0 0 rg BT 196.38 202.55 Td (termination ) Tj ET Q q 0 0 0 rg BT 247.47 202.55 Td (date ) Tj ET Q q 0 0 0 rg BT 267.64 202.55 Td (or ) Tj ET Q q 0 0 0 rg BT 279.07 202.55 Td (the ) Tj ET Q q 0 0 0 rg BT 294.58 202.55 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 342.77 202.55 Td (of ) Tj ET Q q 0 0 0 rg BT 354.20 202.55 Td (the ) Tj ET Q q 0 0 0 rg BT 369.71 202.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 391.64 202.55 Td (or ) Tj ET Q q 0 0 0 rg BT 403.07 202.55 Td (contract, ) Tj ET Q q 0 0 0 rg BT 442.19 202.55 Td (in ) Tj ET Q q 0 0 0 rg BT 453.05 202.55 Td (multiple-year ) Tj ET Q q 0 0 0 rg BT 512.29 202.55 Td (intervals, ) Tj ET Q q 0 0 0 rg BT 553.76 202.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.02 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 88.36 189.95 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 136.92 189.95 Td (of ) Tj ET Q q 0 0 0 rg BT 148.19 189.95 Td (specific ) Tj ET Q q 0 0 0 rg BT 183.35 189.95 Td (events, ) Tj ET Q q 0 0 0 rg BT 215.32 189.95 Td (such ) Tj ET Q q 0 0 0 rg BT 237.08 189.95 Td (as ) Tj ET Q q 0 0 0 rg BT 248.34 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.69 189.95 Td (sale ) Tj ET Q q 0 0 0 rg BT 282.53 189.95 Td (of ) Tj ET Q q 0 0 0 rg BT 293.79 189.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 323.43 189.95 Td ( ) Tj ET Q q 0 0 0 rg BT 325.95 189.95 Td (For ) Tj ET Q q 0 0 0 rg BT 343.05 189.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 374.13 189.95 Td (of ) Tj ET Q q 0 0 0 rg BT 385.39 189.95 Td (these ) Tj ET Q q 0 0 0 rg BT 409.48 189.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 450.79 189.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 506.35 189.95 Td (and ) Tj ET Q q 0 0 0 rg BT 524.03 189.95 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.54 177.35 Td (may ) Tj ET Q q 0 0 0 rg BT 88.76 177.35 Td (be ) Tj ET Q q 0 0 0 rg BT 100.81 177.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 149.00 177.35 Td (as ) Tj ET Q q 0 0 0 rg BT 159.89 177.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 195.25 177.35 Td (earlier ) Tj ET Q q 0 0 0 rg BT 224.20 177.35 Td (under ) Tj ET Q q 0 0 0 rg BT 250.25 177.35 Td (the ) Tj ET Q q 0 0 0 rg BT 265.21 177.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 300.59 177.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 340.63 177.35 Td (than ) Tj ET Q q 0 0 0 rg BT 360.85 177.35 Td (under ) Tj ET Q q 0 0 0 rg BT 386.89 177.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 409.44 177.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 444.81 177.35 Td (recognition ) Tj ET Q q 0 0 0 rg BT 494.76 177.35 Td (practices, ) Tj ET Q q 0 0 0 rg BT 536.84 177.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.77 164.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 136.90 164.75 Td (until ) Tj ET Q q 0 0 0 rg BT 158.45 164.75 Td (all ) Tj ET Q q 0 0 0 rg BT 171.25 164.75 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 231.29 164.75 Td (were ) Tj ET Q q 0 0 0 rg BT 253.99 164.75 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 294.49 164.75 Td ( ) Tj ET Q q 0 0 0 rg BT 296.29 164.75 Td (Any ) Tj ET Q q 0 0 0 rg BT 316.67 164.75 Td (such ) Tj ET Q q 0 0 0 rg BT 338.22 164.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 393.58 164.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 412.78 164.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 461.14 164.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 483.86 164.75 Td (to ) Tj ET Q q 0 0 0 rg BT 494.33 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.46 164.75 Td (resolution ) Tj ET Q q 0 0 0 rg BT 553.76 164.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 152.15 Td (all ) Tj ET Q q 0 0 0 rg BT 63.26 152.15 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 124.26 152.15 Td (are ) Tj ET Q q 0 0 0 rg BT 140.34 152.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 180.33 152.15 Td (as ) Tj ET Q q 0 0 0 rg BT 192.34 152.15 Td (a ) Tj ET Q q 0 0 0 rg BT 200.27 152.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 237.34 152.15 Td (asset) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 257.76 152.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.02 152.15 Td (in ) Tj ET Q q 0 0 0 rg BT 272.45 152.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 299.62 152.15 Td (current ) Tj ET Q q 0 0 0 rg BT 332.62 152.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.38 152.15 Td (or ) Tj ET Q q 0 0 0 rg BT 372.40 152.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 399.57 152.15 Td (non-current ) Tj ET Q q 0 0 0 rg BT 451.81 152.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 479.57 152.15 Td (in ) Tj ET Q q 0 0 0 rg BT 491.01 152.15 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 152.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 139.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.17 139.55 Td (Sheet, ) Tj ET Q q 0 0 0 rg BT 114.98 139.55 Td (depending ) Tj ET Q q 0 0 0 rg BT 161.58 139.55 Td (on ) Tj ET Q q 0 0 0 rg BT 174.93 139.55 Td (the ) Tj ET Q q 0 0 0 rg BT 190.62 139.55 Td (length ) Tj ET Q q 0 0 0 rg BT 219.72 139.55 Td (of ) Tj ET Q q 0 0 0 rg BT 231.32 139.55 Td (time ) Tj ET Q q 0 0 0 rg BT 252.84 139.55 Td (until ) Tj ET Q q 0 0 0 rg BT 274.95 139.55 Td (the ) Tj ET Q q 0 0 0 rg BT 290.64 139.55 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 351.23 139.55 Td (are ) Tj ET Q q 0 0 0 rg BT 366.90 139.55 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 407.96 139.55 Td (Per ) Tj ET Q q 0 0 0 rg BT 424.81 139.55 Td (the ) Tj ET Q q 0 0 0 rg BT 440.50 139.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 466.68 139.55 Td (of ) Tj ET Q q 0 0 0 rg BT 478.28 139.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 509.70 139.55 Td (acquisitions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 126.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.03 126.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 124.41 126.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 154.87 126.95 Td (on ) Tj ET Q q 0 0 0 rg BT 167.84 126.95 Td (pre-close ) Tj ET Q q 0 0 0 rg BT 208.25 126.95 Td (AUM ) Tj ET Q q 0 0 0 rg BT 235.23 126.95 Td (of ) Tj ET Q q 0 0 0 rg BT 246.46 126.95 Td (the ) Tj ET Q q 0 0 0 rg BT 261.76 126.95 Td (acquired ) Tj ET Q q 0 0 0 rg BT 300.39 126.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 333.19 126.95 Td (are ) Tj ET Q q 0 0 0 rg BT 348.49 126.95 Td (fully ) Tj ET Q q 0 0 0 rg BT 370.80 126.95 Td (passed ) Tj ET Q q 0 0 0 rg BT 401.27 126.95 Td (through ) Tj ET Q q 0 0 0 rg BT 436.41 126.95 Td (as ) Tj ET Q q 0 0 0 rg BT 447.63 126.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 508.43 126.95 Td (expense, ) Tj ET Q q 0 0 0 rg BT 547.35 126.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 114.35 Td (therefore ) Tj ET Q q 0 0 0 rg BT 90.01 114.35 Td (have ) Tj ET Q q 0 0 0 rg BT 112.46 114.35 Td (no ) Tj ET Q q 0 0 0 rg BT 125.59 114.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 156.78 114.35 Td (on ) Tj ET Q q 0 0 0 rg BT 169.91 114.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 187.70 114.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 221.81 114.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 250.68 114.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 304.04 114.35 Td (to ) Tj ET Q q 0 0 0 rg BT 314.84 114.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 339.04 114.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 370.25 114.35 Td (Inc.) Tj ET Q BT /F5 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 87.75034179687498 m 254.107421875 87.75034179687498 l s q 0 0 0 rg BT 49.50 89.15 Td (Fee ) Tj ET Q q 0 0 0 rg BT 67.86 89.15 Td (W) Tj ET Q q 0 0 0 rg BT 75.64 89.15 Td (aivers ) Tj ET Q q 0 0 0 rg BT 103.93 89.15 Td (and ) Tj ET Q q 0 0 0 rg BT 122.30 89.15 Td (Fund ) Tj ET Q q 0 0 0 rg BT 147.09 89.15 Td (Expense ) Tj ET Q q 0 0 0 rg BT 184.70 89.15 Td (Reimbursements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.01 76.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.53 76.55 Td (may ) Tj ET Q q 0 0 0 rg BT 123.54 76.55 Td (waive ) Tj ET Q q 0 0 0 rg BT 150.54 76.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 181.04 76.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 199.88 76.55 Td (for ) Tj ET Q q 0 0 0 rg BT 214.06 76.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 253.91 76.55 Td (or ) Tj ET Q q 0 0 0 rg BT 264.59 76.55 Td (may ) Tj ET Q q 0 0 0 rg BT 284.60 76.55 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 328.52 76.55 Td (its ) Tj ET Q q 0 0 0 rg BT 340.38 76.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 388.39 76.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 413.65 76.55 Td (for ) Tj ET Q q 0 0 0 rg BT 427.83 76.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 458.33 76.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.92 76.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 539.75 76.55 Td (when ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.95 Td (such ) Tj ET Q q 0 0 0 rg BT 71.12 63.95 Td (expenses ) Tj ET Q q 0 0 0 rg BT 111.39 63.95 Td (exceed ) Tj ET Q q 0 0 0 rg BT 142.90 63.95 Td (a ) Tj ET Q q 0 0 0 rg BT 149.94 63.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 180.87 63.95 Td (threshold. ) Tj ET Q q 0 0 0 rg BT 224.94 63.95 Td ( ) Tj ET Q q 0 0 0 rg BT 227.31 63.95 Td (Fee ) Tj ET Q q 0 0 0 rg BT 244.84 63.95 Td (waivers ) Tj ET Q q 0 0 0 rg BT 279.87 63.95 Td (continue ) Tj ET Q q 0 0 0 rg BT 318.40 63.95 Td (to ) Tj ET Q q 0 0 0 rg BT 328.93 63.95 Td (be ) Tj ET Q q 0 0 0 rg BT 341.21 63.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 378.57 63.95 Td (as ) Tj ET Q q 0 0 0 rg BT 389.68 63.95 Td (a ) Tj ET Q q 0 0 0 rg BT 396.71 63.95 Td (reduction ) Tj ET Q q 0 0 0 rg BT 438.74 63.95 Td (in ) Tj ET Q q 0 0 0 rg BT 449.27 63.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 487.81 63.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 502.99 63.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 538.59 63.95 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 51.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.62 51.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 102.16 51.35 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 145.98 51.35 Td ( ) Tj ET Q q 0 0 0 rg BT 149.27 51.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 178.81 51.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 202.51 51.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 251.88 51.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 295.70 51.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 318.24 51.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 355.35 51.35 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 425.72 51.35 Td (in ) Tj ET Q q 0 0 0 rg BT 437.18 51.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.88 51.35 Td (of ) Tj ET Q q 0 0 0 rg BT 479.92 51.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 529.27 51.35 Td (revenue ) Tj ET Q endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (96) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 72.16 741.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 111.13 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 122.14 741.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 148.30 741.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 184.37 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 194.79 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.88 741.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 267.54 741.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 315.88 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.88 741.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 360.62 741.75 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 392.33 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 394.58 741.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 423.08 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.16 741.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 473.65 741.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.97 741.75 Td (guidance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (these ) Tj ET Q q 0 0 0 rg BT 73.75 729.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 95.66 729.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 132.15 729.15 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 201.89 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 220.30 729.15 Td (exceed ) Tj ET Q q 0 0 0 rg BT 252.12 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.61 729.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 316.34 729.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 352.24 729.15 Td (represent ) Tj ET Q q 0 0 0 rg BT 393.39 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 400.72 729.15 Td (change ) Tj ET Q q 0 0 0 rg BT 433.12 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 443.96 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 459.46 729.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 508.19 729.15 Td (price ) Tj ET Q q 0 0 0 rg BT 531.85 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 549.68 729.15 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (therefore ) Tj ET Q q 0 0 0 rg BT 90.01 716.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 127.62 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 138.99 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 146.28 716.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 188.56 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 199.93 716.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 249.21 716.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 288.00 716.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 307.53 716.55 Td (- ) Tj ET Q q 0 0 0 rg BT 313.65 716.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 341.95 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 352.74 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 368.19 716.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 426.23 716.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 474.94 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 486.31 716.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 520.42 716.55 Td (\(Loss\).) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.65 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 123.61 691.35 Td (Service ) Tj ET Q q 0 0 0 rg BT 157.72 691.35 Td (Fees ) Tj ET Q q 0 0 0 rg BT 180.76 691.35 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 220.71 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 239.68 691.35 Td (Expense) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 103.26 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.42 678.75 Td (service ) Tj ET Q q 0 0 0 rg BT 154.16 678.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 174.07 678.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 215.55 678.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 235.46 678.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 266.44 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 289.86 678.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 316.20 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 327.37 678.75 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 372.36 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.19 678.75 Td (distributor ) Tj ET Q q 0 0 0 rg BT 434.94 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 450.19 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.02 678.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 490.03 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.78 678.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 547.36 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (selling ) Tj ET Q q 0 0 0 rg BT 79.74 666.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 101.23 666.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 129.72 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 147.12 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 162.19 666.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 203.49 666.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 252.97 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 263.96 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 270.86 666.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 318.58 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 329.57 666.15 Td (client ) Tj ET Q q 0 0 0 rg BT 355.13 666.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 384.50 666.15 Td (Reported ) Tj ET Q q 0 0 0 rg BT 425.23 666.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 463.06 666.15 Td (also ) Tj ET Q q 0 0 0 rg BT 482.22 666.15 Td (include ) Tj ET Q q 0 0 0 rg BT 515.37 666.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 534.52 666.15 Td (earned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 72.00 653.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 114.92 653.55 Td (client ) Tj ET Q q 0 0 0 rg BT 140.33 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 151.16 653.55 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 202.23 653.55 Td (servicing, ) Tj ET Q q 0 0 0 rg BT 245.43 653.55 Td (including ) Tj ET Q q 0 0 0 rg BT 287.18 653.55 Td (record ) Tj ET Q q 0 0 0 rg BT 316.09 653.55 Td (keeping ) Tj ET Q q 0 0 0 rg BT 351.41 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 362.25 653.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 424.41 653.55 Td (services ) Tj ET Q q 0 0 0 rg BT 460.31 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 470.57 653.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 519.30 653.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 547.35 653.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (non-discretionary ) Tj ET Q q 0 0 0 rg BT 125.15 640.95 Td (advisory ) Tj ET Q q 0 0 0 rg BT 162.90 640.95 Td (services ) Tj ET Q q 0 0 0 rg BT 198.31 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 212.15 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 238.24 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 263.73 640.95 Td (advisement. ) Tj ET Q q 0 0 0 rg BT 315.77 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 317.36 640.95 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 369.71 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 386.46 640.95 Td (service ) Tj ET Q q 0 0 0 rg BT 417.78 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 436.28 640.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 465.84 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 477.94 640.95 Td (company-sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.70 628.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 123.16 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 138.10 628.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 175.21 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 186.08 628.35 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 224.06 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 226.18 628.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 279.06 628.35 Td (services ) Tj ET Q q 0 0 0 rg BT 315.00 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 332.28 628.35 Td (marketing ) Tj ET Q q 0 0 0 rg BT 376.98 628.35 Td (services ) Tj ET Q q 0 0 0 rg BT 412.92 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 427.86 628.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 475.47 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 482.25 628.35 Td (single ) Tj ET Q q 0 0 0 rg BT 509.46 628.35 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 94.33 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 105.33 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.41 615.75 Td (success ) Tj ET Q q 0 0 0 rg BT 154.15 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.15 615.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 195.40 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.48 615.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 258.22 615.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 286.71 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 295.97 615.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 325.05 615.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 370.45 615.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 393.71 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.78 615.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 431.45 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 448.86 615.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 493.68 615.75 Td (ef) Tj ET Q q 0 0 0 rg BT 501.65 615.75 Td (forts. ) Tj ET Q q 0 0 0 rg BT 525.77 615.75 Td (Ongoing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 101.23 603.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 142.47 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 152.23 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 159.64 603.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 196.79 603.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 252.59 603.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 297.92 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 309.42 603.15 Td (these ) Tj ET Q q 0 0 0 rg BT 333.75 603.15 Td (services ) Tj ET Q q 0 0 0 rg BT 370.32 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 385.89 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 402.06 603.15 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.64 603.15 Td (interrelated ) Tj ET Q q 0 0 0 rg BT 482.20 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 500.11 603.15 Td (interdependent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 62.60 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 78.03 590.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 96.96 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.30 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 123.73 590.55 Td (shares. ) Tj ET Q q 0 0 0 rg BT 155.20 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 157.80 590.55 Td (Fees ) Tj ET Q q 0 0 0 rg BT 179.65 590.55 Td (earned ) Tj ET Q q 0 0 0 rg BT 210.23 590.55 Td (related ) Tj ET Q q 0 0 0 rg BT 241.39 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 252.16 590.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 303.18 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 320.94 590.55 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 372.52 590.55 Td (serving ) Tj ET Q q 0 0 0 rg BT 406.03 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 421.45 590.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 469.53 590.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 505.95 590.55 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (because ) Tj ET Q q 0 0 0 rg BT 85.13 577.95 Td (they ) Tj ET Q q 0 0 0 rg BT 105.61 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 120.83 577.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 165.79 577.95 Td (based ) Tj ET Q q 0 0 0 rg BT 192.10 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 205.01 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 220.24 577.95 Td (average ) Tj ET Q q 0 0 0 rg BT 255.28 577.95 Td (market ) Tj ET Q q 0 0 0 rg BT 286.84 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 311.98 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 323.13 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 338.36 577.95 Td (fund. ) Tj ET Q q 0 0 0 rg BT 362.64 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 364.87 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 383.59 577.95 Td (average ) Tj ET Q q 0 0 0 rg BT 418.64 577.95 Td (market ) Tj ET Q q 0 0 0 rg BT 450.19 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 475.34 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 486.49 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 501.72 577.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 523.37 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 532.77 577.95 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.86 565.35 Td (change ) Tj ET Q q 0 0 0 rg BT 91.79 565.35 Td (based ) Tj ET Q q 0 0 0 rg BT 117.89 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 130.58 565.35 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 182.35 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 199.71 565.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 239.82 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 250.18 565.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.10 565.35 Td (markets, ) Tj ET Q q 0 0 0 rg BT 327.16 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 344.52 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 355.46 565.35 Td (such, ) Tj ET Q q 0 0 0 rg BT 379.53 565.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 430.14 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 447.50 565.35 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 498.67 565.35 Td (service ) Tj ET Q q 0 0 0 rg BT 530.60 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 549.69 565.35 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.65 552.75 Td (constrained ) Tj ET Q q 0 0 0 rg BT 141.14 552.75 Td (until ) Tj ET Q q 0 0 0 rg BT 162.48 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.40 552.75 Td (end ) Tj ET Q q 0 0 0 rg BT 194.64 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 205.48 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.39 552.75 Td (month ) Tj ET Q q 0 0 0 rg BT 249.32 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 260.15 552.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 291.97 552.75 Td (when ) Tj ET Q q 0 0 0 rg BT 316.80 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.72 552.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 358.87 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 390.11 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 414.94 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.78 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.69 552.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 462.03 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 471.12 552.75 Td (known ) Tj ET Q q 0 0 0 rg BT 501.79 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 519.04 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.95 552.75 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.34 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 94.96 540.15 Td (no ) Tj ET Q q 0 0 0 rg BT 108.07 540.15 Td (longer ) Tj ET Q q 0 0 0 rg BT 137.51 540.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.86 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 180.64 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 187.91 540.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 234.85 540.15 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 273.32 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 275.74 540.15 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 322.36 540.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 373.40 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 391.17 540.15 Td (service ) Tj ET Q q 0 0 0 rg BT 423.51 540.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 443.03 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 458.46 540.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 500.14 540.15 Td (included ) Tj ET Q q 0 0 0 rg BT 538.91 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.69 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 97.31 527.55 Td (price ) Tj ET Q q 0 0 0 rg BT 120.04 527.55 Td (at ) Tj ET Q q 0 0 0 rg BT 129.36 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 143.93 527.55 Td (end ) Tj ET Q q 0 0 0 rg BT 160.84 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 171.33 527.55 Td (each ) Tj ET Q q 0 0 0 rg BT 192.30 527.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 229.05 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 239.54 527.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 279.18 527.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 319.41 527.55 Td (period ) Tj ET Q q 0 0 0 rg BT 347.98 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 364.88 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 379.44 527.55 Td (allocated ) Tj ET Q q 0 0 0 rg BT 419.08 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 428.99 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.56 527.55 Td (two ) Tj ET Q q 0 0 0 rg BT 461.06 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 515.85 527.55 Td (obligations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 76.57 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 90.23 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.22 514.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.87 514.95 Td (specified ) Tj ET Q q 0 0 0 rg BT 181.93 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 193.26 514.95 Td (each ) Tj ET Q q 0 0 0 rg BT 215.66 514.95 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 265.17 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 268.10 514.95 Td (While ) Tj ET Q q 0 0 0 rg BT 296.91 514.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 348.50 514.95 Td (services ) Tj ET Q q 0 0 0 rg BT 385.48 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 401.45 514.95 Td (lar) Tj ET Q q 0 0 0 rg BT 412.34 514.95 Td (gely ) Tj ET Q q 0 0 0 rg BT 433.58 514.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 471.73 514.95 Td (at ) Tj ET Q q 0 0 0 rg BT 482.47 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 498.46 514.95 Td (inception ) Tj ET Q q 0 0 0 rg BT 540.69 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 552.60 514.95 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (investment, ) Tj ET Q q 0 0 0 rg BT 100.79 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 116.20 502.35 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 153.20 502.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 191.36 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 202.70 502.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 238.51 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 253.91 502.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.24 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 296.99 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 312.41 502.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 348.81 502.35 Td (consideration ) Tj ET Q q 0 0 0 rg BT 407.96 502.35 Td (constraint. ) Tj ET Q q 0 0 0 rg BT 454.58 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 456.59 502.35 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 508.40 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 513.61 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 520.85 502.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 553.77 502.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.41 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 118.05 489.75 Td (service ) Tj ET Q q 0 0 0 rg BT 150.27 489.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 185.98 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 204.80 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 217.20 489.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 265.74 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 276.40 489.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 309.79 489.75 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 358.94 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 369.59 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 384.90 489.75 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 435.21 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.44 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 461.76 489.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 517.29 489.75 Td (obligation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.37 464.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 103.59 464.55 Td (share ) Tj ET Q q 0 0 0 rg BT 127.71 464.55 Td (classes ) Tj ET Q q 0 0 0 rg BT 158.83 464.55 Td (only ) Tj ET Q q 0 0 0 rg BT 179.46 464.55 Td (char) Tj ET Q q 0 0 0 rg BT 197.34 464.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 209.22 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 223.43 464.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 273.82 464.55 Td (services ) Tj ET Q q 0 0 0 rg BT 309.60 464.55 Td (at ) Tj ET Q q 0 0 0 rg BT 319.15 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.94 464.55 Td (inception ) Tj ET Q q 0 0 0 rg BT 374.98 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 385.69 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.49 464.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 448.53 464.55 Td (based ) Tj ET Q q 0 0 0 rg BT 474.41 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 486.87 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 493.50 464.55 Td (fixed ) Tj ET Q q 0 0 0 rg BT 517.04 464.55 Td (percentage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.72 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.02 451.95 Td (share ) Tj ET Q q 0 0 0 rg BT 100.65 451.95 Td (price. ) Tj ET Q q 0 0 0 rg BT 126.73 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 129.02 451.95 Td (This ) Tj ET Q q 0 0 0 rg BT 150.16 451.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 174.21 451.95 Td (price ) Tj ET Q q 0 0 0 rg BT 197.67 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 207.15 451.95 Td (allocated ) Tj ET Q q 0 0 0 rg BT 247.51 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 258.15 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 273.46 451.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 328.98 451.95 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 376.66 451.95 Td (which ) Tj ET Q q 0 0 0 rg BT 404.79 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 414.27 451.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 469.82 451.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 507.29 451.95 Td (at ) Tj ET Q q 0 0 0 rg BT 517.34 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 532.64 451.95 Td (time ) Tj ET Q q 0 0 0 rg BT 553.77 451.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 439.35 Td (initial ) Tj ET Q q 0 0 0 rg BT 92.08 439.35 Td (investment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 102.43 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 112.78 414.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 162.80 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 179.56 414.15 Td (service ) Tj ET Q q 0 0 0 rg BT 210.90 414.15 Td (fee ) Tj ET Q q 0 0 0 rg BT 225.32 414.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 260.15 414.15 Td (under ) Tj ET Q q 0 0 0 rg BT 285.66 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 300.09 414.15 Td (updated ) Tj ET Q q 0 0 0 rg BT 334.93 414.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 374.43 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 383.04 414.15 Td (consistent ) Tj ET Q q 0 0 0 rg BT 426.63 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 446.90 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 470.08 414.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 501.58 414.15 Td (s ) Tj ET Q q 0 0 0 rg BT 507.27 414.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 529.28 414.15 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (recognition ) Tj ET Q q 0 0 0 rg BT 99.95 401.55 Td (process.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (When ) Tj ET Q q 0 0 0 rg BT 77.87 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 102.74 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 134.62 376.35 Td (enters ) Tj ET Q q 0 0 0 rg BT 162.99 376.35 Td (into ) Tj ET Q q 0 0 0 rg BT 182.62 376.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 242.47 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 264.44 376.35 Td (broker) Tj ET Q q 0 0 0 rg BT 291.63 376.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 328.16 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 340.20 376.35 Td (other ) Tj ET Q q 0 0 0 rg BT 365.07 376.35 Td (third ) Tj ET Q q 0 0 0 rg BT 388.20 376.35 Td (parties ) Tj ET Q q 0 0 0 rg BT 419.49 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 430.95 376.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 448.83 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 460.88 376.35 Td (market ) Tj ET Q q 0 0 0 rg BT 493.33 376.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 543.27 376.35 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 80.20 363.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 130.45 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 147.44 363.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 187.76 363.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 223.41 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 232.24 363.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 266.71 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 280.79 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.44 363.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 332.86 363.75 Td (owed ) Tj ET Q q 0 0 0 rg BT 357.43 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 367.43 363.75 Td (third ) Tj ET Q q 0 0 0 rg BT 389.09 363.75 Td (parties, ) Tj ET Q q 0 0 0 rg BT 421.54 363.75 Td (including ) Tj ET Q q 0 0 0 rg BT 463.03 363.75 Td (finders' ) Tj ET Q q 0 0 0 rg BT 495.91 363.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 514.64 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 531.64 363.75 Td (referral ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.30 351.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 90.27 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 101.34 351.15 Td (unaf) Tj ET Q q 0 0 0 rg BT 119.80 351.15 Td (filiated ) Tj ET Q q 0 0 0 rg BT 152.44 351.15 Td (broker) Tj ET Q q 0 0 0 rg BT 179.63 351.15 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 215.76 351.15 Td (or ) Tj ET Q q 0 0 0 rg BT 227.40 351.15 Td (introducing ) Tj ET Q q 0 0 0 rg BT 278.70 351.15 Td (parties ) Tj ET Q q 0 0 0 rg BT 309.59 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 327.64 351.15 Td (is ) Tj ET Q q 0 0 0 rg BT 337.54 351.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 377.16 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 388.81 351.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 442.46 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 460.51 351.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 501.90 351.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 538.61 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.62 338.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 156.40 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 167.84 338.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 202.03 338.55 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 234.19 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 236.89 338.55 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 290.35 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 308.21 338.55 Td (servicing ) Tj ET Q q 0 0 0 rg BT 349.40 338.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 385.92 338.55 Td (also ) Tj ET Q q 0 0 0 rg BT 405.54 338.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 443.23 338.55 Td (payments ) Tj ET Q q 0 0 0 rg BT 486.18 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 497.05 338.55 Td (third ) Tj ET Q q 0 0 0 rg BT 519.58 338.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 550.27 338.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.69 325.95 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 132.29 325.95 Td (administrative ) Tj ET Q q 0 0 0 rg BT 194.99 325.95 Td (services ) Tj ET Q q 0 0 0 rg BT 231.43 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 249.22 325.95 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 306.09 325.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 325.62 325.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 346.32 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 357.11 325.95 Td (unaf) Tj ET Q q 0 0 0 rg BT 375.58 325.95 Td (filiated ) Tj ET Q q 0 0 0 rg BT 407.94 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 430.98 325.95 Td (managers.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Contract ) Tj ET Q q 0 0 0 rg BT 90.05 300.75 Td (Costs ) Tj ET Q q 0 0 0 rg BT 116.02 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 134.98 300.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 176.09 300.75 Td (Sales ) Tj ET Q q 0 0 0 rg BT 201.47 300.75 Td (Commissions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.27 288.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.05 288.15 Td (incurs ) Tj ET Q q 0 0 0 rg BT 134.91 288.15 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 173.67 288.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 197.87 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 209.23 288.15 Td (obtain ) Tj ET Q q 0 0 0 rg BT 238.67 288.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 287.94 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 344.79 288.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 385.88 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 404.24 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 419.67 288.15 Td (services ) Tj ET Q q 0 0 0 rg BT 456.69 288.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 497.21 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 508.57 288.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 554.34 288.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 99.94 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 121.85 275.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 171.16 275.55 Td (management ) Tj ET Q q 0 0 0 rg BT 228.04 275.55 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 281.71 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 284.71 275.55 Td (These ) Tj ET Q q 0 0 0 rg BT 313.01 275.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 337.25 275.55 Td (include ) Tj ET Q q 0 0 0 rg BT 371.39 275.55 Td (commissions ) Tj ET Q q 0 0 0 rg BT 429.46 275.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 450.77 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 462.17 275.55 Td (wholesalers, ) Tj ET Q q 0 0 0 rg BT 517.60 275.55 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.64 262.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 115.51 262.95 Td (broker ) Tj ET Q q 0 0 0 rg BT 145.89 262.95 Td (dealers ) Tj ET Q q 0 0 0 rg BT 178.60 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 196.74 262.95 Td (administration ) Tj ET Q q 0 0 0 rg BT 260.37 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 278.51 262.95 Td (placement ) Tj ET Q q 0 0 0 rg BT 324.63 262.95 Td (fees. ) Tj ET Q q 0 0 0 rg BT 347.13 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 350.11 262.95 Td (Depending ) Tj ET Q q 0 0 0 rg BT 399.15 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 412.63 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 428.43 262.95 Td (type ) Tj ET Q q 0 0 0 rg BT 449.48 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 461.21 262.95 Td (services ) Tj ET Q q 0 0 0 rg BT 498.00 262.95 Td (provided, ) Tj ET Q q 0 0 0 rg BT 540.92 262.95 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.95 250.35 Td (may ) Tj ET Q q 0 0 0 rg BT 89.57 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 102.03 250.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 122.65 250.35 Td (at ) Tj ET Q q 0 0 0 rg BT 132.77 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 148.14 250.35 Td (time ) Tj ET Q q 0 0 0 rg BT 169.35 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 184.72 250.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 221.08 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 230.63 250.35 Td (obtained ) Tj ET Q q 0 0 0 rg BT 269.33 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 280.62 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 293.67 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 306.12 250.35 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 343.08 250.35 Td (basis. ) Tj ET Q q 0 0 0 rg BT 369.25 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 371.80 250.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 400.58 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 415.96 250.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 451.74 250.35 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 494.81 250.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.35 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 529.06 250.35 Td (obtain ) Tj ET Q q 0 0 0 rg BT 557.85 250.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 86.43 237.75 Td (should ) Tj ET Q q 0 0 0 rg BT 117.54 237.75 Td (be ) Tj ET Q q 0 0 0 rg BT 130.57 237.75 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 179.15 237.75 Td (if ) Tj ET Q q 0 0 0 rg BT 188.68 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.62 237.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 228.74 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 244.67 237.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 297.34 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 315.61 237.75 Td (would ) Tj ET Q q 0 0 0 rg BT 344.98 237.75 Td (not ) Tj ET Q q 0 0 0 rg BT 361.51 237.75 Td (have ) Tj ET Q q 0 0 0 rg BT 384.44 237.75 Td (been ) Tj ET Q q 0 0 0 rg BT 407.38 237.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 445.47 237.75 Td (if ) Tj ET Q q 0 0 0 rg BT 455.00 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.94 237.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 507.87 237.75 Td (had ) Tj ET Q q 0 0 0 rg BT 526.14 237.75 Td (not ) Tj ET Q q 0 0 0 rg BT 542.67 237.75 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (obtained, ) Tj ET Q q 0 0 0 rg BT 90.77 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 108.43 225.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 131.92 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 142.58 225.15 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 168.99 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 184.31 225.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 220.62 225.15 Td (should ) Tj ET Q q 0 0 0 rg BT 251.11 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 263.52 225.15 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 311.48 225.15 Td (if ) Tj ET Q q 0 0 0 rg BT 320.39 225.15 Td (they ) Tj ET Q q 0 0 0 rg BT 340.96 225.15 Td (relate ) Tj ET Q q 0 0 0 rg BT 366.77 225.15 Td (directly ) Tj ET Q q 0 0 0 rg BT 401.33 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 411.99 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 419.15 225.15 Td (contract, ) Tj ET Q q 0 0 0 rg BT 458.08 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 473.40 225.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 496.89 225.15 Td (will ) Tj ET Q q 0 0 0 rg BT 515.72 225.15 Td (generate ) Tj ET Q q 0 0 0 rg BT 553.77 225.15 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (enhance ) Tj ET Q q 0 0 0 rg BT 85.68 212.55 Td (resources ) Tj ET Q q 0 0 0 rg BT 127.11 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 137.64 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 152.26 212.55 Td (entity ) Tj ET Q q 0 0 0 rg BT 177.96 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 195.49 212.55 Td (will ) Tj ET Q q 0 0 0 rg BT 213.61 212.55 Td (be ) Tj ET Q q 0 0 0 rg BT 225.31 212.55 Td (used ) Tj ET Q q 0 0 0 rg BT 246.34 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 256.29 212.55 Td (satisfying ) Tj ET Q q 0 0 0 rg BT 298.91 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.74 212.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 402.20 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 412.15 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 426.76 212.55 Td (future, ) Tj ET Q q 0 0 0 rg BT 456.25 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 473.19 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 487.81 212.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 510.59 212.55 Td (are ) Tj ET Q q 0 0 0 rg BT 525.20 212.55 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.86 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 71.97 199.95 Td (recovered. ) Tj ET Q q 0 0 0 rg BT 118.18 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.38 199.95 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 166.91 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 187.78 199.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 210.38 199.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 258.65 199.95 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 309.53 199.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 330.97 199.95 Td (launch ) Tj ET Q q 0 0 0 rg BT 361.16 199.95 Td (costs, ) Tj ET Q q 0 0 0 rg BT 386.98 199.95 Td (including ) Tj ET Q q 0 0 0 rg BT 428.84 199.95 Td (or) Tj ET Q q 0 0 0 rg BT 437.40 199.95 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 490.91 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 508.27 199.95 Td (underwriting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (costs, ) Tj ET Q q 0 0 0 rg BT 76.92 187.35 Td (placement ) Tj ET Q q 0 0 0 rg BT 123.86 187.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 144.56 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 163.51 187.35 Td (commissions ) Tj ET Q q 0 0 0 rg BT 222.15 187.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 244.02 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 255.98 187.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 307.30 187.35 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 360.66 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 379.62 187.35 Td (broker) Tj ET Q q 0 0 0 rg BT 406.81 187.35 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 443.84 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 459.87 187.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 484.08 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 496.62 187.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 519.66 187.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 549.69 187.35 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 90.70 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 101.58 174.75 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 141.33 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 152.21 174.75 Td (these ) Tj ET Q q 0 0 0 rg BT 175.92 174.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 199.05 174.75 Td (would ) Tj ET Q q 0 0 0 rg BT 227.44 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 239.48 174.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 276.60 174.75 Td (regardless ) Tj ET Q q 0 0 0 rg BT 321.30 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 332.18 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.14 174.75 Td (investor) Tj ET Q q 0 0 0 rg BT 380.39 174.75 Td (. ) Tj ET Q q 0 0 0 rg BT 385.15 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 387.28 174.75 Td (However) Tj ET Q q 0 0 0 rg BT 425.35 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 430.11 174.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 487.08 174.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 507.29 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 517.59 174.75 Td (employees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.00 162.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 90.92 162.15 Td (wholesalers ) Tj ET Q q 0 0 0 rg BT 142.83 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 153.34 162.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 201.75 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 222.76 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 237.93 162.15 Td (sale ) Tj ET Q q 0 0 0 rg BT 256.60 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.69 162.15 Td (retail ) Tj ET Q q 0 0 0 rg BT 291.61 162.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 328.34 162.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 367.42 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 382.58 162.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 430.41 162.15 Td (incremental, ) Tj ET Q q 0 0 0 rg BT 484.94 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 496.03 162.15 Td (these ) Tj ET Q q 0 0 0 rg BT 519.94 162.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 539.19 162.15 Td (relate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.66 149.55 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 103.32 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 110.98 149.55 Td (specific ) Tj ET Q q 0 0 0 rg BT 146.63 149.55 Td (contract, ) Tj ET Q q 0 0 0 rg BT 186.06 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 201.88 149.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 247.43 149.55 Td (based ) Tj ET Q q 0 0 0 rg BT 274.33 149.55 Td (on ) Tj ET Q q 0 0 0 rg BT 287.83 149.55 Td (specified ) Tj ET Q q 0 0 0 rg BT 328.73 149.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 351.54 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 369.70 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 385.52 149.55 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 437.48 149.55 Td (through ) Tj ET Q q 0 0 0 rg BT 473.14 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 488.96 149.55 Td (management ) Tj ET Q q 0 0 0 rg BT 545.60 149.55 Td (fees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (earned ) Tj ET Q q 0 0 0 rg BT 79.86 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 97.40 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 112.60 136.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 152.87 136.95 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 200.72 136.95 Td (under ) Tj ET Q q 0 0 0 rg BT 227.01 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 242.22 136.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 277.84 136.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 326.28 136.95 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 369.19 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 371.57 136.95 Td (Such ) Tj ET Q q 0 0 0 rg BT 394.95 136.95 Td (commissions ) Tj ET Q q 0 0 0 rg BT 452.17 136.95 Td (were ) Tj ET Q q 0 0 0 rg BT 474.95 136.95 Td (expensed ) Tj ET Q q 0 0 0 rg BT 516.40 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 527.53 136.95 Td (incurred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (under ) Tj ET Q q 0 0 0 rg BT 77.13 124.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 102.43 124.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 133.94 124.35 Td (s ) Tj ET Q q 0 0 0 rg BT 141.75 124.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 165.88 124.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 215.68 124.35 Td (practices. ) Tj ET Q q 0 0 0 rg BT 259.34 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 263.06 124.35 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 314.61 124.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 338.74 124.35 Td (commissions ) Tj ET Q q 0 0 0 rg BT 397.31 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 413.85 124.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 459.56 124.35 Td (based ) Tj ET Q q 0 0 0 rg BT 487.20 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 501.42 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 517.98 124.35 Td (transfer ) Tj ET Q q 0 0 0 rg BT 553.77 124.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (services ) Tj ET Q q 0 0 0 rg BT 86.68 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 98.22 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 127.24 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.44 111.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 171.30 111.75 Td (relate, ) Tj ET Q q 0 0 0 rg BT 200.61 111.75 Td (which ) Tj ET Q q 0 0 0 rg BT 229.63 111.75 Td (averages ) Tj ET Q q 0 0 0 rg BT 269.72 111.75 Td (four ) Tj ET Q q 0 0 0 rg BT 290.58 111.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 318.73 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 322.09 111.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 347.03 111.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 378.98 111.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 419.07 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 427.10 111.75 Td (cumulative-ef) Tj ET Q q 0 0 0 rg BT 485.22 111.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 504.32 111.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 553.76 111.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td ($14,839) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.63 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 86.25 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 97.62 99.15 Td (an ) Tj ET Q q 0 0 0 rg BT 110.16 99.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 147.18 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 157.97 99.15 Td (Retained ) Tj ET Q q 0 0 0 rg BT 197.91 99.15 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 237.86 99.15 Td (on ) Tj ET Q q 0 0 0 rg BT 250.99 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 266.44 99.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 324.48 99.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 360.92 99.15 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 386.87 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 398.24 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 409.04 99.15 Td (April ) Tj ET Q q 0 0 0 rg BT 433.83 99.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 444.33 99.15 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 110.53 73.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 132.46 73.95 Td (by ) Tj ET Q q 0 0 0 rg BT 146.81 73.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 172.24 73.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 204.67 73.95 Td (to ) Tj ET Q q 0 0 0 rg BT 216.69 73.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 257.27 73.95 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 321.18 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 333.20 73.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 383.12 73.95 Td (with ) Tj ET Q q 0 0 0 rg BT 405.64 73.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 429.90 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 442.50 73.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 474.91 73.95 Td (classes ) Tj ET Q q 0 0 0 rg BT 507.92 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 520.52 73.95 Td (company-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 95.24 61.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 127.55 61.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 154.04 61.35 Td (are ) Tj ET Q q 0 0 0 rg BT 170.02 61.35 Td (generally ) Tj ET Q q 0 0 0 rg BT 212.24 61.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 260.87 61.35 Td (as ) Tj ET Q q 0 0 0 rg BT 272.77 61.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 310.90 61.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 334.46 61.35 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 394.86 61.35 Td (The ) Tj ET Q q 0 0 0 rg BT 414.34 61.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 437.90 61.35 Td (is ) Tj ET Q q 0 0 0 rg BT 448.06 61.35 Td (amortized ) Tj ET Q q 0 0 0 rg BT 493.20 61.35 Td (over ) Tj ET Q q 0 0 0 rg BT 515.01 61.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 549.08 61.35 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 94.75 48.75 Td (six ) Tj ET Q q 0 0 0 rg BT 109.69 48.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 137.16 48.75 Td (which ) Tj ET Q q 0 0 0 rg BT 165.52 48.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 206.69 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.20 48.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 255.81 48.75 Td (during ) Tj ET Q q 0 0 0 rg BT 285.91 48.75 Td (which ) Tj ET Q q 0 0 0 rg BT 314.26 48.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 371.79 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 387.30 48.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 429.05 48.75 Td (recovered ) Tj ET Q q 0 0 0 rg BT 473.13 48.75 Td (from ) Tj ET Q q 0 0 0 rg BT 496.23 48.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 547.34 48.75 Td (and ) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (service ) Tj ET Q q 0 0 0 rg BT 81.65 741.75 Td (fee ) Tj ET Q q 0 0 0 rg BT 96.89 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 136.63 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.21 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 177.04 741.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 223.78 741.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 261.17 741.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 284.00 741.75 Td (char) Tj ET Q q 0 0 0 rg BT 301.88 741.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 318.30 741.75 Td (\("CDSC"\) ) Tj ET Q q 0 0 0 rg BT 363.71 741.75 Td (received ) Tj ET Q q 0 0 0 rg BT 401.69 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 424.52 741.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 480.01 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 491.17 741.75 Td (those ) Tj ET Q q 0 0 0 rg BT 515.76 741.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 541.51 741.75 Td (upon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (redemption ) Tj ET Q q 0 0 0 rg BT 99.81 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 111.05 729.15 Td (their ) Tj ET Q q 0 0 0 rg BT 132.78 729.15 Td (shares. ) Tj ET Q q 0 0 0 rg BT 164.14 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 166.63 729.15 Td (CDSC ) Tj ET Q q 0 0 0 rg BT 196.55 729.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 255.61 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 265.11 729.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 306.66 729.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 342.97 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.62 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 370.12 729.15 Td (based ) Tj ET Q q 0 0 0 rg BT 396.52 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 409.51 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 424.83 729.15 Td (timing ) Tj ET Q q 0 0 0 rg BT 454.74 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 465.98 729.15 Td (when ) Tj ET Q q 0 0 0 rg BT 491.21 729.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 531.62 729.15 Td (redeem ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (their ) Tj ET Q q 0 0 0 rg BT 71.46 716.55 Td (investment. ) Tj ET Q q 0 0 0 rg BT 122.87 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 125.39 716.55 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 172.11 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 187.65 716.55 Td (variable ) Tj ET Q q 0 0 0 rg BT 224.18 716.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 283.46 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 293.18 716.55 Td (included ) Tj ET Q q 0 0 0 rg BT 332.05 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 342.93 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 358.47 716.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 407.25 716.55 Td (price ) Tj ET Q q 0 0 0 rg BT 430.95 716.55 Td (once ) Tj ET Q q 0 0 0 rg BT 453.49 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 469.03 716.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 509.66 716.55 Td (redeem ) Tj ET Q q 0 0 0 rg BT 543.27 716.55 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.14 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 95.69 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 105.09 703.95 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 142.48 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 152.45 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 159.51 703.95 Td (point ) Tj ET Q q 0 0 0 rg BT 183.49 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 194.05 703.95 Td (time. ) Tj ET Q q 0 0 0 rg BT 217.74 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 220.13 703.95 Td (CDSC ) Tj ET Q q 0 0 0 rg BT 249.96 703.95 Td (receipts ) Tj ET Q q 0 0 0 rg BT 285.00 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 300.22 703.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 339.34 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 350.48 703.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 401.30 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 418.85 703.95 Td (service ) Tj ET Q q 0 0 0 rg BT 450.98 703.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 466.19 703.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 501.82 703.95 Td (when ) Tj ET Q q 0 0 0 rg BT 526.96 703.95 Td (received ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.50 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 75.00 691.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 117.49 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 129.08 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.74 691.35 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 200.06 691.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 234.96 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 246.55 691.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 284.36 691.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 307.61 691.35 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 367.91 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 389.42 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 396.92 691.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 459.83 691.35 Td (expense. ) Tj ET Q q 0 0 0 rg BT 499.11 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 501.95 691.35 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 542.09 691.35 Td (sales ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 109.79 678.75 Td (included ) Tj ET Q q 0 0 0 rg BT 148.78 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 159.78 678.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 186.52 678.75 Td (non-current ) Tj ET Q q 0 0 0 rg BT 238.33 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.65 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 276.65 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 292.31 678.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 350.55 678.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 387.20 678.75 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 420.07 678.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.30 678.75 Td ($1,895) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.17 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 475.00 678.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.99 678.75 Td ($1,419) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.87 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.70 678.75 Td (at ) Tj ET Q q 0 0 0 rg BT 535.11 678.75 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.25 666.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 88.88 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 106.66 666.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 132.91 666.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 182.96 666.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.88 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 92.84 640.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 128.21 640.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 176.42 640.95 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 219.07 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 242.78 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 273.50 640.95 Td (has ) Tj ET Q q 0 0 0 rg BT 289.64 640.95 Td (elected ) Tj ET Q q 0 0 0 rg BT 321.50 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 331.80 640.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 367.75 640.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 390.30 640.95 Td (commissions ) Tj ET Q q 0 0 0 rg BT 447.28 640.95 Td (related ) Tj ET Q q 0 0 0 rg BT 477.98 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 488.28 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 518.98 640.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 540.36 640.95 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (classes ) Tj ET Q q 0 0 0 rg BT 81.33 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 102.68 628.35 Td (amortization ) Tj ET Q q 0 0 0 rg BT 158.42 628.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 192.00 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 203.42 628.35 Td (one ) Tj ET Q q 0 0 0 rg BT 221.26 628.35 Td (year ) Tj ET Q q 0 0 0 rg BT 242.00 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 253.42 628.35 Td (less ) Tj ET Q q 0 0 0 rg BT 271.85 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 283.27 628.35 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 323.55 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 326.23 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 350.48 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 381.74 628.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 421.14 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 428.47 628.35 Td (cumulative-ef) Tj ET Q q 0 0 0 rg BT 486.59 628.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 505.00 628.35 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 553.75 628.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td ($2,576) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.57 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 93.50 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 101.35 615.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 140.68 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 152.04 615.75 Td (Retained ) Tj ET Q q 0 0 0 rg BT 192.55 615.75 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 233.06 615.75 Td (on ) Tj ET Q q 0 0 0 rg BT 246.76 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.77 615.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 321.38 615.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 358.38 615.75 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 384.90 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 396.84 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 408.07 615.75 Td (April ) Tj ET Q q 0 0 0 rg BT 433.43 615.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 444.49 615.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 471.31 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 482.67 615.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 512.67 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.68 615.75 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.28 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 116.57 603.15 Td (such ) Tj ET Q q 0 0 0 rg BT 138.44 603.15 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 198.53 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 226.82 603.15 Td (had ) Tj ET Q q 0 0 0 rg BT 244.60 603.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 291.56 603.15 Td (been ) Tj ET Q q 0 0 0 rg BT 314.00 603.15 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 362.10 603.15 Td (under ) Tj ET Q q 0 0 0 rg BT 388.63 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.83 603.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 450.02 603.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 473.05 603.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.75 603.15 Td (practices.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 574.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 74.88 574.95 Td (and ) Tj ET Q q 0 0 0 rg BT 94.44 574.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 119.82 574.95 Td (Equivalents) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 562.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.13 562.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 123.57 562.35 Td (are ) Tj ET Q q 0 0 0 rg BT 139.01 562.35 Td (highly ) Tj ET Q q 0 0 0 rg BT 168.47 562.35 Td (liquid ) Tj ET Q q 0 0 0 rg BT 195.60 562.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 248.39 562.35 Td (with ) Tj ET Q q 0 0 0 rg BT 269.68 562.35 Td (original ) Tj ET Q q 0 0 0 rg BT 304.97 562.35 Td (maturities ) Tj ET Q q 0 0 0 rg BT 349.58 562.35 Td (of ) Tj ET Q q 0 0 0 rg BT 360.96 562.35 Td (90�days ) Tj ET Q q 0 0 0 rg BT 395.95 562.35 Td (or ) Tj ET Q q 0 0 0 rg BT 407.33 562.35 Td (less.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 537.15 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 98.19 537.15 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 524.55 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 94.05 524.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 114.68 524.55 Td (represents ) Tj ET Q q 0 0 0 rg BT 159.22 524.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.85 524.55 Td (collateral ) Tj ET Q q 0 0 0 rg BT 220.89 524.55 Td (required ) Tj ET Q q 0 0 0 rg BT 257.84 524.55 Td (for ) Tj ET Q q 0 0 0 rg BT 272.06 524.55 Td (market ) Tj ET Q q 0 0 0 rg BT 303.19 524.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 330.24 524.55 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 391.39 524.55 Td (total ) Tj ET Q q 0 0 0 rg BT 412.03 524.55 Td (return ) Tj ET Q q 0 0 0 rg BT 439.08 524.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 462.63 524.55 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 523.79 524.55 Td (and ) Tj ET Q q 0 0 0 rg BT 540.93 524.55 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 511.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.76 511.95 Td (that ) Tj ET Q q 0 0 0 rg BT 89.10 511.95 Td (is ) Tj ET Q q 0 0 0 rg BT 98.70 511.95 Td (not ) Tj ET Q q 0 0 0 rg BT 114.72 511.95 Td (available ) Tj ET Q q 0 0 0 rg BT 155.21 511.95 Td (to ) Tj ET Q q 0 0 0 rg BT 165.98 511.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 190.15 511.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 221.33 511.95 Td (for ) Tj ET Q q 0 0 0 rg BT 236.17 511.95 Td (general ) Tj ET Q q 0 0 0 rg BT 269.67 511.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 311.91 511.95 Td (use, ) Tj ET Q q 0 0 0 rg BT 331.13 511.95 Td (including ) Tj ET Q q 0 0 0 rg BT 373.39 511.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 394.64 511.95 Td (of ) Tj ET Q q 0 0 0 rg BT 405.99 511.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 461.66 511.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 510.33 511.95 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 547.33 511.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 499.35 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 499.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 84.58 499.35 Td (benefit ) Tj ET Q q 0 0 0 rg BT 116.36 499.35 Td (trust ) Tj ET Q q 0 0 0 rg BT 137.65 499.35 Td (cash.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 474.15 Td (Financial Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 461.55 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.59 461.55 Td (all ) Tj ET Q q 0 0 0 rg BT 119.34 461.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.33 461.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.58 461.55 Td (are ) Tj ET Q q 0 0 0 rg BT 224.66 461.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 263.64 461.55 Td (in ) Tj ET Q q 0 0 0 rg BT 274.06 461.55 Td (the ) Tj ET Q q 0 0 0 rg BT 289.14 461.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.13 461.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 374.71 461.55 Td (at ) Tj ET Q q 0 0 0 rg BT 384.54 461.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.37 461.55 Td (value ) Tj ET Q q 0 0 0 rg BT 426.37 461.55 Td (or ) Tj ET Q q 0 0 0 rg BT 437.37 461.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 475.21 461.55 Td (that ) Tj ET Q q 0 0 0 rg BT 493.21 461.55 Td (approximate ) Tj ET Q q 0 0 0 rg BT 547.94 461.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 448.95 Td (value, ) Tj ET Q q 0 0 0 rg BT 77.49 448.95 Td (except ) Tj ET Q q 0 0 0 rg BT 107.51 448.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.71 448.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 168.90 448.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 212.93 448.95 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 423.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.14 423.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 107.36 423.75 Td (above ) Tj ET Q q 0 0 0 rg BT 135.40 423.75 Td (in ) Tj ET Q q 0 0 0 rg BT 146.54 423.75 Td ("Consolidation," ) Tj ET Q q 0 0 0 rg BT 219.63 423.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 269.25 423.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 291.46 423.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.60 423.75 Td (other ) Tj ET Q q 0 0 0 rg BT 334.14 423.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 383.19 423.75 Td (products ) Tj ET Q q 0 0 0 rg BT 422.32 423.75 Td (with ) Tj ET Q q 0 0 0 rg BT 443.96 423.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 465.59 423.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 496.55 423.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 549.68 423.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 411.15 Td (initially ) Tj ET Q q 0 0 0 rg BT 84.23 411.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 139.36 411.15 Td (and ) Tj ET Q q 0 0 0 rg BT 156.59 411.15 Td (the ) Tj ET Q q 0 0 0 rg BT 171.48 411.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 216.12 411.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 257.84 411.15 Td (within ) Tj ET Q q 0 0 0 rg BT 286.74 411.15 Td (the ) Tj ET Q q 0 0 0 rg BT 301.63 411.15 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 340.44 411.15 Td (are ) Tj ET Q q 0 0 0 rg BT 355.32 411.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 399.94 411.15 Td (for ) Tj ET Q q 0 0 0 rg BT 414.25 411.15 Td (as ) Tj ET Q q 0 0 0 rg BT 425.06 411.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 453.37 411.15 Td (investments. ) Tj ET Q q 0 0 0 rg BT 508.22 411.15 Td ( ) Tj ET Q q 0 0 0 rg BT 510.29 411.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.93 411.15 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 398.55 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 103.99 398.55 Td (these ) Tj ET Q q 0 0 0 rg BT 128.14 398.55 Td (products ) Tj ET Q q 0 0 0 rg BT 166.88 398.55 Td (as ) Tj ET Q q 0 0 0 rg BT 178.21 398.55 Td (long ) Tj ET Q q 0 0 0 rg BT 199.46 398.55 Td (as ) Tj ET Q q 0 0 0 rg BT 210.79 398.55 Td (it ) Tj ET Q q 0 0 0 rg BT 219.20 398.55 Td (holds ) Tj ET Q q 0 0 0 rg BT 244.53 398.55 Td (a ) Tj ET Q q 0 0 0 rg BT 251.78 398.55 Td (controlling ) Tj ET Q q 0 0 0 rg BT 300.43 398.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.74 398.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 373.23 398.55 Td (in ) Tj ET Q q 0 0 0 rg BT 383.98 398.55 Td (the ) Tj ET Q q 0 0 0 rg BT 399.39 398.55 Td (product. ) Tj ET Q q 0 0 0 rg BT 436.67 398.55 Td ( ) Tj ET Q q 0 0 0 rg BT 439.25 398.55 Td (Upon ) Tj ET Q q 0 0 0 rg BT 465.16 398.55 Td (deconsolidation, ) Tj ET Q q 0 0 0 rg BT 536.85 398.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 385.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 89.20 385.95 Td (occurs ) Tj ET Q q 0 0 0 rg BT 119.56 385.95 Td (after ) Tj ET Q q 0 0 0 rg BT 141.75 385.95 Td (several ) Tj ET Q q 0 0 0 rg BT 174.44 385.95 Td (years, ) Tj ET Q q 0 0 0 rg BT 202.18 385.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 226.71 385.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 258.26 385.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 297.95 385.95 Td (for ) Tj ET Q q 0 0 0 rg BT 313.15 385.95 Td (its ) Tj ET Q q 0 0 0 rg BT 326.03 385.95 Td (seed ) Tj ET Q q 0 0 0 rg BT 347.65 385.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.59 385.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 431.71 385.95 Td (in ) Tj ET Q q 0 0 0 rg BT 442.84 385.95 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 492.44 385.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 514.65 385.95 Td (products ) Tj ET Q q 0 0 0 rg BT 553.77 385.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 373.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.65 373.35 Td (method ) Tj ET Q q 0 0 0 rg BT 111.06 373.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 163.13 373.35 Td (\(further ) Tj ET Q q 0 0 0 rg BT 197.10 373.35 Td (described ) Tj ET Q q 0 0 0 rg BT 239.24 373.35 Td (below\) ) Tj ET Q q 0 0 0 rg BT 270.30 373.35 Td (if ) Tj ET Q q 0 0 0 rg BT 278.62 373.35 Td (its ) Tj ET Q q 0 0 0 rg BT 290.45 373.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 336.10 373.35 Td (is ) Tj ET Q q 0 0 0 rg BT 345.02 373.35 Td (between ) Tj ET Q q 0 0 0 rg BT 381.91 373.35 Td (20% ) Tj ET Q q 0 0 0 rg BT 403.06 373.35 Td (and ) Tj ET Q q 0 0 0 rg BT 420.13 373.35 Td (50%, ) Tj ET Q q 0 0 0 rg BT 443.91 373.35 Td (or ) Tj ET Q q 0 0 0 rg BT 454.56 373.35 Td (it ) Tj ET Q q 0 0 0 rg BT 462.30 373.35 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 505.03 373.35 Td (has ) Tj ET Q q 0 0 0 rg BT 520.94 373.35 Td (the ) Tj ET Q q 0 0 0 rg BT 535.67 373.35 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.62 360.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 114.07 360.75 Td (influence ) Tj ET Q q 0 0 0 rg BT 155.09 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 169.87 360.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.55 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 225.67 360.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 267.28 360.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 301.89 360.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.59 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 327.38 360.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 348.58 360.75 Td (or ) Tj ET Q q 0 0 0 rg BT 359.28 360.75 Td (other ) Tj ET Q q 0 0 0 rg BT 382.81 360.75 Td (product. ) Tj ET Q q 0 0 0 rg BT 419.46 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 421.42 360.75 Td (For ) Tj ET Q q 0 0 0 rg BT 437.96 360.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 491.23 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 508.35 360.75 Td (LLCs, ) Tj ET Q q 0 0 0 rg BT 536.85 360.75 Td (where ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 348.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 97.36 348.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 138.23 348.15 Td (may ) Tj ET Q q 0 0 0 rg BT 159.26 348.15 Td (have ) Tj ET Q q 0 0 0 rg BT 182.04 348.15 Td (less ) Tj ET Q q 0 0 0 rg BT 200.75 348.15 Td (ability ) Tj ET Q q 0 0 0 rg BT 230.53 348.15 Td (to ) Tj ET Q q 0 0 0 rg BT 241.66 348.15 Td (influence ) Tj ET Q q 0 0 0 rg BT 283.67 348.15 Td (operations, ) Tj ET Q q 0 0 0 rg BT 332.99 348.15 Td (the ) Tj ET Q q 0 0 0 rg BT 348.78 348.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 377.98 348.15 Td (method ) Tj ET Q q 0 0 0 rg BT 412.43 348.15 Td (of ) Tj ET Q q 0 0 0 rg BT 424.13 348.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 473.15 348.15 Td (is ) Tj ET Q q 0 0 0 rg BT 483.11 348.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 531.55 348.15 Td (if ) Tj ET Q q 0 0 0 rg BT 540.92 348.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 335.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 86.74 335.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 133.17 335.55 Td (is ) Tj ET Q q 0 0 0 rg BT 142.85 335.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 174.68 335.55 Td (than ) Tj ET Q q 0 0 0 rg BT 195.44 335.55 Td (3%. ) Tj ET Q q 0 0 0 rg BT 214.74 335.55 Td ( ) Tj ET Q q 0 0 0 rg BT 217.42 335.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 256.27 335.55 Td (in ) Tj ET Q q 0 0 0 rg BT 267.12 335.55 Td (the ) Tj ET Q q 0 0 0 rg BT 282.63 335.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.88 335.55 Td (value ) Tj ET Q q 0 0 0 rg BT 325.30 335.55 Td (of ) Tj ET Q q 0 0 0 rg BT 336.73 335.55 Td (seed ) Tj ET Q q 0 0 0 rg BT 358.07 335.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 388.73 335.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 441.58 335.55 Td (are ) Tj ET Q q 0 0 0 rg BT 457.08 335.55 Td (recognized ) Tj ET Q q 0 0 0 rg BT 505.82 335.55 Td (in ) Tj ET Q q 0 0 0 rg BT 516.67 335.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 543.25 335.55 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.78 322.95 Td (income ) Tj ET Q q 0 0 0 rg BT 125.31 322.95 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 171.37 322.95 Td (net, ) Tj ET Q q 0 0 0 rg BT 189.45 322.95 Td (on ) Tj ET Q q 0 0 0 rg BT 202.57 322.95 Td (the ) Tj ET Q q 0 0 0 rg BT 218.03 322.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 276.07 322.95 Td (Statements ) Tj ET Q q 0 0 0 rg BT 324.77 322.95 Td (of ) Tj ET Q q 0 0 0 rg BT 336.14 322.95 Td (Income ) Tj ET Q q 0 0 0 rg BT 370.25 322.95 Td (\(Loss\).) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.94 297.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.38 297.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 147.31 297.75 Td (redeems ) Tj ET Q q 0 0 0 rg BT 185.16 297.75 Td (its ) Tj ET Q q 0 0 0 rg BT 197.94 297.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 219.46 297.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 250.31 297.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 303.34 297.75 Td (when ) Tj ET Q q 0 0 0 rg BT 328.94 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.64 297.75 Td (related ) Tj ET Q q 0 0 0 rg BT 376.06 297.75 Td (product ) Tj ET Q q 0 0 0 rg BT 411.00 297.75 Td (establishes ) Tj ET Q q 0 0 0 rg BT 459.36 297.75 Td (a ) Tj ET Q q 0 0 0 rg BT 466.88 297.75 Td (suf) Tj ET Q q 0 0 0 rg BT 479.53 297.75 Td (ficient ) Tj ET Q q 0 0 0 rg BT 509.21 297.75 Td (track ) Tj ET Q q 0 0 0 rg BT 533.06 297.75 Td (record, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 285.15 Td (when ) Tj ET Q q 0 0 0 rg BT 75.06 285.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 122.78 285.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 175.77 285.15 Td (in ) Tj ET Q q 0 0 0 rg BT 186.75 285.15 Td (the ) Tj ET Q q 0 0 0 rg BT 202.40 285.15 Td (related ) Tj ET Q q 0 0 0 rg BT 233.78 285.15 Td (product ) Tj ET Q q 0 0 0 rg BT 268.67 285.15 Td (are ) Tj ET Q q 0 0 0 rg BT 284.31 285.15 Td (suf) Tj ET Q q 0 0 0 rg BT 296.95 285.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 326.59 285.15 Td (to ) Tj ET Q q 0 0 0 rg BT 337.58 285.15 Td (sustain ) Tj ET Q q 0 0 0 rg BT 369.56 285.15 Td (the ) Tj ET Q q 0 0 0 rg BT 385.21 285.15 Td (strategy) Tj ET Q q 0 0 0 rg BT 417.77 285.15 Td (, ) Tj ET Q q 0 0 0 rg BT 423.21 285.15 Td (or ) Tj ET Q q 0 0 0 rg BT 434.78 285.15 Td (when ) Tj ET Q q 0 0 0 rg BT 460.34 285.15 Td (a ) Tj ET Q q 0 0 0 rg BT 467.82 285.15 Td (decision ) Tj ET Q q 0 0 0 rg BT 505.63 285.15 Td (is ) Tj ET Q q 0 0 0 rg BT 515.45 285.15 Td (made ) Tj ET Q q 0 0 0 rg BT 541.01 285.15 Td (to ) Tj ET Q q 0 0 0 rg BT 551.99 285.15 Td (no ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 272.55 Td (longer ) Tj ET Q q 0 0 0 rg BT 78.83 272.55 Td (pursue ) Tj ET Q q 0 0 0 rg BT 109.34 272.55 Td (the ) Tj ET Q q 0 0 0 rg BT 124.68 272.55 Td (strategy) Tj ET Q q 0 0 0 rg BT 157.23 272.55 Td (. ) Tj ET Q q 0 0 0 rg BT 162.37 272.55 Td ( ) Tj ET Q q 0 0 0 rg BT 164.70 272.55 Td (The ) Tj ET Q q 0 0 0 rg BT 183.53 272.55 Td (length ) Tj ET Q q 0 0 0 rg BT 212.29 272.55 Td (of ) Tj ET Q q 0 0 0 rg BT 223.54 272.55 Td (time ) Tj ET Q q 0 0 0 rg BT 244.72 272.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 268.80 272.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 299.89 272.55 Td (holds ) Tj ET Q q 0 0 0 rg BT 325.16 272.55 Td (a ) Tj ET Q q 0 0 0 rg BT 332.33 272.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 370.41 272.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 403.83 272.55 Td (in ) Tj ET Q q 0 0 0 rg BT 414.51 272.55 Td (a ) Tj ET Q q 0 0 0 rg BT 421.68 272.55 Td (product ) Tj ET Q q 0 0 0 rg BT 456.26 272.55 Td (varies ) Tj ET Q q 0 0 0 rg BT 483.84 272.55 Td (based ) Tj ET Q q 0 0 0 rg BT 510.26 272.55 Td (on ) Tj ET Q q 0 0 0 rg BT 523.27 272.55 Td (a ) Tj ET Q q 0 0 0 rg BT 530.44 272.55 Td (number ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 259.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 259.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 94.69 259.95 Td (such ) Tj ET Q q 0 0 0 rg BT 116.56 259.95 Td (as ) Tj ET Q q 0 0 0 rg BT 127.93 259.95 Td (market ) Tj ET Q q 0 0 0 rg BT 159.71 259.95 Td (demand, ) Tj ET Q q 0 0 0 rg BT 198.20 259.95 Td (market ) Tj ET Q q 0 0 0 rg BT 229.98 259.95 Td (conditions ) Tj ET Q q 0 0 0 rg BT 276.35 259.95 Td (and ) Tj ET Q q 0 0 0 rg BT 294.14 259.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.84 259.95 Td (performance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 234.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.60 234.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 95.36 234.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.03 234.75 Td (in ) Tj ET Q q 0 0 0 rg BT 158.71 234.75 Td (which ) Tj ET Q q 0 0 0 rg BT 186.89 234.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 210.97 234.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 242.07 234.75 Td (does ) Tj ET Q q 0 0 0 rg BT 263.83 234.75 Td (not ) Tj ET Q q 0 0 0 rg BT 279.76 234.75 Td (control ) Tj ET Q q 0 0 0 rg BT 312.01 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 327.35 234.75 Td (investee ) Tj ET Q q 0 0 0 rg BT 364.27 234.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.94 234.75 Td (is ) Tj ET Q q 0 0 0 rg BT 391.46 234.75 Td (not ) Tj ET Q q 0 0 0 rg BT 407.39 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 422.73 234.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 458.48 234.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 508.21 234.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.47 234.75 Td (a ) Tj ET Q q 0 0 0 rg BT 526.46 234.75 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 549.09 234.75 Td (but ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 222.15 Td (can ) Tj ET Q q 0 0 0 rg BT 67.54 222.15 Td (exert ) Tj ET Q q 0 0 0 rg BT 92.00 222.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.80 222.15 Td (influence ) Tj ET Q q 0 0 0 rg BT 182.33 222.15 Td (over ) Tj ET Q q 0 0 0 rg BT 204.46 222.15 Td (the ) Tj ET Q q 0 0 0 rg BT 220.76 222.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.97 222.15 Td (and ) Tj ET Q q 0 0 0 rg BT 279.60 222.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 322.72 222.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 358.86 222.15 Td (of ) Tj ET Q q 0 0 0 rg BT 371.07 222.15 Td (the ) Tj ET Q q 0 0 0 rg BT 387.38 222.15 Td (investee, ) Tj ET Q q 0 0 0 rg BT 427.88 222.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 452.92 222.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 484.98 222.15 Td (follows ) Tj ET Q q 0 0 0 rg BT 519.95 222.15 Td (the ) Tj ET Q q 0 0 0 rg BT 536.25 222.15 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 209.55 Td (method ) Tj ET Q q 0 0 0 rg BT 83.54 209.55 Td (of ) Tj ET Q q 0 0 0 rg BT 94.83 209.55 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 146.07 209.55 Td ( ) Tj ET Q q 0 0 0 rg BT 148.43 209.55 Td (The ) Tj ET Q q 0 0 0 rg BT 167.30 209.55 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 213.58 209.55 Td (of ) Tj ET Q q 0 0 0 rg BT 224.87 209.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 261.24 209.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 285.36 209.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 316.49 209.55 Td (can ) Tj ET Q q 0 0 0 rg BT 333.60 209.55 Td (exert ) Tj ET Q q 0 0 0 rg BT 357.13 209.55 Td (control ) Tj ET Q q 0 0 0 rg BT 389.42 209.55 Td (or ) Tj ET Q q 0 0 0 rg BT 400.71 209.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 447.58 209.55 Td (influence ) Tj ET Q q 0 0 0 rg BT 489.19 209.55 Td (over ) Tj ET Q q 0 0 0 rg BT 510.40 209.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 209.55 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 196.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.87 196.95 Td (operational ) Tj ET Q q 0 0 0 rg BT 116.32 196.95 Td (policies ) Tj ET Q q 0 0 0 rg BT 151.19 196.95 Td (of ) Tj ET Q q 0 0 0 rg BT 162.15 196.95 Td (an ) Tj ET Q q 0 0 0 rg BT 174.28 196.95 Td (investee ) Tj ET Q q 0 0 0 rg BT 210.89 196.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 246.92 196.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 293.46 196.95 Td (judgment ) Tj ET Q q 0 0 0 rg BT 335.34 196.95 Td (based ) Tj ET Q q 0 0 0 rg BT 361.46 196.95 Td (on ) Tj ET Q q 0 0 0 rg BT 374.17 196.95 Td (the ) Tj ET Q q 0 0 0 rg BT 389.21 196.95 Td (facts ) Tj ET Q q 0 0 0 rg BT 411.25 196.95 Td (and ) Tj ET Q q 0 0 0 rg BT 428.62 196.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 490.31 196.95 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 543.27 196.95 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 184.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 95.02 184.35 Td (investment. ) Tj ET Q q 0 0 0 rg BT 146.66 184.35 Td ( ) Tj ET Q q 0 0 0 rg BT 149.60 184.35 Td (Factors ) Tj ET Q q 0 0 0 rg BT 183.45 184.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 231.87 184.35 Td (in ) Tj ET Q q 0 0 0 rg BT 242.98 184.35 Td (these ) Tj ET Q q 0 0 0 rg BT 267.49 184.35 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 318.25 184.35 Td (may ) Tj ET Q q 0 0 0 rg BT 339.27 184.35 Td (include ) Tj ET Q q 0 0 0 rg BT 373.11 184.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 409.88 184.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.66 184.35 Td (or ) Tj ET Q q 0 0 0 rg BT 451.34 184.35 Td (other ) Tj ET Q q 0 0 0 rg BT 475.86 184.35 Td (rights, ) Tj ET Q q 0 0 0 rg BT 505.34 184.35 Td (any ) Tj ET Q q 0 0 0 rg BT 523.44 184.35 Td (influence ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 171.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.02 171.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.55 171.75 Td (may ) Tj ET Q q 0 0 0 rg BT 126.58 171.75 Td (have ) Tj ET Q q 0 0 0 rg BT 149.35 171.75 Td (on ) Tj ET Q q 0 0 0 rg BT 162.80 171.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.58 171.75 Td (governing ) Tj ET Q q 0 0 0 rg BT 224.10 171.75 Td (board ) Tj ET Q q 0 0 0 rg BT 250.95 171.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.65 171.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.42 171.75 Td (investee, ) Tj ET Q q 0 0 0 rg BT 318.40 171.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.18 171.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 357.53 171.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 384.40 171.75 Td (of ) Tj ET Q q 0 0 0 rg BT 396.09 171.75 Td (other ) Tj ET Q q 0 0 0 rg BT 420.62 171.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 461.48 171.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.60 171.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.37 171.75 Td (entity ) Tj ET Q q 0 0 0 rg BT 515.23 171.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 554.34 171.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.15 Td (the ) Tj ET Q q 0 0 0 rg BT 65.08 159.15 Td (fund's ) Tj ET Q q 0 0 0 rg BT 93.05 159.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 135.45 159.15 Td (documents ) Tj ET Q q 0 0 0 rg BT 183.69 159.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.60 159.15 Td (the ) Tj ET Q q 0 0 0 rg BT 217.18 159.15 Td (relationship ) Tj ET Q q 0 0 0 rg BT 269.50 159.15 Td (between ) Tj ET Q q 0 0 0 rg BT 307.23 159.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 331.55 159.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 362.88 159.15 Td (and ) Tj ET Q q 0 0 0 rg BT 380.79 159.15 Td (other ) Tj ET Q q 0 0 0 rg BT 405.11 159.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 445.78 159.15 Td (in ) Tj ET Q q 0 0 0 rg BT 456.69 159.15 Td (the ) Tj ET Q q 0 0 0 rg BT 472.27 159.15 Td (entity) Tj ET Q q 0 0 0 rg BT 495.50 159.15 Td (. ) Tj ET Q q 0 0 0 rg BT 500.87 159.15 Td ( ) Tj ET Q q 0 0 0 rg BT 503.62 159.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.94 159.15 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 146.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.26 146.55 Td (method ) Tj ET Q q 0 0 0 rg BT 112.28 146.55 Td (investees ) Tj ET Q q 0 0 0 rg BT 153.28 146.55 Td (that ) Tj ET Q q 0 0 0 rg BT 171.55 146.55 Td (are ) Tj ET Q q 0 0 0 rg BT 186.88 146.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.48 146.55 Td (companies ) Tj ET Q q 0 0 0 rg BT 282.90 146.55 Td (record ) Tj ET Q q 0 0 0 rg BT 312.23 146.55 Td (their ) Tj ET Q q 0 0 0 rg BT 333.99 146.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 382.00 146.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.68 146.55 Td (at ) Tj ET Q q 0 0 0 rg BT 444.78 146.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.87 146.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 489.75 146.55 Td ( ) Tj ET Q q 0 0 0 rg BT 492.08 146.55 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 538.61 146.55 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 133.95 Td (the ) Tj ET Q q 0 0 0 rg BT 63.89 133.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 91.71 133.95 Td (method ) Tj ET Q q 0 0 0 rg BT 124.77 133.95 Td (of ) Tj ET Q q 0 0 0 rg BT 135.08 133.95 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 185.34 133.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.48 133.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 244.61 133.95 Td (share ) Tj ET Q q 0 0 0 rg BT 268.33 133.95 Td (of ) Tj ET Q q 0 0 0 rg BT 278.64 133.95 Td (the ) Tj ET Q q 0 0 0 rg BT 293.04 133.95 Td (investee's ) Tj ET Q q 0 0 0 rg BT 334.99 133.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 382.04 133.95 Td (net ) Tj ET Q q 0 0 0 rg BT 396.44 133.95 Td (income ) Tj ET Q q 0 0 0 rg BT 428.91 133.95 Td (or ) Tj ET Q q 0 0 0 rg BT 439.22 133.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 457.13 133.95 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 519.94 133.95 Td (represents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 121.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.50 121.35 Td (value ) Tj ET Q q 0 0 0 rg BT 93.66 121.35 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 147.26 121.35 Td (in ) Tj ET Q q 0 0 0 rg BT 158.85 121.35 Td (the ) Tj ET Q q 0 0 0 rg BT 175.11 121.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 228.70 121.35 Td (held ) Tj ET Q q 0 0 0 rg BT 250.20 121.35 Td (by ) Tj ET Q q 0 0 0 rg BT 264.13 121.35 Td (the ) Tj ET Q q 0 0 0 rg BT 280.39 121.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 310.06 121.35 Td (method ) Tj ET Q q 0 0 0 rg BT 344.98 121.35 Td (investee. ) Tj ET Q q 0 0 0 rg BT 385.44 121.35 Td ( ) Tj ET Q q 0 0 0 rg BT 388.86 121.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 413.87 121.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 451.85 121.35 Td (share ) Tj ET Q q 0 0 0 rg BT 477.44 121.35 Td (of ) Tj ET Q q 0 0 0 rg BT 489.61 121.35 Td (the ) Tj ET Q q 0 0 0 rg BT 505.87 121.35 Td (investee's ) Tj ET Q q 0 0 0 rg BT 549.67 121.35 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (income ) Tj ET Q q 0 0 0 rg BT 82.84 108.75 Td (or ) Tj ET Q q 0 0 0 rg BT 94.02 108.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 112.80 108.75 Td (is ) Tj ET Q q 0 0 0 rg BT 122.23 108.75 Td (based ) Tj ET Q q 0 0 0 rg BT 148.58 108.75 Td (on ) Tj ET Q q 0 0 0 rg BT 161.51 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.77 108.75 Td (most ) Tj ET Q q 0 0 0 rg BT 199.63 108.75 Td (current ) Tj ET Q q 0 0 0 rg BT 231.79 108.75 Td (information ) Tj ET Q q 0 0 0 rg BT 283.80 108.75 Td (available ) Tj ET Q q 0 0 0 rg BT 324.13 108.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.72 108.75 Td (is ) Tj ET Q q 0 0 0 rg BT 351.16 108.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 390.32 108.75 Td (as ) Tj ET Q q 0 0 0 rg BT 401.50 108.75 Td (a ) Tj ET Q q 0 0 0 rg BT 408.60 108.75 Td (net ) Tj ET Q q 0 0 0 rg BT 423.86 108.75 Td (gain ) Tj ET Q q 0 0 0 rg BT 444.37 108.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 470.14 108.75 Td (on ) Tj ET Q q 0 0 0 rg BT 483.07 108.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 535.67 108.75 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 96.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.01 96.15 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 139.51 96.15 Td (income ) Tj ET Q q 0 0 0 rg BT 174.02 96.15 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 221.05 96.15 Td (net. ) Tj ET Q q 0 0 0 rg BT 240.11 96.15 Td ( ) Tj ET Q q 0 0 0 rg BT 242.91 96.15 Td (A) Tj ET Q q 0 0 0 rg BT 249.92 96.15 Td ( ) Tj ET Q q 0 0 0 rg BT 253.52 96.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 287.45 96.15 Td (of ) Tj ET Q q 0 0 0 rg BT 299.80 96.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 338.97 96.15 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.65 96.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 426.07 96.15 Td (to ) Tj ET Q q 0 0 0 rg BT 437.83 96.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.01 96.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 501.17 96.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 531.02 96.15 Td (method ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 106.19 83.55 Td (has ) Tj ET Q q 0 0 0 rg BT 126.71 83.55 Td (of) Tj ET Q q 0 0 0 rg BT 135.26 83.55 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 173.28 83.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.13 83.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 278.47 83.55 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 335.15 83.55 Td (under ) Tj ET Q q 0 0 0 rg BT 365.58 83.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 405.33 83.55 Td (sharing ) Tj ET Q q 0 0 0 rg BT 442.77 83.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 505.85 83.55 Td (and ) Tj ET Q q 0 0 0 rg BT 527.53 83.55 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 70.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 111.18 70.95 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 173.71 70.95 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 217.58 70.95 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 270.51 70.95 Td (in ) Tj ET Q q 0 0 0 rg BT 282.03 70.95 Td (the ) Tj ET Q q 0 0 0 rg BT 298.21 70.95 Td (market ) Tj ET Q q 0 0 0 rg BT 330.72 70.95 Td (value ) Tj ET Q q 0 0 0 rg BT 356.81 70.95 Td (of ) Tj ET Q q 0 0 0 rg BT 368.92 70.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 422.43 70.95 Td (with ) Tj ET Q q 0 0 0 rg BT 444.46 70.95 Td (such ) Tj ET Q q 0 0 0 rg BT 467.06 70.95 Td (of) Tj ET Q q 0 0 0 rg BT 475.62 70.95 Td (fsets ) Tj ET Q q 0 0 0 rg BT 498.22 70.95 Td (will ) Tj ET Q q 0 0 0 rg BT 517.91 70.95 Td (not ) Tj ET Q q 0 0 0 rg BT 534.68 70.95 Td (have ) Tj ET Q q 0 0 0 rg BT 557.85 70.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 58.35 Td (material ) Tj ET Q q 0 0 0 rg BT 85.72 58.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 116.11 58.35 Td (on ) Tj ET Q q 0 0 0 rg BT 128.42 58.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 145.40 58.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 178.71 58.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 206.95 58.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 259.51 58.35 Td (to ) Tj ET Q q 0 0 0 rg BT 269.49 58.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 292.88 58.35 Td (Mason,�Inc. ) Tj ET Q q 0 0 0 rg BT 344.57 58.35 Td ( ) Tj ET Q q 0 0 0 rg BT 346.39 58.35 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 403.04 58.35 Td (received ) Tj ET Q q 0 0 0 rg BT 440.42 58.35 Td (from ) Tj ET Q q 0 0 0 rg BT 462.64 58.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 490.71 58.35 Td (method ) Tj ET Q q 0 0 0 rg BT 524.02 58.35 Td (investees ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 45.75 Td (are ) Tj ET Q q 0 0 0 rg BT 65.19 45.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 107.72 45.75 Td (in ) Tj ET Q q 0 0 0 rg BT 118.76 45.75 Td (the ) Tj ET Q q 0 0 0 rg BT 134.46 45.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 192.74 45.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 241.69 45.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.31 45.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 277.19 45.75 Td (Flows ) Tj ET Q q 0 0 0 rg BT 305.74 45.75 Td (as ) Tj ET Q q 0 0 0 rg BT 317.36 45.75 Td (either ) Tj ET Q q 0 0 0 rg BT 344.13 45.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 386.66 45.75 Td (or ) Tj ET Q q 0 0 0 rg BT 398.28 45.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 439.65 45.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 480.43 45.75 Td (based ) Tj ET Q q 0 0 0 rg BT 507.21 45.75 Td (on ) Tj ET Q q 0 0 0 rg BT 520.58 45.75 Td (the ) Tj ET Q q 0 0 0 rg BT 536.28 45.75 Td (nature ) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (98) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 62.50 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 79.59 741.75 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 134.89 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 139.15 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.98 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 197.83 741.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 241.15 741.75 Td (its ) Tj ET Q q 0 0 0 rg BT 255.33 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 285.83 741.75 Td (method ) Tj ET Q q 0 0 0 rg BT 321.58 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 376.00 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 392.51 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 445.17 741.75 Td (when ) Tj ET Q q 0 0 0 rg BT 472.17 741.75 Td (events ) Tj ET Q q 0 0 0 rg BT 503.25 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 516.26 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.33 741.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 111.52 729.15 Td (indicate ) Tj ET Q q 0 0 0 rg BT 147.30 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 165.59 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.96 729.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 218.49 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 243.78 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 255.07 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 270.44 729.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 319.06 729.15 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 354.84 729.15 Td (its ) Tj ET Q q 0 0 0 rg BT 367.31 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 384.42 729.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 412.33 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 430.04 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 445.41 729.15 Td (decline ) Tj ET Q q 0 0 0 rg BT 478.27 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 488.99 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 506.10 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 531.39 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 540.94 729.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (than ) Tj ET Q q 0 0 0 rg BT 70.20 716.55 Td (temporary) Tj ET Q q 0 0 0 rg BT 112.67 716.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.41 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.34 691.35 Td (also ) Tj ET Q q 0 0 0 rg BT 123.59 691.35 Td (holds ) Tj ET Q q 0 0 0 rg BT 148.68 691.35 Td (marketable ) Tj ET Q q 0 0 0 rg BT 197.67 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 226.25 691.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 268.24 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 285.74 691.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 309.66 691.35 Td (income ) Tj ET Q q 0 0 0 rg BT 342.90 691.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 384.90 691.35 Td (which ) Tj ET Q q 0 0 0 rg BT 412.90 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 428.05 691.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 470.05 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 481.13 691.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 509.72 691.35 Td (investments. ) Tj ET Q q 0 0 0 rg BT 565.13 691.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.30 678.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.28 678.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 177.45 678.75 Td (including ) Tj ET Q q 0 0 0 rg BT 220.01 678.75 Td (those ) Tj ET Q q 0 0 0 rg BT 245.08 678.75 Td (held ) Tj ET Q q 0 0 0 rg BT 266.05 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 279.45 678.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 307.14 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 322.85 678.75 Td (also ) Tj ET Q q 0 0 0 rg BT 342.67 678.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 385.22 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 396.86 678.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 426.00 678.75 Td (investments. ) Tj ET Q q 0 0 0 rg BT 481.69 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.38 678.75 Td (These ) Tj ET Q q 0 0 0 rg BT 512.34 678.75 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 64.94 666.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.29 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 114.50 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.69 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 157.06 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.84 666.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 210.69 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 228.48 666.15 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 274.83 666.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 299.62 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 317.40 666.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 345.11 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 360.56 666.15 Td (included ) Tj ET Q q 0 0 0 rg BT 399.34 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 410.13 666.15 Td (current ) Tj ET Q q 0 0 0 rg BT 442.49 666.15 Td (period ) Tj ET Q q 0 0 0 rg BT 471.94 666.15 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.98 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 97.61 640.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 121.66 640.95 Td (income ) Tj ET Q q 0 0 0 rg BT 155.05 640.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 197.18 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 212.47 640.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 242.94 640.95 Td (using ) Tj ET Q q 0 0 0 rg BT 268.17 640.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 300.98 640.95 Td (market ) Tj ET Q q 0 0 0 rg BT 332.61 640.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 360.15 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 374.87 640.95 Td (listed ) Tj ET Q q 0 0 0 rg BT 400.10 640.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 451.58 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 462.80 640.95 Td (broker ) Tj ET Q q 0 0 0 rg BT 492.68 640.95 Td (price ) Tj ET Q q 0 0 0 rg BT 516.14 640.95 Td (quotations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (when ) Tj ET Q q 0 0 0 rg BT 75.68 628.35 Td (available. ) Tj ET Q q 0 0 0 rg BT 119.64 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 123.08 628.35 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 150.44 628.35 Td (income ) Tj ET Q q 0 0 0 rg BT 184.78 628.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 227.88 628.35 Td (may ) Tj ET Q q 0 0 0 rg BT 249.39 628.35 Td (also ) Tj ET Q q 0 0 0 rg BT 269.75 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 283.10 628.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 314.52 628.35 Td (using ) Tj ET Q q 0 0 0 rg BT 340.72 628.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 383.23 628.35 Td (models ) Tj ET Q q 0 0 0 rg BT 417.00 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 435.60 628.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 478.11 628.35 Td (based ) Tj ET Q q 0 0 0 rg BT 505.46 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 519.40 628.35 Td (spreads ) Tj ET Q q 0 0 0 rg BT 554.33 628.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (actively ) Tj ET Q q 0 0 0 rg BT 85.36 615.75 Td (traded ) Tj ET Q q 0 0 0 rg BT 114.22 615.75 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 163.49 615.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 184.19 615.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 235.82 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 257.11 615.75 Td (readily ) Tj ET Q q 0 0 0 rg BT 288.89 615.75 Td (available ) Tj ET Q q 0 0 0 rg BT 329.41 615.75 Td (market ) Tj ET Q q 0 0 0 rg BT 361.19 615.75 Td (prices.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (For ) Tj ET Q q 0 0 0 rg BT 66.84 590.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 119.75 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 130.67 590.55 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 163.76 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 175.25 590.55 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 236.90 590.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 279.30 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 294.30 590.55 Td (which ) Tj ET Q q 0 0 0 rg BT 322.71 590.55 Td (market ) Tj ET Q q 0 0 0 rg BT 354.61 590.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 382.44 590.55 Td (or ) Tj ET Q q 0 0 0 rg BT 393.93 590.55 Td (quotations ) Tj ET Q q 0 0 0 rg BT 440.43 590.55 Td (may ) Tj ET Q q 0 0 0 rg BT 461.26 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 477.43 590.55 Td (be ) Tj ET Q q 0 0 0 rg BT 490.09 590.55 Td (readily ) Tj ET Q q 0 0 0 rg BT 521.99 590.55 Td (available, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (management ) Tj ET Q q 0 0 0 rg BT 106.82 577.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 149.57 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 192.50 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 204.92 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 221.42 577.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 264.76 577.95 Td (using ) Tj ET Q q 0 0 0 rg BT 291.19 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 299.52 577.95 Td (variety ) Tj ET Q q 0 0 0 rg BT 332.35 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 344.78 577.95 Td (methods ) Tj ET Q q 0 0 0 rg BT 384.04 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 402.88 577.95 Td (resources, ) Tj ET Q q 0 0 0 rg BT 448.83 577.95 Td (including ) Tj ET Q q 0 0 0 rg BT 492.17 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 508.67 577.95 Td (most ) Tj ET Q q 0 0 0 rg BT 532.77 577.95 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (available ) Tj ET Q q 0 0 0 rg BT 89.97 565.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.27 565.35 Td (information ) Tj ET Q q 0 0 0 rg BT 181.42 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 196.24 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 211.64 565.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 260.29 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 278.03 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 293.43 565.35 Td (industry) Tj ET Q q 0 0 0 rg BT 327.16 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 332.36 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 334.37 565.35 Td (As ) Tj ET Q q 0 0 0 rg BT 348.61 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 355.85 565.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 394.56 565.35 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 440.58 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 464.73 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 495.88 565.35 Td (relies ) Tj ET Q q 0 0 0 rg BT 521.20 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 534.27 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 549.67 565.35 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.15 552.75 Td (value ) Tj ET Q q 0 0 0 rg BT 97.14 552.75 Td (\("NA) Tj ET Q q 0 0 0 rg BT 118.73 552.75 Td (V"\) ) Tj ET Q q 0 0 0 rg BT 136.34 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.33 552.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 178.14 552.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 230.54 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 240.96 552.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 294.52 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 311.92 552.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 343.92 552.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 378.82 552.75 Td (company) Tj ET Q q 0 0 0 rg BT 416.63 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 421.50 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 432.49 552.75 Td (their ) Tj ET Q q 0 0 0 rg BT 453.98 552.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 470.79 552.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 498.40 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 500.48 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 519.05 552.75 Td (NA) Tj ET Q q 0 0 0 rg BT 532.86 552.75 Td (Vs ) Tj ET Q q 0 0 0 rg BT 546.77 552.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (have ) Tj ET Q q 0 0 0 rg BT 71.95 540.15 Td (been ) Tj ET Q q 0 0 0 rg BT 94.39 540.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 134.34 540.15 Td (by ) Tj ET Q q 0 0 0 rg BT 147.47 540.15 Td (investees ) Tj ET Q q 0 0 0 rg BT 188.58 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 204.02 540.15 Td (derived ) Tj ET Q q 0 0 0 rg BT 238.14 540.15 Td (from ) Tj ET Q q 0 0 0 rg BT 261.17 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 276.62 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 293.82 540.15 Td (values ) Tj ET Q q 0 0 0 rg BT 323.27 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 334.64 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 350.10 540.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 398.21 540.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 451.00 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 462.37 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 473.75 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 489.20 540.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 530.31 540.15 Td (date.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 76.04 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 109.58 514.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 153.62 514.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 187.14 514.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 242.27 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 255.40 514.95 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 311.68 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 331.81 514.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 366.52 514.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 404.15 514.95 Td (companies ) Tj ET Q q 0 0 0 rg BT 454.01 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 474.72 514.95 Td (do ) Tj ET Q q 0 0 0 rg BT 490.19 514.95 Td (not ) Tj ET Q q 0 0 0 rg BT 508.57 514.95 Td (have ) Tj ET Q q 0 0 0 rg BT 533.35 514.95 Td (readily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (determinable ) Tj ET Q q 0 0 0 rg BT 107.68 502.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.63 502.35 Td (values ) Tj ET Q q 0 0 0 rg BT 155.83 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 174.37 502.35 Td (do ) Tj ET Q q 0 0 0 rg BT 188.24 502.35 Td (not ) Tj ET Q q 0 0 0 rg BT 205.03 502.35 Td (qualify ) Tj ET Q q 0 0 0 rg BT 238.15 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 253.77 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 269.97 502.35 Td (NA) Tj ET Q q 0 0 0 rg BT 283.78 502.35 Td (V) Tj ET Q q 0 0 0 rg BT 291.18 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 294.55 502.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 334.07 502.35 Td (expedient ) Tj ET Q q 0 0 0 rg BT 378.26 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 389.21 502.35 Td ("adjusted ) Tj ET Q q 0 0 0 rg BT 431.87 502.35 Td (cost." ) Tj ET Q q 0 0 0 rg BT 459.07 502.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 488.68 502.35 Td (this ) Tj ET Q q 0 0 0 rg BT 507.23 502.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 545.60 502.35 Td (cost ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (method, ) Tj ET Q q 0 0 0 rg BT 87.18 489.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 140.91 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 157.29 489.75 Td (initially ) Tj ET Q q 0 0 0 rg BT 193.52 489.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 233.80 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 244.94 489.75 Td (cost, ) Tj ET Q q 0 0 0 rg BT 268.04 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 286.77 489.75 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 345.16 489.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 383.71 489.75 Td (\(increased ) Tj ET Q q 0 0 0 rg BT 430.42 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 442.72 489.75 Td (decreased\) ) Tj ET Q q 0 0 0 rg BT 491.17 489.75 Td (when ) Tj ET Q q 0 0 0 rg BT 517.47 489.75 Td (there ) Tj ET Q q 0 0 0 rg BT 542.02 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 552.59 489.75 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (observable ) Tj ET Q q 0 0 0 rg BT 96.58 477.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 144.25 477.15 Td (involving ) Tj ET Q q 0 0 0 rg BT 186.11 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 200.54 477.15 Td (same ) Tj ET Q q 0 0 0 rg BT 223.72 477.15 Td (investments, ) Tj ET Q q 0 0 0 rg BT 278.11 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 288.46 477.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 319.22 477.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 370.99 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 393.00 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.43 477.15 Td (same ) Tj ET Q q 0 0 0 rg BT 430.61 477.15 Td (issuer) Tj ET Q q 0 0 0 rg BT 454.53 477.15 Td (. ) Tj ET Q q 0 0 0 rg BT 458.40 477.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 497.92 477.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 516.43 477.15 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 87.11 464.55 Td (values ) Tj ET Q q 0 0 0 rg BT 116.56 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 132.00 464.55 Td (also ) Tj ET Q q 0 0 0 rg BT 151.54 464.55 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 192.64 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 210.43 464.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 248.05 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 262.92 464.55 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 316.57 464.55 Td (if ) Tj ET Q q 0 0 0 rg BT 325.61 464.55 Td (any) Tj ET Q q 0 0 0 rg BT 340.09 464.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (See ) Tj ET Q q 0 0 0 rg BT 69.41 439.35 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.66 439.35 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.91 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 108.65 439.35 Td (and) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 123.81 439.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.56 439.35 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.06 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 143.81 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 160.80 439.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 207.54 439.35 Td (information ) Tj ET Q q 0 0 0 rg BT 261.87 439.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 306.85 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 333.17 439.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 372.48 439.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 395.89 439.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 428.62 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 448.53 439.35 Td (other ) Tj ET Q q 0 0 0 rg BT 474.85 439.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 529.76 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 549.67 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 110.44 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.81 426.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 158.26 426.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 211.04 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 221.84 426.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 271.11 426.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 292.98 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.77 426.75 Td (other ) Tj ET Q q 0 0 0 rg BT 334.97 426.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 383.67 426.75 Td (products ) Tj ET Q q 0 0 0 rg BT 422.45 426.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 463.37 426.75 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 490.20 426.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 540.25 426.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 404.15 Td (In ) Tj ET Q q 0 0 0 rg BT 61.76 404.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 99.69 404.15 Td (to ) Tj ET Q q 0 0 0 rg BT 111.37 404.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.71 404.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.95 404.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 220.47 404.15 Td (described ) Tj ET Q q 0 0 0 rg BT 264.21 404.15 Td (above ) Tj ET Q q 0 0 0 rg BT 292.80 404.15 Td (and ) Tj ET Q q 0 0 0 rg BT 311.47 404.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.81 404.15 Td (derivative ) Tj ET Q q 0 0 0 rg BT 373.30 404.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 425.82 404.15 Td (described ) Tj ET Q q 0 0 0 rg BT 469.56 404.15 Td (below) Tj ET Q q 0 0 0 rg BT 494.54 404.15 Td (, ) Tj ET Q q 0 0 0 rg BT 500.68 404.15 Td (other ) Tj ET Q q 0 0 0 rg BT 525.77 404.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 391.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 100.43 391.55 Td (that ) Tj ET Q q 0 0 0 rg BT 118.10 391.55 Td (are ) Tj ET Q q 0 0 0 rg BT 132.84 391.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 163.91 391.55 Td (at ) Tj ET Q q 0 0 0 rg BT 173.41 391.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 189.91 391.55 Td (value ) Tj ET Q q 0 0 0 rg BT 214.57 391.55 Td (or ) Tj ET Q q 0 0 0 rg BT 225.24 391.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 262.75 391.55 Td (that ) Tj ET Q q 0 0 0 rg BT 280.42 391.55 Td (approximate ) Tj ET Q q 0 0 0 rg BT 334.83 391.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 351.32 391.55 Td (value ) Tj ET Q q 0 0 0 rg BT 375.99 391.55 Td (include ) Tj ET Q q 0 0 0 rg BT 408.82 391.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 431.75 391.55 Td (and ) Tj ET Q q 0 0 0 rg BT 448.83 391.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 469.41 391.55 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 519.16 391.55 Td (and ) Tj ET Q q 0 0 0 rg BT 536.25 391.55 Td (Short-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.95 Td (term ) Tj ET Q q 0 0 0 rg BT 71.85 378.95 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 125.41 378.95 Td ( ) Tj ET Q q 0 0 0 rg BT 128.29 378.95 Td (The ) Tj ET Q q 0 0 0 rg BT 147.72 378.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.40 378.95 Td (value ) Tj ET Q q 0 0 0 rg BT 191.24 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 203.09 378.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 247.60 378.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 268.79 378.95 Td (at ) Tj ET Q q 0 0 0 rg BT 279.47 378.95 Td (March�31, ) Tj ET Q q 0 0 0 rg BT 325.73 378.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 349.84 378.95 Td (and ) Tj ET Q q 0 0 0 rg BT 368.10 378.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 394.83 378.95 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.00 378.95 Td ($1,970,949) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.25 378.95 Td ( ) Tj ET Q q 0 0 0 rg BT 494.35 378.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.62 378.95 Td ($2,270,964) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 378.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 99.55 366.35 Td (. ) Tj ET Q q 0 0 0 rg BT 104.41 366.35 Td ( ) Tj ET Q q 0 0 0 rg BT 106.48 366.35 Td (These ) Tj ET Q q 0 0 0 rg BT 133.79 366.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 150.60 366.35 Td (values ) Tj ET Q q 0 0 0 rg BT 179.66 366.35 Td (were ) Tj ET Q q 0 0 0 rg BT 202.30 366.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 244.77 366.35 Td (using ) Tj ET Q q 0 0 0 rg BT 269.77 366.35 Td (publicly ) Tj ET Q q 0 0 0 rg BT 306.42 366.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 337.23 366.35 Td (market ) Tj ET Q q 0 0 0 rg BT 368.62 366.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 395.93 366.35 Td (and ) Tj ET Q q 0 0 0 rg BT 413.33 366.35 Td (were ) Tj ET Q q 0 0 0 rg BT 435.96 366.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 477.85 366.35 Td (as ) Tj ET Q q 0 0 0 rg BT 488.84 366.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 514.98 366.35 Td (2 ) Tj ET Q q 0 0 0 rg BT 522.46 366.35 Td (in ) Tj ET Q q 0 0 0 rg BT 532.87 366.35 Td (the ) Tj ET Q q 0 0 0 rg BT 547.93 366.35 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 353.75 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 113.82 353.75 Td (, ) Tj ET Q q 0 0 0 rg BT 119.07 353.75 Td (as ) Tj ET Q q 0 0 0 rg BT 130.45 353.75 Td (described ) Tj ET Q q 0 0 0 rg BT 173.30 353.75 Td (below) Tj ET Q q 0 0 0 rg BT 198.28 353.75 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 328.55 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 98.77 328.55 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.95 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 315.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.23 315.95 Td (values ) Tj ET Q q 0 0 0 rg BT 112.98 315.95 Td (of ) Tj ET Q q 0 0 0 rg BT 123.64 315.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 167.54 315.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 218.46 315.95 Td (are ) Tj ET Q q 0 0 0 rg BT 233.20 315.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 271.84 315.95 Td (as ) Tj ET Q q 0 0 0 rg BT 282.51 315.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 308.34 315.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 334.75 315.95 Td (or ) Tj ET Q q 0 0 0 rg BT 345.42 315.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 371.25 315.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 412.24 315.95 Td (on ) Tj ET Q q 0 0 0 rg BT 424.66 315.95 Td (the ) Tj ET Q q 0 0 0 rg BT 439.41 315.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 496.74 315.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 532.48 315.95 Td (Sheets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.71 303.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.92 303.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 125.63 303.35 Td (futures ) Tj ET Q q 0 0 0 rg BT 157.42 303.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 197.95 303.35 Td (on ) Tj ET Q q 0 0 0 rg BT 211.08 303.35 Td (index ) Tj ET Q q 0 0 0 rg BT 237.04 303.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.00 303.35 Td (to ) Tj ET Q q 0 0 0 rg BT 273.80 303.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 301.50 303.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.96 303.35 Td (market ) Tj ET Q q 0 0 0 rg BT 348.74 303.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 367.13 303.35 Td (of ) Tj ET Q q 0 0 0 rg BT 378.50 303.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 409.70 303.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 430.98 303.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 461.60 303.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 514.39 303.35 Td (and ) Tj ET Q q 0 0 0 rg BT 532.18 303.35 Td (foreign ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 290.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 91.74 290.75 Td (forwards ) Tj ET Q q 0 0 0 rg BT 131.67 290.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.44 290.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 170.11 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.54 290.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 203.89 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.24 290.75 Td (movement ) Tj ET Q q 0 0 0 rg BT 262.17 290.75 Td (in ) Tj ET Q q 0 0 0 rg BT 272.94 290.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 315.18 290.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.60 290.75 Td (on ) Tj ET Q q 0 0 0 rg BT 350.71 290.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 381.87 290.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 408.97 290.75 Td (and ) Tj ET Q q 0 0 0 rg BT 426.73 290.75 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 471.04 290.75 Td ( ) Tj ET Q q 0 0 0 rg BT 473.64 290.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 497.82 290.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 529.01 290.75 Td (has ) Tj ET Q q 0 0 0 rg BT 545.61 290.75 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 84.55 278.15 Td (into ) Tj ET Q q 0 0 0 rg BT 105.03 278.15 Td (various ) Tj ET Q q 0 0 0 rg BT 140.09 278.15 Td (total ) Tj ET Q q 0 0 0 rg BT 162.90 278.15 Td (return ) Tj ET Q q 0 0 0 rg BT 192.12 278.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 217.85 278.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 278.56 278.15 Td (with ) Tj ET Q q 0 0 0 rg BT 301.38 278.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.26 278.15 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 406.47 278.15 Td (with ) Tj ET Q q 0 0 0 rg BT 429.28 278.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 463.17 278.15 Td (to ) Tj ET Q q 0 0 0 rg BT 475.48 278.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.20 278.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 278.15 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 265.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 95.36 265.55 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 121.39 265.55 Td (which ) Tj ET Q q 0 0 0 rg BT 150.32 265.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 186.84 265.55 Td (in ) Tj ET Q q 0 0 0 rg BT 198.28 265.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 251.72 265.55 Td (in ) Tj ET Q q 0 0 0 rg BT 263.17 265.55 Td (the ) Tj ET Q q 0 0 0 rg BT 279.27 265.55 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 305.30 265.55 Td (by ) Tj ET Q q 0 0 0 rg BT 319.08 265.55 Td (the ) Tj ET Q q 0 0 0 rg BT 335.18 265.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 375.19 265.55 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 441.15 265.55 Td ( ) Tj ET Q q 0 0 0 rg BT 444.43 265.55 Td (In ) Tj ET Q q 0 0 0 rg BT 456.45 265.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 505.80 265.55 Td (with ) Tj ET Q q 0 0 0 rg BT 527.74 265.55 Td (the ) Tj ET Q q 0 0 0 rg BT 543.84 265.55 Td (total ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.95 Td (return ) Tj ET Q q 0 0 0 rg BT 77.41 252.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 101.83 252.95 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 163.85 252.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 188.26 252.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 219.69 252.95 Td (executed ) Tj ET Q q 0 0 0 rg BT 259.83 252.95 Td (futures ) Tj ET Q q 0 0 0 rg BT 291.83 252.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 332.57 252.95 Td (to ) Tj ET Q q 0 0 0 rg BT 343.58 252.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 381.40 252.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 409.31 252.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.98 252.95 Td (related ) Tj ET Q q 0 0 0 rg BT 456.38 252.95 Td (market ) Tj ET Q q 0 0 0 rg BT 488.37 252.95 Td (risk. ) Tj ET Q q 0 0 0 rg BT 509.59 252.95 Td (On ) Tj ET Q q 0 0 0 rg BT 525.26 252.95 Td (a ) Tj ET Q q 0 0 0 rg BT 532.76 252.95 Td (limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 76.28 240.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 101.01 240.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 132.75 240.35 Td (has ) Tj ET Q q 0 0 0 rg BT 149.90 240.35 Td (also ) Tj ET Q q 0 0 0 rg BT 169.97 240.35 Td (used ) Tj ET Q q 0 0 0 rg BT 192.37 240.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 226.43 240.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 245.32 240.35 Td (swaps ) Tj ET Q q 0 0 0 rg BT 274.14 240.35 Td (to ) Tj ET Q q 0 0 0 rg BT 285.46 240.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 313.69 240.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.67 240.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 352.66 240.35 Td (of ) Tj ET Q q 0 0 0 rg BT 364.56 240.35 Td (movement ) Tj ET Q q 0 0 0 rg BT 412.04 240.35 Td (in ) Tj ET Q q 0 0 0 rg BT 423.36 240.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.42 240.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 480.40 240.35 Td (on ) Tj ET Q q 0 0 0 rg BT 494.05 240.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 525.77 240.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (liabilities.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.56 202.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.64 202.55 Td (has ) Tj ET Q q 0 0 0 rg BT 124.12 202.55 Td (not ) Tj ET Q q 0 0 0 rg BT 141.03 202.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 189.42 202.55 Td (any ) Tj ET Q q 0 0 0 rg BT 208.07 202.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.29 202.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 300.78 202.55 Td (for ) Tj ET Q q 0 0 0 rg BT 316.51 202.55 Td (hedge ) Tj ET Q q 0 0 0 rg BT 345.07 202.55 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 397.25 202.55 Td (as ) Tj ET Q q 0 0 0 rg BT 409.49 202.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 444.46 202.55 Td (in ) Tj ET Q q 0 0 0 rg BT 456.12 202.55 Td (the ) Tj ET Q q 0 0 0 rg BT 472.43 202.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.99 202.55 Td (literature, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 189.95 Td (during ) Tj ET Q q 0 0 0 rg BT 78.84 189.95 Td (the ) Tj ET Q q 0 0 0 rg BT 93.59 189.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 126.43 189.95 Td (presented. ) Tj ET Q q 0 0 0 rg BT 171.21 189.95 Td ( ) Tj ET Q q 0 0 0 rg BT 173.00 189.95 Td (The ) Tj ET Q q 0 0 0 rg BT 191.25 189.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 215.34 189.95 Td (or ) Tj ET Q q 0 0 0 rg BT 226.01 189.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.02 189.95 Td (on ) Tj ET Q q 0 0 0 rg BT 265.45 189.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 309.35 189.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 360.28 189.95 Td (not ) Tj ET Q q 0 0 0 rg BT 375.62 189.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 422.45 189.95 Td (for ) Tj ET Q q 0 0 0 rg BT 436.62 189.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 463.62 189.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 511.61 189.95 Td (are ) Tj ET Q q 0 0 0 rg BT 526.35 189.95 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.35 Td (as ) Tj ET Q q 0 0 0 rg BT 59.80 177.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 85.27 177.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 126.48 177.35 Td (income ) Tj ET Q q 0 0 0 rg BT 158.94 177.35 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 201.31 177.35 Td (or ) Tj ET Q q 0 0 0 rg BT 211.61 177.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 237.08 177.35 Td (non-operating ) Tj ET Q q 0 0 0 rg BT 297.54 177.35 Td (income ) Tj ET Q q 0 0 0 rg BT 330.00 177.35 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 374.99 177.35 Td (net, ) Tj ET Q q 0 0 0 rg BT 392.00 177.35 Td (in ) Tj ET Q q 0 0 0 rg BT 401.73 177.35 Td (the ) Tj ET Q q 0 0 0 rg BT 416.11 177.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 473.08 177.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 520.72 177.35 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 177.35 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 164.75 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 81.58 164.75 Td (depending ) Tj ET Q q 0 0 0 rg BT 127.94 164.75 Td (on ) Tj ET Q q 0 0 0 rg BT 141.07 164.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.52 164.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 189.08 164.75 Td (. ) Tj ET Q q 0 0 0 rg BT 194.33 164.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.95 164.75 Td (See ) Tj ET Q q 0 0 0 rg BT 214.74 164.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.78 164.75 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.28 164.75 Td ( ) Tj ET Q q 0 0 0 rg BT 250.90 164.75 Td (for ) Tj ET Q q 0 0 0 rg BT 265.77 164.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 310.39 164.75 Td (information ) Tj ET Q q 0 0 0 rg BT 362.58 164.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 405.44 164.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 454.13 164.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.92 164.75 Td (hedging.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 139.55 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.55 139.55 Td ( ) Tj ET Q q 0 0 0 rg BT 70.99 139.55 Td (V) Tj ET Q q 0 0 0 rg BT 77.61 139.55 Td (alue ) Tj ET Q q 0 0 0 rg BT 98.90 139.55 Td (Measur) Tj ET Q q 0 0 0 rg BT 133.12 139.55 Td (ements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 126.95 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 101.09 126.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 141.58 126.95 Td (for ) Tj ET Q q 0 0 0 rg BT 156.43 126.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.60 126.95 Td (value ) Tj ET Q q 0 0 0 rg BT 198.93 126.95 Td (measurements ) Tj ET Q q 0 0 0 rg BT 261.60 126.95 Td (defines ) Tj ET Q q 0 0 0 rg BT 294.52 126.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.68 126.95 Td (value ) Tj ET Q q 0 0 0 rg BT 337.02 126.95 Td (and ) Tj ET Q q 0 0 0 rg BT 354.78 126.95 Td (establishes ) Tj ET Q q 0 0 0 rg BT 402.87 126.95 Td (a ) Tj ET Q q 0 0 0 rg BT 410.13 126.95 Td (framework ) Tj ET Q q 0 0 0 rg BT 458.79 126.95 Td (for ) Tj ET Q q 0 0 0 rg BT 473.63 126.95 Td (measuring ) Tj ET Q q 0 0 0 rg BT 519.97 126.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.14 126.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 565.13 126.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 114.35 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.02 114.35 Td (value ) Tj ET Q q 0 0 0 rg BT 94.37 114.35 Td (is ) Tj ET Q q 0 0 0 rg BT 103.98 114.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 138.07 114.35 Td (as ) Tj ET Q q 0 0 0 rg BT 149.42 114.35 Td (the ) Tj ET Q q 0 0 0 rg BT 164.85 114.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 207.10 114.35 Td (price ) Tj ET Q q 0 0 0 rg BT 230.69 114.35 Td (that ) Tj ET Q q 0 0 0 rg BT 249.04 114.35 Td (would ) Tj ET Q q 0 0 0 rg BT 277.90 114.35 Td (be ) Tj ET Q q 0 0 0 rg BT 290.42 114.35 Td (received ) Tj ET Q q 0 0 0 rg BT 328.58 114.35 Td (for ) Tj ET Q q 0 0 0 rg BT 343.43 114.35 Td (an ) Tj ET Q q 0 0 0 rg BT 355.95 114.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.96 114.35 Td (or ) Tj ET Q q 0 0 0 rg BT 390.32 114.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 411.00 114.35 Td (to ) Tj ET Q q 0 0 0 rg BT 421.77 114.35 Td (transfer ) Tj ET Q q 0 0 0 rg BT 456.44 114.35 Td (a ) Tj ET Q q 0 0 0 rg BT 463.71 114.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 498.98 114.35 Td (in ) Tj ET Q q 0 0 0 rg BT 509.76 114.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.19 114.35 Td (principal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.75 Td (or ) Tj ET Q q 0 0 0 rg BT 59.57 101.75 Td (most ) Tj ET Q q 0 0 0 rg BT 81.31 101.75 Td (advantageous ) Tj ET Q q 0 0 0 rg BT 139.77 101.75 Td (market ) Tj ET Q q 0 0 0 rg BT 170.24 101.75 Td (for ) Tj ET Q q 0 0 0 rg BT 183.80 101.75 Td (the ) Tj ET Q q 0 0 0 rg BT 197.95 101.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 219.68 101.75 Td (or ) Tj ET Q q 0 0 0 rg BT 229.75 101.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 263.73 101.75 Td (in ) Tj ET Q q 0 0 0 rg BT 273.22 101.75 Td (an ) Tj ET Q q 0 0 0 rg BT 284.45 101.75 Td (orderly ) Tj ET Q q 0 0 0 rg BT 316.09 101.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 363.47 101.75 Td (between ) Tj ET Q q 0 0 0 rg BT 399.78 101.75 Td (market ) Tj ET Q q 0 0 0 rg BT 430.25 101.75 Td (participants ) Tj ET Q q 0 0 0 rg BT 480.55 101.75 Td (on ) Tj ET Q q 0 0 0 rg BT 492.37 101.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.52 101.75 Td (measurement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 72.52 89.15 Td ( ) Tj ET Q q 0 0 0 rg BT 75.43 89.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 104.58 89.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 153.55 89.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 196.98 89.15 Td (a ) Tj ET Q q 0 0 0 rg BT 204.55 89.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.03 89.15 Td (value ) Tj ET Q q 0 0 0 rg BT 247.67 89.15 Td (measurement ) Tj ET Q q 0 0 0 rg BT 306.56 89.15 Td (should ) Tj ET Q q 0 0 0 rg BT 337.47 89.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 367.19 89.15 Td (all ) Tj ET Q q 0 0 0 rg BT 380.59 89.15 Td (of ) Tj ET Q q 0 0 0 rg BT 392.24 89.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.98 89.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 462.81 89.15 Td (that ) Tj ET Q q 0 0 0 rg BT 481.46 89.15 Td (market ) Tj ET Q q 0 0 0 rg BT 513.52 89.15 Td (participants ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.55 Td (would ) Tj ET Q q 0 0 0 rg BT 78.24 76.55 Td (use ) Tj ET Q q 0 0 0 rg BT 94.72 76.55 Td (in ) Tj ET Q q 0 0 0 rg BT 105.38 76.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 137.61 76.55 Td (the ) Tj ET Q q 0 0 0 rg BT 152.92 76.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.82 76.55 Td (or ) Tj ET Q q 0 0 0 rg BT 187.06 76.55 Td (liability) Tj ET Q q 0 0 0 rg BT 219.04 76.55 Td (, ) Tj ET Q q 0 0 0 rg BT 224.15 76.55 Td (including ) Tj ET Q q 0 0 0 rg BT 266.31 76.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 320.72 76.55 Td (about ) Tj ET Q q 0 0 0 rg BT 346.53 76.55 Td (the ) Tj ET Q q 0 0 0 rg BT 361.85 76.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 380.09 76.55 Td (inherent ) Tj ET Q q 0 0 0 rg BT 416.98 76.55 Td (in ) Tj ET Q q 0 0 0 rg BT 427.63 76.55 Td (a ) Tj ET Q q 0 0 0 rg BT 434.78 76.55 Td (particular ) Tj ET Q q 0 0 0 rg BT 477.50 76.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 519.06 76.55 Td (technique, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 63.95 Td (ef) Tj ET Q q 0 0 0 rg BT 72.92 63.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 91.28 63.95 Td (of ) Tj ET Q q 0 0 0 rg BT 102.65 63.95 Td (a ) Tj ET Q q 0 0 0 rg BT 109.94 63.95 Td (restriction ) Tj ET Q q 0 0 0 rg BT 155.13 63.95 Td (on ) Tj ET Q q 0 0 0 rg BT 168.26 63.95 Td (the ) Tj ET Q q 0 0 0 rg BT 183.71 63.95 Td (sale ) Tj ET Q q 0 0 0 rg BT 202.66 63.95 Td (or ) Tj ET Q q 0 0 0 rg BT 214.03 63.95 Td (use ) Tj ET Q q 0 0 0 rg BT 230.66 63.95 Td (of ) Tj ET Q q 0 0 0 rg BT 242.03 63.95 Td (an ) Tj ET Q q 0 0 0 rg BT 254.56 63.95 Td (asset, ) Tj ET Q q 0 0 0 rg BT 280.23 63.95 Td (and ) Tj ET Q q 0 0 0 rg BT 298.01 63.95 Td (the ) Tj ET Q q 0 0 0 rg BT 313.46 63.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 331.84 63.95 Td (of ) Tj ET Q q 0 0 0 rg BT 343.21 63.95 Td (non-performance.) Tj ET Q endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.75 31.25 Td (99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.15 741.75 Td (objective ) Tj ET Q q 0 0 0 rg BT 108.96 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.03 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.93 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 162.00 741.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 210.39 741.75 Td (measurements ) Tj ET Q q 0 0 0 rg BT 272.78 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 282.11 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 292.60 741.75 Td (reflect, ) Tj ET Q q 0 0 0 rg BT 324.37 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 334.27 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 349.42 741.75 Td (date ) Tj ET Q q 0 0 0 rg BT 369.24 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.31 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 395.47 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.52 741.75 Td (statements, ) Tj ET Q q 0 0 0 rg BT 483.80 741.75 Td (how ) Tj ET Q q 0 0 0 rg BT 504.21 741.75 Td (much ) Tj ET Q q 0 0 0 rg BT 529.86 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 542.10 741.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (would ) Tj ET Q q 0 0 0 rg BT 77.69 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 89.54 729.15 Td (sold ) Tj ET Q q 0 0 0 rg BT 108.99 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 123.17 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 133.28 729.15 Td (an ) Tj ET Q q 0 0 0 rg BT 145.13 729.15 Td (orderly ) Tj ET Q q 0 0 0 rg BT 177.39 729.15 Td (transaction ) Tj ET Q q 0 0 0 rg BT 225.40 729.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 239.58 729.15 Td (opposed ) Tj ET Q q 0 0 0 rg BT 276.52 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 286.63 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 293.23 729.15 Td (distressed ) Tj ET Q q 0 0 0 rg BT 336.58 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 347.27 729.15 Td (forced ) Tj ET Q q 0 0 0 rg BT 376.02 729.15 Td (transaction\) ) Tj ET Q q 0 0 0 rg BT 427.53 729.15 Td (under ) Tj ET Q q 0 0 0 rg BT 453.38 729.15 Td (current ) Tj ET Q q 0 0 0 rg BT 485.05 729.15 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 729.15 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 565.14 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Specifically) Tj ET Q q 0 0 0 rg BT 98.97 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 103.94 716.55 Td (it ) Tj ET Q q 0 0 0 rg BT 112.12 716.55 Td (requires ) Tj ET Q q 0 0 0 rg BT 148.28 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 163.46 716.55 Td (use ) Tj ET Q q 0 0 0 rg BT 179.80 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.89 716.55 Td (judgment ) Tj ET Q q 0 0 0 rg BT 232.90 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 243.41 716.55 Td (ascertain ) Tj ET Q q 0 0 0 rg BT 283.07 716.55 Td (if ) Tj ET Q q 0 0 0 rg BT 291.83 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 298.84 716.55 Td (formerly ) Tj ET Q q 0 0 0 rg BT 337.92 716.55 Td (active ) Tj ET Q q 0 0 0 rg BT 365.33 716.55 Td (market ) Tj ET Q q 0 0 0 rg BT 396.83 716.55 Td (has ) Tj ET Q q 0 0 0 rg BT 413.17 716.55 Td (become ) Tj ET Q q 0 0 0 rg BT 448.17 716.55 Td (inactive ) Tj ET Q q 0 0 0 rg BT 483.75 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 501.25 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 511.77 716.55 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.60 703.95 Td (values ) Tj ET Q q 0 0 0 rg BT 97.95 703.95 Td (when ) Tj ET Q q 0 0 0 rg BT 124.22 703.95 Td (markets ) Tj ET Q q 0 0 0 rg BT 160.98 703.95 Td (have ) Tj ET Q q 0 0 0 rg BT 184.33 703.95 Td (become ) Tj ET Q q 0 0 0 rg BT 220.51 703.95 Td (inactive. ) Tj ET Q q 0 0 0 rg BT 259.64 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 279.49 703.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 320.91 703.95 Td (also ) Tj ET Q q 0 0 0 rg BT 341.35 703.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 378.70 703.95 Td (timely ) Tj ET Q q 0 0 0 rg BT 409.05 703.95 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 459.24 703.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 503.00 703.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 543.83 703.95 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 78.08 691.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 104.61 691.35 Td (losses, ) Tj ET Q q 0 0 0 rg BT 134.95 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 152.73 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 165.27 691.35 Td (aging ) Tj ET Q q 0 0 0 rg BT 191.22 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 202.59 691.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 244.87 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 266.17 691.35 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 312.52 691.35 Td (losses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.02 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 92.36 666.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 140.03 666.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 179.53 666.15 Td (also ) Tj ET Q q 0 0 0 rg BT 198.04 666.15 Td (establishes ) Tj ET Q q 0 0 0 rg BT 245.14 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 251.40 666.15 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 292.65 666.15 Td (that ) Tj ET Q q 0 0 0 rg BT 310.00 666.15 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 354.17 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 368.60 666.15 Td (inputs ) Tj ET Q q 0 0 0 rg BT 395.87 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 409.72 666.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 450.39 666.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 496.90 666.15 Td (used ) Tj ET Q q 0 0 0 rg BT 517.75 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 666.15 Td (measure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.69 653.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 92.68 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 94.19 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 112.13 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 128.33 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 152.69 653.55 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 193.95 653.55 Td (gives ) Tj ET Q q 0 0 0 rg BT 217.74 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 232.19 653.55 Td (highest ) Tj ET Q q 0 0 0 rg BT 264.15 653.55 Td (priority ) Tj ET Q q 0 0 0 rg BT 297.26 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 307.05 653.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 337.25 653.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 363.95 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 373.74 653.55 Td (active ) Tj ET Q q 0 0 0 rg BT 400.43 653.55 Td (markets ) Tj ET Q q 0 0 0 rg BT 435.29 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 449.16 653.55 Td (identical ) Tj ET Q q 0 0 0 rg BT 486.93 653.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 513.05 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 523.42 653.55 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 640.95 Td (lowest ) Tj ET Q q 0 0 0 rg BT 112.78 640.95 Td (priority ) Tj ET Q q 0 0 0 rg BT 146.90 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 157.69 640.95 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 216.30 640.95 Td (inputs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.80 615.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 111.09 615.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 150.55 615.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 202.28 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 217.83 615.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 260.79 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 278.68 615.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 316.39 615.75 Td (at ) Tj ET Q q 0 0 0 rg BT 326.70 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 344.00 615.75 Td (value ) Tj ET Q q 0 0 0 rg BT 369.47 615.75 Td (\(except ) Tj ET Q q 0 0 0 rg BT 403.09 615.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 447.23 615.75 Td (debt\) ) Tj ET Q q 0 0 0 rg BT 471.53 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 489.42 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 504.97 615.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 547.35 615.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 91.20 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 102.00 603.15 Td (one ) Tj ET Q q 0 0 0 rg BT 119.78 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.15 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 146.61 603.15 Td (following ) Tj ET Q q 0 0 0 rg BT 190.06 603.15 Td (categories:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 577.95 Td (Level�1�- ) Tj ET Q q 0 0 0 rg BT 126.96 577.95 Td (Financial ) Tj ET Q q 0 0 0 rg BT 169.58 577.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 222.14 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 237.94 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 267.16 577.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 295.78 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 312.16 577.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 344.29 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 356.01 577.95 Td (active ) Tj ET Q q 0 0 0 rg BT 384.64 577.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 424.06 577.95 Td (which, ) Tj ET Q q 0 0 0 rg BT 455.90 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 471.70 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 496.83 577.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 531.59 577.95 Td (include ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 565.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 137.74 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 147.98 565.35 Td (publicly ) Tj ET Q q 0 0 0 rg BT 184.47 565.35 Td (traded ) Tj ET Q q 0 0 0 rg BT 212.78 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 244.02 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 269.43 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 290.17 565.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 320.82 565.35 Td (market ) Tj ET Q q 0 0 0 rg BT 352.05 565.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 381.82 565.35 Td (equities ) Tj ET Q q 0 0 0 rg BT 416.56 565.35 Td (listed ) Tj ET Q q 0 0 0 rg BT 441.38 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 451.63 565.35 Td (active ) Tj ET Q q 0 0 0 rg BT 478.77 565.35 Td (markets, ) Tj ET Q q 0 0 0 rg BT 516.71 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 533.94 565.35 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 552.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 130.11 552.75 Td (instruments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 527.55 Td (Level�2�- ) Tj ET Q q 0 0 0 rg BT 125.42 527.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 166.52 527.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 217.54 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 231.80 527.55 Td (which ) Tj ET Q q 0 0 0 rg BT 259.49 527.55 Td (prices ) Tj ET Q q 0 0 0 rg BT 286.58 527.55 Td (are ) Tj ET Q q 0 0 0 rg BT 301.42 527.55 Td (quoted ) Tj ET Q q 0 0 0 rg BT 332.02 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 346.28 527.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 377.47 527.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 403.99 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 421.17 527.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 462.27 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 472.46 527.55 Td (active ) Tj ET Q q 0 0 0 rg BT 499.55 527.55 Td (markets, ) Tj ET Q q 0 0 0 rg BT 537.43 527.55 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 101.27 514.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 132.79 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 147.98 514.95 Td (identical ) Tj ET Q q 0 0 0 rg BT 187.08 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 198.78 514.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 230.89 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 258.34 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 269.45 514.95 Td (inactive ) Tj ET Q q 0 0 0 rg BT 305.64 514.95 Td (markets, ) Tj ET Q q 0 0 0 rg BT 344.45 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 356.14 514.95 Td (prices ) Tj ET Q q 0 0 0 rg BT 384.16 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 399.93 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 426.78 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 440.23 514.95 Td (observable ) Tj ET Q q 0 0 0 rg BT 488.66 514.95 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 519.91 514.95 Td (other ) Tj ET Q q 0 0 0 rg BT 544.43 514.95 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 502.35 Td (quoted ) Tj ET Q q 0 0 0 rg BT 117.41 502.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 148.44 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 171.02 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 183.09 502.35 Td (models ) Tj ET Q q 0 0 0 rg BT 216.76 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 228.83 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 253.74 502.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 296.14 502.35 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 363.93 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 367.26 502.35 Td (For ) Tj ET Q q 0 0 0 rg BT 385.18 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 410.08 502.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 444.62 502.35 Td (this ) Tj ET Q q 0 0 0 rg BT 463.12 502.35 Td (category ) Tj ET Q q 0 0 0 rg BT 502.60 502.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 540.93 502.35 Td (fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 489.75 Td (income ) Tj ET Q q 0 0 0 rg BT 119.03 489.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 163.94 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 195.12 489.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 244.39 489.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 266.27 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 284.05 489.75 Td (other ) Tj ET Q q 0 0 0 rg BT 308.25 489.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.95 489.75 Td (products ) Tj ET Q q 0 0 0 rg BT 395.74 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.53 489.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.71 489.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 488.75 489.75 Td (debt.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 464.55 Td (Level�3�- ) Tj ET Q q 0 0 0 rg BT 125.67 464.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 167.02 464.55 Td (instruments ) Tj ET Q q 0 0 0 rg BT 218.29 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 232.81 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 260.74 464.55 Td (values ) Tj ET Q q 0 0 0 rg BT 289.84 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 304.93 464.55 Td (based ) Tj ET Q q 0 0 0 rg BT 331.11 464.55 Td (on ) Tj ET Q q 0 0 0 rg BT 343.88 464.55 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 402.14 464.55 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 432.70 464.55 Td (including ) Tj ET Q q 0 0 0 rg BT 474.64 464.55 Td (those ) Tj ET Q q 0 0 0 rg BT 499.08 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 513.59 464.55 Td (which ) Tj ET Q q 0 0 0 rg BT 541.53 464.55 Td (there ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 451.95 Td (is ) Tj ET Q q 0 0 0 rg BT 94.89 451.95 Td (little ) Tj ET Q q 0 0 0 rg BT 116.52 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 127.65 451.95 Td (no ) Tj ET Q q 0 0 0 rg BT 140.54 451.95 Td (market ) Tj ET Q q 0 0 0 rg BT 172.08 451.95 Td (activity) Tj ET Q q 0 0 0 rg BT 202.89 451.95 Td (. ) Tj ET Q q 0 0 0 rg BT 207.90 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 210.28 451.95 Td (For ) Tj ET Q q 0 0 0 rg BT 227.25 451.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 251.21 451.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 284.81 451.95 Td (this ) Tj ET Q q 0 0 0 rg BT 302.36 451.95 Td (category ) Tj ET Q q 0 0 0 rg BT 340.90 451.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 378.27 451.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 430.82 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 441.38 451.95 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 497.71 451.95 Td (limited ) Tj ET Q q 0 0 0 rg BT 529.84 451.95 Td (liability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 439.35 Td (companies, ) Tj ET Q q 0 0 0 rg BT 134.62 439.35 Td (private ) Tj ET Q q 0 0 0 rg BT 165.36 439.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.20 439.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 220.75 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 237.50 439.35 Td (real ) Tj ET Q q 0 0 0 rg BT 254.83 439.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 280.33 439.35 Td (funds. ) Tj ET Q q 0 0 0 rg BT 307.88 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 309.35 439.35 Td (This ) Tj ET Q q 0 0 0 rg BT 329.61 439.35 Td (category ) Tj ET Q q 0 0 0 rg BT 367.35 439.35 Td (may ) Tj ET Q q 0 0 0 rg BT 387.02 439.35 Td (also ) Tj ET Q q 0 0 0 rg BT 405.53 439.35 Td (include ) Tj ET Q q 0 0 0 rg BT 438.03 439.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 468.18 439.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 516.42 439.35 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 426.75 Td (products ) Tj ET Q q 0 0 0 rg BT 124.29 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 145.58 426.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 196.02 426.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 245.31 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.09 426.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 310.04 426.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 369.23 426.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 413.56 426.75 Td (if ) Tj ET Q q 0 0 0 rg BT 422.60 426.75 Td (any) Tj ET Q q 0 0 0 rg BT 437.08 426.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 401.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.07 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 122.91 401.55 Td (an ) Tj ET Q q 0 0 0 rg BT 135.91 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.41 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 171.24 401.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.99 401.55 Td (may ) Tj ET Q q 0 0 0 rg BT 228.16 401.55 Td (involve ) Tj ET Q q 0 0 0 rg BT 262.74 401.55 Td (inputs ) Tj ET Q q 0 0 0 rg BT 291.50 401.55 Td (from ) Tj ET Q q 0 0 0 rg BT 315.00 401.55 Td (more ) Tj ET Q q 0 0 0 rg BT 339.66 401.55 Td (than ) Tj ET Q q 0 0 0 rg BT 360.83 401.55 Td (one ) Tj ET Q q 0 0 0 rg BT 379.08 401.55 Td (level ) Tj ET Q q 0 0 0 rg BT 402.57 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 430.32 401.55 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 469.28 401.55 Td (. ) Tj ET Q q 0 0 0 rg BT 475.00 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 477.86 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 497.27 401.55 Td (level ) Tj ET Q q 0 0 0 rg BT 520.77 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 532.02 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 401.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.95 388.95 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 117.31 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 128.19 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 156.56 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 163.94 388.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.22 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 206.67 388.95 Td (measurement ) Tj ET Q q 0 0 0 rg BT 265.37 388.95 Td (falls ) Tj ET Q q 0 0 0 rg BT 286.16 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 297.04 388.95 Td (its ) Tj ET Q q 0 0 0 rg BT 309.67 388.95 Td (entirety ) Tj ET Q q 0 0 0 rg BT 344.46 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 354.17 388.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 404.12 388.95 Td (based ) Tj ET Q q 0 0 0 rg BT 430.74 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 443.95 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 459.49 388.95 Td (lowest ) Tj ET Q q 0 0 0 rg BT 489.62 388.95 Td (level ) Tj ET Q q 0 0 0 rg BT 512.74 388.95 Td (input ) Tj ET Q q 0 0 0 rg BT 537.04 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 555.50 388.95 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.45 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 107.24 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.69 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 139.89 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 165.25 376.35 Td (measurement ) Tj ET Q q 0 0 0 rg BT 223.86 376.35 Td (in ) Tj ET Q q 0 0 0 rg BT 234.65 376.35 Td (its ) Tj ET Q q 0 0 0 rg BT 247.20 376.35 Td (entirety) Tj ET Q q 0 0 0 rg BT 278.59 376.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 84.02 351.15 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 134.28 351.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 157.14 351.15 Td (products ) Tj ET Q q 0 0 0 rg BT 196.91 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 215.69 351.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.46 351.15 Td (held ) Tj ET Q q 0 0 0 rg BT 291.16 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 305.27 351.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 331.05 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 347.48 351.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 379.08 351.15 Td (at ) Tj ET Q q 0 0 0 rg BT 390.28 351.15 Td (NA) Tj ET Q q 0 0 0 rg BT 404.09 351.15 Td (V) Tj ET Q q 0 0 0 rg BT 411.48 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 415.10 351.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 465.94 351.15 Td (by ) Tj ET Q q 0 0 0 rg BT 480.05 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 496.49 351.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 543.25 351.15 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (administrator) Tj ET Q q 0 0 0 rg BT 104.91 338.55 Td (. ) Tj ET Q q 0 0 0 rg BT 110.94 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 114.11 338.55 Td (These ) Tj ET Q q 0 0 0 rg BT 142.59 338.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 169.33 338.55 Td (are ) Tj ET Q q 0 0 0 rg BT 185.56 338.55 Td (typically ) Tj ET Q q 0 0 0 rg BT 225.71 338.55 Td (invested ) Tj ET Q q 0 0 0 rg BT 264.11 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 275.69 338.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 318.74 338.55 Td (traded ) Tj ET Q q 0 0 0 rg BT 348.39 338.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 401.96 338.55 Td (with ) Tj ET Q q 0 0 0 rg BT 424.04 338.55 Td (observable ) Tj ET Q q 0 0 0 rg BT 472.93 338.55 Td (market ) Tj ET Q q 0 0 0 rg BT 505.49 338.55 Td (prices. ) Tj ET Q q 0 0 0 rg BT 536.60 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 539.76 338.55 Td (Their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (valuations ) Tj ET Q q 0 0 0 rg BT 95.46 325.95 Td (may ) Tj ET Q q 0 0 0 rg BT 116.34 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 129.05 325.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 171.51 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 183.06 325.95 Td (Level�1, ) Tj ET Q q 0 0 0 rg BT 220.26 325.95 Td (Level�2, ) Tj ET Q q 0 0 0 rg BT 257.47 325.95 Td (Level�3, ) Tj ET Q q 0 0 0 rg BT 294.67 325.95 Td (or ) Tj ET Q q 0 0 0 rg BT 306.22 325.95 Td (NA) Tj ET Q q 0 0 0 rg BT 320.03 325.95 Td (V) Tj ET Q q 0 0 0 rg BT 327.43 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 330.23 325.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 369.17 325.95 Td (expedient ) Tj ET Q q 0 0 0 rg BT 412.79 325.95 Td (\(further ) Tj ET Q q 0 0 0 rg BT 447.66 325.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 490.71 325.95 Td (below\), ) Tj ET Q q 0 0 0 rg BT 525.29 325.95 Td (based ) Tj ET Q q 0 0 0 rg BT 552.00 325.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 87.43 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 104.37 313.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 127.73 313.35 Td (is ) Tj ET Q q 0 0 0 rg BT 138.85 313.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 182.60 313.35 Td (traded, ) Tj ET Q q 0 0 0 rg BT 215.58 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 232.52 313.35 Td (frequency ) Tj ET Q q 0 0 0 rg BT 278.61 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 291.46 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 308.41 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 341.08 313.35 Td (NA) Tj ET Q q 0 0 0 rg BT 354.89 313.35 Td (V) Tj ET Q q 0 0 0 rg BT 362.29 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 366.40 313.35 Td (determinations ) Tj ET Q q 0 0 0 rg BT 432.92 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 452.19 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 469.13 313.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 501.82 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 514.68 313.35 Td (redemption ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (restrictions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Futures ) Tj ET Q q 0 0 0 rg BT 83.65 275.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.19 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 139.66 275.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 170.29 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 180.51 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 195.99 275.55 Td (last ) Tj ET Q q 0 0 0 rg BT 213.21 275.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 259.02 275.55 Td (price ) Tj ET Q q 0 0 0 rg BT 282.65 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 292.87 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 308.34 275.55 Td (end ) Tj ET Q q 0 0 0 rg BT 326.15 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 337.54 275.55 Td (each ) Tj ET Q q 0 0 0 rg BT 359.42 275.55 Td (day ) Tj ET Q q 0 0 0 rg BT 377.23 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 390.37 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 405.84 275.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 448.13 275.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 471.78 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 500.08 275.55 Td (they ) Tj ET Q q 0 0 0 rg BT 520.81 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 536.27 275.55 Td (traded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 82.73 262.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 125.01 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 136.38 262.95 Td (Level�1.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.02 237.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 118.11 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 128.21 237.75 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 160.48 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 177.57 237.75 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 238.39 237.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 279.98 237.75 Td (\(private ) Tj ET Q q 0 0 0 rg BT 314.56 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 342.73 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 359.82 237.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 407.83 237.75 Td (partnerships\) ) Tj ET Q q 0 0 0 rg BT 464.58 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 478.75 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 506.34 237.75 Td (market ) Tj ET Q q 0 0 0 rg BT 537.43 237.75 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.49 225.15 Td (quotations ) Tj ET Q q 0 0 0 rg BT 106.49 225.15 Td (may ) Tj ET Q q 0 0 0 rg BT 126.82 225.15 Td (not ) Tj ET Q q 0 0 0 rg BT 142.48 225.15 Td (be ) Tj ET Q q 0 0 0 rg BT 154.64 225.15 Td (readily ) Tj ET Q q 0 0 0 rg BT 186.04 225.15 Td (available, ) Tj ET Q q 0 0 0 rg BT 228.80 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 284.70 225.15 Td (must ) Tj ET Q q 0 0 0 rg BT 307.37 225.15 Td (estimate ) Tj ET Q q 0 0 0 rg BT 344.60 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 359.68 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 384.66 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 395.66 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 410.73 225.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 452.63 225.15 Td (using ) Tj ET Q q 0 0 0 rg BT 477.63 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 484.54 225.15 Td (variety ) Tj ET Q q 0 0 0 rg BT 515.94 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 526.93 225.15 Td (methods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.93 212.55 Td (resources, ) Tj ET Q q 0 0 0 rg BT 113.46 212.55 Td (including ) Tj ET Q q 0 0 0 rg BT 156.39 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 172.48 212.55 Td (most ) Tj ET Q q 0 0 0 rg BT 196.17 212.55 Td (current ) Tj ET Q q 0 0 0 rg BT 229.17 212.55 Td (available ) Tj ET Q q 0 0 0 rg BT 270.33 212.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.32 212.55 Td (information ) Tj ET Q q 0 0 0 rg BT 363.16 212.55 Td (for ) Tj ET Q q 0 0 0 rg BT 378.67 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 394.76 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.10 212.55 Td (and ) Tj ET Q q 0 0 0 rg BT 462.53 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 478.62 212.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 516.30 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 527.74 212.55 Td (which ) Tj ET Q q 0 0 0 rg BT 556.66 212.55 Td (it ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (applies ) Tj ET Q q 0 0 0 rg BT 81.01 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 90.94 199.95 Td (order ) Tj ET Q q 0 0 0 rg BT 114.86 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 124.79 199.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 168.54 199.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 184.87 199.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 212.00 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 213.64 199.95 Td (These ) Tj ET Q q 0 0 0 rg BT 240.48 199.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 281.32 199.95 Td (processes ) Tj ET Q q 0 0 0 rg BT 323.32 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 337.33 199.95 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 369.43 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 386.36 199.95 Td (privately-held ) Tj ET Q q 0 0 0 rg BT 447.02 199.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 488.44 199.95 Td (inherently ) Tj ET Q q 0 0 0 rg BT 532.77 199.95 Td (require ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (management's ) Tj ET Q q 0 0 0 rg BT 110.93 187.35 Td (judgment ) Tj ET Q q 0 0 0 rg BT 152.39 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 169.36 187.35 Td (are ) Tj ET Q q 0 0 0 rg BT 183.98 187.35 Td (therefore ) Tj ET Q q 0 0 0 rg BT 223.67 187.35 Td (classified ) Tj ET Q q 0 0 0 rg BT 265.13 187.35 Td (as ) Tj ET Q q 0 0 0 rg BT 275.68 187.35 Td (Level�3. ) Tj ET Q q 0 0 0 rg BT 311.88 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 335.26 187.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 365.65 187.35 Td (holds ) Tj ET Q q 0 0 0 rg BT 390.21 187.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 442.17 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 452.14 187.35 Td (real ) Tj ET Q q 0 0 0 rg BT 469.68 187.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 495.39 187.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 520.52 187.35 Td (structured ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.49 174.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 114.06 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.47 174.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 163.46 174.75 Td (liability ) Tj ET Q q 0 0 0 rg BT 198.37 174.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 248.15 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 276.05 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 291.12 174.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 333.02 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 344.01 174.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 370.16 174.75 Td (3. ) Tj ET Q q 0 0 0 rg BT 380.28 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 382.36 174.75 Td (The ) Tj ET Q q 0 0 0 rg BT 400.93 174.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 417.75 174.75 Td (values ) Tj ET Q q 0 0 0 rg BT 446.82 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.81 174.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 510.22 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 520.63 174.75 Td (real ) Tj ET Q q 0 0 0 rg BT 538.61 174.75 Td (estate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.34 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 90.66 162.15 Td (prepared ) Tj ET Q q 0 0 0 rg BT 129.89 162.15 Td (giving ) Tj ET Q q 0 0 0 rg BT 159.23 162.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 218.30 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 228.97 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.30 162.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 280.34 162.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 299.76 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 317.42 162.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 340.34 162.15 Td (comparison ) Tj ET Q q 0 0 0 rg BT 391.83 162.15 Td (approaches ) Tj ET Q q 0 0 0 rg BT 441.56 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 452.81 162.15 Td (estimating ) Tj ET Q q 0 0 0 rg BT 499.06 162.15 Td (property ) Tj ET Q q 0 0 0 rg BT 537.14 162.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 565.13 162.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.08 149.55 Td (income ) Tj ET Q q 0 0 0 rg BT 101.25 149.55 Td (approach ) Tj ET Q q 0 0 0 rg BT 141.98 149.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 183.32 149.55 Td (an ) Tj ET Q q 0 0 0 rg BT 195.49 149.55 Td (income ) Tj ET Q q 0 0 0 rg BT 228.65 149.55 Td (stream ) Tj ET Q q 0 0 0 rg BT 258.90 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 273.40 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 280.32 149.55 Td (property ) Tj ET Q q 0 0 0 rg BT 318.15 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 335.57 149.55 Td (discounts ) Tj ET Q q 0 0 0 rg BT 377.49 149.55 Td (this ) Tj ET Q q 0 0 0 rg BT 394.92 149.55 Td (income ) Tj ET Q q 0 0 0 rg BT 428.09 149.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 447.85 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 454.77 149.55 Td (reversion ) Tj ET Q q 0 0 0 rg BT 496.10 149.55 Td (\(presumed ) Tj ET Q q 0 0 0 rg BT 542.67 149.55 Td (sale\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (into ) Tj ET Q q 0 0 0 rg BT 68.72 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 76.27 136.95 Td (present ) Tj ET Q q 0 0 0 rg BT 109.48 136.95 Td (value ) Tj ET Q q 0 0 0 rg BT 135.10 136.95 Td (at ) Tj ET Q q 0 0 0 rg BT 145.57 136.95 Td (a ) Tj ET Q q 0 0 0 rg BT 153.12 136.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 171.75 136.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 209.63 136.95 Td (rate. ) Tj ET Q q 0 0 0 rg BT 230.88 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 233.34 136.95 Td (Y) Tj ET Q q 0 0 0 rg BT 240.34 136.95 Td (ield ) Tj ET Q q 0 0 0 rg BT 258.97 136.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 281.68 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 299.73 136.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 332.36 136.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 387.17 136.95 Td (utilized ) Tj ET Q q 0 0 0 rg BT 421.55 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 432.60 136.95 Td (this ) Tj ET Q q 0 0 0 rg BT 450.66 136.95 Td (approach ) Tj ET Q q 0 0 0 rg BT 492.03 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 507.73 136.95 Td (derived ) Tj ET Q q 0 0 0 rg BT 542.10 136.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (market ) Tj ET Q q 0 0 0 rg BT 80.20 124.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 131.90 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 142.20 124.35 Td (well ) Tj ET Q q 0 0 0 rg BT 161.83 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 172.12 124.35 Td (other ) Tj ET Q q 0 0 0 rg BT 195.24 124.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.52 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 250.23 124.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 286.20 124.35 Td (data. ) Tj ET Q q 0 0 0 rg BT 307.75 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 325.62 124.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 362.75 124.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 380.04 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 396.75 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 411.12 124.35 Td (exit ) Tj ET Q q 0 0 0 rg BT 428.42 124.35 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 486.52 124.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 503.81 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 518.17 124.35 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 77.15 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 87.29 111.75 Td (these ) Tj ET Q q 0 0 0 rg BT 110.84 111.75 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 158.45 111.75 Td (These ) Tj ET Q q 0 0 0 rg BT 185.50 111.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 207.29 111.75 Td (are ) Tj ET Q q 0 0 0 rg BT 222.09 111.75 Td (based ) Tj ET Q q 0 0 0 rg BT 247.97 111.75 Td (on ) Tj ET Q q 0 0 0 rg BT 260.44 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.25 111.75 Td (location, ) Tj ET Q q 0 0 0 rg BT 313.67 111.75 Td (type ) Tj ET Q q 0 0 0 rg BT 333.72 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 350.85 111.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 379.06 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 389.79 111.75 Td (each ) Tj ET Q q 0 0 0 rg BT 410.99 111.75 Td (property) Tj ET Q q 0 0 0 rg BT 445.88 111.75 Td (, ) Tj ET Q q 0 0 0 rg BT 450.48 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 467.61 111.75 Td (current ) Tj ET Q q 0 0 0 rg BT 499.32 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.46 111.75 Td (anticipated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (market ) Tj ET Q q 0 0 0 rg BT 80.77 99.15 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 129.27 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 131.24 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 149.68 99.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 168.72 99.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 209.32 99.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 250.51 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 265.46 99.15 Td (replacement ) Tj ET Q q 0 0 0 rg BT 318.89 99.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 337.92 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 348.79 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 363.74 99.15 Td (building ) Tj ET Q q 0 0 0 rg BT 400.86 99.15 Td (less ) Tj ET Q q 0 0 0 rg BT 418.74 99.15 Td (physical ) Tj ET Q q 0 0 0 rg BT 455.85 99.15 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 509.86 99.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 529.49 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 544.44 99.15 Td (land ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 77.91 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 80.73 86.55 Td (The ) Tj ET Q q 0 0 0 rg BT 100.09 86.55 Td (sales ) Tj ET Q q 0 0 0 rg BT 123.55 86.55 Td (comparison ) Tj ET Q q 0 0 0 rg BT 175.58 86.55 Td (approach ) Tj ET Q q 0 0 0 rg BT 217.10 86.55 Td (compares ) Tj ET Q q 0 0 0 rg BT 260.37 86.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 289.06 86.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 342.25 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 353.46 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 369.33 86.55 Td (appraised ) Tj ET Q q 0 0 0 rg BT 412.61 86.55 Td (property) Tj ET Q q 0 0 0 rg BT 447.50 86.55 Td (. ) Tj ET Q q 0 0 0 rg BT 452.49 86.55 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 508.62 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 524.48 86.55 Td (made ) Tj ET Q q 0 0 0 rg BT 550.26 86.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (dissimilarities ) Tj ET Q q 0 0 0 rg BT 110.73 73.95 Td (which ) Tj ET Q q 0 0 0 rg BT 138.70 73.95 Td (typically ) Tj ET Q q 0 0 0 rg BT 177.75 73.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 212.13 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 219.10 73.95 Td (range ) Tj ET Q q 0 0 0 rg BT 244.73 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 255.79 73.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 283.46 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 285.77 73.95 Td (Many ) Tj ET Q q 0 0 0 rg BT 312.58 73.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 343.45 73.95 Td (are ) Tj ET Q q 0 0 0 rg BT 358.58 73.95 Td (also ) Tj ET Q q 0 0 0 rg BT 377.81 73.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 425.60 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 436.07 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 451.21 73.95 Td (determination ) Tj ET Q q 0 0 0 rg BT 511.84 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 522.89 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.77 73.95 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (including, ) Tj ET Q q 0 0 0 rg BT 95.60 61.35 Td (but ) Tj ET Q q 0 0 0 rg BT 112.83 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 130.07 61.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 163.63 61.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 178.24 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 194.88 61.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 238.35 61.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 260.82 61.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 287.97 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 306.94 61.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 347.49 61.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 404.35 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 416.91 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 433.55 61.35 Td (properties, ) Tj ET Q q 0 0 0 rg BT 481.98 61.35 Td (property ) Tj ET Q q 0 0 0 rg BT 521.37 61.35 Td (types ) Tj ET Q q 0 0 0 rg BT 547.34 61.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (geographic ) Tj ET Q q 0 0 0 rg BT 98.70 48.75 Td (locations, ) Tj ET Q q 0 0 0 rg BT 141.78 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.16 48.75 Td (physical ) Tj ET Q q 0 0 0 rg BT 194.70 48.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 236.91 48.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.21 48.75 Td (the ) Tj ET Q q 0 0 0 rg BT 263.58 48.75 Td (asset, ) Tj ET Q q 0 0 0 rg BT 289.17 48.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 334.29 48.75 Td (market ) Tj ET Q q 0 0 0 rg BT 365.99 48.75 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 425.10 48.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 450.10 48.75 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 495.22 48.75 Td (market ) Tj ET Q q 0 0 0 rg BT 526.92 48.75 Td (discount ) Tj ET Q endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 75.35 741.75 Td (general ) Tj ET Q q 0 0 0 rg BT 109.65 741.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 153.87 741.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 203.65 741.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 247.87 741.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 295.03 741.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 331.08 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.65 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 358.88 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 391.44 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 403.01 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 432.08 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 448.31 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 476.21 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 492.44 741.75 Td (located, ) Tj ET Q q 0 0 0 rg BT 528.78 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 547.35 741.75 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (specific ) Tj ET Q q 0 0 0 rg BT 84.83 729.15 Td (rights ) Tj ET Q q 0 0 0 rg BT 111.43 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 122.85 729.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 148.86 729.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 194.69 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 216.04 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 231.55 729.15 Td (investment. ) Tj ET Q q 0 0 0 rg BT 282.93 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 285.61 729.15 Td (Because ) Tj ET Q q 0 0 0 rg BT 323.28 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 334.70 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 350.21 729.15 Td (inherent ) Tj ET Q q 0 0 0 rg BT 387.29 729.15 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 443.62 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 455.05 729.15 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 499.43 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 514.93 729.15 Td (values ) Tj ET Q q 0 0 0 rg BT 544.44 729.15 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (materially ) Tj ET Q q 0 0 0 rg BT 94.69 716.55 Td (dif) Tj ET Q q 0 0 0 rg BT 106.17 716.55 Td (fer ) Tj ET Q q 0 0 0 rg BT 120.44 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 143.48 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 158.93 716.55 Td (values ) Tj ET Q q 0 0 0 rg BT 188.38 716.55 Td (that ) Tj ET Q q 0 0 0 rg BT 206.75 716.55 Td (would ) Tj ET Q q 0 0 0 rg BT 235.63 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 248.17 716.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 298.02 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 311.15 716.55 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 365.10 716.55 Td (held ) Tj ET Q q 0 0 0 rg BT 385.80 716.55 Td (between ) Tj ET Q q 0 0 0 rg BT 423.41 716.55 Td (parties ) Tj ET Q q 0 0 0 rg BT 454.02 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 464.82 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 472.10 716.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 491.05 716.55 Td (transaction.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (As ) Tj ET Q q 0 0 0 rg BT 62.70 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 68.90 691.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 106.57 691.35 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 151.55 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 174.65 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 204.77 691.35 Td (relies ) Tj ET Q q 0 0 0 rg BT 229.04 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 241.08 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 255.44 691.35 Td (NA) Tj ET Q q 0 0 0 rg BT 269.25 691.35 Td (V) Tj ET Q q 0 0 0 rg BT 276.64 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 278.18 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 288.46 691.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 318.55 691.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 370.25 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 379.95 691.35 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 432.81 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 449.50 691.35 Td (limited ) Tj ET Q q 0 0 0 rg BT 480.78 691.35 Td (liability ) Tj ET Q q 0 0 0 rg BT 514.98 691.35 Td (companies, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.86 678.75 Td (their ) Tj ET Q q 0 0 0 rg BT 84.71 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.89 678.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 131.87 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 135.22 678.75 Td (The ) Tj ET Q q 0 0 0 rg BT 155.15 678.75 Td (NA) Tj ET Q q 0 0 0 rg BT 168.97 678.75 Td (Vs ) Tj ET Q q 0 0 0 rg BT 184.25 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 203.60 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 227.03 678.75 Td (been ) Tj ET Q q 0 0 0 rg BT 250.47 678.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 291.40 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 305.51 678.75 Td (investees ) Tj ET Q q 0 0 0 rg BT 347.61 678.75 Td (are ) Tj ET Q q 0 0 0 rg BT 364.04 678.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 399.14 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 423.16 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 439.60 678.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 457.78 678.75 Td (values ) Tj ET Q q 0 0 0 rg BT 488.22 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 500.57 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.01 678.75 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.34 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 113.77 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.19 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 140.70 666.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 181.87 666.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 204.66 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 207.34 666.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 260.76 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 275.68 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 304.02 666.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 321.27 666.15 Td (value ) Tj ET Q q 0 0 0 rg BT 346.69 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 356.37 666.15 Td (measured ) Tj ET Q q 0 0 0 rg BT 399.28 666.15 Td (using ) Tj ET Q q 0 0 0 rg BT 424.72 666.15 Td (NA) Tj ET Q q 0 0 0 rg BT 438.53 666.15 Td (V) Tj ET Q q 0 0 0 rg BT 445.92 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 448.60 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 460.03 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 467.37 666.15 Td (practical ) Tj ET Q q 0 0 0 rg BT 506.19 666.15 Td (expedient ) Tj ET Q q 0 0 0 rg BT 549.68 666.15 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (not ) Tj ET Q q 0 0 0 rg BT 65.54 653.55 Td (required ) Tj ET Q q 0 0 0 rg BT 103.15 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 113.94 653.55 Td (be ) Tj ET Q q 0 0 0 rg BT 126.48 653.55 Td (categorized ) Tj ET Q q 0 0 0 rg BT 177.49 653.55 Td (within ) Tj ET Q q 0 0 0 rg BT 206.95 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 222.40 653.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 239.60 653.55 Td (value ) Tj ET Q q 0 0 0 rg BT 264.96 653.55 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 303.92 653.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Any ) Tj ET Q q 0 0 0 rg BT 70.21 628.35 Td (transfers ) Tj ET Q q 0 0 0 rg BT 108.98 628.35 Td (between ) Tj ET Q q 0 0 0 rg BT 146.59 628.35 Td (categories ) Tj ET Q q 0 0 0 rg BT 191.78 628.35 Td (are ) Tj ET Q q 0 0 0 rg BT 207.22 628.35 Td (measured ) Tj ET Q q 0 0 0 rg BT 250.08 628.35 Td (at ) Tj ET Q q 0 0 0 rg BT 260.28 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 275.73 628.35 Td (beginning ) Tj ET Q q 0 0 0 rg BT 320.35 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 331.73 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 347.18 628.35 Td (period.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 603.15 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 603.15 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 603.15 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 603.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.68 603.15 Td (information ) Tj ET Q q 0 0 0 rg BT 209.88 603.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 252.74 603.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 269.93 603.15 Td (value ) Tj ET Q q 0 0 0 rg BT 295.30 603.15 Td (measurements.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (Leases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 565.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.93 565.35 Td (April ) Tj ET Q q 0 0 0 rg BT 114.85 565.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 125.48 565.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 149.24 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 173.57 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 204.91 565.35 Td (adopted ) Tj ET Q q 0 0 0 rg BT 240.90 565.35 Td (updated ) Tj ET Q q 0 0 0 rg BT 276.90 565.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 325.72 565.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 366.38 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 379.63 565.35 Td (leases ) Tj ET Q q 0 0 0 rg BT 407.46 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 435.88 565.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 472.45 565.35 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 524.78 565.35 Td (\("ROU"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.82 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 94.81 552.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 118.62 552.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 160.53 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.52 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 184.26 552.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 223.81 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 237.14 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.79 552.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 287.68 552.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 312.08 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 327.15 552.75 Td (leases. ) Tj ET Q q 0 0 0 rg BT 357.67 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 360.29 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 379.44 552.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 420.17 552.75 Td (specifies ) Tj ET Q q 0 0 0 rg BT 459.73 552.75 Td (that ) Tj ET Q q 0 0 0 rg BT 478.30 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 488.71 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.36 552.75 Td (inception ) Tj ET Q q 0 0 0 rg BT 546.26 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 557.84 552.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (contract, ) Tj ET Q q 0 0 0 rg BT 89.36 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 102.70 540.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 130.04 540.15 Td (must ) Tj ET Q q 0 0 0 rg BT 153.88 540.15 Td (determine ) Tj ET Q q 0 0 0 rg BT 199.29 540.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 236.53 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 252.78 540.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 290.02 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 300.45 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 312.62 540.15 Td (contains ) Tj ET Q q 0 0 0 rg BT 351.04 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 359.13 540.15 Td (lease. ) Tj ET Q q 0 0 0 rg BT 386.16 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 389.34 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 409.09 540.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 446.33 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 456.76 540.15 Td (or ) Tj ET Q q 0 0 0 rg BT 468.93 540.15 Td (contains ) Tj ET Q q 0 0 0 rg BT 507.34 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 515.43 540.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 539.84 540.15 Td (if ) Tj ET Q q 0 0 0 rg BT 549.68 540.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 86.84 527.55 Td (conveys ) Tj ET Q q 0 0 0 rg BT 124.77 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 141.12 527.55 Td (right ) Tj ET Q q 0 0 0 rg BT 164.48 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 176.17 527.55 Td (control ) Tj ET Q q 0 0 0 rg BT 209.44 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 225.79 527.55 Td (use ) Tj ET Q q 0 0 0 rg BT 243.31 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 255.59 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 271.94 527.55 Td (property) Tj ET Q q 0 0 0 rg BT 306.83 527.55 Td (, ) Tj ET Q q 0 0 0 rg BT 312.98 527.55 Td (plant, ) Tj ET Q q 0 0 0 rg BT 340.12 527.55 Td (or ) Tj ET Q q 0 0 0 rg BT 352.40 527.55 Td (equipment ) Tj ET Q q 0 0 0 rg BT 400.24 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 416.01 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 424.20 527.55 Td (designated ) Tj ET Q q 0 0 0 rg BT 472.63 527.55 Td (term ) Tj ET Q q 0 0 0 rg BT 495.39 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 507.09 527.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 550.25 527.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 111.00 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 113.31 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 137.19 514.95 Td (Mason�) Tj ET Q q 0 0 0 rg BT 168.69 514.95 Td (s ) Tj ET Q q 0 0 0 rg BT 175.08 514.95 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 221.12 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 232.18 514.95 Td (its ) Tj ET Q q 0 0 0 rg BT 244.41 514.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 284.61 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 295.09 514.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 339.38 514.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 375.50 514.95 Td (they ) Tj ET Q q 0 0 0 rg BT 395.89 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 411.01 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 422.07 514.95 Td (contain ) Tj ET Q q 0 0 0 rg BT 455.28 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 462.25 514.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 485.54 514.95 Td (involves ) Tj ET Q q 0 0 0 rg BT 523.43 514.95 Td (assessing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (whether ) Tj ET Q q 0 0 0 rg BT 85.72 502.35 Td (there ) Tj ET Q q 0 0 0 rg BT 109.10 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 118.50 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 125.56 502.35 Td (right ) Tj ET Q q 0 0 0 rg BT 147.79 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 158.35 502.35 Td (obtain ) Tj ET Q q 0 0 0 rg BT 187.00 502.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 242.48 502.35 Td (all ) Tj ET Q q 0 0 0 rg BT 255.37 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 266.52 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 281.74 502.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 324.96 502.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 360.59 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 383.40 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 398.63 502.35 Td (use ) Tj ET Q q 0 0 0 rg BT 415.02 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 432.58 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 447.81 502.35 Td (right ) Tj ET Q q 0 0 0 rg BT 470.04 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 480.60 502.35 Td (direct ) Tj ET Q q 0 0 0 rg BT 506.90 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 522.13 502.35 Td (use ) Tj ET Q q 0 0 0 rg BT 538.53 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 502.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 92.36 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 115.40 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.19 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.65 489.75 Td (contract.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 469.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.83 469.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.18 469.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 138.18 469.15 Td (the ) Tj ET Q q 0 0 0 rg BT 152.76 469.15 Td (guidance ) Tj ET Q q 0 0 0 rg BT 192.42 469.15 Td (on ) Tj ET Q q 0 0 0 rg BT 204.68 469.15 Td (a ) Tj ET Q q 0 0 0 rg BT 211.10 469.15 Td (modified ) Tj ET Q q 0 0 0 rg BT 250.77 469.15 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 306.76 469.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 329.52 469.15 Td (on ) Tj ET Q q 0 0 0 rg BT 341.39 469.15 Td (April ) Tj ET Q q 0 0 0 rg BT 365.31 469.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 374.95 469.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 400.33 469.15 Td (and ) Tj ET Q q 0 0 0 rg BT 417.25 469.15 Td (the ) Tj ET Q q 0 0 0 rg BT 431.84 469.15 Td (related ) Tj ET Q q 0 0 0 rg BT 462.17 469.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 499.51 469.15 Td (in ) Tj ET Q q 0 0 0 rg BT 509.43 469.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 531.60 469.15 Td (periods ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 456.55 Td (have ) Tj ET Q q 0 0 0 rg BT 71.28 456.55 Td (not ) Tj ET Q q 0 0 0 rg BT 86.66 456.55 Td (been ) Tj ET Q q 0 0 0 rg BT 108.45 456.55 Td (restated. ) Tj ET Q q 0 0 0 rg BT 145.68 456.55 Td ( ) Tj ET Q q 0 0 0 rg BT 147.65 456.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 171.18 456.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 201.73 456.55 Td (has ) Tj ET Q q 0 0 0 rg BT 217.69 456.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 259.30 456.55 Td (leases ) Tj ET Q q 0 0 0 rg BT 286.34 456.55 Td (that ) Tj ET Q q 0 0 0 rg BT 304.05 456.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 345.08 456.55 Td (relate ) Tj ET Q q 0 0 0 rg BT 370.36 456.55 Td (to ) Tj ET Q q 0 0 0 rg BT 380.49 456.55 Td (real ) Tj ET Q q 0 0 0 rg BT 398.19 456.55 Td (property ) Tj ET Q q 0 0 0 rg BT 435.72 456.55 Td (and ) Tj ET Q q 0 0 0 rg BT 452.84 456.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 494.46 456.55 Td (leases ) Tj ET Q q 0 0 0 rg BT 521.49 456.55 Td (that ) Tj ET Q q 0 0 0 rg BT 539.20 456.55 Td (relate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 443.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.61 443.95 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 110.49 443.95 Td ( ) Tj ET Q q 0 0 0 rg BT 112.78 443.95 Td (As ) Tj ET Q q 0 0 0 rg BT 127.39 443.95 Td (a ) Tj ET Q q 0 0 0 rg BT 134.99 443.95 Td (practical ) Tj ET Q q 0 0 0 rg BT 174.07 443.95 Td (expedient, ) Tj ET Q q 0 0 0 rg BT 220.45 443.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 244.96 443.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 276.48 443.95 Td (has ) Tj ET Q q 0 0 0 rg BT 293.42 443.95 Td (elected ) Tj ET Q q 0 0 0 rg BT 326.08 443.95 Td (to ) Tj ET Q q 0 0 0 rg BT 337.19 443.95 Td (not ) Tj ET Q q 0 0 0 rg BT 353.54 443.95 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 396.70 443.95 Td (leases ) Tj ET Q q 0 0 0 rg BT 424.71 443.95 Td (with ) Tj ET Q q 0 0 0 rg BT 446.32 443.95 Td (a ) Tj ET Q q 0 0 0 rg BT 453.92 443.95 Td (term ) Tj ET Q q 0 0 0 rg BT 476.10 443.95 Td (of ) Tj ET Q q 0 0 0 rg BT 487.78 443.95 Td (12 ) Tj ET Q q 0 0 0 rg BT 501.22 443.95 Td (months ) Tj ET Q q 0 0 0 rg BT 535.08 443.95 Td (or ) Tj ET Q q 0 0 0 rg BT 546.77 443.95 Td (less ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 431.35 Td (without ) Tj ET Q q 0 0 0 rg BT 84.13 431.35 Td (a ) Tj ET Q q 0 0 0 rg BT 91.34 431.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 131.20 431.35 Td (option ) Tj ET Q q 0 0 0 rg BT 160.58 431.35 Td (that ) Tj ET Q q 0 0 0 rg BT 178.87 431.35 Td (it ) Tj ET Q q 0 0 0 rg BT 187.25 431.35 Td (is ) Tj ET Q q 0 0 0 rg BT 196.80 431.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 223.26 431.35 Td (to ) Tj ET Q q 0 0 0 rg BT 233.97 431.35 Td (exercise. ) Tj ET Q q 0 0 0 rg BT 273.53 431.35 Td ( ) Tj ET Q q 0 0 0 rg BT 275.52 431.35 Td (Also ) Tj ET Q q 0 0 0 rg BT 297.90 431.35 Td (as ) Tj ET Q q 0 0 0 rg BT 309.19 431.35 Td (a ) Tj ET Q q 0 0 0 rg BT 316.40 431.35 Td (practical ) Tj ET Q q 0 0 0 rg BT 355.08 431.35 Td (expedient ) Tj ET Q q 0 0 0 rg BT 398.45 431.35 Td (for ) Tj ET Q q 0 0 0 rg BT 413.24 431.35 Td (disclosure, ) Tj ET Q q 0 0 0 rg BT 460.98 431.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 485.10 431.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 516.23 431.35 Td (has ) Tj ET Q q 0 0 0 rg BT 532.77 431.35 Td (elected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 418.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.63 418.75 Td (not ) Tj ET Q q 0 0 0 rg BT 77.00 418.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 114.35 418.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 138.30 418.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.42 418.75 Td (non-lease ) Tj ET Q q 0 0 0 rg BT 199.61 418.75 Td (components ) Tj ET Q q 0 0 0 rg BT 253.31 418.75 Td (on ) Tj ET Q q 0 0 0 rg BT 266.77 418.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 309.38 418.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.50 418.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 370.11 418.75 Td (leases. ) Tj ET Q q 0 0 0 rg BT 400.77 418.75 Td ( ) Tj ET Q q 0 0 0 rg BT 403.72 418.75 Td (Lease ) Tj ET Q q 0 0 0 rg BT 431.16 418.75 Td (components ) Tj ET Q q 0 0 0 rg BT 484.87 418.75 Td (are ) Tj ET Q q 0 0 0 rg BT 500.64 418.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 539.76 418.75 Td (items ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 406.15 Td (directly ) Tj ET Q q 0 0 0 rg BT 84.43 406.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 135.10 406.15 Td (to ) Tj ET Q q 0 0 0 rg BT 146.13 406.15 Td (the ) Tj ET Q q 0 0 0 rg BT 161.82 406.15 Td (use ) Tj ET Q q 0 0 0 rg BT 178.67 406.15 Td (of ) Tj ET Q q 0 0 0 rg BT 190.28 406.15 Td (the ) Tj ET Q q 0 0 0 rg BT 205.96 406.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 254.31 406.15 Td (asset, ) Tj ET Q q 0 0 0 rg BT 280.21 406.15 Td (while ) Tj ET Q q 0 0 0 rg BT 306.40 406.15 Td (non-lease ) Tj ET Q q 0 0 0 rg BT 349.49 406.15 Td (components ) Tj ET Q q 0 0 0 rg BT 403.09 406.15 Td (are ) Tj ET Q q 0 0 0 rg BT 418.76 406.15 Td (explicit ) Tj ET Q q 0 0 0 rg BT 453.11 406.15 Td (elements ) Tj ET Q q 0 0 0 rg BT 493.29 406.15 Td (of ) Tj ET Q q 0 0 0 rg BT 504.90 406.15 Td (a ) Tj ET Q q 0 0 0 rg BT 512.42 406.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 549.09 406.15 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 393.55 Td (directly ) Tj ET Q q 0 0 0 rg BT 86.10 393.55 Td (related ) Tj ET Q q 0 0 0 rg BT 119.20 393.55 Td (to ) Tj ET Q q 0 0 0 rg BT 131.90 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 149.27 393.55 Td (use ) Tj ET Q q 0 0 0 rg BT 167.80 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 181.08 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 198.44 393.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 248.47 393.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 276.04 393.55 Td (including ) Tj ET Q q 0 0 0 rg BT 320.23 393.55 Td (pass ) Tj ET Q q 0 0 0 rg BT 342.85 393.55 Td (through ) Tj ET Q q 0 0 0 rg BT 380.05 393.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 424.24 393.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 466.68 393.55 Td (such ) Tj ET Q q 0 0 0 rg BT 490.46 393.55 Td (as ) Tj ET Q q 0 0 0 rg BT 503.74 393.55 Td (common ) Tj ET Q q 0 0 0 rg BT 545.02 393.55 Td (area ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 380.95 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 107.81 380.95 Td (real ) Tj ET Q q 0 0 0 rg BT 126.17 380.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 152.69 380.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 176.89 380.95 Td (and ) Tj ET Q q 0 0 0 rg BT 194.68 380.95 Td (utilities. ) Tj ET Q q 0 0 0 rg BT 231.43 380.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 360.35 Td (ROU ) Tj ET Q q 0 0 0 rg BT 74.58 360.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.98 360.35 Td (and ) Tj ET Q q 0 0 0 rg BT 120.05 360.35 Td (lease ) Tj ET Q q 0 0 0 rg BT 143.95 360.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 185.94 360.35 Td (are ) Tj ET Q q 0 0 0 rg BT 201.66 360.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 250.63 360.35 Td (on ) Tj ET Q q 0 0 0 rg BT 264.03 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 279.77 360.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 338.09 360.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 374.81 360.35 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 401.05 360.35 Td (at ) Tj ET Q q 0 0 0 rg BT 411.54 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 427.27 360.35 Td (present ) Tj ET Q q 0 0 0 rg BT 460.50 360.35 Td (value ) Tj ET Q q 0 0 0 rg BT 486.15 360.35 Td (of ) Tj ET Q q 0 0 0 rg BT 497.81 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 513.54 360.35 Td (future ) Tj ET Q q 0 0 0 rg BT 541.52 360.35 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 92.18 347.75 Td (over ) Tj ET Q q 0 0 0 rg BT 113.27 347.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.53 347.75 Td (life ) Tj ET Q q 0 0 0 rg BT 144.96 347.75 Td (of ) Tj ET Q q 0 0 0 rg BT 156.14 347.75 Td (the ) Tj ET Q q 0 0 0 rg BT 171.40 347.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 194.82 347.75 Td (term. ) Tj ET Q q 0 0 0 rg BT 219.12 347.75 Td ( ) Tj ET Q q 0 0 0 rg BT 221.02 347.75 Td (As ) Tj ET Q q 0 0 0 rg BT 235.12 347.75 Td (implicit ) Tj ET Q q 0 0 0 rg BT 270.22 347.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 292.48 347.75 Td (for ) Tj ET Q q 0 0 0 rg BT 307.15 347.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 334.66 347.75 Td (are ) Tj ET Q q 0 0 0 rg BT 349.91 347.75 Td (not ) Tj ET Q q 0 0 0 rg BT 365.76 347.75 Td (determinable, ) Tj ET Q q 0 0 0 rg BT 425.63 347.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.89 347.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 484.16 347.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 504.68 347.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 542.69 347.75 Td (rates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 335.15 Td (based ) Tj ET Q q 0 0 0 rg BT 75.71 335.15 Td (on ) Tj ET Q q 0 0 0 rg BT 88.52 335.15 Td (incremental ) Tj ET Q q 0 0 0 rg BT 140.39 335.15 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 186.44 335.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 211.19 335.15 Td (on ) Tj ET Q q 0 0 0 rg BT 224.00 335.15 Td (a ) Tj ET Q q 0 0 0 rg BT 230.97 335.15 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 289.82 335.15 Td (basis, ) Tj ET Q q 0 0 0 rg BT 315.76 335.15 Td (for ) Tj ET Q q 0 0 0 rg BT 330.31 335.15 Td (the ) Tj ET Q q 0 0 0 rg BT 345.44 335.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 390.31 335.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 438.11 335.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 467.54 335.15 Td (for ) Tj ET Q q 0 0 0 rg BT 482.09 335.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 507.72 335.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 539.20 335.15 Td (to ) Tj ET Q q 0 0 0 rg BT 549.67 335.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 94.42 322.55 Td (leases. ) Tj ET Q q 0 0 0 rg BT 124.47 322.55 Td ( ) Tj ET Q q 0 0 0 rg BT 126.83 322.55 Td (Lease ) Tj ET Q q 0 0 0 rg BT 153.66 322.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 177.02 322.55 Td (are ) Tj ET Q q 0 0 0 rg BT 192.19 322.55 Td (included ) Tj ET Q q 0 0 0 rg BT 230.71 322.55 Td (as ) Tj ET Q q 0 0 0 rg BT 241.81 322.55 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 291.39 322.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 327.57 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 338.09 322.55 Td (the ) Tj ET Q q 0 0 0 rg BT 353.27 322.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 411.04 322.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 459.48 322.55 Td (of ) Tj ET Q q 0 0 0 rg BT 470.58 322.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 504.42 322.55 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 536.23 322.55 Td ( ) Tj ET Q q 0 0 0 rg BT 538.59 322.55 Td (Fixed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.95 Td (base ) Tj ET Q q 0 0 0 rg BT 70.59 309.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 113.26 309.95 Td (on ) Tj ET Q q 0 0 0 rg BT 126.18 309.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 168.26 309.95 Td (leases ) Tj ET Q q 0 0 0 rg BT 195.76 309.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 216.27 309.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 250.77 309.95 Td (to ) Tj ET Q q 0 0 0 rg BT 261.36 309.95 Td (the ) Tj ET Q q 0 0 0 rg BT 276.62 309.95 Td (lessor ) Tj ET Q q 0 0 0 rg BT 303.54 309.95 Td (are ) Tj ET Q q 0 0 0 rg BT 318.79 309.95 Td (recorded ) Tj ET Q q 0 0 0 rg BT 357.94 309.95 Td (as ) Tj ET Q q 0 0 0 rg BT 369.12 309.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 392.53 309.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 428.78 309.95 Td (on ) Tj ET Q q 0 0 0 rg BT 441.71 309.95 Td (a ) Tj ET Q q 0 0 0 rg BT 448.79 309.95 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 501.96 309.95 Td (basis. ) Tj ET Q q 0 0 0 rg BT 528.01 309.95 Td ( ) Tj ET Q q 0 0 0 rg BT 530.44 309.95 Td (Related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 297.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 86.47 297.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 129.86 297.35 Td (based ) Tj ET Q q 0 0 0 rg BT 156.93 297.35 Td (on ) Tj ET Q q 0 0 0 rg BT 170.58 297.35 Td (usage, ) Tj ET Q q 0 0 0 rg BT 200.27 297.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 237.24 297.35 Td (in ) Tj ET Q q 0 0 0 rg BT 248.56 297.35 Td (an ) Tj ET Q q 0 0 0 rg BT 261.63 297.35 Td (index ) Tj ET Q q 0 0 0 rg BT 288.11 297.35 Td (or ) Tj ET Q q 0 0 0 rg BT 300.01 297.35 Td (market ) Tj ET Q q 0 0 0 rg BT 332.32 297.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 351.21 297.35 Td (are ) Tj ET Q q 0 0 0 rg BT 367.18 297.35 Td (expensed ) Tj ET Q q 0 0 0 rg BT 409.40 297.35 Td (as ) Tj ET Q q 0 0 0 rg BT 421.30 297.35 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 462.06 297.35 Td ( ) Tj ET Q q 0 0 0 rg BT 465.22 297.35 Td (Payments ) Tj ET Q q 0 0 0 rg BT 509.21 297.35 Td (on ) Tj ET Q q 0 0 0 rg BT 522.86 297.35 Td (financing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 77.20 284.75 Td (are ) Tj ET Q q 0 0 0 rg BT 92.64 284.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 131.99 284.75 Td (as ) Tj ET Q q 0 0 0 rg BT 143.36 284.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 166.97 284.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.42 284.75 Td (on ) Tj ET Q q 0 0 0 rg BT 216.54 284.75 Td (a ) Tj ET Q q 0 0 0 rg BT 223.83 284.75 Td (level-yield ) Tj ET Q q 0 0 0 rg BT 271.35 284.75 Td (basis.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 264.15 Td (Upon ) Tj ET Q q 0 0 0 rg BT 75.38 264.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 114.67 264.15 Td (on ) Tj ET Q q 0 0 0 rg BT 127.15 264.15 Td (April ) Tj ET Q q 0 0 0 rg BT 151.86 264.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 162.28 264.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 188.45 264.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 212.57 264.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 243.70 264.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 282.96 264.15 Td (ROU ) Tj ET Q q 0 0 0 rg BT 307.68 264.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 334.72 264.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.01 264.15 Td ($342,418) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.39 264.15 Td ( ) Tj ET Q q 0 0 0 rg BT 387.93 264.15 Td (and ) Tj ET Q q 0 0 0 rg BT 405.64 264.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 429.17 264.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 470.79 264.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.08 264.15 Td ($41) Tj ET Q q 0 0 0 rg BT 497.44 264.15 Td (1,1) Tj ET Q q 0 0 0 rg BT 510.18 264.15 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.68 264.15 Td ( ) Tj ET Q q 0 0 0 rg BT 523.22 264.15 Td (related ) Tj ET Q q 0 0 0 rg BT 554.33 264.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.55 Td (its ) Tj ET Q q 0 0 0 rg BT 61.61 251.55 Td (real ) Tj ET Q q 0 0 0 rg BT 79.53 251.55 Td (property ) Tj ET Q q 0 0 0 rg BT 117.28 251.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 159.12 251.55 Td (leases ) Tj ET Q q 0 0 0 rg BT 186.38 251.55 Td (and ) Tj ET Q q 0 0 0 rg BT 203.73 251.55 Td (equipment ) Tj ET Q q 0 0 0 rg BT 250.24 251.55 Td (financing ) Tj ET Q q 0 0 0 rg BT 292.07 251.55 Td (leases. ) Tj ET Q q 0 0 0 rg BT 321.96 251.55 Td ( ) Tj ET Q q 0 0 0 rg BT 324.14 251.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 347.90 251.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 378.67 251.55 Td (has ) Tj ET Q q 0 0 0 rg BT 394.85 251.55 Td (subleased ) Tj ET Q q 0 0 0 rg BT 437.86 251.55 Td (or ) Tj ET Q q 0 0 0 rg BT 448.79 251.55 Td (has ) Tj ET Q q 0 0 0 rg BT 464.98 251.55 Td (vacated ) Tj ET Q q 0 0 0 rg BT 499.22 251.55 Td (and ) Tj ET Q q 0 0 0 rg BT 516.57 251.55 Td (is ) Tj ET Q q 0 0 0 rg BT 525.76 251.55 Td (pursuing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.95 Td (subleases ) Tj ET Q q 0 0 0 rg BT 91.89 238.95 Td (for ) Tj ET Q q 0 0 0 rg BT 106.86 238.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 138.16 238.95 Td (of) Tj ET Q q 0 0 0 rg BT 146.72 238.95 Td (fice ) Tj ET Q q 0 0 0 rg BT 165.18 238.95 Td (space. ) Tj ET Q q 0 0 0 rg BT 193.86 238.95 Td ( ) Tj ET Q q 0 0 0 rg BT 195.99 238.95 Td (As ) Tj ET Q q 0 0 0 rg BT 210.39 238.95 Td (of ) Tj ET Q q 0 0 0 rg BT 221.87 238.95 Td (March ) Tj ET Q q 0 0 0 rg BT 252.00 238.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 267.86 238.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 294.21 238.95 Td (the ) Tj ET Q q 0 0 0 rg BT 309.77 238.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 333.49 238.95 Td (reserve ) Tj ET Q q 0 0 0 rg BT 366.53 238.95 Td (liability ) Tj ET Q q 0 0 0 rg BT 401.93 238.95 Td (for ) Tj ET Q q 0 0 0 rg BT 416.91 238.95 Td (subleased ) Tj ET Q q 0 0 0 rg BT 460.46 238.95 Td (space ) Tj ET Q q 0 0 0 rg BT 486.51 238.95 Td (and ) Tj ET Q q 0 0 0 rg BT 504.40 238.95 Td (vacated ) Tj ET Q q 0 0 0 rg BT 539.19 238.95 Td (space ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 226.35 Td (for ) Tj ET Q q 0 0 0 rg BT 66.28 226.35 Td (which ) Tj ET Q q 0 0 0 rg BT 96.47 226.35 Td (subleases ) Tj ET Q q 0 0 0 rg BT 140.67 226.35 Td (were ) Tj ET Q q 0 0 0 rg BT 165.60 226.35 Td (being ) Tj ET Q q 0 0 0 rg BT 193.46 226.35 Td (pursued ) Tj ET Q q 0 0 0 rg BT 231.24 226.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 244.52 226.35 Td ($24,063) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.65 226.35 Td ( ) Tj ET Q q 0 0 0 rg BT 283.18 226.35 Td (was ) Tj ET Q q 0 0 0 rg BT 304.04 226.35 Td (included ) Tj ET Q q 0 0 0 rg BT 344.74 226.35 Td (in ) Tj ET Q q 0 0 0 rg BT 357.44 226.35 Td (other ) Tj ET Q q 0 0 0 rg BT 383.55 226.35 Td (current ) Tj ET Q q 0 0 0 rg BT 417.81 226.35 Td (and ) Tj ET Q q 0 0 0 rg BT 437.51 226.35 Td (non-current ) Tj ET Q q 0 0 0 rg BT 491.02 226.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 534.63 226.35 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 226.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 107.85 213.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 144.61 213.75 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 170.88 213.75 Td (under ) Tj ET Q q 0 0 0 rg BT 197.73 213.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 221.08 213.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 270.09 213.75 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 313.55 213.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.50 213.75 Td (Upon ) Tj ET Q q 0 0 0 rg BT 342.77 213.75 Td (adoption ) Tj ET Q q 0 0 0 rg BT 382.46 213.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.15 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.92 213.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 446.10 213.75 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 489.56 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 505.33 213.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 541.52 213.75 Td (lease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 201.15 Td (reserve ) Tj ET Q q 0 0 0 rg BT 81.76 201.15 Td (liability ) Tj ET Q q 0 0 0 rg BT 116.38 201.15 Td (was ) Tj ET Q q 0 0 0 rg BT 134.66 201.15 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 184.42 201.15 Td (as ) Tj ET Q q 0 0 0 rg BT 195.12 201.15 Td (a ) Tj ET Q q 0 0 0 rg BT 201.73 201.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 243.33 201.15 Td (of ) Tj ET Q q 0 0 0 rg BT 254.03 201.15 Td (the ) Tj ET Q q 0 0 0 rg BT 268.81 201.15 Td (ROU ) Tj ET Q q 0 0 0 rg BT 292.93 201.15 Td (assets. ) Tj ET Q q 0 0 0 rg BT 322.00 201.15 Td (ROU ) Tj ET Q q 0 0 0 rg BT 346.12 201.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 372.57 201.15 Td (are ) Tj ET Q q 0 0 0 rg BT 387.34 201.15 Td (tested ) Tj ET Q q 0 0 0 rg BT 413.78 201.15 Td (for ) Tj ET Q q 0 0 0 rg BT 427.98 201.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 478.33 201.15 Td (when ) Tj ET Q q 0 0 0 rg BT 503.03 201.15 Td (circumstances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 188.55 Td (indicate ) Tj ET Q q 0 0 0 rg BT 85.36 188.55 Td (that ) Tj ET Q q 0 0 0 rg BT 103.73 188.55 Td (the ) Tj ET Q q 0 0 0 rg BT 119.18 188.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 156.79 188.55 Td (values ) Tj ET Q q 0 0 0 rg BT 186.24 188.55 Td (may ) Tj ET Q q 0 0 0 rg BT 206.94 188.55 Td (not ) Tj ET Q q 0 0 0 rg BT 222.99 188.55 Td (be ) Tj ET Q q 0 0 0 rg BT 235.52 188.55 Td (recoverable.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 167.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.22 167.95 Td (adoption ) Tj ET Q q 0 0 0 rg BT 107.36 167.95 Td (of ) Tj ET Q q 0 0 0 rg BT 118.50 167.95 Td (this ) Tj ET Q q 0 0 0 rg BT 136.07 167.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 176.37 167.95 Td (did ) Tj ET Q q 0 0 0 rg BT 192.18 167.95 Td (not ) Tj ET Q q 0 0 0 rg BT 207.99 167.95 Td (require ) Tj ET Q q 0 0 0 rg BT 240.12 167.95 Td (a ) Tj ET Q q 0 0 0 rg BT 247.17 167.95 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 296.22 167.95 Td (ef) Tj ET Q q 0 0 0 rg BT 304.19 167.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 322.32 167.95 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 370.79 167.95 Td (or ) Tj ET Q q 0 0 0 rg BT 381.94 167.95 Td (have ) Tj ET Q q 0 0 0 rg BT 404.15 167.95 Td (a ) Tj ET Q q 0 0 0 rg BT 411.21 167.95 Td (material ) Tj ET Q q 0 0 0 rg BT 448.00 167.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 478.97 167.95 Td (on ) Tj ET Q q 0 0 0 rg BT 491.87 167.95 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 167.95 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 155.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.20 155.35 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 155.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 143.69 155.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 173.14 155.35 Td (or ) Tj ET Q q 0 0 0 rg BT 184.51 155.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 242.55 155.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 291.25 155.35 Td (of ) Tj ET Q q 0 0 0 rg BT 302.63 155.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 326.25 155.35 Td (Flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 134.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 134.75 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 134.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 134.75 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 134.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.68 134.75 Td (information. ) Tj ET Q q 0 0 0 rg BT 212.51 134.75 Td ( ) Tj ET Q q 0 0 0 rg BT 215.13 134.75 Td ( ) Tj ET Q q 0 0 0 rg BT 217.76 134.75 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 114.15 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 76.63 114.15 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 101.55 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 77.01 101.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.11 101.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 147.78 101.55 Td (consist ) Tj ET Q q 0 0 0 rg BT 180.54 101.55 Td (of ) Tj ET Q q 0 0 0 rg BT 192.88 101.55 Td (software, ) Tj ET Q q 0 0 0 rg BT 235.25 101.55 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 278.50 101.55 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 344.80 101.55 Td (and ) Tj ET Q q 0 0 0 rg BT 363.55 101.55 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 414.10 101.55 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 465.51 101.55 Td (software ) Tj ET Q q 0 0 0 rg BT 505.25 101.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 543.84 101.55 Td (both ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 88.95 Td (purchased ) Tj ET Q q 0 0 0 rg BT 95.28 88.95 Td (software ) Tj ET Q q 0 0 0 rg BT 134.65 88.95 Td (and ) Tj ET Q q 0 0 0 rg BT 153.02 88.95 Td (internally ) Tj ET Q q 0 0 0 rg BT 196.48 88.95 Td (developed ) Tj ET Q q 0 0 0 rg BT 242.84 88.95 Td (software. ) Tj ET Q q 0 0 0 rg BT 284.84 88.95 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 334.13 88.95 Td (consists ) Tj ET Q q 0 0 0 rg BT 370.60 88.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 412.89 88.95 Td (of ) Tj ET Q q 0 0 0 rg BT 424.85 88.95 Td (communications ) Tj ET Q q 0 0 0 rg BT 497.47 88.95 Td (and ) Tj ET Q q 0 0 0 rg BT 515.85 88.95 Td (technology ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 76.35 Td (hardware ) Tj ET Q q 0 0 0 rg BT 91.78 76.35 Td (and ) Tj ET Q q 0 0 0 rg BT 110.15 76.35 Td (furniture ) Tj ET Q q 0 0 0 rg BT 150.11 76.35 Td (and ) Tj ET Q q 0 0 0 rg BT 168.48 76.35 Td (fixtures. ) Tj ET Q q 0 0 0 rg BT 206.40 76.35 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 233.54 76.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.25 76.35 Td (are ) Tj ET Q q 0 0 0 rg BT 277.29 76.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 315.49 76.35 Td (at ) Tj ET Q q 0 0 0 rg BT 326.28 76.35 Td (cost, ) Tj ET Q q 0 0 0 rg BT 349.04 76.35 Td (net ) Tj ET Q q 0 0 0 rg BT 365.08 76.35 Td (of ) Tj ET Q q 0 0 0 rg BT 377.05 76.35 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 433.32 76.35 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 488.43 76.35 Td (and ) Tj ET Q q 0 0 0 rg BT 506.81 76.35 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 565.12 76.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 63.75 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 106.28 63.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.00 63.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 179.63 63.75 Td (are ) Tj ET Q q 0 0 0 rg BT 195.01 63.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 244.80 63.75 Td (by ) Tj ET Q q 0 0 0 rg BT 257.86 63.75 Td (use ) Tj ET Q q 0 0 0 rg BT 274.41 63.75 Td (of ) Tj ET Q q 0 0 0 rg BT 285.72 63.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.11 63.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 354.41 63.75 Td (method. ) Tj ET Q q 0 0 0 rg BT 391.09 63.75 Td (Software ) Tj ET Q q 0 0 0 rg BT 431.55 63.75 Td (is ) Tj ET Q q 0 0 0 rg BT 441.11 63.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 485.65 63.75 Td (over ) Tj ET Q q 0 0 0 rg BT 506.87 63.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.26 63.75 Td (estimated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 51.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 77.18 51.15 Td (lives ) Tj ET Q q 0 0 0 rg BT 99.03 51.15 Td (of ) Tj ET Q q 0 0 0 rg BT 109.80 51.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.64 51.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 153.78 51.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 194.87 51.15 Td (three ) Tj ET Q q 0 0 0 rg BT 217.87 51.15 Td (to ) Tj ET Q q 0 0 0 rg BT 228.06 51.15 Td (five ) Tj ET Q q 0 0 0 rg BT 246.40 51.15 Td (years. ) Tj ET Q q 0 0 0 rg BT 273.20 51.15 Td ( ) Tj ET Q q 0 0 0 rg BT 275.22 51.15 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 320.38 51.15 Td (improvements ) Tj ET Q q 0 0 0 rg BT 382.48 51.15 Td (are ) Tj ET Q q 0 0 0 rg BT 397.31 51.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 441.31 51.15 Td (or ) Tj ET Q q 0 0 0 rg BT 452.08 51.15 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 502.48 51.15 Td (over ) Tj ET Q q 0 0 0 rg BT 523.16 51.15 Td (the ) Tj ET Q q 0 0 0 rg BT 538.00 51.15 Td (initial ) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (101) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (term ) Tj ET Q q 0 0 0 rg BT 70.85 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 81.70 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 96.63 741.75 Td (lease ) Tj ET Q q 0 0 0 rg BT 119.73 741.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 148.08 741.75 Td (options ) Tj ET Q q 0 0 0 rg BT 181.11 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 191.38 741.75 Td (extend ) Tj ET Q q 0 0 0 rg BT 221.48 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 236.40 741.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 262.42 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 272.70 741.75 Td (be ) Tj ET Q q 0 0 0 rg BT 284.71 741.75 Td (exercised. ) Tj ET Q q 0 0 0 rg BT 329.09 741.75 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 377.27 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 386.38 741.75 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 436.87 741.75 Td (over ) Tj ET Q q 0 0 0 rg BT 457.63 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.57 741.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 514.91 741.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 542.68 741.75 Td (lives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.91 729.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 106.96 729.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 148.94 729.15 Td (ranging ) Tj ET Q q 0 0 0 rg BT 183.94 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 207.27 729.15 Td (three ) Tj ET Q q 0 0 0 rg BT 231.17 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 242.26 729.15 Td (eight ) Tj ET Q q 0 0 0 rg BT 266.17 729.15 Td (years. ) Tj ET Q q 0 0 0 rg BT 293.87 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 296.58 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 315.83 729.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 335.66 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 347.33 729.15 Td (software ) Tj ET Q q 0 0 0 rg BT 386.40 729.15 Td (used ) Tj ET Q q 0 0 0 rg BT 408.57 729.15 Td (under ) Tj ET Q q 0 0 0 rg BT 435.39 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 442.97 729.15 Td (service ) Tj ET Q q 0 0 0 rg BT 475.63 729.15 Td (contract ) Tj ET Q q 0 0 0 rg BT 512.36 729.15 Td (where ) Tj ET Q q 0 0 0 rg BT 540.93 729.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.12 716.55 Td (does ) Tj ET Q q 0 0 0 rg BT 103.40 716.55 Td (not ) Tj ET Q q 0 0 0 rg BT 119.85 716.55 Td (own ) Tj ET Q q 0 0 0 rg BT 140.97 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 152.75 716.55 Td (control ) Tj ET Q q 0 0 0 rg BT 185.52 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 201.38 716.55 Td (software ) Tj ET Q q 0 0 0 rg BT 240.57 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 250.61 716.55 Td (expensed ) Tj ET Q q 0 0 0 rg BT 292.71 716.55 Td (over ) Tj ET Q q 0 0 0 rg BT 314.40 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.26 716.55 Td (term ) Tj ET Q q 0 0 0 rg BT 352.54 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 364.32 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 380.18 716.55 Td (contract. ) Tj ET Q q 0 0 0 rg BT 419.65 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 422.69 716.55 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 479.94 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 498.14 716.55 Td (repair ) Tj ET Q q 0 0 0 rg BT 525.65 716.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 549.69 716.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (expensed ) Tj ET Q q 0 0 0 rg BT 91.00 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 102.18 703.95 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 142.22 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 144.65 703.95 Td (Internally ) Tj ET Q q 0 0 0 rg BT 187.90 703.95 Td (developed ) Tj ET Q q 0 0 0 rg BT 233.48 703.95 Td (software ) Tj ET Q q 0 0 0 rg BT 272.07 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 281.50 703.95 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 322.42 703.95 Td (periodically ) Tj ET Q q 0 0 0 rg BT 375.00 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 385.60 703.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 430.01 703.95 Td (if ) Tj ET Q q 0 0 0 rg BT 438.86 703.95 Td (there ) Tj ET Q q 0 0 0 rg BT 462.28 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 471.71 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 478.81 703.95 Td (change ) Tj ET Q q 0 0 0 rg BT 510.97 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 521.57 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 536.83 703.95 Td (useful ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (life, ) Tj ET Q q 0 0 0 rg BT 68.81 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 80.24 691.35 Td (if ) Tj ET Q q 0 0 0 rg BT 89.34 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 101.96 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 127.38 691.35 Td (has ) Tj ET Q q 0 0 0 rg BT 144.07 691.35 Td (been ) Tj ET Q q 0 0 0 rg BT 166.58 691.35 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 209.21 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 211.90 691.35 Td (If ) Tj ET Q q 0 0 0 rg BT 221.58 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 237.10 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 262.53 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 272.22 691.35 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 314.86 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 330.37 691.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.47 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 363.17 691.35 Td (written ) Tj ET Q q 0 0 0 rg BT 395.60 691.35 Td (down ) Tj ET Q q 0 0 0 rg BT 421.62 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 432.48 691.35 Td (its ) Tj ET Q q 0 0 0 rg BT 445.09 691.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 462.35 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 487.78 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 499.21 691.35 Td (is ) Tj ET Q q 0 0 0 rg BT 508.90 691.35 Td (written ) Tj ET Q q 0 0 0 rg BT 541.34 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 549.89 691.35 Td (f ) Tj ET Q q 0 0 0 rg BT 556.08 691.35 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 678.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 87.99 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 97.62 678.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 147.47 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 158.27 678.75 Td (no ) Tj ET Q q 0 0 0 rg BT 171.39 678.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 200.84 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 223.29 678.75 Td (any ) Tj ET Q q 0 0 0 rg BT 241.07 678.75 Td (value.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 97.64 653.55 Td (Assets ) Tj ET Q q 0 0 0 rg BT 128.27 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 147.82 653.55 Td (Goodwill) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.45 640.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 108.38 640.95 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 157.57 640.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 200.93 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 226.80 640.95 Td (consist ) Tj ET Q q 0 0 0 rg BT 257.35 640.95 Td (principally ) Tj ET Q q 0 0 0 rg BT 304.21 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 314.33 640.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 336.11 640.95 Td (management ) Tj ET Q q 0 0 0 rg BT 391.13 640.95 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 433.02 640.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 472.30 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 481.84 640.95 Td (manage ) Tj ET Q q 0 0 0 rg BT 515.86 640.95 Td (proprietary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 80.25 628.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 107.79 628.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 134.45 628.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 161.99 628.35 Td (real ) Tj ET Q q 0 0 0 rg BT 179.31 628.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 204.80 628.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 232.34 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 242.67 628.35 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 308.40 628.35 Td (funds, ) Tj ET Q q 0 0 0 rg BT 335.94 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 352.69 628.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 375.26 628.35 Td (names ) Tj ET Q q 0 0 0 rg BT 403.67 628.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 442.00 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 463.99 628.35 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 518.36 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 519.95 628.35 Td (Intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.51 615.75 Td (are ) Tj ET Q q 0 0 0 rg BT 91.85 615.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 136.35 615.75 Td (over ) Tj ET Q q 0 0 0 rg BT 157.52 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 179.28 615.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 222.03 615.75 Td (useful ) Tj ET Q q 0 0 0 rg BT 250.21 615.75 Td (lives, ) Tj ET Q q 0 0 0 rg BT 275.18 615.75 Td (using ) Tj ET Q q 0 0 0 rg BT 300.45 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.80 615.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 369.05 615.75 Td (method, ) Tj ET Q q 0 0 0 rg BT 405.69 615.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 434.45 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.80 615.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 472.73 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 482.25 615.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 531.99 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.68 615.75 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (an ) Tj ET Q q 0 0 0 rg BT 62.53 603.15 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 105.88 603.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 134.65 603.15 Td (life. ) Tj ET Q q 0 0 0 rg BT 154.39 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 156.81 603.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 183.26 603.15 Td (management ) Tj ET Q q 0 0 0 rg BT 240.02 603.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 281.04 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 296.97 603.15 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 349.64 603.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 394.75 603.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 422.36 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 441.22 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 457.15 603.15 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 505.74 603.15 Td (at ) Tj ET Q q 0 0 0 rg BT 516.44 603.15 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.58 590.55 Td (amortized ) Tj ET Q q 0 0 0 rg BT 112.48 590.55 Td (over ) Tj ET Q q 0 0 0 rg BT 134.06 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 149.81 590.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 190.04 590.55 Td (life ) Tj ET Q q 0 0 0 rg BT 206.95 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 218.62 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 234.36 590.55 Td (contract. ) Tj ET Q q 0 0 0 rg BT 273.72 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 276.43 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 295.68 590.55 Td (value ) Tj ET Q q 0 0 0 rg BT 321.33 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 333.00 590.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 373.82 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 384.91 590.55 Td (manage ) Tj ET Q q 0 0 0 rg BT 420.48 590.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 447.90 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 458.98 590.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 508.55 590.55 Td (funds, ) Tj ET Q q 0 0 0 rg BT 537.43 590.55 Td (hedge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (funds, ) Tj ET Q q 0 0 0 rg BT 77.26 577.95 Td (real ) Tj ET Q q 0 0 0 rg BT 94.81 577.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 120.52 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 145.65 577.95 Td (or ) Tj ET Q q 0 0 0 rg BT 156.21 577.95 Td (funds-of-hedge ) Tj ET Q q 0 0 0 rg BT 222.16 577.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 247.30 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 264.26 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 278.90 577.95 Td (value ) Tj ET Q q 0 0 0 rg BT 303.44 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 314.00 577.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 336.79 577.95 Td (names ) Tj ET Q q 0 0 0 rg BT 365.42 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 380.04 577.95 Td (classified ) Tj ET Q q 0 0 0 rg BT 421.50 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 432.06 577.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 491.59 577.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 535.39 577.95 Td (assets. ) Tj ET Q q 0 0 0 rg BT 565.13 577.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.83 565.35 Td (assignment ) Tj ET Q q 0 0 0 rg BT 119.08 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 130.83 565.35 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 174.07 565.35 Td (lives ) Tj ET Q q 0 0 0 rg BT 196.90 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 208.07 565.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 257.72 565.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 279.97 565.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 320.87 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 330.88 565.35 Td (based ) Tj ET Q q 0 0 0 rg BT 357.79 565.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 381.79 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 397.63 565.35 Td (assumption ) Tj ET Q q 0 0 0 rg BT 448.46 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 467.21 565.35 Td (there ) Tj ET Q q 0 0 0 rg BT 491.20 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 501.21 565.35 Td (no ) Tj ET Q q 0 0 0 rg BT 514.71 565.35 Td (foreseeable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 71.82 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 84.80 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 100.10 552.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 136.40 552.75 Td (period ) Tj ET Q q 0 0 0 rg BT 165.70 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 176.35 552.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 211.47 552.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 260.60 552.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 286.41 552.75 Td (due ) Tj ET Q q 0 0 0 rg BT 304.05 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 314.70 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.00 552.75 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 375.06 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 386.29 552.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 430.17 552.75 Td (renewal ) Tj ET Q q 0 0 0 rg BT 465.88 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 475.94 552.75 Td (little ) Tj ET Q q 0 0 0 rg BT 497.67 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 508.89 552.75 Td (no ) Tj ET Q q 0 0 0 rg BT 521.87 552.75 Td (cost. ) Tj ET Q q 0 0 0 rg BT 543.89 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 552.75 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (assignment ) Tj ET Q q 0 0 0 rg BT 100.39 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 112.78 540.15 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 156.66 540.15 Td (lives ) Tj ET Q q 0 0 0 rg BT 180.13 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 191.94 540.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 216.57 540.15 Td (names ) Tj ET Q q 0 0 0 rg BT 247.04 540.15 Td (is ) Tj ET Q q 0 0 0 rg BT 257.69 540.15 Td (based ) Tj ET Q q 0 0 0 rg BT 285.24 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 299.38 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 315.85 540.15 Td (assumption ) Tj ET Q q 0 0 0 rg BT 367.33 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 386.72 540.15 Td (they ) Tj ET Q q 0 0 0 rg BT 408.44 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 424.90 540.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 465.85 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 477.66 540.15 Td (generate ) Tj ET Q q 0 0 0 rg BT 516.86 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.16 540.15 Td (flows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (indefinitely) Tj ET Q q 0 0 0 rg BT 97.22 527.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.94 502.35 Td (represents ) Tj ET Q q 0 0 0 rg BT 135.28 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 149.88 502.35 Td (residual ) Tj ET Q q 0 0 0 rg BT 184.89 502.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.15 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 228.67 502.35 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.52 502.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.21 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 305.15 502.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 334.32 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 344.84 502.35 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.85 502.35 Td (tangible ) Tj ET Q q 0 0 0 rg BT 422.45 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 439.38 502.35 Td (intangible ) Tj ET Q q 0 0 0 rg BT 483.14 502.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.41 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 526.34 502.35 Td (assumed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 94.84 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.47 489.75 Td (Indefinite-life ) Tj ET Q q 0 0 0 rg BT 160.41 489.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.04 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.17 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 252.96 489.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 293.93 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 310.38 489.75 Td (not ) Tj ET Q q 0 0 0 rg BT 327.44 489.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 373.05 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 388.93 489.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.29 489.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 473.16 489.75 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 516.75 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 520.39 489.75 Td (Given ) Tj ET Q q 0 0 0 rg BT 549.68 489.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 84.01 477.15 Td (significance ) Tj ET Q q 0 0 0 rg BT 137.77 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 149.55 477.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 194.57 477.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 222.10 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 240.29 477.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 280.65 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 291.85 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 307.71 477.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 357.55 477.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 413.65 477.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.41 477.15 Td (statements, ) Tj ET Q q 0 0 0 rg BT 503.39 477.15 Td (on ) Tj ET Q q 0 0 0 rg BT 516.92 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 524.61 477.15 Td (quarterly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 73.44 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 97.96 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 129.48 464.55 Td (considers ) Tj ET Q q 0 0 0 rg BT 172.08 464.55 Td (if ) Tj ET Q q 0 0 0 rg BT 181.43 464.55 Td (triggering ) Tj ET Q q 0 0 0 rg BT 225.78 464.55 Td (events ) Tj ET Q q 0 0 0 rg BT 255.55 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 278.31 464.55 Td (occurred ) Tj ET Q q 0 0 0 rg BT 317.97 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 336.66 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 357.68 464.55 Td (indicate ) Tj ET Q q 0 0 0 rg BT 393.85 464.55 Td (that ) Tj ET Q q 0 0 0 rg BT 412.54 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 428.31 464.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.82 464.55 Td (values ) Tj ET Q q 0 0 0 rg BT 475.58 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 498.35 464.55 Td (declined ) Tj ET Q q 0 0 0 rg BT 536.85 464.55 Td (below ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (their ) Tj ET Q q 0 0 0 rg BT 71.69 451.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 117.21 451.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 155.14 451.95 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 196.30 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 199.04 451.95 Td (T) Tj ET Q q 0 0 0 rg BT 205.08 451.95 Td (riggering ) Tj ET Q q 0 0 0 rg BT 246.52 451.95 Td (events ) Tj ET Q q 0 0 0 rg BT 276.30 451.95 Td (may ) Tj ET Q q 0 0 0 rg BT 297.33 451.95 Td (include ) Tj ET Q q 0 0 0 rg BT 331.19 451.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 378.46 451.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 413.48 451.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 450.25 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 461.37 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 477.15 451.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.91 451.95 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 61.22 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 439.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 100.40 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 112.12 439.35 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 158.25 439.35 Td (environment, ) Tj ET Q q 0 0 0 rg BT 216.91 439.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 236.23 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 247.95 439.35 Td (key ) Tj ET Q q 0 0 0 rg BT 266.08 439.35 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 312.50 439.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 359.80 439.35 Td (business ) Tj ET Q q 0 0 0 rg BT 398.36 439.35 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 454.14 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 465.86 439.35 Td (other ) Tj ET Q q 0 0 0 rg BT 490.41 439.35 Td (events, ) Tj ET Q q 0 0 0 rg BT 522.83 439.35 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 86.61 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.07 426.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 142.17 426.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 202.02 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 223.98 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 241.26 426.75 Td (af) Tj ET Q q 0 0 0 rg BT 249.23 426.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 281.10 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 300.13 426.75 Td (will ) Tj ET Q q 0 0 0 rg BT 319.76 426.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 351.62 426.75 Td (future ) Tj ET Q q 0 0 0 rg BT 379.98 426.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 422.93 426.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 456.26 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 459.55 426.75 Td (If ) Tj ET Q q 0 0 0 rg BT 469.83 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 477.78 426.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 522.48 426.75 Td (event ) Tj ET Q q 0 0 0 rg BT 548.50 426.75 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 93.74 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 111.45 414.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.17 414.15 Td (will ) Tj ET Q q 0 0 0 rg BT 178.39 414.15 Td (perform ) Tj ET Q q 0 0 0 rg BT 217.10 414.15 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 271.56 414.15 Td (tests, ) Tj ET Q q 0 0 0 rg BT 297.74 414.15 Td (which ) Tj ET Q q 0 0 0 rg BT 328.28 414.15 Td (include ) Tj ET Q q 0 0 0 rg BT 364.08 414.15 Td (critical ) Tj ET Q q 0 0 0 rg BT 398.11 414.15 Td (reviews ) Tj ET Q q 0 0 0 rg BT 435.66 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.29 414.15 Td (all ) Tj ET Q q 0 0 0 rg BT 464.67 414.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 513.88 414.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 547.34 414.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 106.05 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 116.21 401.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 160.19 401.55 Td (if ) Tj ET Q q 0 0 0 rg BT 168.60 401.55 Td (any ) Tj ET Q q 0 0 0 rg BT 185.76 401.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 229.75 401.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 256.25 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 266.99 401.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 306.32 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 321.14 401.55 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 363.08 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 365.08 401.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 388.65 401.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 419.24 401.55 Td (considers ) Tj ET Q q 0 0 0 rg BT 460.89 401.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 491.46 401.55 Td (such ) Tj ET Q q 0 0 0 rg BT 512.70 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 523.45 401.55 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.01 388.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 95.20 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 112.21 388.95 Td (revenue ) Tj ET Q q 0 0 0 rg BT 147.29 388.95 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 190.85 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 200.87 388.95 Td (determine ) Tj ET Q q 0 0 0 rg BT 244.70 388.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 280.37 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 295.05 388.95 Td (value ) Tj ET Q q 0 0 0 rg BT 319.64 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 330.24 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 388.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 371.27 388.95 Td (is ) Tj ET Q q 0 0 0 rg BT 380.13 388.95 Td (impaired ) Tj ET Q q 0 0 0 rg BT 419.30 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 436.31 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 450.99 388.95 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 510.57 388.95 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.71 376.35 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 117.54 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.94 376.35 Td (If ) Tj ET Q q 0 0 0 rg BT 129.33 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 141.63 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 164.44 376.35 Td (is ) Tj ET Q q 0 0 0 rg BT 173.84 376.35 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 216.18 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 231.41 376.35 Td (dif) Tj ET Q q 0 0 0 rg BT 242.88 376.35 Td (ference ) Tj ET Q q 0 0 0 rg BT 276.16 376.35 Td (between ) Tj ET Q q 0 0 0 rg BT 313.54 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 328.76 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 353.90 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 365.04 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 380.26 376.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 403.07 376.35 Td (reflected ) Tj ET Q q 0 0 0 rg BT 442.19 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 455.08 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 470.31 376.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 525.77 376.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 96.54 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 114.41 363.75 Td (its ) Tj ET Q q 0 0 0 rg BT 127.04 363.75 Td (current ) Tj ET Q q 0 0 0 rg BT 159.48 363.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.76 363.75 Td (value ) Tj ET Q q 0 0 0 rg BT 202.21 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 211.93 363.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 260.70 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 272.15 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 284.78 363.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 321.31 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 332.18 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 347.72 363.75 Td (period ) Tj ET Q q 0 0 0 rg BT 377.26 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 388.14 363.75 Td (which ) Tj ET Q q 0 0 0 rg BT 416.51 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 432.05 363.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 483.16 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 492.88 363.75 Td (determined. ) Tj ET Q q 0 0 0 rg BT 545.45 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.16 363.75 Td (If ) Tj ET Q q 0 0 0 rg BT 557.86 363.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (triggering ) Tj ET Q q 0 0 0 rg BT 92.30 351.15 Td (event ) Tj ET Q q 0 0 0 rg BT 116.43 351.15 Td (has ) Tj ET Q q 0 0 0 rg BT 131.82 351.15 Td (not ) Tj ET Q q 0 0 0 rg BT 146.63 351.15 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 187.37 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.59 351.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.81 351.15 Td (performs ) Tj ET Q q 0 0 0 rg BT 283.11 351.15 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 334.07 351.15 Td (tests ) Tj ET Q q 0 0 0 rg BT 354.13 351.15 Td (annually ) Tj ET Q q 0 0 0 rg BT 391.68 351.15 Td (at ) Tj ET Q q 0 0 0 rg BT 400.65 351.15 Td (October ) Tj ET Q q 0 0 0 rg BT 435.86 351.15 Td (31 ) Tj ET Q q 0 0 0 rg BT 447.75 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 461.39 351.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 520.51 351.15 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.01 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 95.19 338.55 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 138.16 338.55 Td (unless ) Tj ET Q q 0 0 0 rg BT 167.42 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 183.26 338.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.11 338.55 Td (can ) Tj ET Q q 0 0 0 rg BT 244.69 338.55 Td (qualitatively ) Tj ET Q q 0 0 0 rg BT 300.19 338.55 Td (conclude ) Tj ET Q q 0 0 0 rg BT 341.11 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 359.86 338.55 Td (it ) Tj ET Q q 0 0 0 rg BT 368.71 338.55 Td (is ) Tj ET Q q 0 0 0 rg BT 378.73 338.55 Td (more ) Tj ET Q q 0 0 0 rg BT 403.32 338.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 430.24 338.55 Td (than ) Tj ET Q q 0 0 0 rg BT 451.34 338.55 Td (not ) Tj ET Q q 0 0 0 rg BT 467.77 338.55 Td (that ) Tj ET Q q 0 0 0 rg BT 486.52 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 502.37 338.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 547.94 338.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (values ) Tj ET Q q 0 0 0 rg BT 79.49 325.95 Td (exceed ) Tj ET Q q 0 0 0 rg BT 111.80 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 127.79 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 159.52 325.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 197.66 325.95 Td (values. ) Tj ET Q q 0 0 0 rg BT 230.28 325.95 Td ( ) Tj ET Q q 0 0 0 rg BT 233.21 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 252.70 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 270.44 325.95 Td (values ) Tj ET Q q 0 0 0 rg BT 300.43 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 312.34 325.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 357.50 325.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.16 325.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 418.07 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 429.40 325.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 485.63 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 501.61 325.95 Td (considered ) Tj ET Q q 0 0 0 rg BT 550.26 325.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 100.53 313.35 Td (at ) Tj ET Q q 0 0 0 rg BT 110.73 313.35 Td (each ) Tj ET Q q 0 0 0 rg BT 132.59 313.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 173.70 313.35 Td (period ) Tj ET Q q 0 0 0 rg BT 203.15 313.35 Td (using ) Tj ET Q q 0 0 0 rg BT 228.53 313.35 Td (an ) Tj ET Q q 0 0 0 rg BT 241.07 313.35 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 299.69 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.97 313.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 342.84 313.35 Td (analysis.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.01 288.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 109.92 288.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 136.34 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 156.92 288.15 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 199.08 288.15 Td (lives, ) Tj ET Q q 0 0 0 rg BT 223.46 288.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 239.95 288.15 Td (value ) Tj ET Q q 0 0 0 rg BT 264.61 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 273.53 288.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 322.68 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 345.01 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 351.59 288.15 Td (market ) Tj ET Q q 0 0 0 rg BT 382.67 288.15 Td (participant's ) Tj ET Q q 0 0 0 rg BT 435.46 288.15 Td (perspective ) Tj ET Q q 0 0 0 rg BT 485.19 288.15 Td (based ) Tj ET Q q 0 0 0 rg BT 511.02 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 523.44 288.15 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 97.67 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 119.01 275.55 Td (flows, ) Tj ET Q q 0 0 0 rg BT 147.65 275.55 Td (which ) Tj ET Q q 0 0 0 rg BT 175.98 275.55 Td (take ) Tj ET Q q 0 0 0 rg BT 196.15 275.55 Td (into ) Tj ET Q q 0 0 0 rg BT 215.17 275.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 274.41 275.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 316.17 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 327.59 275.55 Td (future ) Tj ET Q q 0 0 0 rg BT 355.34 275.55 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 397.96 275.55 Td (profit ) Tj ET Q q 0 0 0 rg BT 423.97 275.55 Td (mar) Tj ET Q q 0 0 0 rg BT 440.10 275.55 Td (gins, ) Tj ET Q q 0 0 0 rg BT 462.91 275.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 495.33 275.55 Td (rates, ) Tj ET Q q 0 0 0 rg BT 520.46 275.55 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 547.34 275.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 88.24 262.95 Td (rates. ) Tj ET Q q 0 0 0 rg BT 113.84 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 262.95 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 167.39 262.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 189.79 262.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 230.85 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 249.75 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 265.73 262.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 306.78 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 325.10 262.95 Td (operated ) Tj ET Q q 0 0 0 rg BT 364.40 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 376.31 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 384.13 262.95 Td (single ) Tj ET Q q 0 0 0 rg BT 412.36 262.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 431.86 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 450.17 262.95 Td (meet ) Tj ET Q q 0 0 0 rg BT 473.74 262.95 Td (other ) Tj ET Q q 0 0 0 rg BT 498.47 262.95 Td (criteria ) Tj ET Q q 0 0 0 rg BT 531.35 262.95 Td (may ) Tj ET Q q 0 0 0 rg BT 552.59 262.95 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 97.75 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 112.19 250.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 162.78 250.35 Td (testing. ) Tj ET Q q 0 0 0 rg BT 195.60 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 197.79 250.35 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 239.66 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 248.85 250.35 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 291.27 250.35 Td (at ) Tj ET Q q 0 0 0 rg BT 301.04 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.06 250.35 Td (reporting ) Tj ET Q q 0 0 0 rg BT 356.75 250.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 375.27 250.35 Td (level, ) Tj ET Q q 0 0 0 rg BT 400.50 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 417.85 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 427.05 250.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 474.72 250.35 Td (for ) Tj ET Q q 0 0 0 rg BT 489.16 250.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 539.76 250.35 Td (when ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.17 237.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 102.99 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 128.57 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.15 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 155.82 237.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 197.15 237.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 216.32 237.75 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 252.39 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 268.05 237.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 302.97 237.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 320.38 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 345.96 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 357.55 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 373.21 237.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 414.54 237.75 Td (unit. ) Tj ET Q q 0 0 0 rg BT 436.34 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.18 237.75 Td (In ) Tj ET Q q 0 0 0 rg BT 450.76 237.75 Td (estimating ) Tj ET Q q 0 0 0 rg BT 497.35 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 513.02 237.75 Td (implied ) Tj ET Q q 0 0 0 rg BT 547.94 237.75 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (value ) Tj ET Q q 0 0 0 rg BT 74.44 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 85.39 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 100.42 225.15 Td (reporting ) Tj ET Q q 0 0 0 rg BT 141.10 225.15 Td (unit, ) Tj ET Q q 0 0 0 rg BT 162.27 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 186.04 225.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 216.83 225.15 Td (uses ) Tj ET Q q 0 0 0 rg BT 237.11 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 278.38 225.15 Td (techniques ) Tj ET Q q 0 0 0 rg BT 325.49 225.15 Td (principally ) Tj ET Q q 0 0 0 rg BT 373.18 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 399.28 225.15 Td (on ) Tj ET Q q 0 0 0 rg BT 411.99 225.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 459.68 225.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 500.94 225.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 521.80 225.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 547.34 225.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 87.41 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 89.94 212.55 Td (multiples, ) Tj ET Q q 0 0 0 rg BT 134.18 212.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 165.87 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 176.56 212.55 Td (techniques ) Tj ET Q q 0 0 0 rg BT 223.99 212.55 Td (employed ) Tj ET Q q 0 0 0 rg BT 267.92 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 278.62 212.55 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 321.96 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 337.31 212.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 377.16 212.55 Td (price ) Tj ET Q q 0 0 0 rg BT 400.67 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 411.94 212.55 Td (an ) Tj ET Q q 0 0 0 rg BT 424.38 212.55 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 475.61 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 478.13 212.55 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 520.33 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 529.86 212.55 Td (deemed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.76 199.95 Td (be ) Tj ET Q q 0 0 0 rg BT 71.76 199.95 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 122.81 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 132.48 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 147.40 199.95 Td (reporting ) Tj ET Q q 0 0 0 rg BT 187.97 199.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 206.40 199.95 Td (level, ) Tj ET Q q 0 0 0 rg BT 231.52 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 259.27 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 268.36 199.95 Td (also ) Tj ET Q q 0 0 0 rg BT 287.37 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 302.28 199.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 344.03 199.95 Td (segment ) Tj ET Q q 0 0 0 rg BT 381.11 199.95 Td (level ) Tj ET Q q 0 0 0 rg BT 403.60 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 421.44 199.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 445.10 199.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 475.77 199.95 Td (defines ) Tj ET Q q 0 0 0 rg BT 508.19 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 519.02 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 199.95 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.40 187.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 130.78 187.35 Td (segment. ) Tj ET Q q 0 0 0 rg BT 169.97 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 171.42 187.35 Td (This ) Tj ET Q q 0 0 0 rg BT 191.66 187.35 Td (results ) Tj ET Q q 0 0 0 rg BT 220.64 187.35 Td (from ) Tj ET Q q 0 0 0 rg BT 242.62 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 257.01 187.35 Td (fact ) Tj ET Q q 0 0 0 rg BT 274.32 187.35 Td (that ) Tj ET Q q 0 0 0 rg BT 291.63 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 306.02 187.35 Td (chief ) Tj ET Q q 0 0 0 rg BT 328.58 187.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.80 187.35 Td (decision ) Tj ET Q q 0 0 0 rg BT 406.36 187.35 Td (maker) Tj ET Q q 0 0 0 rg BT 432.17 187.35 Td (, ) Tj ET Q q 0 0 0 rg BT 436.37 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 459.51 187.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 495.64 187.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 520.53 187.35 Td (Executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 174.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 79.20 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 84.59 174.75 Td (regularly ) Tj ET Q q 0 0 0 rg BT 125.25 174.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 162.41 174.75 Td (discrete ) Tj ET Q q 0 0 0 rg BT 197.82 174.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.32 174.75 Td (information ) Tj ET Q q 0 0 0 rg BT 289.66 174.75 Td (at ) Tj ET Q q 0 0 0 rg BT 300.00 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.59 174.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 371.42 174.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 402.16 174.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 428.25 174.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 485.83 174.75 Td (business ) Tj ET Q q 0 0 0 rg BT 524.18 174.75 Td (level ) Tj ET Q q 0 0 0 rg BT 547.35 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (does ) Tj ET Q q 0 0 0 rg BT 72.19 162.15 Td (not ) Tj ET Q q 0 0 0 rg BT 89.05 162.15 Td (regularly ) Tj ET Q q 0 0 0 rg BT 130.39 162.15 Td (receive ) Tj ET Q q 0 0 0 rg BT 164.14 162.15 Td (discrete ) Tj ET Q q 0 0 0 rg BT 200.23 162.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.40 162.15 Td (information, ) Tj ET Q q 0 0 0 rg BT 296.04 162.15 Td (such ) Tj ET Q q 0 0 0 rg BT 318.73 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 330.92 162.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 374.01 162.15 Td (results, ) Tj ET Q q 0 0 0 rg BT 407.49 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 418.51 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 437.11 162.15 Td (lower ) Tj ET Q q 0 0 0 rg BT 464.46 162.15 Td (level, ) Tj ET Q q 0 0 0 rg BT 490.94 162.15 Td (such ) Tj ET Q q 0 0 0 rg BT 513.62 162.15 Td (as ) Tj ET Q q 0 0 0 rg BT 525.81 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 542.08 162.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (management ) Tj ET Q q 0 0 0 rg BT 106.04 149.55 Td (af) Tj ET Q q 0 0 0 rg BT 114.01 149.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 141.40 149.55 Td (level. ) Tj ET Q q 0 0 0 rg BT 166.69 149.55 Td (Allocations ) Tj ET Q q 0 0 0 rg BT 218.00 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 229.64 149.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 269.87 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 285.01 149.55 Td (management ) Tj ET Q q 0 0 0 rg BT 341.56 149.55 Td (restructures, ) Tj ET Q q 0 0 0 rg BT 396.06 149.55 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 451.75 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 469.81 149.55 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 522.88 149.55 Td (are ) Tj ET Q q 0 0 0 rg BT 538.60 149.55 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.63 136.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 96.73 136.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 113.93 136.95 Td (values ) Tj ET Q q 0 0 0 rg BT 143.38 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 154.75 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 170.20 136.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 215.39 136.95 Td (businesses ) Tj ET Q q 0 0 0 rg BT 262.35 136.95 Td (restructured, ) Tj ET Q q 0 0 0 rg BT 317.74 136.95 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 359.14 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 370.51 136.95 Td (divested.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (See ) Tj ET Q q 0 0 0 rg BT 66.91 111.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.57 111.75 Td (5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.82 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 97.08 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 111.57 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 155.81 111.75 Td (information ) Tj ET Q q 0 0 0 rg BT 207.64 111.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 250.12 111.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 294.36 111.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 321.11 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 338.52 111.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 378.11 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.52 111.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.18 111.75 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.68 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 430.93 111.75 Td (for ) Tj ET Q q 0 0 0 rg BT 445.43 111.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 489.67 111.75 Td (business ) Tj ET Q q 0 0 0 rg BT 527.51 111.75 Td (segment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (information.) Tj ET Q endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (102) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 96.94 729.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 117.56 729.30 Td (is ) Tj ET Q q 0 0 0 rg BT 127.11 729.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 166.37 729.30 Td (at ) Tj ET Q q 0 0 0 rg BT 176.49 729.30 Td (amortized ) Tj ET Q q 0 0 0 rg BT 221.01 729.30 Td (cost.� ) Tj ET Q q 0 0 0 rg BT 245.72 729.30 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 303.07 729.30 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 350.23 729.30 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 395.07 729.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 415.69 729.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 453.80 729.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 477.34 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 495.04 729.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.15 729.30 Td (value ) Tj ET Q q 0 0 0 rg BT 537.43 729.30 Td (hedge ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 102.60 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 134.11 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 145.21 716.70 Td (long-term ) Tj ET Q q 0 0 0 rg BT 189.56 716.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 210.57 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 226.33 716.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 269.50 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 280.61 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 296.38 716.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 331.38 716.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 355.89 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 367.58 716.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 394.42 716.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 447.52 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 458.63 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 474.39 716.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 512.31 716.70 Td (value ) Tj ET Q q 0 0 0 rg BT 537.99 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 716.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 95.28 704.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 139.31 704.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.01 704.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 195.30 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.09 704.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 257.69 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.48 704.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 302.60 704.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 339.04 704.10 Td (over ) Tj ET Q q 0 0 0 rg BT 360.32 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.77 704.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 398.81 704.10 Td (term ) Tj ET Q q 0 0 0 rg BT 420.67 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.04 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.50 704.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 493.27 704.10 Td (debt.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (T) Tj ET Q q 0 0 0 rg BT 55.72 678.90 Td (ranslation ) Tj ET Q q 0 0 0 rg BT 103.86 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 115.23 678.90 Td (For) Tj ET Q q 0 0 0 rg BT 131.36 678.90 Td (eign ) Tj ET Q q 0 0 0 rg BT 152.66 678.90 Td (Curr) Tj ET Q q 0 0 0 rg BT 175.21 678.90 Td (encies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (Assets ) Tj ET Q q 0 0 0 rg BT 79.57 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 97.38 666.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 139.11 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 150.51 666.30 Td (foreign ) Tj ET Q q 0 0 0 rg BT 183.48 666.30 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 235.71 666.30 Td (that ) Tj ET Q q 0 0 0 rg BT 254.10 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 269.57 666.30 Td (denominated ) Tj ET Q q 0 0 0 rg BT 326.45 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 337.27 666.30 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 377.84 666.30 Td (dollar ) Tj ET Q q 0 0 0 rg BT 404.98 666.30 Td (functional ) Tj ET Q q 0 0 0 rg BT 450.20 666.30 Td (currencies ) Tj ET Q q 0 0 0 rg BT 495.99 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 511.45 666.30 Td (translated ) Tj ET Q q 0 0 0 rg BT 554.92 666.30 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 91.32 653.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.33 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 124.26 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 135.18 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.19 653.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 207.79 653.70 Td (Balance ) Tj ET Q q 0 0 0 rg BT 243.78 653.70 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 269.29 653.70 Td (dates. ) Tj ET Q q 0 0 0 rg BT 295.68 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 297.86 653.70 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 340.86 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 358.20 653.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 398.29 653.70 Td (are ) Tj ET Q q 0 0 0 rg BT 413.29 653.70 Td (translated ) Tj ET Q q 0 0 0 rg BT 456.29 653.70 Td (at ) Tj ET Q q 0 0 0 rg BT 466.05 653.70 Td (average ) Tj ET Q q 0 0 0 rg BT 500.87 653.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 542.69 653.70 Td (rates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (during ) Tj ET Q q 0 0 0 rg BT 79.42 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.76 641.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 126.72 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.05 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 147.88 641.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 172.56 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.81 641.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 211.41 641.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 250.67 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 273.59 641.10 Td (translating ) Tj ET Q q 0 0 0 rg BT 320.42 641.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 353.25 641.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 392.49 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.73 641.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 478.56 641.10 Td (into ) Tj ET Q q 0 0 0 rg BT 497.41 641.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 518.59 641.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 549.68 641.10 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (included ) Tj ET Q q 0 0 0 rg BT 90.28 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 103.07 628.50 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 162.66 628.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.53 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 213.31 628.50 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 281.50 628.50 Td (income ) Tj ET Q q 0 0 0 rg BT 317.03 628.50 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 347.61 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 352.23 628.50 Td (Gains ) Tj ET Q q 0 0 0 rg BT 381.35 628.50 Td (or ) Tj ET Q q 0 0 0 rg BT 394.72 628.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 424.43 628.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 465.80 628.50 Td (from ) Tj ET Q q 0 0 0 rg BT 490.83 628.50 Td (foreign ) Tj ET Q q 0 0 0 rg BT 525.78 628.50 Td (currency ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 102.28 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 117.72 615.90 Td (included ) Tj ET Q q 0 0 0 rg BT 156.50 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 167.30 615.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 185.08 615.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 219.19 615.90 Td (\(Loss\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (Loss ) Tj ET Q q 0 0 0 rg BT 72.55 590.70 Td (Contingencies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.65 578.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.81 578.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 138.85 578.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 180.50 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.32 578.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 214.23 578.10 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 274.54 578.10 Td (related ) Tj ET Q q 0 0 0 rg BT 305.68 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.42 578.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 339.40 578.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 374.34 578.10 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 437.87 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.60 578.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 511.54 578.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 553.76 578.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 71.84 565.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 93.31 565.50 Td (when ) Tj ET Q q 0 0 0 rg BT 117.99 565.50 Td (it ) Tj ET Q q 0 0 0 rg BT 125.76 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 134.70 565.50 Td (probable ) Tj ET Q q 0 0 0 rg BT 173.37 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 191.05 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 197.64 565.50 Td (liability ) Tj ET Q q 0 0 0 rg BT 232.25 565.50 Td (has ) Tj ET Q q 0 0 0 rg BT 248.18 565.50 Td (been ) Tj ET Q q 0 0 0 rg BT 269.93 565.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 306.85 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 323.95 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 338.71 565.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 372.14 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 382.83 565.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 401.10 565.50 Td (can ) Tj ET Q q 0 0 0 rg BT 417.61 565.50 Td (be ) Tj ET Q q 0 0 0 rg BT 429.45 565.50 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 476.87 565.50 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 521.67 565.50 Td (Estimates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (for ) Tj ET Q q 0 0 0 rg BT 64.35 552.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 92.04 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 105.14 552.90 Td (matters ) Tj ET Q q 0 0 0 rg BT 138.65 552.90 Td (that ) Tj ET Q q 0 0 0 rg BT 157.00 552.90 Td (exist ) Tj ET Q q 0 0 0 rg BT 179.43 552.90 Td (as ) Tj ET Q q 0 0 0 rg BT 190.78 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 202.13 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 217.56 552.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 258.66 552.90 Td (date ) Tj ET Q q 0 0 0 rg BT 278.75 552.90 Td (may ) Tj ET Q q 0 0 0 rg BT 299.43 552.90 Td (be ) Tj ET Q q 0 0 0 rg BT 311.94 552.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 349.54 552.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 372.55 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 383.32 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 398.75 552.90 Td (related ) Tj ET Q q 0 0 0 rg BT 429.92 552.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.25 552.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 512.10 552.90 Td (issuance ) Tj ET Q q 0 0 0 rg BT 550.27 552.90 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 85.87 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 96.58 540.30 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 141.71 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 153.01 540.30 Td (an ) Tj ET Q q 0 0 0 rg BT 165.47 540.30 Td (outcome ) Tj ET Q q 0 0 0 rg BT 204.17 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 215.46 540.30 Td (estimable ) Tj ET Q q 0 0 0 rg BT 258.25 540.30 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 299.01 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 301.56 540.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 336.17 540.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 378.95 540.30 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 424.64 540.30 Td (are ) Tj ET Q q 0 0 0 rg BT 440.01 540.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 479.28 540.30 Td (separately ) Tj ET Q q 0 0 0 rg BT 524.39 540.30 Td (when ) Tj ET Q q 0 0 0 rg BT 549.68 540.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (underwriter ) Tj ET Q q 0 0 0 rg BT 101.10 527.70 Td (has ) Tj ET Q q 0 0 0 rg BT 117.73 527.70 Td (confirmed ) Tj ET Q q 0 0 0 rg BT 163.50 527.70 Td (coverage ) Tj ET Q q 0 0 0 rg BT 204.01 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 215.39 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 222.67 527.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 257.95 527.70 Td (claim ) Tj ET Q q 0 0 0 rg BT 283.90 527.70 Td (amount. ) Tj ET Q q 0 0 0 rg BT 320.64 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 323.27 527.70 Td (See ) Tj ET Q q 0 0 0 rg BT 341.05 527.70 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.09 527.70 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.34 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 371.96 527.70 Td (for ) Tj ET Q q 0 0 0 rg BT 386.83 527.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 431.45 527.70 Td (information.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 107.55 502.50 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.34 489.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 112.17 489.90 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 165.00 489.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 226.59 489.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 264.85 489.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 307.18 489.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 332.61 489.90 Td (units, ) Tj ET Q q 0 0 0 rg BT 358.92 489.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 384.35 489.90 Td (options, ) Tj ET Q q 0 0 0 rg BT 421.17 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 434.34 489.90 Td (employee ) Tj ET Q q 0 0 0 rg BT 478.43 489.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 503.86 489.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 544.44 489.90 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (\("ESPP"\), ) Tj ET Q q 0 0 0 rg BT 95.21 477.30 Td (market- ) Tj ET Q q 0 0 0 rg BT 131.45 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 150.21 477.30 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 234.25 477.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 290.89 477.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 320.72 477.30 Td (payable ) Tj ET Q q 0 0 0 rg BT 356.96 477.30 Td (in ) Tj ET Q q 0 0 0 rg BT 368.72 477.30 Td (common ) Tj ET Q q 0 0 0 rg BT 409.05 477.30 Td (stock, ) Tj ET Q q 0 0 0 rg BT 437.43 477.30 Td (management ) Tj ET Q q 0 0 0 rg BT 494.67 477.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.51 477.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 550.26 477.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.53 464.70 Td (af) Tj ET Q q 0 0 0 rg BT 88.50 464.70 Td (filiates ) Tj ET Q q 0 0 0 rg BT 119.54 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 137.18 464.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 174.62 464.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 235.41 464.70 Td (payable ) Tj ET Q q 0 0 0 rg BT 270.53 464.70 Td (in ) Tj ET Q q 0 0 0 rg BT 281.16 464.70 Td (stock. ) Tj ET Q q 0 0 0 rg BT 308.42 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 310.89 464.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 339.60 464.70 Td (its ) Tj ET Q q 0 0 0 rg BT 351.99 464.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 376.63 464.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 437.42 464.70 Td (plans, ) Tj ET Q q 0 0 0 rg BT 464.68 464.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 488.72 464.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 519.78 464.70 Td (has ) Tj ET Q q 0 0 0 rg BT 536.24 464.70 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.06 452.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 110.10 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.58 452.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 162.25 452.10 Td (of) Tj ET Q q 0 0 0 rg BT 170.81 452.10 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 199.06 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.53 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 240.41 452.10 Td (key ) Tj ET Q q 0 0 0 rg BT 257.88 452.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 307.72 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.03 452.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 338.58 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.72 452.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 379.36 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.41 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.55 452.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 422.86 452.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 438.06 452.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 489.64 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 513.53 452.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 544.42 452.10 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (not ) Tj ET Q q 0 0 0 rg BT 64.69 439.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 88.03 439.50 Td (any ) Tj ET Q q 0 0 0 rg BT 104.96 439.50 Td (new ) Tj ET Q q 0 0 0 rg BT 124.22 439.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 155.73 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 166.24 439.50 Td (amend ) Tj ET Q q 0 0 0 rg BT 196.00 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 206.52 439.50 Td (modify ) Tj ET Q q 0 0 0 rg BT 238.62 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 253.22 439.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 278.31 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 288.83 439.50 Td (any ) Tj ET Q q 0 0 0 rg BT 305.76 439.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 356.53 439.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 388.03 439.50 Td (under ) Tj ET Q q 0 0 0 rg BT 413.71 439.50 Td (any ) Tj ET Q q 0 0 0 rg BT 430.64 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 441.16 439.50 Td (its ) Tj ET Q q 0 0 0 rg BT 452.85 439.50 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 504.18 439.50 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (plans. ) Tj ET Q q 0 0 0 rg BT 76.39 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 78.49 426.90 Td (In ) Tj ET Q q 0 0 0 rg BT 89.33 426.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 128.47 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 143.39 426.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 182.81 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 193.65 426.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 221.99 426.90 Td (under ) Tj ET Q q 0 0 0 rg BT 248.00 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 262.92 426.90 Td (ESPP) Tj ET Q q 0 0 0 rg BT 286.47 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 288.56 426.90 Td (ceased ) Tj ET Q q 0 0 0 rg BT 318.64 426.90 Td (in ) Tj ET Q q 0 0 0 rg BT 328.91 426.90 Td (February ) Tj ET Q q 0 0 0 rg BT 368.91 426.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 392.01 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 409.27 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 424.19 426.90 Td (ESPP) Tj ET Q q 0 0 0 rg BT 447.74 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 449.83 426.90 Td (will ) Tj ET Q q 0 0 0 rg BT 468.27 426.90 Td (terminate ) Tj ET Q q 0 0 0 rg BT 510.01 426.90 Td (immediately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.54 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 83.33 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 98.78 414.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 131.74 414.30 Td (date ) Tj ET Q q 0 0 0 rg BT 151.85 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 163.22 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 178.68 414.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 195.98 414.30 Td (ger) Tj ET Q q 0 0 0 rg BT 208.81 414.30 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.34 389.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.65 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.41 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.33 389.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 190.57 389.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 238.73 389.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 281.35 389.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.76 389.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 377.68 389.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 414.76 389.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 437.86 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.20 389.10 Td (all ) Tj ET Q q 0 0 0 rg BT 464.79 389.10 Td (non-vested ) Tj ET Q q 0 0 0 rg BT 512.95 389.10 Td (share-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 81.27 376.50 Td (classified ) Tj ET Q q 0 0 0 rg BT 122.96 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 133.74 376.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 162.02 376.50 Td (at ) Tj ET Q q 0 0 0 rg BT 171.63 376.50 Td (their ) Tj ET Q q 0 0 0 rg BT 192.91 376.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 216.52 376.50 Td (date ) Tj ET Q q 0 0 0 rg BT 236.04 376.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 252.65 376.50 Td (value ) Tj ET Q q 0 0 0 rg BT 277.42 376.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 321.43 376.50 Td (over ) Tj ET Q q 0 0 0 rg BT 342.13 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 356.99 376.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 401.58 376.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 433.95 376.50 Td (periods, ) Tj ET Q q 0 0 0 rg BT 469.52 376.50 Td (which ) Tj ET Q q 0 0 0 rg BT 497.21 376.50 Td (may ) Tj ET Q q 0 0 0 rg BT 517.33 376.50 Td (be ) Tj ET Q q 0 0 0 rg BT 529.27 376.50 Td (reduced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 65.13 363.90 Td (retirement-eligible ) Tj ET Q q 0 0 0 rg BT 146.64 363.90 Td (recipients, ) Tj ET Q q 0 0 0 rg BT 193.47 363.90 Td (on ) Tj ET Q q 0 0 0 rg BT 207.35 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.56 363.90 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 277.68 363.90 Td (method. ) Tj ET Q q 0 0 0 rg BT 315.18 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 318.32 363.90 Td (The ) Tj ET Q q 0 0 0 rg BT 338.03 363.90 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 383.97 363.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 401.92 363.90 Td (value ) Tj ET Q q 0 0 0 rg BT 428.04 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 440.17 363.90 Td (equity-classified ) Tj ET Q q 0 0 0 rg BT 512.95 363.90 Td (share-based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 82.19 351.30 Td (with ) Tj ET Q q 0 0 0 rg BT 103.81 351.30 Td (immediate ) Tj ET Q q 0 0 0 rg BT 151.08 351.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 184.36 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 194.32 351.30 Td (also ) Tj ET Q q 0 0 0 rg BT 214.19 351.30 Td (included ) Tj ET Q q 0 0 0 rg BT 253.29 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 264.41 351.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 328.03 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 346.14 351.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 382.33 351.30 Td (expense. ) Tj ET Q q 0 0 0 rg BT 421.73 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 424.46 351.30 Td (The ) Tj ET Q q 0 0 0 rg BT 443.74 351.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 461.04 351.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 476.75 351.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 526.35 351.30 Td (provides ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 63.44 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 77.96 338.70 Td (settlement ) Tj ET Q q 0 0 0 rg BT 122.80 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 133.24 338.70 Td (all ) Tj ET Q q 0 0 0 rg BT 145.43 338.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 196.12 338.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.06 338.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 255.49 338.70 Td (\(vested ) Tj ET Q q 0 0 0 rg BT 287.50 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 304.35 338.70 Td (unvested\), ) Tj ET Q q 0 0 0 rg BT 349.49 338.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 395.51 338.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 418.20 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 432.72 338.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 450.02 338.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 465.12 338.70 Td (closing. ) Tj ET Q q 0 0 0 rg BT 499.77 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 501.34 338.70 Td (The ) Tj ET Q q 0 0 0 rg BT 519.36 338.70 Td (settlement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.56 326.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 100.20 326.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 132.25 326.10 Td (accommodates ) Tj ET Q q 0 0 0 rg BT 196.95 326.10 Td (Franklin's ) Tj ET Q q 0 0 0 rg BT 240.82 326.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 289.21 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.27 326.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 324.16 326.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 357.68 326.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 400.51 326.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 424.40 326.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 455.29 326.10 Td (does ) Tj ET Q q 0 0 0 rg BT 476.85 326.10 Td (not ) Tj ET Q q 0 0 0 rg BT 492.58 326.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 516.47 326.10 Td (any ) Tj ET Q q 0 0 0 rg BT 533.94 326.10 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 99.33 313.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.28 313.50 Td (expense. ) Tj ET Q q 0 0 0 rg BT 199.35 313.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (Excess ) Tj ET Q q 0 0 0 rg BT 80.36 288.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 94.90 288.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 129.84 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 146.70 288.30 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 198.55 288.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 243.40 288.30 Td (with ) Tj ET Q q 0 0 0 rg BT 263.78 288.30 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 315.05 288.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.07 288.30 Td (are ) Tj ET Q q 0 0 0 rg BT 389.60 288.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 437.36 288.30 Td (as ) Tj ET Q q 0 0 0 rg BT 447.81 288.30 Td (discrete ) Tj ET Q q 0 0 0 rg BT 482.16 288.30 Td (items ) Tj ET Q q 0 0 0 rg BT 506.62 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 516.49 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 288.30 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 63.78 275.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 104.90 275.70 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 142.50 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 152.12 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 166.41 275.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 223.27 275.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 270.80 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 281.00 275.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 313.94 275.70 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 342.23 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 351.85 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 366.13 275.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 406.07 275.70 Td (period ) Tj ET Q q 0 0 0 rg BT 434.35 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 443.97 275.70 Td (which ) Tj ET Q q 0 0 0 rg BT 471.09 275.70 Td (they ) Tj ET Q q 0 0 0 rg BT 490.62 275.70 Td (occur) Tj ET Q q 0 0 0 rg BT 513.52 275.70 Td (, ) Tj ET Q q 0 0 0 rg BT 517.59 275.70 Td (potentially ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 95.19 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.55 263.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 151.00 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.28 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.64 263.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 211.66 263.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.03 263.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 269.23 263.10 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 307.91 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.19 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.39 263.10 Td (result ) Tj ET Q q 0 0 0 rg BT 352.25 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.54 263.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 415.65 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.35 263.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 450.46 263.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 487.55 263.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 512.25 263.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 538.40 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.94 263.10 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.39 250.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 121.44 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 136.99 250.50 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 184.03 250.50 Td (as ) Tj ET Q q 0 0 0 rg BT 196.09 250.50 Td (they ) Tj ET Q q 0 0 0 rg BT 217.47 250.50 Td (occur) Tj ET Q q 0 0 0 rg BT 240.21 250.50 Td (. ) Tj ET Q q 0 0 0 rg BT 246.15 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 249.46 250.50 Td (Cash ) Tj ET Q q 0 0 0 rg BT 273.77 250.50 Td (flows ) Tj ET Q q 0 0 0 rg BT 300.41 250.50 Td (related ) Tj ET Q q 0 0 0 rg BT 332.28 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 343.76 250.50 Td (income ) Tj ET Q q 0 0 0 rg BT 377.98 250.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 394.11 250.50 Td (deductions ) Tj ET Q q 0 0 0 rg BT 442.92 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 454.39 250.50 Td (excess ) Tj ET Q q 0 0 0 rg BT 485.11 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 497.16 250.50 Td (or ) Tj ET Q q 0 0 0 rg BT 509.22 250.50 Td (less ) Tj ET Q q 0 0 0 rg BT 528.28 250.50 Td (than ) Tj ET Q q 0 0 0 rg BT 549.67 250.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (related ) Tj ET Q q 0 0 0 rg BT 82.07 237.90 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 135.64 237.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 197.97 237.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 235.79 237.90 Td (are ) Tj ET Q q 0 0 0 rg BT 252.62 237.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 296.28 237.90 Td (as ) Tj ET Q q 0 0 0 rg BT 309.03 237.90 Td (Cash ) Tj ET Q q 0 0 0 rg BT 334.04 237.90 Td (Flows ) Tj ET Q q 0 0 0 rg BT 363.72 237.90 Td (from ) Tj ET Q q 0 0 0 rg BT 388.14 237.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 433.24 237.90 Td (Activities ) Tj ET Q q 0 0 0 rg BT 478.08 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 490.25 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 237.90 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.20 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 225.30 Td (Cash ) Tj ET Q q 0 0 0 rg BT 133.20 225.30 Td (Flows.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.90 200.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.30 200.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 151.19 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.84 200.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 182.24 200.10 Td (value ) Tj ET Q q 0 0 0 rg BT 206.80 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.37 200.10 Td (option-like ) Tj ET Q q 0 0 0 rg BT 265.27 200.10 Td (af) Tj ET Q q 0 0 0 rg BT 273.24 200.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 299.55 200.10 Td (management ) Tj ET Q q 0 0 0 rg BT 355.02 200.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 383.08 200.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 402.98 200.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 430.47 200.10 Td (using ) Tj ET Q q 0 0 0 rg BT 455.05 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.70 200.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 532.17 200.10 Td (option-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 82.25 187.50 Td (model, ) Tj ET Q q 0 0 0 rg BT 114.12 187.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 146.87 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 158.05 187.50 Td (any ) Tj ET Q q 0 0 0 rg BT 176.21 187.50 Td (post-vesting ) Tj ET Q q 0 0 0 rg BT 230.55 187.50 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 274.98 187.50 Td (discounts. ) Tj ET Q q 0 0 0 rg BT 320.28 187.50 Td ( ) Tj ET Q q 0 0 0 rg BT 323.28 187.50 Td (Performance ) Tj ET Q q 0 0 0 rg BT 379.93 187.50 Td (share ) Tj ET Q q 0 0 0 rg BT 405.09 187.50 Td (units ) Tj ET Q q 0 0 0 rg BT 428.52 187.50 Td (are ) Tj ET Q q 0 0 0 rg BT 444.34 187.50 Td (valued ) Tj ET Q q 0 0 0 rg BT 475.34 187.50 Td (using ) Tj ET Q q 0 0 0 rg BT 501.10 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 508.76 187.50 Td (Monte ) Tj ET Q q 0 0 0 rg BT 539.18 187.50 Td (Carlo ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.87 174.90 Td (model. ) Tj ET Q q 0 0 0 rg BT 113.36 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.99 174.90 Td (See ) Tj ET Q q 0 0 0 rg BT 133.77 174.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.81 174.90 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 167.31 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 169.94 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 184.80 174.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.42 174.90 Td (information ) Tj ET Q q 0 0 0 rg BT 281.62 174.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 324.48 174.90 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 376.67 174.90 Td (compensation.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 92.97 149.70 Td (Per) Tj ET Q q 0 0 0 rg BT 108.52 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 111.14 149.70 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.54 149.70 Td (e) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 75.09 137.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 112.93 137.10 Td (per ) Tj ET Q q 0 0 0 rg BT 128.60 137.10 Td (share ) Tj ET Q q 0 0 0 rg BT 153.02 137.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 203.10 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 137.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 237.37 137.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 270.84 137.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.13 137.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 344.46 137.10 Td (\("EPS"\) ) Tj ET Q q 0 0 0 rg BT 380.39 137.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.65 137.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 434.47 137.10 Td (by ) Tj ET Q q 0 0 0 rg BT 447.24 137.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 484.50 137.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 501.93 137.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 535.68 137.10 Td (\(Loss\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 102.33 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 112.58 124.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 136.25 124.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 169.55 124.50 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 187.67 124.50 Td (\(adjusted ) Tj ET Q q 0 0 0 rg BT 228.25 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 238.50 124.50 Td (remove ) Tj ET Q q 0 0 0 rg BT 272.08 124.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 309.74 124.50 Td (allocated ) Tj ET Q q 0 0 0 rg BT 349.72 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 359.98 124.50 Td (participating ) Tj ET Q q 0 0 0 rg BT 415.14 124.50 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 460.38 124.50 Td (by ) Tj ET Q q 0 0 0 rg BT 472.96 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 487.88 124.50 Td (weighted-average ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (number ) Tj ET Q q 0 0 0 rg BT 83.45 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 94.07 111.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 122.19 111.90 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 175.69 111.90 Td (which ) Tj ET Q q 0 0 0 rg BT 203.22 111.90 Td (excludes ) Tj ET Q q 0 0 0 rg BT 241.83 111.90 Td (participating ) Tj ET Q q 0 0 0 rg BT 296.77 111.90 Td (securities. ) Tj ET Q q 0 0 0 rg BT 340.93 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 342.80 111.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 366.25 111.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 396.71 111.90 Td (has ) Tj ET Q q 0 0 0 rg BT 412.58 111.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 440.71 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 450.75 111.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.53 111.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 538.47 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 540.34 111.90 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (units ) Tj ET Q q 0 0 0 rg BT 72.10 99.30 Td (that ) Tj ET Q q 0 0 0 rg BT 90.02 99.30 Td (are ) Tj ET Q q 0 0 0 rg BT 105.02 99.30 Td (deemed ) Tj ET Q q 0 0 0 rg BT 139.85 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 150.19 99.30 Td (be ) Tj ET Q q 0 0 0 rg BT 162.28 99.30 Td (participating ) Tj ET Q q 0 0 0 rg BT 217.52 99.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 259.35 99.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 281.94 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 292.29 99.30 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 327.42 99.30 Td (because ) Tj ET Q q 0 0 0 rg BT 362.83 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 377.83 99.30 Td (related ) Tj ET Q q 0 0 0 rg BT 408.58 99.30 Td (unvested ) Tj ET Q q 0 0 0 rg BT 448.08 99.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 489.32 99.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 513.66 99.30 Td (units ) Tj ET Q q 0 0 0 rg BT 536.26 99.30 Td (entitle ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (their ) Tj ET Q q 0 0 0 rg BT 71.34 86.70 Td (holder ) Tj ET Q q 0 0 0 rg BT 100.76 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 111.52 86.70 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 173.59 86.70 Td (dividend ) Tj ET Q q 0 0 0 rg BT 212.93 86.70 Td (rights. ) Tj ET Q q 0 0 0 rg BT 242.06 86.70 Td (In ) Tj ET Q q 0 0 0 rg BT 253.40 86.70 Td (this ) Tj ET Q q 0 0 0 rg BT 271.17 86.70 Td (circumstance, ) Tj ET Q q 0 0 0 rg BT 331.78 86.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 380.44 86.70 Td (guidance ) Tj ET Q q 0 0 0 rg BT 420.93 86.70 Td (requires ) Tj ET Q q 0 0 0 rg BT 457.34 86.70 Td (a ) Tj ET Q q 0 0 0 rg BT 464.60 86.70 Td (�two-class ) Tj ET Q q 0 0 0 rg BT 511.51 86.70 Td (method� ) Tj ET Q q 0 0 0 rg BT 550.26 86.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (EPS ) Tj ET Q q 0 0 0 rg BT 70.05 74.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 122.65 74.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.84 74.10 Td (excludes ) Tj ET Q q 0 0 0 rg BT 180.03 74.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 218.06 74.10 Td (\(potentially ) Tj ET Q q 0 0 0 rg BT 268.91 74.10 Td (both ) Tj ET Q q 0 0 0 rg BT 290.03 74.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 337.40 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.01 74.10 Td (undistributed\) ) Tj ET Q q 0 0 0 rg BT 416.37 74.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 456.72 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.34 74.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 522.86 74.10 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.33 61.50 Td (does ) Tj ET Q q 0 0 0 rg BT 89.24 61.50 Td (not ) Tj ET Q q 0 0 0 rg BT 105.32 61.50 Td (allocate ) Tj ET Q q 0 0 0 rg BT 140.63 61.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 168.39 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 179.22 61.50 Td (participating ) Tj ET Q q 0 0 0 rg BT 234.95 61.50 Td (securities. ) Tj ET Q q 0 0 0 rg BT 279.90 61.50 Td ( ) Tj ET Q q 0 0 0 rg BT 282.56 61.50 Td (Contingently ) Tj ET Q q 0 0 0 rg BT 340.06 61.50 Td (issuable ) Tj ET Q q 0 0 0 rg BT 376.56 61.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 405.47 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 420.95 61.50 Td (excluded ) Tj ET Q q 0 0 0 rg BT 461.52 61.50 Td (from ) Tj ET Q q 0 0 0 rg BT 484.59 61.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 513.50 61.50 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 48.90 Td (basic ) Tj ET Q q 0 0 0 rg BT 88.57 48.90 Td (EPS ) Tj ET Q q 0 0 0 rg BT 109.29 48.90 Td (until ) Tj ET Q q 0 0 0 rg BT 131.16 48.90 Td (the ) Tj ET Q q 0 0 0 rg BT 146.62 48.90 Td (contingency ) Tj ET Q q 0 0 0 rg BT 200.56 48.90 Td (is ) Tj ET Q q 0 0 0 rg BT 210.19 48.90 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 251.01 48.90 Td ( ) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (103) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 84.45 741.75 Td (EPS ) Tj ET Q q 0 0 0 rg BT 106.00 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 116.45 741.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 149.07 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 160.69 741.75 Td (basic ) Tj ET Q q 0 0 0 rg BT 185.72 741.75 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 209.89 741.75 Td (but ) Tj ET Q q 0 0 0 rg BT 226.76 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.04 741.75 Td (ef) Tj ET Q q 0 0 0 rg BT 251.01 741.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.20 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.40 741.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 322.59 741.75 Td (common ) Tj ET Q q 0 0 0 rg BT 362.79 741.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.49 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 402.94 741.75 Td (included ) Tj ET Q q 0 0 0 rg BT 442.55 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 454.17 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.45 741.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 519.97 741.75 Td (unless ) Tj ET Q q 0 0 0 rg BT 549.67 741.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 89.59 729.15 Td (common ) Tj ET Q q 0 0 0 rg BT 129.69 729.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 159.27 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 175.44 729.15 Td (antidilutive. ) Tj ET Q q 0 0 0 rg BT 229.24 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 232.59 729.15 Td (For ) Tj ET Q q 0 0 0 rg BT 250.53 729.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 284.79 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 306.80 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 314.81 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 330.99 729.15 Td (loss, ) Tj ET Q q 0 0 0 rg BT 353.31 729.15 Td (potential ) Tj ET Q q 0 0 0 rg BT 393.40 729.15 Td (common ) Tj ET Q q 0 0 0 rg BT 433.49 729.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 463.08 729.15 Td (other ) Tj ET Q q 0 0 0 rg BT 488.00 729.15 Td (than ) Tj ET Q q 0 0 0 rg BT 509.43 729.15 Td (participating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (securities, ) Tj ET Q q 0 0 0 rg BT 93.86 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 108.75 716.55 Td (considered ) Tj ET Q q 0 0 0 rg BT 156.32 716.55 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 206.22 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 223.46 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 238.36 716.55 Td (excluded ) Tj ET Q q 0 0 0 rg BT 278.34 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 300.83 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 315.73 716.55 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 366.50 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 368.12 716.55 Td (Also, ) Tj ET Q q 0 0 0 rg BT 392.66 716.55 Td (contingently ) Tj ET Q q 0 0 0 rg BT 447.23 716.55 Td (issuable ) Tj ET Q q 0 0 0 rg BT 483.14 716.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 511.46 716.55 Td (are ) Tj ET Q q 0 0 0 rg BT 526.36 716.55 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 703.95 Td (diluted ) Tj ET Q q 0 0 0 rg BT 92.08 703.95 Td (EPS ) Tj ET Q q 0 0 0 rg BT 112.80 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 127.67 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 143.12 703.95 Td (entire ) Tj ET Q q 0 0 0 rg BT 169.65 703.95 Td (period ) Tj ET Q q 0 0 0 rg BT 199.10 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 209.89 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 238.18 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 253.63 703.95 Td (contingency ) Tj ET Q q 0 0 0 rg BT 307.57 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 317.20 703.95 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 358.02 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 678.75 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 678.75 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.82 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 103.45 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 118.32 678.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.93 678.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 209.31 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 220.68 678.75 Td (EPS.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 115.12 653.55 Td (Costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.24 640.95 Td (further ) Tj ET Q q 0 0 0 rg BT 95.88 640.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 139.20 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 150.44 640.95 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.92 640.95 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.42 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 190.12 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 214.76 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 246.42 640.95 Td (has ) Tj ET Q q 0 0 0 rg BT 263.49 640.95 Td (initiated ) Tj ET Q q 0 0 0 rg BT 300.97 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 308.70 640.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 347.34 640.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 404.06 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 415.30 640.95 Td (reduce ) Tj ET Q q 0 0 0 rg BT 446.35 640.95 Td (costs. ) Tj ET Q q 0 0 0 rg BT 473.04 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 475.89 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 495.29 640.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 519.36 640.95 Td (associated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 70.63 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 85.91 628.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 123.93 628.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 180.04 628.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 221.57 628.35 Td (relate ) Tj ET Q q 0 0 0 rg BT 247.34 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 257.97 628.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 301.24 628.35 Td (termination ) Tj ET Q q 0 0 0 rg BT 352.10 628.35 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 390.42 628.35 Td (incentives ) Tj ET Q q 0 0 0 rg BT 435.45 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 446.08 628.35 Td (retain ) Tj ET Q q 0 0 0 rg BT 472.44 628.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 519.80 628.35 Td (during ) Tj ET Q q 0 0 0 rg BT 549.67 628.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (transition ) Tj ET Q q 0 0 0 rg BT 91.64 615.75 Td (period, ) Tj ET Q q 0 0 0 rg BT 123.57 615.75 Td (char) Tj ET Q q 0 0 0 rg BT 141.44 615.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 157.92 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 172.64 615.75 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 231.69 615.75 Td (leased ) Tj ET Q q 0 0 0 rg BT 260.40 615.75 Td (of) Tj ET Q q 0 0 0 rg BT 268.96 615.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 287.17 615.75 Td (space, ) Tj ET Q q 0 0 0 rg BT 315.59 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.23 615.75 Td (other ) Tj ET Q q 0 0 0 rg BT 357.28 615.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 400.29 615.75 Td (such ) Tj ET Q q 0 0 0 rg BT 422.01 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 433.24 615.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 487.03 615.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 509.04 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 511.34 615.75 Td (T) Tj ET Q q 0 0 0 rg BT 517.02 615.75 Td (ermination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 89.27 603.15 Td (including ) Tj ET Q q 0 0 0 rg BT 132.84 603.15 Td (severance ) Tj ET Q q 0 0 0 rg BT 178.13 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 197.19 603.15 Td (retention ) Tj ET Q q 0 0 0 rg BT 238.42 603.15 Td (incentives, ) Tj ET Q q 0 0 0 rg BT 287.52 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 304.24 603.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 344.87 603.15 Td (as ) Tj ET Q q 0 0 0 rg BT 357.52 603.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 422.09 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 441.15 603.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 478.30 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 490.37 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 603.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 98.74 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 110.64 590.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 145.28 590.55 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 177.90 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 180.83 590.55 Td (These ) Tj ET Q q 0 0 0 rg BT 209.06 590.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 270.54 590.55 Td (items ) Tj ET Q q 0 0 0 rg BT 296.44 590.55 Td (require ) Tj ET Q q 0 0 0 rg BT 329.33 590.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 377.40 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 388.72 590.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 423.96 590.55 Td (future ) Tj ET Q q 0 0 0 rg BT 452.18 590.55 Td (service ) Tj ET Q q 0 0 0 rg BT 485.08 590.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 506.02 590.55 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 549.69 590.55 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (expensed ) Tj ET Q q 0 0 0 rg BT 90.39 577.95 Td (ratably ) Tj ET Q q 0 0 0 rg BT 121.36 577.95 Td (over ) Tj ET Q q 0 0 0 rg BT 141.83 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 156.48 577.95 Td (required ) Tj ET Q q 0 0 0 rg BT 193.28 577.95 Td (service ) Tj ET Q q 0 0 0 rg BT 224.83 577.95 Td (period. ) Tj ET Q q 0 0 0 rg BT 256.09 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 257.91 577.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 283.63 577.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 306.45 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 321.09 577.95 Td (expensed ) Tj ET Q q 0 0 0 rg BT 361.97 577.95 Td (when ) Tj ET Q q 0 0 0 rg BT 386.54 577.95 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 425.96 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 427.78 577.95 Td (Char) Tj ET Q q 0 0 0 rg BT 448.00 577.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 463.81 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 477.87 577.95 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 536.27 577.95 Td (leased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 565.35 Td (fice ) Tj ET Q q 0 0 0 rg BT 76.54 565.35 Td (space ) Tj ET Q q 0 0 0 rg BT 102.61 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 118.17 565.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 157.65 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 168.56 565.35 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 218.54 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 229.45 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 245.03 565.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 303.19 565.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 352.01 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 363.51 565.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 397.74 565.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 427.32 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 445.23 565.35 Td (other ) Tj ET Q q 0 0 0 rg BT 469.55 565.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 510.21 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 525.77 565.35 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.29 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 552.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 126.18 552.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 168.46 552.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 204.90 552.75 Td (classifications.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 91.89 527.55 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.61 527.55 Td (Inter) Tj ET Q q 0 0 0 rg BT 142.16 527.55 Td (ests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.48 514.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 152.29 514.95 Td (include ) Tj ET Q q 0 0 0 rg BT 185.02 514.95 Td (af) Tj ET Q q 0 0 0 rg BT 192.98 514.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 219.29 514.95 Td (minority ) Tj ET Q q 0 0 0 rg BT 257.28 514.95 Td (interests, ) Tj ET Q q 0 0 0 rg BT 296.71 514.95 Td (third-party ) Tj ET Q q 0 0 0 rg BT 343.43 514.95 Td (investor ) Tj ET Q q 0 0 0 rg BT 379.08 514.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 407.15 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 417.13 514.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.02 514.95 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 516.42 514.95 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 91.53 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 109.94 502.35 Td (vested ) Tj ET Q q 0 0 0 rg BT 140.00 502.35 Td (af) Tj ET Q q 0 0 0 rg BT 147.97 502.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 175.70 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 232.59 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 262.08 502.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 283.41 502.35 Td (interests. ) Tj ET Q q 0 0 0 rg BT 324.27 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 326.80 502.35 Td (Af) Tj ET Q q 0 0 0 rg BT 337.69 502.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 365.42 502.35 Td (minority ) Tj ET Q q 0 0 0 rg BT 404.83 502.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 443.07 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 458.55 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 487.46 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 503.53 502.35 Td (holder ) Tj ET Q q 0 0 0 rg BT 533.60 502.35 Td (may ) Tj ET Q q 0 0 0 rg BT 554.92 502.35 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (some ) Tj ET Q q 0 0 0 rg BT 75.68 489.75 Td (point ) Tj ET Q q 0 0 0 rg BT 101.27 489.75 Td (request ) Tj ET Q q 0 0 0 rg BT 135.60 489.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 182.77 489.75 Td (are ) Tj ET Q q 0 0 0 rg BT 199.60 489.75 Td (classified ) Tj ET Q q 0 0 0 rg BT 243.26 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 256.02 489.75 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 308.42 489.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 374.25 489.75 Td (interests. ) Tj ET Q q 0 0 0 rg BT 415.88 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 419.89 489.75 Td (For ) Tj ET Q q 0 0 0 rg BT 438.49 489.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 464.67 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.84 489.75 Td (other ) Tj ET Q q 0 0 0 rg BT 509.43 489.75 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 94.87 477.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 143.74 477.15 Td (products ) Tj ET Q q 0 0 0 rg BT 182.69 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 204.14 477.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 251.83 477.15 Td (investors, ) Tj ET Q q 0 0 0 rg BT 295.16 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 310.78 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 342.13 477.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 406.75 477.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 444.53 477.15 Td (are ) Tj ET Q q 0 0 0 rg BT 460.14 477.15 Td (classified ) Tj ET Q q 0 0 0 rg BT 502.58 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 514.12 477.15 Td (redeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 115.05 464.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 153.77 464.55 Td (if ) Tj ET Q q 0 0 0 rg BT 163.91 464.55 Td (investors ) Tj ET Q q 0 0 0 rg BT 205.54 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 217.44 464.55 Td (these ) Tj ET Q q 0 0 0 rg BT 242.73 464.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 269.79 464.55 Td (may ) Tj ET Q q 0 0 0 rg BT 291.59 464.55 Td (request ) Tj ET Q q 0 0 0 rg BT 325.64 464.55 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 380.68 464.55 Td (at ) Tj ET Q q 0 0 0 rg BT 391.99 464.55 Td (any ) Tj ET Q q 0 0 0 rg BT 410.87 464.55 Td (time. ) Tj ET Q q 0 0 0 rg BT 435.88 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 438.78 464.55 Td (Also ) Tj ET Q q 0 0 0 rg BT 462.34 464.55 Td (included ) Tj ET Q q 0 0 0 rg BT 502.22 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 514.12 464.55 Td (redeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.32 451.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 150.30 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 165.11 451.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 193.93 451.95 Td (af) Tj ET Q q 0 0 0 rg BT 201.89 451.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 228.37 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 284.01 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 312.24 451.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 332.31 451.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 369.30 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 383.53 451.95 Td (which ) Tj ET Q q 0 0 0 rg BT 411.18 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 426.00 451.95 Td (holder ) Tj ET Q q 0 0 0 rg BT 454.82 451.95 Td (may ) Tj ET Q q 0 0 0 rg BT 474.89 451.95 Td (at ) Tj ET Q q 0 0 0 rg BT 484.46 451.95 Td (some ) Tj ET Q q 0 0 0 rg BT 508.61 451.95 Td (point ) Tj ET Q q 0 0 0 rg BT 532.19 451.95 Td (request ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.36 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.81 439.35 Td (their ) Tj ET Q q 0 0 0 rg BT 128.76 439.35 Td (interests. ) Tj ET Q q 0 0 0 rg BT 169.08 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 171.79 439.35 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 226.38 439.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 290.91 439.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 328.61 439.35 Td (are ) Tj ET Q q 0 0 0 rg BT 344.13 439.35 Td (reported ) Tj ET Q q 0 0 0 rg BT 381.82 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 392.69 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 408.23 439.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 466.34 439.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 502.86 439.35 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 532.98 439.35 Td (at ) Tj ET Q q 0 0 0 rg BT 543.26 439.35 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.40 426.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 138.23 426.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 170.34 426.75 Td (except ) Tj ET Q q 0 0 0 rg BT 200.41 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 218.82 426.75 Td (when ) Tj ET Q q 0 0 0 rg BT 244.23 426.75 Td (such ) Tj ET Q q 0 0 0 rg BT 266.14 426.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 311.96 426.75 Td (values ) Tj ET Q q 0 0 0 rg BT 341.46 426.75 Td (are ) Tj ET Q q 0 0 0 rg BT 356.94 426.75 Td (less ) Tj ET Q q 0 0 0 rg BT 375.36 426.75 Td (than ) Tj ET Q q 0 0 0 rg BT 396.10 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.59 426.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 449.83 426.75 Td (value, ) Tj ET Q q 0 0 0 rg BT 477.86 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 493.36 426.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 531.00 426.75 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 59.20 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 74.73 414.15 Td (issuance ) Tj ET Q q 0 0 0 rg BT 112.99 414.15 Td (value. ) Tj ET Q q 0 0 0 rg BT 141.06 414.15 Td ( ) Tj ET Q q 0 0 0 rg BT 143.75 414.15 Td (Changes ) Tj ET Q q 0 0 0 rg BT 182.61 414.15 Td (in ) Tj ET Q q 0 0 0 rg BT 193.47 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.00 414.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 249.01 414.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 294.86 414.15 Td (values ) Tj ET Q q 0 0 0 rg BT 324.38 414.15 Td (are ) Tj ET Q q 0 0 0 rg BT 339.90 414.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 388.65 414.15 Td (over ) Tj ET Q q 0 0 0 rg BT 410.00 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 425.53 414.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 471.38 414.15 Td (period ) Tj ET Q q 0 0 0 rg BT 500.90 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 512.35 414.15 Td (adjustments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 59.86 401.55 Td (retained ) Tj ET Q q 0 0 0 rg BT 95.86 401.55 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 136.25 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 138.44 401.55 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 207.09 401.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 271.11 401.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 308.29 401.55 Td (include ) Tj ET Q q 0 0 0 rg BT 341.39 401.55 Td (vested ) Tj ET Q q 0 0 0 rg BT 370.40 401.55 Td (af) Tj ET Q q 0 0 0 rg BT 378.37 401.55 Td (filiate ) Tj ET Q q 0 0 0 rg BT 405.05 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 460.88 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 489.32 401.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 509.58 401.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 546.77 401.55 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (do ) Tj ET Q q 0 0 0 rg BT 62.37 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 78.16 388.95 Td (permit ) Tj ET Q q 0 0 0 rg BT 107.94 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.14 388.95 Td (holder ) Tj ET Q q 0 0 0 rg BT 152.34 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 162.87 388.95 Td (request ) Tj ET Q q 0 0 0 rg BT 195.57 388.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 241.09 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 252.21 388.95 Td (their ) Tj ET Q q 0 0 0 rg BT 273.82 388.95 Td (interests. ) Tj ET Q q 0 0 0 rg BT 313.81 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 316.19 388.95 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 385.02 388.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 449.22 388.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 486.59 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 501.78 388.95 Td (reported ) Tj ET Q q 0 0 0 rg BT 539.13 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.38 376.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 145.66 376.35 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 176.54 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 187.58 376.35 Td (their ) Tj ET Q q 0 0 0 rg BT 210.28 376.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 249.32 376.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 278.15 376.35 Td (together ) Tj ET Q q 0 0 0 rg BT 316.02 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 338.15 376.35 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 397.03 376.35 Td (net ) Tj ET Q q 0 0 0 rg BT 413.32 376.35 Td (income ) Tj ET Q q 0 0 0 rg BT 447.69 376.35 Td (allocated ) Tj ET Q q 0 0 0 rg BT 489.05 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 500.68 376.35 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (interests.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.14 338.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.79 338.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 147.94 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 163.83 338.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 210.06 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 235.87 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 247.68 338.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 312.58 338.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 350.64 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 362.45 338.55 Td (their ) Tj ET Q q 0 0 0 rg BT 384.76 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 402.40 338.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 430.84 338.55 Td ( ) Tj ET Q q 0 0 0 rg BT 433.90 338.55 Td (If ) Tj ET Q q 0 0 0 rg BT 443.97 338.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 482.02 338.55 Td (at ) Tj ET Q q 0 0 0 rg BT 492.66 338.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 510.30 338.55 Td (value ) Tj ET Q q 0 0 0 rg BT 536.11 338.55 Td (on ) Tj ET Q q 0 0 0 rg BT 549.68 338.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 106.98 325.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 142.85 325.95 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 174.95 325.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 212.60 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 226.90 325.95 Td (af) Tj ET Q q 0 0 0 rg BT 234.87 325.95 Td (filiate ) Tj ET Q q 0 0 0 rg BT 261.42 325.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 325.31 325.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 362.37 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 379.59 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 435.30 325.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 463.61 325.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 483.75 325.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 520.80 325.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 549.68 325.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 80.59 313.35 Td (total ) Tj ET Q q 0 0 0 rg BT 101.78 313.35 Td (business ) Tj ET Q q 0 0 0 rg BT 139.90 313.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 183.83 313.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 211.72 313.35 Td (after ) Tj ET Q q 0 0 0 rg BT 233.48 313.35 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 283.82 313.35 Td (discounts ) Tj ET Q q 0 0 0 rg BT 326.02 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 340.79 313.35 Td (lack ) Tj ET Q q 0 0 0 rg BT 360.80 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 372.08 313.35 Td (marketability ) Tj ET Q q 0 0 0 rg BT 430.59 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 448.28 313.35 Td (control. ) Tj ET Q q 0 0 0 rg BT 483.18 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 485.52 313.35 Td (There ) Tj ET Q q 0 0 0 rg BT 512.53 313.35 Td (may ) Tj ET Q q 0 0 0 rg BT 533.14 313.35 Td (also ) Tj ET Q q 0 0 0 rg BT 552.58 313.35 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (features ) Tj ET Q q 0 0 0 rg BT 85.44 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.89 300.75 Td (these ) Tj ET Q q 0 0 0 rg BT 121.17 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 150.12 300.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 190.45 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 212.40 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 223.86 300.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 263.31 300.75 Td (subordination, ) Tj ET Q q 0 0 0 rg BT 326.39 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 344.84 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 360.37 300.75 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 419.64 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 430.51 300.75 Td (their ) Tj ET Q q 0 0 0 rg BT 452.46 300.75 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 500.95 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 503.46 300.75 Td (The ) Tj ET Q q 0 0 0 rg BT 522.50 300.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.77 300.75 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 288.15 Td (option-like ) Tj ET Q q 0 0 0 rg BT 108.29 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 163.92 288.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 192.16 288.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 212.22 288.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 249.20 288.15 Td (also ) Tj ET Q q 0 0 0 rg BT 268.10 288.15 Td (relies ) Tj ET Q q 0 0 0 rg BT 292.82 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 305.31 288.15 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 367.95 288.15 Td (option ) Tj ET Q q 0 0 0 rg BT 396.77 288.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 428.49 288.15 Td (model ) Tj ET Q q 0 0 0 rg BT 456.73 288.15 Td (calculations. ) Tj ET Q q 0 0 0 rg BT 511.48 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 513.47 288.15 Td (For ) Tj ET Q q 0 0 0 rg BT 530.04 288.15 Td (af) Tj ET Q q 0 0 0 rg BT 538.01 288.15 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.66 275.55 Td (interests, ) Tj ET Q q 0 0 0 rg BT 153.62 275.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 202.62 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 213.12 275.55 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 264.16 275.55 Td (business ) Tj ET Q q 0 0 0 rg BT 302.08 275.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 345.82 275.55 Td (values ) Tj ET Q q 0 0 0 rg BT 374.98 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 390.13 275.55 Td (derived ) Tj ET Q q 0 0 0 rg BT 423.95 275.55 Td (using ) Tj ET Q q 0 0 0 rg BT 449.04 275.55 Td (various ) Tj ET Q q 0 0 0 rg BT 482.29 275.55 Td (methods, ) Tj ET Q q 0 0 0 rg BT 522.83 275.55 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 98.13 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 119.92 262.95 Td (flows, ) Tj ET Q q 0 0 0 rg BT 149.01 262.95 Td (guideline ) Tj ET Q q 0 0 0 rg BT 191.22 262.95 Td (public ) Tj ET Q q 0 0 0 rg BT 220.60 262.95 Td (company ) Tj ET Q q 0 0 0 rg BT 262.23 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 280.52 262.95 Td (guideline ) Tj ET Q q 0 0 0 rg BT 322.73 262.95 Td (public ) Tj ET Q q 0 0 0 rg BT 352.11 262.95 Td (transaction ) Tj ET Q q 0 0 0 rg BT 401.32 262.95 Td (methods. ) Tj ET Q q 0 0 0 rg BT 442.66 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 445.79 262.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 470.50 262.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 502.22 262.95 Td (engages ) Tj ET Q q 0 0 0 rg BT 539.18 262.95 Td (third-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (party ) Tj ET Q q 0 0 0 rg BT 73.78 250.35 Td (valuation ) Tj ET Q q 0 0 0 rg BT 115.56 250.35 Td (experts ) Tj ET Q q 0 0 0 rg BT 148.59 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 159.46 250.35 Td (perform ) Tj ET Q q 0 0 0 rg BT 195.98 250.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 250.01 250.35 Td (determinations ) Tj ET Q q 0 0 0 rg BT 315.11 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 326.57 250.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 343.84 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 369.29 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 380.74 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 391.61 250.35 Td (review ) Tj ET Q q 0 0 0 rg BT 422.89 250.35 Td (internally ) Tj ET Q q 0 0 0 rg BT 465.83 250.35 Td (prepared ) Tj ET Q q 0 0 0 rg BT 505.26 250.35 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 553.75 250.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 103.44 237.75 Td (based ) Tj ET Q q 0 0 0 rg BT 130.86 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 144.87 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.20 237.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 196.19 237.75 Td (significance ) Tj ET Q q 0 0 0 rg BT 250.43 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.68 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 279.02 237.75 Td (related ) Tj ET Q q 0 0 0 rg BT 311.09 237.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 350.18 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.85 237.75 Td (related ) Tj ET Q q 0 0 0 rg BT 400.92 237.75 Td (contractual ) Tj ET Q q 0 0 0 rg BT 451.07 237.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 498.34 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.01 237.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.33 237.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 90.98 225.15 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 121.69 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 124.10 225.15 Td (For ) Tj ET Q q 0 0 0 rg BT 141.10 225.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 196.58 225.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 241.57 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.05 225.15 Td (products, ) Tj ET Q q 0 0 0 rg BT 331.25 225.15 Td (where ) Tj ET Q q 0 0 0 rg BT 359.31 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 374.55 225.15 Td (investor ) Tj ET Q q 0 0 0 rg BT 410.79 225.15 Td (may ) Tj ET Q q 0 0 0 rg BT 431.27 225.15 Td (request ) Tj ET Q q 0 0 0 rg BT 464.00 225.15 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 513.65 225.15 Td (at ) Tj ET Q q 0 0 0 rg BT 523.64 225.15 Td (any ) Tj ET Q q 0 0 0 rg BT 541.21 225.15 Td (time, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.70 212.55 Td (value ) Tj ET Q q 0 0 0 rg BT 92.06 212.55 Td (is ) Tj ET Q q 0 0 0 rg BT 101.69 212.55 Td (based ) Tj ET Q q 0 0 0 rg BT 128.22 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 141.35 212.55 Td (market ) Tj ET Q q 0 0 0 rg BT 173.12 212.55 Td (quotes ) Tj ET Q q 0 0 0 rg BT 203.16 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 214.54 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 229.99 212.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 278.11 212.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 320.38 212.55 Td (held ) Tj ET Q q 0 0 0 rg BT 341.09 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 354.21 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 369.67 212.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 418.37 212.55 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.62 187.35 Td (income ) Tj ET Q q 0 0 0 rg BT 99.48 187.35 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 124.76 187.35 Td (attributable ) Tj ET Q q 0 0 0 rg BT 174.54 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 184.66 187.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 248.44 187.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 285.39 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 295.51 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 310.29 187.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 367.66 187.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 415.69 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 426.39 187.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 459.83 187.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 488.62 187.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 525.57 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 540.35 187.35 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 174.75 Td (net ) Tj ET Q q 0 0 0 rg BT 76.32 174.75 Td (income ) Tj ET Q q 0 0 0 rg BT 109.86 174.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 135.81 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.19 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.64 174.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 207.82 174.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 253.61 174.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 294.13 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 304.93 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.38 174.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 359.17 174.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 392.70 174.75 Td (holders.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 149.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 149.55 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.82 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 103.45 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 118.32 149.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.93 149.55 Td (information ) Tj ET Q q 0 0 0 rg BT 215.13 149.55 Td (regarding ) Tj ET Q q 0 0 0 rg BT 257.99 149.55 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 322.44 149.55 Td (interests.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Related Parties) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.28 111.75 Td (its ) Tj ET Q q 0 0 0 rg BT 78.39 111.75 Td (services ) Tj ET Q q 0 0 0 rg BT 114.41 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 124.77 111.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 169.54 111.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.81 111.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 245.96 111.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 269.73 111.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 300.50 111.75 Td (earns ) Tj ET Q q 0 0 0 rg BT 324.85 111.75 Td (management ) Tj ET Q q 0 0 0 rg BT 380.69 111.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 402.41 111.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 443.09 111.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 464.81 111.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 515.42 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.78 111.75 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (fees, ) Tj ET Q q 0 0 0 rg BT 70.97 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 88.08 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 111.59 99.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 146.77 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 163.87 99.15 Td (incurs ) Tj ET Q q 0 0 0 rg BT 191.48 99.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 241.84 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 258.94 99.15 Td (servicing ) Tj ET Q q 0 0 0 rg BT 299.38 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 316.48 99.15 Td (other ) Tj ET Q q 0 0 0 rg BT 340.00 99.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 382.47 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 393.16 99.15 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 434.18 99.15 Td (in ) Tj ET Q q 0 0 0 rg BT 444.29 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 99.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 516.42 99.15 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.70 86.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 96.64 86.55 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 129.54 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 132.99 86.55 Td (Sponsored ) Tj ET Q q 0 0 0 rg BT 180.78 86.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 230.31 86.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.09 86.55 Td (are ) Tj ET Q q 0 0 0 rg BT 273.36 86.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 309.46 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 321.08 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 334.44 86.55 Td (af) Tj ET Q q 0 0 0 rg BT 342.41 86.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 375.60 86.55 Td (entities ) Tj ET Q q 0 0 0 rg BT 409.38 86.55 Td (under ) Tj ET Q q 0 0 0 rg BT 436.74 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 453.02 86.55 Td (related ) Tj ET Q q 0 0 0 rg BT 485.04 86.55 Td (party ) Tj ET Q q 0 0 0 rg BT 510.06 86.55 Td (definition ) Tj ET Q q 0 0 0 rg BT 554.34 86.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (relevant ) Tj ET Q q 0 0 0 rg BT 85.94 73.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 134.63 73.95 Td (guidance.) Tj ET Q endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (104) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 85.18 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 91.22 741.90 Td (axes) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 726.30 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 89.04 726.30 Td (income ) Tj ET Q q 0 0 0 rg BT 122.17 726.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 145.98 726.30 Td (are ) Tj ET Q q 0 0 0 rg BT 161.03 726.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 200.58 726.30 Td (for ) Tj ET Q q 0 0 0 rg BT 215.05 726.30 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 726.30 Td (ef) Tj ET Q q 0 0 0 rg BT 238.08 726.30 Td (fects ) Tj ET Q q 0 0 0 rg BT 260.13 726.30 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 726.30 Td (temporary ) Tj ET Q q 0 0 0 rg BT 316.49 726.30 Td (dif) Tj ET Q q 0 0 0 rg BT 327.96 726.30 Td (ferences ) Tj ET Q q 0 0 0 rg BT 365.17 726.30 Td (between ) Tj ET Q q 0 0 0 rg BT 402.38 726.30 Td (the ) Tj ET Q q 0 0 0 rg BT 417.44 726.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.50 726.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.73 726.30 Td (of ) Tj ET Q q 0 0 0 rg BT 466.71 726.30 Td (an ) Tj ET Q q 0 0 0 rg BT 478.85 726.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 501.49 726.30 Td (or ) Tj ET Q q 0 0 0 rg BT 512.47 726.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 547.36 726.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 713.70 Td (its ) Tj ET Q q 0 0 0 rg BT 63.22 713.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 102.00 713.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.29 713.70 Td (in ) Tj ET Q q 0 0 0 rg BT 149.26 713.70 Td (the ) Tj ET Q q 0 0 0 rg BT 165.88 713.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.41 713.70 Td (statements. ) Tj ET Q q 0 0 0 rg BT 257.16 713.70 Td ( ) Tj ET Q q 0 0 0 rg BT 260.96 713.70 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 302.06 713.70 Td (income ) Tj ET Q q 0 0 0 rg BT 336.76 713.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 353.39 713.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 381.69 713.70 Td (are ) Tj ET Q q 0 0 0 rg BT 398.30 713.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.84 713.70 Td (to ) Tj ET Q q 0 0 0 rg BT 443.81 713.70 Td (a ) Tj ET Q q 0 0 0 rg BT 452.27 713.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 495.14 713.70 Td (allowance ) Tj ET Q q 0 0 0 rg BT 541.50 713.70 Td (if, ) Tj ET Q q 0 0 0 rg BT 554.33 713.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 112.32 701.10 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 150.23 701.10 Td (it ) Tj ET Q q 0 0 0 rg BT 159.26 701.10 Td (is ) Tj ET Q q 0 0 0 rg BT 169.46 701.10 Td (more ) Tj ET Q q 0 0 0 rg BT 194.24 701.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 221.35 701.10 Td (than ) Tj ET Q q 0 0 0 rg BT 242.62 701.10 Td (not ) Tj ET Q q 0 0 0 rg BT 259.24 701.10 Td (that ) Tj ET Q q 0 0 0 rg BT 278.18 701.10 Td (these ) Tj ET Q q 0 0 0 rg BT 302.95 701.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 339.39 701.10 Td (will ) Tj ET Q q 0 0 0 rg BT 358.92 701.10 Td (not ) Tj ET Q q 0 0 0 rg BT 375.54 701.10 Td (be ) Tj ET Q q 0 0 0 rg BT 388.65 701.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 427.69 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.89 701.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 455.67 701.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 493.42 701.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 531.59 701.10 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 688.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 75.48 688.50 Td (principally ) Tj ET Q q 0 0 0 rg BT 125.37 688.50 Td (relate ) Tj ET Q q 0 0 0 rg BT 153.08 688.50 Td (to ) Tj ET Q q 0 0 0 rg BT 165.65 688.50 Td (net ) Tj ET Q q 0 0 0 rg BT 182.88 688.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 226.94 688.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 247.68 688.50 Td (and ) Tj ET Q q 0 0 0 rg BT 267.24 688.50 Td (other ) Tj ET Q q 0 0 0 rg BT 293.22 688.50 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 352.42 688.50 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 392.69 688.50 Td (business ) Tj ET Q q 0 0 0 rg BT 432.68 688.50 Td (combinations, ) Tj ET Q q 0 0 0 rg BT 496.28 688.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 553.75 688.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 675.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 94.12 675.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.24 675.90 Td (and ) Tj ET Q q 0 0 0 rg BT 139.02 675.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 174.29 675.90 Td (compensation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 650.70 Td (As ) Tj ET Q q 0 0 0 rg BT 64.19 650.70 Td (further ) Tj ET Q q 0 0 0 rg BT 95.78 650.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 139.05 650.70 Td (in ) Tj ET Q q 0 0 0 rg BT 150.24 650.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 173.68 650.70 Td (7, ) Tj ET Q q 0 0 0 rg BT 184.57 650.70 Td (on ) Tj ET Q q 0 0 0 rg BT 198.10 650.70 Td (December ) Tj ET Q q 0 0 0 rg BT 244.26 650.70 Td (22, ) Tj ET Q q 0 0 0 rg BT 260.41 650.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 287.05 650.70 Td (the ) Tj ET Q q 0 0 0 rg BT 302.69 650.70 Td (T) Tj ET Q q 0 0 0 rg BT 308.37 650.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 321.30 650.70 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 343.58 650.70 Td (and ) Tj ET Q q 0 0 0 rg BT 361.76 650.70 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 382.79 650.70 Td (Act ) Tj ET Q q 0 0 0 rg BT 400.97 650.70 Td (of ) Tj ET Q q 0 0 0 rg BT 412.74 650.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 436.77 650.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 456.11 650.70 Td ("T) Tj ET Q q 0 0 0 rg BT 466.08 650.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 479.01 650.70 Td (Law"\) ) Tj ET Q q 0 0 0 rg BT 508.48 650.70 Td (was ) Tj ET Q q 0 0 0 rg BT 527.83 650.70 Td (enacted. ) Tj ET Q q 0 0 0 rg BT 565.14 650.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 638.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.73 638.10 Td (T) Tj ET Q q 0 0 0 rg BT 74.41 638.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 87.45 638.10 Td (Law ) Tj ET Q q 0 0 0 rg BT 109.23 638.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.36 638.10 Td (complex, ) Tj ET Q q 0 0 0 rg BT 161.27 638.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 206.96 638.10 Td (changed ) Tj ET Q q 0 0 0 rg BT 245.07 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.03 638.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 282.83 638.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 325.60 638.10 Td (income ) Tj ET Q q 0 0 0 rg BT 359.63 638.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 375.59 638.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.45 638.10 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.99 638.10 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.24 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.36 638.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.66 638.10 Td (21%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.90 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.03 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.32 638.10 Td (included ) Tj ET Q q 0 0 0 rg BT 531.60 638.10 Td (various ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 625.50 Td (other ) Tj ET Q q 0 0 0 rg BT 74.01 625.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 110.76 625.50 Td (which ) Tj ET Q q 0 0 0 rg BT 139.36 625.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 170.86 625.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 195.37 625.50 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 229.52 625.50 Td ( ) Tj ET Q q 0 0 0 rg BT 232.24 625.50 Td (The ) Tj ET Q q 0 0 0 rg BT 251.50 625.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 294.08 625.50 Td (in ) Tj ET Q q 0 0 0 rg BT 305.19 625.50 Td (the ) Tj ET Q q 0 0 0 rg BT 320.95 625.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 342.55 625.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 385.13 625.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 400.89 625.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 419.56 625.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 455.74 625.50 Td (in ) Tj ET Q q 0 0 0 rg BT 466.84 625.50 Td (a ) Tj ET Q q 0 0 0 rg BT 474.43 625.50 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 515.27 625.50 Td (provisional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 612.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.73 612.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 96.28 612.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.42 612.90 Td ($220,935) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 146.80 612.90 Td ( ) Tj ET Q q 0 0 0 rg BT 149.19 612.90 Td (in ) Tj ET Q q 0 0 0 rg BT 159.76 612.90 Td (the ) Tj ET Q q 0 0 0 rg BT 174.99 612.90 Td (year ) Tj ET Q q 0 0 0 rg BT 195.45 612.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 222.92 612.90 Td (March ) Tj ET Q q 0 0 0 rg BT 252.72 612.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 268.25 612.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 294.27 612.90 Td (due ) Tj ET Q q 0 0 0 rg BT 311.83 612.90 Td (to ) Tj ET Q q 0 0 0 rg BT 322.39 612.90 Td (the ) Tj ET Q q 0 0 0 rg BT 337.62 612.90 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 407.65 612.90 Td (of ) Tj ET Q q 0 0 0 rg BT 418.79 612.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 449.75 612.90 Td (existing ) Tj ET Q q 0 0 0 rg BT 485.40 612.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 522.77 612.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.00 612.90 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 600.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.23 600.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 106.87 600.30 Td (at ) Tj ET Q q 0 0 0 rg BT 116.01 600.30 Td (the ) Tj ET Q q 0 0 0 rg BT 130.41 600.30 Td (new ) Tj ET Q q 0 0 0 rg BT 149.47 600.30 Td (income ) Tj ET Q q 0 0 0 rg BT 181.94 600.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 196.33 600.30 Td (rate. ) Tj ET Q q 0 0 0 rg BT 216.25 600.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 239.39 600.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 275.52 600.30 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 344.72 600.30 Td (of ) Tj ET Q q 0 0 0 rg BT 355.03 600.30 Td (its ) Tj ET Q q 0 0 0 rg BT 366.52 600.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 403.05 600.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.45 600.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 443.51 600.30 Td (and ) Tj ET Q q 0 0 0 rg BT 460.23 600.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 500.88 600.30 Td (was ) Tj ET Q q 0 0 0 rg BT 518.77 600.30 Td (completed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 587.70 Td (during ) Tj ET Q q 0 0 0 rg BT 80.09 587.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 106.01 587.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 130.18 587.70 Td (and ) Tj ET Q q 0 0 0 rg BT 148.52 587.70 Td (no ) Tj ET Q q 0 0 0 rg BT 162.20 587.70 Td (further ) Tj ET Q q 0 0 0 rg BT 193.94 587.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 247.28 587.70 Td (were ) Tj ET Q q 0 0 0 rg BT 270.86 587.70 Td (necessary) Tj ET Q q 0 0 0 rg BT 310.99 587.70 Td (. ) Tj ET Q q 0 0 0 rg BT 316.79 587.70 Td ( ) Tj ET Q q 0 0 0 rg BT 319.74 587.70 Td (The ) Tj ET Q q 0 0 0 rg BT 339.01 587.70 Td (T) Tj ET Q q 0 0 0 rg BT 344.69 587.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 357.77 587.70 Td (Law ) Tj ET Q q 0 0 0 rg BT 379.61 587.70 Td (has ) Tj ET Q q 0 0 0 rg BT 396.78 587.70 Td (also ) Tj ET Q q 0 0 0 rg BT 416.87 587.70 Td (created ) Tj ET Q q 0 0 0 rg BT 450.36 587.70 Td (new ) Tj ET Q q 0 0 0 rg BT 471.03 587.70 Td (taxes ) Tj ET Q q 0 0 0 rg BT 495.78 587.70 Td (on ) Tj ET Q q 0 0 0 rg BT 509.45 587.70 Td (international ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 98.46 575.10 Td (including ) Tj ET Q q 0 0 0 rg BT 140.73 575.10 Td (its ) Tj ET Q q 0 0 0 rg BT 153.25 575.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 184.43 575.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 229.60 575.10 Td (Low-T) Tj ET Q q 0 0 0 rg BT 258.02 575.10 Td (axed ) Tj ET Q q 0 0 0 rg BT 280.45 575.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 314.53 575.10 Td (\("GIL) Tj ET Q q 0 0 0 rg BT 338.85 575.10 Td (TI"\) ) Tj ET Q q 0 0 0 rg BT 359.14 575.10 Td (provision. ) Tj ET Q q 0 0 0 rg BT 404.03 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.63 575.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 430.81 575.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 461.99 575.10 Td (has ) Tj ET Q q 0 0 0 rg BT 478.59 575.10 Td (made ) Tj ET Q q 0 0 0 rg BT 503.93 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.44 575.10 Td (accounting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 562.50 Td (policy ) Tj ET Q q 0 0 0 rg BT 78.85 562.50 Td (election ) Tj ET Q q 0 0 0 rg BT 115.20 562.50 Td (to ) Tj ET Q q 0 0 0 rg BT 126.47 562.50 Td (record ) Tj ET Q q 0 0 0 rg BT 156.40 562.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 172.33 562.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 209.26 562.50 Td (on ) Tj ET Q q 0 0 0 rg BT 222.87 562.50 Td (GIL) Tj ET Q q 0 0 0 rg BT 239.40 562.50 Td (TI ) Tj ET Q q 0 0 0 rg BT 252.42 562.50 Td (inclusions ) Tj ET Q q 0 0 0 rg BT 298.11 562.50 Td (as ) Tj ET Q q 0 0 0 rg BT 309.97 562.50 Td (a ) Tj ET Q q 0 0 0 rg BT 317.73 562.50 Td (period ) Tj ET Q q 0 0 0 rg BT 347.67 562.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 367.69 562.50 Td (if ) Tj ET Q q 0 0 0 rg BT 377.21 562.50 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 426.09 562.50 Td (rather ) Tj ET Q q 0 0 0 rg BT 453.68 562.50 Td (than ) Tj ET Q q 0 0 0 rg BT 474.87 562.50 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 527.54 562.50 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 549.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 73.70 549.90 Td (for ) Tj ET Q q 0 0 0 rg BT 88.57 549.90 Td (related ) Tj ET Q q 0 0 0 rg BT 119.76 549.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 143.38 549.90 Td (dif) Tj ET Q q 0 0 0 rg BT 154.86 549.90 Td (ferences ) Tj ET Q q 0 0 0 rg BT 192.45 549.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 232.39 549.90 Td (to ) Tj ET Q q 0 0 0 rg BT 243.18 549.90 Td (reverse.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 524.70 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.19 524.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 123.79 524.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 172.32 524.70 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 215.29 524.70 Td (a ) Tj ET Q q 0 0 0 rg BT 222.41 524.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.69 524.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 269.30 524.70 Td (should ) Tj ET Q q 0 0 0 rg BT 299.76 524.70 Td (only ) Tj ET Q q 0 0 0 rg BT 320.88 524.70 Td (be ) Tj ET Q q 0 0 0 rg BT 333.25 524.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 381.76 524.70 Td (if ) Tj ET Q q 0 0 0 rg BT 390.63 524.70 Td (it ) Tj ET Q q 0 0 0 rg BT 398.92 524.70 Td (is ) Tj ET Q q 0 0 0 rg BT 408.37 524.70 Td (more ) Tj ET Q q 0 0 0 rg BT 432.40 524.70 Td (likely ) Tj ET Q q 0 0 0 rg BT 458.77 524.70 Td (than ) Tj ET Q q 0 0 0 rg BT 479.30 524.70 Td (not ) Tj ET Q q 0 0 0 rg BT 495.18 524.70 Td (that ) Tj ET Q q 0 0 0 rg BT 513.38 524.70 Td (the ) Tj ET Q q 0 0 0 rg BT 528.66 524.70 Td (position ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.20 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 80.48 512.10 Td (sustained ) Tj ET Q q 0 0 0 rg BT 121.93 512.10 Td (based ) Tj ET Q q 0 0 0 rg BT 148.21 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 161.08 512.10 Td (its ) Tj ET Q q 0 0 0 rg BT 173.37 512.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 213.63 512.10 Td (merits. ) Tj ET Q q 0 0 0 rg BT 244.87 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.72 512.10 Td (A) Tj ET Q q 0 0 0 rg BT 253.72 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.09 512.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 271.28 512.10 Td (position ) Tj ET Q q 0 0 0 rg BT 307.49 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 325.61 512.10 Td (meets ) Tj ET Q q 0 0 0 rg BT 352.47 512.10 Td (this ) Tj ET Q q 0 0 0 rg BT 370.01 512.10 Td (threshold ) Tj ET Q q 0 0 0 rg BT 411.46 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 420.83 512.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 463.43 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.54 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.74 512.10 Td (lar) Tj ET Q q 0 0 0 rg BT 500.63 512.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 519.91 512.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 553.77 512.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 499.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 81.27 499.50 Td (that ) Tj ET Q q 0 0 0 rg BT 99.63 499.50 Td (has ) Tj ET Q q 0 0 0 rg BT 116.24 499.50 Td (a ) Tj ET Q q 0 0 0 rg BT 123.52 499.50 Td (greater ) Tj ET Q q 0 0 0 rg BT 155.27 499.50 Td (than ) Tj ET Q q 0 0 0 rg BT 175.97 499.50 Td (50% ) Tj ET Q q 0 0 0 rg BT 197.83 499.50 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 243.02 499.50 Td (of ) Tj ET Q q 0 0 0 rg BT 254.38 499.50 Td (being ) Tj ET Q q 0 0 0 rg BT 280.33 499.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 316.17 499.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 339.78 499.50 Td (settlement ) Tj ET Q q 0 0 0 rg BT 385.55 499.50 Td (by ) Tj ET Q q 0 0 0 rg BT 398.67 499.50 Td (the ) Tj ET Q q 0 0 0 rg BT 414.11 499.50 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 464.53 499.50 Td (taxing ) Tj ET Q q 0 0 0 rg BT 493.39 499.50 Td (authority ) Tj ET Q q 0 0 0 rg BT 533.92 499.50 Td (having ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 486.90 Td (full ) Tj ET Q q 0 0 0 rg BT 66.71 486.90 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 115.40 486.90 Td (of ) Tj ET Q q 0 0 0 rg BT 126.77 486.90 Td (all ) Tj ET Q q 0 0 0 rg BT 139.90 486.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 176.33 486.90 Td (information.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 461.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.87 461.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 118.72 461.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 167.83 461.70 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.12 461.70 Td (is ) Tj ET Q q 0 0 0 rg BT 207.17 461.70 Td (to ) Tj ET Q q 0 0 0 rg BT 218.38 461.70 Td (classify ) Tj ET Q q 0 0 0 rg BT 253.50 461.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 287.45 461.70 Td (related ) Tj ET Q q 0 0 0 rg BT 319.06 461.70 Td (to ) Tj ET Q q 0 0 0 rg BT 330.27 461.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 346.14 461.70 Td (matters ) Tj ET Q q 0 0 0 rg BT 380.09 461.70 Td (as ) Tj ET Q q 0 0 0 rg BT 391.89 461.70 Td (Interest ) Tj ET Q q 0 0 0 rg BT 426.42 461.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 463.28 461.70 Td (and ) Tj ET Q q 0 0 0 rg BT 481.48 461.70 Td (related ) Tj ET Q q 0 0 0 rg BT 513.09 461.70 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 556.08 461.70 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (any) Tj ET Q q 0 0 0 rg BT 63.98 449.10 Td (, ) Tj ET Q q 0 0 0 rg BT 69.23 449.10 Td (as ) Tj ET Q q 0 0 0 rg BT 80.60 449.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 107.13 449.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 149.41 449.10 Td (expense.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 423.90 Td (See ) Tj ET Q q 0 0 0 rg BT 67.29 423.90 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.32 423.90 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.57 423.90 Td ( ) Tj ET Q q 0 0 0 rg BT 98.20 423.90 Td (for ) Tj ET Q q 0 0 0 rg BT 113.07 423.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.68 423.90 Td (information ) Tj ET Q q 0 0 0 rg BT 209.88 423.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 252.74 423.90 Td (income ) Tj ET Q q 0 0 0 rg BT 286.27 423.90 Td (taxes.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 399.30 Td (Recent ) Tj ET Q q 0 0 0 rg BT 82.45 399.30 Td (Accounting Developments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 386.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.59 386.70 Td (June ) Tj ET Q q 0 0 0 rg BT 82.19 386.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 108.16 386.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.33 386.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 164.23 386.70 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 215.57 386.70 Td (Standards ) Tj ET Q q 0 0 0 rg BT 259.32 386.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 287.33 386.70 Td (\(�F) Tj ET Q q 0 0 0 rg BT 300.55 386.70 Td (ASB�\) ) Tj ET Q q 0 0 0 rg BT 331.48 386.70 Td (updated ) Tj ET Q q 0 0 0 rg BT 367.06 386.70 Td (the ) Tj ET Q q 0 0 0 rg BT 382.24 386.70 Td (guidance ) Tj ET Q q 0 0 0 rg BT 422.48 386.70 Td (on ) Tj ET Q q 0 0 0 rg BT 435.33 386.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 483.74 386.70 Td (for ) Tj ET Q q 0 0 0 rg BT 498.33 386.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.58 386.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 552.01 386.70 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.32 374.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 141.42 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.67 374.10 Td (other ) Tj ET Q q 0 0 0 rg BT 184.34 374.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 247.22 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.09 374.10 Td (The ) Tj ET Q q 0 0 0 rg BT 269.50 374.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 305.84 374.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 346.83 374.10 Td (replaces ) Tj ET Q q 0 0 0 rg BT 384.31 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.24 374.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 438.31 374.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 457.74 374.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 509.24 374.10 Td (method ) Tj ET Q q 0 0 0 rg BT 543.83 374.10 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 361.50 Td (one ) Tj ET Q q 0 0 0 rg BT 67.57 361.50 Td (that ) Tj ET Q q 0 0 0 rg BT 86.22 361.50 Td (reflects ) Tj ET Q q 0 0 0 rg BT 120.02 361.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 160.24 361.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 187.05 361.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 215.05 361.50 Td (and ) Tj ET Q q 0 0 0 rg BT 233.11 361.50 Td (requires ) Tj ET Q q 0 0 0 rg BT 269.84 361.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 329.31 361.50 Td (of ) Tj ET Q q 0 0 0 rg BT 340.97 361.50 Td (a ) Tj ET Q q 0 0 0 rg BT 348.54 361.50 Td (broader ) Tj ET Q q 0 0 0 rg BT 383.51 361.50 Td (range ) Tj ET Q q 0 0 0 rg BT 409.73 361.50 Td (of ) Tj ET Q q 0 0 0 rg BT 421.39 361.50 Td (information ) Tj ET Q q 0 0 0 rg BT 473.87 361.50 Td (to ) Tj ET Q q 0 0 0 rg BT 484.94 361.50 Td (support ) Tj ET Q q 0 0 0 rg BT 519.35 361.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 546.16 361.50 Td (loss ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 348.90 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 94.09 348.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 118.55 348.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 150.02 348.90 Td (will ) Tj ET Q q 0 0 0 rg BT 169.24 348.90 Td (adopt ) Tj ET Q q 0 0 0 rg BT 195.46 348.90 Td (this ) Tj ET Q q 0 0 0 rg BT 213.52 348.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 254.31 348.90 Td (ef) Tj ET Q q 0 0 0 rg BT 262.27 348.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 293.09 348.90 Td (April ) Tj ET Q q 0 0 0 rg BT 318.14 348.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 328.90 348.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 352.79 348.90 Td (and ) Tj ET Q q 0 0 0 rg BT 370.84 348.90 Td (does ) Tj ET Q q 0 0 0 rg BT 392.97 348.90 Td (not ) Tj ET Q q 0 0 0 rg BT 409.28 348.90 Td (expect ) Tj ET Q q 0 0 0 rg BT 439.57 348.90 Td (the ) Tj ET Q q 0 0 0 rg BT 455.28 348.90 Td (adoption ) Tj ET Q q 0 0 0 rg BT 494.92 348.90 Td (of ) Tj ET Q q 0 0 0 rg BT 506.55 348.90 Td (this ) Tj ET Q q 0 0 0 rg BT 524.61 348.90 Td (guidance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 336.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 336.30 Td (have ) Tj ET Q q 0 0 0 rg BT 82.74 336.30 Td (a ) Tj ET Q q 0 0 0 rg BT 90.02 336.30 Td (material ) Tj ET Q q 0 0 0 rg BT 127.05 336.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 158.25 336.30 Td (on ) Tj ET Q q 0 0 0 rg BT 171.37 336.30 Td (the ) Tj ET Q q 0 0 0 rg BT 186.82 336.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 244.86 336.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 286.56 336.30 Td (Statements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.94 311.10 Td (January ) Tj ET Q q 0 0 0 rg BT 94.28 311.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 119.60 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.12 311.10 Td (F) Tj ET Q q 0 0 0 rg BT 139.18 311.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 161.29 311.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 196.22 311.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 235.81 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.67 311.10 Td (simplify ) Tj ET Q q 0 0 0 rg BT 282.36 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.88 311.10 Td (test ) Tj ET Q q 0 0 0 rg BT 313.15 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 327.09 311.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 366.11 311.10 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 418.71 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 436.73 311.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 471.66 311.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 511.25 311.10 Td (still ) Tj ET Q q 0 0 0 rg BT 528.69 311.10 Td (requires ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 298.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 82.06 298.50 Td (to ) Tj ET Q q 0 0 0 rg BT 92.46 298.50 Td (perform ) Tj ET Q q 0 0 0 rg BT 128.51 298.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 158.73 298.50 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 198.29 298.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 248.93 298.50 Td (tests ) Tj ET Q q 0 0 0 rg BT 269.83 298.50 Td (by ) Tj ET Q q 0 0 0 rg BT 282.56 298.50 Td (comparing ) Tj ET Q q 0 0 0 rg BT 329.70 298.50 Td (the ) Tj ET Q q 0 0 0 rg BT 344.76 298.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.56 298.50 Td (value ) Tj ET Q q 0 0 0 rg BT 386.53 298.50 Td (of ) Tj ET Q q 0 0 0 rg BT 397.51 298.50 Td (a ) Tj ET Q q 0 0 0 rg BT 404.40 298.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 445.12 298.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 463.69 298.50 Td (with ) Tj ET Q q 0 0 0 rg BT 484.59 298.50 Td (its ) Tj ET Q q 0 0 0 rg BT 496.74 298.50 Td (related ) Tj ET Q q 0 0 0 rg BT 527.53 298.50 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 285.90 Td (amount, ) Tj ET Q q 0 0 0 rg BT 85.83 285.90 Td (but ) Tj ET Q q 0 0 0 rg BT 101.46 285.90 Td (it ) Tj ET Q q 0 0 0 rg BT 109.50 285.90 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 154.87 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 169.91 285.90 Td (requirement ) Tj ET Q q 0 0 0 rg BT 222.84 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 233.22 285.90 Td (potentially ) Tj ET Q q 0 0 0 rg BT 280.34 285.90 Td (calculate ) Tj ET Q q 0 0 0 rg BT 319.86 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 334.89 285.90 Td (implied ) Tj ET Q q 0 0 0 rg BT 369.18 285.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.97 285.90 Td (value ) Tj ET Q q 0 0 0 rg BT 410.91 285.90 Td (of ) Tj ET Q q 0 0 0 rg BT 421.87 285.90 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 461.42 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 471.79 285.90 Td (determine ) Tj ET Q q 0 0 0 rg BT 515.98 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 285.90 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.79 273.30 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 116.37 273.30 Td (if ) Tj ET Q q 0 0 0 rg BT 126.33 273.30 Td (any) Tj ET Q q 0 0 0 rg BT 140.81 273.30 Td (. ) Tj ET Q q 0 0 0 rg BT 146.98 273.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 176.77 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 193.14 273.30 Td (new ) Tj ET Q q 0 0 0 rg BT 214.18 273.30 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 258.25 273.30 Td (an ) Tj ET Q q 0 0 0 rg BT 271.71 273.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 299.17 273.30 Td (should ) Tj ET Q q 0 0 0 rg BT 330.72 273.30 Td (recognize ) Tj ET Q q 0 0 0 rg BT 375.07 273.30 Td (an ) Tj ET Q q 0 0 0 rg BT 388.53 273.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 440.48 273.30 Td (char) Tj ET Q q 0 0 0 rg BT 458.36 273.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 471.82 273.30 Td (if ) Tj ET Q q 0 0 0 rg BT 481.78 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 498.15 273.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 540.19 273.30 Td (unit's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 260.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 86.49 260.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 119.99 260.70 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 155.22 260.70 Td (the ) Tj ET Q q 0 0 0 rg BT 170.05 260.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 210.55 260.70 Td (unit�) Tj ET Q q 0 0 0 rg BT 229.80 260.70 Td (s ) Tj ET Q q 0 0 0 rg BT 235.89 260.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 252.47 260.70 Td (value, ) Tj ET Q q 0 0 0 rg BT 279.84 260.70 Td (in ) Tj ET Q q 0 0 0 rg BT 290.01 260.70 Td (the ) Tj ET Q q 0 0 0 rg BT 304.84 260.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 338.34 260.70 Td (of ) Tj ET Q q 0 0 0 rg BT 349.09 260.70 Td (such ) Tj ET Q q 0 0 0 rg BT 370.35 260.70 Td (excess. ) Tj ET Q q 0 0 0 rg BT 402.24 260.70 Td (The ) Tj ET Q q 0 0 0 rg BT 420.56 260.70 Td (updated ) Tj ET Q q 0 0 0 rg BT 455.81 260.70 Td (guidance ) Tj ET Q q 0 0 0 rg BT 495.71 260.70 Td (will ) Tj ET Q q 0 0 0 rg BT 514.05 260.70 Td (be ) Tj ET Q q 0 0 0 rg BT 525.97 260.70 Td (ef) Tj ET Q q 0 0 0 rg BT 533.94 260.70 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 248.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 86.66 248.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 113.41 248.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 138.11 248.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 169.81 248.10 Td (does ) Tj ET Q q 0 0 0 rg BT 192.19 248.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.73 248.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 239.25 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.21 248.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 295.08 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.95 248.10 Td (this ) Tj ET Q q 0 0 0 rg BT 325.25 248.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 366.27 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.56 248.10 Td (have ) Tj ET Q q 0 0 0 rg BT 400.51 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.29 248.10 Td (material ) Tj ET Q q 0 0 0 rg BT 445.82 248.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 477.52 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 491.14 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.09 248.10 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 235.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.20 235.50 Td (Statements. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 210.30 Td (In ) Tj ET Q q 0 0 0 rg BT 59.43 210.30 Td (August ) Tj ET Q q 0 0 0 rg BT 91.30 210.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 116.44 210.30 Td (the ) Tj ET Q q 0 0 0 rg BT 130.80 210.30 Td (F) Tj ET Q q 0 0 0 rg BT 135.86 210.30 Td (ASB ) Tj ET Q q 0 0 0 rg BT 157.81 210.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 192.57 210.30 Td (the ) Tj ET Q q 0 0 0 rg BT 206.92 210.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 246.35 210.30 Td (to ) Tj ET Q q 0 0 0 rg BT 256.04 210.30 Td (clarify ) Tj ET Q q 0 0 0 rg BT 284.96 210.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 332.55 210.30 Td (for ) Tj ET Q q 0 0 0 rg BT 346.32 210.30 Td (implementation ) Tj ET Q q 0 0 0 rg BT 413.75 210.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 436.27 210.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 472.78 210.30 Td (for ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q q 0 0 0 rg BT 60.09 185.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.17 185.10 Td (cloud ) Tj ET Q q 0 0 0 rg BT 92.92 185.10 Td (computing ) Tj ET Q q 0 0 0 rg BT 140.25 185.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 195.15 185.10 Td (that ) Tj ET Q q 0 0 0 rg BT 213.31 185.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.74 185.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.82 185.10 Td (service ) Tj ET Q q 0 0 0 rg BT 261.98 185.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 298.21 185.10 Td (with ) Tj ET Q q 0 0 0 rg BT 319.30 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.55 185.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 383.04 185.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 423.36 185.10 Td (that ) Tj ET Q q 0 0 0 rg BT 441.52 185.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 480.11 185.10 Td (for ) Tj ET Q q 0 0 0 rg BT 494.77 185.10 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 553.75 185.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 71.96 172.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 108.40 172.50 Td (to ) Tj ET Q q 0 0 0 rg BT 118.03 172.50 Td (develop ) Tj ET Q q 0 0 0 rg BT 152.72 172.50 Td (or ) Tj ET Q q 0 0 0 rg BT 162.93 172.50 Td (obtain ) Tj ET Q q 0 0 0 rg BT 190.63 172.50 Td (internal-use-software. ) Tj ET Q q 0 0 0 rg BT 283.93 172.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 306.96 172.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 337.00 172.50 Td (will ) Tj ET Q q 0 0 0 rg BT 354.80 172.50 Td (adopt ) Tj ET Q q 0 0 0 rg BT 379.58 172.50 Td (this ) Tj ET Q q 0 0 0 rg BT 396.21 172.50 Td (guidance ) Tj ET Q q 0 0 0 rg BT 435.57 172.50 Td (on ) Tj ET Q q 0 0 0 rg BT 447.53 172.50 Td (a ) Tj ET Q q 0 0 0 rg BT 453.65 172.50 Td (prospective ) Tj ET Q q 0 0 0 rg BT 503.51 172.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 525.97 172.50 Td (ef) Tj ET Q q 0 0 0 rg BT 533.93 172.50 Td (fective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.90 Td (April ) Tj ET Q q 0 0 0 rg BT 74.83 159.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 85.88 159.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 112.67 159.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 137.41 159.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 169.17 159.90 Td (does ) Tj ET Q q 0 0 0 rg BT 191.58 159.90 Td (not ) Tj ET Q q 0 0 0 rg BT 208.17 159.90 Td (expect ) Tj ET Q q 0 0 0 rg BT 238.73 159.90 Td (the ) Tj ET Q q 0 0 0 rg BT 254.73 159.90 Td (adoption ) Tj ET Q q 0 0 0 rg BT 294.65 159.90 Td (of ) Tj ET Q q 0 0 0 rg BT 306.56 159.90 Td (this ) Tj ET Q q 0 0 0 rg BT 324.90 159.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 365.97 159.90 Td (to ) Tj ET Q q 0 0 0 rg BT 377.30 159.90 Td (have ) Tj ET Q q 0 0 0 rg BT 400.29 159.90 Td (a ) Tj ET Q q 0 0 0 rg BT 408.12 159.90 Td (material ) Tj ET Q q 0 0 0 rg BT 445.69 159.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 477.43 159.90 Td (on ) Tj ET Q q 0 0 0 rg BT 491.10 159.90 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 159.90 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 147.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.20 147.30 Td (Statements. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 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109.50 Td (based ) Tj ET Q q 0 0 0 rg BT 131.54 109.50 Td (on ) Tj ET Q q 0 0 0 rg BT 143.71 109.50 Td (the ) Tj ET Q q 0 0 0 rg BT 158.19 109.50 Td (revised ) Tj ET Q q 0 0 0 rg BT 190.18 109.50 Td (F) Tj ET Q q 0 0 0 rg BT 195.24 109.50 Td (ASB ) Tj ET Q q 0 0 0 rg BT 217.33 109.50 Td (Conceptual ) Tj ET Q q 0 0 0 rg BT 266.81 109.50 Td (Framework ) Tj ET Q q 0 0 0 rg BT 316.87 109.50 Td (for ) Tj ET Q q 0 0 0 rg BT 330.78 109.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 371.51 109.50 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 415.17 109.50 Td (finalized ) Tj ET Q q 0 0 0 rg BT 453.56 109.50 Td (in ) Tj ET Q q 0 0 0 rg BT 463.02 109.50 Td (August ) Tj ET Q q 0 0 0 rg BT 495.02 109.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 517.68 109.50 Td (to ) Tj ET Q q 0 0 0 rg BT 527.51 109.50 Td (improve ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 96.90 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 96.90 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 107.24 96.90 Td (of ) Tj ET Q q 0 0 0 rg BT 119.12 96.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.97 96.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 202.34 96.90 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 254.75 96.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 279.46 96.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 311.17 96.90 Td (will ) Tj ET Q q 0 0 0 rg BT 330.63 96.90 Td (adopt ) Tj ET Q q 0 0 0 rg BT 357.09 96.90 Td (this ) Tj ET Q q 0 0 0 rg BT 375.39 96.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 416.41 96.90 Td (on ) Tj ET Q q 0 0 0 rg BT 429.35 96.90 Td (April ) Tj ET Q q 0 0 0 rg BT 454.64 96.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 465.64 96.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 489.77 96.90 Td (with ) Tj ET Q q 0 0 0 rg BT 511.57 96.90 Td (no ) Tj ET Q q 0 0 0 rg BT 525.19 96.90 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.30 Td (material ) Tj ET Q q 0 0 0 rg BT 86.52 84.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 117.72 84.30 Td (on ) Tj ET Q q 0 0 0 rg BT 130.85 84.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.30 84.30 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 195.59 84.30 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Tj ET Q endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (105) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 97.56 741.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 124.03 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 135.36 741.75 Td (intraperiod ) Tj ET Q q 0 0 0 rg BT 184.58 741.75 Td (allocations, ) Tj ET Q q 0 0 0 rg BT 235.86 741.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 273.99 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 289.97 741.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 332.21 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 354.04 741.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 386.93 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 398.25 741.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 431.73 741.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 484.47 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 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ET Q q 0 0 0 rg BT 87.23 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 112.72 716.55 Td (areas ) Tj ET Q q 0 0 0 rg BT 138.20 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 150.86 716.55 Td (income ) Tj ET Q q 0 0 0 rg BT 185.68 716.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 202.43 716.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 252.41 716.55 Td (guidance ) Tj ET Q q 0 0 0 rg BT 294.23 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 306.31 716.55 Td (improve ) Tj ET Q q 0 0 0 rg BT 345.22 716.55 Td (consistency ) Tj ET Q q 0 0 0 rg BT 398.12 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 417.20 716.55 Td (simplify ) Tj ET Q q 0 0 0 rg BT 456.12 716.55 Td (application. ) Tj ET Q q 0 0 0 rg BT 509.03 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 529.27 716.55 Td (updated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 90.02 703.95 Td (will ) Tj ET Q q 0 0 0 rg BT 108.98 703.95 Td (be ) Tj ET Q q 0 0 0 rg BT 121.52 703.95 Td (ef) Tj ET Q q 0 0 0 rg BT 129.49 703.95 Td (fective ) Tj ET Q q 0 0 0 rg BT 160.68 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 171.47 703.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 196.83 703.95 Td (2022, ) Tj ET Q q 0 0 0 rg BT 223.08 703.95 Td (unless ) Tj ET Q q 0 0 0 rg BT 251.96 703.95 Td (adopted ) Tj ET Q q 0 0 0 rg BT 287.82 703.95 Td (earlier) Tj ET Q q 0 0 0 rg BT 314.05 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 319.30 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 343.50 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 374.71 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 384.34 703.95 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 430.70 703.95 Td (its ) Tj ET Q q 0 0 0 rg BT 443.25 703.95 Td (adoption.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (In ) Tj ET Q q 0 0 0 rg BT 59.87 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 88.89 678.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 114.14 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 128.58 678.75 Td (F) Tj ET Q q 0 0 0 rg BT 133.65 678.75 Td (ASB ) Tj ET Q q 0 0 0 rg BT 155.69 678.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 183.56 678.75 Td (optional ) Tj ET Q q 0 0 0 rg BT 219.60 678.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 259.12 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 272.98 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 279.26 678.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 310.63 678.75 Td (period ) Tj ET Q q 0 0 0 rg BT 339.07 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 348.86 678.75 Td (ease ) Tj ET Q q 0 0 0 rg BT 368.55 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.00 678.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 421.36 678.75 Td (burden ) Tj ET Q q 0 0 0 rg BT 452.14 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 461.92 678.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 509.61 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 523.47 678.75 Td (reference ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.63 666.15 Td (reform ) Tj ET Q q 0 0 0 rg BT 98.59 666.15 Td (on ) Tj ET Q q 0 0 0 rg BT 111.48 666.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 150.61 666.15 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 193.94 666.15 Td (The ) Tj ET Q q 0 0 0 rg BT 212.66 666.15 Td (update ) Tj ET Q q 0 0 0 rg BT 243.04 666.15 Td (provides ) Tj ET Q q 0 0 0 rg BT 281.59 666.15 Td (optional ) Tj ET Q q 0 0 0 rg BT 318.40 666.15 Td (expedients ) Tj ET Q q 0 0 0 rg BT 365.70 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 383.25 666.15 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 430.55 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 445.18 666.15 Td (applying ) Tj ET Q q 0 0 0 rg BT 484.32 666.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 525.78 666.15 Td (accepted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (accounting ) Tj ET Q q 0 0 0 rg BT 97.53 653.55 Td (principles ) Tj ET Q q 0 0 0 rg BT 140.90 653.55 Td (\(�GAAP�\) ) Tj ET Q q 0 0 0 rg BT 187.76 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 197.89 653.55 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 240.38 653.55 Td (hedging ) Tj ET Q q 0 0 0 rg BT 276.17 653.55 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 334.42 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 351.54 653.55 Td (other ) Tj ET Q q 0 0 0 rg BT 375.08 653.55 Td (transactions ) Tj ET Q q 0 0 0 rg BT 427.20 653.55 Td (af) Tj ET Q q 0 0 0 rg BT 435.16 653.55 Td (fected ) Tj ET Q q 0 0 0 rg BT 462.77 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 475.23 653.55 Td (reference ) Tj ET Q q 0 0 0 rg BT 516.24 653.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 533.94 653.55 Td (reform ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (if ) Tj ET Q q 0 0 0 rg BT 57.84 640.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 88.34 640.95 Td (criteria ) Tj ET Q q 0 0 0 rg BT 120.00 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 134.74 640.95 Td (met.�) Tj ET Q q 0 0 0 rg BT 155.55 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 173.80 640.95 Td (amendments ) Tj ET Q q 0 0 0 rg BT 228.81 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 238.90 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 253.66 640.95 Td (update ) Tj ET Q q 0 0 0 rg BT 283.58 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 298.33 640.95 Td (elective ) Tj ET Q q 0 0 0 rg BT 332.90 640.95 Td (beginning ) Tj ET Q q 0 0 0 rg BT 376.83 640.95 Td (March ) Tj ET Q q 0 0 0 rg BT 406.16 640.95 Td (12, ) Tj ET Q q 0 0 0 rg BT 421.22 640.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 444.15 640.95 Td (through ) Tj ET Q q 0 0 0 rg BT 478.74 640.95 Td (December ) Tj ET Q q 0 0 0 rg BT 523.81 640.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.87 640.95 Td (2022. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.70 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.91 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 114.54 628.35 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 160.90 628.35 Td (its ) Tj ET Q q 0 0 0 rg BT 173.44 628.35 Td (adoption.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.00 603.15 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 59.25 603.15 Td (. ) Tj ET Q q 0 0 0 rg BT 64.50 603.15 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 66.55 603.15 Td (Acquisitions) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 121.98 603.15 Td ( ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 54.00 577.95 Td (Gramercy ) Tj ET Q q 0 0 0 rg BT 99.78 577.95 Td (Europe ) Tj ET Q q 0 0 0 rg BT 134.50 577.95 Td (\(Jersey\) ) Tj ET Q q 0 0 0 rg BT 171.52 577.95 Td (Limited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 565.35 Td (On ) Tj ET Q q 0 0 0 rg BT 69.85 565.35 Td (April ) Tj ET Q q 0 0 0 rg BT 95.89 565.35 Td (10, ) Tj ET Q q 0 0 0 rg BT 112.89 565.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 140.39 565.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 175.76 565.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 214.04 565.35 Td (acquired ) Tj ET Q q 0 0 0 rg BT 254.06 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 262.59 565.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 302.04 565.35 Td (stake ) Tj ET Q q 0 0 0 rg BT 327.49 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 339.53 565.35 Td (Gramercy ) Tj ET Q q 0 0 0 rg BT 385.38 565.35 Td (Europe ) Tj ET Q q 0 0 0 rg BT 419.58 565.35 Td (\(Jersey\) ) Tj ET Q q 0 0 0 rg BT 456.68 565.35 Td (Limited ) Tj ET Q q 0 0 0 rg BT 493.80 565.35 Td (\("Gramercy"\), ) Tj ET Q q 0 0 0 rg BT 557.84 565.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 552.75 Td (European ) Tj ET Q q 0 0 0 rg BT 97.85 552.75 Td (real ) Tj ET Q q 0 0 0 rg BT 117.21 552.75 Td (estate ) Tj ET Q q 0 0 0 rg BT 144.73 552.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.43 552.75 Td (business ) Tj ET Q q 0 0 0 rg BT 233.63 552.75 Td (specializing ) Tj ET Q q 0 0 0 rg BT 287.40 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.19 552.75 Td (pan-European ) Tj ET Q q 0 0 0 rg BT 361.70 552.75 Td (logistics ) Tj ET Q q 0 0 0 rg BT 400.32 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.10 552.75 Td (industrial ) Tj ET Q q 0 0 0 rg BT 462.38 552.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 493.13 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.49 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 516.43 552.75 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 540.15 Td (required ) Tj ET Q q 0 0 0 rg BT 92.07 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 105.06 540.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 132.65 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 154.39 540.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 193.63 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.46 540.15 Td ($10,247) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.59 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 242.67 540.15 Td (\(net ) Tj ET Q q 0 0 0 rg BT 262.08 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 273.91 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 295.65 540.15 Td (acquired\), ) Tj ET Q q 0 0 0 rg BT 341.01 540.15 Td (which ) Tj ET Q q 0 0 0 rg BT 369.75 540.15 Td (was ) Tj ET Q q 0 0 0 rg BT 389.17 540.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 410.33 540.15 Td (using ) Tj ET Q q 0 0 0 rg BT 436.17 540.15 Td (existing ) Tj ET Q q 0 0 0 rg BT 472.50 540.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 494.25 540.15 Td (resources, ) Tj ET Q q 0 0 0 rg BT 539.61 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 557.85 540.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 527.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 93.12 527.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 139.83 527.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 198.78 527.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 237.32 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 248.45 527.55 Td (up ) Tj ET Q q 0 0 0 rg BT 261.33 527.55 Td (to�approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.16 527.55 Td ($3,735) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.03 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 366.41 527.55 Td (\(using ) Tj ET Q q 0 0 0 rg BT 395.05 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 410.26 527.55 Td (foreign ) Tj ET Q q 0 0 0 rg BT 442.96 527.55 Td (exchange ) Tj ET Q q 0 0 0 rg BT 484.99 527.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 503.11 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 514.24 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 524.84 527.55 Td (April ) Tj ET Q q 0 0 0 rg BT 549.39 527.55 Td (10, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 514.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 80.25 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 95.12 514.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 110.57 514.95 Td (�3,315) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.45 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 142.07 514.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 181.44 514.95 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 226.34 514.95 Td (due ) Tj ET Q q 0 0 0 rg BT 244.13 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 257.25 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 272.70 514.95 Td (fifth ) Tj ET Q q 0 0 0 rg BT 293.41 514.95 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 345.01 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 356.38 514.95 Td (closing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 489.75 Td (In ) Tj ET Q q 0 0 0 rg BT 64.73 489.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 112.77 489.75 Td (with ) Tj ET Q q 0 0 0 rg BT 133.42 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.23 489.75 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 198.91 489.75 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 232.38 489.75 Td (Partners ) Tj ET Q q 0 0 0 rg BT 268.77 489.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 316.80 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 328.69 489.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 380.23 489.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 424.20 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 446.59 489.75 Td (management ) Tj ET Q q 0 0 0 rg BT 502.22 489.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.10 489.75 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.00 477.15 Td ($5,876) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.88 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 98.76 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 119.68 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 126.60 477.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 154.52 477.15 Td (life ) Tj ET Q q 0 0 0 rg BT 170.76 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.77 477.15 Td (eight ) Tj ET Q q 0 0 0 rg BT 205.02 477.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.17 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 229.43 477.15 Td (at ) Tj ET Q q 0 0 0 rg BT 239.26 477.15 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 290.22 477.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 329.81 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.81 477.15 Td ($20,196) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.94 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 379.82 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 397.24 477.15 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 461.32 477.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.48 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.48 477.15 Td ($1) Tj ET Q q 0 0 0 rg BT 515.59 477.15 Td (1,715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.22 477.15 Td (. ) Tj ET Q q 0 0 0 rg BT 544.10 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 546.19 477.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 464.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 71.20 464.55 Td (value ) Tj ET Q q 0 0 0 rg BT 96.56 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 107.93 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 123.38 464.55 Td (contingent ) Tj ET Q q 0 0 0 rg BT 170.33 464.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 229.53 464.55 Td (at ) Tj ET Q q 0 0 0 rg BT 239.73 464.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 288.43 464.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.39 464.55 Td ($3,389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.26 464.55 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 54.00 439.35 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 98.62 439.35 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 155.79 439.35 Td (LLC ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 426.75 Td (On ) Tj ET Q q 0 0 0 rg BT 68.83 426.75 Td (January ) Tj ET Q q 0 0 0 rg BT 103.48 426.75 Td (22, ) Tj ET Q q 0 0 0 rg BT 118.60 426.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 144.23 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.80 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.38 426.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 236.52 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 243.18 426.75 Td (minority ) Tj ET Q q 0 0 0 rg BT 281.34 426.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 309.58 426.75 Td (position ) Tj ET Q q 0 0 0 rg BT 345.42 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 355.59 426.75 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 397.24 426.75 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 452.60 426.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 474.43 426.75 Td (\("Precidian"\). ) Tj ET Q q 0 0 0 rg BT 534.27 426.75 Td ( ) Tj ET Q q 0 0 0 rg BT 536.27 426.75 Td (Under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 71.12 414.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 98.74 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 111.78 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 128.90 414.15 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 181.88 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 207.75 414.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 240.63 414.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 281.06 414.15 Td (series ) Tj ET Q q 0 0 0 rg BT 309.26 414.15 Td (B ) Tj ET Q q 0 0 0 rg BT 320.56 414.15 Td (preferred ) Tj ET Q q 0 0 0 rg BT 363.32 414.15 Td (units ) Tj ET Q q 0 0 0 rg BT 388.03 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 401.07 414.15 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 445.02 414.15 Td (that ) Tj ET Q q 0 0 0 rg BT 465.05 414.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 495.59 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 521.45 414.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 554.33 414.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 401.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.21 401.55 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.46 401.55 Td ( ) Tj ET Q q 0 0 0 rg BT 139.02 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 150.34 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 165.73 401.55 Td (voting ) Tj ET Q q 0 0 0 rg BT 195.13 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 212.85 401.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 256.24 401.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 293.79 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 305.11 401.55 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 349.95 401.55 Td (along ) Tj ET Q q 0 0 0 rg BT 375.84 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 397.08 401.55 Td (customary ) Tj ET Q q 0 0 0 rg BT 443.38 401.55 Td (preferred ) Tj ET Q q 0 0 0 rg BT 484.41 401.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.22 401.55 Td (protections. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 376.35 Td (On ) Tj ET Q q 0 0 0 rg BT 69.08 376.35 Td (January ) Tj ET Q q 0 0 0 rg BT 103.98 376.35 Td (21, ) Tj ET Q q 0 0 0 rg BT 119.36 376.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 145.23 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 169.05 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 199.88 376.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 239.46 376.35 Td (notice ) Tj ET Q q 0 0 0 rg BT 267.36 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 278.36 376.35 Td (its ) Tj ET Q q 0 0 0 rg BT 290.52 376.35 Td (intent ) Tj ET Q q 0 0 0 rg BT 316.69 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 327.10 376.35 Td (convert ) Tj ET Q q 0 0 0 rg BT 360.83 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 375.91 376.35 Td (preferred ) Tj ET Q q 0 0 0 rg BT 416.63 376.35 Td (units ) Tj ET Q q 0 0 0 rg BT 439.30 376.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.71 376.35 Td (75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.96 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 471.21 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 482.20 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 497.28 376.35 Td (common ) Tj ET Q q 0 0 0 rg BT 536.27 376.35 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 65.87 363.75 Td (Precidian ) Tj ET Q q 0 0 0 rg BT 108.64 363.75 Td (on ) Tj ET Q q 0 0 0 rg BT 122.26 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 130.04 363.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 152.99 363.75 Td (diluted ) Tj ET Q q 0 0 0 rg BT 185.27 363.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 209.39 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 224.76 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 232.54 363.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.31 363.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 293.59 363.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.46 363.75 Td ($25,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.58 363.75 Td (. ) Tj ET Q q 0 0 0 rg BT 345.33 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 348.22 363.75 Td (The ) Tj ET Q q 0 0 0 rg BT 367.66 363.75 Td (transaction ) Tj ET Q q 0 0 0 rg BT 416.85 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 426.98 363.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 459.84 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 471.12 363.75 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 522.07 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 533.93 363.75 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 351.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 86.96 351.15 Td (conditions ) Tj ET Q q 0 0 0 rg BT 133.33 351.15 Td (within ) Tj ET Q q 0 0 0 rg BT 162.79 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 178.25 351.15 Td (nine ) Tj ET Q q 0 0 0 rg BT 198.95 351.15 Td (months ) Tj ET Q q 0 0 0 rg BT 232.49 351.15 Td (following ) Tj ET Q q 0 0 0 rg BT 275.95 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 300.15 351.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 337.34 351.15 Td (notice.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 78.64 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 110.29 325.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 150.10 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 165.41 325.95 Td (its ) Tj ET Q q 0 0 0 rg BT 178.40 325.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 227.54 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 238.78 325.95 Td (Precidian, ) Tj ET Q q 0 0 0 rg BT 284.12 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 312.85 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 322.92 325.95 Td (included ) Tj ET Q q 0 0 0 rg BT 362.14 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 373.38 325.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 400.35 325.95 Td (non-current ) Tj ET Q q 0 0 0 rg BT 452.40 325.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 479.97 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 491.20 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 325.95 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 54.00 313.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 90.44 313.35 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 120.48 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 131.85 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 143.22 313.35 Td (March ) Tj ET Q q 0 0 0 rg BT 173.25 313.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 189.00 313.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 212.63 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 230.41 313.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 256.66 313.35 Td (under ) Tj ET Q q 0 0 0 rg BT 283.19 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 298.65 313.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 327.52 313.35 Td (method ) Tj ET Q q 0 0 0 rg BT 361.64 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 373.01 313.35 Td (accounting.) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (106) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (Investments ) Tj ET Q q 0 0 0 rg BT 117.38 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 136.93 741.90 Td (Fair) Tj ET Q q 0 0 0 rg BT 155.98 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 158.42 741.90 Td (V) Tj ET Q q 0 0 0 rg BT 165.04 741.90 Td (alue ) Tj ET Q q 0 0 0 rg BT 186.33 741.90 Td (of ) Tj ET Q q 0 0 0 rg BT 197.12 741.90 Td (Assets ) Tj ET Q q 0 0 0 rg BT 227.75 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 247.30 741.90 Td (Liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 292.23 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.23 716.70 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 116.80 716.70 Td (below ) Tj ET Q q 0 0 0 rg BT 144.36 716.70 Td (include ) Tj ET Q q 0 0 0 rg BT 177.17 716.70 Td (details ) Tj ET Q q 0 0 0 rg BT 206.49 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 217.14 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 240.62 716.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 277.09 716.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 315.72 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.12 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 359.19 716.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.83 716.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 438.81 716.70 Td (that ) Tj ET Q q 0 0 0 rg BT 456.46 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 471.18 716.70 Td (measured ) Tj ET Q q 0 0 0 rg BT 513.32 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 522.80 716.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.28 716.70 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 69.40 704.10 Td (NA) Tj ET Q q 0 0 0 rg BT 83.21 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 89.44 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 96.31 704.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 141.96 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.02 704.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.00 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.74 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.14 704.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.11 704.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 332.43 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.42 704.10 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 374.45 704.10 Td (See ) Tj ET Q q 0 0 0 rg BT 393.85 704.10 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.51 704.10 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.01 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.56 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 441.98 704.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 474.79 704.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 510.51 704.10 Td (Entities ) Tj ET Q q 0 0 0 rg BT 546.84 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 111.57 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 122.97 691.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 172.08 691.50 Td (V) Tj ET Q q 0 0 0 rg BT 178.50 691.50 Td (ehicles, ) Tj ET Q q 0 0 0 rg BT 212.93 691.50 Td (for ) Tj ET Q q 0 0 0 rg BT 227.83 691.50 Td (information ) Tj ET Q q 0 0 0 rg BT 280.05 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 311.27 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 322.08 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 337.56 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 364.71 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 382.52 691.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 424.25 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 435.65 691.50 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 460.47 691.50 Td (that ) Tj ET Q q 0 0 0 rg BT 478.87 691.50 Td (are ) Tj ET Q q 0 0 0 rg BT 494.34 691.50 Td (measured ) Tj ET Q q 0 0 0 rg BT 537.22 691.50 Td (at ) Tj ET Q q 0 0 0 rg BT 547.45 691.50 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (value ) Tj ET Q q 0 0 0 rg BT 75.36 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 86.74 678.90 Td (NA) Tj ET Q q 0 0 0 rg BT 100.55 678.90 Td (V) Tj ET Q q 0 0 0 rg BT 106.78 678.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 653.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.98 653.70 Td (values ) Tj ET Q q 0 0 0 rg BT 113.84 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 124.63 653.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 163.40 653.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 189.94 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 207.14 653.70 Td (\(liabilities\) ) Tj ET Q q 0 0 0 rg BT 255.25 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 266.04 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 280.91 653.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 323.78 653.70 Td (were ) Tj ET Q q 0 0 0 rg BT 346.22 653.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 395.50 653.70 Td (using ) Tj ET Q q 0 0 0 rg BT 420.29 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 435.16 653.70 Td (following ) Tj ET Q q 0 0 0 rg BT 478.03 653.70 Td (categories ) Tj ET Q q 0 0 0 rg BT 522.63 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 533.42 653.70 Td (inputs:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 629.2 m 265.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 629.2 m 277.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 629.2 m 339.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 629.2 m 351.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 629.2 m 416.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 629.2 m 426.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 629.2 m 488.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 629.2 m 502.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 629.2 m 561.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 573.2 m 196.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 573.2 m 265.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 573.2 m 339.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 573.2 m 416.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 573.2 m 488.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 573.2 m 561.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 573.2 m 196.5 573.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 369.2 m 196.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 369.2 m 265.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 369.2 m 339.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 369.2 m 416.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 369.2 m 488.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 354.2 m 196.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 369.2 m 265.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 354.2 m 265.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 369.2 m 339.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 354.2 m 339.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 369.2 m 416.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 354.2 m 416.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 369.2 m 488.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 354.2 m 488.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 369.2 m 561.5 369.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 354.2 m 561.5 354.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 294.2 m 265.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 294.2 m 339.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 294.2 m 416.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 294.2 m 488.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 294.2 m 561.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 294.2 m 196.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 280.2 m 196.5 280.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 294.2 m 265.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 280.2 m 265.5 280.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 294.2 m 339.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 280.2 m 339.5 280.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 294.2 m 416.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 280.2 m 416.5 280.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 294.2 m 488.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 280.2 m 488.5 280.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 294.2 m 561.5 294.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 280.2 m 561.5 280.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.25 633.42 Td (As of March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 577.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.15 609.47 Td (Quoted prices) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.55 598.97 Td (in active) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.85 588.47 Td (markets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.10 577.97 Td (\(Level 1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.95 619.42 Td (Significant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.20 608.92 Td (other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.25 598.42 Td (observable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.15 587.92 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.60 577.42 Td (\(Level 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.45 609.47 Td (Significant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.50 598.97 Td (unobservable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.65 588.47 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.10 577.97 Td (\(Level 3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.60 598.97 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.75 588.47 Td (measured at) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 577.97 Td (NA) Tj ET Q q 0 0 0 rg BT 460.16 577.97 Td (V) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 520.00 577.99 Td (T) Tj ET Q q 0 0 0 rg BT 526.04 577.99 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 563.59 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 546.97 Td (Cash equivalents) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 129.45 551.73 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 546.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.35 546.97 Td (594,514) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 546.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.60 546.97 Td (12,521) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 546.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 546.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 546.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 546.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 505.00 546.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.35 546.99 Td (607,035) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 531.97 Td (Equity investments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 141.71 536.73 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 517.42 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.60 517.42 Td (48,940) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.60 517.42 Td (19,538) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 517.42 Td (38,895) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.85 517.42 Td (1,360) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.35 517.59 Td (108,733) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 502.47 Td (Investments related to long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 491.97 Td (term incentive plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.35 491.97 Td (210,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 491.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 491.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 491.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 523.35 491.99 Td (210,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 477.42 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.60 477.42 Td (12,406) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.85 477.42 Td (1,577) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 477.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 477.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 477.59 Td (13,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 462.97 Td (Equity method investments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 175.83 467.73 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 447.97 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 170.81 452.73 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 447.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 447.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 447.97 Td (43,059) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 447.97 Td (12,571) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 447.99 Td (55,630) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 432.47 Td (Investments related to long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 421.97 Td (term incentive plans) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 161.14 426.73 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 421.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 421.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 421.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.85 421.97 Td (5,287) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 421.99 Td (5,287) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 406.97 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.70 411.73 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 406.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 406.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 406.97 Td (48) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.85 406.97 Td (8,371) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 406.99 Td (8,419) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 391.97 Td (Adjusted cost investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 168.24 396.73 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 391.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 391.97 Td (70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 391.97 Td (19,659) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 391.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 391.99 Td (19,729) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 373.97 Td (Derivative assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 129.44 378.73 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.85 373.97 Td (4,716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 373.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 373.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 373.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 373.99 Td (4,716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 358.97 Td (T) Tj ET Q q 0 0 0 rg BT 63.68 358.97 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 358.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.35 358.97 Td (871,467) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 358.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.60 358.97 Td (33,706) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 358.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.35 358.97 Td (101,661) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 358.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 358.97 Td (27,589) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 505.00 358.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.50 358.99 Td (1,034,423) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 339.99 Td (Liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 324.47 Td (Contingent consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 313.97 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 106.08 318.73 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 313.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 313.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 313.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 313.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 313.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.35 313.97 Td (\(3,308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 313.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 313.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 313.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 505.00 313.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.35 313.99 Td (\(3,308) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 313.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 298.97 Td (Derivative liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 144.02 303.73 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.10 298.97 Td (\(13,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 298.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 298.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 298.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 298.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.10 298.99 Td (\(13,872) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 298.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 284.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 284.42 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 284.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.10 284.42 Td (\(13,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 284.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 284.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 284.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 284.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.35 284.42 Td (\(3,308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 284.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 284.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 284.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 505.00 284.59 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 525.10 284.59 Td (\(17,180) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 284.59 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (107) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 734.5 m 265.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 734.5 m 277.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 734.5 m 339.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 734.5 m 351.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 734.5 m 416.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 734.5 m 426.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 734.5 m 488.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 734.5 m 502.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 734.5 m 561.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 678.5 m 196.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 678.5 m 265.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 678.5 m 339.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 678.5 m 416.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 678.5 m 488.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 678.5 m 561.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 678.5 m 196.5 678.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 474.5 m 196.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 474.5 m 265.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 474.5 m 339.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 474.5 m 416.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 474.5 m 488.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 459.5 m 196.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 474.5 m 265.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 459.5 m 265.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 474.5 m 339.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 459.5 m 339.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 474.5 m 416.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 459.5 m 416.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 474.5 m 488.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 459.5 m 488.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 474.5 m 561.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 459.5 m 561.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 399.5 m 265.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 399.5 m 339.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 399.5 m 416.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 399.5 m 488.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 399.5 m 561.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 399.5 m 196.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 385.5 m 196.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 399.5 m 265.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 385.5 m 265.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 399.5 m 339.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 385.5 m 339.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 399.5 m 416.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 385.5 m 416.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 399.5 m 488.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 385.5 m 488.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 399.5 m 561.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 385.5 m 561.5 385.5 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.25 738.72 Td (As of March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 683.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.15 714.77 Td (Quoted prices) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.55 704.27 Td (in active) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.85 693.77 Td (markets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.10 683.27 Td (\(Level 1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.95 724.72 Td (Significant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.20 714.22 Td (other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.25 703.72 Td (observable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.15 693.22 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.60 682.72 Td (\(Level 2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.45 714.77 Td (Significant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.50 704.27 Td (unobservable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.65 693.77 Td (inputs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.10 683.27 Td (\(Level 3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.60 704.27 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.75 693.77 Td (measured at) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.35 683.27 Td (NA) Tj ET Q q 0 0 0 rg BT 460.84 683.27 Td (V) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.75 683.27 Td (T) Tj ET Q q 0 0 0 rg BT 526.43 683.27 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 668.89 Td (Assets:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 652.27 Td (Cash equivalents) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 129.45 657.03 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 652.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.35 652.27 Td (556,231) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 652.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.60 652.27 Td (20,160) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 652.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 652.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 652.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 652.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 652.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 652.27 Td (576,391) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 637.27 Td (Equity investments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 141.71 642.03 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 622.72 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.60 622.72 Td (98,276) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.60 622.72 Td (30,601) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.85 622.72 Td (1,455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.85 622.72 Td (2,183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 622.72 Td (132,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 607.77 Td (Investments related to long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 597.27 Td (term incentive plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.35 597.27 Td (21) Tj ET Q q 0 0 0 rg BT 237.85 597.27 Td (1,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 597.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 597.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 597.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 597.27 Td (21) Tj ET Q q 0 0 0 rg BT 533.85 597.27 Td (1,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 582.72 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.60 582.72 Td (19,486) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.85 582.72 Td (2,142) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 582.72 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 582.72 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 582.72 Td (21,628) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 568.27 Td (Equity method investments:) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 175.83 573.03 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 553.27 Td (Seed capital investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 170.81 558.03 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 553.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 553.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 553.27 Td (40,854) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 553.27 Td (10,675) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 553.27 Td (51,529) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 537.77 Td (Investments related to long-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.00 527.27 Td (term incentive plans) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 161.14 532.03 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 527.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 527.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 527.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 527.27 Td (1) Tj ET Q q 0 0 0 rg BT 460.85 527.27 Td (1,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 527.27 Td (1) Tj ET Q q 0 0 0 rg BT 533.85 527.27 Td (1,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 512.27 Td (Other investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.70 517.03 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 512.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 512.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.85 512.27 Td (1,218) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 512.27 Td (10,251) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 512.27 Td (1) Tj ET Q q 0 0 0 rg BT 533.85 512.27 Td (1,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 497.27 Td (Adjusted cost investments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 168.24 502.03 Td (\(4\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 497.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 497.27 Td (74) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 497.27 Td (12,171) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 497.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 497.27 Td (12,245) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 479.27 Td (Derivative assets) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 129.44 484.03 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 237.85 479.27 Td (4,183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 479.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 479.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 479.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 479.27 Td (4,183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 464.27 Td (T) Tj ET Q q 0 0 0 rg BT 63.68 464.27 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 464.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.35 464.27 Td (889,978) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 464.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.60 464.27 Td (52,977) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 464.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.60 464.27 Td (55,698) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 464.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 464.27 Td (34,293) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 464.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 464.27 Td (1,032,946) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 445.29 Td (Liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 429.77 Td (Contingent consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.00 419.27 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 106.08 424.03 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 419.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.00 419.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 419.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 419.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 419.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.35 419.27 Td (\(1,415) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 419.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 419.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 419.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 419.27 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 419.27 Td (\(1,415) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 419.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 404.27 Td (Derivative liabilities) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 144.02 409.03 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 404.27 Td (\(7,579) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 404.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 404.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.00 404.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 404.27 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 404.27 Td (\(7,579) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 404.27 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 389.72 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 389.72 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.00 389.72 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.35 389.72 Td (\(7,579) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 389.72 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.00 389.72 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.00 389.72 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.00 389.72 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.35 389.72 Td (\(1,415) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.50 389.72 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.00 389.72 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 389.72 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 389.72 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 389.72 Td (\(8,994) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 389.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 375.80 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 375.80 Td (Cash ) Tj ET Q q 0 0 0 rg BT 87.40 375.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 130.42 375.80 Td (in ) Tj ET Q q 0 0 0 rg BT 139.43 375.80 Td (actively ) Tj ET Q q 0 0 0 rg BT 168.74 375.80 Td (traded ) Tj ET Q q 0 0 0 rg BT 192.38 375.80 Td (money ) Tj ET Q q 0 0 0 rg BT 217.92 375.80 Td (market ) Tj ET Q q 0 0 0 rg BT 243.92 375.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 265.21 375.80 Td (are ) Tj ET Q q 0 0 0 rg BT 277.99 375.80 Td (classified ) Tj ET Q q 0 0 0 rg BT 312.50 375.80 Td (as ) Tj ET Q q 0 0 0 rg BT 321.98 375.80 Td (Level ) Tj ET Q q 0 0 0 rg BT 343.74 375.80 Td (1.��Cash ) Tj ET Q q 0 0 0 rg BT 373.77 375.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 416.78 375.80 Td (in ) Tj ET Q q 0 0 0 rg BT 425.79 375.80 Td (time ) Tj ET Q q 0 0 0 rg BT 443.30 375.80 Td (deposits ) Tj ET Q q 0 0 0 rg BT 473.57 375.80 Td (and ) Tj ET Q q 0 0 0 rg BT 488.25 375.80 Td (other ) Tj ET Q q 0 0 0 rg BT 508.12 375.80 Td (are ) Tj ET Q q 0 0 0 rg BT 520.90 375.80 Td (measured ) Tj ET Q q 0 0 0 rg BT 555.87 375.80 Td (at ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 365.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 104.35 365.60 Td (cost, ) Tj ET Q q 0 0 0 rg BT 122.52 365.60 Td (which ) Tj ET Q q 0 0 0 rg BT 145.66 365.60 Td (approximates ) Tj ET Q q 0 0 0 rg BT 193.81 365.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 207.97 365.60 Td (value ) Tj ET Q q 0 0 0 rg BT 228.73 365.60 Td (because ) Tj ET Q q 0 0 0 rg BT 258.00 365.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.44 365.60 Td (the ) Tj ET Q q 0 0 0 rg BT 280.18 365.60 Td (short ) Tj ET Q q 0 0 0 rg BT 299.54 365.60 Td (time ) Tj ET Q q 0 0 0 rg BT 317.01 365.60 Td (between ) Tj ET Q q 0 0 0 rg BT 347.69 365.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 380.26 365.60 Td (of ) Tj ET Q q 0 0 0 rg BT 389.70 365.60 Td (the ) Tj ET Q q 0 0 0 rg BT 402.44 365.60 Td (instrument ) Tj ET Q q 0 0 0 rg BT 441.16 365.60 Td (and ) Tj ET Q q 0 0 0 rg BT 455.80 365.60 Td (its ) Tj ET Q q 0 0 0 rg BT 466.19 365.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 498.75 365.60 Td (realization ) Tj ET Q q 0 0 0 rg BT 536.98 365.60 Td (and ) Tj ET Q q 0 0 0 rg BT 551.62 365.60 Td (are ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 355.40 Td (classified ) Tj ET Q q 0 0 0 rg BT 102.23 355.40 Td (as ) Tj ET Q q 0 0 0 rg BT 111.43 355.40 Td (Level ) Tj ET Q q 0 0 0 rg BT 132.91 355.40 Td (2.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 345.20 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 345.20 Td (Included ) Tj ET Q q 0 0 0 rg BT 99.86 345.20 Td (in ) Tj ET Q q 0 0 0 rg BT 108.60 345.20 Td (Investment ) Tj ET Q q 0 0 0 rg BT 148.50 345.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.72 345.20 Td (on ) Tj ET Q q 0 0 0 rg BT 193.35 345.20 Td (the ) Tj ET Q q 0 0 0 rg BT 205.86 345.20 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 252.84 345.20 Td (Balance ) Tj ET Q q 0 0 0 rg BT 282.34 345.20 Td (Sheets. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 335.05 Td (\(3\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 335.05 Td (Primarily ) Tj ET Q q 0 0 0 rg BT 102.58 335.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 145.65 335.05 Td (in ) Tj ET Q q 0 0 0 rg BT 154.73 335.05 Td (private ) Tj ET Q q 0 0 0 rg BT 180.80 335.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 204.51 335.05 Td (and ) Tj ET Q q 0 0 0 rg BT 219.25 335.05 Td (real ) Tj ET Q q 0 0 0 rg BT 234.45 335.05 Td (estate ) Tj ET Q q 0 0 0 rg BT 256.27 335.05 Td (funds. ) Tj ET Q q 0 0 0 rg BT 279.75 335.05 Td ( ) Tj ET Q q 0 0 0 rg BT 282.04 335.05 Td (These ) Tj ET Q q 0 0 0 rg BT 304.80 335.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 328.51 335.05 Td (method ) Tj ET Q q 0 0 0 rg BT 356.48 335.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 399.55 335.05 Td (are ) Tj ET Q q 0 0 0 rg BT 412.39 335.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 452.16 335.05 Td (companies ) Tj ET Q q 0 0 0 rg BT 490.98 335.05 Td (that ) Tj ET Q q 0 0 0 rg BT 506.19 335.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 540.29 335.05 Td (record ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 324.85 Td (underlying ) Tj ET Q q 0 0 0 rg BT 106.18 324.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 148.15 324.85 Td (at ) Tj ET Q q 0 0 0 rg BT 155.64 324.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.79 324.85 Td (value. ) Tj ET Q q 0 0 0 rg BT 190.67 324.85 Td ( ) Tj ET Q q 0 0 0 rg BT 191.93 324.85 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 228.92 324.85 Td (the ) Tj ET Q q 0 0 0 rg BT 240.65 324.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 253.81 324.85 Td (value ) Tj ET Q q 0 0 0 rg BT 273.57 324.85 Td (of ) Tj ET Q q 0 0 0 rg BT 282.00 324.85 Td (these ) Tj ET Q q 0 0 0 rg BT 300.82 324.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 342.79 324.85 Td (is ) Tj ET Q q 0 0 0 rg BT 349.81 324.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 383.74 324.85 Td (using ) Tj ET Q q 0 0 0 rg BT 403.51 324.85 Td (Legg ) Tj ET Q q 0 0 0 rg BT 422.33 324.85 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 451.67 324.85 Td (share ) Tj ET Q q 0 0 0 rg BT 470.96 324.85 Td (of ) Tj ET Q q 0 0 0 rg BT 479.39 324.85 Td (the ) Tj ET Q q 0 0 0 rg BT 491.13 324.85 Td (investee's ) Tj ET Q q 0 0 0 rg BT 525.18 324.85 Td (underlying ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 314.65 Td (net ) Tj ET Q q 0 0 0 rg BT 80.56 314.65 Td (income ) Tj ET Q q 0 0 0 rg BT 107.76 314.65 Td (or ) Tj ET Q q 0 0 0 rg BT 117.01 314.65 Td (loss, ) Tj ET Q q 0 0 0 rg BT 134.54 314.65 Td (which ) Tj ET Q q 0 0 0 rg BT 157.49 314.65 Td (is ) Tj ET Q q 0 0 0 rg BT 165.34 314.65 Td (predominately ) Tj ET Q q 0 0 0 rg BT 216.61 314.65 Td (representative ) Tj ET Q q 0 0 0 rg BT 266.45 314.65 Td (of ) Tj ET Q q 0 0 0 rg BT 275.71 314.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 289.68 314.65 Td (value ) Tj ET Q q 0 0 0 rg BT 310.27 314.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 353.05 314.65 Td (in ) Tj ET Q q 0 0 0 rg BT 361.84 314.65 Td (the ) Tj ET Q q 0 0 0 rg BT 374.40 314.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 417.18 314.65 Td (held ) Tj ET Q q 0 0 0 rg BT 433.99 314.65 Td (by ) Tj ET Q q 0 0 0 rg BT 444.67 314.65 Td (the ) Tj ET Q q 0 0 0 rg BT 457.23 314.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.65 314.65 Td (method ) Tj ET Q q 0 0 0 rg BT 508.33 314.65 Td (investee. ) Tj ET Q q 0 0 0 rg BT 540.48 314.65 Td ( ) Tj ET Q q 0 0 0 rg BT 542.65 314.65 Td (Other ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 304.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 91.90 304.45 Td (method ) Tj ET Q q 0 0 0 rg BT 120.05 304.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 163.31 304.45 Td (not ) Tj ET Q q 0 0 0 rg BT 176.83 304.45 Td (measured ) Tj ET Q q 0 0 0 rg BT 212.05 304.45 Td (at ) Tj ET Q q 0 0 0 rg BT 220.84 304.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 235.29 304.45 Td (value ) Tj ET Q q 0 0 0 rg BT 256.35 304.45 Td (on ) Tj ET Q q 0 0 0 rg BT 267.50 304.45 Td (a ) Tj ET Q q 0 0 0 rg BT 273.93 304.45 Td (recurring ) Tj ET Q q 0 0 0 rg BT 307.73 304.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 327.39 304.45 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 337.12 304.45 Td ($28,373) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 364.74 304.45 Td ( ) Tj ET Q q 0 0 0 rg BT 367.40 304.45 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 382.32 304.45 Td ($28,160) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 409.95 304.45 Td ( ) Tj ET Q q 0 0 0 rg BT 412.60 304.45 Td (as ) Tj ET Q q 0 0 0 rg BT 422.34 304.45 Td (of ) Tj ET Q q 0 0 0 rg BT 432.07 304.45 Td (March ) Tj ET Q q 0 0 0 rg BT 456.91 304.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 470.19 304.45 Td (2020 ) Tj ET Q q 0 0 0 rg BT 489.84 304.45 Td (and ) Tj ET Q q 0 0 0 rg BT 504.77 304.45 Td (March ) Tj ET Q q 0 0 0 rg BT 529.60 304.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.88 304.45 Td (2019, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 294.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 108.51 294.25 Td (, ) Tj ET Q q 0 0 0 rg BT 112.76 294.25 Td (are ) Tj ET Q q 0 0 0 rg BT 125.27 294.25 Td (excluded ) Tj ET Q q 0 0 0 rg BT 158.07 294.25 Td (from ) Tj ET Q q 0 0 0 rg BT 176.72 294.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.23 294.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 211.18 294.25 Td (above.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 284.05 Td (\(4\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 284.05 Td (Included ) Tj ET Q q 0 0 0 rg BT 99.86 284.05 Td (in ) Tj ET Q q 0 0 0 rg BT 108.60 284.05 Td (Other ) Tj ET Q q 0 0 0 rg BT 130.08 284.05 Td (noncurrent ) Tj ET Q q 0 0 0 rg BT 169.02 284.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.98 284.05 Td (in ) Tj ET Q q 0 0 0 rg BT 199.72 284.05 Td (the ) Tj ET Q q 0 0 0 rg BT 212.23 284.05 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 259.21 284.05 Td (Balance ) Tj ET Q q 0 0 0 rg BT 288.71 284.05 Td (Sheets.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 273.85 Td (\(5\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 273.85 Td (See ) Tj ET Q q 0 0 0 rg BT 82.40 273.85 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 101.05 273.85 Td (17) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 109.55 273.85 Td (.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 263.65 Td (\(6\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 263.65 Td (See ) Tj ET Q q 0 0 0 rg BT 82.40 263.65 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 101.05 263.65 Td (9) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 105.30 263.65 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 240.85 Td (The ) Tj ET Q q 0 0 0 rg BT 70.10 240.85 Td (net ) Tj ET Q q 0 0 0 rg BT 86.69 240.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 123.69 240.85 Td (and ) Tj ET Q q 0 0 0 rg BT 142.62 240.85 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 190.12 240.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 216.05 240.85 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 251.90 240.85 Td (for ) Tj ET Q q 0 0 0 rg BT 267.92 240.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 317.77 240.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 361.19 240.85 Td (classified ) Tj ET Q q 0 0 0 rg BT 404.62 240.85 Td (as ) Tj ET Q q 0 0 0 rg BT 417.13 240.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 447.15 240.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 501.09 240.85 Td (under ) Tj ET Q q 0 0 0 rg BT 528.76 240.85 Td (updated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.94 228.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 147.88 228.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 188.65 228.25 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.91 228.25 Td ($\(33,585\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.03 228.25 Td ( ) Tj ET Q q 0 0 0 rg BT 255.90 228.25 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.93 228.25 Td ($13,628) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.05 228.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.92 228.25 Td (for ) Tj ET Q q 0 0 0 rg BT 326.03 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.72 228.25 Td (years ) Tj ET Q q 0 0 0 rg BT 366.75 228.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 394.68 228.25 Td (March ) Tj ET Q q 0 0 0 rg BT 424.96 228.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 440.95 228.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 464.82 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.84 228.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 509.34 228.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 228.25 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 215.65 Td (and ) Tj ET Q q 0 0 0 rg BT 67.95 215.65 Td (for ) Tj ET Q q 0 0 0 rg BT 82.98 215.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 131.84 215.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 174.29 215.65 Td (classified ) Tj ET Q q 0 0 0 rg BT 216.73 215.65 Td (as ) Tj ET Q q 0 0 0 rg BT 228.26 215.65 Td (trading ) Tj ET Q q 0 0 0 rg BT 260.79 215.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 313.74 215.65 Td (under ) Tj ET Q q 0 0 0 rg BT 340.44 215.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 363.64 215.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 412.49 215.65 Td (guidance ) Tj ET Q q 0 0 0 rg BT 453.18 215.65 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.37 215.65 Td ($31,012) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.49 215.65 Td ( ) Tj ET Q q 0 0 0 rg BT 513.28 215.65 Td (for ) Tj ET Q q 0 0 0 rg BT 528.31 215.65 Td (the ) Tj ET Q q 0 0 0 rg BT 543.93 215.65 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 203.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.70 203.05 Td (March ) Tj ET Q q 0 0 0 rg BT 107.73 203.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.48 203.05 Td (2018. ) Tj ET Q q 0 0 0 rg BT 149.73 203.05 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 180.45 Td (The ) Tj ET Q q 0 0 0 rg BT 67.92 180.45 Td (net ) Tj ET Q q 0 0 0 rg BT 82.34 180.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 127.66 180.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 151.42 180.45 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 185.10 180.45 Td (relating ) Tj ET Q q 0 0 0 rg BT 218.76 180.45 Td (to ) Tj ET Q q 0 0 0 rg BT 228.52 180.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 256.36 180.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 308.12 180.45 Td (still ) Tj ET Q q 0 0 0 rg BT 325.47 180.45 Td (held ) Tj ET Q q 0 0 0 rg BT 345.15 180.45 Td (as ) Tj ET Q q 0 0 0 rg BT 355.49 180.45 Td (of ) Tj ET Q q 0 0 0 rg BT 365.83 180.45 Td (the ) Tj ET Q q 0 0 0 rg BT 380.25 180.45 Td (reporting ) Tj ET Q q 0 0 0 rg BT 420.34 180.45 Td (date ) Tj ET Q q 0 0 0 rg BT 439.42 180.45 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.41 180.45 Td ($\(46,929\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.53 180.45 Td ( ) Tj ET Q q 0 0 0 rg BT 504.13 180.45 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.88 180.45 Td ($\(12,878\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 167.85 Td (for ) Tj ET Q q 0 0 0 rg BT 64.68 167.85 Td (the ) Tj ET Q q 0 0 0 rg BT 79.95 167.85 Td (years ) Tj ET Q q 0 0 0 rg BT 104.54 167.85 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.05 167.85 Td (March ) Tj ET Q q 0 0 0 rg BT 161.90 167.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.46 167.85 Td (2020 ) Tj ET Q q 0 0 0 rg BT 200.90 167.85 Td (and ) Tj ET Q q 0 0 0 rg BT 218.50 167.85 Td (2019, ) Tj ET Q q 0 0 0 rg BT 244.56 167.85 Td (respectively) Tj ET Q q 0 0 0 rg BT 294.61 167.85 Td (, ) Tj ET Q q 0 0 0 rg BT 299.67 167.85 Td (and ) Tj ET Q q 0 0 0 rg BT 317.27 167.85 Td (relating ) Tj ET Q q 0 0 0 rg BT 351.78 167.85 Td (to ) Tj ET Q q 0 0 0 rg BT 362.39 167.85 Td (trading ) Tj ET Q q 0 0 0 rg BT 394.57 167.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 447.17 167.85 Td (still ) Tj ET Q q 0 0 0 rg BT 465.37 167.85 Td (held ) Tj ET Q q 0 0 0 rg BT 485.88 167.85 Td (as ) Tj ET Q q 0 0 0 rg BT 497.07 167.85 Td (of ) Tj ET Q q 0 0 0 rg BT 508.26 167.85 Td (the ) Tj ET Q q 0 0 0 rg BT 523.52 167.85 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 155.20 Td (date ) Tj ET Q q 0 0 0 rg BT 70.11 155.20 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.14 155.20 Td ($7,045) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.01 155.20 Td ( ) Tj ET Q q 0 0 0 rg BT 124.64 155.20 Td (for ) Tj ET Q q 0 0 0 rg BT 139.51 155.20 Td (the ) Tj ET Q q 0 0 0 rg BT 154.96 155.20 Td (year ) Tj ET Q q 0 0 0 rg BT 175.65 155.20 Td (ended ) Tj ET Q q 0 0 0 rg BT 203.35 155.20 Td (March ) Tj ET Q q 0 0 0 rg BT 233.38 155.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 249.13 155.20 Td (2018.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 132.60 Td (Seed ) Tj ET Q q 0 0 0 rg BT 73.10 132.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 103.78 132.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 156.63 132.60 Td (represent ) Tj ET Q q 0 0 0 rg BT 197.80 132.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 250.65 132.60 Td (made ) Tj ET Q q 0 0 0 rg BT 276.08 132.60 Td (by ) Tj ET Q q 0 0 0 rg BT 289.27 132.60 Td (Legg ) Tj ET Q q 0 0 0 rg BT 313.54 132.60 Td (Mason ) Tj ET Q q 0 0 0 rg BT 344.81 132.60 Td (to ) Tj ET Q q 0 0 0 rg BT 355.67 132.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 377.61 132.60 Td (new ) Tj ET Q q 0 0 0 rg BT 397.79 132.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 446.56 132.60 Td (products ) Tj ET Q q 0 0 0 rg BT 485.41 132.60 Td (and ) Tj ET Q q 0 0 0 rg BT 503.26 132.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 548.23 132.60 Td ( ) Tj ET Q q 0 0 0 rg BT 550.33 132.60 Td (As ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 120.00 Td (of ) Tj ET Q q 0 0 0 rg BT 61.96 120.00 Td (March ) Tj ET Q q 0 0 0 rg BT 92.57 120.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.90 120.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 133.11 120.00 Td (and ) Tj ET Q q 0 0 0 rg BT 151.48 120.00 Td (2019, ) Tj ET Q q 0 0 0 rg BT 178.32 120.00 Td (seed ) Tj ET Q q 0 0 0 rg BT 200.19 120.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 231.38 120.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 284.75 120.00 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.54 120.00 Td ($192,760) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.91 120.00 Td ( ) Tj ET Q q 0 0 0 rg BT 359.12 120.00 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.49 120.00 Td ($227,756) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.87 120.00 Td (, ) Tj ET Q q 0 0 0 rg BT 422.70 120.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 472.75 120.00 Td (, ) Tj ET Q q 0 0 0 rg BT 478.58 120.00 Td (with ) Tj ET Q q 0 0 0 rg BT 500.46 120.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 553.83 120.00 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 107.40 Td (excess ) Tj ET Q q 0 0 0 rg BT 79.93 107.40 Td (of ) Tj ET Q q 0 0 0 rg BT 91.20 107.40 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 122.59 107.40 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 133.28 107.40 Td (41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.78 107.40 Td ( ) Tj ET Q q 0 0 0 rg BT 146.31 107.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 172.16 107.40 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.84 107.40 Td (52) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.34 107.40 Td ( ) Tj ET Q q 0 0 0 rg BT 202.87 107.40 Td (funds, ) Tj ET Q q 0 0 0 rg BT 231.35 107.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 281.39 107.40 Td (, ) Tj ET Q q 0 0 0 rg BT 286.54 107.40 Td (comprising ) Tj ET Q q 0 0 0 rg BT 336.31 107.40 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.49 107.40 Td (85%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.74 107.40 Td ( ) Tj ET Q q 0 0 0 rg BT 379.26 107.40 Td (of ) Tj ET Q q 0 0 0 rg BT 390.53 107.40 Td (the ) Tj ET Q q 0 0 0 rg BT 405.88 107.40 Td (total ) Tj ET Q q 0 0 0 rg BT 427.06 107.40 Td (at ) Tj ET Q q 0 0 0 rg BT 437.16 107.40 Td (each ) Tj ET Q q 0 0 0 rg BT 458.92 107.40 Td (period ) Tj ET Q q 0 0 0 rg BT 488.27 107.40 Td (end. ) Tj ET Q q 0 0 0 rg BT 508.57 107.40 Td ( ) Tj ET Q q 0 0 0 rg BT 511.10 107.40 Td (Seed ) Tj ET Q q 0 0 0 rg BT 534.03 107.40 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 94.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 102.18 94.80 Td (presented ) Tj ET Q q 0 0 0 rg BT 144.42 94.80 Td (in ) Tj ET Q q 0 0 0 rg BT 154.60 94.80 Td (the ) Tj ET Q q 0 0 0 rg BT 169.44 94.80 Td (tables ) Tj ET Q q 0 0 0 rg BT 195.95 94.80 Td (above ) Tj ET Q q 0 0 0 rg BT 223.03 94.80 Td (exclude ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.69 94.80 Td ($28,397) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.82 94.80 Td ( ) Tj ET Q q 0 0 0 rg BT 293.83 94.80 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.00 94.80 Td ($43,712) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.13 94.80 Td (, ) Tj ET Q q 0 0 0 rg BT 349.76 94.80 Td (as ) Tj ET Q q 0 0 0 rg BT 360.52 94.80 Td (of ) Tj ET Q q 0 0 0 rg BT 371.28 94.80 Td (March ) Tj ET Q q 0 0 0 rg BT 400.70 94.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 415.83 94.80 Td (2020 ) Tj ET Q q 0 0 0 rg BT 438.85 94.80 Td (and ) Tj ET Q q 0 0 0 rg BT 456.02 94.80 Td (2019, ) Tj ET Q q 0 0 0 rg BT 481.66 94.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 531.70 94.80 Td (, ) Tj ET Q q 0 0 0 rg BT 536.34 94.80 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 82.20 Td (is ) Tj ET Q q 0 0 0 rg BT 58.81 82.20 Td (related ) Tj ET Q q 0 0 0 rg BT 89.19 82.20 Td (to ) Tj ET Q q 0 0 0 rg BT 99.17 82.20 Td (Legg ) Tj ET Q q 0 0 0 rg BT 122.55 82.20 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 158.93 82.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 210.90 82.20 Td (in ) Tj ET Q q 0 0 0 rg BT 220.88 82.20 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 247.49 82.20 Td ( ) Tj ET Q q 0 0 0 rg BT 249.30 82.20 Td (See ) Tj ET Q q 0 0 0 rg BT 266.27 82.20 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.49 82.20 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.99 82.20 Td ( ) Tj ET Q q 0 0 0 rg BT 300.80 82.20 Td (for ) Tj ET Q q 0 0 0 rg BT 314.86 82.20 Td (additional ) Tj ET Q q 0 0 0 rg BT 358.66 82.20 Td (information ) Tj ET Q q 0 0 0 rg BT 410.04 82.20 Td (regarding ) Tj ET Q q 0 0 0 rg BT 452.09 82.20 Td (Legg ) Tj ET Q q 0 0 0 rg BT 475.47 82.20 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 511.85 82.20 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 69.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 69.60 Td (CIVs.) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (108) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.17 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 105.84 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.85 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.43 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 183.78 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 201.79 741.75 Td (\(liabilities\) ) Tj ET Q q 0 0 0 rg BT 250.71 741.75 Td (measured ) Tj ET Q q 0 0 0 rg BT 293.79 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 304.22 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 321.64 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 347.22 741.75 Td (using ) Tj ET Q q 0 0 0 rg BT 372.83 741.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 420.00 741.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 478.83 741.75 Td (inputs ) Tj ET Q q 0 0 0 rg BT 507.35 741.75 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 537.60 741.75 Td (3\) ) Tj ET Q q 0 0 0 rg BT 549.19 741.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (presented ) Tj ET Q q 0 0 0 rg BT 92.86 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 103.65 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 119.10 729.15 Td (tables ) Tj ET Q q 0 0 0 rg BT 146.22 729.15 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 650.65 m 157.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 650.65 m 230.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 650.65 m 282.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 650.65 m 319.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 650.65 m 388.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 650.65 m 438.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 650.65 m 492.5 650.65 l s 0 0 0 RG /GS0 gs 1.00 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BT 377.48 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 388.28 741.75 Td (their ) Tj ET Q q 0 0 0 rg BT 409.57 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 426.19 741.75 Td (value.��) Tj ET Q q 0 0 0 rg BT 456.62 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.99 741.75 Td (NA) Tj ET Q q 0 0 0 rg BT 488.80 741.75 Td (Vs ) Tj ET Q q 0 0 0 rg BT 502.52 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 520.32 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 542.19 741.75 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 89.35 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 101.88 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 116.73 729.15 Td (investees ) Tj ET Q q 0 0 0 rg BT 157.25 729.15 Td (have ) Tj ET Q q 0 0 0 rg BT 179.10 729.15 Td (been ) Tj ET Q q 0 0 0 rg BT 200.94 729.15 Td (derived ) Tj ET Q q 0 0 0 rg BT 234.46 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 256.89 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 271.75 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.34 729.15 Td (values ) Tj ET Q q 0 0 0 rg BT 317.20 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 327.97 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 342.82 729.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 390.34 729.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 442.53 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 453.31 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 464.08 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 478.93 729.15 Td (respective ) Tj ET Q q 0 0 0 rg BT 523.52 729.15 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (dates.��) Tj ET Q q 0 0 0 rg BT 79.26 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 99.19 716.55 Td (following ) Tj ET Q q 0 0 0 rg BT 143.63 716.55 Td (table ) Tj ET Q q 0 0 0 rg BT 167.65 716.55 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 221.41 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 237.85 716.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 267.69 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 280.04 716.55 Td (these ) Tj ET Q q 0 0 0 rg BT 305.23 716.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 359.00 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 377.77 716.55 Td (any ) Tj ET Q q 0 0 0 rg BT 396.54 716.55 Td (related ) Tj ET Q q 0 0 0 rg BT 428.71 716.55 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 477.81 716.55 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 528.08 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 540.43 716.55 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (factors ) Tj ET Q q 0 0 0 rg BT 81.19 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 109.48 703.95 Td (may ) Tj ET Q q 0 0 0 rg BT 130.18 703.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 161.38 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 176.83 703.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 213.87 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 239.23 703.95 Td (realized:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 678.45 m 316.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 678.45 m 332.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 678.45 m 407.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 678.45 m 487.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 678.45 m 503.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 678.45 m 562.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 652.45 m 129.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 652.45 m 244.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 678.45 m 316.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 652.45 m 316.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 678.45 m 407.5 678.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 652.45 m 407.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 652.45 m 487.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 652.45 m 562.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 652.45 m 316.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 652.45 m 407.5 652.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 429.45 m 316.5 429.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 429.45 m 129.5 429.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 414.45 m 129.5 414.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 429.45 m 244.5 429.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 414.45 m 244.5 414.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 429.45 m 316.5 429.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 414.45 m 316.5 414.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 429.45 m 407.5 429.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 414.45 m 407.5 414.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 429.45 m 487.5 429.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 414.45 m 487.5 414.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.00 683.22 Td (Fair ) Tj ET Q q 0 0 0 rg BT 273.44 683.22 Td (V) Tj ET Q q 0 0 0 rg BT 280.35 683.22 Td (alue Determined Using NA) Tj ET Q q 0 0 0 rg BT 394.27 683.22 Td (V) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.25 683.22 Td (As of March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.55 667.72 Td (Category of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.15 657.22 Td (Investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 146.35 657.22 Td (Investment Strategy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 259.05 667.74 Td (Mar) Tj ET Q q 0 0 0 rg BT 278.68 667.74 Td (ch 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 271.50 657.24 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.90 667.72 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.65 657.22 Td ( 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.00 657.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.00 667.72 Td (Unfunded) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.20 657.22 Td (Commitments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.45 667.72 Td (Remaining) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.45 657.22 Td (T) Tj ET Q q 0 0 0 rg BT 527.50 657.22 Td (erm) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 610.72 Td (Funds-of-hedge) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 600.22 Td (funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 642.22 Td (Global macro, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 631.72 Td (income, long/short) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 621.22 Td (equity) Tj ET Q q 0 0 0 rg BT 161.90 621.22 Td (, natural resources,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 610.72 Td (systematic, emer) Tj ET Q q 0 0 0 rg BT 206.47 610.72 Td (ging) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 600.22 Td (market, European hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.00 600.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 600.24 Td (1) Tj ET Q q 0 0 0 rg BT 288.85 600.24 Td (1,966) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.00 599.70 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.00 600.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.85 600.22 Td (9,910) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.15 600.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.05 600.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 532.22 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 584.72 Td (Fixed income -) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 574.22 Td (developed market, event) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 563.72 Td (driven, fixed income -) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 553.22 Td (hedge, relative value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 542.72 Td (arbitrage, European) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 532.22 Td (hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 532.24 Td (1,212) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.85 532.22 Td (1,515) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.15 532.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.05 532.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 516.72 Td (Private equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 506.22 Td (funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 506.22 Td (Long/short equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 506.24 Td (9,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.00 505.70 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.60 506.22 Td (1) Tj ET Q q 0 0 0 rg BT 379.85 506.22 Td (1,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.00 506.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 506.22 Td (5,647) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.10 516.72 Td (Up to 10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.40 506.22 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 491.22 Td (Equity method) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 480.72 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 470.22 Td (related to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 459.72 Td (long-term) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 449.22 Td (incentive plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 470.22 Td (Alternatives, structured) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 145.00 459.72 Td (securities, short-dated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 145.00 449.22 Td (fixed income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 288.85 449.24 Td (5,287) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.00 448.70 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.60 449.22 Td (1) Tj ET Q q 0 0 0 rg BT 379.85 449.22 Td (1,185) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.15 449.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.05 449.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 434.22 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 434.22 Td (V) Tj ET Q q 0 0 0 rg BT 143.00 434.22 Td (arious) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 302.00 434.24 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.00 434.22 Td (47) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.15 434.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.45 434.22 Td (V) Tj ET Q q 0 0 0 rg BT 522.87 434.22 Td (arious) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 419.22 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 419.22 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.00 419.22 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.00 419.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 283.60 419.24 Td (27,589) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.00 419.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.60 419.22 Td (34,293) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.00 419.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 419.22 Td (5,647) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.50 419.22 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 404.75 Td (n/a - not applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 394.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 394.55 Td (Liquidation ) Tj ET Q q 0 0 0 rg BT 109.79 394.55 Td (restrictions: ) Tj ET Q q 0 0 0 rg BT 152.04 394.55 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 154.17 394.55 Td (1) Tj ET Q q 0 0 0 rg BT 158.10 394.55 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 169.44 394.55 Td ( ) Tj ET Q q 0 0 0 rg BT 171.56 394.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 202.02 394.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 242.86 394.55 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 257.26 394.55 Td (89%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 272.84 394.55 Td ( ) Tj ET Q q 0 0 0 rg BT 274.96 394.55 Td (are ) Tj ET Q q 0 0 0 rg BT 287.46 394.55 Td (not ) Tj ET Q q 0 0 0 rg BT 300.45 394.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.65 394.55 Td (to ) Tj ET Q q 0 0 0 rg BT 335.39 394.55 Td (redemption ) Tj ET Q q 0 0 0 rg BT 376.23 394.55 Td (or ) Tj ET Q q 0 0 0 rg BT 385.43 394.55 Td (are ) Tj ET Q q 0 0 0 rg BT 397.93 394.55 Td (not ) Tj ET Q q 0 0 0 rg BT 410.92 394.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 443.73 394.55 Td (redeemable.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 384.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 384.35 Td (Liquidations ) Tj ET Q q 0 0 0 rg BT 113.10 384.35 Td (are ) Tj ET Q q 0 0 0 rg BT 125.60 384.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 157.93 384.35 Td (over ) Tj ET Q q 0 0 0 rg BT 175.15 384.35 Td (the ) Tj ET Q q 0 0 0 rg BT 187.66 384.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 224.25 384.35 Td (term.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 361.55 Td (There are no current plans to sell any of these investments held as of March 31, 2020.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 336.95 Td (4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 55.25 336.95 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 336.95 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 87.63 336.95 Td (Assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 115.63 336.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 311.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 311.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 311.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 311.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 168.96 311.75 Td (the ) Tj ET Q q 0 0 0 rg BT 184.41 311.75 Td (components ) Tj ET Q q 0 0 0 rg BT 237.78 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.15 311.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 273.35 311.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.47 311.75 Td (as ) Tj ET Q q 0 0 0 rg BT 311.85 311.75 Td (of:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 286.25 m 362.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 286.25 m 462.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 286.25 m 562.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 244.25 m 362.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 244.25 m 462.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 244.25 m 562.5 244.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 216.25 m 362.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 216.25 m 462.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 216.25 m 562.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 202.25 m 362.5 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 216.25 m 462.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 202.25 m 462.5 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 202.25 m 562.5 202.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 379.20 291.04 Td (Mar) Tj ET Q q 0 0 0 rg BT 398.83 291.04 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.60 291.02 Td (March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 276.47 Td (Software) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.00 276.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.35 276.64 Td (279,038) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.00 276.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 276.47 Td (269,944) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 262.47 Td (Leasehold improvements) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.35 262.64 Td (210,419) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 262.47 Td (212,742) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 248.47 Td (Equipment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.35 248.64 Td (162,372) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 248.47 Td (159,421) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 234.47 Td (T) Tj ET Q q 0 0 0 rg BT 76.68 234.47 Td (otal cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.35 234.64 Td (651,829) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 234.47 Td (642,107) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 220.47 Td (Less: accumulated depreciation and amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.85 220.64 Td (\(517,406) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 220.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 220.47 Td (\(492,1) Tj ET Q q 0 0 0 rg BT 547.97 220.47 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 220.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.00 206.47 Td (Fixed assets, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.00 206.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.35 206.64 Td (134,423) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.00 206.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 206.47 Td (149,989) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 177.55 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 106.23 177.55 Td (and ) Tj ET Q q 0 0 0 rg BT 123.40 177.55 Td (amortization 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(its ) Tj ET Q q 0 0 0 rg BT 149.18 376.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 199.46 376.10 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 259.65 376.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 304.10 376.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.06 376.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.68 376.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 388.48 376.10 Td (as ) Tj ET Q q 0 0 0 rg BT 399.69 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.90 376.10 Td (March ) Tj ET Q q 0 0 0 rg BT 440.77 376.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 456.35 376.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 482.44 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.90 376.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 518.27 376.10 Td (indefinite-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.50 Td (life ) Tj ET Q q 0 0 0 rg BT 67.05 363.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 112.09 363.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 139.64 363.50 Td (were ) Tj ET Q q 0 0 0 rg BT 163.10 363.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 213.38 363.50 Td (to ) Tj ET Q q 0 0 0 rg BT 224.60 363.50 Td (have ) Tj ET Q q 0 0 0 rg BT 247.47 363.50 Td (had ) Tj ET Q q 0 0 0 rg BT 265.69 363.50 Td (triggering ) Tj ET Q q 0 0 0 rg BT 310.15 363.50 Td (events ) Tj ET Q q 0 0 0 rg BT 340.03 363.50 Td (due ) Tj ET Q q 0 0 0 rg BT 358.24 363.50 Td (to ) Tj ET Q q 0 0 0 rg BT 369.46 363.50 Td (a ) Tj ET Q q 0 0 0 rg BT 377.17 363.50 Td (combination ) Tj ET Q q 0 0 0 rg BT 432.72 363.50 Td (of ) Tj ET Q q 0 0 0 rg BT 444.52 363.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 491.90 363.50 Td (market ) Tj ET Q q 0 0 0 rg BT 524.10 363.50 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 350.90 Td (and ) Tj ET Q q 0 0 0 rg BT 67.62 350.90 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 117.31 350.90 Td (and ) Tj ET Q q 0 0 0 rg BT 134.92 350.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 167.13 350.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 196.99 350.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 214.02 350.90 Td (value ) Tj ET Q q 0 0 0 rg BT 239.21 350.90 Td (over ) Tj ET Q q 0 0 0 rg BT 260.33 350.90 Td (the ) Tj ET Q q 0 0 0 rg BT 275.61 350.90 Td (related ) Tj ET Q q 0 0 0 rg BT 306.63 350.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 344.07 350.90 Td (values ) Tj ET Q q 0 0 0 rg BT 373.36 350.90 Td (as ) Tj ET Q q 0 0 0 rg BT 384.56 350.90 Td (of ) Tj ET Q q 0 0 0 rg BT 395.76 350.90 Td (our ) Tj ET Q q 0 0 0 rg BT 412.22 350.90 Td (most ) Tj ET Q q 0 0 0 rg BT 435.10 350.90 Td (recent ) Tj ET Q q 0 0 0 rg BT 463.20 350.90 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 515.22 350.90 Td (analyses ) Tj ET Q q 0 0 0 rg BT 553.25 350.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.43 338.30 Td (October ) Tj ET Q q 0 0 0 rg BT 97.94 338.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 113.75 338.30 Td (2019. ) Tj ET Q q 0 0 0 rg BT 140.07 338.30 Td ( ) Tj ET Q q 0 0 0 rg BT 142.75 338.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.02 338.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 198.29 338.30 Td (updated ) Tj ET Q q 0 0 0 rg BT 234.22 338.30 Td (the ) Tj ET Q q 0 0 0 rg BT 249.73 338.30 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 301.99 338.30 Td (analyses ) Tj ET Q q 0 0 0 rg BT 340.25 338.30 Td (for ) Tj ET Q q 0 0 0 rg BT 355.18 338.30 Td (these ) Tj ET Q q 0 0 0 rg BT 379.44 338.30 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 439.86 338.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 484.54 338.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.72 338.30 Td (as ) Tj ET Q q 0 0 0 rg BT 523.16 338.30 Td (of ) Tj ET Q q 0 0 0 rg BT 534.59 338.30 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.75 325.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 89.38 325.70 Td (and ) Tj ET Q q 0 0 0 rg BT 107.16 325.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.02 325.70 Td (that ) Tj ET Q q 0 0 0 rg BT 175.39 325.70 Td (there ) Tj ET Q q 0 0 0 rg BT 199.00 325.70 Td (was ) Tj ET Q q 0 0 0 rg BT 217.95 325.70 Td (no ) Tj ET Q q 0 0 0 rg BT 231.08 325.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 282.11 325.70 Td (in ) Tj ET Q q 0 0 0 rg BT 292.90 325.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.35 325.70 Td (value ) Tj ET Q q 0 0 0 rg BT 333.72 325.70 Td (of ) Tj ET Q q 0 0 0 rg BT 345.09 325.70 Td (these ) Tj ET Q q 0 0 0 rg BT 369.29 325.70 Td (assets, ) Tj ET Q q 0 0 0 rg BT 399.04 325.70 Td (as ) Tj ET Q q 0 0 0 rg BT 410.41 325.70 Td (further ) Tj ET Q q 0 0 0 rg BT 441.60 325.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 484.48 325.70 Td (below) Tj ET Q q 0 0 0 rg BT 509.45 325.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.50 Td (As ) Tj ET Q q 0 0 0 rg BT 65.93 300.50 Td (a ) Tj ET Q q 0 0 0 rg BT 74.84 300.50 Td (result ) Tj ET Q q 0 0 0 rg BT 102.43 300.50 Td (of ) Tj ET Q q 0 0 0 rg BT 115.43 300.50 Td (heightened ) Tj ET Q q 0 0 0 rg BT 165.76 300.50 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 217.24 300.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 261.73 300.50 Td (future ) Tj ET Q q 0 0 0 rg BT 291.06 300.50 Td (market ) Tj ET Q q 0 0 0 rg BT 324.47 300.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 372.48 300.50 Td (and ) Tj ET Q q 0 0 0 rg BT 391.89 300.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 436.97 300.50 Td (results, ) Tj ET Q q 0 0 0 rg BT 471.27 300.50 Td (particularly ) Tj ET Q q 0 0 0 rg BT 523.92 300.50 Td (amid ) Tj ET Q q 0 0 0 rg BT 549.17 300.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 287.90 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 100.00 287.90 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 146.19 287.90 Td (assessing ) Tj ET Q q 0 0 0 rg BT 188.03 287.90 Td (the ) Tj ET Q q 0 0 0 rg BT 203.61 287.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 220.93 287.90 Td (value ) Tj ET Q q 0 0 0 rg BT 246.42 287.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.92 287.90 Td (the ) Tj ET Q q 0 0 0 rg BT 273.50 287.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 314.74 287.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 333.83 287.90 Td (and ) Tj ET Q q 0 0 0 rg BT 351.74 287.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 396.48 287.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 423.73 287.90 Td (requires ) Tj ET Q q 0 0 0 rg BT 460.30 287.90 Td (management ) Tj ET Q q 0 0 0 rg BT 516.70 287.90 Td (to ) Tj ET Q q 0 0 0 rg BT 527.62 287.90 Td (exercise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 96.95 275.30 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 141.86 275.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.52 250.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.03 250.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 149.31 250.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 199.66 250.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 229.61 250.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 254.88 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.65 250.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 307.18 250.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 323.69 250.10 Td (value ) Tj ET Q q 0 0 0 rg BT 348.38 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.07 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.85 250.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 403.94 250.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 429.22 250.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 485.98 250.10 Td (business ) Tj ET Q q 0 0 0 rg BT 523.51 250.10 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.10 237.50 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 108.92 237.50 Td (its ) Tj ET Q q 0 0 0 rg BT 120.60 237.50 Td (related ) Tj ET Q q 0 0 0 rg BT 150.93 237.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 187.67 237.50 Td (value ) Tj ET Q q 0 0 0 rg BT 212.18 237.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.44 237.50 Td (22%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.69 237.50 Td (. ) Tj ET Q q 0 0 0 rg BT 248.07 237.50 Td ( ) Tj ET Q q 0 0 0 rg BT 249.84 237.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 273.18 237.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 303.52 237.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 352.52 237.50 Td (a ) Tj ET Q q 0 0 0 rg BT 358.94 237.50 Td (triggering ) Tj ET Q q 0 0 0 rg BT 402.11 237.50 Td (event ) Tj ET Q q 0 0 0 rg BT 426.62 237.50 Td (had ) Tj ET Q q 0 0 0 rg BT 443.54 237.50 Td (not ) Tj ET Q q 0 0 0 rg BT 458.72 237.50 Td (occurred ) Tj ET Q q 0 0 0 rg BT 497.21 237.50 Td (for ) Tj ET Q q 0 0 0 rg BT 511.22 237.50 Td (its ) Tj ET Q q 0 0 0 rg BT 522.90 237.50 Td ( ) Tj ET Q q 0 0 0 rg BT 524.67 237.50 Td (goodwill ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 224.90 Td (as ) Tj ET Q q 0 0 0 rg BT 62.38 224.90 Td (of ) Tj ET Q q 0 0 0 rg BT 74.75 224.90 Td (March ) Tj ET Q q 0 0 0 rg BT 105.78 224.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.54 224.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 149.53 224.90 Td (The ) Tj ET Q q 0 0 0 rg BT 169.48 224.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.94 224.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 239.73 224.90 Td (that ) Tj ET Q q 0 0 0 rg BT 259.11 224.90 Td (the ) Tj ET Q q 0 0 0 rg BT 275.56 224.90 Td (share ) Tj ET Q q 0 0 0 rg BT 301.35 224.90 Td (price ) Tj ET Q q 0 0 0 rg BT 325.96 224.90 Td (and ) Tj ET Q q 0 0 0 rg BT 344.75 224.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 386.87 224.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 406.83 224.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 425.03 224.90 Td (value ) Tj ET Q q 0 0 0 rg BT 451.40 224.90 Td (has ) Tj ET Q q 0 0 0 rg BT 469.02 224.90 Td (not ) Tj ET Q q 0 0 0 rg BT 486.07 224.90 Td (been ) Tj ET Q q 0 0 0 rg BT 509.52 224.90 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.30 Td (impacted ) Tj ET Q q 0 0 0 rg BT 91.54 212.30 Td (by ) Tj ET Q q 0 0 0 rg BT 105.09 212.30 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 155.39 212.30 Td (as ) Tj ET Q q 0 0 0 rg BT 167.18 212.30 Td (a ) Tj ET Q q 0 0 0 rg BT 174.90 212.30 Td (result ) Tj ET Q q 0 0 0 rg BT 201.28 212.30 Td (of ) Tj ET Q q 0 0 0 rg BT 213.08 212.30 Td (the ) Tj ET Q q 0 0 0 rg BT 228.96 212.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 246.26 212.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 262.04 212.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 311.74 212.30 Td (with ) Tj ET Q q 0 0 0 rg BT 333.46 212.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 371.88 212.30 Td (T) Tj ET Q q 0 0 0 rg BT 377.56 212.30 Td (empleton. ) Tj ET Q q 0 0 0 rg BT 422.31 212.30 Td ( ) Tj ET Q q 0 0 0 rg BT 424.69 212.30 Td (As ) Tj ET Q q 0 0 0 rg BT 439.41 212.30 Td (previously ) Tj ET Q q 0 0 0 rg BT 486.79 212.30 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 532.71 212.30 Td (per ) Tj ET Q q 0 0 0 rg BT 549.17 212.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.43 199.70 Td (of ) Tj ET Q q 0 0 0 rg BT 86.28 199.70 Td (the ) Tj ET Q q 0 0 0 rg BT 101.21 199.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 118.52 199.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 133.56 199.70 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 184.94 199.70 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 222.47 199.70 Td (T) Tj ET Q q 0 0 0 rg BT 228.15 199.70 Td (empleton ) Tj ET Q q 0 0 0 rg BT 269.33 199.70 Td (will ) Tj ET Q q 0 0 0 rg BT 287.77 199.70 Td (acquire ) Tj ET Q q 0 0 0 rg BT 320.77 199.70 Td (all ) Tj ET Q q 0 0 0 rg BT 333.37 199.70 Td (of ) Tj ET Q q 0 0 0 rg BT 344.22 199.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 367.90 199.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 404.56 199.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 455.67 199.70 Td (common ) Tj ET Q q 0 0 0 rg BT 494.51 199.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.78 199.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.13 199.70 Td ($50.00) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (per ) Tj ET Q q 0 0 0 rg BT 64.93 187.10 Td (share ) Tj ET Q q 0 0 0 rg BT 88.61 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.30 187.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 121.10 187.10 Td (valuing ) Tj ET Q q 0 0 0 rg BT 154.12 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.47 187.10 Td (total ) Tj ET Q q 0 0 0 rg BT 188.66 187.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 236.25 187.10 Td (at ) Tj ET Q q 0 0 0 rg BT 245.35 187.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 307.52 187.10 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.77 187.10 Td (4,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.77 187.10 Td (, ) Tj ET Q q 0 0 0 rg BT 358.92 187.10 Td (which ) Tj ET Q q 0 0 0 rg BT 386.10 187.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 444.19 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.55 187.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.64 187.10 Td (value ) Tj ET Q q 0 0 0 rg BT 498.90 187.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.17 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.52 187.10 Td (reporting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 69.54 174.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 119.98 174.50 Td (in ) Tj ET Q q 0 0 0 rg BT 131.35 174.50 Td (the ) Tj ET Q q 0 0 0 rg BT 147.39 174.50 Td (most ) Tj ET Q q 0 0 0 rg BT 171.02 174.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 199.87 174.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 251.48 174.50 Td (test, ) Tj ET Q q 0 0 0 rg BT 271.90 174.50 Td (and ) Tj ET Q q 0 0 0 rg BT 290.27 174.50 Td (has ) Tj ET Q q 0 0 0 rg BT 307.47 174.50 Td (been ) Tj ET Q q 0 0 0 rg BT 330.50 174.50 Td (reflected ) Tj ET Q q 0 0 0 rg BT 370.43 174.50 Td (in ) Tj ET Q q 0 0 0 rg BT 381.80 174.50 Td (the ) Tj ET Q q 0 0 0 rg BT 397.83 174.50 Td (trading ) Tj ET Q q 0 0 0 rg BT 430.78 174.50 Td (value ) Tj ET Q q 0 0 0 rg BT 456.73 174.50 Td (of ) Tj ET Q q 0 0 0 rg BT 468.68 174.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 493.47 174.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 525.26 174.50 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 161.90 Td (stock. ) Tj ET Q q 0 0 0 rg BT 77.41 161.90 Td ( ) Tj ET Q q 0 0 0 rg BT 80.04 161.90 Td ( ) Tj ET Q q 0 0 0 rg BT 82.66 161.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.08 136.70 Td (assessed ) Tj ET Q q 0 0 0 rg BT 107.42 136.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 124.75 136.70 Td (values ) Tj ET Q q 0 0 0 rg BT 154.33 136.70 Td (of ) Tj ET Q q 0 0 0 rg BT 165.84 136.70 Td (the ) Tj ET Q q 0 0 0 rg BT 181.42 136.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 199.13 136.70 Td (rust ) Tj ET Q q 0 0 0 rg BT 217.64 136.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 248.98 136.70 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 309.46 136.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 331.47 136.70 Td (management ) Tj ET Q q 0 0 0 rg BT 387.87 136.70 Td (contracts ) Tj ET Q q 0 0 0 rg BT 428.53 136.70 Td (and ) Tj ET Q q 0 0 0 rg BT 446.45 136.70 Td (trade ) Tj ET Q q 0 0 0 rg BT 470.19 136.70 Td (name ) Tj ET Q q 0 0 0 rg BT 495.69 136.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 522.95 136.70 Td (exceeded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (their ) Tj ET Q q 0 0 0 rg BT 72.56 124.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 118.44 124.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 156.74 124.10 Td (values ) Tj ET Q q 0 0 0 rg BT 186.89 124.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.96 124.10 Td ($126,804) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.33 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.65 124.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.13 124.10 Td ($10,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.26 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.58 124.10 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.40 124.10 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.64 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.96 124.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.44 124.10 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.44 124.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.38 124.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 422.43 124.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.38 124.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.44 124.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.51 124.10 Td (October ) Tj ET Q q 0 0 0 rg BT 489.65 124.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 506.09 124.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 533.04 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.36 124.10 Td (Given ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.50 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 91.25 111.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 126.67 111.50 Td (and ) Tj ET Q q 0 0 0 rg BT 144.02 111.50 Td (the ) Tj ET Q q 0 0 0 rg BT 159.03 111.50 Td (relatively ) Tj ET Q q 0 0 0 rg BT 200.86 111.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 232.79 111.50 Td (excess ) Tj ET Q q 0 0 0 rg BT 262.38 111.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 279.14 111.50 Td (value ) Tj ET Q q 0 0 0 rg BT 304.06 111.50 Td (as ) Tj ET Q q 0 0 0 rg BT 314.99 111.50 Td (of ) Tj ET Q q 0 0 0 rg BT 325.92 111.50 Td (the ) Tj ET Q q 0 0 0 rg BT 340.93 111.50 Td (most ) Tj ET Q q 0 0 0 rg BT 363.54 111.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 391.37 111.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 441.96 111.50 Td (test, ) Tj ET Q q 0 0 0 rg BT 461.35 111.50 Td (the ) Tj ET Q q 0 0 0 rg BT 476.36 111.50 Td (EnT) Tj ET Q q 0 0 0 rg BT 494.07 111.50 Td (rust ) Tj ET Q q 0 0 0 rg BT 512.01 111.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 542.77 111.50 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 98.90 Td (management ) Tj ET Q q 0 0 0 rg BT 106.50 98.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 147.26 98.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 170.53 98.90 Td (was ) Tj ET Q q 0 0 0 rg BT 189.72 98.90 Td (deemed ) Tj ET Q q 0 0 0 rg BT 225.23 98.90 Td (to ) Tj ET Q q 0 0 0 rg BT 236.25 98.90 Td (have ) Tj ET Q q 0 0 0 rg BT 258.93 98.90 Td (had ) Tj ET Q q 0 0 0 rg BT 276.95 98.90 Td (a ) Tj ET Q q 0 0 0 rg BT 284.47 98.90 Td (triggering ) Tj ET Q q 0 0 0 rg BT 328.74 98.90 Td (event ) Tj ET Q q 0 0 0 rg BT 354.33 98.90 Td (as ) Tj ET Q q 0 0 0 rg BT 365.94 98.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.54 98.90 Td (March ) Tj ET Q q 0 0 0 rg BT 407.81 98.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 423.79 98.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 450.27 98.90 Td ( ) Tj ET Q q 0 0 0 rg BT 453.13 98.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 477.56 98.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 509.01 98.90 Td (expanded ) Tj ET Q q 0 0 0 rg BT 552.10 98.90 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.30 Td (most ) Tj ET Q q 0 0 0 rg BT 72.68 86.30 Td (recent ) Tj ET Q q 0 0 0 rg BT 100.58 86.30 Td (analysis ) Tj ET Q q 0 0 0 rg BT 136.67 86.30 Td (of ) Tj ET Q q 0 0 0 rg BT 147.67 86.30 Td (this ) Tj ET Q q 0 0 0 rg BT 165.10 86.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 187.77 86.30 Td (to ) Tj ET Q q 0 0 0 rg BT 198.19 86.30 Td (consider ) Tj ET Q q 0 0 0 rg BT 236.02 86.30 Td (several ) Tj ET Q q 0 0 0 rg BT 268.01 86.30 Td (dif) Tj ET Q q 0 0 0 rg BT 279.49 86.30 Td (ferent ) Tj ET Q q 0 0 0 rg BT 306.23 86.30 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 348.73 86.30 Td (on ) Tj ET Q q 0 0 0 rg BT 361.48 86.30 Td (a ) Tj ET Q q 0 0 0 rg BT 368.40 86.30 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 458.72 86.30 Td (basis, ) Tj ET Q q 0 0 0 rg BT 484.61 86.30 Td (with ) Tj ET Q q 0 0 0 rg BT 505.53 86.30 Td (each ) Tj ET Q q 0 0 0 rg BT 527.02 86.30 Td (scenario ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.70 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 91.92 73.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 126.85 73.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 161.78 73.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 193.22 73.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 214.74 73.70 Td (and ) Tj ET Q q 0 0 0 rg BT 231.60 73.70 Td (lower ) Tj ET Q q 0 0 0 rg BT 257.20 73.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 298.55 73.70 Td (mar) Tj ET Q q 0 0 0 rg BT 314.69 73.70 Td (gins, ) Tj ET Q q 0 0 0 rg BT 336.51 73.70 Td (particularly ) Tj ET Q q 0 0 0 rg BT 386.61 73.70 Td (in ) Tj ET Q q 0 0 0 rg BT 396.47 73.70 Td (the ) Tj ET Q q 0 0 0 rg BT 411.00 73.70 Td (near ) Tj ET Q q 0 0 0 rg BT 430.76 73.70 Td (term. ) Tj ET Q q 0 0 0 rg BT 454.33 73.70 Td ( ) Tj ET Q q 0 0 0 rg BT 456.02 73.70 Td (Based ) Tj ET Q q 0 0 0 rg BT 483.38 73.70 Td (on ) Tj ET Q q 0 0 0 rg BT 495.58 73.70 Td (this ) Tj ET Q q 0 0 0 rg BT 512.45 73.70 Td (probability-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 91.11 61.10 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 130.19 61.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.65 61.10 Td (related ) Tj ET Q q 0 0 0 rg BT 176.83 61.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 194.03 61.10 Td (value ) Tj ET Q q 0 0 0 rg BT 219.40 61.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 261.07 61.10 Td (its ) Tj ET Q q 0 0 0 rg BT 273.62 61.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 311.23 61.10 Td (value ) Tj ET Q q 0 0 0 rg BT 336.59 61.10 Td (by ) Tj ET Q q 0 0 0 rg BT 349.72 61.10 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.99 61.10 Td (1%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.99 61.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.61 61.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.98 61.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.35 61.10 Td (March ) Tj ET Q q 0 0 0 rg BT 482.38 61.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 498.13 61.10 Td (2020.) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.50 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.36 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 308.22 31.25 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.94 741.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 86.65 741.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 105.01 741.75 Td (Global ) Tj ET Q q 0 0 0 rg BT 136.20 741.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 159.80 741.75 Td (name ) Tj ET Q q 0 0 0 rg BT 185.15 741.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 208.18 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 227.12 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 246.65 741.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 281.91 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 292.69 741.75 Td (have ) Tj ET Q q 0 0 0 rg BT 315.13 741.75 Td (had ) Tj ET Q q 0 0 0 rg BT 332.90 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 340.18 741.75 Td (triggering ) Tj ET Q q 0 0 0 rg BT 384.19 741.75 Td (event ) Tj ET Q q 0 0 0 rg BT 409.55 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 427.32 741.75 Td (was ) Tj ET Q q 0 0 0 rg BT 446.26 741.75 Td (tested ) Tj ET Q q 0 0 0 rg BT 473.37 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 488.23 741.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 539.25 741.75 Td (using ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 66.11 729.15 Td (relief ) Tj ET Q q 0 0 0 rg BT 91.54 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 115.22 729.15 Td (royalty ) Tj ET Q q 0 0 0 rg BT 148.25 729.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 190.00 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 202.03 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 214.05 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 244.74 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.14 729.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 288.04 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 291.09 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 310.69 729.15 Td (resulting ) Tj ET Q q 0 0 0 rg BT 350.72 729.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.57 729.15 Td (value ) Tj ET Q q 0 0 0 rg BT 394.58 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 406.61 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 422.72 729.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 440.42 729.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 459.45 729.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 491.31 729.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 515.58 729.15 Td (name ) Tj ET Q q 0 0 0 rg BT 541.59 729.15 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 91.68 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 107.13 716.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 144.74 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 170.10 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 183.23 716.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.50 716.55 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.50 716.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (Should ) Tj ET Q q 0 0 0 rg BT 82.22 691.35 Td (market ) Tj ET Q q 0 0 0 rg BT 113.83 691.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 171.97 691.35 Td (flows, ) Tj ET Q q 0 0 0 rg BT 200.39 691.35 Td (and/or ) Tj ET Q q 0 0 0 rg BT 229.68 691.35 Td (related ) Tj ET Q q 0 0 0 rg BT 260.16 691.35 Td (AUM ) Tj ET Q q 0 0 0 rg BT 287.13 691.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 314.08 691.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 352.68 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 363.31 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 378.60 691.35 Td (near ) Tj ET Q q 0 0 0 rg BT 399.13 691.35 Td (term, ) Tj ET Q q 0 0 0 rg BT 423.46 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 434.67 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 458.71 691.35 Td (factors ) Tj ET Q q 0 0 0 rg BT 489.74 691.35 Td (change, ) Tj ET Q q 0 0 0 rg BT 524.56 691.35 Td (such ) Tj ET Q q 0 0 0 rg BT 546.27 691.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.30 678.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 93.19 678.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 142.49 678.75 Td (deviate ) Tj ET Q q 0 0 0 rg BT 175.44 678.75 Td (from ) Tj ET Q q 0 0 0 rg BT 198.50 678.75 Td (current ) Tj ET Q q 0 0 0 rg BT 230.87 678.75 Td (projections, ) Tj ET Q q 0 0 0 rg BT 282.79 678.75 Td (it ) Tj ET Q q 0 0 0 rg BT 291.27 678.75 Td (is ) Tj ET Q q 0 0 0 rg BT 300.92 678.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 349.04 678.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 386.10 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 404.49 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 421.13 678.75 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 481.49 678.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 526.13 678.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.27 678.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 666.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 89.96 666.15 Td (could ) Tj ET Q q 0 0 0 rg BT 115.91 666.15 Td (become ) Tj ET Q q 0 0 0 rg BT 151.19 666.15 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 193.76 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.54 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 227.00 666.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 278.03 666.15 Td (could ) Tj ET Q q 0 0 0 rg BT 303.98 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 316.52 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 323.80 666.15 Td (material ) Tj ET Q q 0 0 0 rg BT 360.83 666.15 Td (amount.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.33 640.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 111.65 640.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 142.39 640.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 193.55 640.95 Td (testing ) Tj ET Q q 0 0 0 rg BT 224.31 640.95 Td (process ) Tj ET Q q 0 0 0 rg BT 258.56 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 269.48 640.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 294.97 640.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 318.73 640.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 368.72 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 387.22 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 402.80 640.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 440.54 640.95 Td (values ) Tj ET Q q 0 0 0 rg BT 470.12 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 481.62 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.21 640.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 514.92 640.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 533.42 640.95 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 112.91 628.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 137.34 628.35 Td (management ) Tj ET Q q 0 0 0 rg BT 196.17 628.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 239.25 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 259.59 628.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 285.76 628.35 Td (name ) Tj ET Q q 0 0 0 rg BT 313.68 628.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 345.99 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 366.33 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 384.34 628.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 417.53 628.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 479.85 628.35 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 542.76 628.35 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (management ) Tj ET Q q 0 0 0 rg BT 106.46 615.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 147.17 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 165.15 615.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 188.95 615.75 Td (name ) Tj ET Q q 0 0 0 rg BT 214.50 615.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 244.44 615.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 286.31 615.75 Td (their ) Tj ET Q q 0 0 0 rg BT 308.37 615.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 353.74 615.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 371.13 615.75 Td (values, ) Tj ET Q q 0 0 0 rg BT 403.39 615.75 Td (which ) Tj ET Q q 0 0 0 rg BT 431.87 615.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 467.92 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 478.91 615.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 530.13 615.75 Td (char) Tj ET Q q 0 0 0 rg BT 548.01 615.75 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.71 603.15 Td ($358,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.08 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 126.71 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 137.50 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 152.95 603.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 185.31 603.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 213.00 603.15 Td (December ) Tj ET Q q 0 0 0 rg BT 258.77 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 274.52 603.15 Td (2018. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.37 577.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 120.82 577.95 Td (char) Tj ET Q q 0 0 0 rg BT 138.69 577.95 Td (ges ) Tj ET Q q 0 0 0 rg BT 155.73 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 166.36 577.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 184.06 577.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 202.86 577.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 234.48 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 245.69 577.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 271.47 577.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 295.52 577.95 Td (were ) Tj ET Q q 0 0 0 rg BT 318.96 577.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 361.08 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 376.95 577.95 Td (result ) Tj ET Q q 0 0 0 rg BT 403.32 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 415.11 577.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 459.56 577.95 Td (net ) Tj ET Q q 0 0 0 rg BT 475.43 577.95 Td (client ) Tj ET Q q 0 0 0 rg BT 501.79 577.95 Td (outflows ) Tj ET Q q 0 0 0 rg BT 541.59 577.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (legacy ) Tj ET Q q 0 0 0 rg BT 82.14 565.35 Td (high ) Tj ET Q q 0 0 0 rg BT 105.55 565.35 Td (net ) Tj ET Q q 0 0 0 rg BT 123.12 565.35 Td (worth ) Tj ET Q q 0 0 0 rg BT 152.36 565.35 Td (fund-of-fund ) Tj ET Q q 0 0 0 rg BT 211.34 565.35 Td (products ) Tj ET Q q 0 0 0 rg BT 252.24 565.35 Td (leading ) Tj ET Q q 0 0 0 rg BT 287.89 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 300.80 565.35 Td (reduced ) Tj ET Q q 0 0 0 rg BT 338.77 565.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 373.26 565.35 Td (expectations ) Tj ET Q q 0 0 0 rg BT 430.49 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 443.40 565.35 Td (both ) Tj ET Q q 0 0 0 rg BT 466.81 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 525.19 565.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 546.84 565.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.11 552.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 126.70 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 133.42 552.75 Td (declining ) Tj ET Q q 0 0 0 rg BT 174.56 552.75 Td (mar) Tj ET Q q 0 0 0 rg BT 190.69 552.75 Td (gin, ) Tj ET Q q 0 0 0 rg BT 208.80 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.02 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 232.74 552.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 261.63 552.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 299.27 552.75 Td (rate. ) Tj ET Q q 0 0 0 rg BT 319.54 552.75 Td (These ) Tj ET Q q 0 0 0 rg BT 346.67 552.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 382.55 552.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 417.85 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 428.08 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 434.80 552.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 476.52 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 487.33 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 502.21 552.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 543.34 552.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 75.96 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 93.75 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 117.95 540.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 149.45 540.15 Td (s ) Tj ET Q q 0 0 0 rg BT 156.17 540.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 187.95 540.15 Td (assessment ) Tj ET Q q 0 0 0 rg BT 237.24 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 248.61 540.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 265.81 540.15 Td (value ) Tj ET Q q 0 0 0 rg BT 291.18 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 302.55 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 318.00 540.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 347.76 540.15 Td (such ) Tj ET Q q 0 0 0 rg BT 369.63 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 388.00 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 403.46 540.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 441.07 540.15 Td (values ) Tj ET Q q 0 0 0 rg BT 470.52 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 481.89 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 497.35 540.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 515.06 540.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 533.44 540.15 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.94 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 128.28 527.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 168.87 527.55 Td (intangible ) Tj ET Q q 0 0 0 rg BT 213.55 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 236.65 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 248.09 527.55 Td ($401,404) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.47 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 290.16 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 308.01 527.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 331.69 527.55 Td (name ) Tj ET Q q 0 0 0 rg BT 357.12 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 380.22 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.66 527.55 Td ($28,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.79 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 428.48 527.55 Td (were ) Tj ET Q q 0 0 0 rg BT 451.57 527.55 Td (impaired ) Tj ET Q q 0 0 0 rg BT 491.58 527.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.78 527.55 Td ($274,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.15 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 546.84 527.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td ($18,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 89.45 514.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 139.50 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 144.83 514.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 202.34 514.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 245.28 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 260.81 514.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 278.09 514.95 Td (values ) Tj ET Q q 0 0 0 rg BT 307.61 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 319.06 514.95 Td (these ) Tj ET Q q 0 0 0 rg BT 343.34 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.54 514.95 Td (based ) Tj ET Q q 0 0 0 rg BT 397.15 514.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 420.85 514.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 469.05 514.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 490.41 514.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 512.36 514.95 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 553.25 514.95 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (well ) Tj ET Q q 0 0 0 rg BT 72.35 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 85.36 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 94.29 502.35 Td (relief ) Tj ET Q q 0 0 0 rg BT 120.70 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 145.38 502.35 Td (royalty ) Tj ET Q q 0 0 0 rg BT 179.39 502.35 Td (method ) Tj ET Q q 0 0 0 rg BT 215.15 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 231.66 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 248.75 502.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 274.01 502.35 Td (name ) Tj ET Q q 0 0 0 rg BT 301.01 502.35 Td (asset, ) Tj ET Q q 0 0 0 rg BT 328.32 502.35 Td (using ) Tj ET Q q 0 0 0 rg BT 355.34 502.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 415.58 502.35 Td (market ) Tj ET Q q 0 0 0 rg BT 449.00 502.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 481.57 502.35 Td (which ) Tj ET Q q 0 0 0 rg BT 511.50 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 528.58 502.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 556.75 502.35 Td (3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 114.36 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 132.48 489.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 178.60 489.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 232.31 489.75 Td (used ) Tj ET Q q 0 0 0 rg BT 253.36 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.32 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 277.94 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 298.40 489.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 319.44 489.75 Td (analyses ) Tj ET Q q 0 0 0 rg BT 356.81 489.75 Td (included ) Tj ET Q q 0 0 0 rg BT 394.76 489.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 435.62 489.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 470.65 489.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 502.19 489.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 526.43 489.75 Td (discount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (rates, ) Tj ET Q q 0 0 0 rg BT 75.83 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 94.38 477.15 Td (royalty ) Tj ET Q q 0 0 0 rg BT 127.51 477.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 153.34 477.15 Td (Base ) Tj ET Q q 0 0 0 rg BT 177.13 477.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 217.83 477.15 Td (related ) Tj ET Q q 0 0 0 rg BT 249.78 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 261.34 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.55 477.15 Td (EnT) Tj ET Q q 0 0 0 rg BT 295.26 477.15 Td (rust ) Tj ET Q q 0 0 0 rg BT 314.39 477.15 Td (Global ) Tj ET Q q 0 0 0 rg BT 346.36 477.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 368.99 477.15 Td (management ) Tj ET Q q 0 0 0 rg BT 426.02 477.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 467.30 477.15 Td (were ) Tj ET Q q 0 0 0 rg BT 491.09 477.15 Td (assumed ) Tj ET Q q 0 0 0 rg BT 530.64 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 542.19 477.15 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 81.18 464.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 114.12 464.55 Td (\(contraction\) ) Tj ET Q q 0 0 0 rg BT 171.53 464.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 194.55 464.55 Td (ranging ) Tj ET Q q 0 0 0 rg BT 229.81 464.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.42 464.55 Td (\(19.4\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.53 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 290.72 464.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.08 464.55 Td (3.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.95 464.55 Td ( ) Tj ET Q q 0 0 0 rg BT 327.14 464.55 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.39 464.55 Td (3.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.26 464.55 Td (\), ) Tj ET Q q 0 0 0 rg BT 400.57 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 418.92 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 434.94 464.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 477.20 464.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.05 464.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 525.57 464.55 Td (from ) Tj ET Q q 0 0 0 rg BT 549.18 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 67.71 451.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 86.80 451.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 118.73 451.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 141.32 451.95 Td (management ) Tj ET Q q 0 0 0 rg BT 198.31 451.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 239.56 451.95 Td (were ) Tj ET Q q 0 0 0 rg BT 263.30 451.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 312.14 451.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.06 451.95 Td (17%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.31 451.95 Td (. ) Tj ET Q q 0 0 0 rg BT 348.28 451.95 Td (Base ) Tj ET Q q 0 0 0 rg BT 372.04 451.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 412.70 451.95 Td (related ) Tj ET Q q 0 0 0 rg BT 444.60 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 456.12 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 472.29 451.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 490.00 451.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 509.10 451.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 541.02 451.95 Td (trade ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (name ) Tj ET Q q 0 0 0 rg BT 75.34 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.34 439.35 Td (were ) Tj ET Q q 0 0 0 rg BT 121.34 439.35 Td (assumed ) Tj ET Q q 0 0 0 rg BT 160.10 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 170.86 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 193.28 439.35 Td (annual ) Tj ET Q q 0 0 0 rg BT 223.87 439.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 256.21 439.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 278.63 439.35 Td (ranging ) Tj ET Q q 0 0 0 rg BT 313.30 439.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.31 439.35 Td (0.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 358.18 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 360.78 439.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.54 439.35 Td (4.6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.41 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 396.01 439.35 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.66 439.35 Td (3.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.53 439.35 Td (\), ) Tj ET Q q 0 0 0 rg BT 468.25 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 475.51 439.35 Td (royalty ) Tj ET Q q 0 0 0 rg BT 507.84 439.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 526.18 439.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.52 439.35 Td (1.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 439.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 75.07 426.75 Td (discount ) Tj ET Q q 0 0 0 rg BT 113.28 426.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 131.64 426.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.01 426.75 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.13 426.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.15 401.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 120.39 401.55 Td (char) Tj ET Q q 0 0 0 rg BT 138.27 401.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 155.10 401.55 Td (at ) Tj ET Q q 0 0 0 rg BT 165.50 401.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 196.34 401.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 256.30 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 267.30 401.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 292.87 401.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 316.70 401.55 Td (were ) Tj ET Q q 0 0 0 rg BT 339.93 401.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 381.84 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 397.49 401.55 Td (result ) Tj ET Q q 0 0 0 rg BT 423.65 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 435.23 401.55 Td (lower ) Tj ET Q q 0 0 0 rg BT 461.97 401.55 Td (than ) Tj ET Q q 0 0 0 rg BT 482.88 401.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 523.02 401.55 Td (net ) Tj ET Q q 0 0 0 rg BT 538.67 401.55 Td (client ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (inflows ) Tj ET Q q 0 0 0 rg BT 84.02 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 101.71 388.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 157.28 388.95 Td (fees, ) Tj ET Q q 0 0 0 rg BT 179.33 388.95 Td (leading ) Tj ET Q q 0 0 0 rg BT 212.76 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 223.45 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 230.63 388.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 257.06 388.95 Td (mar) Tj ET Q q 0 0 0 rg BT 273.20 388.95 Td (gin, ) Tj ET Q q 0 0 0 rg BT 291.76 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 309.45 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 316.63 388.95 Td (higher ) Tj ET Q q 0 0 0 rg BT 345.98 388.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 384.08 388.95 Td (rate. ) Tj ET Q q 0 0 0 rg BT 404.78 388.95 Td (These ) Tj ET Q q 0 0 0 rg BT 432.38 388.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 468.72 388.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 504.48 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 515.17 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 522.35 388.95 Td (reduction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.85 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 77.78 376.35 Td (related ) Tj ET Q q 0 0 0 rg BT 109.45 376.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 151.62 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 173.38 376.35 Td (flows ) Tj ET Q q 0 0 0 rg BT 199.82 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 218.08 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 242.76 376.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 274.27 376.35 Td (s ) Tj ET Q q 0 0 0 rg BT 281.46 376.35 Td (overall ) Tj ET Q q 0 0 0 rg BT 313.71 376.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 363.48 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 375.33 376.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 393.01 376.35 Td (value ) Tj ET Q q 0 0 0 rg BT 418.85 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 430.70 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 446.63 376.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 476.86 376.35 Td (such ) Tj ET Q q 0 0 0 rg BT 499.21 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 518.06 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 534.00 376.35 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 110.20 363.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 132.51 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 189.22 363.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 230.19 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 253.66 363.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 291.71 363.75 Td (value ) Tj ET Q q 0 0 0 rg BT 317.51 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 329.32 363.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.04 363.75 Td ($120,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.41 363.75 Td ( ) Tj ET Q q 0 0 0 rg BT 435.47 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 453.70 363.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 477.75 363.75 Td (name ) Tj ET Q q 0 0 0 rg BT 503.55 363.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 527.03 363.75 Td (carrying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (value ) Tj ET Q q 0 0 0 rg BT 75.44 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.88 351.15 Td ($2,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.76 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 118.46 351.15 Td (were ) Tj ET Q q 0 0 0 rg BT 141.55 351.15 Td (impaired ) Tj ET Q q 0 0 0 rg BT 181.57 351.15 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.77 351.15 Td ($65,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.90 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 231.59 351.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.45 351.15 Td ($1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.33 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 283.65 351.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 333.70 351.15 Td (. ) Tj ET Q q 0 0 0 rg BT 339.02 351.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 396.53 351.15 Td (estimated ) Tj ET Q q 0 0 0 rg BT 439.47 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 455.00 351.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 472.27 351.15 Td (values ) Tj ET Q q 0 0 0 rg BT 501.79 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 513.23 351.15 Td (these ) Tj ET Q q 0 0 0 rg BT 537.51 351.15 Td (assets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (based ) Tj ET Q q 0 0 0 rg BT 75.45 338.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 98.00 338.55 Td (discounted ) Tj ET Q q 0 0 0 rg BT 145.04 338.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 165.24 338.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 186.03 338.55 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 225.78 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 236.07 338.55 Td (well ) Tj ET Q q 0 0 0 rg BT 255.70 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 265.99 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 272.19 338.55 Td (relief ) Tj ET Q q 0 0 0 rg BT 295.89 338.55 Td (from ) Tj ET Q q 0 0 0 rg BT 317.85 338.55 Td (royalty ) Tj ET Q q 0 0 0 rg BT 349.13 338.55 Td (method ) Tj ET Q q 0 0 0 rg BT 382.18 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 395.97 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 410.34 338.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 432.87 338.55 Td (name ) Tj ET Q q 0 0 0 rg BT 457.16 338.55 Td (asset, ) Tj ET Q q 0 0 0 rg BT 481.74 338.55 Td (using ) Tj ET Q q 0 0 0 rg BT 506.04 338.55 Td (unobservable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (market ) Tj ET Q q 0 0 0 rg BT 83.03 325.95 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 115.21 325.95 Td (which ) Tj ET Q q 0 0 0 rg BT 144.75 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 161.45 325.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 189.23 325.95 Td (3 ) Tj ET Q q 0 0 0 rg BT 198.36 325.95 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 264.65 325.95 Td (The ) Tj ET Q q 0 0 0 rg BT 284.85 325.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 333.06 325.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 388.86 325.95 Td (used ) Tj ET Q q 0 0 0 rg BT 411.99 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 424.03 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 440.74 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.28 325.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 486.41 325.95 Td (analyses ) Tj ET Q q 0 0 0 rg BT 525.86 325.95 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (projected ) Tj ET Q q 0 0 0 rg BT 92.22 313.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 128.60 313.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 161.50 313.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 187.10 313.35 Td (discount ) Tj ET Q q 0 0 0 rg BT 225.84 313.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 251.44 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 269.76 313.35 Td (royalty ) Tj ET Q q 0 0 0 rg BT 302.65 313.35 Td (rates. ) Tj ET Q q 0 0 0 rg BT 328.25 313.35 Td (Base ) Tj ET Q q 0 0 0 rg BT 351.82 313.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 392.29 313.35 Td (related ) Tj ET Q q 0 0 0 rg BT 424.01 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 435.33 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 451.31 313.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 482.47 313.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 542.76 313.35 Td (fund ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 107.11 300.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 148.48 300.75 Td (were ) Tj ET Q q 0 0 0 rg BT 172.34 300.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 211.97 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 223.60 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 246.89 300.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 278.35 300.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 311.56 300.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 334.85 300.75 Td (ranging ) Tj ET Q q 0 0 0 rg BT 370.39 300.75 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.26 300.75 Td (4.4%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.13 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 419.60 300.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.23 300.75 Td (4.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.11 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 456.57 300.75 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.09 300.75 Td (4.8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.96 300.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 530.55 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 300.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 91.79 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 113.17 288.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 139.22 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 162.36 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 177.91 288.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 208.63 288.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 268.49 288.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 290.46 288.15 Td (management ) Tj ET Q q 0 0 0 rg BT 346.83 288.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 387.45 288.15 Td (were ) Tj ET Q q 0 0 0 rg BT 410.58 288.15 Td (discounted ) Tj ET Q q 0 0 0 rg BT 458.79 288.15 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.09 288.15 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.21 288.15 Td (. ) Tj ET Q q 0 0 0 rg BT 501.56 288.15 Td (Base ) Tj ET Q q 0 0 0 rg BT 524.69 288.15 Td (revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (related ) Tj ET Q q 0 0 0 rg BT 81.02 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 91.64 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 106.93 275.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 137.39 275.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 196.98 275.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 220.42 275.55 Td (name ) Tj ET Q q 0 0 0 rg BT 245.62 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 268.48 275.55 Td (were ) Tj ET Q q 0 0 0 rg BT 291.34 275.55 Td (assumed ) Tj ET Q q 0 0 0 rg BT 329.96 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 340.58 275.55 Td (have ) Tj ET Q q 0 0 0 rg BT 362.86 275.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 393.30 275.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 425.51 275.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 447.78 275.55 Td (ranging ) Tj ET Q q 0 0 0 rg BT 482.32 275.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.18 275.55 Td (0.9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.05 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 529.51 275.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.13 275.55 Td (4.6%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.68 262.95 Td (4.2%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.55 262.95 Td (\), ) Tj ET Q q 0 0 0 rg BT 122.30 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 129.58 262.95 Td (royalty ) Tj ET Q q 0 0 0 rg BT 161.95 262.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 180.31 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.68 262.95 Td (1.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.55 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 218.80 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 236.59 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 243.87 262.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 282.08 262.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 300.44 262.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 311.81 262.95 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.93 262.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.57 237.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 112.13 237.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 143.12 237.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 194.52 237.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 225.51 237.75 Td (process ) Tj ET Q q 0 0 0 rg BT 260.00 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 271.16 237.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 296.90 237.75 Td (2018 ) Tj ET Q q 0 0 0 rg BT 320.90 237.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 371.12 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 389.87 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.69 237.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 443.67 237.75 Td (value ) Tj ET Q q 0 0 0 rg BT 469.41 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 481.15 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.97 237.75 Td (EnT) Tj ET Q q 0 0 0 rg BT 514.68 237.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 533.43 237.75 Td (Global ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 111.60 225.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 134.71 225.15 Td (management ) Tj ET Q q 0 0 0 rg BT 192.23 225.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 234.00 225.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 279.86 225.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 304.14 225.15 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 347.06 225.15 Td (its ) Tj ET Q q 0 0 0 rg BT 360.85 225.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 379.29 225.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 408.53 225.15 Td (which ) Tj ET Q q 0 0 0 rg BT 438.06 225.15 Td (resulted ) Tj ET Q q 0 0 0 rg BT 475.17 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 487.20 225.15 Td (an ) Tj ET Q q 0 0 0 rg BT 500.98 225.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 553.26 225.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td ($195,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.08 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 102.95 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 212.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 150.92 212.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 178.70 212.55 Td (December ) Tj ET Q q 0 0 0 rg BT 224.55 212.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 240.38 212.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 266.71 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 269.22 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 288.25 212.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 339.36 212.55 Td (char) Tj ET Q q 0 0 0 rg BT 357.24 212.55 Td (ge ) Tj ET Q q 0 0 0 rg BT 369.85 212.55 Td (was ) Tj ET Q q 0 0 0 rg BT 388.89 212.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 430.67 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 446.20 212.55 Td (result ) Tj ET Q q 0 0 0 rg BT 472.24 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 483.69 212.55 Td (net ) Tj ET Q q 0 0 0 rg BT 499.22 212.55 Td (client ) Tj ET Q q 0 0 0 rg BT 525.25 212.55 Td (outflows ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 73.45 199.95 Td (legacy ) Tj ET Q q 0 0 0 rg BT 103.89 199.95 Td (high ) Tj ET Q q 0 0 0 rg BT 125.60 199.95 Td (net ) Tj ET Q q 0 0 0 rg BT 141.47 199.95 Td (worth ) Tj ET Q q 0 0 0 rg BT 169.01 199.95 Td (fund-of-fund ) Tj ET Q q 0 0 0 rg BT 226.28 199.95 Td (products, ) Tj ET Q q 0 0 0 rg BT 268.11 199.95 Td (including ) Tj ET Q q 0 0 0 rg BT 310.82 199.95 Td (transfers ) Tj ET Q q 0 0 0 rg BT 350.01 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 361.80 199.95 Td (client ) Tj ET Q q 0 0 0 rg BT 388.16 199.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 414.54 199.95 Td (from ) Tj ET Q q 0 0 0 rg BT 437.99 199.95 Td (such ) Tj ET Q q 0 0 0 rg BT 460.28 199.95 Td (products ) Tj ET Q q 0 0 0 rg BT 499.48 199.95 Td (into ) Tj ET Q q 0 0 0 rg BT 518.86 199.95 Td (traditional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (separate ) Tj ET Q q 0 0 0 rg BT 87.23 187.35 Td (accounts ) Tj ET Q q 0 0 0 rg BT 126.79 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 144.79 187.35 Td (other ) Tj ET Q q 0 0 0 rg BT 169.19 187.35 Td (direct ) Tj ET Q q 0 0 0 rg BT 195.93 187.35 Td (of) Tj ET Q q 0 0 0 rg BT 204.49 187.35 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 239.10 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.10 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 272.76 187.35 Td (related ) Tj ET Q q 0 0 0 rg BT 304.15 187.35 Td (decline ) Tj ET Q q 0 0 0 rg BT 337.30 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 348.30 187.35 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 391.07 187.35 Td ( ) Tj ET Q q 0 0 0 rg BT 393.91 187.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 451.55 187.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 494.62 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 510.28 187.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 527.69 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 553.26 187.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (this ) Tj ET Q q 0 0 0 rg BT 66.60 174.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 88.43 174.75 Td (based ) Tj ET Q q 0 0 0 rg BT 113.76 174.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 136.19 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 142.27 174.75 Td (discounted ) Tj ET Q q 0 0 0 rg BT 189.19 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.27 174.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 229.94 174.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 265.19 174.75 Td (using ) Tj ET Q q 0 0 0 rg BT 289.37 174.75 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 346.78 174.75 Td (market ) Tj ET Q q 0 0 0 rg BT 377.35 174.75 Td (data ) Tj ET Q q 0 0 0 rg BT 396.27 174.75 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 425.99 174.75 Td (which ) Tj ET Q q 0 0 0 rg BT 453.07 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 467.31 174.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 492.64 174.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 499.31 174.75 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 564.63 174.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.32 162.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 114.63 162.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 168.54 162.15 Td (used ) Tj ET Q q 0 0 0 rg BT 189.78 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 199.94 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 214.76 162.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 235.41 162.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 256.64 162.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 292.46 162.15 Td (included ) Tj ET Q q 0 0 0 rg BT 330.61 162.15 Td (projected ) Tj ET Q q 0 0 0 rg BT 371.67 162.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 406.88 162.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 438.62 162.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 460.44 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 477.59 162.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 515.16 162.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 539.60 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 541.59 162.15 Td (Base ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.50 149.55 Td (related ) Tj ET Q q 0 0 0 rg BT 120.25 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 130.60 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.61 149.55 Td (EnT) Tj ET Q q 0 0 0 rg BT 163.32 149.55 Td (rust ) Tj ET Q q 0 0 0 rg BT 181.25 149.55 Td (Global ) Tj ET Q q 0 0 0 rg BT 212.02 149.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 233.45 149.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 273.53 149.55 Td (were ) Tj ET Q q 0 0 0 rg BT 296.12 149.55 Td (assumed ) Tj ET Q q 0 0 0 rg BT 334.46 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 344.81 149.55 Td (have ) Tj ET Q q 0 0 0 rg BT 366.82 149.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 396.99 149.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 428.92 149.55 Td (\(contraction\) ) Tj ET Q q 0 0 0 rg BT 485.33 149.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 507.34 149.55 Td (ranging ) Tj ET Q q 0 0 0 rg BT 541.60 149.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (\(13\)%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.24 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 78.33 136.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.59 136.95 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 102.59 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 104.68 136.95 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 145.82 136.95 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.82 136.95 Td (\), ) Tj ET Q q 0 0 0 rg BT 168.03 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 185.29 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 200.21 136.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 241.36 136.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.11 136.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 287.54 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 310.04 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 324.96 136.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 342.67 136.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 360.51 136.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 391.18 136.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 412.52 136.95 Td (contracts ) Tj ET Q q 0 0 0 rg BT 452.51 136.95 Td (were ) Tj ET Q q 0 0 0 rg BT 475.00 136.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 522.59 136.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.26 136.95 Td (15.0%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 136.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.56 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 72.11 111.75 Td (result ) Tj ET Q q 0 0 0 rg BT 98.32 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 109.32 111.75 Td (AUM ) Tj ET Q q 0 0 0 rg BT 136.71 111.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 164.68 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.73 111.75 Td (other ) Tj ET Q q 0 0 0 rg BT 207.19 111.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 238.65 111.75 Td (during ) Tj ET Q q 0 0 0 rg BT 268.95 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.67 111.75 Td (three ) Tj ET Q q 0 0 0 rg BT 308.54 111.75 Td (months ) Tj ET Q q 0 0 0 rg BT 342.35 111.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 370.31 111.75 Td (June ) Tj ET Q q 0 0 0 rg BT 392.44 111.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 408.46 111.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 434.97 111.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 459.43 111.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 490.90 111.75 Td (tested ) Tj ET Q q 0 0 0 rg BT 518.28 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.00 111.75 Td (RARE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 99.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 109.55 99.15 Td (trade ) Tj ET Q q 0 0 0 rg BT 132.95 99.15 Td (name ) Tj ET Q q 0 0 0 rg BT 158.10 99.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 218.24 99.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 262.64 99.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 285.46 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 300.12 99.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 350.94 99.15 Td (during ) Tj ET Q q 0 0 0 rg BT 380.76 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 396.00 99.15 Td (three ) Tj ET Q q 0 0 0 rg BT 419.40 99.15 Td (months ) Tj ET Q q 0 0 0 rg BT 452.73 99.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 480.22 99.15 Td (June ) Tj ET Q q 0 0 0 rg BT 501.88 99.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 517.41 99.15 Td (2017. ) Tj ET Q q 0 0 0 rg BT 543.45 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 545.69 99.15 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 86.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 88.14 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 114.03 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 125.93 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 141.91 86.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 166.05 86.55 Td (name ) Tj ET Q q 0 0 0 rg BT 191.94 86.55 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 234.15 86.55 Td (its ) Tj ET Q q 0 0 0 rg BT 247.22 86.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.95 86.55 Td (value ) Tj ET Q q 0 0 0 rg BT 290.84 86.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.74 86.55 Td ($3,057) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.61 86.55 Td ( ) Tj ET Q q 0 0 0 rg BT 334.77 86.55 Td (as ) Tj ET Q q 0 0 0 rg BT 346.67 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 358.57 86.55 Td (June ) Tj ET Q q 0 0 0 rg BT 380.97 86.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 397.24 86.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 424.02 86.55 Td (which ) Tj ET Q q 0 0 0 rg BT 452.84 86.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 489.23 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 500.55 86.55 Td (an ) Tj ET Q q 0 0 0 rg BT 513.61 86.55 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 73.95 Td (char) Tj ET Q q 0 0 0 rg BT 67.88 73.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 80.47 73.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 91.89 73.95 Td ($2,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 120.77 73.95 Td (. ) Tj ET Q q 0 0 0 rg BT 126.07 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 128.75 73.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 186.24 73.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 229.16 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 244.67 73.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 261.92 73.95 Td (value ) Tj ET Q q 0 0 0 rg BT 287.33 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 298.76 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 314.27 73.95 Td (RARE ) Tj ET Q q 0 0 0 rg BT 344.95 73.95 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 404.76 73.95 Td (trade ) Tj ET Q q 0 0 0 rg BT 428.43 73.95 Td (name ) Tj ET Q q 0 0 0 rg BT 453.85 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 465.27 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 476.70 73.95 Td (June ) Tj ET Q q 0 0 0 rg BT 498.62 73.95 Td (30, ) Tj ET Q q 0 0 0 rg BT 514.43 73.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 538.10 73.95 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 61.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.71 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 81.07 61.35 Td (relief ) Tj ET Q q 0 0 0 rg BT 105.93 61.35 Td (from ) Tj ET Q q 0 0 0 rg BT 129.04 61.35 Td (royalty ) Tj ET Q q 0 0 0 rg BT 161.49 61.35 Td (approach ) Tj ET Q q 0 0 0 rg BT 202.67 61.35 Td (and ) Tj ET Q q 0 0 0 rg BT 220.54 61.35 Td (a ) Tj ET Q q 0 0 0 rg BT 227.91 61.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 276.11 61.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 297.47 61.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 319.42 61.35 Td (method ) Tj ET Q q 0 0 0 rg BT 353.62 61.35 Td (using ) Tj ET Q q 0 0 0 rg BT 379.08 61.35 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 437.77 61.35 Td (market ) Tj ET Q q 0 0 0 rg BT 469.63 61.35 Td (data ) Tj ET Q q 0 0 0 rg BT 489.82 61.35 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 520.82 61.35 Td (which ) Tj ET Q q 0 0 0 rg BT 549.19 61.35 Td (are ) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Level ) Tj ET Q q 0 0 0 rg BT 75.64 741.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 82.63 741.75 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 147.06 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 148.67 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 166.73 741.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 212.80 741.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 266.46 741.75 Td (used ) Tj ET Q q 0 0 0 rg BT 287.44 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 297.35 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.91 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.31 741.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 353.29 741.75 Td (analysis ) Tj ET Q q 0 0 0 rg BT 388.86 741.75 Td (included ) Tj ET Q q 0 0 0 rg BT 426.76 741.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 467.56 741.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 497.29 741.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 532.25 741.75 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 72.45 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.82 729.15 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.81 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 100.44 729.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.23 729.15 Td (18%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.48 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 133.10 729.15 Td (\(average: ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.78 729.15 Td (8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.78 729.15 Td (\), ) Tj ET Q q 0 0 0 rg BT 197.53 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 204.81 729.15 Td (royalty ) Tj ET Q q 0 0 0 rg BT 237.18 729.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.54 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.91 729.15 Td (1%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.91 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 286.16 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 303.94 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 311.23 729.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 349.44 729.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 367.80 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.17 729.15 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.29 729.15 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 704.55 Td (change ) Tj ET Q q 0 0 0 rg BT 98.86 704.55 Td (in ) Tj ET Q q 0 0 0 rg BT 109.14 704.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 144.96 704.55 Td (value ) Tj ET Q q 0 0 0 rg BT 169.11 704.55 Td (of ) Tj ET Q q 0 0 0 rg BT 179.94 704.55 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 218.00 704.55 Td (is ) Tj ET Q q 0 0 0 rg BT 227.17 704.55 Td (summarized ) Tj ET Q q 0 0 0 rg BT 278.54 704.55 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 670.05 m 252 670.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 670.05 m 252 670.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 670.05 m 345 670.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 670.05 m 471 670.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 670.05 m 556 670.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 625.05 m 252 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 625.05 m 345 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 625.05 m 471 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 625.05 m 556 625.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 565.05 m 252 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 565.05 m 345 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 565.05 m 471 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 565.05 m 556 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 565.05 m 252 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 550.05 m 252 550.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 550.05 m 345 550.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 565.05 m 471 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 550.05 m 471 550.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 565.05 m 556 565.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 550.05 m 556 550.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.35 674.82 Td (Gross Book ) Tj ET Q q 0 0 0 rg BT 315.76 674.82 Td (V) Tj ET Q q 0 0 0 rg BT 322.67 674.82 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.70 674.82 Td (Accumulated Impairment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.55 674.82 Td (Net Book ) Tj ET Q q 0 0 0 rg BT 526.53 674.82 Td (V) Tj ET Q q 0 0 0 rg BT 532.94 674.82 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 659.82 Td (Balance as of March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 659.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.00 659.82 Td (3,094,255) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.50 659.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 659.82 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 659.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.50 659.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.00 659.82 Td (1,932,355) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 644.82 Td (Impact of excess tax basis amortization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.60 644.82 Td (\(10,972) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.00 644.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 644.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 644.82 Td (\(10,972) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.00 644.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 629.82 Td (Changes in foreign exchange rates and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.60 629.82 Td (\(37,829) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.00 629.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 629.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 629.82 Td (\(37,829) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.00 629.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 614.82 Td (Balance as of March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 614.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.00 614.82 Td (3,045,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.50 614.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 614.82 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 614.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.50 614.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.00 614.82 Td (1,883,554) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 599.82 Td (Impact of excess tax basis amortization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.60 599.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 317.35 599.82 Td (1,349) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.00 599.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 599.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 599.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 528.35 599.82 Td (1,349) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.00 599.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 584.82 Td (Changes in foreign exchange rates) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.60 584.82 Td (\(44,635) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.00 584.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 584.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.60 584.82 Td (\(44,635) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.00 584.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 569.82 Td (Business acquisition) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.54 574.58 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.10 569.82 Td (20,196) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 569.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.10 569.82 Td (20,196) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 554.82 Td (Balance as of March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.50 554.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.00 554.82 Td (3,009,666) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.50 554.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.50 554.82 Td (\(1,161,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 554.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.50 554.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.00 554.82 Td (1,847,766) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.50 540.35 Td (\(1\) See Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 98.93 540.35 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.18 540.35 Td ( for additional information.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 515.15 Td (Amortizable ) Tj ET Q q 0 0 0 rg BT 105.13 515.15 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 152.30 515.15 Td (Asset ) Tj ET Q q 0 0 0 rg BT 177.68 515.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 237.47 515.15 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 282.11 515.15 Td (and ) Tj ET Q q 0 0 0 rg BT 301.07 515.15 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.95 Td (There ) Tj ET Q q 0 0 0 rg BT 77.11 489.95 Td (were ) Tj ET Q q 0 0 0 rg BT 100.13 489.95 Td (no ) Tj ET Q q 0 0 0 rg BT 113.26 489.95 Td (impairments ) Tj ET Q q 0 0 0 rg BT 168.37 489.95 Td (to ) Tj ET Q q 0 0 0 rg BT 179.17 489.95 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 231.35 489.95 Td (management ) Tj ET Q q 0 0 0 rg BT 287.62 489.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 324.06 489.95 Td (intangible ) Tj ET Q q 0 0 0 rg BT 368.68 489.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 395.80 489.95 Td (during ) Tj ET Q q 0 0 0 rg BT 425.84 489.95 Td (the ) Tj ET Q q 0 0 0 rg BT 441.29 489.95 Td (year ) Tj ET Q q 0 0 0 rg BT 461.98 489.95 Td (ended ) Tj ET Q q 0 0 0 rg BT 489.68 489.95 Td (March ) Tj ET Q q 0 0 0 rg BT 519.71 489.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.46 489.95 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.24 464.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.56 464.75 Td (March ) Tj ET Q q 0 0 0 rg BT 105.54 464.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 121.24 464.75 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.24 464.75 Td (, ) Tj ET Q q 0 0 0 rg BT 147.44 464.75 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 199.57 464.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 244.14 464.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 267.12 464.75 Td (management ) Tj ET Q q 0 0 0 rg BT 323.34 464.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.81 464.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.55 464.75 Td (other ) Tj ET Q q 0 0 0 rg BT 405.70 464.75 Td (are ) Tj ET Q q 0 0 0 rg BT 421.09 464.75 Td (being ) Tj ET Q q 0 0 0 rg BT 446.99 464.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 491.55 464.75 Td (over ) Tj ET Q q 0 0 0 rg BT 512.78 464.75 Td (a ) Tj ET Q q 0 0 0 rg BT 520.01 464.75 Td (weighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.15 Td (average ) Tj ET Q q 0 0 0 rg BT 85.26 452.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 130.46 452.15 Td (life ) Tj ET Q q 0 0 0 rg BT 147.08 452.15 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.45 452.15 Td (5.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.95 452.15 Td ( ) Tj ET Q q 0 0 0 rg BT 173.57 452.15 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.95 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 94.62 426.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 150.31 426.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 186.75 426.95 Td (for ) Tj ET Q q 0 0 0 rg BT 201.62 426.95 Td (each ) Tj ET Q q 0 0 0 rg BT 223.48 426.95 Td (of ) Tj ET Q q 0 0 0 rg BT 234.85 426.95 Td (the ) Tj ET Q q 0 0 0 rg BT 250.30 426.95 Td (next ) Tj ET Q q 0 0 0 rg BT 271.00 426.95 Td (five ) Tj ET Q q 0 0 0 rg BT 289.95 426.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 315.32 426.95 Td (years ) Tj ET Q q 0 0 0 rg BT 340.10 426.95 Td (and ) Tj ET Q q 0 0 0 rg BT 357.88 426.95 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 400.73 426.95 Td (is ) Tj ET Q q 0 0 0 rg BT 410.35 426.95 Td (as ) Tj ET Q q 0 0 0 rg BT 421.73 426.95 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 332.45 m 498.5 332.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 332.45 m 562.5 332.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 318.45 m 498.5 318.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 332.45 m 562.5 332.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 318.45 m 562.5 318.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 406.67 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 406.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 406.67 Td (21,752) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 392.67 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 392.67 Td (21,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 378.67 Td (2023) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 378.67 Td (20,643) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 364.67 Td (2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 364.67 Td (19,813) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 350.67 Td (2025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 350.67 Td (12,038) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 336.67 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 336.67 Td (13,562) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 322.67 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 322.67 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.00 322.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 322.67 Td (109,21) Tj ET Q q 0 0 0 rg BT 553.23 322.67 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 293.75 Td (During ) Tj ET Q q 0 0 0 rg BT 81.90 293.75 Td (the ) Tj ET Q q 0 0 0 rg BT 96.88 293.75 Td (three ) Tj ET Q q 0 0 0 rg BT 120.02 293.75 Td (months ) Tj ET Q q 0 0 0 rg BT 153.09 293.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 180.31 293.75 Td (December ) Tj ET Q q 0 0 0 rg BT 225.60 293.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 240.88 293.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 266.66 293.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 307.87 293.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 347.34 293.75 Td (related ) Tj ET Q q 0 0 0 rg BT 378.06 293.75 Td (to ) Tj ET Q q 0 0 0 rg BT 388.37 293.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.35 293.75 Td (RARE ) Tj ET Q q 0 0 0 rg BT 433.51 293.75 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 492.80 293.75 Td (separate ) Tj ET Q q 0 0 0 rg BT 529.34 293.75 Td (account ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 281.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 89.44 281.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 111.39 281.15 Td (declined ) Tj ET Q q 0 0 0 rg BT 148.50 281.15 Td (due ) Tj ET Q q 0 0 0 rg BT 165.20 281.15 Td (to ) Tj ET Q q 0 0 0 rg BT 174.91 281.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 201.54 281.15 Td (of ) Tj ET Q q 0 0 0 rg BT 211.82 281.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 247.76 281.15 Td (account ) Tj ET Q q 0 0 0 rg BT 281.95 281.15 Td (clients ) Tj ET Q q 0 0 0 rg BT 310.90 281.15 Td (and ) Tj ET Q q 0 0 0 rg BT 327.26 281.15 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 355.93 281.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 383.13 281.15 Td (on ) Tj ET Q q 0 0 0 rg BT 395.17 281.15 Td (revised ) Tj ET Q q 0 0 0 rg BT 427.03 281.15 Td (attrition ) Tj ET Q q 0 0 0 rg BT 461.82 281.15 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 505.06 281.15 Td (the ) Tj ET Q q 0 0 0 rg BT 519.43 281.15 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 268.55 Td (useful ) Tj ET Q q 0 0 0 rg BT 77.99 268.55 Td (life ) Tj ET Q q 0 0 0 rg BT 94.32 268.55 Td (was ) Tj ET Q q 0 0 0 rg BT 112.98 268.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 156.70 268.55 Td (from ) Tj ET Q q 0 0 0 rg BT 179.44 268.55 Td (three ) Tj ET Q q 0 0 0 rg BT 202.75 268.55 Td (and ) Tj ET Q q 0 0 0 rg BT 220.25 268.55 Td (one-half ) Tj ET Q q 0 0 0 rg BT 257.56 268.55 Td (to ) Tj ET Q q 0 0 0 rg BT 268.06 268.55 Td (two ) Tj ET Q q 0 0 0 rg BT 286.14 268.55 Td (years ) Tj ET Q q 0 0 0 rg BT 310.63 268.55 Td (at ) Tj ET Q q 0 0 0 rg BT 320.54 268.55 Td (December ) Tj ET Q q 0 0 0 rg BT 366.01 268.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.46 268.55 Td (2018. ) Tj ET Q q 0 0 0 rg BT 406.91 268.55 Td (As ) Tj ET Q q 0 0 0 rg BT 420.91 268.55 Td (a ) Tj ET Q q 0 0 0 rg BT 427.90 268.55 Td (result ) Tj ET Q q 0 0 0 rg BT 453.56 268.55 Td (of ) Tj ET Q q 0 0 0 rg BT 464.64 268.55 Td (the ) Tj ET Q q 0 0 0 rg BT 479.80 268.55 Td (decline ) Tj ET Q q 0 0 0 rg BT 512.45 268.55 Td (in ) Tj ET Q q 0 0 0 rg BT 522.95 268.55 Td (projected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 255.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 89.86 255.95 Td (and ) Tj ET Q q 0 0 0 rg BT 107.57 255.95 Td (the ) Tj ET Q q 0 0 0 rg BT 122.94 255.95 Td (revised ) Tj ET Q q 0 0 0 rg BT 155.81 255.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 193.34 255.95 Td (of ) Tj ET Q q 0 0 0 rg BT 204.63 255.95 Td (useful ) Tj ET Q q 0 0 0 rg BT 232.84 255.95 Td (life, ) Tj ET Q q 0 0 0 rg BT 252.00 255.95 Td (the ) Tj ET Q q 0 0 0 rg BT 267.38 255.95 Td (amortized ) Tj ET Q q 0 0 0 rg BT 311.90 255.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 349.43 255.95 Td (value ) Tj ET Q q 0 0 0 rg BT 374.71 255.95 Td (of ) Tj ET Q q 0 0 0 rg BT 386.01 255.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.20 255.95 Td ($6,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.07 255.95 Td ( ) Tj ET Q q 0 0 0 rg BT 480.62 255.95 Td (as ) Tj ET Q q 0 0 0 rg BT 491.91 255.95 Td (of ) Tj ET Q q 0 0 0 rg BT 503.20 255.95 Td (December ) Tj ET Q q 0 0 0 rg BT 548.89 255.95 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 243.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 74.10 243.35 Td (was ) Tj ET Q q 0 0 0 rg BT 93.52 243.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 143.85 243.35 Td (to ) Tj ET Q q 0 0 0 rg BT 155.11 243.35 Td (exceed ) Tj ET Q q 0 0 0 rg BT 187.35 243.35 Td (its ) Tj ET Q q 0 0 0 rg BT 200.36 243.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 218.03 243.35 Td (value ) Tj ET Q q 0 0 0 rg BT 243.86 243.35 Td (and ) Tj ET Q q 0 0 0 rg BT 262.12 243.35 Td (an ) Tj ET Q q 0 0 0 rg BT 275.13 243.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 326.63 243.35 Td (char) Tj ET Q q 0 0 0 rg BT 344.50 243.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 357.51 243.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.35 243.35 Td ($6,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.23 243.35 Td ( ) Tj ET Q q 0 0 0 rg BT 401.32 243.35 Td (was ) Tj ET Q q 0 0 0 rg BT 420.75 243.35 Td (recorded ) Tj ET Q q 0 0 0 rg BT 460.57 243.35 Td (during ) Tj ET Q q 0 0 0 rg BT 491.08 243.35 Td (the ) Tj ET Q q 0 0 0 rg BT 507.00 243.35 Td (three ) Tj ET Q q 0 0 0 rg BT 531.08 243.35 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 230.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.85 230.75 Td (December ) Tj ET Q q 0 0 0 rg BT 121.77 230.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 136.67 230.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 162.08 230.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 218.67 230.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 260.69 230.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.30 230.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 291.65 230.75 Td (value ) Tj ET Q q 0 0 0 rg BT 316.17 230.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.69 230.75 Td (this ) Tj ET Q q 0 0 0 rg BT 343.64 230.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 365.83 230.75 Td (as ) Tj ET Q q 0 0 0 rg BT 376.36 230.75 Td (of ) Tj ET Q q 0 0 0 rg BT 386.88 230.75 Td (December ) Tj ET Q q 0 0 0 rg BT 431.80 230.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.71 230.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 472.11 230.75 Td (based ) Tj ET Q q 0 0 0 rg BT 497.80 230.75 Td (on ) Tj ET Q q 0 0 0 rg BT 510.08 230.75 Td (a ) Tj ET Q q 0 0 0 rg BT 516.52 230.75 Td (discounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 218.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.20 218.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 92.99 218.15 Td (analysis ) Tj ET Q q 0 0 0 rg BT 129.36 218.15 Td (using ) Tj ET Q q 0 0 0 rg BT 154.65 218.15 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 213.18 218.15 Td (market ) Tj ET Q q 0 0 0 rg BT 244.87 218.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 275.71 218.15 Td (which ) Tj ET Q q 0 0 0 rg BT 303.91 218.15 Td (are ) Tj ET Q q 0 0 0 rg BT 319.27 218.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 345.72 218.15 Td (3 ) Tj ET Q q 0 0 0 rg BT 353.51 218.15 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 418.74 218.15 Td (In ) Tj ET Q q 0 0 0 rg BT 430.03 218.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 466.98 218.15 Td (to ) Tj ET Q q 0 0 0 rg BT 477.69 218.15 Td (the ) Tj ET Q q 0 0 0 rg BT 493.06 218.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 521.26 218.15 Td (life, ) Tj ET Q q 0 0 0 rg BT 540.42 218.15 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 205.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 97.21 205.55 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 152.01 205.55 Td (used ) Tj ET Q q 0 0 0 rg BT 174.14 205.55 Td (in ) Tj ET Q q 0 0 0 rg BT 185.19 205.55 Td (the ) Tj ET Q q 0 0 0 rg BT 200.90 205.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.44 205.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 244.57 205.55 Td (analysis ) Tj ET Q q 0 0 0 rg BT 281.29 205.55 Td (included ) Tj ET Q q 0 0 0 rg BT 320.32 205.55 Td (projected ) Tj ET Q q 0 0 0 rg BT 362.27 205.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 398.38 205.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 431.01 205.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 453.72 205.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.35 205.55 Td (7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.34 205.55 Td ( ) Tj ET Q q 0 0 0 rg BT 482.23 205.55 Td (and ) Tj ET Q q 0 0 0 rg BT 500.27 205.55 Td (a ) Tj ET Q q 0 0 0 rg BT 507.81 205.55 Td (discount ) Tj ET Q q 0 0 0 rg BT 546.28 205.55 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 192.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.37 192.95 Td (16.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.49 192.95 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 167.75 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.25 167.75 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.25 167.75 Td (Short-T) Tj ET Q q 0 0 0 rg BT 94.87 167.75 Td (erm ) Tj ET Q q 0 0 0 rg BT 115.57 167.75 Td (Borr) Tj ET Q q 0 0 0 rg BT 136.95 167.75 Td (owings ) Tj ET Q q 0 0 0 rg BT 170.50 167.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.06 167.75 Td (Long-T) Tj ET Q q 0 0 0 rg BT 222.94 167.75 Td (erm ) Tj ET Q q 0 0 0 rg BT 243.63 167.75 Td (Debt) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 265.21 167.75 Td ( ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 142.55 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 99.89 142.55 Td (borrowings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 129.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 75.30 129.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 107.61 129.95 Td (maintains ) Tj ET Q q 0 0 0 rg BT 152.16 129.95 Td (an ) Tj ET Q q 0 0 0 rg BT 165.80 129.95 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 212.09 129.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 239.72 129.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 287.17 129.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 303.14 129.95 Td (amended ) Tj ET Q q 0 0 0 rg BT 344.77 129.95 Td (from ) Tj ET Q q 0 0 0 rg BT 368.90 129.95 Td (time ) Tj ET Q q 0 0 0 rg BT 391.29 129.95 Td (to ) Tj ET Q q 0 0 0 rg BT 403.19 129.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 428.20 129.95 Td (the ) Tj ET Q q 0 0 0 rg BT 444.75 129.95 Td ("Credit ) Tj ET Q q 0 0 0 rg BT 478.19 129.95 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 536.34 129.95 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 117.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 89.89 117.35 Td (for ) Tj ET Q q 0 0 0 rg BT 105.86 117.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.25 117.35 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 153.62 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 157.35 117.35 Td (multi-currency ) Tj ET Q q 0 0 0 rg BT 223.47 117.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 267.44 117.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 295.07 117.35 Td (facility) Tj ET Q q 0 0 0 rg BT 324.13 117.35 Td (. ) Tj ET Q q 0 0 0 rg BT 330.48 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 333.94 117.35 Td (The ) Tj ET Q q 0 0 0 rg BT 353.99 117.35 Td (revolving ) Tj ET Q q 0 0 0 rg BT 397.96 117.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 425.59 117.35 Td (facility ) Tj ET Q q 0 0 0 rg BT 459.05 117.35 Td (may ) Tj ET Q q 0 0 0 rg BT 480.86 117.35 Td (be ) Tj ET Q q 0 0 0 rg BT 494.50 117.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 537.87 117.35 Td (by ) Tj ET Q q 0 0 0 rg BT 552.10 117.35 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 104.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 94.08 104.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 128.84 104.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.86 104.75 Td (up ) Tj ET Q q 0 0 0 rg BT 154.63 104.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.07 104.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 205.45 104.75 Td (, ) Tj ET Q q 0 0 0 rg BT 211.34 104.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 244.36 104.75 Td (to ) Tj ET Q q 0 0 0 rg BT 255.79 104.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.89 104.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 311.90 104.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.92 104.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.02 104.75 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 376.23 104.75 Td (expires ) Tj ET Q q 0 0 0 rg BT 409.83 104.75 Td (in ) Tj ET Q q 0 0 0 rg BT 421.27 104.75 Td (December ) Tj ET Q q 0 0 0 rg BT 467.68 104.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 494.57 104.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.00 104.75 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 92.15 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 103.15 92.15 Td (if ) Tj ET Q q 0 0 0 rg BT 112.26 92.15 Td (any) Tj ET Q q 0 0 0 rg BT 126.74 92.15 Td (, ) Tj ET Q q 0 0 0 rg BT 132.06 92.15 Td (can ) Tj ET Q q 0 0 0 rg BT 149.32 92.15 Td (be ) Tj ET Q q 0 0 0 rg BT 161.93 92.15 Td (repaid ) Tj ET Q q 0 0 0 rg BT 190.86 92.15 Td (at ) Tj ET Q q 0 0 0 rg BT 201.13 92.15 Td (any ) Tj ET Q q 0 0 0 rg BT 218.98 92.15 Td (time. ) Tj ET Q q 0 0 0 rg BT 242.97 92.15 Td ( ) Tj ET Q q 0 0 0 rg BT 245.47 92.15 Td (This ) Tj ET Q q 0 0 0 rg BT 266.83 92.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 309.77 92.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 336.36 92.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 368.79 92.15 Td (is ) Tj ET Q q 0 0 0 rg BT 378.49 92.15 Td (available ) Tj ET Q q 0 0 0 rg BT 419.08 92.15 Td (to ) Tj ET Q q 0 0 0 rg BT 429.94 92.15 Td (fund ) Tj ET Q q 0 0 0 rg BT 451.88 92.15 Td (working ) Tj ET Q q 0 0 0 rg BT 489.58 92.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 520.25 92.15 Td (needs ) Tj ET Q q 0 0 0 rg BT 546.86 92.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 79.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.87 79.55 Td (general ) Tj ET Q q 0 0 0 rg BT 98.39 79.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 140.66 79.55 Td (purposes.) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.44 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.96 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 106.13 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.03 741.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 148.42 741.75 Td (there ) Tj ET Q q 0 0 0 rg BT 172.18 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 195.35 741.75 Td (no ) Tj ET Q q 0 0 0 rg BT 208.62 741.75 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 259.22 741.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 310.99 741.75 Td (under ) Tj ET Q q 0 0 0 rg BT 337.66 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 353.26 741.75 Td (Credit ) Tj ET Q q 0 0 0 rg BT 381.67 741.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 431.08 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 449.01 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 473.36 741.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 504.71 741.75 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.64 741.75 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.78 729.15 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 99.56 729.15 Td (revolving ) Tj ET Q q 0 0 0 rg BT 141.83 729.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 167.77 729.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 199.54 729.15 Td (capacity) Tj ET Q q 0 0 0 rg BT 233.84 729.15 Td (. ) Tj ET Q q 0 0 0 rg BT 238.50 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 240.53 729.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 268.80 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 283.67 729.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 309.03 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 319.81 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 334.67 729.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 351.98 729.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 366.97 729.15 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 418.27 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 441.88 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 472.50 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 492.61 729.15 Td (not ) Tj ET Q q 0 0 0 rg BT 508.07 729.15 Td (borrow ) Tj ET Q q 0 0 0 rg BT 540.43 729.15 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.70 716.55 Td ($30,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.83 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 107.45 716.55 Td (under ) Tj ET Q q 0 0 0 rg BT 133.99 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 149.44 716.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 192.31 716.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 218.83 716.55 Td (facility) Tj ET Q q 0 0 0 rg BT 247.89 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 253.14 716.55 Td (without ) Tj ET Q q 0 0 0 rg BT 287.85 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 303.30 716.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 326.34 716.55 Td (consent ) Tj ET Q q 0 0 0 rg BT 361.04 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 372.41 716.55 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 410.43 716.55 Td (T) Tj ET Q q 0 0 0 rg BT 416.11 716.55 Td (empleton. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (On ) Tj ET Q q 0 0 0 rg BT 65.65 691.35 Td (April ) Tj ET Q q 0 0 0 rg BT 91.42 691.35 Td (3, ) Tj ET Q q 0 0 0 rg BT 102.90 691.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 130.14 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 155.32 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 187.52 691.35 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.36 691.35 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.74 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 274.35 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 301.86 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 318.30 691.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 347.36 691.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 397.61 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 409.97 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 418.24 691.35 Td (precautionary ) Tj ET Q q 0 0 0 rg BT 479.57 691.35 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.16 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 529.94 691.35 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 94.62 678.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 132.83 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 147.70 678.75 Td (general ) Tj ET Q q 0 0 0 rg BT 181.22 678.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 223.49 678.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 263.44 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 274.23 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.69 678.75 Td (current ) Tj ET Q q 0 0 0 rg BT 322.04 678.75 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 363.73 678.75 Td (market ) Tj ET Q q 0 0 0 rg BT 395.51 678.75 Td (environment.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.61 653.55 Td (further ) Tj ET Q q 0 0 0 rg BT 96.12 653.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 139.30 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 150.41 653.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.76 653.55 Td (1) Tj ET Q q 0 0 0 rg BT 178.62 653.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.87 653.55 Td (, ) Tj ET Q q 0 0 0 rg BT 189.43 653.55 Td (on ) Tj ET Q q 0 0 0 rg BT 202.87 653.55 Td (December ) Tj ET Q q 0 0 0 rg BT 248.95 653.55 Td (22, ) Tj ET Q q 0 0 0 rg BT 265.01 653.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 291.58 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 316.09 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 347.61 653.55 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 390.79 653.55 Td ($225,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.17 653.55 Td ( ) Tj ET Q q 0 0 0 rg BT 433.10 653.55 Td (under ) Tj ET Q q 0 0 0 rg BT 459.95 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 475.72 653.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 504.25 653.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 553.84 653.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.95 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.84 640.95 Td (5,568) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 113.46 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 115.98 640.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 144.74 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 156.01 640.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 180.11 640.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 211.21 640.95 Td (common ) Tj ET Q q 0 0 0 rg BT 250.48 640.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.16 640.95 Td (from ) Tj ET Q q 0 0 0 rg BT 298.10 640.95 Td (Shanda ) Tj ET Q q 0 0 0 rg BT 330.97 640.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 356.83 640.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 414.16 640.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 463.34 640.95 Td (Limited ) Tj ET Q q 0 0 0 rg BT 499.10 640.95 Td (\("Shanda"\). ) Tj ET Q q 0 0 0 rg BT 550.73 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 553.25 640.95 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (March ) Tj ET Q q 0 0 0 rg BT 80.66 628.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 107.54 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 132.37 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 164.21 628.35 Td (repaid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.71 628.35 Td ($100,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.08 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 236.34 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 248.34 628.35 Td (these ) Tj ET Q q 0 0 0 rg BT 273.17 628.35 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 326.89 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 330.14 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 342.15 628.35 Td (September ) Tj ET Q q 0 0 0 rg BT 390.31 628.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 417.19 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 442.02 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 473.86 628.35 Td (repaid ) Tj ET Q q 0 0 0 rg BT 503.35 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 519.44 628.35 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td ($125,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 92.00 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 103.37 615.75 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 156.45 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.89 615.75 Td (There ) Tj ET Q q 0 0 0 rg BT 185.99 615.75 Td (were ) Tj ET Q q 0 0 0 rg BT 209.02 615.75 Td (no ) Tj ET Q q 0 0 0 rg BT 222.15 615.75 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 272.60 615.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 324.22 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 335.60 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 346.97 615.75 Td (March ) Tj ET Q q 0 0 0 rg BT 377.00 615.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.75 615.75 Td (2019.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 590.55 Td (revolving ) Tj ET Q q 0 0 0 rg BT 111.73 590.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 138.21 590.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 170.52 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 187.10 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 199.59 590.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.08 590.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 251.39 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 262.72 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 278.12 590.55 Td (three-month ) Tj ET Q q 0 0 0 rg BT 332.02 590.55 Td (Eurocurrency ) Tj ET Q q 0 0 0 rg BT 391.73 590.55 Td (Rate ) Tj ET Q q 0 0 0 rg BT 413.56 590.55 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.64 590.55 Td (125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.39 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 451.97 590.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 475.55 590.55 Td (points ) Tj ET Q q 0 0 0 rg BT 503.80 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 521.54 590.55 Td (an ) Tj ET Q q 0 0 0 rg BT 534.03 590.55 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (commitment ) Tj ET Q q 0 0 0 rg BT 106.27 577.95 Td (fee ) Tj ET Q q 0 0 0 rg BT 122.27 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.21 577.95 Td (17.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.59 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 155.78 577.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 179.97 577.95 Td (points. ) Tj ET Q q 0 0 0 rg BT 211.46 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 214.65 577.95 Td (Interest ) Tj ET Q q 0 0 0 rg BT 249.32 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 259.52 577.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 295.36 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 306.13 577.95 Td (least ) Tj ET Q q 0 0 0 rg BT 328.56 577.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 369.65 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 383.34 577.95 Td (any ) Tj ET Q q 0 0 0 rg BT 401.69 577.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 440.46 577.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 492.65 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 519.75 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 535.77 577.95 Td (Credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 99.27 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 117.06 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 132.51 565.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 166.04 565.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 184.40 565.35 Td (may ) Tj ET Q q 0 0 0 rg BT 205.11 565.35 Td (change ) Tj ET Q q 0 0 0 rg BT 237.46 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 248.25 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 263.71 565.35 Td (future ) Tj ET Q q 0 0 0 rg BT 291.40 565.35 Td (based ) Tj ET Q q 0 0 0 rg BT 317.94 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 331.06 565.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 367.51 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 378.30 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 402.50 565.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 439.68 565.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 466.21 565.35 Td (ratings. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.31 540.15 Td (Credit ) Tj ET Q q 0 0 0 rg BT 96.10 540.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 144.73 540.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 181.71 540.15 Td (standard ) Tj ET Q q 0 0 0 rg BT 219.27 540.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 257.99 540.15 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 304.58 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 306.42 540.15 Td (These ) Tj ET Q q 0 0 0 rg BT 333.48 540.15 Td (covenants ) Tj ET Q q 0 0 0 rg BT 377.45 540.15 Td (include: ) Tj ET Q q 0 0 0 rg BT 413.26 540.15 Td (maximum ) Tj ET Q q 0 0 0 rg BT 457.83 540.15 Td (net ) Tj ET Q q 0 0 0 rg BT 472.64 540.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 492.71 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 502.86 540.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 540.77 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 542.76 540.15 Td (ratio ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (\(as ) Tj ET Q q 0 0 0 rg BT 64.69 527.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 98.62 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 109.23 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 124.50 527.55 Td (documents\) ) Tj ET Q q 0 0 0 rg BT 175.94 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.13 527.55 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 202.70 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 213.31 527.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.56 527.55 Td (; ) Tj ET Q q 0 0 0 rg BT 223.92 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 241.52 527.55 Td (minimum ) Tj ET Q q 0 0 0 rg BT 284.81 527.55 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 322.72 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 325.17 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 335.78 527.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 369.13 527.55 Td (ratio ) Tj ET Q q 0 0 0 rg BT 390.81 527.55 Td (\(as ) Tj ET Q q 0 0 0 rg BT 405.50 527.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 439.43 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 450.04 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 465.32 527.55 Td (documents\) ) Tj ET Q q 0 0 0 rg BT 516.75 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.94 527.55 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 543.51 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 554.12 527.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.37 527.55 Td (. ) Tj ET Q q 0 0 0 rg BT 564.62 527.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 514.95 Td (As ) Tj ET Q q 0 0 0 rg BT 64.17 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 75.42 514.95 Td (March ) Tj ET Q q 0 0 0 rg BT 105.33 514.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.95 514.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 147.08 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 171.16 514.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 208.22 514.95 Td (net ) Tj ET Q q 0 0 0 rg BT 223.55 514.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 244.13 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 254.80 514.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 292.71 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 295.22 514.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 316.96 514.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.79 514.95 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 351.42 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 362.09 514.95 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.34 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 369.84 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 387.50 514.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 425.42 514.95 Td ( ) Tj ET Q q 0 0 0 rg BT 427.92 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 438.59 514.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 472.00 514.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 508.32 514.95 Td (ratio ) Tj ET Q q 0 0 0 rg BT 530.06 514.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.90 514.95 Td (6.1 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 502.35 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.04 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 71.29 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 89.08 502.35 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 132.22 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.42 502.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 187.63 502.35 Td (has ) Tj ET Q q 0 0 0 rg BT 204.25 502.35 Td (maintained ) Tj ET Q q 0 0 0 rg BT 253.52 502.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 304.54 502.35 Td (with ) Tj ET Q q 0 0 0 rg BT 325.84 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 341.29 502.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 387.06 502.35 Td (covenants.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 98.71 477.15 Td (debt) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.55 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 97.53 464.55 Td (debt, ) Tj ET Q q 0 0 0 rg BT 120.86 464.55 Td (net, ) Tj ET Q q 0 0 0 rg BT 138.93 464.55 Td (consists ) Tj ET Q q 0 0 0 rg BT 174.81 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 186.19 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 201.64 464.55 Td (following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 428.04999999999995 m 300.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 428.04999999999995 m 304.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 428.04999999999995 m 369.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 428.04999999999995 m 373.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 428.04999999999995 m 439.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 428.04999999999995 m 443.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 428.04999999999995 m 504.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 428.04999999999995 m 562.5 428.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 395.04999999999995 m 234.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 395.04999999999995 m 300.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 395.04999999999995 m 369.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 395.04999999999995 m 439.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 395.04999999999995 m 504.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 395.04999999999995 m 562.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 395.04999999999995 m 300.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 395.04999999999995 m 369.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 395.04999999999995 m 439.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 395.04999999999995 m 504.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 395.04999999999995 m 562.5 395.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 305.04999999999995 m 234.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 305.04999999999995 m 562.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 305.04999999999995 m 300.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 305.04999999999995 m 369.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 305.04999999999995 m 439.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 305.04999999999995 m 504.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 305.04999999999995 m 562.5 305.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 275.04999999999995 m 234.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 275.04999999999995 m 300.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 275.04999999999995 m 369.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 275.04999999999995 m 439.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 275.04999999999995 m 504.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 275.04999999999995 m 562.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 260.04999999999995 m 234.5 260.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 260.04999999999995 m 300.5 260.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 275.04999999999995 m 369.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 260.04999999999995 m 369.5 260.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 275.04999999999995 m 439.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 260.04999999999995 m 439.5 260.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 275.04999999999995 m 504.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 260.04999999999995 m 504.5 260.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 275.04999999999995 m 562.5 275.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 260.04999999999995 m 562.5 260.04999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 432.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.60 432.82 Td (March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.40 443.32 Td (March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.50 432.82 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 399.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.30 410.32 Td (Carrying) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.00 399.82 Td (V) Tj ET Q q 0 0 0 rg BT 264.00 399.82 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.05 418.27 Td (Unamortized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.50 407.77 Td (Discount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.75 397.32 Td (\(Premium\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.55 418.27 Td (Unamortized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.40 407.77 Td (Debt Issuance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.30 397.32 Td (Costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.10 410.32 Td (Maturity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.25 399.82 Td (Amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.30 410.32 Td (Carrying) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.00 399.82 Td (V) Tj ET Q q 0 0 0 rg BT 529.42 399.82 Td (alue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 384.82 Td (3.95% Senior Notes due July 2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.35 384.82 Td (248,976) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.75 384.82 Td (195) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.75 384.82 Td (829) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 384.82 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 384.82 Td (248,738) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 369.82 Td (4.75% Senior Notes due March 2026) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.35 369.82 Td (447,875) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 369.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.85 369.82 Td (2,125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 369.82 Td (450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 369.82 Td (447,521) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 354.82 Td (5.625% Senior Notes due January 2044) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.35 354.82 Td (548,099) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.35 354.82 Td (\(2,907) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 354.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.85 354.82 Td (4,808) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 354.82 Td (550,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 354.82 Td (548,020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 339.82 Td (6.375% Junior Notes due March 2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.35 339.82 Td (242,665) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 339.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.85 339.82 Td (7,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 339.82 Td (250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 339.82 Td (242,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 324.82 Td (5.45% Junior Notes due September 2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.35 324.82 Td (485,1) Tj ET Q q 0 0 0 rg BT 285.98 324.82 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 324.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.60 324.82 Td (14,882) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 324.82 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 324.82 Td (484,71) Tj ET Q q 0 0 0 rg BT 553.23 324.82 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 309.82 Td (2.7% Senior Notes due July 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.00 309.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 309.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.00 309.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 309.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 309.82 Td (250,301) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 294.82 Td (Subtotal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.50 294.82 Td (1,972,733) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.35 294.82 Td (\(2,712) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.50 294.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.60 294.82 Td (29,979) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.50 294.82 Td (2,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 294.82 Td (2,221,752) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 279.82 Td (Less: Current portion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.00 279.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 279.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.00 279.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 279.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.85 279.82 Td (\(250,301) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.50 279.82 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 53.00 264.84 Td (T) Tj ET Q q 0 0 0 rg BT 59.04 264.84 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 241.00 264.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 254.50 264.84 Td (1,972,733) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.00 264.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 338.35 264.84 Td (\(2,712) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.50 264.84 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.00 264.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.60 264.84 Td (29,979) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.00 264.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 458.50 264.84 Td (2,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.00 264.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 264.82 Td (1,971,451) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 235.35 Td (On ) Tj ET Q q 0 0 0 rg BT 65.46 235.35 Td (July ) Tj ET Q q 0 0 0 rg BT 85.59 235.35 Td (15, ) Tj ET Q q 0 0 0 rg BT 101.34 235.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 127.59 235.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 151.79 235.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 183.00 235.35 Td (repaid ) Tj ET Q q 0 0 0 rg BT 211.86 235.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.31 235.35 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.68 235.35 Td ( ) Tj ET Q q 0 0 0 rg BT 269.31 235.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.68 235.35 Td (2.7%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.55 235.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.18 235.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 335.22 235.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 362.34 235.35 Td (due ) Tj ET Q q 0 0 0 rg BT 380.12 235.35 Td (July ) Tj ET Q q 0 0 0 rg BT 400.25 235.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 426.50 235.35 Td (using ) Tj ET Q q 0 0 0 rg BT 451.88 235.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 487.76 235.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.04 235.35 Td (resources. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 210.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.82 210.15 Td (of ) Tj ET Q q 0 0 0 rg BT 74.73 210.15 Td (March ) Tj ET Q q 0 0 0 rg BT 104.28 210.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.56 210.15 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 145.34 210.15 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.72 210.15 Td ( ) Tj ET Q q 0 0 0 rg BT 186.87 210.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.78 210.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 221.50 210.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 258.22 210.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 301.78 210.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 322.02 210.15 Td (matures ) Tj ET Q q 0 0 0 rg BT 357.41 210.15 Td (in ) Tj ET Q q 0 0 0 rg BT 367.73 210.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 392.63 210.15 Td (2025 ) Tj ET Q q 0 0 0 rg BT 415.78 210.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.10 210.15 Td ($1,750,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.35 210.15 Td ( ) Tj ET Q q 0 0 0 rg BT 482.50 210.15 Td (matures ) Tj ET Q q 0 0 0 rg BT 517.90 210.15 Td (after ) Tj ET Q q 0 0 0 rg BT 539.28 210.15 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 197.55 Td (2025.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 172.35 Td (3.95% ) Tj ET Q q 0 0 0 rg BT 81.50 172.35 Td (Senior) Tj ET Q q 0 0 0 rg BT 110.48 172.35 Td ( ) Tj ET Q q 0 0 0 rg BT 113.10 172.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.81 172.35 Td (due ) Tj ET Q q 0 0 0 rg BT 159.77 172.35 Td (July ) Tj ET Q q 0 0 0 rg BT 181.65 172.35 Td (2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 159.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.87 159.75 Td (June ) Tj ET Q q 0 0 0 rg BT 82.24 159.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 107.99 159.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.68 159.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 162.39 159.75 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 190.76 159.75 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.14 159.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.26 159.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.13 159.75 Td (3.95%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.25 159.75 Td ( ) Tj ET Q q 0 0 0 rg BT 272.37 159.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 301.91 159.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 328.53 159.75 Td (due ) Tj ET Q q 0 0 0 rg BT 345.81 159.75 Td (July ) Tj ET Q q 0 0 0 rg BT 365.44 159.75 Td (2024 ) Tj ET Q q 0 0 0 rg BT 388.56 159.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 407.01 159.75 Td ("2024 ) Tj ET Q q 0 0 0 rg BT 434.42 159.75 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 471.45 159.75 Td ( ) Tj ET Q q 0 0 0 rg BT 473.42 159.75 Td (The ) Tj ET Q q 0 0 0 rg BT 491.86 159.75 Td (2024 ) Tj ET Q q 0 0 0 rg BT 514.99 159.75 Td (Notes ) Tj ET Q q 0 0 0 rg BT 541.61 159.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 147.15 Td (sold ) Tj ET Q q 0 0 0 rg BT 70.93 147.15 Td (at ) Tj ET Q q 0 0 0 rg BT 81.94 147.15 Td (a ) Tj ET Q q 0 0 0 rg BT 90.02 147.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 129.03 147.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.21 147.15 Td ($458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.21 147.15 Td (, ) Tj ET Q q 0 0 0 rg BT 168.26 147.15 Td (which ) Tj ET Q q 0 0 0 rg BT 197.35 147.15 Td (is ) Tj ET Q q 0 0 0 rg BT 207.78 147.15 Td (being ) Tj ET Q q 0 0 0 rg BT 234.53 147.15 Td (amortized ) Tj ET Q q 0 0 0 rg BT 279.94 147.15 Td (to ) Tj ET Q q 0 0 0 rg BT 291.54 147.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 325.87 147.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 363.12 147.15 Td (over ) Tj ET Q q 0 0 0 rg BT 385.20 147.15 Td (the ) Tj ET Q q 0 0 0 rg BT 401.46 147.15 Td (10-year ) Tj ET Q q 0 0 0 rg BT 436.95 147.15 Td (term. ) Tj ET Q q 0 0 0 rg BT 462.00 147.15 Td (The ) Tj ET Q q 0 0 0 rg BT 481.75 147.15 Td (2024 ) Tj ET Q q 0 0 0 rg BT 506.18 147.15 Td (Notes ) Tj ET Q q 0 0 0 rg BT 534.10 147.15 Td (can ) Tj ET Q q 0 0 0 rg BT 552.10 147.15 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 134.55 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 93.54 134.55 Td (at ) Tj ET Q q 0 0 0 rg BT 103.86 134.55 Td (any ) Tj ET Q q 0 0 0 rg BT 121.76 134.55 Td (time ) Tj ET Q q 0 0 0 rg BT 143.16 134.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.31 134.55 Td (to ) Tj ET Q q 0 0 0 rg BT 177.21 134.55 Td (the ) Tj ET Q q 0 0 0 rg BT 192.78 134.55 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 237.50 134.55 Td (maturity ) Tj ET Q q 0 0 0 rg BT 275.82 134.55 Td (in ) Tj ET Q q 0 0 0 rg BT 286.72 134.55 Td (part ) Tj ET Q q 0 0 0 rg BT 305.79 134.55 Td (or ) Tj ET Q q 0 0 0 rg BT 317.27 134.55 Td (in ) Tj ET Q q 0 0 0 rg BT 328.18 134.55 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 374.34 134.55 Td (at ) Tj ET Q q 0 0 0 rg BT 384.66 134.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.23 134.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 432.11 134.55 Td (of ) Tj ET Q q 0 0 0 rg BT 443.59 134.55 Td (the ) Tj ET Q q 0 0 0 rg BT 459.16 134.55 Td (related ) Tj ET Q q 0 0 0 rg BT 490.46 134.55 Td (principal ) Tj ET Q q 0 0 0 rg BT 530.52 134.55 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 121.95 Td (at ) Tj ET Q q 0 0 0 rg BT 59.59 121.95 Td (that ) Tj ET Q q 0 0 0 rg BT 77.35 121.95 Td (time ) Tj ET Q q 0 0 0 rg BT 98.02 121.95 Td (or ) Tj ET Q q 0 0 0 rg BT 108.78 121.95 Td (the ) Tj ET Q q 0 0 0 rg BT 123.62 121.95 Td (sum ) Tj ET Q q 0 0 0 rg BT 143.14 121.95 Td (of ) Tj ET Q q 0 0 0 rg BT 153.90 121.95 Td (the ) Tj ET Q q 0 0 0 rg BT 168.74 121.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 213.32 121.95 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 257.32 121.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 299.57 121.95 Td (discounted ) Tj ET Q q 0 0 0 rg BT 347.08 121.95 Td (at ) Tj ET Q q 0 0 0 rg BT 356.67 121.95 Td (the ) Tj ET Q q 0 0 0 rg BT 371.51 121.95 Td (treasury ) Tj ET Q q 0 0 0 rg BT 407.34 121.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 425.09 121.95 Td (\(as ) Tj ET Q q 0 0 0 rg BT 439.34 121.95 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 476.34 121.95 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.85 121.95 Td (0.25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.97 121.95 Td (, ) Tj ET Q q 0 0 0 rg BT 527.61 121.95 Td (together ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 109.35 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 109.35 Td (any ) Tj ET Q q 0 0 0 rg BT 89.08 109.35 Td (related ) Tj ET Q q 0 0 0 rg BT 120.27 109.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 155.53 109.35 Td (and ) Tj ET Q q 0 0 0 rg BT 173.32 109.35 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 204.52 109.35 Td (interest.) Tj ET Q endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (4.75% ) Tj ET Q q 0 0 0 rg BT 81.50 741.90 Td (Senior) Tj ET Q q 0 0 0 rg BT 110.48 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 113.10 741.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 140.81 741.90 Td (due ) Tj ET Q q 0 0 0 rg BT 159.77 741.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 179.40 741.90 Td (ch ) Tj ET Q q 0 0 0 rg BT 192.53 741.90 Td (2026) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.30 Td (In ) Tj ET Q q 0 0 0 rg BT 61.22 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 91.09 729.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 117.19 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 141.24 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 172.29 729.30 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.01 729.30 Td ($450,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.39 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 242.86 729.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.08 729.30 Td (4.75%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.20 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 283.67 729.30 Td (Senior ) Tj ET Q q 0 0 0 rg BT 313.55 729.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 340.52 729.30 Td (due ) Tj ET Q q 0 0 0 rg BT 358.16 729.30 Td (March ) Tj ET Q q 0 0 0 rg BT 388.03 729.30 Td (2026 ) Tj ET Q q 0 0 0 rg BT 411.50 729.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 430.30 729.30 Td ("2026 ) Tj ET Q q 0 0 0 rg BT 458.06 729.30 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 495.25 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 514.05 729.30 Td (2026 ) Tj ET Q q 0 0 0 rg BT 537.52 729.30 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (were ) Tj ET Q q 0 0 0 rg BT 72.31 716.70 Td (sold ) Tj ET Q q 0 0 0 rg BT 91.72 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 101.21 716.70 Td (a ) Tj ET Q q 0 0 0 rg BT 107.78 716.70 Td (discount ) Tj ET Q q 0 0 0 rg BT 145.27 716.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 155.92 716.70 Td ($207) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.92 716.70 Td (. ) Tj ET Q q 0 0 0 rg BT 181.46 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 183.23 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 201.46 716.70 Td (2026 ) Tj ET Q q 0 0 0 rg BT 224.37 716.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 250.78 716.70 Td (can ) Tj ET Q q 0 0 0 rg BT 267.26 716.70 Td (be ) Tj ET Q q 0 0 0 rg BT 279.08 716.70 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 321.79 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 331.87 716.70 Td (part ) Tj ET Q q 0 0 0 rg BT 350.10 716.70 Td (or ) Tj ET Q q 0 0 0 rg BT 360.76 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 370.83 716.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 413.55 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 423.04 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 437.77 716.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 468.82 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 479.48 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 494.22 716.70 Td (related ) Tj ET Q q 0 0 0 rg BT 524.69 716.70 Td (principal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.33 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 92.75 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.41 704.10 Td (time ) Tj ET Q q 0 0 0 rg BT 127.91 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.50 704.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 188.15 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.74 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.40 704.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 232.74 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.33 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.99 704.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 302.40 704.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 346.22 704.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 388.30 704.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 435.63 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 445.05 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.71 704.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 495.37 704.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 512.94 704.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 527.02 704.10 Td (defined\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.13 691.50 Td (0.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 97.25 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 102.50 691.50 Td (together ) Tj ET Q q 0 0 0 rg BT 139.53 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 160.82 691.50 Td (any ) Tj ET Q q 0 0 0 rg BT 178.61 691.50 Td (related ) Tj ET Q q 0 0 0 rg BT 209.80 691.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 245.06 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 262.85 691.50 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 294.05 691.50 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 666.30 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 86.75 666.30 Td (Senior) Tj ET Q q 0 0 0 rg BT 115.73 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 118.35 666.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 146.06 666.30 Td (due ) Tj ET Q q 0 0 0 rg BT 165.02 666.30 Td (January ) Tj ET Q q 0 0 0 rg BT 204.99 666.30 Td (2044) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (In ) Tj ET Q q 0 0 0 rg BT 62.07 653.70 Td (January ) Tj ET Q q 0 0 0 rg BT 98.04 653.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 124.99 653.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 149.88 653.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 181.79 653.70 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.36 653.70 Td ($400,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.73 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 254.06 653.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.12 653.70 Td (5.625%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.49 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 301.82 653.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 332.55 653.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 360.37 653.70 Td (due ) Tj ET Q q 0 0 0 rg BT 378.85 653.70 Td (January ) Tj ET Q q 0 0 0 rg BT 414.83 653.70 Td (2044 ) Tj ET Q q 0 0 0 rg BT 439.15 653.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 458.79 653.70 Td ("2044 ) Tj ET Q q 0 0 0 rg BT 487.40 653.70 Td (Notes"\), ) Tj ET Q q 0 0 0 rg BT 525.63 653.70 Td (sold ) Tj ET Q q 0 0 0 rg BT 546.45 653.70 Td (at ) Tj ET Q q 0 0 0 rg BT 557.35 653.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 88.73 641.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.62 641.10 Td ($6,260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 129.50 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.27 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 164.08 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.23 641.10 Td (being ) Tj ET Q q 0 0 0 rg BT 200.70 641.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 245.83 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.14 641.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 291.20 641.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 328.16 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 349.96 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.94 641.10 Td (30-year ) Tj ET Q q 0 0 0 rg BT 401.15 641.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 425.47 641.10 Td (An ) Tj ET Q q 0 0 0 rg BT 441.45 641.10 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.59 641.10 Td ($150,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.96 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.11 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.00 641.10 Td (2044 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 77.41 628.50 Td (were ) Tj ET Q q 0 0 0 rg BT 100.73 628.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 129.89 628.50 Td (in ) Tj ET Q q 0 0 0 rg BT 140.98 628.50 Td (June ) Tj ET Q q 0 0 0 rg BT 163.14 628.50 Td (2014 ) Tj ET Q q 0 0 0 rg BT 187.05 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 205.13 628.50 Td (were ) Tj ET Q q 0 0 0 rg BT 228.44 628.50 Td (sold ) Tj ET Q q 0 0 0 rg BT 248.86 628.50 Td (at ) Tj ET Q q 0 0 0 rg BT 259.35 628.50 Td (a ) Tj ET Q q 0 0 0 rg BT 266.93 628.50 Td (premium ) Tj ET Q q 0 0 0 rg BT 307.75 628.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.41 628.50 Td ($9,779) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.29 628.50 Td (, ) Tj ET Q q 0 0 0 rg BT 353.83 628.50 Td (which ) Tj ET Q q 0 0 0 rg BT 382.40 628.50 Td (is ) Tj ET Q q 0 0 0 rg BT 392.32 628.50 Td (also ) Tj ET Q q 0 0 0 rg BT 412.15 628.50 Td (being ) Tj ET Q q 0 0 0 rg BT 438.39 628.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 483.29 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 494.37 628.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 528.19 628.50 Td (expense ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (over ) Tj ET Q q 0 0 0 rg BT 71.71 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 87.59 615.90 Td (30-year ) Tj ET Q q 0 0 0 rg BT 122.71 615.90 Td (term. ) Tj ET Q q 0 0 0 rg BT 147.63 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 150.01 615.90 Td (All ) Tj ET Q q 0 0 0 rg BT 166.49 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 178.29 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 194.17 615.90 Td (2044 ) Tj ET Q q 0 0 0 rg BT 218.22 615.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 245.78 615.90 Td (can ) Tj ET Q q 0 0 0 rg BT 263.40 615.90 Td (be ) Tj ET Q q 0 0 0 rg BT 276.37 615.90 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 320.23 615.90 Td (at ) Tj ET Q q 0 0 0 rg BT 330.86 615.90 Td (any ) Tj ET Q q 0 0 0 rg BT 349.07 615.90 Td (time ) Tj ET Q q 0 0 0 rg BT 370.79 615.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 394.26 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 405.48 615.90 Td (their ) Tj ET Q q 0 0 0 rg BT 427.77 615.90 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 472.81 615.90 Td (maturity ) Tj ET Q q 0 0 0 rg BT 511.45 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 522.67 615.90 Td (part ) Tj ET Q q 0 0 0 rg BT 542.05 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 553.85 615.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 97.25 603.30 Td (at ) Tj ET Q q 0 0 0 rg BT 108.65 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 125.30 603.30 Td (greater ) Tj ET Q q 0 0 0 rg BT 158.27 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 170.84 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 187.49 603.30 Td (related ) Tj ET Q q 0 0 0 rg BT 219.87 603.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 261.02 603.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 296.33 603.30 Td (at ) Tj ET Q q 0 0 0 rg BT 307.74 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 327.30 603.30 Td (time ) Tj ET Q q 0 0 0 rg BT 349.79 603.30 Td (or ) Tj ET Q q 0 0 0 rg BT 362.36 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.01 603.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 400.33 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 412.90 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 429.55 603.30 Td (remaining ) Tj ET Q q 0 0 0 rg BT 475.95 603.30 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 521.75 603.30 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (discounted ) Tj ET Q q 0 0 0 rg BT 98.12 590.70 Td (at ) Tj ET Q q 0 0 0 rg BT 108.32 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.77 590.70 Td (treasury ) Tj ET Q q 0 0 0 rg BT 160.22 590.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 178.58 590.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 193.45 590.70 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 231.05 590.70 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.18 590.70 Td (0.3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.05 590.70 Td (, ) Tj ET Q q 0 0 0 rg BT 278.30 590.70 Td (together ) Tj ET Q q 0 0 0 rg BT 315.33 590.70 Td (with ) Tj ET Q q 0 0 0 rg BT 336.62 590.70 Td (any ) Tj ET Q q 0 0 0 rg BT 354.41 590.70 Td (related ) Tj ET Q q 0 0 0 rg BT 385.60 590.70 Td (accrued ) Tj ET Q q 0 0 0 rg BT 420.86 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 438.65 590.70 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 469.85 590.70 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (6.375% ) Tj ET Q q 0 0 0 rg BT 86.75 565.50 Td (Junior) Tj ET Q q 0 0 0 rg BT 116.32 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 118.94 565.50 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 182.84 565.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 210.54 565.50 Td (due ) Tj ET Q q 0 0 0 rg BT 229.51 565.50 Td (Mar) Tj ET Q q 0 0 0 rg BT 249.14 565.50 Td (ch ) Tj ET Q q 0 0 0 rg BT 262.27 565.50 Td (2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (In ) Tj ET Q q 0 0 0 rg BT 61.86 552.90 Td (March ) Tj ET Q q 0 0 0 rg BT 92.38 552.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 119.11 552.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 143.80 552.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 175.50 552.90 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 204.86 552.90 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 244.23 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 247.35 552.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.21 552.90 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 291.58 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 294.69 552.90 Td (Junior ) Tj ET Q q 0 0 0 rg BT 324.05 552.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 351.66 552.90 Td (due ) Tj ET Q q 0 0 0 rg BT 369.93 552.90 Td (March ) Tj ET Q q 0 0 0 rg BT 400.45 552.90 Td (2056 ) Tj ET Q q 0 0 0 rg BT 424.56 552.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 444.00 552.90 Td (") Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.29 552.90 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.66 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 483.77 552.90 Td (2056 ) Tj ET Q q 0 0 0 rg BT 507.88 552.90 Td (Notes"\). ) Tj ET Q q 0 0 0 rg BT 545.68 552.90 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 82.37 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 84.99 540.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 108.61 540.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 135.72 540.30 Td (were ) Tj ET Q q 0 0 0 rg BT 158.74 540.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 187.61 540.30 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.80 540.30 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.30 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 224.92 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 236.28 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 251.73 540.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 291.66 540.30 Td (amount. ) Tj ET Q q 0 0 0 rg BT 328.40 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 330.83 540.30 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.77 540.30 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.14 540.30 Td ( ) Tj ET Q q 0 0 0 rg BT 384.76 540.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 408.38 540.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 435.49 540.30 Td (rank ) Tj ET Q q 0 0 0 rg BT 456.77 540.30 Td (junior ) Tj ET Q q 0 0 0 rg BT 484.46 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 502.24 540.30 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 553.85 540.30 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (right ) Tj ET Q q 0 0 0 rg BT 72.29 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 83.50 527.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 122.12 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 132.75 527.70 Td (all ) Tj ET Q q 0 0 0 rg BT 145.71 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 156.92 527.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 180.96 527.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 217.98 527.70 Td (current ) Tj ET Q q 0 0 0 rg BT 250.17 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 267.80 527.70 Td (future ) Tj ET Q q 0 0 0 rg BT 295.33 527.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 323.45 527.70 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 382.78 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 385.24 527.70 Td (Prior ) Tj ET Q q 0 0 0 rg BT 408.71 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 419.34 527.70 Td (March ) Tj ET Q q 0 0 0 rg BT 449.20 527.70 Td (15, ) Tj ET Q q 0 0 0 rg BT 464.79 527.70 Td (2021, ) Tj ET Q q 0 0 0 rg BT 490.88 527.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.17 527.70 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.54 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 541.00 527.70 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 76.83 515.10 Td (can ) Tj ET Q q 0 0 0 rg BT 93.74 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 105.98 515.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 149.12 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.62 515.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 205.39 515.10 Td (but ) Tj ET Q q 0 0 0 rg BT 221.14 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 236.89 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.39 515.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 268.68 515.10 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.59 515.10 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.09 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.42 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.50 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.66 515.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 371.32 515.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 407.77 515.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 427.61 515.10 Td (any ) Tj ET Q q 0 0 0 rg BT 445.10 515.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 480.08 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.57 515.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 528.48 515.10 Td (interest, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (if ) Tj ET Q q 0 0 0 rg BT 59.07 502.50 Td (called ) Tj ET Q q 0 0 0 rg BT 86.78 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 101.68 502.50 Td (a ) Tj ET Q q 0 0 0 rg BT 108.99 502.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 124.47 502.50 Td (event ) Tj ET Q q 0 0 0 rg BT 149.86 502.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 164.76 502.50 Td (defined\), ) Tj ET Q q 0 0 0 rg BT 205.02 502.50 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.42 502.50 Td (102%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.91 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 243.56 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 254.96 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 270.44 502.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 310.41 502.50 Td (amount, ) Tj ET Q q 0 0 0 rg BT 347.19 502.50 Td (plus ) Tj ET Q q 0 0 0 rg BT 367.34 502.50 Td (any ) Tj ET Q q 0 0 0 rg BT 385.16 502.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 420.45 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.26 502.50 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 469.49 502.50 Td (interest, ) Tj ET Q q 0 0 0 rg BT 505.67 502.50 Td (if ) Tj ET Q q 0 0 0 rg BT 514.74 502.50 Td (called ) Tj ET Q q 0 0 0 rg BT 542.46 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 557.35 502.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (rating ) Tj ET Q q 0 0 0 rg BT 77.27 489.90 Td (agency ) Tj ET Q q 0 0 0 rg BT 109.78 489.90 Td (event ) Tj ET Q q 0 0 0 rg BT 135.30 489.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 150.32 489.90 Td (defined\). ) Tj ET Q q 0 0 0 rg BT 190.71 489.90 Td (On ) Tj ET Q q 0 0 0 rg BT 206.32 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 217.84 489.90 Td (after ) Tj ET Q q 0 0 0 rg BT 239.86 489.90 Td (March ) Tj ET Q q 0 0 0 rg BT 270.04 489.90 Td (15, ) Tj ET Q q 0 0 0 rg BT 285.94 489.90 Td (2021, ) Tj ET Q q 0 0 0 rg BT 312.35 489.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.95 489.90 Td (6.375%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.32 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 363.10 489.90 Td (2056 ) Tj ET Q q 0 0 0 rg BT 386.88 489.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 414.16 489.90 Td (can ) Tj ET Q q 0 0 0 rg BT 431.51 489.90 Td (be ) Tj ET Q q 0 0 0 rg BT 444.20 489.90 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 487.78 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 498.73 489.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 542.32 489.90 Td (or ) Tj ET Q q 0 0 0 rg BT 553.84 489.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (part, ) Tj ET Q q 0 0 0 rg BT 71.57 477.30 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.78 477.30 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 106.27 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.90 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 120.27 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 135.72 477.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 175.67 477.30 Td (amount, ) Tj ET Q q 0 0 0 rg BT 212.42 477.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 232.54 477.30 Td (any ) Tj ET Q q 0 0 0 rg BT 250.33 477.30 Td (related ) Tj ET Q q 0 0 0 rg BT 281.52 477.30 Td (accrued ) Tj ET Q q 0 0 0 rg BT 316.78 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 334.57 477.30 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 365.77 477.30 Td (interest.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (5.45% ) Tj ET Q q 0 0 0 rg BT 81.50 452.10 Td (Junior) Tj ET Q q 0 0 0 rg BT 111.07 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.69 452.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 177.59 452.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 205.29 452.10 Td (due ) Tj ET Q q 0 0 0 rg BT 224.26 452.10 Td (September) Tj ET Q q 0 0 0 rg BT 272.47 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.10 452.10 Td (2056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.39 439.50 Td (August ) Tj ET Q q 0 0 0 rg BT 92.84 439.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.58 439.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 142.27 439.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 172.96 439.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 201.33 439.50 Td (an ) Tj ET Q q 0 0 0 rg BT 213.35 439.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 256.27 439.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 295.70 439.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 329.31 439.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.17 439.50 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.54 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 381.65 439.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.51 439.50 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.63 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 421.75 439.50 Td (Junior ) Tj ET Q q 0 0 0 rg BT 450.11 439.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 476.72 439.50 Td (due ) Tj ET Q q 0 0 0 rg BT 493.99 439.50 Td (September ) Tj ET Q q 0 0 0 rg BT 541.01 439.50 Td (2056 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.27 426.90 Td (") Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.56 426.90 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 99.68 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 101.63 426.90 Td (2056 ) Tj ET Q q 0 0 0 rg BT 124.58 426.90 Td (Notes"\), ) Tj ET Q q 0 0 0 rg BT 161.43 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 176.21 426.90 Td (net ) Tj ET Q q 0 0 0 rg BT 190.98 426.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 230.25 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 240.94 426.90 Td (which, ) Tj ET Q q 0 0 0 rg BT 271.18 426.90 Td (together ) Tj ET Q q 0 0 0 rg BT 307.53 426.90 Td (with ) Tj ET Q q 0 0 0 rg BT 328.14 426.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 348.75 426.90 Td (on ) Tj ET Q q 0 0 0 rg BT 361.20 426.90 Td (hand, ) Tj ET Q q 0 0 0 rg BT 386.18 426.90 Td (were ) Tj ET Q q 0 0 0 rg BT 408.53 426.90 Td (used ) Tj ET Q q 0 0 0 rg BT 429.73 426.90 Td (to ) Tj ET Q q 0 0 0 rg BT 439.84 426.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 465.11 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 479.88 426.90 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.64 426.90 Td ($500,000) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.31 414.30 Td (then ) Tj ET Q q 0 0 0 rg BT 81.96 414.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 133.52 414.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 183.92 414.30 Td (under ) Tj ET Q q 0 0 0 rg BT 210.39 414.30 Td (its ) Tj ET Q q 0 0 0 rg BT 222.88 414.30 Td (Credit ) Tj ET Q q 0 0 0 rg BT 251.12 414.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 302.78 414.30 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.67 414.30 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.79 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 351.35 414.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 374.92 414.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 401.98 414.30 Td (rank ) Tj ET Q q 0 0 0 rg BT 423.21 414.30 Td (junior ) Tj ET Q q 0 0 0 rg BT 450.85 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 468.58 414.30 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 520.14 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 530.87 414.30 Td (right ) Tj ET Q q 0 0 0 rg BT 553.27 414.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.45 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 98.91 401.70 Td (all ) Tj ET Q q 0 0 0 rg BT 111.70 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 122.73 401.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 146.60 401.70 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 183.45 401.70 Td (current ) Tj ET Q q 0 0 0 rg BT 215.48 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 232.93 401.70 Td (future ) Tj ET Q q 0 0 0 rg BT 260.29 401.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 288.25 401.70 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 347.40 401.70 Td (Prior ) Tj ET Q q 0 0 0 rg BT 370.70 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 381.16 401.70 Td (September ) Tj ET Q q 0 0 0 rg BT 428.35 401.70 Td (15, ) Tj ET Q q 0 0 0 rg BT 443.77 401.70 Td (2021, ) Tj ET Q q 0 0 0 rg BT 469.69 401.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.81 401.70 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.93 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 514.22 401.70 Td (2056 ) Tj ET Q q 0 0 0 rg BT 537.51 401.70 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (can ) Tj ET Q q 0 0 0 rg BT 67.77 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 80.87 389.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 124.87 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.23 389.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 182.86 389.10 Td (but ) Tj ET Q q 0 0 0 rg BT 199.47 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 216.08 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.44 389.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 249.59 389.10 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.36 389.10 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.86 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.05 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.99 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.02 389.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 356.53 389.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 393.85 389.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 414.54 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 432.90 389.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 468.73 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.09 389.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 518.86 389.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 555.59 389.10 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (called ) Tj ET Q q 0 0 0 rg BT 78.25 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 93.67 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 101.51 376.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 117.51 376.50 Td (event ) Tj ET Q q 0 0 0 rg BT 143.43 376.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 158.85 376.50 Td (defined ) Tj ET Q q 0 0 0 rg BT 193.52 376.50 Td (in ) Tj ET Q q 0 0 0 rg BT 204.86 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 220.87 376.50 Td (prospectus ) Tj ET Q q 0 0 0 rg BT 268.96 376.50 Td (supplement\), ) Tj ET Q q 0 0 0 rg BT 326.67 376.50 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 338.59 376.50 Td (102%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.09 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 366.27 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 378.19 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 394.20 376.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 434.70 376.50 Td (amount, ) Tj ET Q q 0 0 0 rg BT 472.00 376.50 Td (plus ) Tj ET Q q 0 0 0 rg BT 492.68 376.50 Td (any ) Tj ET Q q 0 0 0 rg BT 511.02 376.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 546.84 376.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 81.82 363.90 Td (interest, ) Tj ET Q q 0 0 0 rg BT 118.59 363.90 Td (if ) Tj ET Q q 0 0 0 rg BT 128.24 363.90 Td (called ) Tj ET Q q 0 0 0 rg BT 156.55 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 172.03 363.90 Td (a ) Tj ET Q q 0 0 0 rg BT 179.93 363.90 Td (rating ) Tj ET Q q 0 0 0 rg BT 207.66 363.90 Td (agency ) Tj ET Q q 0 0 0 rg BT 240.63 363.90 Td (event ) Tj ET Q q 0 0 0 rg BT 266.61 363.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 282.09 363.90 Td (defined ) Tj ET Q q 0 0 0 rg BT 316.81 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 328.22 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 344.29 363.90 Td (prospectus ) Tj ET Q q 0 0 0 rg BT 392.43 363.90 Td (supplement\). ) Tj ET Q q 0 0 0 rg BT 450.20 363.90 Td (On ) Tj ET Q q 0 0 0 rg BT 466.28 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 478.26 363.90 Td (after ) Tj ET Q q 0 0 0 rg BT 500.73 363.90 Td (September ) Tj ET Q q 0 0 0 rg BT 548.87 363.90 Td (15, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (2021, ) Tj ET Q q 0 0 0 rg BT 76.79 351.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 92.79 351.30 Td (5.45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 119.91 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 123.07 351.30 Td (2056 ) Tj ET Q q 0 0 0 rg BT 147.24 351.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 174.90 351.30 Td (can ) Tj ET Q q 0 0 0 rg BT 192.64 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 205.72 351.30 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 249.69 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 261.02 351.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 305.00 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 316.91 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 328.24 351.30 Td (part, ) Tj ET Q q 0 0 0 rg BT 350.36 351.30 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.10 351.30 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.60 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 388.76 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 400.68 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 416.67 351.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 457.16 351.30 Td (amount, ) Tj ET Q q 0 0 0 rg BT 494.44 351.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 515.11 351.30 Td (any ) Tj ET Q q 0 0 0 rg BT 533.44 351.30 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (accrued ) Tj ET Q q 0 0 0 rg BT 85.26 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 103.05 338.70 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 134.25 338.70 Td (interest.) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (15) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.75 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 62.25 741.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 97.93 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 103.97 741.90 Td (axes) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 716.70 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 716.70 Td (income ) Tj ET Q q 0 0 0 rg BT 166.72 716.70 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 192.68 716.70 Td (before ) Tj ET Q q 0 0 0 rg BT 222.12 716.70 Td (income ) Tj ET Q q 0 0 0 rg BT 255.65 716.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 271.10 716.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 313.40 716.70 Td (were ) Tj ET Q q 0 0 0 rg BT 336.42 716.70 Td (as ) Tj ET Q q 0 0 0 rg BT 347.79 716.70 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 691.2 m 370 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 691.2 m 434 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 691.2 m 498 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 691.2 m 562 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 691.2 m 370 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 691.2 m 434 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 691.2 m 498 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 691.2 m 562 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 661.2 m 434 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 661.2 m 498 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 661.2 m 562 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 661.2 m 370 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 646.2 m 370 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 661.2 m 434 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 646.2 m 434 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 661.2 m 498 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 646.2 m 498 646.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 661.2 m 562 661.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 646.2 m 562 646.2 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 695.99 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 695.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 695.97 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 680.97 Td (Domestic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 680.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 680.99 Td (324,254) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 680.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 680.97 Td (60,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 680.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 680.97 Td (287,229) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 665.97 Td (Foreign) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 665.99 Td (86,280) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.60 665.97 Td (\(31,506) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 665.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 665.97 Td (\(53,389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 665.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 650.97 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 650.97 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 650.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 650.99 Td (410,534) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 650.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 650.97 Td (28,495) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 650.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 650.97 Td (233,840) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 621.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 621.50 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 621.50 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 621.50 Td (income ) Tj ET Q q 0 0 0 rg BT 166.72 621.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 182.17 621.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 218.62 621.50 Td (\(benefit\) ) Tj ET Q q 0 0 0 rg BT 257.39 621.50 Td (were ) Tj ET Q q 0 0 0 rg BT 280.41 621.50 Td (as ) Tj ET Q q 0 0 0 rg BT 291.79 621.50 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 599 m 370 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 599 m 434 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 599 m 498 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 599 m 562 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 599 m 370 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 599 m 434 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 599 m 498 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 599 m 562 599 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 557 m 370 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 557 m 434 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 557 m 498 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 557 m 562 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 543 m 370 543 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 557 m 434 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 543 m 434 543 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 557 m 498 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 543 m 498 543 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 557 m 562 557 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 543 m 562 543 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 501 m 434 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 501 m 498 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 501 m 562 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 501 m 370 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 487 m 370 487 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 501 m 434 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 487 m 434 487 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 501 m 498 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 487 m 498 487 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 501 m 562 501 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 487 m 562 487 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 601.44 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 601.27 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 601.27 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 589.22 Td (Federal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 589.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 589.39 Td (65,455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 589.22 Td (24,640) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 589.22 Td (\(106,621) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 589.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 575.22 Td (Foreign) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 575.39 Td (19,827) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.60 575.22 Td (\(1) Tj ET Q q 0 0 0 rg BT 470.35 575.22 Td (1,343) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 575.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 575.22 Td (\(16,015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 575.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 561.22 Td (State and local) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 561.39 Td (20,766) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 561.22 Td (7,264) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 561.22 Td (20,126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 547.22 Td (T) Tj ET Q q 0 0 0 rg BT 58.55 547.22 Td (otal income tax provision \(benefit\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 547.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 547.39 Td (106,048) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 547.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 547.22 Td (20,561) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 547.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 547.22 Td (\(102,510) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 547.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 519.22 Td (Current) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 519.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 519.39 Td (8,997) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 519.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 519.22 Td (26,716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 519.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 519.22 Td (38,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 505.22 Td (Deferred) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 505.39 Td (97,051) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 505.22 Td (\(6,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 505.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 505.22 Td (\(141,493) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 505.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 491.22 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 491.22 Td (otal income tax provision \(benefit\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 491.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 491.39 Td (106,048) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 491.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 491.22 Td (20,561) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 491.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 491.22 Td (\(102,510) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 491.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 462.30 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 462.30 Td ( ) Tj ET Q q 0 0 0 rg BT 58.35 462.30 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 117.93 462.30 Td (of ) Tj ET Q q 0 0 0 rg BT 128.53 462.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.21 462.30 Td (dif) Tj ET Q q 0 0 0 rg BT 154.68 462.30 Td (ference ) Tj ET Q q 0 0 0 rg BT 187.42 462.30 Td (between ) Tj ET Q q 0 0 0 rg BT 224.25 462.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.93 462.30 Td (ef) Tj ET Q q 0 0 0 rg BT 246.90 462.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 277.32 462.30 Td (income ) Tj ET Q q 0 0 0 rg BT 310.07 462.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.75 462.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 342.34 462.30 Td (and ) Tj ET Q q 0 0 0 rg BT 359.35 462.30 Td (the ) Tj ET Q q 0 0 0 rg BT 374.03 462.30 Td (statutory ) Tj ET Q q 0 0 0 rg BT 412.63 462.30 Td (federal ) Tj ET Q q 0 0 0 rg BT 443.62 462.30 Td (income ) Tj ET Q q 0 0 0 rg BT 476.38 462.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 491.06 462.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 508.64 462.30 Td (is ) Tj ET Q q 0 0 0 rg BT 517.50 462.30 Td (as ) Tj ET Q q 0 0 0 rg BT 528.10 462.30 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.79999999999995 m 370 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 436.79999999999995 m 434 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.79999999999995 m 498 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 436.79999999999995 m 562 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.79999999999995 m 370 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 436.79999999999995 m 434 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.79999999999995 m 498 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 436.79999999999995 m 562 436.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 289.79999999999995 m 370 289.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 289.79999999999995 m 434 289.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 289.79999999999995 m 498 289.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 289.79999999999995 m 562 289.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 274.79999999999995 m 370 274.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 289.79999999999995 m 434 289.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 274.79999999999995 m 434 274.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 274.79999999999995 m 498 274.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 274.79999999999995 m 562 274.79999999999995 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 441.59 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 441.57 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 441.57 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 427.02 Td (T) Tj ET Q q 0 0 0 rg BT 58.55 427.02 Td (ax provision at statutory U.S. federal income tax rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.60 427.19 Td (21.0) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 427.19 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 427.02 Td (21.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 427.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 427.02 Td (31.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 427.02 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 412.57 Td (State income taxes, net of federal income tax benefit) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 273.21 417.33 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.85 412.59 Td (8.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 412.57 Td (8.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 412.57 Td (7.8) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 52.50 404.85 180.14 -9.55 re f /GS0 gs q 0 0 0 rg BT 52.50 397.57 Td (Impact of changes in U.S. federal ) Tj ET Q q 0 0 0 rg BT 195.76 397.57 Td (T) Tj ET Q q 0 0 0 rg BT 201.44 397.57 Td (ax Law) Tj ET Q BT /F1 10.50 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 232.64 409.61 7.96 -9.55 re f /GS0 gs BT /F1 6.82 Tf ET q 0 0 0 rg BT 232.64 402.33 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 412.50 397.59 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.60 397.57 Td (8.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 397.57 Td (\(90.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 397.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 382.57 Td (Uncertain tax benefits) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 145.21 387.33 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 382.59 Td (\(3.4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 382.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 382.57 Td (49.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 382.57 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 367.57 Td (Ef) Tj ET Q q 0 0 0 rg BT 62.22 367.57 Td (fect of foreign tax rates) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 160.17 372.33 Td (\(4\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 367.59 Td (\(1.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 367.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 367.57 Td (\(37.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 367.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 367.57 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 353.02 Td (Changes in U.K. tax rates on deferred tax assets and liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 412.50 353.19 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 353.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 353.02 Td (0.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 339.02 Td (Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 339.19 Td (\(2.3) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 339.19 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 339.02 Td (\(28.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 339.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 339.02 Td (\(6.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 339.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 324.57 Td (Change in valuation allowances) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 186.34 329.33 Td (\(5\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.85 324.59 Td (1.7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 324.57 Td (23.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.60 324.57 Td (\(1.3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 324.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 309.57 Td (Federal ef) Tj ET Q q 0 0 0 rg BT 94.58 309.57 Td (fect of permanent tax adjustments) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 236.87 314.33 Td (\(6\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.85 309.59 Td (3.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 309.57 Td (33.4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 309.57 Td (10.5) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 294.57 Td (Other) Tj ET Q q 0 0 0 rg BT 76.20 294.57 Td (, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 294.59 Td (\(0.7) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 294.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.10 294.57 Td (\(6.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 294.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.10 294.57 Td (0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 279.57 Td (Ef) Tj ET Q q 0 0 0 rg BT 62.22 279.57 Td (fective income tax rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 404.60 279.59 Td (25.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.00 279.59 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 279.57 Td (72.2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.75 279.57 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.35 279.57 Td (\(43.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 549.25 279.57 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 265.10 Td (State ) Tj ET Q q 0 0 0 rg BT 86.17 265.10 Td (income ) Tj ET Q q 0 0 0 rg BT 112.86 265.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 132.00 265.10 Td (include ) Tj ET Q q 0 0 0 rg BT 158.69 265.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.74 265.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.03 265.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.33 265.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 268.77 265.10 Td (related ) Tj ET Q q 0 0 0 rg BT 293.56 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.85 265.10 Td (change ) Tj ET Q q 0 0 0 rg BT 327.59 265.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.87 265.10 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 387.12 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.07 265.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 434.85 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.14 265.10 Td (return ) Tj ET Q q 0 0 0 rg BT 465.10 265.10 Td (dif) Tj ET Q q 0 0 0 rg BT 474.39 265.10 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 506.50 265.10 Td (net ) Tj ET Q q 0 0 0 rg BT 518.56 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.31 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.37 265.10 Td (impact ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 254.90 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 254.90 Td (related ) Tj ET Q q 0 0 0 rg BT 103.37 254.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 133.81 254.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 146.32 254.90 Td (assets.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 244.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 244.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.42 244.70 Td (the ) Tj ET Q q 0 0 0 rg BT 110.93 244.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 136.19 244.70 Td (on ) Tj ET Q q 0 0 0 rg BT 146.81 244.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 177.25 244.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 189.76 244.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.71 244.70 Td (and ) Tj ET Q q 0 0 0 rg BT 226.11 244.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 259.87 244.70 Td (and ) Tj ET Q q 0 0 0 rg BT 274.27 244.70 Td (the ) Tj ET Q q 0 0 0 rg BT 286.78 244.70 Td (ef) Tj ET Q q 0 0 0 rg BT 293.23 244.70 Td (fects ) Tj ET Q q 0 0 0 rg BT 311.40 244.70 Td (on ) Tj ET Q q 0 0 0 rg BT 322.03 244.70 Td (unremitted ) Tj ET Q q 0 0 0 rg BT 360.98 244.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 387.65 244.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 418.57 244.70 Td (and ) Tj ET Q q 0 0 0 rg BT 432.97 244.70 Td (other ) Tj ET Q q 0 0 0 rg BT 452.56 244.70 Td (aspects ) Tj ET Q q 0 0 0 rg BT 479.23 244.70 Td (of ) Tj ET Q q 0 0 0 rg BT 488.44 244.70 Td (the ) Tj ET Q q 0 0 0 rg BT 500.79 244.70 Td (T) Tj ET Q q 0 0 0 rg BT 505.39 244.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 515.54 244.70 Td (Law) Tj ET Q q 0 0 0 rg BT 530.09 244.70 Td (. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 234.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 234.50 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 100.11 234.50 Td (for ) Tj ET Q q 0 0 0 rg BT 111.95 234.50 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 145.50 234.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.81 234.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 186.64 234.50 Td (were ) Tj ET Q q 0 0 0 rg BT 205.08 234.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 236.74 234.50 Td (for ) Tj ET Q q 0 0 0 rg BT 248.57 234.50 Td (positions ) Tj ET Q q 0 0 0 rg BT 281.20 234.50 Td (related ) Tj ET Q q 0 0 0 rg BT 306.25 234.50 Td (to ) Tj ET Q q 0 0 0 rg BT 314.79 234.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 333.24 234.50 Td (years' ) Tj ET Q q 0 0 0 rg BT 354.63 234.50 Td (foreign, ) Tj ET Q q 0 0 0 rg BT 383.23 234.50 Td (federal, ) Tj ET Q q 0 0 0 rg BT 410.87 234.50 Td (state, ) Tj ET Q q 0 0 0 rg BT 430.50 234.50 Td (and ) Tj ET Q q 0 0 0 rg BT 444.70 234.50 Td (local ) Tj ET Q q 0 0 0 rg BT 463.14 234.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 475.45 234.50 Td (return ) Tj ET Q q 0 0 0 rg BT 497.67 234.50 Td (filing ) Tj ET Q q 0 0 0 rg BT 518.02 234.50 Td (as ) Tj ET Q q 0 0 0 rg BT 527.02 234.50 Td (well ) Tj ET Q q 0 0 0 rg BT 543.58 234.50 Td (as ) Tj ET Q q 0 0 0 rg BT 552.59 234.50 Td (for ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 224.30 Td (positions ) Tj ET Q q 0 0 0 rg BT 100.16 224.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 131.85 224.30 Td (in ) Tj ET Q q 0 0 0 rg BT 140.43 224.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.77 224.30 Td (current ) Tj ET Q q 0 0 0 rg BT 178.80 224.30 Td (year ) Tj ET Q q 0 0 0 rg BT 195.39 224.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.74 224.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 237.08 224.30 Td (accrual. ) Tj ET Q q 0 0 0 rg BT 265.70 224.30 Td (In ) Tj ET Q q 0 0 0 rg BT 274.74 224.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 295.11 224.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 316.20 224.30 Td (a ) Tj ET Q q 0 0 0 rg BT 321.93 224.30 Td (state ) Tj ET Q q 0 0 0 rg BT 339.47 224.30 Td (audit ) Tj ET Q q 0 0 0 rg BT 358.43 224.30 Td (was ) Tj ET Q q 0 0 0 rg BT 373.61 224.30 Td (resolved ) Tj ET Q q 0 0 0 rg BT 404.37 224.30 Td (favorably ) Tj ET Q q 0 0 0 rg BT 438.90 224.30 Td (and ) Tj ET Q q 0 0 0 rg BT 453.14 224.30 Td (the ) Tj ET Q q 0 0 0 rg BT 465.48 224.30 Td (statute ) Tj ET Q q 0 0 0 rg BT 489.63 224.30 Td (of ) Tj ET Q q 0 0 0 rg BT 498.68 224.30 Td (limitations ) Tj ET Q q 0 0 0 rg BT 537.00 224.30 Td (expired ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 214.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 103.37 214.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.88 214.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 141.61 214.10 Td (for ) Tj ET Q q 0 0 0 rg BT 153.65 214.10 Td (which ) Tj ET Q q 0 0 0 rg BT 176.55 214.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 210.29 214.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 222.80 214.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 248.53 214.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 278.50 214.10 Td (had ) Tj ET Q q 0 0 0 rg BT 292.90 214.10 Td (been ) Tj ET Q q 0 0 0 rg BT 311.07 214.10 Td (established.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 203.90 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 203.90 Td (The ) Tj ET Q q 0 0 0 rg BT 82.67 203.90 Td (ef) Tj ET Q q 0 0 0 rg BT 89.12 203.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 103.81 203.90 Td (of ) Tj ET Q q 0 0 0 rg BT 112.85 203.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 139.35 203.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 151.69 203.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 169.69 203.90 Td (for ) Tj ET Q q 0 0 0 rg BT 181.56 203.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 201.92 203.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 223.00 203.90 Td (and ) Tj ET Q q 0 0 0 rg BT 237.23 203.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 256.18 203.90 Td (include ) Tj ET Q q 0 0 0 rg BT 283.16 203.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 295.50 203.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 324.36 203.90 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 333.40 203.90 Td ($8,71) Tj ET Q q 0 0 0 rg BT 352.21 203.90 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 356.46 203.90 Td (, ) Tj ET Q q 0 0 0 rg BT 360.54 203.90 Td (and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 374.77 203.90 Td ($33,150) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.39 203.90 Td (, ) Tj ET Q q 0 0 0 rg BT 406.47 203.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 446.98 203.90 Td (, ) Tj ET Q q 0 0 0 rg BT 451.06 203.90 Td (for ) Tj ET Q q 0 0 0 rg BT 462.93 203.90 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 495.57 203.90 Td (impairment ) Tj ET Q q 0 0 0 rg BT 536.71 203.90 Td (char) Tj ET Q q 0 0 0 rg BT 551.18 203.90 Td (ges ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 193.70 Td (related ) Tj ET Q q 0 0 0 rg BT 92.33 193.70 Td (to ) Tj ET Q q 0 0 0 rg BT 100.64 193.70 Td (the ) Tj ET Q q 0 0 0 rg BT 112.73 193.70 Td (intangible ) Tj ET Q q 0 0 0 rg BT 148.42 193.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 169.96 193.70 Td (of ) Tj ET Q q 0 0 0 rg BT 178.74 193.70 Td (the ) Tj ET Q q 0 0 0 rg BT 190.83 193.70 Td (EnT) Tj ET Q q 0 0 0 rg BT 205.16 193.70 Td (rust ) Tj ET Q q 0 0 0 rg BT 219.62 193.70 Td (Global ) Tj ET Q q 0 0 0 rg BT 244.46 193.70 Td (and ) Tj ET Q q 0 0 0 rg BT 258.43 193.70 Td (legacy ) Tj ET Q q 0 0 0 rg BT 282.31 193.70 Td (Permal ) Tj ET Q q 0 0 0 rg BT 308.09 193.70 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 347.81 193.70 Td (as ) Tj ET Q q 0 0 0 rg BT 356.60 193.70 Td (further ) Tj ET Q q 0 0 0 rg BT 381.43 193.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 415.71 193.70 Td (in ) Tj ET Q q 0 0 0 rg BT 424.02 193.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 442.25 193.70 Td (5. ) Tj ET Q q 0 0 0 rg BT 449.95 193.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 492.37 193.70 Td (, ) Tj ET Q q 0 0 0 rg BT 496.20 193.70 Td (the ) Tj ET Q q 0 0 0 rg BT 508.29 193.70 Td (ef) Tj ET Q q 0 0 0 rg BT 514.74 193.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 529.18 193.70 Td (of ) Tj ET Q q 0 0 0 rg BT 537.96 193.70 Td (foreign ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 183.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 79.87 183.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 97.90 183.50 Td (for ) Tj ET Q q 0 0 0 rg BT 109.79 183.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 130.18 183.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 149.17 183.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 179.48 183.50 Td (a ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 185.23 183.50 Td ($21,720) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 212.86 183.50 Td ( ) Tj ET Q q 0 0 0 rg BT 214.84 183.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.21 183.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 252.79 183.50 Td (for ) Tj ET Q q 0 0 0 rg BT 264.68 183.50 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 297.35 183.50 Td (impairment ) Tj ET Q q 0 0 0 rg BT 338.52 183.50 Td (char) Tj ET Q q 0 0 0 rg BT 352.99 183.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 366.31 183.50 Td (related ) Tj ET Q q 0 0 0 rg BT 391.41 183.50 Td (to ) Tj ET Q q 0 0 0 rg BT 400.01 183.50 Td (the ) Tj ET Q q 0 0 0 rg BT 412.38 183.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 448.35 183.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.17 183.50 Td (of ) Tj ET Q q 0 0 0 rg BT 479.23 183.50 Td (the ) Tj ET Q q 0 0 0 rg BT 491.60 183.50 Td (RARE ) Tj ET Q q 0 0 0 rg BT 516.25 183.50 Td (Infrastructure ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 173.30 Td (businesses.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 67.50 163.10 Td (See ) Tj ET Q q 0 0 0 rg BT 81.90 163.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 113.76 163.10 Td (below ) Tj ET Q q 0 0 0 rg BT 136.66 163.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.70 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.21 163.10 Td (change ) Tj ET Q q 0 0 0 rg BT 187.40 163.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.14 163.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.89 163.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 269.78 163.10 Td (by ) Tj ET Q q 0 0 0 rg BT 280.41 163.10 Td (jurisdiction.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 152.90 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 67.50 152.90 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 89.93 152.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 109.06 152.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 139.51 152.90 Td (a ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 145.41 152.90 Td (9.0%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 163.11 152.90 Td ( ) Tj ET Q q 0 0 0 rg BT 165.24 152.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 190.95 152.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 216.21 152.90 Td (\() Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 219.04 152.90 Td (9.7%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 236.75 152.90 Td ( ) Tj ET Q q 0 0 0 rg BT 238.87 152.90 Td (including ) Tj ET Q q 0 0 0 rg BT 273.10 152.90 Td (state ) Tj ET Q q 0 0 0 rg BT 290.81 152.90 Td (impact\) ) Tj ET Q q 0 0 0 rg BT 318.89 152.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.10 152.90 Td (a ) Tj ET Q q 0 0 0 rg BT 334.00 152.90 Td (non-deductible ) Tj ET Q q 0 0 0 rg BT 387.11 152.90 Td (char) Tj ET Q q 0 0 0 rg BT 401.58 152.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 411.73 152.90 Td (for ) Tj ET Q q 0 0 0 rg BT 423.76 152.90 Td (a ) Tj ET Q q 0 0 0 rg BT 429.66 152.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 466.72 152.90 Td (matter ) Tj ET Q q 0 0 0 rg BT 490.55 152.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 525.26 152.90 Td (in ) Tj ET Q q 0 0 0 rg BT 534.00 152.90 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 552.65 152.90 Td (9) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 556.90 152.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 127.70 Td (On ) Tj ET Q q 0 0 0 rg BT 64.67 127.70 Td (December ) Tj ET Q q 0 0 0 rg BT 110.15 127.70 Td (22, ) Tj ET Q q 0 0 0 rg BT 125.61 127.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 151.57 127.70 Td (the ) Tj ET Q q 0 0 0 rg BT 166.56 127.70 Td (T) Tj ET Q q 0 0 0 rg BT 172.25 127.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 184.49 127.70 Td (Law ) Tj ET Q q 0 0 0 rg BT 205.49 127.70 Td (was ) Tj ET Q q 0 0 0 rg BT 224.15 127.70 Td (enacted. ) Tj ET Q q 0 0 0 rg BT 261.17 127.70 Td ( ) Tj ET Q q 0 0 0 rg BT 263.34 127.70 Td (The ) Tj ET Q q 0 0 0 rg BT 281.83 127.70 Td (T) Tj ET Q q 0 0 0 rg BT 287.52 127.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 299.76 127.70 Td (Law ) Tj ET Q q 0 0 0 rg BT 320.76 127.70 Td (is ) Tj ET Q q 0 0 0 rg BT 330.10 127.70 Td (complex, ) Tj ET Q q 0 0 0 rg BT 371.21 127.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 416.12 127.70 Td (changed ) Tj ET Q q 0 0 0 rg BT 453.44 127.70 Td (the ) Tj ET Q q 0 0 0 rg BT 468.60 127.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 489.61 127.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 531.59 127.70 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.12 115.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 81.64 115.10 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.84 115.10 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.09 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.88 115.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.84 115.10 Td (21%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.08 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.87 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.82 115.10 Td (included ) Tj ET Q q 0 0 0 rg BT 210.77 115.10 Td (various ) Tj ET Q q 0 0 0 rg BT 243.47 115.10 Td (other ) Tj ET Q q 0 0 0 rg BT 266.83 115.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 302.44 115.10 Td (which ) Tj ET Q q 0 0 0 rg BT 329.89 115.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 360.25 115.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 383.62 115.10 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 416.62 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 418.28 115.10 Td (The ) Tj ET Q q 0 0 0 rg BT 436.39 115.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 477.83 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.79 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.41 115.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 522.87 115.10 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 102.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.83 102.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 83.07 102.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 118.81 102.50 Td (in ) Tj ET Q q 0 0 0 rg BT 129.48 102.50 Td (a ) Tj ET Q q 0 0 0 rg BT 136.65 102.50 Td (one-time, ) Tj ET Q q 0 0 0 rg BT 179.10 102.50 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 219.50 102.50 Td (provisional ) Tj ET Q q 0 0 0 rg BT 269.25 102.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.59 102.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 316.24 102.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.49 102.50 Td ($220,935) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.87 102.50 Td ( ) Tj ET Q q 0 0 0 rg BT 369.37 102.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 417.93 102.50 Td (in ) Tj ET Q q 0 0 0 rg BT 428.60 102.50 Td (the ) Tj ET Q q 0 0 0 rg BT 443.93 102.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 476.17 102.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 503.74 102.50 Td (December ) Tj ET Q q 0 0 0 rg BT 549.39 102.50 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 89.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 75.16 89.90 Td (due ) Tj ET Q q 0 0 0 rg BT 92.35 89.90 Td (to ) Tj ET Q q 0 0 0 rg BT 102.56 89.90 Td (the ) Tj ET Q q 0 0 0 rg BT 117.42 89.90 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 187.08 89.90 Td (of ) Tj ET Q q 0 0 0 rg BT 197.86 89.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 228.46 89.90 Td (existing ) Tj ET Q q 0 0 0 rg BT 263.75 89.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 300.75 89.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 315.61 89.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.15 89.90 Td (and ) Tj ET Q q 0 0 0 rg BT 359.34 89.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 400.46 89.90 Td (at ) Tj ET Q q 0 0 0 rg BT 410.07 89.90 Td (the ) Tj ET Q q 0 0 0 rg BT 424.93 89.90 Td (new ) Tj ET Q q 0 0 0 rg BT 444.46 89.90 Td (income ) Tj ET Q q 0 0 0 rg BT 477.40 89.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 492.26 89.90 Td (rate. ) Tj ET Q q 0 0 0 rg BT 512.66 89.90 Td ( ) Tj ET Q q 0 0 0 rg BT 514.69 89.90 Td (In ) Tj ET Q q 0 0 0 rg BT 525.47 89.90 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 77.30 Td (a ) Tj ET Q q 0 0 0 rg BT 56.46 77.30 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 96.66 77.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.79 77.30 Td (char) Tj ET Q q 0 0 0 rg BT 129.67 77.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 141.88 77.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 152.93 77.30 Td ($7,260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.80 77.30 Td ( ) Tj ET Q q 0 0 0 rg BT 184.10 77.30 Td (was ) Tj ET Q q 0 0 0 rg BT 202.73 77.30 Td (provisionally ) Tj ET Q q 0 0 0 rg BT 260.44 77.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 300.07 77.30 Td (in ) Tj ET Q q 0 0 0 rg BT 310.53 77.30 Td (the ) Tj ET Q q 0 0 0 rg BT 325.66 77.30 Td (year ) Tj ET Q q 0 0 0 rg BT 346.03 77.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.40 77.30 Td (March ) Tj ET Q q 0 0 0 rg BT 403.10 77.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 418.53 77.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 444.45 77.30 Td (for ) Tj ET Q q 0 0 0 rg BT 458.99 77.30 Td (the ) Tj ET Q q 0 0 0 rg BT 474.12 77.30 Td (ef) Tj ET Q q 0 0 0 rg BT 482.09 77.30 Td (fects ) Tj ET Q q 0 0 0 rg BT 504.21 77.30 Td (on ) Tj ET Q q 0 0 0 rg BT 517.01 77.30 Td (unremitted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 64.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.58 64.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 120.92 64.70 Td (and ) Tj ET Q q 0 0 0 rg BT 138.84 64.70 Td (other ) Tj ET Q q 0 0 0 rg BT 163.18 64.70 Td (aspects ) Tj ET Q q 0 0 0 rg BT 196.26 64.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.77 64.70 Td (the ) Tj ET Q q 0 0 0 rg BT 223.16 64.70 Td (T) Tj ET Q q 0 0 0 rg BT 228.84 64.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 241.52 64.70 Td (Law) Tj ET Q q 0 0 0 rg BT 259.49 64.70 Td (. ) Tj ET Q q 0 0 0 rg BT 264.88 64.70 Td ( ) Tj ET Q q 0 0 0 rg BT 267.64 64.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 291.98 64.70 Td (Mason�) Tj ET Q q 0 0 0 rg BT 323.48 64.70 Td (s ) Tj ET Q q 0 0 0 rg BT 330.33 64.70 Td (re-measurement ) Tj ET Q q 0 0 0 rg BT 400.72 64.70 Td (of ) Tj ET Q q 0 0 0 rg BT 412.23 64.70 Td (its ) Tj ET Q q 0 0 0 rg BT 424.91 64.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 462.65 64.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 478.24 64.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 505.50 64.70 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 64.70 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.65 52.10 Td (been ) Tj ET Q q 0 0 0 rg BT 87.62 52.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 133.50 52.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.81 52.10 Td (no ) Tj ET Q q 0 0 0 rg BT 163.46 52.10 Td (further ) Tj ET Q q 0 0 0 rg BT 194.18 52.10 Td (adjustments ) Tj ET Q q 0 0 0 rg 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3 M 439 653.25 m 499 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 653.25 m 563 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 653.25 m 435 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 653.25 m 499 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 653.25 m 563 653.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 500.25 m 435 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 500.25 m 499 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 500.25 m 563 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 500.25 m 499 500.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 472.25 m 499 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 472.25 m 563 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 472.25 m 435 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 458.25 m 435 458.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 472.25 m 499 472.25 l 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rg BT 458.00 658.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.00 658.02 Td (2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 643.64 Td (DEFERRED ) Tj ET Q q 0 0 0 rg BT 112.79 643.64 Td (T) Tj ET Q q 0 0 0 rg BT 119.31 643.64 Td (AX ) Tj ET Q q 0 0 0 rg BT 136.42 643.64 Td (ASSETS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 630.47 Td (Accrued compensation and benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 630.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 630.64 Td (178,571) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 630.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 630.47 Td (182,734) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 616.47 Td (Accrued expenses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 616.64 Td (33,952) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 616.47 Td (30,176) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 602.47 Td (Basis dif) Tj ET Q q 0 0 0 rg BT 89.45 602.47 Td (ferences, principally for intangible assets and goodwill) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 602.64 Td (32,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 602.47 Td (23,480) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 588.47 Td (Operating loss carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 588.64 Td (321,022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 588.47 Td (325,282) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 574.47 Td (Foreign tax credit carryforward) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 574.64 Td (266,671) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 574.47 Td (266,128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 560.47 Td (Federal benefit of uncertain tax positions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 560.64 Td (2,421) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 560.47 Td (6,798) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 546.47 Td (Mutual fund launch costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 546.64 Td (1) Tj ET Q q 0 0 0 rg BT 471.35 546.64 Td (1,632) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 546.47 Td (12,926) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 532.47 Td (Martin Currie defined benefit pension liability) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 532.64 Td (5,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 532.47 Td (8,694) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 518.47 Td (Lease liability \(net in 2019\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 518.64 Td (67,648) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 518.47 Td (9,785) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 504.47 Td (Other) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 471.35 504.64 Td (9,294) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 504.47 Td (1,954) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 490.47 Td (Deferred tax assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 490.64 Td (929,364) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 490.47 Td (867,957) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 476.47 Td (V) Tj ET Q q 0 0 0 rg BT 59.50 476.47 Td (aluation allowance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.35 476.64 Td (\(137,155) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 476.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.35 476.47 Td (\(134,209) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.00 476.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 462.47 Td (Deferred tax assets after valuation allowance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 462.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 462.64 Td (792,209) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 462.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 462.47 Td (733,748) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 444.04 Td (DEFERRED ) Tj ET Q q 0 0 0 rg BT 112.69 444.04 Td (T) Tj ET Q q 0 0 0 rg BT 118.92 444.04 Td (AX LIABILITIES) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 429.47 Td (Depreciation and amortization) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 429.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 429.64 Td (714,693) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 429.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 429.47 Td (636,230) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 415.02 Td (Net unrealized gains \(losses\) from investments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 467.85 415.04 Td (\(1,042) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 415.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 415.02 Td (2,007) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 400.02 Td (ROU asset adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 400.04 Td (54,618) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 400.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 385.02 Td (Basis dif) Tj ET Q q 0 0 0 rg BT 89.45 385.02 Td (ferences in partnerships) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 466.10 385.04 Td (27,001) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 385.02 Td (19,214) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 370.47 Td (Deferred tax liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.85 370.64 Td (795,270) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 370.47 Td (657,451) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 356.47 Td (Net deferred tax assets \(liabilities\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 441.50 356.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 467.85 356.64 Td (\(3,061) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 495.00 356.64 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.50 356.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 356.47 Td (76,297) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 327.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.93 327.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.37 327.55 Td (has ) Tj ET Q q 0 0 0 rg BT 119.22 327.55 Td (various ) Tj ET Q q 0 0 0 rg BT 151.98 327.55 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.17 327.55 Td (and ) Tj ET Q q 0 0 0 rg BT 187.19 327.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 201.87 327.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 227.63 327.55 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 288.36 327.55 Td (that ) Tj ET Q q 0 0 0 rg BT 305.96 327.55 Td (may ) Tj ET Q q 0 0 0 rg BT 325.90 327.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 359.82 327.55 Td (future ) Tj ET Q q 0 0 0 rg BT 386.75 327.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 401.43 327.55 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 439.15 327.55 Td ( ) Tj ET Q q 0 0 0 rg BT 441.00 327.55 Td (Related ) Tj ET Q q 0 0 0 rg BT 474.92 327.55 Td (valuation ) Tj ET Q q 0 0 0 rg BT 515.85 327.55 Td (allowances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 314.95 Td (are ) Tj ET Q q 0 0 0 rg BT 64.59 314.95 Td (established ) Tj ET Q q 0 0 0 rg BT 113.52 314.95 Td (in ) Tj ET Q q 0 0 0 rg BT 123.95 314.95 Td (accordance ) Tj ET Q q 0 0 0 rg BT 173.43 314.95 Td (with ) Tj ET Q q 0 0 0 rg BT 194.37 314.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 242.71 314.95 Td (guidance ) Tj ET Q q 0 0 0 rg BT 282.88 314.95 Td (for ) Tj ET Q q 0 0 0 rg BT 297.39 314.95 Td (income ) Tj ET Q q 0 0 0 rg BT 330.57 314.95 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 357.04 314.95 Td (if ) Tj ET Q q 0 0 0 rg BT 365.72 314.95 Td (it ) Tj ET Q q 0 0 0 rg BT 373.83 314.95 Td (is ) Tj ET Q q 0 0 0 rg BT 383.10 314.95 Td (management's ) Tj ET Q q 0 0 0 rg BT 444.99 314.95 Td (opinion ) Tj ET Q q 0 0 0 rg BT 479.35 314.95 Td (that ) Tj ET Q q 0 0 0 rg BT 497.36 314.95 Td (it ) Tj ET Q q 0 0 0 rg BT 505.47 314.95 Td (is ) Tj ET Q q 0 0 0 rg BT 514.74 314.95 Td (more ) Tj ET Q q 0 0 0 rg BT 538.59 314.95 Td (likely ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 302.35 Td (than ) Tj ET Q q 0 0 0 rg BT 70.16 302.35 Td (not ) Tj ET Q q 0 0 0 rg BT 86.16 302.35 Td (that ) Tj ET Q q 0 0 0 rg BT 104.49 302.35 Td (these ) Tj ET Q q 0 0 0 rg BT 128.64 302.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 164.46 302.35 Td (will ) Tj ET Q q 0 0 0 rg BT 183.38 302.35 Td (not ) Tj ET Q q 0 0 0 rg BT 199.38 302.35 Td (be ) Tj ET Q q 0 0 0 rg BT 211.87 302.35 Td (realized. ) Tj ET Q q 0 0 0 rg BT 250.30 302.35 Td ( ) Tj ET Q q 0 0 0 rg BT 252.70 302.35 Td (T) Tj ET Q q 0 0 0 rg BT 258.38 302.35 Td (o ) Tj ET Q q 0 0 0 rg BT 266.21 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 281.62 302.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 309.86 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 325.27 302.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 361.68 302.35 Td (of ) Tj ET Q q 0 0 0 rg BT 373.01 302.35 Td (the ) Tj ET Q q 0 0 0 rg BT 388.42 302.35 Td (realization ) Tj ET Q q 0 0 0 rg BT 435.31 302.35 Td (of ) Tj ET Q q 0 0 0 rg BT 446.63 302.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 484.19 302.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 499.60 302.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 526.68 302.35 Td (relies ) Tj ET Q q 0 0 0 rg BT 552.00 302.35 Td (on ) Tj ET Q q 0 0 0 rg BT 565.12 302.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 289.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.17 289.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.70 289.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 144.11 289.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 167.39 289.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 197.67 289.75 Td (has ) Tj ET Q q 0 0 0 rg BT 213.37 289.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 260.56 289.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.09 289.75 Td (timing, ) Tj ET Q q 0 0 0 rg BT 306.83 289.75 Td (nature, ) Tj ET Q q 0 0 0 rg BT 337.40 289.75 Td (and ) Tj ET Q q 0 0 0 rg BT 354.26 289.75 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 403.79 289.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.24 289.75 Td (reversals, ) Tj ET Q q 0 0 0 rg BT 455.88 289.75 Td (including ) Tj ET Q q 0 0 0 rg BT 497.25 289.75 Td (future ) Tj ET Q q 0 0 0 rg BT 524.02 289.75 Td (increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 277.15 Td (relating ) Tj ET Q q 0 0 0 rg BT 84.56 277.15 Td (to ) Tj ET Q q 0 0 0 rg BT 95.72 277.15 Td (the ) Tj ET Q q 0 0 0 rg BT 111.54 277.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.35 277.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 183.41 277.15 Td (of ) Tj ET Q q 0 0 0 rg BT 195.15 277.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 235.47 277.15 Td (and ) Tj ET Q q 0 0 0 rg BT 253.62 277.15 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 314.34 277.15 Td (intangible ) Tj ET Q q 0 0 0 rg BT 359.32 277.15 Td (assets, ) Tj ET Q q 0 0 0 rg BT 389.44 277.15 Td (as ) Tj ET Q q 0 0 0 rg BT 401.17 277.15 Td (well ) Tj ET Q q 0 0 0 rg BT 422.24 277.15 Td (as ) Tj ET Q q 0 0 0 rg BT 433.98 277.15 Td (planning ) Tj ET Q q 0 0 0 rg BT 473.72 277.15 Td (strategies ) Tj ET Q q 0 0 0 rg BT 516.36 277.15 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 277.15 Td (measure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 264.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 264.55 Td (value ) Tj ET Q q 0 0 0 rg BT 92.65 264.55 Td (the ) Tj ET Q q 0 0 0 rg BT 108.10 264.55 Td (realizability ) Tj ET Q q 0 0 0 rg BT 160.87 264.55 Td (of ) Tj ET Q q 0 0 0 rg BT 172.24 264.55 Td (its ) Tj ET Q q 0 0 0 rg BT 184.79 264.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 222.39 264.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.84 264.55 Td (assets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 239.35 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 95.63 239.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 119.60 239.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 171.56 239.35 Td (char) Tj ET Q q 0 0 0 rg BT 189.44 239.35 Td (ges ) Tj ET Q q 0 0 0 rg BT 206.99 239.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 256.60 239.35 Td (at ) Tj ET Q q 0 0 0 rg BT 267.74 239.35 Td (EnT) Tj ET Q q 0 0 0 rg BT 285.45 239.35 Td (rust ) Tj ET Q q 0 0 0 rg BT 304.75 239.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 336.89 239.35 Td (during ) Tj ET Q q 0 0 0 rg BT 367.86 239.35 Td (the ) Tj ET Q q 0 0 0 rg BT 384.24 239.35 Td (year ) Tj ET Q q 0 0 0 rg BT 405.87 239.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 434.50 239.35 Td (March ) Tj ET Q q 0 0 0 rg BT 465.46 239.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.14 239.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 509.32 239.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 546.12 239.35 Td (in ) Tj ET Q q 0 0 0 rg BT 557.84 239.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 226.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.97 226.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.30 226.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 125.21 226.75 Td (of ) Tj ET Q q 0 0 0 rg BT 136.46 226.75 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.71 226.75 Td (53,764) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.58 226.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.08 226.75 Td (for ) Tj ET Q q 0 0 0 rg BT 187.82 226.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.15 226.75 Td (related ) Tj ET Q q 0 0 0 rg BT 234.21 226.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 257.71 226.75 Td (dif) Tj ET Q q 0 0 0 rg BT 269.19 226.75 Td (ference ) Tj ET Q q 0 0 0 rg BT 302.57 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 313.24 226.75 Td (partnership ) Tj ET Q q 0 0 0 rg BT 362.98 226.75 Td (investments. ) Tj ET Q q 0 0 0 rg BT 418.27 226.75 Td ( ) Tj ET Q q 0 0 0 rg BT 420.58 226.75 Td (The ) Tj ET Q q 0 0 0 rg BT 439.41 226.75 Td (related ) Tj ET Q q 0 0 0 rg BT 470.47 226.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 507.94 226.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 523.27 226.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 546.18 226.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 214.15 Td ($54,1) Tj ET Q q 0 0 0 rg BT 72.74 214.15 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.24 214.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.86 214.15 Td (as ) Tj ET Q q 0 0 0 rg BT 97.23 214.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.60 214.15 Td (March ) Tj ET Q q 0 0 0 rg BT 138.63 214.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 154.38 214.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 180.63 214.15 Td ( ) Tj ET Q q 0 0 0 rg BT 183.26 214.15 Td (See ) Tj ET Q q 0 0 0 rg BT 201.04 214.15 Td (Note ) Tj ET Q q 0 0 0 rg BT 224.08 214.15 Td (5 ) Tj ET Q q 0 0 0 rg BT 231.96 214.15 Td (for ) Tj ET Q q 0 0 0 rg BT 246.82 214.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 291.44 214.15 Td (information ) Tj ET Q q 0 0 0 rg BT 343.64 214.15 Td (related ) Tj ET Q q 0 0 0 rg BT 374.83 214.15 Td (to ) Tj ET Q q 0 0 0 rg BT 385.62 214.15 Td (these ) Tj ET Q q 0 0 0 rg BT 409.82 214.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 460.85 214.15 Td (char) Tj ET Q q 0 0 0 rg BT 478.73 214.15 Td (ges. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 188.95 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 106.62 188.95 Td (all ) Tj ET Q q 0 0 0 rg BT 119.40 188.95 Td (of ) Tj ET Q q 0 0 0 rg BT 130.43 188.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 154.28 188.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 191.13 188.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 228.38 188.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 243.49 188.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.27 188.95 Td (relate ) Tj ET Q q 0 0 0 rg BT 295.87 188.95 Td (to ) Tj ET Q q 0 0 0 rg BT 306.32 188.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 327.28 188.95 Td (federal, ) Tj ET Q q 0 0 0 rg BT 361.33 188.95 Td (state ) Tj ET Q q 0 0 0 rg BT 382.85 188.95 Td (and ) Tj ET Q q 0 0 0 rg BT 400.29 188.95 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 422.99 188.95 Td (taxing ) Tj ET Q q 0 0 0 rg BT 451.52 188.95 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 508.35 188.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 510.42 196.23 24.69 -9.55 re f /GS0 gs q 0 0 0 rg BT 510.13 188.95 Td (As ) Tj ET Q q 0 0 0 rg BT 524.08 188.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 535.11 196.23 30.03 -9.55 re f /GS0 gs q 0 0 0 rg BT 535.11 188.95 Td (March ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 183.63 37.06 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 176.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.56 176.35 Td (2020) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 86.56 183.63 189.31 -9.55 re f /GS0 gs q 0 0 0 rg BT 86.56 176.35 Td (, ) Tj ET Q q 0 0 0 rg BT 92.11 176.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 113.72 176.35 Td (federal ) Tj ET Q q 0 0 0 rg BT 145.79 176.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 183.69 176.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.45 176.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 226.88 176.35 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 275.87 183.63 38.99 -9.55 re f /GS0 gs q 0 0 0 rg BT 275.87 176.35 Td ($627,41) Tj ET Q q 0 0 0 rg BT 309.60 176.35 Td (1) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 314.85 183.63 250.28 -9.55 re f /GS0 gs q 0 0 0 rg BT 314.85 176.35 Td (, ) Tj ET Q q 0 0 0 rg BT 320.41 176.35 Td (realization ) Tj ET Q q 0 0 0 rg BT 367.65 176.35 Td (of ) Tj ET Q q 0 0 0 rg BT 379.33 176.35 Td (which ) Tj ET Q q 0 0 0 rg BT 407.92 176.35 Td (is ) Tj ET Q q 0 0 0 rg BT 417.86 176.35 Td (expected ) Tj ET Q q 0 0 0 rg BT 458.10 176.35 Td (to ) Tj ET Q q 0 0 0 rg BT 469.20 176.35 Td (require ) Tj ET Q q 0 0 0 rg BT 501.86 176.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 49.50 171.03 47.25 -9.55 re f /GS0 gs q 0 0 0 rg BT 49.50 163.75 Td ($3,213,000) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 96.75 171.03 282.67 -9.55 re f /GS0 gs q 0 0 0 rg BT 96.75 163.75 Td ( ) Tj ET Q q 0 0 0 rg BT 99.19 163.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.38 163.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 131.49 163.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 169.50 163.75 Td (over ) Tj ET Q q 0 0 0 rg BT 190.60 163.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.87 163.75 Td (next ) Tj ET Q q 0 0 0 rg BT 226.39 163.75 Td (eight ) Tj ET Q q 0 0 0 rg BT 249.82 163.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 277.04 163.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.23 163.75 Td (which ) Tj ET Q q 0 0 0 rg BT 316.33 163.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 379.42 171.03 39.38 -9.55 re f /GS0 gs q 0 0 0 rg BT 379.42 163.75 Td ($349,000) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 418.80 171.03 143.71 -9.55 re f /GS0 gs q 0 0 0 rg BT 418.80 163.75 Td ( ) Tj ET Q q 0 0 0 rg BT 421.24 163.75 Td (must ) Tj ET Q q 0 0 0 rg BT 444.10 163.75 Td (be ) Tj ET Q q 0 0 0 rg BT 456.45 163.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 489.21 163.75 Td (sourced ) Tj ET Q q 0 0 0 rg BT 524.31 163.75 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 151.15 Td (Based ) Tj ET Q q 0 0 0 rg BT 77.32 151.15 Td (on ) Tj ET Q q 0 0 0 rg BT 89.97 151.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 131.20 151.15 Td (of ) Tj ET Q q 0 0 0 rg BT 142.11 151.15 Td (future ) Tj ET Q q 0 0 0 rg BT 169.33 151.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 201.81 151.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 237.49 151.15 Td (using ) Tj ET Q q 0 0 0 rg BT 262.40 151.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 316.48 151.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 347.80 151.15 Td (to ) Tj ET Q q 0 0 0 rg BT 358.12 151.15 Td (those ) Tj ET Q q 0 0 0 rg BT 382.44 151.15 Td (used ) Tj ET Q q 0 0 0 rg BT 403.85 151.15 Td (in ) Tj ET Q q 0 0 0 rg BT 414.17 151.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 437.90 151.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 474.62 151.15 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 514.11 151.15 Td (impairment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 138.55 Td (testing, ) Tj ET Q q 0 0 0 rg BT 82.63 138.55 Td (it ) Tj ET Q q 0 0 0 rg BT 90.97 138.55 Td (is ) Tj ET Q q 0 0 0 rg BT 100.47 138.55 Td (more ) Tj ET Q q 0 0 0 rg BT 124.55 138.55 Td (likely ) Tj ET Q q 0 0 0 rg BT 150.97 138.55 Td (than ) Tj ET Q q 0 0 0 rg BT 171.55 138.55 Td (not ) Tj ET Q q 0 0 0 rg BT 187.47 138.55 Td (that ) Tj ET Q q 0 0 0 rg BT 205.72 138.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 261.30 138.55 Td (all ) Tj ET Q q 0 0 0 rg BT 274.30 138.55 Td (of ) Tj ET Q q 0 0 0 rg BT 285.55 138.55 Td (the ) Tj ET Q q 0 0 0 rg BT 300.89 138.55 Td (current ) Tj ET Q q 0 0 0 rg BT 333.12 138.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 364.77 138.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 380.10 138.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 415.84 138.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 450.41 138.55 Td (to ) Tj ET Q q 0 0 0 rg BT 461.09 138.55 Td (net ) Tj ET Q q 0 0 0 rg BT 476.42 138.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 518.57 138.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 546.16 138.55 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.95 Td (be ) Tj ET Q q 0 0 0 rg BT 62.38 125.95 Td (realized. ) Tj ET Q q 0 0 0 rg BT 101.19 125.95 Td ( ) Tj ET Q q 0 0 0 rg BT 103.95 125.95 Td (W) Tj ET Q q 0 0 0 rg BT 113.44 125.95 Td (ith ) Tj ET Q q 0 0 0 rg BT 127.49 125.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 160.19 125.95 Td (to ) Tj ET Q q 0 0 0 rg BT 171.32 125.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 209.26 125.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 225.06 125.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 252.52 125.95 Td (relating ) Tj ET Q q 0 0 0 rg BT 287.56 125.95 Td (to ) Tj ET Q q 0 0 0 rg BT 298.70 125.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 331.98 125.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 347.78 125.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 374.65 125.95 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 439.13 125.95 Td (it ) Tj ET Q q 0 0 0 rg BT 447.93 125.95 Td (is ) Tj ET Q q 0 0 0 rg BT 457.90 125.95 Td (more ) Tj ET Q q 0 0 0 rg BT 482.44 125.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 509.32 125.95 Td (than ) Tj ET Q q 0 0 0 rg BT 530.37 125.95 Td (not ) Tj ET Q q 0 0 0 rg BT 546.75 125.95 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 113.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.52 113.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 99.95 113.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 134.22 113.35 Td (to ) Tj ET Q q 0 0 0 rg BT 144.58 113.35 Td (the ) Tj ET Q q 0 0 0 rg BT 159.60 113.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 204.37 113.35 Td (of ) Tj ET Q q 0 0 0 rg BT 215.31 113.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.15 113.35 Td ($2,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.02 113.35 Td ( ) Tj ET Q q 0 0 0 rg BT 309.22 113.35 Td (of ) Tj ET Q q 0 0 0 rg BT 320.15 113.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 352.67 113.35 Td (taxes ) Tj ET Q q 0 0 0 rg BT 376.44 113.35 Td (as ) Tj ET Q q 0 0 0 rg BT 387.38 113.35 Td (credits ) Tj ET Q q 0 0 0 rg BT 417.56 113.35 Td (will ) Tj ET Q q 0 0 0 rg BT 436.09 113.35 Td (not ) Tj ET Q q 0 0 0 rg BT 451.70 113.35 Td (be ) Tj ET Q q 0 0 0 rg BT 463.80 113.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 499.22 113.35 Td (and ) Tj ET Q q 0 0 0 rg BT 516.57 113.35 Td (a ) Tj ET Q q 0 0 0 rg BT 523.43 113.35 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 100.75 Td (allowance ) Tj ET Q q 0 0 0 rg BT 95.71 100.75 Td (has ) Tj ET Q q 0 0 0 rg BT 113.36 100.75 Td (been ) Tj ET Q q 0 0 0 rg BT 136.83 100.75 Td (established. ) Tj ET Q q 0 0 0 rg BT 189.76 100.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.41 100.75 Td (Further) Tj ET Q q 0 0 0 rg BT 223.90 100.75 Td (, ) Tj ET Q q 0 0 0 rg BT 230.17 100.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.65 100.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 297.11 100.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 339.83 100.75 Td (and ) Tj ET Q q 0 0 0 rg BT 358.64 100.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 414.21 100.75 Td (do ) Tj ET Q q 0 0 0 rg BT 428.36 100.75 Td (not ) Tj ET Q q 0 0 0 rg BT 445.43 100.75 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 500.39 100.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 537.85 100.75 Td (in ) Tj ET Q q 0 0 0 rg BT 549.67 100.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 88.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 95.29 88.15 Td (of ) Tj ET Q q 0 0 0 rg BT 106.08 88.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 129.70 88.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 160.33 88.15 Td (stock, ) Tj ET Q q 0 0 0 rg BT 187.17 88.15 Td (which ) Tj ET Q q 0 0 0 rg BT 214.88 88.15 Td (could, ) Tj ET Q q 0 0 0 rg BT 242.87 88.15 Td (in ) Tj ET Q q 0 0 0 rg BT 253.09 88.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 283.70 88.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 347.84 88.15 Td (limit ) Tj ET Q q 0 0 0 rg BT 369.73 88.15 Td (the ) Tj ET Q q 0 0 0 rg BT 384.60 88.15 Td (utilization ) Tj ET Q q 0 0 0 rg BT 429.22 88.15 Td (of ) Tj ET Q q 0 0 0 rg BT 440.01 88.15 Td (net ) Tj ET Q q 0 0 0 rg BT 454.89 88.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 496.59 88.15 Td (loss ) Tj ET Q q 0 0 0 rg BT 514.97 88.15 Td (and ) Tj ET Q q 0 0 0 rg BT 532.18 88.15 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Td (ear) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 594.84 Td (DEFERRED ) Tj ET Q q 0 0 0 rg BT 112.79 594.84 Td (T) Tj ET Q q 0 0 0 rg BT 119.31 594.84 Td (AX ) Tj ET Q q 0 0 0 rg BT 136.42 594.84 Td (ASSETS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 580.67 Td (U.S. federal net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 580.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 580.84 Td (36,639) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 580.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 580.67 Td (38,402) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 580.67 Td (2033) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 566.67 Td (U.S. federal foreign tax credits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 566.84 Td (266,671) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 566.67 Td (266,128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 566.67 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 552.67 Td (U.S. state net 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BT 376.35 459.84 Td (2,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.35 459.67 Td (1,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 445.67 Td (U.S. state net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 445.84 Td (91,653) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 445.67 Td (93,185) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 431.67 Td (Foreign net operating losses) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 431.84 Td (10,744) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 431.67 Td (1) Tj ET Q q 0 0 0 rg BT 440.35 431.67 Td (1,792) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 417.67 Td (V) Tj ET Q q 0 0 0 rg BT 59.50 417.67 Td (aluation allowances for carryforwards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 417.84 Td (106,952) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 417.67 Td (108,804) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 403.67 Td (Foreign other deferred assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.10 403.84 Td (30,203) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.10 403.67 Td (25,405) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 389.67 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 389.67 Td (otal valuation allowances) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 389.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.85 389.84 Td (137,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.50 389.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.85 389.67 Td (134,209) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 375.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 375.75 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 114.02 375.75 Td (all ) Tj ET Q q 0 0 0 rg BT 124.64 375.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.84 375.75 Td (the ) Tj ET Q q 0 0 0 rg BT 146.35 375.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.59 375.75 Td (state ) Tj ET Q q 0 0 0 rg BT 181.30 375.75 Td (net ) Tj ET Q q 0 0 0 rg BT 193.81 375.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 228.03 375.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 250.47 375.75 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 296.95 375.75 Td (through ) Tj ET Q q 0 0 0 rg BT 325.52 375.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 346.05 375.75 Td (2035.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 365.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 365.55 Td (Due ) Tj ET Q q 0 0 0 rg BT 83.92 365.55 Td (to ) Tj ET Q q 0 0 0 rg BT 92.79 365.55 Td (potential ) Tj ET Q q 0 0 0 rg BT 124.80 365.55 Td (for ) Tj ET Q q 0 0 0 rg BT 136.97 365.55 Td (change ) Tj ET Q q 0 0 0 rg BT 163.30 365.55 Td (in ) Tj ET Q q 0 0 0 rg BT 172.17 365.55 Td (the ) Tj ET Q q 0 0 0 rg BT 184.82 365.55 Td (factors ) Tj ET Q q 0 0 0 rg BT 210.21 365.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 238.43 365.55 Td (to ) Tj ET Q q 0 0 0 rg BT 247.30 365.55 Td (apportionment ) Tj ET Q q 0 0 0 rg BT 299.14 365.55 Td (of ) Tj ET Q q 0 0 0 rg BT 308.48 365.55 Td (income ) Tj ET Q q 0 0 0 rg BT 335.76 365.55 Td (to ) Tj ET Q q 0 0 0 rg BT 344.63 365.55 Td (various ) Tj ET Q q 0 0 0 rg BT 371.91 365.55 Td (states, ) Tj ET Q q 0 0 0 rg BT 395.19 365.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 414.91 365.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 445.15 365.55 Td (ef) Tj ET Q q 0 0 0 rg BT 451.60 365.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 476.99 365.55 Td (state ) Tj ET Q q 0 0 0 rg BT 494.82 365.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.47 365.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 525.78 365.55 Td (are ) Tj ET Q q 0 0 0 rg BT 538.41 365.55 Td (subject ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 355.35 Td (to ) Tj ET Q q 0 0 0 rg BT 76.41 355.35 Td (fluctuation ) Tj ET Q q 0 0 0 rg BT 115.54 355.35 Td (which ) Tj ET Q q 0 0 0 rg BT 138.62 355.35 Td (will ) Tj ET Q q 0 0 0 rg BT 154.14 355.35 Td (impact ) Tj ET Q q 0 0 0 rg BT 179.58 355.35 Td (the ) Tj ET Q q 0 0 0 rg BT 192.26 355.35 Td (value ) Tj ET Q q 0 0 0 rg BT 212.97 355.35 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 355.35 Td (the ) Tj ET Q q 0 0 0 rg BT 235.04 355.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 275.24 355.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 305.85 355.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 318.54 355.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 342.80 355.35 Td (including ) Tj ET Q q 0 0 0 rg BT 377.21 355.35 Td (net ) Tj ET Q q 0 0 0 rg BT 389.90 355.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 424.30 355.35 Td (losses, ) Tj ET Q q 0 0 0 rg BT 449.03 355.35 Td (and ) Tj ET Q q 0 0 0 rg BT 463.61 355.35 Td (could ) Tj ET Q q 0 0 0 rg BT 484.80 355.35 Td (have ) Tj ET Q q 0 0 0 rg BT 503.14 355.35 Td (a ) Tj ET Q q 0 0 0 rg BT 509.22 355.35 Td (material ) Tj ET Q q 0 0 0 rg BT 539.37 355.35 Td (impact ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 345.15 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 345.15 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 345.15 Td (future ) Tj ET Q q 0 0 0 rg BT 113.06 345.15 Td (ef) Tj ET Q q 0 0 0 rg BT 119.51 345.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 144.75 345.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.26 345.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.13 345.15 Td (of ) Tj ET Q q 0 0 0 rg BT 181.33 345.15 Td (the ) Tj ET Q q 0 0 0 rg BT 193.84 345.15 Td (Company) Tj ET Q q 0 0 0 rg BT 226.34 345.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 319.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.41 319.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.32 319.95 Td (had ) Tj ET Q q 0 0 0 rg BT 124.82 319.95 Td (total ) Tj ET Q q 0 0 0 rg BT 146.81 319.95 Td (gross ) Tj ET Q q 0 0 0 rg BT 172.31 319.95 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 232.20 319.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 248.36 319.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 284.94 319.95 Td (of ) Tj ET Q q 0 0 0 rg BT 297.01 319.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.00 319.95 Td ($55,465) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.12 319.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.08 319.95 Td ($78,776) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.20 319.95 Td ( ) Tj ET Q q 0 0 0 rg BT 438.54 319.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.03 319.95 Td ($62,728) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.15 319.95 Td ( ) Tj ET Q q 0 0 0 rg BT 494.49 319.95 Td (as ) Tj ET Q q 0 0 0 rg BT 506.57 319.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.65 319.95 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 319.95 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 307.35 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 307.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.61 307.35 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.61 307.35 Td (, ) Tj ET Q q 0 0 0 rg BT 101.72 307.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 119.37 307.35 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.37 307.35 Td (, ) Tj ET Q q 0 0 0 rg BT 145.48 307.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 195.53 307.35 Td (. ) Tj ET Q q 0 0 0 rg BT 200.64 307.35 Td ( ) Tj ET Q q 0 0 0 rg BT 203.13 307.35 Td (Of ) Tj ET Q q 0 0 0 rg BT 216.69 307.35 Td (these ) Tj ET Q q 0 0 0 rg BT 240.76 307.35 Td (totals, ) Tj ET Q q 0 0 0 rg BT 268.62 307.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.75 307.35 Td ($49,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.88 307.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.99 307.35 Td ($67,923) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.11 307.35 Td ( ) Tj ET Q q 0 0 0 rg BT 407.60 307.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.25 307.35 Td ($52,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.37 307.35 Td (, ) Tj ET Q q 0 0 0 rg BT 464.49 307.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 514.53 307.35 Td (, ) Tj ET Q q 0 0 0 rg BT 519.64 307.35 Td (\(net ) Tj ET Q q 0 0 0 rg BT 538.46 307.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 307.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 294.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 80.38 294.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 111.28 294.75 Td (for ) Tj ET Q q 0 0 0 rg BT 125.26 294.75 Td (state ) Tj ET Q q 0 0 0 rg BT 146.25 294.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.82 294.75 Td (liabilities\) ) Tj ET Q q 0 0 0 rg BT 205.14 294.75 Td (are ) Tj ET Q q 0 0 0 rg BT 219.70 294.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.27 294.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 271.59 294.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.08 294.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 340.38 294.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 375.36 294.75 Td (which, ) Tj ET Q q 0 0 0 rg BT 405.38 294.75 Td (if ) Tj ET Q q 0 0 0 rg BT 413.54 294.75 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 463.96 294.75 Td (would ) Tj ET Q q 0 0 0 rg BT 491.96 294.75 Td (favorably ) Tj ET Q q 0 0 0 rg BT 533.93 294.75 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 282.15 Td (future ) Tj ET Q q 0 0 0 rg BT 78.42 282.15 Td (income ) Tj ET Q q 0 0 0 rg BT 113.18 282.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.85 282.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 177.46 282.15 Td (and ) Tj ET Q q 0 0 0 rg BT 196.47 282.15 Td (ef) Tj ET Q q 0 0 0 rg BT 204.43 282.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 236.85 282.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 253.52 282.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 279.82 282.15 Td ( ) Tj ET Q q 0 0 0 rg BT 283.67 282.15 Td (During ) Tj ET Q q 0 0 0 rg BT 317.27 282.15 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.85 282.15 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.85 282.15 Td (, ) Tj ET Q q 0 0 0 rg BT 371.33 282.15 Td (the ) Tj ET Q q 0 0 0 rg BT 388.00 282.15 Td (net ) Tj ET Q q 0 0 0 rg BT 404.68 282.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 437.10 282.15 Td (of ) Tj ET Q q 0 0 0 rg BT 449.70 282.15 Td (ef) Tj ET Q q 0 0 0 rg BT 457.67 282.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 490.08 282.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 537.09 282.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.68 282.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 269.55 Td (examinations, ) Tj ET Q q 0 0 0 rg BT 110.84 269.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 139.20 269.55 Td (developments ) Tj ET Q q 0 0 0 rg BT 200.25 269.55 Td (of ) Tj ET Q q 0 0 0 rg BT 211.72 269.55 Td (case ) Tj ET Q q 0 0 0 rg BT 232.51 269.55 Td (law ) Tj ET Q q 0 0 0 rg BT 250.39 269.55 Td (and ) Tj ET Q q 0 0 0 rg BT 268.28 269.55 Td (the ) Tj ET Q q 0 0 0 rg BT 283.83 269.55 Td (expiration ) Tj ET Q q 0 0 0 rg BT 329.12 269.55 Td (of ) Tj ET Q q 0 0 0 rg BT 340.59 269.55 Td (statutes ) Tj ET Q q 0 0 0 rg BT 374.81 269.55 Td (of ) Tj ET Q q 0 0 0 rg BT 386.28 269.55 Td (limitation ) Tj ET Q q 0 0 0 rg BT 429.83 269.55 Td (in ) Tj ET Q q 0 0 0 rg BT 440.72 269.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 472.01 269.55 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 529.27 269.55 Td (resulted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 256.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.29 256.95 Td ($13,782) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.42 256.95 Td ( ) Tj ET Q q 0 0 0 rg BT 97.04 256.95 Td (of ) Tj ET Q q 0 0 0 rg BT 108.41 256.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 155.37 256.95 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 214.55 256.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 250.41 256.95 Td (being ) Tj ET Q q 0 0 0 rg BT 276.37 256.95 Td (realized.) Tj ET Q endstream endobj 241 0 obj <> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 741.75 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 119.23 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.48 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.80 741.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 190.30 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 207.96 741.75 Td (ending ) Tj ET Q q 0 0 0 rg BT 239.04 741.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 273.03 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 284.28 741.75 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 343.33 741.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 368.00 741.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 383.33 741.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 419.07 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 433.81 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.14 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 473.79 741.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 501.36 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 531.27 741.75 Td (31 ) Tj ET Q q 0 0 0 rg BT 544.27 741.75 Td (is ) Tj ET Q q 0 0 0 rg BT 553.77 741.75 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 370 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 703.65 m 498 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 370 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 703.65 m 498 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 613.65 m 434 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 613.65 m 498 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 613.65 m 562 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 613.65 m 370 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 598.65 m 370 598.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 613.65 m 434 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 598.65 m 434 598.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 613.65 m 498 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 598.65 m 498 598.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 613.65 m 562 613.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 598.65 m 562 598.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 708.44 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 708.42 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 708.42 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 693.42 Td (Balance, beginning of year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 693.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 693.44 Td (78,776) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 693.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 693.42 Td (62,728) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 693.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 693.42 Td (70,787) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 678.42 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.25 678.44 Td (970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 678.42 Td (4,549) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 678.42 Td (7,325) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 663.42 Td (Additions for tax positions of prior years) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 663.44 Td (1,719) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 663.42 Td (15,070) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 663.42 Td (5,01) Tj ET Q q 0 0 0 rg BT 552.73 663.42 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 648.42 Td (Reductions for tax positions of prior years) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 648.44 Td (\(1,149) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 648.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 648.42 Td (\(100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 648.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 648.42 Td (\(4,438) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 648.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 633.42 Td (Decreases related to settlements with taxing authorities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 397.60 633.44 Td (\(15,530) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 633.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 633.42 Td (\(2,874) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 633.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 633.42 Td (\(15,957) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 633.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 618.42 Td (Expiration of statutes of limitations) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.85 618.44 Td (\(9,321) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 618.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 618.42 Td (\(597) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 618.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 618.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 603.42 Td (Balance, end of year) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 603.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 603.44 Td (55,465) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 603.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 603.42 Td (78,776) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 603.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 603.42 Td (62,728) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 573.95 Td (Although ) Tj ET Q q 0 0 0 rg BT 91.39 573.95 Td (management ) Tj ET Q q 0 0 0 rg BT 147.25 573.95 Td (cannot ) Tj ET Q q 0 0 0 rg BT 177.46 573.95 Td (predict ) Tj ET Q q 0 0 0 rg BT 208.84 573.95 Td (with ) Tj ET Q q 0 0 0 rg BT 229.72 573.95 Td (any ) Tj ET Q q 0 0 0 rg BT 247.10 573.95 Td (degree ) Tj ET Q q 0 0 0 rg BT 277.30 573.95 Td (of ) Tj ET Q q 0 0 0 rg BT 288.27 573.95 Td (certainty ) Tj ET Q q 0 0 0 rg BT 327.22 573.95 Td (the ) Tj ET Q q 0 0 0 rg BT 342.27 573.95 Td (timing ) Tj ET Q q 0 0 0 rg BT 371.91 573.95 Td (of ) Tj ET Q q 0 0 0 rg BT 382.88 573.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 419.51 573.95 Td (resolution ) Tj ET Q q 0 0 0 rg BT 463.72 573.95 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 573.95 Td (matters ) Tj ET Q q 0 0 0 rg BT 507.82 573.95 Td (under ) Tj ET Q q 0 0 0 rg BT 533.94 573.95 Td (review ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 561.35 Td (by ) Tj ET Q q 0 0 0 rg BT 62.92 561.35 Td (various ) Tj ET Q q 0 0 0 rg BT 96.75 561.35 Td (taxing ) Tj ET Q q 0 0 0 rg BT 125.92 561.35 Td (jurisdictions, ) Tj ET Q q 0 0 0 rg BT 183.38 561.35 Td (it ) Tj ET Q q 0 0 0 rg BT 192.13 561.35 Td (is ) Tj ET Q q 0 0 0 rg BT 202.06 561.35 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 250.46 561.35 Td (possible ) Tj ET Q q 0 0 0 rg BT 287.80 561.35 Td (that ) Tj ET Q q 0 0 0 rg BT 306.46 561.35 Td (the ) Tj ET Q q 0 0 0 rg BT 322.21 561.35 Td (Company�) Tj ET Q q 0 0 0 rg BT 365.96 561.35 Td (s ) Tj ET Q q 0 0 0 rg BT 372.97 561.35 Td (gross ) Tj ET Q q 0 0 0 rg BT 398.06 561.35 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 457.53 561.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.28 561.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 509.44 561.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 544.42 561.35 Td (may ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 548.75 Td (change ) Tj ET Q q 0 0 0 rg BT 81.54 548.75 Td (within ) Tj ET Q q 0 0 0 rg BT 110.68 548.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.82 548.75 Td (next ) Tj ET Q q 0 0 0 rg BT 146.21 548.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 159.02 548.75 Td (months ) Tj ET Q q 0 0 0 rg BT 192.25 548.75 Td (by ) Tj ET Q q 0 0 0 rg BT 205.06 548.75 Td (up ) Tj ET Q q 0 0 0 rg BT 217.86 548.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 228.34 548.75 Td ($20,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.46 548.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.77 548.75 Td (as ) Tj ET Q q 0 0 0 rg BT 275.83 548.75 Td (a ) Tj ET Q q 0 0 0 rg BT 282.80 548.75 Td (result ) Tj ET Q q 0 0 0 rg BT 308.44 548.75 Td (of ) Tj ET Q q 0 0 0 rg BT 319.49 548.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.63 548.75 Td (expiration ) Tj ET Q q 0 0 0 rg BT 379.51 548.75 Td (of ) Tj ET Q q 0 0 0 rg BT 390.56 548.75 Td (statutes ) Tj ET Q q 0 0 0 rg BT 424.37 548.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.42 548.75 Td (limitations ) Tj ET Q q 0 0 0 rg BT 482.65 548.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.12 548.75 Td (the ) Tj ET Q q 0 0 0 rg BT 515.26 548.75 Td (completion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 536.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 536.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 76.32 536.15 Td (authorities' ) Tj ET Q q 0 0 0 rg BT 125.17 536.15 Td (examinations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 510.95 Td (The ) Tj ET Q q 0 0 0 rg BT 69.21 510.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.42 510.95 Td (accrues ) Tj ET Q q 0 0 0 rg BT 148.28 510.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.56 510.95 Td (related ) Tj ET Q q 0 0 0 rg BT 214.51 510.95 Td (to ) Tj ET Q q 0 0 0 rg BT 226.06 510.95 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 286.00 510.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 302.21 510.95 Td (benefits ) Tj ET Q q 0 0 0 rg BT 338.83 510.95 Td (in ) Tj ET Q q 0 0 0 rg BT 350.37 510.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.66 510.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 421.86 510.95 Td (and ) Tj ET Q q 0 0 0 rg BT 440.40 510.95 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 488.68 510.95 Td (penalties ) Tj ET Q q 0 0 0 rg BT 529.38 510.95 Td (in ) Tj ET Q q 0 0 0 rg BT 540.93 510.95 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 498.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.35 498.35 Td (expense. ) Tj ET Q q 0 0 0 rg BT 129.99 498.35 Td ( ) Tj ET Q q 0 0 0 rg BT 132.19 498.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 155.96 498.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 186.75 498.35 Td (had ) Tj ET Q q 0 0 0 rg BT 204.10 498.35 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.95 498.35 Td ($1,930) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.83 498.35 Td ( ) Tj ET Q q 0 0 0 rg BT 298.02 498.35 Td (as ) Tj ET Q q 0 0 0 rg BT 308.97 498.35 Td (of ) Tj ET Q q 0 0 0 rg BT 319.91 498.35 Td (March ) Tj ET Q q 0 0 0 rg BT 349.52 498.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 364.84 498.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 388.04 498.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.40 498.35 Td ($1,937) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.27 498.35 Td ( ) Tj ET Q q 0 0 0 rg BT 436.47 498.35 Td (as ) Tj ET Q q 0 0 0 rg BT 447.42 498.35 Td (of ) Tj ET Q q 0 0 0 rg BT 458.36 498.35 Td (both ) Tj ET Q q 0 0 0 rg BT 479.23 498.35 Td (March ) Tj ET Q q 0 0 0 rg BT 508.83 498.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 524.15 498.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 547.35 498.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 485.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 75.75 485.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 111.01 485.75 Td (for ) Tj ET Q q 0 0 0 rg BT 125.88 485.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 159.41 485.75 Td (and ) Tj ET Q q 0 0 0 rg BT 177.20 485.75 Td (penalties ) Tj ET Q q 0 0 0 rg BT 217.15 485.75 Td (on ) Tj ET Q q 0 0 0 rg BT 230.27 485.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.72 485.75 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 306.08 485.75 Td (in ) Tj ET Q q 0 0 0 rg BT 316.87 485.75 Td (the ) Tj ET Q q 0 0 0 rg BT 332.33 485.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 390.36 485.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 426.80 485.75 Td (Sheets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 460.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.08 460.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 109.66 460.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 132.08 460.55 Td (year ) Tj ET Q q 0 0 0 rg BT 152.15 460.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 166.99 460.55 Td (returns ) Tj ET Q q 0 0 0 rg BT 198.16 460.55 Td (are ) Tj ET Q q 0 0 0 rg BT 212.99 460.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 244.74 460.55 Td (to ) Tj ET Q q 0 0 0 rg BT 254.92 460.55 Td (examination ) Tj ET Q q 0 0 0 rg BT 308.83 460.55 Td (by ) Tj ET Q q 0 0 0 rg BT 321.34 460.55 Td (taxing ) Tj ET Q q 0 0 0 rg BT 349.59 460.55 Td (authorities ) Tj ET Q q 0 0 0 rg BT 395.93 460.55 Td (in ) Tj ET Q q 0 0 0 rg BT 406.10 460.55 Td (the ) Tj ET Q q 0 0 0 rg BT 420.94 460.55 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 444.25 460.55 Td (the ) Tj ET Q q 0 0 0 rg BT 459.09 460.55 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 484.14 460.55 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 514.43 460.55 Td (and ) Tj ET Q q 0 0 0 rg BT 531.60 460.55 Td (various ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 447.95 Td (other ) Tj ET Q q 0 0 0 rg BT 75.35 447.95 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 133.87 447.95 Td (The ) Tj ET Q q 0 0 0 rg BT 154.47 447.95 Td (following ) Tj ET Q q 0 0 0 rg BT 199.58 447.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 216.69 447.95 Td (years ) Tj ET Q q 0 0 0 rg BT 243.12 447.95 Td (remain ) Tj ET Q q 0 0 0 rg BT 276.55 447.95 Td (open ) Tj ET Q q 0 0 0 rg BT 301.24 447.95 Td (to ) Tj ET Q q 0 0 0 rg BT 313.69 447.95 Td (income ) Tj ET Q q 0 0 0 rg BT 348.87 447.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 365.98 447.95 Td (examination ) Tj ET Q q 0 0 0 rg BT 422.16 447.95 Td (for ) Tj ET Q q 0 0 0 rg BT 438.68 447.95 Td (each ) Tj ET Q q 0 0 0 rg BT 462.19 447.95 Td (of ) Tj ET Q q 0 0 0 rg BT 475.22 447.95 Td (the ) Tj ET Q q 0 0 0 rg BT 492.33 447.95 Td (more ) Tj ET Q q 0 0 0 rg BT 518.18 447.95 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.35 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 104.20 435.35 Td (where ) Tj ET Q q 0 0 0 rg BT 132.64 435.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 157.00 435.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 188.37 435.35 Td (is ) Tj ET Q q 0 0 0 rg BT 198.16 435.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 230.68 435.35 Td (to ) Tj ET Q q 0 0 0 rg BT 241.64 435.35 Td (income ) Tj ET Q q 0 0 0 rg BT 275.33 435.35 Td (taxes: ) Tj ET Q q 0 0 0 rg BT 302.61 435.35 Td (after ) Tj ET Q q 0 0 0 rg BT 324.62 435.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 350.15 435.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 373.93 435.35 Td (for ) Tj ET Q q 0 0 0 rg BT 388.96 435.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 410.42 435.35 Td (federal; ) Tj ET Q q 0 0 0 rg BT 445.26 435.35 Td (after ) Tj ET Q q 0 0 0 rg BT 467.28 435.35 Td (calendar ) Tj ET Q q 0 0 0 rg BT 505.62 435.35 Td (year ) Tj ET Q q 0 0 0 rg BT 526.48 435.35 Td (2008 ) Tj ET Q q 0 0 0 rg BT 550.26 435.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.75 Td (Brazil; ) Tj ET Q q 0 0 0 rg BT 80.11 422.75 Td (after ) Tj ET Q q 0 0 0 rg BT 101.37 422.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 126.15 422.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 149.18 422.75 Td (for ) Tj ET Q q 0 0 0 rg BT 163.46 422.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.32 422.75 Td (states ) Tj ET Q q 0 0 0 rg BT 203.68 422.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.47 422.75 Td (New ) Tj ET Q q 0 0 0 rg BT 236.02 422.75 Td (Y) Tj ET Q q 0 0 0 rg BT 242.56 422.75 Td (ork, ) Tj ET Q q 0 0 0 rg BT 261.21 422.75 Td (Connecticut, ) Tj ET Q q 0 0 0 rg BT 316.61 422.75 Td (California ) Tj ET Q q 0 0 0 rg BT 361.21 422.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.41 422.75 Td (Maryland. ) Tj ET Q q 0 0 0 rg BT 423.74 422.75 Td (The ) Tj ET Q q 0 0 0 rg BT 442.10 422.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 484.97 422.75 Td (does ) Tj ET Q q 0 0 0 rg BT 506.25 422.75 Td (not ) Tj ET Q q 0 0 0 rg BT 521.70 422.75 Td (anticipate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.15 Td (making ) Tj ET Q q 0 0 0 rg BT 83.62 410.15 Td (any ) Tj ET Q q 0 0 0 rg BT 101.41 410.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 148.36 410.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 169.64 410.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 212.51 410.15 Td (with ) Tj ET Q q 0 0 0 rg BT 233.80 410.15 Td (the ) Tj ET Q q 0 0 0 rg BT 249.25 410.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 295.03 410.15 Td (of ) Tj ET Q q 0 0 0 rg BT 306.40 410.15 Td (these ) Tj ET Q q 0 0 0 rg BT 330.60 410.15 Td (audits ) Tj ET Q q 0 0 0 rg BT 358.31 410.15 Td (in ) Tj ET Q q 0 0 0 rg BT 369.10 410.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 399.13 410.15 Td (of ) Tj ET Q q 0 0 0 rg BT 410.51 410.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 448.71 410.15 Td (that ) Tj ET Q q 0 0 0 rg BT 467.08 410.15 Td (have ) Tj ET Q q 0 0 0 rg BT 489.53 410.15 Td (been ) Tj ET Q q 0 0 0 rg BT 511.98 410.15 Td (reserved.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 384.95 Td (Except ) Tj ET Q q 0 0 0 rg BT 81.57 384.95 Td (as ) Tj ET Q q 0 0 0 rg BT 93.24 384.95 Td (noted ) Tj ET Q q 0 0 0 rg BT 119.48 384.95 Td (below) Tj ET Q q 0 0 0 rg BT 144.46 384.95 Td (, ) Tj ET Q q 0 0 0 rg BT 150.01 384.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 174.50 384.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 211.98 384.95 Td (continuing ) Tj ET Q q 0 0 0 rg BT 259.81 384.95 Td (intention ) Tj ET Q q 0 0 0 rg BT 300.06 384.95 Td (is ) Tj ET Q q 0 0 0 rg BT 309.98 384.95 Td (to ) Tj ET Q q 0 0 0 rg BT 321.07 384.95 Td (permanently ) Tj ET Q q 0 0 0 rg BT 376.47 384.95 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 412.63 384.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 468.63 384.95 Td (all ) Tj ET Q q 0 0 0 rg BT 482.04 384.95 Td (of ) Tj ET Q q 0 0 0 rg BT 493.70 384.95 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 384.95 Td (accumulated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.62 372.35 Td (future ) Tj ET Q q 0 0 0 rg BT 95.64 372.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 134.17 372.35 Td (of ) Tj ET Q q 0 0 0 rg BT 145.87 372.35 Td (its ) Tj ET Q q 0 0 0 rg BT 158.75 372.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 192.03 372.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 244.56 372.35 Td (overseas. ) Tj ET Q q 0 0 0 rg BT 286.29 372.35 Td ( ) Tj ET Q q 0 0 0 rg BT 288.60 372.35 Td (As ) Tj ET Q q 0 0 0 rg BT 303.22 372.35 Td (of ) Tj ET Q q 0 0 0 rg BT 314.92 372.35 Td (March ) Tj ET Q q 0 0 0 rg BT 345.28 372.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 361.36 372.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 387.95 372.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.48 372.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 444.01 372.35 Td (had ) Tj ET Q q 0 0 0 rg BT 462.13 372.35 Td (available ) Tj ET Q q 0 0 0 rg BT 502.98 372.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 543.85 372.35 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.09 359.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 88.18 359.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 138.43 359.75 Td (of ) Tj ET Q q 0 0 0 rg BT 149.61 359.75 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.69 359.75 Td ($288,694) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.06 359.75 Td (. ) Tj ET Q q 0 0 0 rg BT 257.12 359.75 Td ( ) Tj ET Q q 0 0 0 rg BT 259.55 359.75 Td (In ) Tj ET Q q 0 0 0 rg BT 270.72 359.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 310.19 359.75 Td (after ) Tj ET Q q 0 0 0 rg BT 331.85 359.75 Td (giving ) Tj ET Q q 0 0 0 rg BT 361.12 359.75 Td (ef) Tj ET Q q 0 0 0 rg BT 369.09 359.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 387.25 359.75 Td (to ) Tj ET Q q 0 0 0 rg BT 397.85 359.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.11 359.75 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.48 359.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.91 359.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 497.58 359.75 Td (under ) Tj ET Q q 0 0 0 rg BT 523.92 359.75 Td (its ) Tj ET Q q 0 0 0 rg BT 536.27 359.75 Td (Credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 99.47 347.15 Td (on ) Tj ET Q q 0 0 0 rg BT 112.56 347.15 Td (April ) Tj ET Q q 0 0 0 rg BT 138.05 347.15 Td (3, ) Tj ET Q q 0 0 0 rg BT 149.25 347.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 176.20 347.15 Td (as ) Tj ET Q q 0 0 0 rg BT 188.27 347.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 235.92 347.15 Td (discussed, ) Tj ET Q q 0 0 0 rg BT 282.12 347.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 307.01 347.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 338.92 347.15 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.24 347.15 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.62 347.15 Td ( ) Tj ET Q q 0 0 0 rg BT 398.94 347.15 Td (of ) Tj ET Q q 0 0 0 rg BT 411.01 347.15 Td (undrawn ) Tj ET Q q 0 0 0 rg BT 451.08 347.15 Td (capacity ) Tj ET Q q 0 0 0 rg BT 489.38 347.15 Td (to ) Tj ET Q q 0 0 0 rg BT 500.87 347.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 524.60 347.15 Td (domestic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 87.09 334.55 Td (needs, ) Tj ET Q q 0 0 0 rg BT 115.62 334.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 147.37 334.55 Td (to ) Tj ET Q q 0 0 0 rg BT 157.53 334.55 Td (compliance ) Tj ET Q q 0 0 0 rg BT 207.93 334.55 Td (with ) Tj ET Q q 0 0 0 rg BT 228.60 334.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 273.75 334.55 Td (covenants ) Tj ET Q q 0 0 0 rg BT 317.73 334.55 Td (and ) Tj ET Q q 0 0 0 rg BT 334.89 334.55 Td (the ) Tj ET Q q 0 0 0 rg BT 349.72 334.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 375.05 334.55 Td (of ) Tj ET Q q 0 0 0 rg BT 385.80 334.55 Td (the ) Tj ET Q q 0 0 0 rg BT 400.63 334.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 417.93 334.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 432.90 334.55 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 484.17 334.55 Td ( ) Tj ET Q q 0 0 0 rg BT 486.17 334.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 509.75 334.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 540.33 334.55 Td (plans ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 321.95 Td (to ) Tj ET Q q 0 0 0 rg BT 59.82 321.95 Td (utilize ) Tj ET Q q 0 0 0 rg BT 88.22 321.95 Td (up ) Tj ET Q q 0 0 0 rg BT 100.87 321.95 Td (to ) Tj ET Q q 0 0 0 rg BT 111.20 321.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.00 321.95 Td ($13,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 208.12 321.95 Td ( ) Tj ET Q q 0 0 0 rg BT 210.28 321.95 Td (of ) Tj ET Q q 0 0 0 rg BT 221.18 321.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 253.66 321.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 274.47 321.95 Td (annually ) Tj ET Q q 0 0 0 rg BT 312.78 321.95 Td (over ) Tj ET Q q 0 0 0 rg BT 333.59 321.95 Td (the ) Tj ET Q q 0 0 0 rg BT 348.57 321.95 Td (next ) Tj ET Q q 0 0 0 rg BT 368.81 321.95 Td (several ) Tj ET Q q 0 0 0 rg BT 400.69 321.95 Td (years ) Tj ET Q q 0 0 0 rg BT 425.00 321.95 Td (to ) Tj ET Q q 0 0 0 rg BT 435.33 321.95 Td (supplement ) Tj ET Q q 0 0 0 rg BT 485.89 321.95 Td (these ) Tj ET Q q 0 0 0 rg BT 509.62 321.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 547.36 321.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.35 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 97.27 309.35 Td (that ) Tj ET Q q 0 0 0 rg BT 115.89 309.35 Td (all ) Tj ET Q q 0 0 0 rg BT 129.25 309.35 Td (of ) Tj ET Q q 0 0 0 rg BT 140.87 309.35 Td (this ) Tj ET Q q 0 0 0 rg BT 158.91 309.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 193.28 309.35 Td (will ) Tj ET Q q 0 0 0 rg BT 212.49 309.35 Td (be ) Tj ET Q q 0 0 0 rg BT 225.27 309.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 265.46 309.35 Td (by ) Tj ET Q q 0 0 0 rg BT 278.84 309.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 299.78 309.35 Td (service ) Tj ET Q q 0 0 0 rg BT 332.39 309.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 375.50 309.35 Td (by ) Tj ET Q q 0 0 0 rg BT 388.87 309.35 Td (foreign ) Tj ET Q q 0 0 0 rg BT 422.07 309.35 Td (af) Tj ET Q q 0 0 0 rg BT 430.03 309.35 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 464.10 309.35 Td ( ) Tj ET Q q 0 0 0 rg BT 466.97 309.35 Td (No ) Tj ET Q q 0 0 0 rg BT 482.68 309.35 Td (further ) Tj ET Q q 0 0 0 rg BT 514.12 309.35 Td (repatriation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.76 296.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 95.59 296.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 134.68 296.75 Td (is ) Tj ET Q q 0 0 0 rg BT 145.19 296.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 186.60 296.75 Td (planned. ) Tj ET Q q 0 0 0 rg BT 225.98 296.75 Td (�) Tj ET Q q 0 0 0 rg BT 228.03 296.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 279.83 296.75 Td (, ) Tj ET Q q 0 0 0 rg BT 285.97 296.75 Td (no ) Tj ET Q q 0 0 0 rg BT 299.98 296.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 345.48 296.75 Td (state ) Tj ET Q q 0 0 0 rg BT 368.24 296.75 Td (income ) Tj ET Q q 0 0 0 rg BT 402.66 296.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 427.74 296.75 Td (or ) Tj ET Q q 0 0 0 rg BT 440.00 296.75 Td (withholding ) Tj ET Q q 0 0 0 rg BT 494.27 296.75 Td (taxes ) Tj ET Q q 0 0 0 rg BT 519.35 296.75 Td (have ) Tj ET Q q 0 0 0 rg BT 542.69 296.75 Td (been ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.15 Td (provided. ) Tj ET Q q 0 0 0 rg BT 91.91 284.15 Td ( ) Tj ET Q q 0 0 0 rg BT 94.37 284.15 Td (However) Tj ET Q q 0 0 0 rg BT 132.43 284.15 Td (, ) Tj ET Q q 0 0 0 rg BT 137.52 284.15 Td (if ) Tj ET Q q 0 0 0 rg BT 146.39 284.15 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 208.32 284.15 Td (change, ) Tj ET Q q 0 0 0 rg BT 243.14 284.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 267.18 284.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 298.22 284.15 Td (will ) Tj ET Q q 0 0 0 rg BT 317.01 284.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 351.55 284.15 Td (for ) Tj ET Q q 0 0 0 rg BT 366.25 284.15 Td (and ) Tj ET Q q 0 0 0 rg BT 383.87 284.15 Td (pay ) Tj ET Q q 0 0 0 rg BT 401.49 284.15 Td (any ) Tj ET Q q 0 0 0 rg BT 419.11 284.15 Td (applicable ) Tj ET Q q 0 0 0 rg BT 464.71 284.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 509.17 284.15 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 530.30 284.15 Td (taxes ) Tj ET Q q 0 0 0 rg BT 554.33 284.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 97.67 271.55 Td (with ) Tj ET Q q 0 0 0 rg BT 118.43 271.55 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 168.93 271.55 Td (of ) Tj ET Q q 0 0 0 rg BT 179.77 271.55 Td (of) Tj ET Q q 0 0 0 rg BT 188.33 271.55 Td (fshore ) Tj ET Q q 0 0 0 rg BT 216.67 271.55 Td (funds. ) Tj ET Q q 0 0 0 rg BT 244.73 271.55 Td (�It ) Tj ET Q q 0 0 0 rg BT 255.87 271.55 Td (is ) Tj ET Q q 0 0 0 rg BT 264.97 271.55 Td (not ) Tj ET Q q 0 0 0 rg BT 280.49 271.55 Td (practical ) Tj ET Q q 0 0 0 rg BT 318.73 271.55 Td (at ) Tj ET Q q 0 0 0 rg BT 328.41 271.55 Td (this ) Tj ET Q q 0 0 0 rg BT 345.68 271.55 Td (time ) Tj ET Q q 0 0 0 rg BT 366.44 271.55 Td (to ) Tj ET Q q 0 0 0 rg BT 376.71 271.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 420.79 271.55 Td (the ) Tj ET Q q 0 0 0 rg BT 435.72 271.55 Td (income ) Tj ET Q q 0 0 0 rg BT 468.72 271.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.65 271.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 518.42 271.55 Td (that ) Tj ET Q q 0 0 0 rg BT 536.26 271.55 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.95 Td (result ) Tj ET Q q 0 0 0 rg BT 75.45 258.95 Td (from ) Tj ET Q q 0 0 0 rg BT 98.49 258.95 Td (any ) Tj ET Q q 0 0 0 rg BT 116.27 258.95 Td (further ) Tj ET Q q 0 0 0 rg BT 147.47 258.95 Td (repatriation ) Tj ET Q q 0 0 0 rg BT 198.49 258.95 Td (of ) Tj ET Q q 0 0 0 rg BT 209.86 258.95 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 265.54 258.95 Td (foreign ) Tj ET Q q 0 0 0 rg BT 298.49 258.95 Td (earnings. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 233.75 Td (8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 54.75 233.75 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 233.75 Td (Leases) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 89.75 233.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.17 208.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.85 208.55 Td (leases ) Tj ET Q q 0 0 0 rg BT 131.01 208.55 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.76 208.55 Td (1,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.39 208.55 Td ( ) Tj ET Q q 0 0 0 rg BT 177.48 208.55 Td (square ) Tj ET Q q 0 0 0 rg BT 206.98 208.55 Td (feet ) Tj ET Q q 0 0 0 rg BT 224.81 208.55 Td (of ) Tj ET Q q 0 0 0 rg BT 235.65 208.55 Td (of) Tj ET Q q 0 0 0 rg BT 244.21 208.55 Td (fice ) Tj ET Q q 0 0 0 rg BT 262.04 208.55 Td (space ) Tj ET Q q 0 0 0 rg BT 287.45 208.55 Td (with ) Tj ET Q q 0 0 0 rg BT 308.21 208.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 370.96 208.55 Td (one-third ) Tj ET Q q 0 0 0 rg BT 411.54 208.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 451.53 208.55 Td (subleased ) Tj ET Q q 0 0 0 rg BT 494.45 208.55 Td (to ) Tj ET Q q 0 0 0 rg BT 504.71 208.55 Td (various ) Tj ET Q q 0 0 0 rg BT 537.72 208.55 Td (firms, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.53 195.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 102.32 195.95 Td (of ) Tj ET Q q 0 0 0 rg BT 113.27 195.95 Td (which ) Tj ET Q q 0 0 0 rg BT 141.14 195.95 Td (are ) Tj ET Q q 0 0 0 rg BT 156.16 195.95 Td (within ) Tj ET Q q 0 0 0 rg BT 185.20 195.95 Td (the ) Tj ET Q q 0 0 0 rg BT 200.24 195.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 221.12 195.95 Td ( ) Tj ET Q q 0 0 0 rg BT 223.32 195.95 Td (Of) Tj ET Q q 0 0 0 rg BT 234.21 195.95 Td (fice ) Tj ET Q q 0 0 0 rg BT 252.15 195.95 Td (facilities ) Tj ET Q q 0 0 0 rg BT 290.51 195.95 Td (and ) Tj ET Q q 0 0 0 rg BT 307.88 195.95 Td (equipment ) Tj ET Q q 0 0 0 rg BT 354.41 195.95 Td (are ) Tj ET Q q 0 0 0 rg BT 369.43 195.95 Td (leased ) Tj ET Q q 0 0 0 rg BT 397.87 195.95 Td (under ) Tj ET Q q 0 0 0 rg BT 423.99 195.95 Td (various ) Tj ET Q q 0 0 0 rg BT 457.10 195.95 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 522.86 195.95 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 183.35 Td (leases ) Tj ET Q q 0 0 0 rg BT 77.13 183.35 Td (and ) Tj ET Q q 0 0 0 rg BT 94.85 183.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.98 183.35 Td (equipment ) Tj ET Q q 0 0 0 rg BT 172.86 183.35 Td (is ) Tj ET Q q 0 0 0 rg BT 182.42 183.35 Td (also ) Tj ET Q q 0 0 0 rg BT 201.90 183.35 Td (leased ) Tj ET Q q 0 0 0 rg BT 230.69 183.35 Td (under ) Tj ET Q q 0 0 0 rg BT 257.16 183.35 Td (financing ) Tj ET Q q 0 0 0 rg BT 299.37 183.35 Td (leases. ) Tj ET Q q 0 0 0 rg BT 329.63 183.35 Td ( ) Tj ET Q q 0 0 0 rg BT 332.19 183.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 356.32 183.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 393.44 183.35 Td (current ) Tj ET Q q 0 0 0 rg BT 425.73 183.35 Td (leases ) Tj ET Q q 0 0 0 rg BT 453.37 183.35 Td (have ) Tj ET Q q 0 0 0 rg BT 475.75 183.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 520.88 183.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.77 183.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.75 Td (vary ) Tj ET Q q 0 0 0 rg BT 70.95 170.75 Td (up ) Tj ET Q q 0 0 0 rg BT 84.24 170.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.20 170.75 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.70 170.75 Td ( ) Tj ET Q q 0 0 0 rg BT 108.50 170.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 136.07 170.75 Td ( ) Tj ET Q q 0 0 0 rg BT 138.86 170.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 172.56 170.75 Td (leases ) Tj ET Q q 0 0 0 rg BT 200.43 170.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 235.29 170.75 Td (for ) Tj ET Q q 0 0 0 rg BT 250.33 170.75 Td (options ) Tj ET Q q 0 0 0 rg BT 284.04 170.75 Td (to ) Tj ET Q q 0 0 0 rg BT 295.00 170.75 Td (extend ) Tj ET Q q 0 0 0 rg BT 325.79 170.75 Td (for ) Tj ET Q q 0 0 0 rg BT 340.82 170.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 374.53 170.75 Td (of ) Tj ET Q q 0 0 0 rg BT 386.07 170.75 Td (up ) Tj ET Q q 0 0 0 rg BT 399.36 170.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.32 170.75 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.82 170.75 Td ( ) Tj ET Q q 0 0 0 rg BT 423.61 170.75 Td (years ) Tj ET Q q 0 0 0 rg BT 448.56 170.75 Td (and/or ) Tj ET Q q 0 0 0 rg BT 478.18 170.75 Td (options ) Tj ET Q q 0 0 0 rg BT 511.89 170.75 Td (to ) Tj ET Q q 0 0 0 rg BT 522.85 170.75 Td (terminate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 158.15 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.96 158.15 Td (seven ) Tj ET Q q 0 0 0 rg BT 105.49 158.15 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.65 158.15 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.55 Td (As ) Tj ET Q q 0 0 0 rg BT 64.40 137.55 Td (previously ) Tj ET Q q 0 0 0 rg BT 111.96 137.55 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 154.27 137.55 Td (in ) Tj ET Q q 0 0 0 rg BT 165.66 137.55 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.31 137.55 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.56 137.55 Td (, ) Tj ET Q q 0 0 0 rg BT 200.41 137.55 Td (the ) Tj ET Q q 0 0 0 rg BT 216.47 137.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 240.68 137.55 Td (reserve ) Tj ET Q q 0 0 0 rg BT 274.23 137.55 Td (liability ) Tj ET Q q 0 0 0 rg BT 310.12 137.55 Td (related ) Tj ET Q q 0 0 0 rg BT 341.92 137.55 Td (to ) Tj ET Q q 0 0 0 rg BT 353.31 137.55 Td (our ) Tj ET Q q 0 0 0 rg BT 370.54 137.55 Td (subleased ) Tj ET Q q 0 0 0 rg BT 414.59 137.55 Td (space ) Tj ET Q q 0 0 0 rg BT 441.14 137.55 Td (and ) Tj ET Q q 0 0 0 rg BT 459.53 137.55 Td (vacated ) Tj ET Q q 0 0 0 rg BT 494.82 137.55 Td (space ) Tj ET Q q 0 0 0 rg BT 521.37 137.55 Td (for ) Tj ET Q q 0 0 0 rg BT 536.84 137.55 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.95 Td (subleases ) Tj ET Q q 0 0 0 rg BT 91.90 124.95 Td (are ) Tj ET Q q 0 0 0 rg BT 107.45 124.95 Td (being ) Tj ET Q q 0 0 0 rg BT 133.52 124.95 Td (pursued ) Tj ET Q q 0 0 0 rg BT 169.50 124.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.57 124.95 Td ($24,063) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.69 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 225.43 124.95 Td (as ) Tj ET Q q 0 0 0 rg BT 236.92 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 248.40 124.95 Td (March ) Tj ET Q q 0 0 0 rg BT 278.54 124.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 294.40 124.95 Td (2019. ) Tj ET Q q 0 0 0 rg BT 320.77 124.95 Td ( ) Tj ET Q q 0 0 0 rg BT 323.50 124.95 Td (Upon ) Tj ET Q q 0 0 0 rg BT 349.58 124.95 Td (adoption ) Tj ET Q q 0 0 0 rg BT 389.06 124.95 Td (of ) Tj ET Q q 0 0 0 rg BT 400.54 124.95 Td (the ) Tj ET Q q 0 0 0 rg BT 416.11 124.95 Td (updated ) Tj ET Q q 0 0 0 rg BT 452.09 124.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 475.81 124.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 524.61 124.95 Td (guidance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.35 Td (on ) Tj ET Q q 0 0 0 rg BT 62.51 112.35 Td (April ) Tj ET Q q 0 0 0 rg BT 87.90 112.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 98.99 112.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 125.84 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 141.89 112.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 178.36 112.35 Td (Other ) Tj ET Q q 0 0 0 rg BT 205.49 112.35 Td (current ) Tj ET Q q 0 0 0 rg BT 238.44 112.35 Td (and ) Tj ET Q q 0 0 0 rg BT 256.82 112.35 Td (non-current ) Tj ET Q q 0 0 0 rg BT 309.02 112.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 351.32 112.35 Td (were ) Tj ET Q q 0 0 0 rg BT 374.95 112.35 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 425.98 112.35 Td (as ) Tj ET Q q 0 0 0 rg BT 437.95 112.35 Td (a ) Tj ET Q q 0 0 0 rg BT 445.83 112.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 488.70 112.35 Td (of ) Tj ET Q q 0 0 0 rg BT 500.67 112.35 Td (the ) Tj ET Q q 0 0 0 rg BT 516.72 112.35 Td (ROU ) Tj ET Q q 0 0 0 rg BT 542.11 112.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.85 99.75 Td (in ) Tj ET Q q 0 0 0 rg BT 99.64 99.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 149.48 99.75 Td (with ) Tj ET Q q 0 0 0 rg BT 170.77 99.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.22 99.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 222.09 99.75 Td (guidance.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 79.15 Td (ROU ) Tj ET Q q 0 0 0 rg BT 74.94 79.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 102.71 79.15 Td (that ) Tj ET Q q 0 0 0 rg BT 121.73 79.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 156.50 79.15 Td (subleased ) Tj ET Q q 0 0 0 rg BT 200.59 79.15 Td (or ) Tj ET Q q 0 0 0 rg BT 212.61 79.15 Td (vacant ) Tj ET Q q 0 0 0 rg BT 243.28 79.15 Td (space ) Tj ET Q q 0 0 0 rg BT 269.88 79.15 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 313.95 79.15 Td ($71,257) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.08 79.15 Td ( ) Tj ET Q q 0 0 0 rg BT 351.35 79.15 Td (as ) Tj ET Q q 0 0 0 rg BT 363.37 79.15 Td (of ) Tj ET Q q 0 0 0 rg BT 375.39 79.15 Td (March ) Tj ET Q q 0 0 0 rg BT 406.07 79.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 422.46 79.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 449.36 79.15 Td ( ) Tj ET Q q 0 0 0 rg BT 452.40 79.15 Td (These ) Tj ET Q q 0 0 0 rg BT 480.74 79.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 508.51 79.15 Td (may ) Tj ET Q q 0 0 0 rg BT 529.86 79.15 Td (become ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 66.55 Td (impaired ) Tj ET Q q 0 0 0 rg BT 89.16 66.55 Td (if ) Tj ET Q q 0 0 0 rg BT 97.92 66.55 Td (tenants ) Tj ET Q q 0 0 0 rg BT 130.00 66.55 Td (are ) Tj ET Q q 0 0 0 rg BT 145.16 66.55 Td (unable ) Tj ET Q q 0 0 0 rg BT 175.49 66.55 Td (to ) Tj ET Q q 0 0 0 rg BT 185.99 66.55 Td (service ) Tj ET Q q 0 0 0 rg BT 218.07 66.55 Td (their ) Tj ET Q q 0 0 0 rg BT 239.65 66.55 Td (obligations ) Tj ET Q q 0 0 0 rg BT 288.66 66.55 Td (under ) Tj ET Q q 0 0 0 rg BT 314.90 66.55 Td (the ) Tj ET Q q 0 0 0 rg BT 330.07 66.55 Td (sublease, ) Tj ET Q q 0 0 0 rg BT 370.61 66.55 Td (and/or ) Tj ET Q q 0 0 0 rg BT 399.77 66.55 Td (if ) Tj ET Q q 0 0 0 rg BT 408.53 66.55 Td (the ) Tj ET Q q 0 0 0 rg BT 423.70 66.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 465.11 66.55 Td (as ) Tj ET Q q 0 0 0 rg BT 476.20 66.55 Td (to ) Tj ET Q q 0 0 0 rg BT 486.71 66.55 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 533.94 66.55 Td (are ) Tj ET Q q 0 0 0 rg BT 549.10 66.55 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 53.95 Td (realized, ) Tj ET Q q 0 0 0 rg BT 87.97 53.95 Td (either ) Tj ET Q q 0 0 0 rg BT 114.50 53.95 Td (of ) Tj ET Q q 0 0 0 rg BT 125.87 53.95 Td (which ) Tj ET Q q 0 0 0 rg BT 154.16 53.95 Td (may ) Tj ET Q q 0 0 0 rg BT 174.86 53.95 Td (be ) Tj ET Q q 0 0 0 rg BT 187.40 53.95 Td (more ) Tj ET Q q 0 0 0 rg BT 211.60 53.95 Td (likely ) Tj ET Q q 0 0 0 rg BT 238.14 53.95 Td (as ) Tj ET Q q 0 0 0 rg BT 249.51 53.95 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 299.38 53.95 Td (impacts ) Tj ET Q q 0 0 0 rg BT 334.66 53.95 Td (evolve.) Tj ET Q endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.30 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 303.16 31.25 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Leases included in the Consolidated Balance Sheets were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 716.25 m 319 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 716.25 m 441 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 716.25 m 563 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 626.25 m 319 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323 626.25 m 441 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 626.25 m 563 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 626.25 m 563 626.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 352.60 721.02 Td (Classification) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 455.90 721.04 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 501.20 721.04 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 706.02 Td (Operating leases:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 691.02 Td (Operating lease ROU assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.40 691.02 Td (Right-of-use assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 691.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 524.85 691.04 Td (290,167) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 676.02 Td (Operating lease liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.40 676.02 Td (Lease liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 524.85 676.04 Td (355,483) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 661.02 Td (Finance leases:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 646.02 Td (Property and equipment, gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.40 646.02 Td (Right-of-use assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 646.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 646.04 Td (2,01) Tj ET Q q 0 0 0 rg BT 553.73 646.04 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 631.02 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.40 631.02 Td (Right-of-use assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 539.75 631.04 Td (\(836) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 559.00 631.04 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 616.02 Td (Property and equipment, net) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 616.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 616.04 Td (1,175) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 601.02 Td (Finance lease liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 348.40 601.02 Td (Lease liabilities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.50 601.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 601.04 Td (1,068) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 576.15 Td (The components of lease expense included in the Consolidated Statement of Income \(Loss\) were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 550.65 m 323 550.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 550.65 m 427 550.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 550.65 m 563 550.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 550.65 m 563 550.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 490.65 m 323 490.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 490.65 m 427 490.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 490.65 m 563 490.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 430.65 m 323 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 415.65 m 323 415.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 430.65 m 427 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 415.65 m 427 415.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 430.65 m 563 430.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 415.65 m 563 415.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.60 555.42 Td (Classification) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.10 555.44 Td (Y) Tj ET Q q 0 0 0 rg BT 440.52 555.44 Td (ear) Tj ET Q q 0 0 0 rg BT 454.90 555.44 Td ( Ended Mar) Tj ET Q q 0 0 0 rg BT 508.97 555.44 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 540.42 Td (Operating lease cost) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.65 540.42 Td (Occupancy expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.50 540.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 540.44 Td (88,020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 525.42 Td (Financing lease cost:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 510.42 Td (Amortization of right-of-use asset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.65 510.42 Td (Occupancy expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 543.25 510.44 Td (988) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 495.42 Td (Interest on lease liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.50 495.42 Td (Interest expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 548.50 495.44 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 480.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.55 480.42 Td (otal finance lease cost) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 480.44 Td (1,033) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 465.42 Td (Short-term lease cost) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.65 465.42 Td (Occupancy expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 465.44 Td (6,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 450.42 Td (V) Tj ET Q q 0 0 0 rg BT 58.92 450.42 Td (ariable lease cost) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 130.63 455.18 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.65 450.42 Td (Occupancy expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 450.44 Td (23,458) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 435.42 Td (Less: sublease billings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.65 435.42 Td (Occupancy expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 526.60 435.44 Td (\(24,877) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 559.00 435.44 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 420.42 Td (Net lease cost) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 110.81 425.18 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 433.50 420.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 420.44 Td (93,781) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 405.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 61.71 405.95 Td (V) Tj ET Q q 0 0 0 rg BT 66.91 405.95 Td (ariable ) Tj ET Q q 0 0 0 rg BT 92.52 405.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 111.99 405.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 128.16 405.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 158.97 405.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 193.55 405.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 228.84 405.95 Td (real ) Tj ET Q q 0 0 0 rg BT 244.06 405.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 265.90 405.95 Td (and ) Tj ET Q q 0 0 0 rg BT 280.65 405.95 Td (other ) Tj ET Q q 0 0 0 rg BT 300.60 405.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 320.55 405.95 Td (and ) Tj ET Q q 0 0 0 rg BT 335.30 405.95 Td (other ) Tj ET Q q 0 0 0 rg BT 355.25 405.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 386.54 405.95 Td (that ) Tj ET Q q 0 0 0 rg BT 401.76 405.95 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 433.98 405.95 Td (in ) Tj ET Q q 0 0 0 rg BT 443.07 405.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 471.05 405.95 Td (and ) Tj ET Q q 0 0 0 rg BT 485.81 405.95 Td (are ) Tj ET Q q 0 0 0 rg BT 498.67 405.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 531.82 405.95 Td (excluded ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.00 395.75 Td (from ) Tj ET Q q 0 0 0 rg BT 81.65 395.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 101.24 395.75 Td (base ) Tj ET Q q 0 0 0 rg BT 118.47 395.75 Td (rent.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 385.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 385.55 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 96.28 385.55 Td (other ) Tj ET Q q 0 0 0 rg BT 115.87 385.55 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 154.34 385.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 183.84 385.55 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 193.05 385.55 Td ($16,841) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 220.67 385.55 Td ( ) Tj ET Q q 0 0 0 rg BT 222.80 385.55 Td (for ) Tj ET Q q 0 0 0 rg BT 234.83 385.55 Td (the ) Tj ET Q q 0 0 0 rg BT 247.34 385.55 Td (year ) Tj ET Q q 0 0 0 rg BT 264.10 385.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 286.52 385.55 Td (March ) Tj ET Q q 0 0 0 rg BT 310.83 385.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 323.58 385.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 344.83 385.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 385.34 385.55 Td (, ) Tj ET Q q 0 0 0 rg BT 389.59 385.55 Td (related ) Tj ET Q q 0 0 0 rg BT 414.84 385.55 Td (to ) Tj ET Q q 0 0 0 rg BT 423.57 385.55 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 457.80 385.55 Td (amortization.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 360.35 Td (During ) Tj ET Q q 0 0 0 rg BT 81.25 360.35 Td (the ) Tj ET Q q 0 0 0 rg BT 96.09 360.35 Td (year ) Tj ET Q q 0 0 0 rg BT 116.16 360.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 143.24 360.35 Td (March ) Tj ET Q q 0 0 0 rg BT 172.65 360.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 187.78 360.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 213.41 360.35 Td (in ) Tj ET Q q 0 0 0 rg BT 223.58 360.35 Td (connection ) Tj ET Q q 0 0 0 rg BT 271.66 360.35 Td (with ) Tj ET Q q 0 0 0 rg BT 292.33 360.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 315.91 360.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 352.48 360.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 390.05 360.35 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 448.33 360.35 Td (as ) Tj ET Q q 0 0 0 rg BT 459.08 360.35 Td (further ) Tj ET Q q 0 0 0 rg BT 489.66 360.35 Td (discussed ) Tj ET Q q 0 0 0 rg BT 531.91 360.35 Td (in ) Tj ET Q q 0 0 0 rg BT 542.09 360.35 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 347.75 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.00 347.75 Td (, ) Tj ET Q q 0 0 0 rg BT 64.87 347.75 Td (it ) Tj ET Q q 0 0 0 rg BT 72.95 347.75 Td (was ) Tj ET Q q 0 0 0 rg BT 91.52 347.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 140.99 347.75 Td (that ) Tj ET Q q 0 0 0 rg BT 158.98 347.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.05 347.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 211.28 347.75 Td (values ) Tj ET Q q 0 0 0 rg BT 240.35 347.75 Td (of ) Tj ET Q q 0 0 0 rg BT 251.34 347.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 282.14 347.75 Td (ROU ) Tj ET Q q 0 0 0 rg BT 306.56 347.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 333.30 347.75 Td (would ) Tj ET Q q 0 0 0 rg BT 361.79 347.75 Td (not ) Tj ET Q q 0 0 0 rg BT 377.45 347.75 Td (be ) Tj ET Q q 0 0 0 rg BT 389.61 347.75 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 443.44 347.75 Td ( ) Tj ET Q q 0 0 0 rg BT 445.68 347.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 479.99 347.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 530.64 347.75 Td (char) Tj ET Q q 0 0 0 rg BT 548.52 347.75 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 335.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.95 335.15 Td ($4,328) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.82 335.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.53 335.15 Td (\(exclusive ) Tj ET Q q 0 0 0 rg BT 138.38 335.15 Td (of ) Tj ET Q q 0 0 0 rg BT 149.83 335.15 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 199.74 335.15 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 254.33 335.15 Td (of ) Tj ET Q q 0 0 0 rg BT 265.78 335.15 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.03 335.15 Td (1,603) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.66 335.15 Td (\) ) Tj ET Q q 0 0 0 rg BT 300.86 335.15 Td (were ) Tj ET Q q 0 0 0 rg BT 323.96 335.15 Td (recognized ) Tj ET Q q 0 0 0 rg BT 372.72 335.15 Td (in ) Tj ET Q q 0 0 0 rg BT 383.59 335.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.12 335.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 431.56 335.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 459.33 335.15 Td (December ) Tj ET Q q 0 0 0 rg BT 505.18 335.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 521.00 335.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 547.33 335.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.55 Td (are ) Tj ET Q q 0 0 0 rg BT 64.89 322.55 Td (included ) Tj ET Q q 0 0 0 rg BT 103.61 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 114.35 322.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 156.57 322.55 Td (lease ) Tj ET Q q 0 0 0 rg BT 180.13 322.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 199.61 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 210.35 322.55 Td (the ) Tj ET Q q 0 0 0 rg BT 225.75 322.55 Td (table ) Tj ET Q q 0 0 0 rg BT 248.73 322.55 Td (above ) Tj ET Q q 0 0 0 rg BT 276.37 322.55 Td (and ) Tj ET Q q 0 0 0 rg BT 294.10 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 304.83 322.55 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 354.63 322.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 391.02 322.55 Td (in ) Tj ET Q q 0 0 0 rg BT 401.75 322.55 Td (the ) Tj ET Q q 0 0 0 rg BT 417.15 322.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 475.14 322.55 Td (Statement ) Tj ET Q q 0 0 0 rg BT 519.70 322.55 Td (of ) Tj ET Q q 0 0 0 rg BT 531.01 322.55 Td (Income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.95 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 82.62 309.95 Td ( ) Tj ET Q q 0 0 0 rg BT 86.02 309.95 Td (The ) Tj ET Q q 0 0 0 rg BT 106.01 309.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 124.25 309.95 Td (value ) Tj ET Q q 0 0 0 rg BT 150.66 309.95 Td (of ) Tj ET Q q 0 0 0 rg BT 163.07 309.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.56 309.95 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 232.80 309.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.87 309.95 Td (related ) Tj ET Q q 0 0 0 rg BT 289.10 309.95 Td (to ) Tj ET Q q 0 0 0 rg BT 300.94 309.95 Td (a ) Tj ET Q q 0 0 0 rg BT 309.26 309.95 Td (substantial ) Tj ET Q q 0 0 0 rg BT 357.84 309.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 391.84 309.95 Td (of ) Tj ET Q q 0 0 0 rg BT 404.25 309.95 Td (the ) Tj ET Q q 0 0 0 rg BT 420.75 309.95 Td (char) Tj ET Q q 0 0 0 rg BT 438.63 309.95 Td (ge ) Tj ET Q q 0 0 0 rg BT 452.20 309.95 Td (was ) Tj ET Q q 0 0 0 rg BT 472.20 309.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 516.10 309.95 Td (based ) Tj ET Q q 0 0 0 rg BT 543.68 309.95 Td (on ) Tj ET Q q 0 0 0 rg BT 557.84 309.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 297.35 Td (discounted ) Tj ET Q q 0 0 0 rg BT 97.57 297.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.81 297.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 140.63 297.35 Td (analysis ) Tj ET Q q 0 0 0 rg BT 177.04 297.35 Td (using ) Tj ET Q q 0 0 0 rg BT 202.38 297.35 Td (various ) Tj ET Q q 0 0 0 rg BT 235.87 297.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 262.35 297.35 Td (3 ) Tj ET Q q 0 0 0 rg BT 270.18 297.35 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 327.30 297.35 Td (that ) Tj ET Q q 0 0 0 rg BT 345.63 297.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 383.78 297.35 Td (the ) Tj ET Q q 0 0 0 rg BT 399.19 297.35 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 444.34 297.35 Td (rental ) Tj ET Q q 0 0 0 rg BT 470.82 297.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 493.22 297.35 Td (in ) Tj ET Q q 0 0 0 rg BT 503.97 297.35 Td (the ) Tj ET Q q 0 0 0 rg BT 519.37 297.35 Td (applicable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.75 Td (market ) Tj ET Q q 0 0 0 rg BT 81.28 284.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.06 284.75 Td (the ) Tj ET Q q 0 0 0 rg BT 114.52 284.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 148.64 284.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.01 284.75 Td (time ) Tj ET Q q 0 0 0 rg BT 181.30 284.75 Td (it ) Tj ET Q q 0 0 0 rg BT 189.76 284.75 Td (will ) Tj ET Q q 0 0 0 rg BT 208.72 284.75 Td (take ) Tj ET Q q 0 0 0 rg BT 228.83 284.75 Td (to ) Tj ET Q q 0 0 0 rg BT 239.62 284.75 Td (secure ) Tj ET Q q 0 0 0 rg BT 269.06 284.75 Td (a ) Tj ET Q q 0 0 0 rg BT 276.35 284.75 Td (sublease ) Tj ET Q q 0 0 0 rg BT 314.55 284.75 Td (agreement.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 259.55 Td (Lease ) Tj ET Q q 0 0 0 rg BT 77.36 259.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 114.55 259.55 Td (incurred ) Tj ET Q q 0 0 0 rg BT 152.91 259.55 Td (in ) Tj ET Q q 0 0 0 rg BT 164.45 259.55 Td (the ) Tj ET Q q 0 0 0 rg BT 180.65 259.55 Td (years ) Tj ET Q q 0 0 0 rg BT 206.18 259.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 234.63 259.55 Td (March ) Tj ET Q q 0 0 0 rg BT 265.41 259.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 281.91 259.55 Td (2019 ) Tj ET Q q 0 0 0 rg BT 306.28 259.55 Td (and ) Tj ET Q q 0 0 0 rg BT 324.82 259.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 349.19 259.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.90 259.55 Td ($88,990) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.02 259.55 Td ( ) Tj ET Q q 0 0 0 rg BT 406.40 259.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.93 259.55 Td ($84,963) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.06 259.55 Td (, ) Tj ET Q q 0 0 0 rg BT 465.06 259.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 515.11 259.55 Td (, ) Tj ET Q q 0 0 0 rg BT 521.11 259.55 Td (excluding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.95 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 90.52 246.95 Td (amortization ) Tj ET Q q 0 0 0 rg BT 144.96 246.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 155.08 246.95 Td ($16,306) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.21 246.95 Td ( ) Tj ET Q q 0 0 0 rg BT 190.58 246.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.11 246.95 Td ($15,796) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.23 246.95 Td (. ) Tj ET Q q 0 0 0 rg BT 245.23 246.95 Td ( ) Tj ET Q q 0 0 0 rg BT 246.60 246.95 Td (Lease ) Tj ET Q q 0 0 0 rg BT 272.46 246.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 307.65 246.95 Td (is ) Tj ET Q q 0 0 0 rg BT 316.02 246.95 Td (net ) Tj ET Q q 0 0 0 rg BT 330.22 246.95 Td (of ) Tj ET Q q 0 0 0 rg BT 340.34 246.95 Td (sublease ) Tj ET Q q 0 0 0 rg BT 377.28 246.95 Td (income ) Tj ET Q q 0 0 0 rg BT 409.56 246.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.68 246.95 Td ($21,435) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.80 246.95 Td ( ) Tj ET Q q 0 0 0 rg BT 455.18 246.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.71 246.95 Td ($23,316) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.83 246.95 Td (, ) Tj ET Q q 0 0 0 rg BT 509.83 246.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.88 246.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.75 Td (Sublease ) Tj ET Q q 0 0 0 rg BT 88.93 221.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 126.61 221.75 Td (billed ) Tj ET Q q 0 0 0 rg BT 152.62 221.75 Td (are ) Tj ET Q q 0 0 0 rg BT 167.54 221.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 206.37 221.75 Td (as ) Tj ET Q q 0 0 0 rg BT 217.21 221.75 Td (a ) Tj ET Q q 0 0 0 rg BT 223.98 221.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 265.73 221.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.58 221.75 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 325.90 221.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 361.82 221.75 Td (in ) Tj ET Q q 0 0 0 rg BT 372.09 221.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.02 221.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 444.53 221.75 Td (Statement ) Tj ET Q q 0 0 0 rg BT 488.62 221.75 Td (of ) Tj ET Q q 0 0 0 rg BT 499.47 221.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 533.06 221.75 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 565.14 221.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 209.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.46 209.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 106.67 209.15 Td (billed ) Tj ET Q q 0 0 0 rg BT 133.21 209.15 Td (are ) Tj ET Q q 0 0 0 rg BT 148.66 209.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 190.37 209.15 Td (fixed ) Tj ET Q q 0 0 0 rg BT 214.57 209.15 Td (base ) Tj ET Q q 0 0 0 rg BT 235.86 209.15 Td (rental ) Tj ET Q q 0 0 0 rg BT 262.40 209.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 305.27 209.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 349.31 209.15 Td (with ) Tj ET Q q 0 0 0 rg BT 370.61 209.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 407.05 209.15 Td (lease ) Tj ET Q q 0 0 0 rg BT 430.67 209.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 450.22 209.15 Td (reimbursements. ) Tj ET Q q 0 0 0 rg BT 522.54 209.15 Td ( ) Tj ET Q q 0 0 0 rg BT 525.17 209.15 Td (Sublease ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 196.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 87.71 196.55 Td (related ) Tj ET Q q 0 0 0 rg BT 118.90 196.55 Td (to ) Tj ET Q q 0 0 0 rg BT 129.69 196.55 Td (base ) Tj ET Q q 0 0 0 rg BT 150.97 196.55 Td (rent ) Tj ET Q q 0 0 0 rg BT 169.92 196.55 Td (are ) Tj ET Q q 0 0 0 rg BT 185.36 196.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 224.71 196.55 Td (on ) Tj ET Q q 0 0 0 rg BT 237.84 196.55 Td (a ) Tj ET Q q 0 0 0 rg BT 245.12 196.55 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 298.49 196.55 Td (basis.) Tj ET Q endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (120) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.25 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 74.07 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 103.55 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 118.75 741.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 144.45 741.75 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 202.52 741.75 Td (future ) Tj ET Q q 0 0 0 rg BT 229.67 741.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 250.41 741.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 275.82 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 290.14 741.75 Td (each ) Tj ET Q q 0 0 0 rg BT 311.44 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.27 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.17 741.75 Td (next ) Tj ET Q q 0 0 0 rg BT 357.33 741.75 Td (five ) Tj ET Q q 0 0 0 rg BT 375.73 741.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 400.54 741.75 Td (years ) Tj ET Q q 0 0 0 rg BT 424.77 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 442.01 741.75 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 484.31 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 498.63 741.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 522.28 741.75 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (related ) Tj ET Q q 0 0 0 rg BT 80.69 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 91.48 729.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 133.76 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 151.54 729.15 Td (finance ) Tj ET Q q 0 0 0 rg BT 185.07 729.15 Td (leases ) Tj ET Q q 0 0 0 rg BT 212.76 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 235.79 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 247.16 729.15 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 692.65 m 356 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 692.65 m 425 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 692.65 m 494 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 692.65 m 563 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 692.65 m 425 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 692.65 m 494 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 692.65 m 563 692.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 602.65 m 356 602.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 602.65 m 425 602.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 602.65 m 494 602.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 602.65 m 563 602.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 572.65 m 356 572.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 572.65 m 425 572.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 572.65 m 494 572.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 572.65 m 563 572.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 557.65 m 356 557.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 557.65 m 425 557.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 557.65 m 494 557.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 572.65 m 563 572.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 557.65 m 563 557.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.00 707.92 Td (Operating) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.70 697.42 Td (Leases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.35 707.92 Td (Finance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.70 697.42 Td (Leases) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 518.50 697.44 Td (T) Tj ET Q q 0 0 0 rg BT 524.54 697.44 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 682.42 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.50 682.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.10 682.42 Td (89,704) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 682.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.25 682.42 Td (685) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 500.50 682.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 682.44 Td (90,389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 667.42 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.10 667.42 Td (88,452) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.25 667.42 Td (262) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 667.44 Td (88,714) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 652.42 Td (2023) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.10 652.42 Td (86,706) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.25 652.42 Td (125) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 652.44 Td (86,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 637.42 Td (2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.10 637.42 Td (72,626) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 637.42 Td (32) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 637.44 Td (72,658) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 622.42 Td (2025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.10 622.42 Td (28,991) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.75 622.42 Td (4) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 622.44 Td (28,995) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 607.42 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.10 607.42 Td (23,396) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 607.42 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.10 607.44 Td (23,396) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 592.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 592.42 Td (otal) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 73.93 597.18 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 75.63 592.42 Td (lease ) Tj ET Q q 0 0 0 rg BT 99.24 592.42 Td (payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.85 592.42 Td (389,875) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 592.42 Td (1,108) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 524.85 592.44 Td (390,983) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 577.42 Td (Less: ) Tj ET Q q 0 0 0 rg BT 86.29 577.42 Td ( ) Tj ET Q q 0 0 0 rg BT 88.92 577.42 Td (Imputed ) Tj ET Q q 0 0 0 rg BT 126.53 577.42 Td (interest) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.60 577.42 Td (\(34,392) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.00 577.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 577.42 Td (\(40) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 577.42 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 526.60 577.44 Td (\(34,432) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 559.00 577.44 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 562.44 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.38 562.44 Td (esent ) Tj ET Q q 0 0 0 rg BT 88.75 562.44 Td (value ) Tj ET Q q 0 0 0 rg BT 115.30 562.44 Td (of ) Tj ET Q q 0 0 0 rg BT 126.67 562.44 Td (lease ) Tj ET Q q 0 0 0 rg BT 150.87 562.44 Td (liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.50 562.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.85 562.42 Td (355,483) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 562.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 562.42 Td (1,068) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 500.50 562.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 524.85 562.44 Td (356,551) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 532.95 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 532.95 Td (of ) Tj ET Q q 0 0 0 rg BT 75.15 532.95 Td (March ) Tj ET Q q 0 0 0 rg BT 105.17 532.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.91 532.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 147.15 532.95 Td (the ) Tj ET Q q 0 0 0 rg BT 162.60 532.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 239.84 532.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 285.02 532.95 Td (lease ) Tj ET Q q 0 0 0 rg BT 308.63 532.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 334.57 532.95 Td (and ) Tj ET Q q 0 0 0 rg BT 352.35 532.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 429.59 532.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 467.79 532.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 490.22 532.95 Td (for ) Tj ET Q q 0 0 0 rg BT 505.08 532.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 547.35 532.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 520.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 83.02 520.35 Td (leases ) Tj ET Q q 0 0 0 rg BT 110.72 520.35 Td (were ) Tj ET Q q 0 0 0 rg BT 133.74 520.35 Td (as ) Tj ET Q q 0 0 0 rg BT 145.12 520.35 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 494.85 m 364 494.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 494.85 m 463 494.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 494.85 m 562 494.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 494.85 m 463 494.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 494.85 m 562 494.85 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.40 499.62 Td (Operating Leases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.75 499.62 Td (Finance Leases) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 484.62 Td (W) Tj ET Q q 0 0 0 rg BT 60.99 484.62 Td (eighted-average remaining lease term \(in years\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.35 484.64 Td (4.8) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 545.35 484.64 Td (1.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 469.62 Td (W) Tj ET Q q 0 0 0 rg BT 60.57 469.62 Td (eighted-average discount rates) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 438.85 469.64 Td (3.9) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 452.00 469.64 Td (%) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 537.85 469.64 Td (3.2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 551.00 469.64 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 440.15 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 109.87 440.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.15 440.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 153.02 440.15 Td (information ) Tj ET Q q 0 0 0 rg BT 205.22 440.15 Td (related ) Tj ET Q q 0 0 0 rg BT 236.41 440.15 Td (to ) Tj ET Q q 0 0 0 rg BT 247.20 440.15 Td (leases ) Tj ET Q q 0 0 0 rg BT 274.90 440.15 Td (was ) Tj ET Q q 0 0 0 rg BT 293.85 440.15 Td (as ) Tj ET Q q 0 0 0 rg BT 305.23 440.15 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 414.65 m 406 414.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 414.65 m 562 414.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.10 419.44 Td (Y) Tj ET Q q 0 0 0 rg BT 429.52 419.44 Td (ear) Tj ET Q q 0 0 0 rg BT 443.90 419.44 Td ( Ended Mar) Tj ET Q q 0 0 0 rg BT 497.97 419.44 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 404.42 Td (Cash paid for amounts included in the measurement of lease liabilities:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 389.42 Td (Operating cash flows from operating leases) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 412.50 389.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 529.10 389.44 Td (91,602) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.50 374.42 Td (Financing cash flows from finance leases) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 542.25 374.44 Td (932) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 344.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.99 344.95 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.29 344.95 Td (the ) Tj ET Q q 0 0 0 rg BT 87.34 344.95 Td (exception ) Tj ET Q q 0 0 0 rg BT 130.37 344.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.33 344.95 Td ($4,328) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 170.21 344.95 Td ( ) Tj ET Q q 0 0 0 rg BT 172.42 344.95 Td (related ) Tj ET Q q 0 0 0 rg BT 203.20 344.95 Td (to ) Tj ET Q q 0 0 0 rg BT 213.59 344.95 Td (the ) Tj ET Q q 0 0 0 rg BT 228.63 344.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 275.18 344.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 317.64 344.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 368.26 344.95 Td (of ) Tj ET Q q 0 0 0 rg BT 379.23 344.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 410.00 344.95 Td (ROU ) Tj ET Q q 0 0 0 rg BT 434.39 344.95 Td (assets, ) Tj ET Q q 0 0 0 rg BT 463.73 344.95 Td (there ) Tj ET Q q 0 0 0 rg BT 486.93 344.95 Td (was ) Tj ET Q q 0 0 0 rg BT 505.48 344.95 Td (no ) Tj ET Q q 0 0 0 rg BT 518.19 344.95 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 332.35 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 90.03 332.35 Td (lease ) Tj ET Q q 0 0 0 rg BT 113.64 332.35 Td (activity ) Tj ET Q q 0 0 0 rg BT 147.76 332.35 Td (for ) Tj ET Q q 0 0 0 rg BT 162.62 332.35 Td (the ) Tj ET Q q 0 0 0 rg BT 178.08 332.35 Td (year ) Tj ET Q q 0 0 0 rg BT 198.77 332.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 226.47 332.35 Td (March ) Tj ET Q q 0 0 0 rg BT 256.50 332.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 272.25 332.35 Td (2020. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 307.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.87 307.15 Td (prior ) Tj ET Q q 0 0 0 rg BT 100.42 307.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 148.62 307.15 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 191.28 307.15 Td (as ) Tj ET Q q 0 0 0 rg BT 202.16 307.15 Td (of ) Tj ET Q q 0 0 0 rg BT 213.04 307.15 Td (March ) Tj ET Q q 0 0 0 rg BT 242.58 307.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 257.84 307.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 283.60 307.15 Td (minimum ) Tj ET Q q 0 0 0 rg BT 326.57 307.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 369.51 307.15 Td (rentals ) Tj ET Q q 0 0 0 rg BT 399.63 307.15 Td (under ) Tj ET Q q 0 0 0 rg BT 425.68 307.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 467.46 307.15 Td (leases ) Tj ET Q q 0 0 0 rg BT 494.67 307.15 Td (were ) Tj ET Q q 0 0 0 rg BT 517.21 307.15 Td (as ) Tj ET Q q 0 0 0 rg BT 528.09 307.15 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 270.65 m 494 270.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 270.65 m 563 270.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 270.65 m 563 270.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 180.64999999999998 m 494 180.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 165.64999999999998 m 494 165.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 180.64999999999998 m 563 180.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 165.64999999999998 m 563 165.64999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.00 285.92 Td (Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.70 275.42 Td (Leases) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 540.27 280.18 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 260.42 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 260.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 260.42 Td (90,667) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 245.42 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 245.42 Td (86,095) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 230.42 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 230.42 Td (84,485) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 215.42 Td (2023) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 215.42 Td (83,425) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 200.42 Td (2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 200.42 Td (72,192) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 185.42 Td (Thereafter) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 185.42 Td (47,240) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 170.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 170.42 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 170.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 170.42 Td (464,104) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 155.95 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 61.43 155.95 Td ( ) Tj ET Q q 0 0 0 rg BT 63.31 155.95 Td (The ) Tj ET Q q 0 0 0 rg BT 78.55 155.95 Td (minimum ) Tj ET Q q 0 0 0 rg BT 113.63 155.95 Td (rental ) Tj ET Q q 0 0 0 rg BT 135.01 155.95 Td (commitments ) Tj ET Q q 0 0 0 rg BT 183.31 155.95 Td (have ) Tj ET Q q 0 0 0 rg BT 201.37 155.95 Td (not ) Tj ET Q q 0 0 0 rg BT 214.26 155.95 Td (been ) Tj ET Q q 0 0 0 rg BT 232.33 155.95 Td (reduced ) Tj ET Q q 0 0 0 rg BT 261.25 155.95 Td (by ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 271.78 155.95 Td ($97,816) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 299.40 155.95 Td ( ) Tj ET Q q 0 0 0 rg BT 301.42 155.95 Td (for ) Tj ET Q q 0 0 0 rg BT 313.36 155.95 Td (minimum ) Tj ET Q q 0 0 0 rg BT 348.44 155.95 Td (sublease ) Tj ET Q q 0 0 0 rg BT 379.26 155.95 Td (rentals ) Tj ET Q q 0 0 0 rg BT 403.94 155.95 Td (to ) Tj ET Q q 0 0 0 rg BT 412.58 155.95 Td (be ) Tj ET Q q 0 0 0 rg BT 422.62 155.95 Td (received ) Tj ET Q q 0 0 0 rg BT 453.43 155.95 Td (under ) Tj ET Q q 0 0 0 rg BT 474.81 155.95 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 528.27 155.95 Td (subleases.) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (121) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.25 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.25 741.90 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 126.45 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 146.00 741.90 Td (Contingencies) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.70 Td (As ) Tj ET Q q 0 0 0 rg BT 63.22 716.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.52 716.70 Td (March ) Tj ET Q q 0 0 0 rg BT 102.47 716.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 117.15 716.70 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.15 716.70 Td (, ) Tj ET Q q 0 0 0 rg BT 142.32 716.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 165.45 716.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.58 716.70 Td (had ) Tj ET Q q 0 0 0 rg BT 212.30 716.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 271.01 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 280.73 716.70 Td (invest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.36 716.70 Td ($16,372) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.48 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 343.04 716.70 Td (in ) Tj ET Q q 0 0 0 rg BT 352.75 716.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 384.05 716.70 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 436.93 716.70 Td (that ) Tj ET Q q 0 0 0 rg BT 454.22 716.70 Td (make ) Tj ET Q q 0 0 0 rg BT 478.51 716.70 Td (private ) Tj ET Q q 0 0 0 rg BT 509.22 716.70 Td (investments. ) Tj ET Q q 0 0 0 rg BT 564.63 716.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (These ) Tj ET Q q 0 0 0 rg BT 77.92 704.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 137.93 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.59 704.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 193.75 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.76 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 217.52 704.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 271.99 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.58 704.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 315.59 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.18 704.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 367.64 704.10 Td (through ) Tj ET Q q 0 0 0 rg BT 403.15 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.82 704.10 Td (end ) Tj ET Q q 0 0 0 rg BT 436.83 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.42 704.10 Td (their ) Tj ET Q q 0 0 0 rg BT 470.51 704.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 515.92 704.10 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 82.90 691.50 Td (ranging ) Tj ET Q q 0 0 0 rg BT 116.97 691.50 Td (through ) Tj ET Q q 0 0 0 rg BT 151.63 691.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 176.36 691.50 Td (2030. ) Tj ET Q q 0 0 0 rg BT 201.97 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 203.52 691.50 Td (Also, ) Tj ET Q q 0 0 0 rg BT 227.98 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 238.14 691.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 286.20 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 306.86 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 321.68 691.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 369.75 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 380.48 691.50 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 413.97 691.50 Td (Partners ) Tj ET Q q 0 0 0 rg BT 450.37 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 460.09 691.50 Td (April ) Tj ET Q q 0 0 0 rg BT 484.25 691.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 509.86 691.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.43 691.50 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 97.53 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 108.33 678.90 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 153.53 678.90 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.23 678.90 Td ($100,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.60 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 230.23 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 241.60 678.90 Td (seed ) Tj ET Q q 0 0 0 rg BT 262.88 678.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 293.49 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 304.28 678.90 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 338.40 678.90 Td (Partners ) Tj ET Q q 0 0 0 rg BT 375.44 678.90 Td (products.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 653.70 Td (As ) Tj ET Q q 0 0 0 rg BT 64.98 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 77.03 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 107.74 653.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 124.18 653.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 151.11 653.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 175.99 653.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 207.89 653.70 Td (also ) Tj ET Q q 0 0 0 rg BT 228.11 653.70 Td (had ) Tj ET Q q 0 0 0 rg BT 246.58 653.70 Td (future ) Tj ET Q q 0 0 0 rg BT 274.96 653.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 335.43 653.70 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.82 653.70 Td ($87,209) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.94 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 408.25 653.70 Td (related ) Tj ET Q q 0 0 0 rg BT 440.12 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 653.70 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 498.64 653.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 549.76 653.70 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.88 641.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 121.64 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.71 641.10 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 162.68 641.10 Td ($45,297) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 196.81 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.13 641.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 218.60 641.10 Td ($21,737) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.73 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.05 641.10 Td (will ) Tj ET Q q 0 0 0 rg BT 275.70 641.10 Td (be ) Tj ET Q q 0 0 0 rg BT 288.93 641.10 Td (due ) Tj ET Q q 0 0 0 rg BT 307.41 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.89 641.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 344.95 641.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 369.27 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.74 641.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 413.80 641.10 Td (2022, ) Tj ET Q q 0 0 0 rg BT 440.74 641.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 490.79 641.10 Td (. ) Tj ET Q q 0 0 0 rg BT 496.73 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.81 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 519.45 641.10 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.50 Td ($20,175) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 628.50 Td (is ) Tj ET Q q 0 0 0 rg BT 96.38 628.50 Td (due ) Tj ET Q q 0 0 0 rg BT 114.16 628.50 Td (through ) Tj ET Q q 0 0 0 rg BT 149.45 628.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 174.82 628.50 Td (2028. ) Tj ET Q q 0 0 0 rg BT 201.07 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 203.69 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 206.32 628.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (In ) Tj ET Q q 0 0 0 rg BT 61.26 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 76.60 603.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 108.85 603.30 Td (course ) Tj ET Q q 0 0 0 rg BT 138.76 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 150.02 603.30 Td (business, ) Tj ET Q q 0 0 0 rg BT 190.74 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 214.83 603.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 245.92 603.30 Td (enters ) Tj ET Q q 0 0 0 rg BT 273.51 603.30 Td (into ) Tj ET Q q 0 0 0 rg BT 292.35 603.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 332.76 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 351.02 603.30 Td (contain ) Tj ET Q q 0 0 0 rg BT 384.44 603.30 Td (a ) Tj ET Q q 0 0 0 rg BT 391.61 603.30 Td (variety ) Tj ET Q q 0 0 0 rg BT 423.27 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 434.53 603.30 Td (representations ) Tj ET Q q 0 0 0 rg BT 500.60 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 518.27 603.30 Td (warranties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.66 590.70 Td (that ) Tj ET Q q 0 0 0 rg BT 85.91 590.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 120.49 590.70 Td (general ) Tj ET Q q 0 0 0 rg BT 153.88 590.70 Td (indemnifications, ) Tj ET Q q 0 0 0 rg BT 229.58 590.70 Td (which ) Tj ET Q q 0 0 0 rg BT 257.74 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 273.06 590.70 Td (not ) Tj ET Q q 0 0 0 rg BT 288.98 590.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 336.97 590.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.20 590.70 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 423.60 590.70 Td (by ) Tj ET Q q 0 0 0 rg BT 436.60 590.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 472.91 590.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.48 590.70 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 564.63 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 567.26 590.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.27 578.10 Td (Mason�) Tj ET Q q 0 0 0 rg BT 105.77 578.10 Td (s ) Tj ET Q q 0 0 0 rg BT 112.54 578.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 157.81 578.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 198.41 578.10 Td (under ) Tj ET Q q 0 0 0 rg BT 225.01 578.10 Td (these ) Tj ET Q q 0 0 0 rg BT 249.27 578.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 308.52 578.10 Td (is ) Tj ET Q q 0 0 0 rg BT 318.21 578.10 Td (unknown, ) Tj ET Q q 0 0 0 rg BT 362.61 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.05 578.10 Td (this ) Tj ET Q q 0 0 0 rg BT 391.91 578.10 Td (would ) Tj ET Q q 0 0 0 rg BT 420.85 578.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 455.04 578.10 Td (future ) Tj ET Q q 0 0 0 rg BT 482.80 578.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 512.90 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.34 578.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.11 578.10 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (made ) Tj ET Q q 0 0 0 rg BT 75.36 565.50 Td (against ) Tj ET Q q 0 0 0 rg BT 107.73 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 131.93 565.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 163.14 565.50 Td (that ) Tj ET Q q 0 0 0 rg BT 181.51 565.50 Td (have ) Tj ET Q q 0 0 0 rg BT 203.96 565.50 Td (not ) Tj ET Q q 0 0 0 rg BT 220.00 565.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 235.45 565.50 Td (occurred.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.29 540.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.58 540.30 Td (has ) Tj ET Q q 0 0 0 rg BT 122.29 540.30 Td (been ) Tj ET Q q 0 0 0 rg BT 144.83 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 160.37 540.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.82 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 204.28 540.30 Td (customer ) Tj ET Q q 0 0 0 rg BT 245.48 540.30 Td (complaints ) Tj ET Q q 0 0 0 rg BT 294.27 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 312.15 540.30 Td (has ) Tj ET Q q 0 0 0 rg BT 328.85 540.30 Td (also ) Tj ET Q q 0 0 0 rg BT 348.48 540.30 Td (been ) Tj ET Q q 0 0 0 rg BT 371.02 540.30 Td (named ) Tj ET Q q 0 0 0 rg BT 401.72 540.30 Td (as ) Tj ET Q q 0 0 0 rg BT 413.18 540.30 Td (a ) Tj ET Q q 0 0 0 rg BT 420.55 540.30 Td (defendant ) Tj ET Q q 0 0 0 rg BT 464.66 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 475.54 540.30 Td (various ) Tj ET Q q 0 0 0 rg BT 509.16 540.30 Td (legal ) Tj ET Q q 0 0 0 rg BT 532.28 540.30 Td (actions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.70 Td (arising ) Tj ET Q q 0 0 0 rg BT 81.56 527.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 123.62 527.70 Td (from ) Tj ET Q q 0 0 0 rg BT 147.01 527.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 170.40 527.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 229.66 527.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.29 527.70 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 319.88 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 338.02 527.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 387.08 527.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.89 527.70 Td (activities, ) Tj ET Q q 0 0 0 rg BT 467.40 527.70 Td (including ) Tj ET Q q 0 0 0 rg BT 510.05 527.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 541.59 527.70 Td (class ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 84.96 515.10 Td (which ) Tj ET Q q 0 0 0 rg BT 113.21 515.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 154.87 515.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 182.53 515.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 226.53 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.87 515.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.11 515.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 301.95 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.70 515.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 340.95 515.10 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 391.94 515.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 433.89 515.10 Td (which ) Tj ET Q q 0 0 0 rg BT 462.14 515.10 Td (could ) Tj ET Q q 0 0 0 rg BT 488.05 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 500.55 515.10 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 550.68 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.27 515.10 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 65.08 502.50 Td (normal ) Tj ET Q q 0 0 0 rg BT 97.07 502.50 Td (course ) Tj ET Q q 0 0 0 rg BT 126.72 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 137.72 502.50 Td (its ) Tj ET Q q 0 0 0 rg BT 149.89 502.50 Td (business, ) Tj ET Q q 0 0 0 rg BT 190.35 502.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 214.18 502.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 245.01 502.50 Td (has ) Tj ET Q q 0 0 0 rg BT 261.26 502.50 Td (also ) Tj ET Q q 0 0 0 rg BT 280.42 502.50 Td (received ) Tj ET Q q 0 0 0 rg BT 318.23 502.50 Td (subpoenas ) Tj ET Q q 0 0 0 rg BT 364.22 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 381.63 502.50 Td (is ) Tj ET Q q 0 0 0 rg BT 390.88 502.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 431.03 502.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 470.03 502.50 Td (in ) Tj ET Q q 0 0 0 rg BT 480.44 502.50 Td (other ) Tj ET Q q 0 0 0 rg BT 504.27 502.50 Td (governmental ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.72 489.90 Td (industry ) Tj ET Q q 0 0 0 rg BT 102.70 489.90 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 166.06 489.90 Td (agency ) Tj ET Q q 0 0 0 rg BT 197.35 489.90 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 238.28 489.90 Td (investigations ) Tj ET Q q 0 0 0 rg BT 298.17 489.90 Td (and, ) Tj ET Q q 0 0 0 rg BT 317.52 489.90 Td (from ) Tj ET Q q 0 0 0 rg BT 339.49 489.90 Td (time ) Tj ET Q q 0 0 0 rg BT 359.71 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 369.43 489.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 392.28 489.90 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 444.57 489.90 Td (involving ) Tj ET Q q 0 0 0 rg BT 486.38 489.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 508.35 489.90 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (activities. ) Tj ET Q q 0 0 0 rg BT 94.61 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 98.69 477.30 Td (In ) Tj ET Q q 0 0 0 rg BT 111.52 477.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 162.81 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 185.56 477.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 227.54 477.30 Td (for ) Tj ET Q q 0 0 0 rg BT 243.87 477.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 294.02 477.30 Td (for ) Tj ET Q q 0 0 0 rg BT 310.34 477.30 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 374.78 477.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 400.44 477.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 433.10 477.30 Td (has ) Tj ET Q q 0 0 0 rg BT 451.18 477.30 Td (established ) Tj ET Q q 0 0 0 rg BT 501.92 477.30 Td (provisions ) Tj ET Q q 0 0 0 rg BT 549.75 477.30 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.81 464.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 120.47 464.70 Td (from ) Tj ET Q q 0 0 0 rg BT 143.45 464.70 Td (pending ) Tj ET Q q 0 0 0 rg BT 179.84 464.70 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 231.12 464.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 254.09 464.70 Td (actions, ) Tj ET Q q 0 0 0 rg BT 289.03 464.70 Td (investigations ) Tj ET Q q 0 0 0 rg BT 349.93 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 367.66 464.70 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 420.96 464.70 Td (when ) Tj ET Q q 0 0 0 rg BT 446.28 464.70 Td (it ) Tj ET Q q 0 0 0 rg BT 454.68 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 464.26 464.70 Td (probable ) Tj ET Q q 0 0 0 rg BT 503.56 464.70 Td (that ) Tj ET Q q 0 0 0 rg BT 521.88 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 529.11 464.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 548.02 464.70 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (been ) Tj ET Q q 0 0 0 rg BT 72.45 452.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 110.05 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.84 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.12 452.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 182.64 452.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 220.26 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.63 452.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 250.59 452.10 Td (can ) Tj ET Q q 0 0 0 rg BT 267.79 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 280.32 452.10 Td (made.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (There ) Tj ET Q q 0 0 0 rg BT 76.43 426.90 Td (are ) Tj ET Q q 0 0 0 rg BT 91.20 426.90 Td (matters ) Tj ET Q q 0 0 0 rg BT 124.06 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 134.75 426.90 Td (litigation ) Tj ET Q q 0 0 0 rg BT 174.62 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 191.73 426.90 Td (other ) Tj ET Q q 0 0 0 rg BT 215.25 426.90 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 270.56 426.90 Td (including ) Tj ET Q q 0 0 0 rg BT 312.17 426.90 Td (those ) Tj ET Q q 0 0 0 rg BT 336.29 426.90 Td (described ) Tj ET Q q 0 0 0 rg BT 378.47 426.90 Td (above ) Tj ET Q q 0 0 0 rg BT 405.49 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 426.90 Td (customer ) Tj ET Q q 0 0 0 rg BT 456.63 426.90 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 507.28 426.90 Td (legal ) Tj ET Q q 0 0 0 rg BT 529.63 426.90 Td (actions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 91.76 414.30 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 144.87 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 162.42 414.30 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 225.76 414.30 Td (where ) Tj ET Q q 0 0 0 rg BT 253.79 414.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 277.75 414.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 308.72 414.30 Td (cannot ) Tj ET Q q 0 0 0 rg BT 339.09 414.30 Td (estimate ) Tj ET Q q 0 0 0 rg BT 376.47 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 391.68 414.30 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 439.54 414.30 Td (possible ) Tj ET Q q 0 0 0 rg BT 476.35 414.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 495.07 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 506.20 414.30 Td (range ) Tj ET Q q 0 0 0 rg BT 531.90 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 543.04 414.30 Td (loss. ) Tj ET Q q 0 0 0 rg BT 564.63 414.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.49 401.70 Td (inability ) Tj ET Q q 0 0 0 rg BT 105.65 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 115.99 401.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 150.23 401.70 Td (a ) Tj ET Q q 0 0 0 rg BT 157.05 401.70 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 204.70 401.70 Td (possible ) Tj ET Q q 0 0 0 rg BT 241.28 401.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 274.94 401.70 Td (or ) Tj ET Q q 0 0 0 rg BT 285.85 401.70 Td (range ) Tj ET Q q 0 0 0 rg BT 311.34 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 322.25 401.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 349.50 401.70 Td (is ) Tj ET Q q 0 0 0 rg BT 358.67 401.70 Td (not ) Tj ET Q q 0 0 0 rg BT 374.25 401.70 Td (because ) Tj ET Q q 0 0 0 rg BT 409.65 401.70 Td (there ) Tj ET Q q 0 0 0 rg BT 432.80 401.70 Td (is ) Tj ET Q q 0 0 0 rg BT 441.97 401.70 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 491.36 401.70 Td (as ) Tj ET Q q 0 0 0 rg BT 502.27 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 512.61 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 527.60 401.70 Td (ultimate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 87.85 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.30 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 104.66 389.10 Td (matter) Tj ET Q q 0 0 0 rg BT 131.06 389.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.38 389.10 Td (but ) Tj ET Q q 0 0 0 rg BT 150.50 389.10 Td (because ) Tj ET Q q 0 0 0 rg BT 185.42 389.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 219.79 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.65 389.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 270.99 389.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 297.78 389.10 Td (have ) Tj ET Q q 0 0 0 rg BT 319.30 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 334.42 389.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 379.26 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.13 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.66 389.10 Td (point ) Tj ET Q q 0 0 0 rg BT 426.94 389.10 Td (where ) Tj ET Q q 0 0 0 rg BT 454.29 389.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 477.56 389.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 507.84 389.10 Td (can ) Tj ET Q q 0 0 0 rg BT 524.11 389.10 Td (conclude ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (that ) Tj ET Q q 0 0 0 rg BT 67.83 376.50 Td (there ) Tj ET Q q 0 0 0 rg BT 90.90 376.50 Td (is ) Tj ET Q q 0 0 0 rg BT 100.00 376.50 Td (both ) Tj ET Q q 0 0 0 rg BT 120.75 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 127.50 376.50 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 174.48 376.50 Td (possibility ) Tj ET Q q 0 0 0 rg BT 220.32 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 231.16 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 237.91 376.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.33 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 273.58 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 280.33 376.50 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 330.24 376.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 363.82 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 374.65 376.50 Td (range ) Tj ET Q q 0 0 0 rg BT 400.06 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 410.89 376.50 Td (possible ) Tj ET Q q 0 0 0 rg BT 447.40 376.50 Td (losses. ) Tj ET Q q 0 0 0 rg BT 477.19 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 479.13 376.50 Td (There ) Tj ET Q q 0 0 0 rg BT 505.70 376.50 Td (are ) Tj ET Q q 0 0 0 rg BT 520.60 376.50 Td (numerous ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (aspects ) Tj ET Q q 0 0 0 rg BT 84.05 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 95.94 363.90 Td (customer ) Tj ET Q q 0 0 0 rg BT 138.15 363.90 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 190.58 363.90 Td (legal ) Tj ET Q q 0 0 0 rg BT 214.71 363.90 Td (actions, ) Tj ET Q q 0 0 0 rg BT 250.80 363.90 Td (inquiries, ) Tj ET Q q 0 0 0 rg BT 293.90 363.90 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 348.36 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 367.24 363.90 Td (investigations ) Tj ET Q q 0 0 0 rg BT 429.30 363.90 Td (that ) Tj ET Q q 0 0 0 rg BT 448.77 363.90 Td (prevent ) Tj ET Q q 0 0 0 rg BT 483.98 363.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 509.28 363.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 541.58 363.90 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (estimating ) Tj ET Q q 0 0 0 rg BT 96.46 351.30 Td (a ) Tj ET Q q 0 0 0 rg BT 103.84 351.30 Td (related ) Tj ET Q q 0 0 0 rg BT 135.11 351.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 169.32 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 180.79 351.30 Td (range ) Tj ET Q q 0 0 0 rg BT 206.82 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 218.28 351.30 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 266.48 351.30 Td (possible ) Tj ET Q q 0 0 0 rg BT 303.61 351.30 Td (losses. ) Tj ET Q q 0 0 0 rg BT 334.04 351.30 Td ( ) Tj ET Q q 0 0 0 rg BT 336.56 351.30 Td (These ) Tj ET Q q 0 0 0 rg BT 364.34 351.30 Td (aspects ) Tj ET Q q 0 0 0 rg BT 397.38 351.30 Td (include, ) Tj ET Q q 0 0 0 rg BT 433.63 351.30 Td (among ) Tj ET Q q 0 0 0 rg BT 464.92 351.30 Td (other ) Tj ET Q q 0 0 0 rg BT 489.21 351.30 Td (things, ) Tj ET Q q 0 0 0 rg BT 520.22 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 535.76 351.30 Td (nature ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.07 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.21 338.70 Td (matters; ) Tj ET Q q 0 0 0 rg BT 112.36 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 130.42 338.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 177.07 338.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 213.20 338.70 Td (facts ) Tj ET Q q 0 0 0 rg BT 235.34 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 250.48 338.70 Td (not ) Tj ET Q q 0 0 0 rg BT 266.22 338.70 Td (known, ) Tj ET Q q 0 0 0 rg BT 299.75 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 314.88 338.70 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 356.27 338.70 Td (or ) Tj ET Q q 0 0 0 rg BT 367.33 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 382.47 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 392.96 338.70 Td (dispute; ) Tj ET Q q 0 0 0 rg BT 428.53 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 446.01 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 464.07 338.70 Td (damages ) Tj ET Q q 0 0 0 rg BT 503.13 338.70 Td (sought ) Tj ET Q q 0 0 0 rg BT 533.45 338.70 Td (are ) Tj ET Q q 0 0 0 rg BT 548.59 338.70 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (specified, ) Tj ET Q q 0 0 0 rg BT 93.37 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.04 326.10 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 153.58 326.10 Td (unsupportable ) Tj ET Q q 0 0 0 rg BT 215.91 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 227.51 326.10 Td (unexplained. ) Tj ET Q q 0 0 0 rg BT 284.30 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.15 326.10 Td (In ) Tj ET Q q 0 0 0 rg BT 298.74 326.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 338.63 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 353.72 326.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 376.97 326.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 412.19 326.10 Td (discovery ) Tj ET Q q 0 0 0 rg BT 455.86 326.10 Td (may ) Tj ET Q q 0 0 0 rg BT 476.78 326.10 Td (not ) Tj ET Q q 0 0 0 rg BT 493.05 326.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 508.73 326.10 Td (have ) Tj ET Q q 0 0 0 rg BT 531.40 326.10 Td (started, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 70.42 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 86.17 313.50 Td (be ) Tj ET Q q 0 0 0 rg BT 98.42 313.50 Td (complete ) Tj ET Q q 0 0 0 rg BT 139.24 313.50 Td (or ) Tj ET Q q 0 0 0 rg BT 150.33 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 170.74 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 186.50 313.50 Td (be ) Tj ET Q q 0 0 0 rg BT 198.75 313.50 Td (conclusive, ) Tj ET Q q 0 0 0 rg BT 248.61 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 266.11 313.50 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 316.27 313.50 Td (settlement ) Tj ET Q q 0 0 0 rg BT 361.76 313.50 Td (discussions ) Tj ET Q q 0 0 0 rg BT 411.94 313.50 Td (may ) Tj ET Q q 0 0 0 rg BT 432.36 313.50 Td (not ) Tj ET Q q 0 0 0 rg BT 448.11 313.50 Td (have ) Tj ET Q q 0 0 0 rg BT 470.27 313.50 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 511.96 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 514.30 313.50 Td (Further) Tj ET Q q 0 0 0 rg BT 544.79 313.50 Td (, ) Tj ET Q q 0 0 0 rg BT 549.75 313.50 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 97.06 300.90 Td (matters, ) Tj ET Q q 0 0 0 rg BT 134.51 300.90 Td (investigations ) Tj ET Q q 0 0 0 rg BT 196.76 300.90 Td (may ) Tj ET Q q 0 0 0 rg BT 218.75 300.90 Td (run ) Tj ET Q q 0 0 0 rg BT 236.67 300.90 Td (their ) Tj ET Q q 0 0 0 rg BT 259.82 300.90 Td (course ) Tj ET Q q 0 0 0 rg BT 291.14 300.90 Td (without ) Tj ET Q q 0 0 0 rg BT 327.14 300.90 Td (any ) Tj ET Q q 0 0 0 rg BT 346.22 300.90 Td (clear ) Tj ET Q q 0 0 0 rg BT 370.53 300.90 Td (indication ) Tj ET Q q 0 0 0 rg BT 416.44 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 429.10 300.90 Td (wrongdoing ) Tj ET Q q 0 0 0 rg BT 483.76 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 496.42 300.90 Td (fault ) Tj ET Q q 0 0 0 rg BT 519.58 300.90 Td (until ) Tj ET Q q 0 0 0 rg BT 542.75 300.90 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (conclusion.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.15 263.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 123.17 263.10 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 160.28 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 172.59 263.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 212.30 263.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 245.00 263.10 Td (has ) Tj ET Q q 0 0 0 rg BT 261.40 263.10 Td (been ) Tj ET Q q 0 0 0 rg BT 283.62 263.10 Td (made ) Tj ET Q q 0 0 0 rg BT 308.76 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.91 263.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.05 263.10 Td (March ) Tj ET Q q 0 0 0 rg BT 360.86 263.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.38 263.10 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.38 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 402.40 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.97 263.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 447.45 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 462.09 263.10 Td (any ) Tj ET Q q 0 0 0 rg BT 479.65 263.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 518.78 263.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 546.27 263.10 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (may ) Tj ET Q q 0 0 0 rg BT 70.92 250.50 Td (arise ) Tj ET Q q 0 0 0 rg BT 93.58 250.50 Td (from ) Tj ET Q q 0 0 0 rg BT 116.82 250.50 Td (matters ) Tj ET Q q 0 0 0 rg BT 150.57 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 165.65 250.50 Td (which ) Tj ET Q q 0 0 0 rg BT 194.15 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 209.81 250.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.48 250.50 Td (could ) Tj ET Q q 0 0 0 rg BT 279.65 250.50 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 327.97 250.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 365.80 250.50 Td (an ) Tj ET Q q 0 0 0 rg BT 378.55 250.50 Td (amount. ) Tj ET Q q 0 0 0 rg BT 415.50 250.50 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 250.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 442.75 250.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 480.15 250.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.72 250.50 Td (condition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td (results ) Tj ET Q q 0 0 0 rg BT 79.76 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 90.85 237.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 136.93 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 154.44 237.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 175.44 237.90 Td (flows ) Tj ET Q q 0 0 0 rg BT 201.12 237.90 Td (could ) Tj ET Q q 0 0 0 rg BT 226.79 237.90 Td (be ) Tj ET Q q 0 0 0 rg BT 239.05 237.90 Td (materially ) Tj ET Q q 0 0 0 rg BT 283.96 237.90 Td (af) Tj ET Q q 0 0 0 rg BT 291.92 237.90 Td (fected ) Tj ET Q q 0 0 0 rg BT 319.91 237.90 Td (during ) Tj ET Q q 0 0 0 rg BT 349.67 237.90 Td (a ) Tj ET Q q 0 0 0 rg BT 356.68 237.90 Td (period ) Tj ET Q q 0 0 0 rg BT 385.85 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 396.36 237.90 Td (which ) Tj ET Q q 0 0 0 rg BT 424.36 237.90 Td (probable ) Tj ET Q q 0 0 0 rg BT 463.44 237.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 490.87 237.90 Td (become ) Tj ET Q q 0 0 0 rg BT 525.87 237.90 Td (apparent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 61.71 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 69.32 225.30 Td (matter ) Tj ET Q q 0 0 0 rg BT 99.10 225.30 Td (is ) Tj ET Q q 0 0 0 rg BT 109.07 225.30 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 154.60 225.30 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 195.76 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 198.71 225.30 Td (In ) Tj ET Q q 0 0 0 rg BT 210.42 225.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 250.42 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 266.20 225.30 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 303.57 225.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 327.53 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 339.23 225.30 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 412.17 225.30 Td (char) Tj ET Q q 0 0 0 rg BT 430.05 225.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 447.00 225.30 Td (can ) Tj ET Q q 0 0 0 rg BT 464.53 225.30 Td (vary ) Tj ET Q q 0 0 0 rg BT 486.15 225.30 Td (significantly ) Tj ET Q q 0 0 0 rg BT 541.60 225.30 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (period-to-period, ) Tj ET Q q 0 0 0 rg BT 123.93 212.70 Td (depending ) Tj ET Q q 0 0 0 rg BT 170.17 212.70 Td (on ) Tj ET Q q 0 0 0 rg BT 183.16 212.70 Td (factors ) Tj ET Q q 0 0 0 rg BT 214.22 212.70 Td (such ) Tj ET Q q 0 0 0 rg BT 235.97 212.70 Td (as ) Tj ET Q q 0 0 0 rg BT 247.21 212.70 Td (market ) Tj ET Q q 0 0 0 rg BT 278.86 212.70 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 327.73 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 343.05 212.70 Td (size ) Tj ET Q q 0 0 0 rg BT 361.87 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 379.53 212.70 Td (volume ) Tj ET Q q 0 0 0 rg BT 413.52 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 424.76 212.70 Td (customer ) Tj ET Q q 0 0 0 rg BT 465.75 212.70 Td (complaints ) Tj ET Q q 0 0 0 rg BT 514.32 212.70 Td (and ) Tj ET Q q 0 0 0 rg BT 531.98 212.70 Td (claims, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (including ) Tj ET Q q 0 0 0 rg BT 92.44 200.10 Td (class ) Tj ET Q q 0 0 0 rg BT 115.63 200.10 Td (action ) Tj ET Q q 0 0 0 rg BT 144.07 200.10 Td (suits, ) Tj ET Q q 0 0 0 rg BT 168.73 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.67 200.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 232.59 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 255.78 200.10 Td (indemnification, ) Tj ET Q q 0 0 0 rg BT 327.66 200.10 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 384.39 200.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 427.41 200.10 Td (reimbursement, ) Tj ET Q q 0 0 0 rg BT 495.79 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 507.32 200.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 553.83 200.10 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.95 187.50 Td (under ) Tj ET Q q 0 0 0 rg BT 137.48 187.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 173.33 187.50 Td (share ) Tj ET Q q 0 0 0 rg BT 198.11 187.50 Td (arrangements.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (As ) Tj ET Q q 0 0 0 rg BT 64.63 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 76.34 162.30 Td (March ) Tj ET Q q 0 0 0 rg BT 106.71 162.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.79 162.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 146.75 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 164.88 162.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 191.46 162.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.00 162.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 253.52 162.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 289.15 162.30 Td (for ) Tj ET Q q 0 0 0 rg BT 304.36 162.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 332.41 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 350.53 162.30 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 411.22 162.30 Td (was ) Tj ET Q q 0 0 0 rg BT 430.51 162.30 Td (not ) Tj ET Q q 0 0 0 rg BT 446.89 162.30 Td (material. ) Tj ET Q q 0 0 0 rg BT 486.88 162.30 Td ( ) Tj ET Q q 0 0 0 rg BT 489.84 162.30 Td (Char) Tj ET Q q 0 0 0 rg BT 510.06 162.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 527.02 162.30 Td (incurred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 84.17 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 94.43 149.70 Td (litigation ) Tj ET Q q 0 0 0 rg BT 134.45 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 151.71 149.70 Td (other ) Tj ET Q q 0 0 0 rg BT 175.38 149.70 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 228.21 149.70 Td (during ) Tj ET Q q 0 0 0 rg BT 257.72 149.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 282.56 149.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 305.66 149.70 Td (were ) Tj ET Q q 0 0 0 rg BT 328.16 149.70 Td (not ) Tj ET Q q 0 0 0 rg BT 343.67 149.70 Td (material. ) Tj ET Q q 0 0 0 rg BT 382.79 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 384.89 149.70 Td (During ) Tj ET Q q 0 0 0 rg BT 416.74 149.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 441.57 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 443.67 149.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 466.77 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 484.03 149.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 509.75 149.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.43 149.70 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 87.25 137.10 Td (char) Tj ET Q q 0 0 0 rg BT 105.13 137.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 121.40 137.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 155.74 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.18 137.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 206.37 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.80 137.10 Td (other ) Tj ET Q q 0 0 0 rg BT 247.65 137.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 300.65 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.67 137.10 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.59 137.10 Td ($4,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.46 137.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.36 137.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.79 137.10 Td ($67,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.92 137.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.81 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.92 137.10 Td (T) Tj ET Q q 0 0 0 rg BT 472.60 137.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 490.62 137.10 Td (char) Tj ET Q q 0 0 0 rg BT 508.50 137.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 524.77 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 539.28 137.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 73.63 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 91.42 124.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 115.04 124.50 Td (reflect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.48 124.50 Td ($4,151) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.36 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 175.98 124.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.77 124.50 Td ($67,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.90 124.50 Td (, ) Tj ET Q q 0 0 0 rg BT 233.15 124.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 283.19 124.50 Td (, ) Tj ET Q q 0 0 0 rg BT 288.45 124.50 Td (related ) Tj ET Q q 0 0 0 rg BT 319.64 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 330.43 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 345.89 124.50 Td (resolution ) Tj ET Q q 0 0 0 rg BT 390.51 124.50 Td (with ) Tj ET Q q 0 0 0 rg BT 411.81 124.50 Td (both ) Tj ET Q q 0 0 0 rg BT 433.10 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 448.56 124.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 469.86 124.50 Td (Department ) Tj ET Q q 0 0 0 rg BT 522.05 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 533.42 124.50 Td (Justice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (\(�DOJ�\) ) Tj ET Q q 0 0 0 rg BT 88.40 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 106.39 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.05 111.90 Td (SEC ) Tj ET Q q 0 0 0 rg BT 144.13 111.90 Td (staf) Tj ET Q q 0 0 0 rg BT 159.10 111.90 Td (f ) Tj ET Q q 0 0 0 rg BT 165.43 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 177.01 111.90 Td (a ) Tj ET Q q 0 0 0 rg BT 184.50 111.90 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 219.99 111.90 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 255.49 111.90 Td (Practices ) Tj ET Q q 0 0 0 rg BT 295.59 111.90 Td (Act ) Tj ET Q q 0 0 0 rg BT 313.58 111.90 Td 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.30 Td (In ) Tj ET Q q 0 0 0 rg BT 62.05 603.30 Td (addition ) Tj ET Q q 0 0 0 rg BT 99.77 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 111.24 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 127.37 603.30 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 171.49 603.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 223.20 603.30 Td (rights, ) Tj ET Q q 0 0 0 rg BT 253.05 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 271.51 603.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 304.56 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 316.03 603.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 347.89 603.30 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 398.74 603.30 Td (either ) Tj ET Q q 0 0 0 rg BT 425.95 603.30 Td (party ) Tj ET Q q 0 0 0 rg BT 450.83 603.30 Td (may ) Tj ET Q q 0 0 0 rg BT 472.21 603.30 Td (terminate ) Tj ET Q q 0 0 0 rg BT 515.16 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 531.29 603.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 548.59 603.30 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 99.27 590.70 Td (if ) Tj ET Q q 0 0 0 rg BT 108.31 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.76 590.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 141.07 590.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 157.10 590.70 Td (is ) Tj ET Q q 0 0 0 rg BT 166.73 590.70 Td (not ) Tj ET Q q 0 0 0 rg BT 182.77 590.70 Td (consummated ) Tj ET Q q 0 0 0 rg BT 243.72 590.70 Td (by ) Tj ET Q q 0 0 0 rg BT 256.84 590.70 Td (February�17, ) Tj ET Q q 0 0 0 rg BT 313.12 590.70 Td (2021.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.63 565.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.57 565.50 Td (with, ) Tj ET Q q 0 0 0 rg BT 131.75 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 148.79 565.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 180.41 565.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 193.08 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 207.79 565.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 225.10 565.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 240.38 565.50 Td (closing, ) Tj ET Q q 0 0 0 rg BT 275.22 565.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 298.68 565.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 329.14 565.50 Td (has ) Tj ET Q q 0 0 0 rg BT 345.02 565.50 Td (committed ) Tj ET Q q 0 0 0 rg BT 391.81 565.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.25 565.50 Td (severance ) Tj ET Q q 0 0 0 rg BT 465.52 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 482.56 565.50 Td (retention ) Tj ET Q q 0 0 0 rg BT 521.76 565.50 Td (payments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 61.01 552.90 Td (its ) Tj ET Q q 0 0 0 rg BT 73.77 552.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 121.51 552.90 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 173.91 552.90 Td (up ) Tj ET Q q 0 0 0 rg BT 187.25 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 198.26 552.90 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.74 552.90 Td ($200,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.12 552.90 Td (, ) Tj ET Q q 0 0 0 rg BT 306.58 552.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 339.16 552.90 Td (to ) Tj ET Q q 0 0 0 rg BT 350.17 552.90 Td (continuing ) Tj ET Q q 0 0 0 rg BT 397.92 552.90 Td (employment ) Tj ET Q q 0 0 0 rg BT 453.25 552.90 Td (through ) Tj ET Q q 0 0 0 rg BT 488.76 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 504.42 552.90 Td (closing ) Tj ET Q q 0 0 0 rg BT 537.59 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 552.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 67.30 540.30 Td (ger) Tj ET Q q 0 0 0 rg BT 80.13 540.30 Td (.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 119.14 515.10 Td (Interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.60 502.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.22 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 127.32 502.50 Td (be ) Tj ET Q q 0 0 0 rg BT 140.26 502.50 Td (obligated ) Tj ET Q q 0 0 0 rg BT 182.36 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 193.56 502.50 Td (settle ) Tj ET Q q 0 0 0 rg BT 218.75 502.50 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 270.16 502.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 335.02 502.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 373.04 502.50 Td (related ) Tj ET Q q 0 0 0 rg BT 404.63 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 415.83 502.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 447.42 502.50 Td (af) Tj ET Q q 0 0 0 rg BT 455.39 502.50 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 489.62 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 491.98 502.50 Td (As ) Tj ET Q q 0 0 0 rg BT 506.68 502.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.45 502.50 Td (March ) Tj ET Q q 0 0 0 rg BT 548.89 502.50 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.90 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 489.90 Td (, ) Tj ET Q q 0 0 0 rg BT 77.26 489.90 Td (af) Tj ET Q q 0 0 0 rg BT 85.23 489.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 113.35 489.90 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 165.37 489.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 230.84 489.90 Td (interests, ) Tj ET Q q 0 0 0 rg BT 272.09 489.90 Td (excluding ) Tj ET Q q 0 0 0 rg BT 317.13 489.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 356.35 489.90 Td (related ) Tj ET Q q 0 0 0 rg BT 388.55 489.90 Td (to ) Tj ET Q q 0 0 0 rg BT 400.36 489.90 Td (management ) Tj ET Q q 0 0 0 rg BT 457.64 489.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 487.52 489.90 Td (plans, ) Tj ET Q q 0 0 0 rg BT 515.94 489.90 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.30 Td ($525,422) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 89.38 477.30 Td (. ) Tj ET Q q 0 0 0 rg BT 93.87 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 95.73 477.30 Td (In ) Tj ET Q q 0 0 0 rg BT 106.35 477.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 145.25 477.30 Td (as ) Tj ET Q q 0 0 0 rg BT 155.86 477.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.48 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 195.75 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.74 477.30 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.74 477.30 Td (, ) Tj ET Q q 0 0 0 rg BT 236.23 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 250.92 477.30 Td (estimated ) Tj ET Q q 0 0 0 rg BT 293.03 477.30 Td (redemption ) Tj ET Q q 0 0 0 rg BT 342.71 477.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 359.15 477.30 Td (value ) Tj ET Q q 0 0 0 rg BT 383.76 477.30 Td (for ) Tj ET Q q 0 0 0 rg BT 397.87 477.30 Td (units ) Tj ET Q q 0 0 0 rg BT 420.15 477.30 Td (under ) Tj ET Q q 0 0 0 rg BT 445.93 477.30 Td (af) Tj ET Q q 0 0 0 rg BT 453.89 477.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 480.25 477.30 Td (management ) Tj ET Q q 0 0 0 rg BT 535.76 477.30 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (plans ) Tj ET Q q 0 0 0 rg BT 74.79 464.70 Td (\(redeemable ) Tj ET Q q 0 0 0 rg BT 129.30 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 147.08 464.70 Td (nonredeemable\) ) Tj ET Q q 0 0 0 rg BT 217.34 464.70 Td (aggregated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.02 464.70 Td ($84,695) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 300.14 464.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.50 Td (See ) Tj ET Q q 0 0 0 rg BT 68.03 439.50 Td (Notes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.40 439.50 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 105.90 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 108.76 439.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 126.79 439.50 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.29 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 140.16 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 155.27 439.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 200.13 439.50 Td (information ) Tj ET Q q 0 0 0 rg BT 252.58 439.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 295.68 439.50 Td (af) Tj ET Q q 0 0 0 rg BT 303.65 439.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 331.00 439.50 Td (management ) Tj ET Q q 0 0 0 rg BT 387.52 439.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 416.63 439.50 Td (plans ) Tj ET Q q 0 0 0 rg BT 441.66 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 459.69 439.50 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 524.39 439.50 Td (interests, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 426.90 Td (. ) Tj ET Q q 0 0 0 rg BT 105.30 426.90 Td ( ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 401.70 Td (Contingent ) Tj ET Q q 0 0 0 rg BT 101.06 401.70 Td (Consideration) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.60 389.10 Td (further ) Tj ET Q q 0 0 0 rg BT 94.09 389.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 136.27 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.36 389.10 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.70 389.10 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 173.95 389.10 Td (, ) Tj ET Q q 0 0 0 rg BT 178.51 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.51 389.10 Td (April ) Tj ET Q q 0 0 0 rg BT 214.60 389.10 Td (10, ) Tj ET Q q 0 0 0 rg BT 229.65 389.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 255.21 389.10 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 288.63 389.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 324.96 389.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 363.04 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.63 389.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 407.13 389.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 439.97 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.06 389.10 Td (Gramercy) Tj ET Q q 0 0 0 rg BT 491.36 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.91 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.70 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.95 389.10 Td (transaction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (included ) Tj ET Q q 0 0 0 rg BT 89.40 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 97.29 376.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 137.27 376.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 184.84 376.50 Td (consideration ) Tj ET Q q 0 0 0 rg BT 244.64 376.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 284.04 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 296.02 376.50 Td (up ) Tj ET Q q 0 0 0 rg BT 309.76 376.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.17 376.50 Td ($3,646) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 350.04 376.50 Td ( ) Tj ET Q q 0 0 0 rg BT 353.28 376.50 Td (\(using ) Tj ET Q q 0 0 0 rg BT 382.77 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 398.84 376.50 Td (foreign ) Tj ET Q q 0 0 0 rg BT 432.40 376.50 Td (exchange ) Tj ET Q q 0 0 0 rg BT 475.28 376.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 494.25 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 506.24 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 518.23 376.50 Td (March ) Tj ET Q q 0 0 0 rg BT 548.87 376.50 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 76.40 363.90 Td (for ) Tj ET Q q 0 0 0 rg BT 91.41 363.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 107.01 363.90 Td (�3,315) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 135.88 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 138.65 363.90 Td (potential ) Tj ET Q q 0 0 0 rg BT 178.16 363.90 Td (payment\), ) Tj ET Q q 0 0 0 rg BT 223.21 363.90 Td (due ) Tj ET Q q 0 0 0 rg BT 241.14 363.90 Td (on ) Tj ET Q q 0 0 0 rg BT 254.41 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 270.01 363.90 Td (fifth ) Tj ET Q q 0 0 0 rg BT 290.86 363.90 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 342.61 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 354.12 363.90 Td (closing ) Tj ET Q q 0 0 0 rg BT 387.23 363.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 411.00 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 426.59 363.90 Td (achievement ) Tj ET Q q 0 0 0 rg BT 482.42 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 493.94 363.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 525.27 363.90 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (metrics. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.82 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.72 326.10 Td (March ) Tj ET Q q 0 0 0 rg BT 104.28 326.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.56 326.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 142.71 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.03 326.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 185.80 326.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 232.28 326.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 291.00 326.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 332.24 326.10 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.47 326.10 Td ($3,308) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.34 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.50 326.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.81 326.10 Td ($1,415) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.69 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 448.46 326.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 498.51 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 503.29 326.10 Td (were ) Tj ET Q q 0 0 0 rg BT 525.84 326.10 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 60.27 313.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 86.28 313.50 Td (non-current ) Tj ET Q q 0 0 0 rg BT 137.36 313.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 178.54 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 188.80 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 203.73 313.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 261.25 313.50 Td (Balance ) Tj ET Q q 0 0 0 rg BT 297.16 313.50 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 329.30 313.50 Td ( ) Tj ET Q q 0 0 0 rg BT 331.40 313.50 Td (During ) Tj ET Q q 0 0 0 rg BT 363.25 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 378.18 313.50 Td (years ) Tj ET Q q 0 0 0 rg BT 402.43 313.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 429.61 313.50 Td (March ) Tj ET Q q 0 0 0 rg BT 459.11 313.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 474.34 313.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 497.44 313.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.70 313.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 540.42 313.50 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.66 300.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 102.81 300.90 Td (contingent ) Tj ET Q q 0 0 0 rg BT 150.21 300.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 209.85 300.90 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.01 300.90 Td ($4,869) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 273.88 300.90 Td ( ) Tj ET Q q 0 0 0 rg BT 276.96 300.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 295.19 300.90 Td ($3,242) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.07 300.90 Td (, ) Tj ET Q q 0 0 0 rg BT 329.77 300.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 371.92 300.90 Td (related ) Tj ET Q q 0 0 0 rg BT 403.55 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 414.80 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 430.70 300.90 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 483.94 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 495.76 300.90 Td (QS ) Tj ET Q q 0 0 0 rg BT 512.26 300.90 Td (Investors ) Tj ET Q q 0 0 0 rg BT 553.82 300.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (May ) Tj ET Q q 0 0 0 rg BT 71.62 288.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 94.99 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 112.52 288.30 Td (PK ) Tj ET Q q 0 0 0 rg BT 128.31 288.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 177.34 288.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 234.52 288.30 Td (in ) Tj ET Q q 0 0 0 rg BT 245.06 288.30 Td (December ) Tj ET Q q 0 0 0 rg BT 290.57 288.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 316.56 288.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 366.61 288.30 Td (. ) Tj ET Q q 0 0 0 rg BT 371.61 288.30 Td ( ) Tj ET Q q 0 0 0 rg BT 373.98 288.30 Td (During ) Tj ET Q q 0 0 0 rg BT 406.09 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.29 288.30 Td (year ) Tj ET Q q 0 0 0 rg BT 441.73 288.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 469.17 288.30 Td (March ) Tj ET Q q 0 0 0 rg BT 498.95 288.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 514.44 288.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 540.44 288.30 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.00 275.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 120.14 275.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.13 275.70 Td (value ) Tj ET Q q 0 0 0 rg BT 162.28 275.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 214.86 275.70 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.35 275.70 Td ($31,329) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.48 275.70 Td (, ) Tj ET Q q 0 0 0 rg BT 288.52 275.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 330.01 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 340.59 275.70 Td (reduce ) Tj ET Q q 0 0 0 rg BT 370.98 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 386.23 275.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 432.97 275.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 491.95 275.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 533.44 275.70 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.70 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.07 263.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 125.77 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.05 263.10 Td (RARE ) Tj ET Q q 0 0 0 rg BT 165.59 263.10 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 224.27 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.97 263.10 Td (October ) Tj ET Q q 0 0 0 rg BT 269.33 263.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 291.86 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.56 263.10 Td (Martin ) Tj ET Q q 0 0 0 rg BT 338.67 263.10 Td (Currie ) Tj ET Q q 0 0 0 rg BT 367.04 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.74 263.10 Td (October ) Tj ET Q q 0 0 0 rg BT 412.09 263.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 437.26 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 447.54 263.10 Td (no ) Tj ET Q q 0 0 0 rg BT 459.58 263.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 505.44 263.10 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (was ) Tj ET Q q 0 0 0 rg BT 68.96 250.50 Td (due ) Tj ET Q q 0 0 0 rg BT 86.74 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 101.61 250.50 Td (either ) Tj ET Q q 0 0 0 rg BT 128.14 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.51 250.50 Td (these ) Tj ET Q q 0 0 0 rg BT 163.71 250.50 Td (acquisitions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.90 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.00 225.30 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.25 225.30 Td (Employee Benefits) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 148.37 225.30 Td ( ) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Defined ) Tj ET Q q 0 0 0 rg BT 86.53 200.10 Td (Contribution ) Tj ET Q q 0 0 0 rg BT 145.19 200.10 Td (Plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.22 187.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 108.57 187.50 Td (through ) Tj ET Q q 0 0 0 rg BT 144.38 187.50 Td (its ) Tj ET Q q 0 0 0 rg BT 157.44 187.50 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 212.79 187.50 Td (maintains ) Tj ET Q q 0 0 0 rg BT 256.77 187.50 Td (various ) Tj ET Q q 0 0 0 rg BT 290.82 187.50 Td (defined ) Tj ET Q q 0 0 0 rg BT 325.45 187.50 Td (contribution ) Tj ET Q q 0 0 0 rg BT 379.92 187.50 Td (plans ) Tj ET Q q 0 0 0 rg BT 405.23 187.50 Td (covering ) Tj ET Q q 0 0 0 rg BT 445.11 187.50 Td (substantially ) Tj ET Q q 0 0 0 rg BT 501.33 187.50 Td (all ) Tj ET Q q 0 0 0 rg BT 514.97 187.50 Td (employees. ) Tj ET Q q 0 0 0 rg BT 565.13 187.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (Through ) Tj ET Q q 0 0 0 rg BT 88.37 174.90 Td (these ) Tj ET Q q 0 0 0 rg BT 112.65 174.90 Td (plans, ) Tj ET Q q 0 0 0 rg BT 140.15 174.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 164.44 174.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 195.73 174.90 Td (can ) Tj ET Q q 0 0 0 rg BT 213.01 174.90 Td (make ) Tj ET Q q 0 0 0 rg BT 238.46 174.90 Td (two ) Tj ET Q q 0 0 0 rg BT 256.92 174.90 Td (types ) Tj ET Q q 0 0 0 rg BT 281.79 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 293.25 174.90 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 350.77 174.90 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 411.52 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 414.23 174.90 Td (One ) Tj ET Q q 0 0 0 rg BT 434.43 174.90 Td (is ) Tj ET Q q 0 0 0 rg BT 444.15 174.90 Td (a ) Tj ET Q q 0 0 0 rg BT 451.52 174.90 Td (profit ) Tj ET Q q 0 0 0 rg BT 477.56 174.90 Td (sharing ) Tj ET Q q 0 0 0 rg BT 511.18 174.90 Td (contribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.45 162.30 Td (eligible ) Tj ET Q q 0 0 0 rg BT 94.73 162.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 115.59 162.30 Td (participants ) Tj ET Q q 0 0 0 rg BT 167.36 162.30 Td (based ) Tj ET Q q 0 0 0 rg BT 194.06 162.30 Td (on ) Tj ET Q q 0 0 0 rg BT 207.34 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 214.79 162.30 Td (percentage ) Tj ET Q q 0 0 0 rg BT 263.04 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 274.57 162.30 Td (qualified ) Tj ET Q q 0 0 0 rg BT 314.68 162.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.78 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 393.73 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 409.34 162.30 Td (other ) Tj ET Q q 0 0 0 rg BT 433.70 162.30 Td (is ) Tj ET Q q 0 0 0 rg BT 443.49 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 450.94 162.30 Td (match ) Tj ET Q q 0 0 0 rg BT 479.38 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 490.91 162.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 534.51 162.30 Td (401\(k\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 110.42 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 113.29 149.70 Td (Matches ) Tj ET Q q 0 0 0 rg BT 151.74 149.70 Td (range ) Tj ET Q q 0 0 0 rg BT 177.93 149.70 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.22 149.70 Td (50%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 220.47 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 223.34 149.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.39 149.70 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.89 149.70 Td ( ) Tj ET Q q 0 0 0 rg BT 261.76 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 273.38 149.70 Td (employee ) Tj ET Q q 0 0 0 rg BT 317.08 149.70 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 347.95 149.70 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 408.86 149.70 Td (up ) Tj ET Q q 0 0 0 rg BT 422.24 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 433.28 149.70 Td (a ) Tj ET Q q 0 0 0 rg BT 440.82 149.70 Td (maximum ) Tj ET Q q 0 0 0 rg BT 486.28 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 497.90 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 513.60 149.70 Td (lesser ) Tj ET Q q 0 0 0 rg BT 540.39 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 552.01 149.70 Td (up ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.08 137.10 Td (6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.08 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.49 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.65 137.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 138.88 137.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 204.24 137.10 Td (up ) Tj ET Q q 0 0 0 rg BT 219.16 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.74 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.98 137.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 286.04 137.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 327.19 137.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 363.09 137.10 Td (limit. ) Tj ET Q q 0 0 0 rg BT 389.97 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.38 137.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 440.78 137.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 468.53 137.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 503.85 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.43 137.10 Td (matching ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 109.27 124.50 Td (together ) Tj ET Q q 0 0 0 rg BT 145.41 124.50 Td (with ) Tj ET Q q 0 0 0 rg BT 165.81 124.50 Td (contributions ) Tj ET Q q 0 0 0 rg BT 222.95 124.50 Td (made ) Tj ET Q q 0 0 0 rg BT 247.43 124.50 Td (under ) Tj ET Q q 0 0 0 rg BT 273.07 124.50 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 317.96 124.50 Td (plans, ) Tj ET Q q 0 0 0 rg BT 344.49 124.50 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.79 124.50 Td ($38,122) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.92 124.50 Td (, ) Tj ET Q q 0 0 0 rg BT 413.28 124.50 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.53 124.50 Td (39,191) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.40 124.50 Td (, ) Tj ET Q q 0 0 0 rg BT 451.76 124.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.65 124.50 Td ($38,278) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.78 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 504.51 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 514.41 124.50 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.88 124.50 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 124.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 111.90 Td (, ) Tj ET Q q 0 0 0 rg BT 76.34 111.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.72 111.90 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.72 111.90 Td (, ) Tj ET Q q 0 0 0 rg BT 121.57 111.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 171.61 111.90 Td (. ) Tj ET Q q 0 0 0 rg BT 177.46 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 180.67 111.90 Td (In ) Tj ET Q q 0 0 0 rg BT 192.64 111.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 232.89 111.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 281.02 111.90 Td (can ) Tj ET Q q 0 0 0 rg BT 298.81 111.90 Td (make ) Tj ET Q q 0 0 0 rg BT 324.76 111.90 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 368.22 111.90 Td (contributions ) Tj ET Q q 0 0 0 rg BT 426.85 111.90 Td (under ) Tj ET Q q 0 0 0 rg BT 453.98 111.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 485.76 111.90 Td (plans. ) Tj ET Q q 0 0 0 rg BT 513.77 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 516.99 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 520.21 111.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 549.67 111.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.20 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 86.32 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 101.52 99.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 118.82 99.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 134.08 99.30 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 185.72 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 200.92 99.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 224.86 99.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 255.82 99.30 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 286.18 99.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 306.63 99.30 Td (will ) Tj ET Q q 0 0 0 rg BT 325.34 99.30 Td (terminate ) Tj ET Q q 0 0 0 rg BT 367.36 99.30 Td (immediately ) Tj ET Q q 0 0 0 rg BT 422.22 99.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 445.00 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 455.54 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.74 99.30 Td (closing ) Tj ET Q q 0 0 0 rg BT 503.44 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 514.56 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 529.76 99.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 547.06 99.30 Td (ger) Tj ET Q q 0 0 0 rg BT 559.89 99.30 Td (.) Tj ET Q endstream endobj 251 0 obj <> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (123) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Martin ) Tj ET Q q 0 0 0 rg BT 82.47 741.90 Td (Currie ) Tj ET Q q 0 0 0 rg BT 113.69 741.90 Td (Defined ) Tj ET Q q 0 0 0 rg BT 150.73 741.90 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 184.85 741.90 Td (Pension ) Tj ET Q q 0 0 0 rg BT 222.48 741.90 Td (Plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Martin ) Tj ET Q q 0 0 0 rg BT 81.06 729.30 Td (Currie ) Tj ET Q q 0 0 0 rg BT 110.87 729.30 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 150.61 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 158.26 729.30 Td (retirement ) Tj ET Q q 0 0 0 rg BT 204.38 729.30 Td (and ) Tj ET Q q 0 0 0 rg BT 222.53 729.30 Td (death ) Tj ET Q q 0 0 0 rg BT 248.25 729.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 284.47 729.30 Td (plan, ) Tj ET Q q 0 0 0 rg BT 308.16 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 315.81 729.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 350.28 729.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 382.41 729.30 Td (pension ) Tj ET Q q 0 0 0 rg BT 418.06 729.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 439.12 729.30 Td (with ) Tj ET Q q 0 0 0 rg BT 460.77 729.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 488.26 729.30 Td (held ) Tj ET Q q 0 0 0 rg BT 509.32 729.30 Td (in ) Tj ET Q q 0 0 0 rg BT 520.47 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 528.11 729.30 Td (separate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (trustee-administered ) Tj ET Q q 0 0 0 rg BT 137.79 716.70 Td (fund. ) Tj ET Q q 0 0 0 rg BT 162.23 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 164.80 716.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 186.04 716.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.11 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 228.50 716.70 Td (measured ) Tj ET Q q 0 0 0 rg BT 271.30 716.70 Td (at ) Tj ET Q q 0 0 0 rg BT 281.45 716.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 298.59 716.70 Td (value ) Tj ET Q q 0 0 0 rg BT 323.90 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 341.63 716.70 Td (consist ) Tj ET Q q 0 0 0 rg BT 373.36 716.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.68 716.70 Td (50%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.93 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 406.50 716.70 Td (equities ) Tj ET Q q 0 0 0 rg BT 441.73 716.70 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 471.70 716.70 Td (1\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.64 716.70 Td (49%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.88 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 507.45 716.70 Td (bonds ) Tj ET Q q 0 0 0 rg BT 535.11 716.70 Td (\(Level ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (2\), ) Tj ET Q q 0 0 0 rg BT 63.09 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 80.47 704.10 Td (1%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.47 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.69 704.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 117.57 704.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 147.19 704.10 Td (1\) ) Tj ET Q q 0 0 0 rg BT 158.16 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.13 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.10 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 209.72 704.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 225.07 704.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 250.91 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.30 704.10 Td (64%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.54 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 289.76 704.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 324.64 704.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 354.27 704.10 Td (1\) ) Tj ET Q q 0 0 0 rg BT 365.23 704.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.61 704.10 Td (36%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.86 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.08 704.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 431.39 704.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 461.01 704.10 Td (2\) ) Tj ET Q q 0 0 0 rg BT 471.98 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.95 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.91 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 523.54 704.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.89 704.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 565.14 704.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Assumptions ) Tj ET Q q 0 0 0 rg BT 106.42 691.50 Td (used ) Tj ET Q q 0 0 0 rg BT 127.74 691.50 Td (to ) Tj ET Q q 0 0 0 rg BT 137.98 691.50 Td (determine ) Tj ET Q q 0 0 0 rg BT 182.04 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 196.94 691.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 236.32 691.50 Td (return ) Tj ET Q q 0 0 0 rg BT 263.47 691.50 Td (on ) Tj ET Q q 0 0 0 rg BT 276.04 691.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 296.19 691.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.76 691.50 Td (tar) Tj ET Q q 0 0 0 rg BT 333.65 691.50 Td (gets ) Tj ET Q q 0 0 0 rg BT 352.64 691.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.37 691.50 Td (55%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.62 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 380.69 691.50 Td (/ ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.68 691.50 Td (45%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.93 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 407.00 691.50 Td (equity/bond ) Tj ET Q q 0 0 0 rg BT 459.24 691.50 Td (allocation ) Tj ET Q q 0 0 0 rg BT 502.72 691.50 Td (with ) Tj ET Q q 0 0 0 rg BT 523.46 691.50 Td (reference ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 60.44 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 76.04 678.90 Td (15-year ) Tj ET Q q 0 0 0 rg BT 110.88 678.90 Td (FTSE ) Tj ET Q q 0 0 0 rg BT 138.16 678.90 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 161.35 678.90 Td (Gilt ) Tj ET Q q 0 0 0 rg BT 180.46 678.90 Td (yield ) Tj ET Q q 0 0 0 rg BT 204.23 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 219.25 678.90 Td (equities ) Tj ET Q q 0 0 0 rg BT 254.68 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 272.62 678.90 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 295.81 678.90 Td (long-dated ) Tj ET Q q 0 0 0 rg BT 343.48 678.90 Td (bond ) Tj ET Q q 0 0 0 rg BT 367.26 678.90 Td (yields ) Tj ET Q q 0 0 0 rg BT 395.11 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 410.13 678.90 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 440.62 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 443.39 678.90 Td (Plan ) Tj ET Q q 0 0 0 rg BT 464.83 678.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 506.69 678.90 Td (are ) Tj ET Q q 0 0 0 rg BT 522.28 678.90 Td (measured ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (on ) Tj ET Q q 0 0 0 rg BT 62.27 666.30 Td (an ) Tj ET Q q 0 0 0 rg BT 74.45 666.30 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 112.86 666.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 136.13 666.30 Td (using ) Tj ET Q q 0 0 0 rg BT 161.16 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 176.26 666.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 217.59 666.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 236.19 666.30 Td (method ) Tj ET Q q 0 0 0 rg BT 269.96 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 287.39 666.30 Td (discounted ) Tj ET Q q 0 0 0 rg BT 335.15 666.30 Td (at ) Tj ET Q q 0 0 0 rg BT 345.00 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 351.93 666.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 369.94 666.30 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 415.94 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 426.38 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 441.48 666.30 Td (current ) Tj ET Q q 0 0 0 rg BT 473.48 666.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 491.48 666.30 Td (on ) Tj ET Q q 0 0 0 rg BT 504.25 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 511.19 666.30 Td (high-quality ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (bond ) Tj ET Q q 0 0 0 rg BT 72.92 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 83.50 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 98.75 653.70 Td (local ) Tj ET Q q 0 0 0 rg BT 121.57 653.70 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 144.41 653.70 Td (market ) Tj ET Q q 0 0 0 rg BT 175.98 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 193.55 653.70 Td (currency) Tj ET Q q 0 0 0 rg BT 229.60 653.70 Td (. ) Tj ET Q q 0 0 0 rg BT 234.64 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 236.88 653.70 Td (There ) Tj ET Q q 0 0 0 rg BT 263.78 653.70 Td (were ) Tj ET Q q 0 0 0 rg BT 286.60 653.70 Td (no ) Tj ET Q q 0 0 0 rg BT 299.52 653.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 346.26 653.70 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 409.90 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 421.07 653.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 439.24 653.70 Td (in ) Tj ET Q q 0 0 0 rg BT 449.82 653.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 470.32 653.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 497.23 653.70 Td (as ) Tj ET Q q 0 0 0 rg BT 508.40 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 519.56 653.70 Td (March ) Tj ET Q q 0 0 0 rg BT 549.38 653.70 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 73.09 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 84.42 641.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 110.64 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.65 641.10 Td (As ) Tj ET Q q 0 0 0 rg BT 126.91 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.24 641.10 Td (March ) Tj ET Q q 0 0 0 rg BT 168.24 641.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 183.95 641.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 207.54 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.29 641.10 Td (2019, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.50 641.10 Td ($34,210) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.62 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.21 641.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.96 641.10 Td ($41,189) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.08 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.67 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.01 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.42 641.10 Td (total ) Tj ET Q q 0 0 0 rg BT 390.67 641.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 411.34 641.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 438.43 641.10 Td (were ) Tj ET Q q 0 0 0 rg BT 461.42 641.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 499.00 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.75 641.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.91 641.10 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.11 628.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 98.13 628.50 Td (Currie ) Tj ET Q q 0 0 0 rg BT 127.40 628.50 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 172.43 628.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.95 628.50 Td (products. ) Tj ET Q q 0 0 0 rg BT 262.18 628.50 Td ( ) Tj ET Q q 0 0 0 rg BT 264.45 628.50 Td (The ) Tj ET Q q 0 0 0 rg BT 283.22 628.50 Td (most ) Tj ET Q q 0 0 0 rg BT 306.09 628.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 334.18 628.50 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 372.77 628.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 414.29 628.50 Td (was ) Tj ET Q q 0 0 0 rg BT 433.06 628.50 Td (performed ) Tj ET Q q 0 0 0 rg BT 479.24 628.50 Td (as ) Tj ET Q q 0 0 0 rg BT 490.43 628.50 Td (of ) Tj ET Q q 0 0 0 rg BT 501.62 628.50 Td (May ) Tj ET Q q 0 0 0 rg BT 523.32 628.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.89 628.50 Td (2019, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (which ) Tj ET Q q 0 0 0 rg BT 77.81 615.90 Td (was ) Tj ET Q q 0 0 0 rg BT 96.79 615.90 Td (updated ) Tj ET Q q 0 0 0 rg BT 132.67 615.90 Td (at ) Tj ET Q q 0 0 0 rg BT 142.90 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 158.37 615.90 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 207.68 615.90 Td (balance ) Tj ET Q q 0 0 0 rg BT 242.39 615.90 Td (sheet ) Tj ET Q q 0 0 0 rg BT 266.61 615.90 Td (date ) Tj ET Q q 0 0 0 rg BT 286.74 615.90 Td (through ) Tj ET Q q 0 0 0 rg BT 322.06 615.90 Td (March ) Tj ET Q q 0 0 0 rg BT 352.11 615.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 367.88 615.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 394.15 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 396.21 615.90 Td (Accrual ) Tj ET Q q 0 0 0 rg BT 432.09 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 443.48 615.90 Td (service ) Tj ET Q q 0 0 0 rg BT 475.86 615.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 502.41 615.90 Td (under ) Tj ET Q q 0 0 0 rg BT 528.97 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.44 615.90 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (ceased ) Tj ET Q q 0 0 0 rg BT 80.00 603.30 Td (on ) Tj ET Q q 0 0 0 rg BT 93.02 603.30 Td (October ) Tj ET Q q 0 0 0 rg BT 129.36 603.30 Td (3, ) Tj ET Q q 0 0 0 rg BT 139.75 603.30 Td (2014. ) Tj ET Q q 0 0 0 rg BT 165.90 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 168.42 603.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 192.51 603.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 223.62 603.30 Td (uses ) Tj ET Q q 0 0 0 rg BT 244.22 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 259.57 603.30 Td (corridor ) Tj ET Q q 0 0 0 rg BT 295.91 603.30 Td (approach ) Tj ET Q q 0 0 0 rg BT 336.90 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 347.59 603.30 Td (account ) Tj ET Q q 0 0 0 rg BT 382.76 603.30 Td (for ) Tj ET Q q 0 0 0 rg BT 397.52 603.30 Td (this ) Tj ET Q q 0 0 0 rg BT 415.22 603.30 Td (plan. ) Tj ET Q q 0 0 0 rg BT 438.44 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 440.96 603.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 469.72 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 485.07 603.30 Td (corridor ) Tj ET Q q 0 0 0 rg BT 521.40 603.30 Td (approach, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 88.94 590.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 114.41 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 132.87 590.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 161.26 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 175.06 590.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 196.44 590.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 224.24 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 242.71 590.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 285.09 590.70 Td (are ) Tj ET Q q 0 0 0 rg BT 301.21 590.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 339.48 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 357.94 590.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 396.23 590.70 Td (as ) Tj ET Q q 0 0 0 rg BT 408.27 590.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 435.48 590.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 502.35 590.70 Td (income ) Tj ET Q q 0 0 0 rg BT 536.55 590.70 Td (\(loss\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (except ) Tj ET Q q 0 0 0 rg BT 79.53 578.10 Td (when ) Tj ET Q q 0 0 0 rg BT 104.91 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.37 578.10 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 159.14 578.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 183.93 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.73 578.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 229.44 578.10 Td (exceed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.22 578.10 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.47 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.10 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.47 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.93 578.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 341.71 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.09 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.55 578.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.75 578.10 Td (value ) Tj ET Q q 0 0 0 rg BT 411.12 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.50 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.96 578.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 458.67 578.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 485.79 578.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.17 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.63 578.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 533.34 578.10 Td (benefit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 97.18 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 112.48 565.50 Td (excess ) Tj ET Q q 0 0 0 rg BT 142.36 565.50 Td (is ) Tj ET Q q 0 0 0 rg BT 151.84 565.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 196.29 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 207.51 565.50 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 270.65 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 288.28 565.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 324.00 565.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 360.29 565.50 Td (over ) Tj ET Q q 0 0 0 rg BT 381.42 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 396.72 565.50 Td (recovery ) Tj ET Q q 0 0 0 rg BT 435.92 565.50 Td (period ) Tj ET Q q 0 0 0 rg BT 465.22 565.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.44 565.50 Td (15 ) Tj ET Q q 0 0 0 rg BT 488.79 565.50 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.89 565.50 Td (. ) Tj ET Q q 0 0 0 rg BT 514.99 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 517.47 565.50 Td (During ) Tj ET Q q 0 0 0 rg BT 549.69 565.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (years ) Tj ET Q q 0 0 0 rg BT 74.88 552.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 103.19 552.90 Td (March ) Tj ET Q q 0 0 0 rg BT 133.82 552.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 150.17 552.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 174.40 552.90 Td (and ) Tj ET Q q 0 0 0 rg BT 192.80 552.90 Td (2019, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.65 552.90 Td ($542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.65 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 243.88 552.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.27 552.90 Td ($260) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.27 552.90 Td ( ) Tj ET Q q 0 0 0 rg BT 286.50 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 298.48 552.90 Td (such ) Tj ET Q q 0 0 0 rg BT 320.95 552.90 Td (previously ) Tj ET Q q 0 0 0 rg BT 368.51 552.90 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 428.30 552.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 456.62 552.90 Td (were ) Tj ET Q q 0 0 0 rg BT 480.25 552.90 Td (expensed ) Tj ET Q q 0 0 0 rg BT 522.55 552.90 Td (under ) Tj ET Q q 0 0 0 rg BT 549.68 552.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (corridor ) Tj ET Q q 0 0 0 rg BT 85.94 540.30 Td (approach.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.79 515.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 106.50 515.10 Td (net ) Tj ET Q q 0 0 0 rg BT 121.29 515.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 152.40 515.10 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 199.57 515.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 252.85 515.10 Td (below) Tj ET Q q 0 0 0 rg BT 277.83 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 282.42 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 291.38 515.10 Td (included ) Tj ET Q q 0 0 0 rg BT 329.50 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.63 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.42 515.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 411.80 515.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 447.57 515.10 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 476.95 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.66 515.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 513.53 515.10 Td (non-current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (liabilities:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 477 m 361 477 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 477 m 457 477 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 477 m 562 477 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 477 m 457 477 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 477 m 562 477 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 436 m 361 436 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 436 m 457 436 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 436 m 562 436 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 421 m 361 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 421 m 457 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 421 m 562 421 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.70 481.79 Td (Mar) Tj ET Q q 0 0 0 rg BT 396.33 481.79 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.60 481.77 Td (March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 466.27 Td (Fair value of plan assets \(at 4.7% and 4.9%, respectively) Tj ET Q q 0 0 0 rg BT 288.75 466.27 Td (, expected) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 69.50 455.77 Td (weighted-average long-term return\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.50 455.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.10 455.79 Td (68,576) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 455.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 455.77 Td (68,830) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 440.77 Td (Benefit obligation \(at 2.3% and 2.4%, respectively) Tj ET Q q 0 0 0 rg BT 263.73 440.77 Td (, discount rate\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.60 440.79 Td (\(81,019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.00 440.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 440.77 Td (\(102,165) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 440.77 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 425.77 Td (Unfunded status \(excess of benefit obligation over plan assets\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.50 425.79 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.60 425.79 Td (\(12,443) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.00 425.79 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.50 425.77 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 425.77 Td (\(33,335) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 425.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.50 Td (The change in the benefit obligation is summarized below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 373 m 397 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 373 m 479 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 373 m 483 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 373 m 562 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 359 m 397 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 359 m 479 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 373 m 562 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 359 m 562 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 359 m 479 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 359 m 562 359 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 289 m 397 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 289 m 397 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 275 m 397 275 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 289 m 479 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 275 m 479 275 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 289 m 562 289 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 275 m 562 275 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 377.22 Td (Y) Tj ET Q q 0 0 0 rg BT 439.56 377.22 Td (ears ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.00 363.39 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.50 363.22 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 349.22 Td (Beginning benefit obligation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.50 349.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.85 349.39 Td (102,165) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 349.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 349.22 Td (102,469) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 335.22 Td (Interest costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 451.35 335.39 Td (2,331) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 335.22 Td (2,426) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 321.22 Td (Actuarial \(gain\) loss) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 442.60 321.39 Td (\(17,082) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 475.00 321.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 321.22 Td (7,989) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 307.22 Td (Benefits paid) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.85 307.39 Td (\(2,105) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 475.00 307.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 307.22 Td (\(3,078) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 307.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 293.22 Td (Exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 447.85 293.39 Td (\(4,290) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 475.00 293.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 293.22 Td (\(7,641) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 293.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 279.22 Td (Ending benefit obligation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.50 279.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 446.10 279.39 Td (81,019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.50 279.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 279.22 Td (102,165) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.50 Td (The change in plan assets is summarized below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 227 m 399 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 227 m 481 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 227 m 562 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 213 m 399 213 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 213 m 481 213 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 227 m 485 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 227 m 562 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 213 m 562 213 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 213 m 481 213 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 213 m 562 213 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 143 m 399 143 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 143 m 399 143 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 129 m 399 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 143 m 481 143 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 129 m 481 129 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 143 m 562 143 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 129 m 562 129 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.50 231.22 Td (Y) Tj ET Q q 0 0 0 rg BT 440.56 231.22 Td (ears ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 431.00 217.39 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.50 217.22 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 203.22 Td (Beginning plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 203.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.10 203.39 Td (68,830) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.50 203.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 203.22 Td (67,529) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 189.22 Td (Actual return on plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.35 189.39 Td (2,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 189.22 Td (6,384) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 175.22 Td (Employer contributions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.35 175.39 Td (3,044) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 175.22 Td (3,144) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 161.22 Td (Benefits paid) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.85 161.39 Td (\(2,105) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.00 161.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 161.22 Td (\(3,078) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 161.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 147.22 Td (Exchange rate changes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.85 147.39 Td (\(3,340) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.00 147.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.85 147.22 Td (\(5,149) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 147.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 133.22 Td (Ending plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 405.50 133.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 448.10 133.39 Td (68,576) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.50 133.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 133.22 Td (68,830) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.58 104.30 Td (the ) Tj ET Q q 0 0 0 rg BT 83.90 104.30 Td (years ) Tj ET Q q 0 0 0 rg BT 109.55 104.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 138.12 104.30 Td (March ) Tj ET Q q 0 0 0 rg BT 169.02 104.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 185.63 104.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 212.75 104.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 239.87 104.30 Td (and ) Tj ET Q q 0 0 0 rg BT 258.53 104.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 285.65 104.30 Td (a ) Tj ET Q q 0 0 0 rg BT 293.80 104.30 Td (net ) Tj ET Q q 0 0 0 rg BT 310.12 104.30 Td (periodic ) Tj ET Q q 0 0 0 rg BT 348.02 104.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 380.67 104.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 392.91 104.30 Td ($833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.91 104.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.74 104.30 Td ($734) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.74 104.30 Td ( ) Tj ET Q q 0 0 0 rg BT 444.23 104.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.88 104.30 Td ($389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.88 104.30 Td (, ) Tj ET Q q 0 0 0 rg BT 490.00 104.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 540.05 104.30 Td (, ) Tj ET Q q 0 0 0 rg BT 546.17 104.30 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 91.70 Td (included ) Tj ET Q q 0 0 0 rg BT 88.28 91.70 Td (in ) Tj ET Q q 0 0 0 rg BT 99.07 91.70 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 162.36 91.70 Td (and ) Tj ET Q q 0 0 0 rg BT 180.15 91.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 216.01 91.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 252.46 91.70 Td (in ) Tj ET Q q 0 0 0 rg BT 263.25 91.70 Td (the ) Tj ET Q q 0 0 0 rg BT 278.70 91.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 336.74 91.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 385.44 91.70 Td (of ) Tj ET Q q 0 0 0 rg BT 396.81 91.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 430.92 91.70 Td (\(Loss\). ) Tj ET Q endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (The components of the net periodic gain for the years ended March 31, were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 717.6 m 366 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 717.6 m 430 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 717.6 m 494 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 717.6 m 559 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 717.6 m 430 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 717.6 m 494 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 717.6 m 559 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 689.6 m 366 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 675.6 m 366 675.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 689.6 m 430 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 675.6 m 430 675.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 689.6 m 494 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 675.6 m 494 675.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 689.6 m 559 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 675.6 m 559 675.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 389.00 721.99 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.00 721.82 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.50 721.82 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 707.82 Td (Interest costs) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.50 707.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.35 707.99 Td (2,331) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 707.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.35 707.82 Td (2,426) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 707.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.35 707.82 Td (2,763) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 693.82 Td (Expected return on plan assets) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 398.85 693.99 Td (\(3,164) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 693.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 693.82 Td (\(3,160) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 693.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.85 693.82 Td (\(3,152) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 555.00 693.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 679.82 Td (Net periodic benefit) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 372.50 679.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.75 679.99 Td (\(833) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 679.99 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.50 679.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.75 679.82 Td (\(734) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 679.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.50 679.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.75 679.82 Td (\(389) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 555.00 679.82 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 656.50 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.10 656.50 Td (actuarial ) Tj ET Q q 0 0 0 rg BT 105.68 656.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 133.21 656.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.39 656.50 Td ($791) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 165.39 656.50 Td ( ) Tj ET Q q 0 0 0 rg BT 167.83 656.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 185.43 656.50 Td ($17,807) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.56 656.50 Td ( ) Tj ET Q q 0 0 0 rg BT 222.00 656.50 Td (were ) Tj ET Q q 0 0 0 rg BT 244.83 656.50 Td (included ) Tj ET Q q 0 0 0 rg BT 283.43 656.50 Td (in ) Tj ET Q q 0 0 0 rg BT 293.50 656.50 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 351.92 656.50 Td (other ) Tj ET Q q 0 0 0 rg BT 375.93 656.50 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 441.93 656.50 Td (loss, ) Tj ET Q q 0 0 0 rg BT 463.33 656.50 Td (net, ) Tj ET Q q 0 0 0 rg BT 481.23 656.50 Td (in ) Tj ET Q q 0 0 0 rg BT 491.83 656.50 Td (the ) Tj ET Q q 0 0 0 rg BT 507.10 656.50 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 643.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.94 643.90 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 115.98 643.90 Td (at ) Tj ET Q q 0 0 0 rg BT 126.18 643.90 Td (March ) Tj ET Q q 0 0 0 rg BT 156.21 643.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.96 643.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 195.59 643.90 Td (and ) Tj ET Q q 0 0 0 rg BT 213.37 643.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 239.62 643.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 289.67 643.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.30 Td (As of March 31, 2020, the plan expects to make benefit payments over the next 10 fiscal years as follows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 599.02 Td (2021) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.50 599.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 599.02 Td (1,906) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 585.02 Td (2022) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 585.02 Td (2,085) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 571.02 Td (2023) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 571.02 Td (2,129) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 557.02 Td (2024) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 557.02 Td (2,576) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 543.02 Td (2025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 543.02 Td (2,532) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 529.02 Td (2026-2030) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 529.02 Td (15,813) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 505.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.79 505.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.39 505.70 Td (with ) Tj ET Q q 0 0 0 rg BT 130.60 505.70 Td (a ) Tj ET Q q 0 0 0 rg BT 137.80 505.70 Td (review ) Tj ET Q q 0 0 0 rg BT 168.91 505.70 Td (by ) Tj ET Q q 0 0 0 rg BT 181.94 505.70 Td (the ) Tj ET Q q 0 0 0 rg BT 197.31 505.70 Td (Pensions ) Tj ET Q q 0 0 0 rg BT 237.19 505.70 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 281.14 505.70 Td (in ) Tj ET Q q 0 0 0 rg BT 291.84 505.70 Td (the ) Tj ET Q q 0 0 0 rg BT 307.21 505.70 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 330.17 505.70 Td (\("the ) Tj ET Q q 0 0 0 rg BT 353.32 505.70 Td (Regulator"\) ) Tj ET Q q 0 0 0 rg BT 405.04 505.70 Td (of ) Tj ET Q q 0 0 0 rg BT 416.33 505.70 Td (the ) Tj ET Q q 0 0 0 rg BT 431.70 505.70 Td (pension ) Tj ET Q q 0 0 0 rg BT 466.90 505.70 Td (plan's ) Tj ET Q q 0 0 0 rg BT 493.50 505.70 Td (current ) Tj ET Q q 0 0 0 rg BT 525.77 505.70 Td (structure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 493.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 101.91 493.10 Td (status, ) Tj ET Q q 0 0 0 rg BT 130.74 493.10 Td (Martin ) Tj ET Q q 0 0 0 rg BT 161.61 493.10 Td (Currie, ) Tj ET Q q 0 0 0 rg BT 193.35 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.47 493.10 Td (trustees ) Tj ET Q q 0 0 0 rg BT 242.83 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.87 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.99 493.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 303.94 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.40 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.51 493.10 Td (Regulator ) Tj ET Q q 0 0 0 rg BT 380.21 493.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 410.48 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.94 493.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.89 493.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 460.50 493.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 480.87 493.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 519.90 493.10 Td (on ) Tj ET Q q 0 0 0 rg BT 532.18 493.10 Td (August ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 480.50 Td (10, ) Tj ET Q q 0 0 0 rg BT 63.96 480.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 88.92 480.50 Td (including ) Tj ET Q q 0 0 0 rg BT 129.91 480.50 Td (the ) Tj ET Q q 0 0 0 rg BT 144.07 480.50 Td (redomiciliation ) Tj ET Q q 0 0 0 rg BT 209.56 480.50 Td (of ) Tj ET Q q 0 0 0 rg BT 219.64 480.50 Td (the ) Tj ET Q q 0 0 0 rg BT 233.80 480.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 253.21 480.50 Td (in ) Tj ET Q q 0 0 0 rg BT 262.71 480.50 Td (the ) Tj ET Q q 0 0 0 rg BT 276.87 480.50 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 301.24 480.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 344.57 480.50 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 390.79 480.50 Td (from ) Tj ET Q q 0 0 0 rg BT 412.54 480.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 442.45 480.50 Td (Currie ) Tj ET Q q 0 0 0 rg BT 470.61 480.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 502.27 480.50 Td (and ) Tj ET Q q 0 0 0 rg BT 518.76 480.50 Td (provisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 467.90 Td (for ) Tj ET Q q 0 0 0 rg BT 64.36 467.90 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 114.18 467.90 Td (funding ) Tj ET Q q 0 0 0 rg BT 149.46 467.90 Td (of ) Tj ET Q q 0 0 0 rg BT 160.83 467.90 Td (a ) Tj ET Q q 0 0 0 rg BT 168.11 467.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 201.06 467.90 Td (of ) Tj ET Q q 0 0 0 rg BT 212.42 467.90 Td (any ) Tj ET Q q 0 0 0 rg BT 230.20 467.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 261.97 467.90 Td (obligation ) Tj ET Q q 0 0 0 rg BT 307.16 467.90 Td (in ) Tj ET Q q 0 0 0 rg BT 317.95 467.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 349.13 467.90 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 413.85 467.90 Td ( ) Tj ET Q q 0 0 0 rg BT 416.46 467.90 Td (Martin ) Tj ET Q q 0 0 0 rg BT 447.66 467.90 Td (Currie ) Tj ET Q q 0 0 0 rg BT 477.10 467.90 Td (agreed ) Tj ET Q q 0 0 0 rg BT 507.70 467.90 Td (with ) Tj ET Q q 0 0 0 rg BT 528.98 467.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.43 467.90 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 455.30 Td (trustees ) Tj ET Q q 0 0 0 rg BT 84.34 455.30 Td (to ) Tj ET Q q 0 0 0 rg BT 95.26 455.30 Td (contribute ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.59 455.30 Td ($2,876) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.47 455.30 Td ( ) Tj ET Q q 0 0 0 rg BT 172.23 455.30 Td (\(using ) Tj ET Q q 0 0 0 rg BT 201.24 455.30 Td (the ) Tj ET Q q 0 0 0 rg BT 216.83 455.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 259.23 455.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 277.72 455.30 Td (as ) Tj ET Q q 0 0 0 rg BT 289.23 455.30 Td (of ) Tj ET Q q 0 0 0 rg BT 300.74 455.30 Td (March ) Tj ET Q q 0 0 0 rg BT 330.90 455.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 346.79 455.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 370.54 455.30 Td (for ) Tj ET Q q 0 0 0 rg BT 385.55 455.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.14 455.30 Td (�2,320) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.01 455.30 Td ( ) Tj ET Q q 0 0 0 rg BT 432.77 455.30 Td (annual ) Tj ET Q q 0 0 0 rg BT 463.52 455.30 Td (committed ) Tj ET Q q 0 0 0 rg BT 511.19 455.30 Td (contribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 442.70 Td (amount\) ) Tj ET Q q 0 0 0 rg BT 87.50 442.70 Td (to ) Tj ET Q q 0 0 0 rg BT 98.67 442.70 Td (the ) Tj ET Q q 0 0 0 rg BT 114.50 442.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 135.58 442.70 Td (on ) Tj ET Q q 0 0 0 rg BT 149.09 442.70 Td (an ) Tj ET Q q 0 0 0 rg BT 162.00 442.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 193.00 442.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 217.00 442.70 Td (through ) Tj ET Q q 0 0 0 rg BT 252.67 442.70 Td (May ) Tj ET Q q 0 0 0 rg BT 274.92 442.70 Td (2024, ) Tj ET Q q 0 0 0 rg BT 301.55 442.70 Td (with ) Tj ET Q q 0 0 0 rg BT 323.22 442.70 Td (a ) Tj ET Q q 0 0 0 rg BT 330.89 442.70 Td (final ) Tj ET Q q 0 0 0 rg BT 353.13 442.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 392.30 442.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.05 442.70 Td ($1,81) Tj ET Q q 0 0 0 rg BT 427.28 442.70 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.53 442.70 Td ( ) Tj ET Q q 0 0 0 rg BT 435.54 442.70 Td (\(using ) Tj ET Q q 0 0 0 rg BT 464.79 442.70 Td (the ) Tj ET Q q 0 0 0 rg BT 480.62 442.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 523.27 442.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 542.01 442.70 Td (as ) Tj ET Q q 0 0 0 rg BT 553.76 442.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (March ) Tj ET Q q 0 0 0 rg BT 79.89 430.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 96.01 430.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 120.00 430.10 Td (for ) Tj ET Q q 0 0 0 rg BT 135.23 430.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.05 430.10 Td (�1,461) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.93 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.92 430.10 Td (final ) Tj ET Q q 0 0 0 rg BT 205.15 430.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 244.30 430.10 Td (amount\) ) Tj ET Q q 0 0 0 rg BT 282.28 430.10 Td (due ) Tj ET Q q 0 0 0 rg BT 300.43 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.59 430.10 Td (November ) Tj ET Q q 0 0 0 rg BT 358.90 430.10 Td (2024. ) Tj ET Q q 0 0 0 rg BT 385.51 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.84 430.10 Td (As ) Tj ET Q q 0 0 0 rg BT 402.50 430.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.15 430.10 Td (result ) Tj ET Q q 0 0 0 rg BT 436.47 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.21 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.03 430.10 Td (May ) Tj ET Q q 0 0 0 rg BT 486.26 430.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 502.38 430.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 526.37 430.10 Td (actuarial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 417.50 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 93.82 417.50 Td (Martin ) Tj ET Q q 0 0 0 rg BT 125.03 417.50 Td (Currie ) Tj ET Q q 0 0 0 rg BT 154.48 417.50 Td (and ) Tj ET Q q 0 0 0 rg BT 172.26 417.50 Td (the ) Tj ET Q q 0 0 0 rg BT 187.72 417.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 208.42 417.50 Td (trustees ) Tj ET Q q 0 0 0 rg BT 243.12 417.50 Td (are ) Tj ET Q q 0 0 0 rg BT 258.56 417.50 Td (contemplating ) Tj ET Q q 0 0 0 rg BT 321.26 417.50 Td (revised ) Tj ET Q q 0 0 0 rg BT 354.20 417.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 384.82 417.50 Td (committed ) Tj ET Q q 0 0 0 rg BT 432.35 417.50 Td (contribution ) Tj ET Q q 0 0 0 rg BT 486.30 417.50 Td (amounts.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 392.90 Td (1) Tj ET Q q 0 0 0 rg BT 54.17 392.90 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 59.42 392.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 64.67 392.90 Td (Capital Stock) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 125.64 392.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 367.70 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.41 367.70 Td (March ) Tj ET Q q 0 0 0 rg BT 94.22 367.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 110.75 367.70 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.75 367.70 Td (, ) Tj ET Q q 0 0 0 rg BT 137.78 367.70 Td (the ) Tj ET Q q 0 0 0 rg BT 154.02 367.70 Td (authorized ) Tj ET Q q 0 0 0 rg BT 201.74 367.70 Td (numbers ) Tj ET Q q 0 0 0 rg BT 241.30 367.70 Td (of ) Tj ET Q q 0 0 0 rg BT 253.46 367.70 Td (common ) Tj ET Q q 0 0 0 rg BT 293.61 367.70 Td (and ) Tj ET Q q 0 0 0 rg BT 312.18 367.70 Td (preferred ) Tj ET Q q 0 0 0 rg BT 354.05 367.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 383.70 367.70 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.51 367.70 Td (500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.63 367.70 Td ( ) Tj ET Q q 0 0 0 rg BT 445.04 367.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.61 367.70 Td (4,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.23 367.70 Td (, ) Tj ET Q q 0 0 0 rg BT 493.26 367.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 543.31 367.70 Td (. ) Tj ET Q q 0 0 0 rg BT 549.34 367.70 Td ( ) Tj ET Q q 0 0 0 rg BT 552.00 367.70 Td (At ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (March ) Tj ET Q q 0 0 0 rg BT 79.82 355.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 95.85 355.10 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.85 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.77 355.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 137.84 355.10 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.84 355.10 Td (, ) Tj ET Q q 0 0 0 rg BT 164.38 355.10 Td (there ) Tj ET Q q 0 0 0 rg BT 188.27 355.10 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.59 355.10 Td (6,634) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.21 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.12 355.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.20 355.10 Td (7,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 279.82 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.73 355.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 311.89 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.54 355.10 Td (common ) Tj ET Q q 0 0 0 rg BT 363.20 355.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 390.90 355.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 440.95 355.10 Td (, ) Tj ET Q q 0 0 0 rg BT 446.49 355.10 Td (reserved ) Tj ET Q q 0 0 0 rg BT 484.96 355.10 Td (for ) Tj ET Q q 0 0 0 rg BT 500.12 355.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 538.60 355.10 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 342.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.70 342.50 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 110.89 342.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 139.76 342.50 Td (plans. ) Tj ET Q q 0 0 0 rg BT 167.17 342.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 317.30 Td (Changes in common stock were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 291.79999999999995 m 434 291.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 291.79999999999995 m 438 291.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 291.79999999999995 m 498 291.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 291.79999999999995 m 502 291.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 291.79999999999995 m 562 291.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 276.79999999999995 m 370 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 276.79999999999995 m 434 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 276.79999999999995 m 498 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 276.79999999999995 m 562 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 276.79999999999995 m 370 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 276.79999999999995 m 434 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 276.79999999999995 m 498 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 276.79999999999995 m 562 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 156.79999999999995 m 434 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 156.79999999999995 m 498 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 156.79999999999995 m 562 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 156.79999999999995 m 370 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 141.79999999999995 m 370 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 156.79999999999995 m 434 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 141.79999999999995 m 434 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 156.79999999999995 m 498 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 141.79999999999995 m 498 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 156.79999999999995 m 562 156.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 141.79999999999995 m 562 141.79999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.15 296.57 Td (Y) Tj ET Q q 0 0 0 rg BT 424.68 296.57 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 281.59 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 281.57 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 281.57 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 266.59 Td (COMMON ST) Tj ET Q q 0 0 0 rg BT 119.10 266.59 Td (OCK) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 251.57 Td (Beginning balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 251.59 Td (85,557) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 251.57 Td (84,606) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 251.57 Td (95,727) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 236.57 Td (Shares issued for:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 221.57 Td (Stock option exercises) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 221.59 Td (1,256) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.25 221.57 Td (198) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 221.57 Td (472) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 206.57 Td (Deferred compensation employee stock trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 206.59 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 206.57 Td (1) Tj ET Q q 0 0 0 rg BT 488.75 206.57 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 206.57 Td (1) Tj ET Q q 0 0 0 rg BT 552.75 206.57 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 191.57 Td (Stock-based compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 406.35 191.59 Td (1,410) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 191.57 Td (1,137) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.25 191.57 Td (948) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 176.57 Td (Shares repurchased and retired) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 176.59 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 176.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 176.57 Td (\(12,204) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 176.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 161.57 Td (Employee tax withholding by settlement of net share transactions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.75 161.59 Td (\(455) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.00 161.59 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 161.57 Td (\(395) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 161.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.75 161.57 Td (\(348) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 161.57 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 146.57 Td (Ending balance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.10 146.59 Td (87,782) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 146.57 Td (85,557) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 146.57 Td (84,606) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 117.10 Td (During ) Tj ET Q q 0 0 0 rg BT 82.29 117.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 108.08 117.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 134.75 117.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 161.43 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.64 117.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 206.31 117.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 230.93 117.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 262.56 117.10 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.01 117.10 Td (455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.76 117.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 314.43 117.10 Td (395) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.18 117.10 Td (, ) Tj ET Q q 0 0 0 rg BT 335.86 117.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.06 117.10 Td (348) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.81 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.86 117.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 404.78 117.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 454.82 117.10 Td (, ) Tj ET Q q 0 0 0 rg BT 460.50 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.29 117.10 Td (its ) Tj ET Q q 0 0 0 rg BT 485.26 117.10 Td (common ) Tj ET Q q 0 0 0 rg BT 525.05 117.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 550.26 117.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.50 Td ($15,448) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.63 104.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 87.81 104.50 Td ($15,575) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 121.94 104.50 Td ( ) Tj ET Q q 0 0 0 rg BT 123.50 104.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.22 104.50 Td ($13,233) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.34 104.50 Td (, ) Tj ET Q q 0 0 0 rg BT 178.53 104.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 228.58 104.50 Td (, ) Tj ET Q q 0 0 0 rg BT 232.76 104.50 Td (under ) Tj ET Q q 0 0 0 rg BT 258.23 104.50 Td (net ) Tj ET Q q 0 0 0 rg BT 272.62 104.50 Td (share ) Tj ET Q q 0 0 0 rg BT 296.33 104.50 Td (settlements ) Tj ET Q q 0 0 0 rg BT 345.14 104.50 Td (of ) Tj ET Q q 0 0 0 rg BT 355.45 104.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 391.98 104.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 451.86 104.50 Td (award ) Tj ET Q q 0 0 0 rg BT 479.07 104.50 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 513.59 104.50 Td ( ) Tj ET Q q 0 0 0 rg BT 515.15 104.50 Td (In ) Tj ET Q q 0 0 0 rg BT 525.46 104.50 Td (addition, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 91.90 Td (during ) Tj ET Q q 0 0 0 rg BT 79.28 91.90 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.39 91.90 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 125.39 91.90 Td (, ) Tj ET Q q 0 0 0 rg BT 130.39 91.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 154.33 91.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 185.29 91.90 Td (purchased ) Tj ET Q q 0 0 0 rg BT 230.22 91.90 Td (and ) Tj ET Q q 0 0 0 rg BT 247.75 91.90 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.52 91.90 Td (6,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.15 91.90 Td ( ) Tj ET Q q 0 0 0 rg BT 303.52 91.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 332.13 91.90 Td (of ) Tj ET Q q 0 0 0 rg BT 343.25 91.90 Td (its ) Tj ET Q q 0 0 0 rg BT 355.54 91.90 Td (common ) Tj ET Q q 0 0 0 rg BT 394.65 91.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 419.19 91.90 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.80 91.90 Td ($253,649) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.18 91.90 Td ( ) Tj ET Q q 0 0 0 rg BT 475.55 91.90 Td (through ) Tj ET Q q 0 0 0 rg BT 510.58 91.90 Td (open ) Tj ET Q q 0 0 0 rg BT 533.36 91.90 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 79.30 Td (purchases. ) Tj ET Q endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.85 741.75 Td (January ) Tj ET Q q 0 0 0 rg BT 98.10 741.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 125.33 741.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 150.50 741.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 188.67 741.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 217.93 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.27 741.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 272.94 741.75 Td (approved ) Tj ET Q q 0 0 0 rg BT 315.61 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 323.87 741.75 Td (share ) Tj ET Q q 0 0 0 rg BT 349.63 741.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 398.70 741.75 Td (authorization ) Tj ET Q q 0 0 0 rg BT 457.70 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 473.54 741.75 Td (up ) Tj ET Q q 0 0 0 rg BT 487.64 741.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.41 741.75 Td ($1,000,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.66 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 550.26 741.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 102.19 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 114.07 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 138.78 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 170.49 729.15 Td (common ) Tj ET Q q 0 0 0 rg BT 210.37 729.15 Td (stock. ) Tj ET Q q 0 0 0 rg BT 238.30 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 241.43 729.15 Td (On ) Tj ET Q q 0 0 0 rg BT 257.39 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 303.67 729.15 Td (22, ) Tj ET Q q 0 0 0 rg BT 319.92 729.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 346.68 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 371.39 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 403.11 729.15 Td (purchased ) Tj ET Q q 0 0 0 rg BT 448.80 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 467.10 729.15 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.63 729.15 Td (5,568) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.25 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 524.39 729.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.76 729.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.91 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.32 716.55 Td (common ) Tj ET Q q 0 0 0 rg BT 144.90 716.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 169.90 716.55 Td (from ) Tj ET Q q 0 0 0 rg BT 193.14 716.55 Td (Shanda ) Tj ET Q q 0 0 0 rg BT 226.89 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 241.96 716.55 Td (an ) Tj ET Q q 0 0 0 rg BT 254.70 716.55 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 298.34 716.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 338.49 716.55 Td (price ) Tj ET Q q 0 0 0 rg BT 362.31 716.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.89 716.55 Td ($225,490) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.26 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 418.72 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 421.55 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 445.96 716.55 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 483.35 716.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 511.85 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 523.43 716.55 Td (Directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (approved ) Tj ET Q q 0 0 0 rg BT 90.34 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 104.94 703.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 144.03 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 154.55 703.95 Td (these ) Tj ET Q q 0 0 0 rg BT 177.90 703.95 Td (shares, ) Tj ET Q q 0 0 0 rg BT 208.54 703.95 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 245.31 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 259.92 703.95 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.26 703.95 Td ($169,019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.64 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 345.41 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 355.93 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 379.28 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 409.64 703.95 Td (common ) Tj ET Q q 0 0 0 rg BT 448.16 703.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 472.09 703.95 Td (previously ) Tj ET Q q 0 0 0 rg BT 518.20 703.95 Td (authorized ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.73 691.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 105.04 691.35 Td (under ) Tj ET Q q 0 0 0 rg BT 131.94 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 147.76 691.35 Td (January ) Tj ET Q q 0 0 0 rg BT 183.41 691.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 207.40 691.35 Td (authorization ) Tj ET Q q 0 0 0 rg BT 265.79 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 283.94 691.35 Td (authorizing ) Tj ET Q q 0 0 0 rg BT 334.75 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 350.57 691.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 390.88 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 402.62 691.35 Td (an ) Tj ET Q q 0 0 0 rg BT 415.52 691.35 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.50 691.35 Td ($56,471) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.63 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 497.62 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 509.36 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.92 691.35 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (common ) Tj ET Q q 0 0 0 rg BT 89.11 678.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 114.13 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 125.16 678.75 Td (complete ) Tj ET Q q 0 0 0 rg BT 166.51 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.20 678.75 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 233.76 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 235.99 678.75 Td (As ) Tj ET Q q 0 0 0 rg BT 250.52 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.13 678.75 Td (March ) Tj ET Q q 0 0 0 rg BT 292.39 678.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 308.38 678.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 334.87 678.75 Td (further ) Tj ET Q q 0 0 0 rg BT 366.30 678.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 410.56 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.17 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 446.61 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 478.05 678.75 Td (common ) Tj ET Q q 0 0 0 rg BT 517.66 678.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.69 678.75 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 65.54 666.15 Td (been ) Tj ET Q q 0 0 0 rg BT 87.99 666.15 Td (authorized ) Tj ET Q q 0 0 0 rg BT 134.93 666.15 Td (and ) Tj ET Q q 0 0 0 rg BT 152.71 666.15 Td (are ) Tj ET Q q 0 0 0 rg BT 168.16 666.15 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 213.94 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 227.07 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 242.52 666.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 259.82 666.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 275.28 666.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 324.55 666.15 Td (while ) Tj ET Q q 0 0 0 rg BT 350.50 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 365.95 666.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 383.26 666.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 399.29 666.15 Td (is ) Tj ET Q q 0 0 0 rg BT 408.92 666.15 Td (pending. ) Tj ET Q q 0 0 0 rg BT 448.00 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 450.62 666.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.90 640.95 Td (par ) Tj ET Q q 0 0 0 rg BT 85.37 640.95 Td (value ) Tj ET Q q 0 0 0 rg BT 111.18 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 123.00 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 138.90 640.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 168.21 640.95 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 222.01 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 232.08 640.95 Td (char) Tj ET Q q 0 0 0 rg BT 249.96 640.95 Td (ged ) Tj ET Q q 0 0 0 rg BT 268.19 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 279.43 640.95 Td (common ) Tj ET Q q 0 0 0 rg BT 319.25 640.95 Td (stock, ) Tj ET Q q 0 0 0 rg BT 347.11 640.95 Td (with ) Tj ET Q q 0 0 0 rg BT 368.85 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 384.75 640.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 415.22 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 427.04 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.94 640.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 483.33 640.95 Td (price ) Tj ET Q q 0 0 0 rg BT 507.38 640.95 Td (over ) Tj ET Q q 0 0 0 rg BT 529.11 640.95 Td (par ) Tj ET Q q 0 0 0 rg BT 545.59 640.95 Td (first ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (char) Tj ET Q q 0 0 0 rg BT 67.38 628.35 Td (ged ) Tj ET Q q 0 0 0 rg BT 85.16 628.35 Td (against ) Tj ET Q q 0 0 0 rg BT 117.53 628.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 162.15 628.35 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 194.52 628.35 Td (capital, ) Tj ET Q q 0 0 0 rg BT 227.75 628.35 Td (with ) Tj ET Q q 0 0 0 rg BT 249.04 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 264.50 628.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 309.69 628.35 Td (balance, ) Tj ET Q q 0 0 0 rg BT 347.00 628.35 Td (if ) Tj ET Q q 0 0 0 rg BT 356.04 628.35 Td (any) Tj ET Q q 0 0 0 rg BT 370.52 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 375.77 628.35 Td (char) Tj ET Q q 0 0 0 rg BT 393.65 628.35 Td (ged ) Tj ET Q q 0 0 0 rg BT 411.43 628.35 Td (against ) Tj ET Q q 0 0 0 rg BT 443.80 628.35 Td (retained ) Tj ET Q q 0 0 0 rg BT 480.24 628.35 Td (earnings.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 96.06 603.15 Td (declared ) Tj ET Q q 0 0 0 rg BT 135.00 603.15 Td (per ) Tj ET Q q 0 0 0 rg BT 151.80 603.15 Td (share ) Tj ET Q q 0 0 0 rg BT 177.34 603.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.13 603.15 Td ($1.60) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.76 603.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.77 603.15 Td ($1.36) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.40 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 257.79 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 276.34 603.15 Td ($1.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 299.97 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 303.36 603.15 Td (during ) Tj ET Q q 0 0 0 rg BT 334.16 603.15 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.29 603.15 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.29 603.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.30 603.15 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.30 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 414.32 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.87 603.15 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 453.87 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 459.89 603.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 509.93 603.15 Td (. ) Tj ET Q q 0 0 0 rg BT 515.95 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 519.34 603.15 Td (Dividends ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (declared ) Tj ET Q q 0 0 0 rg BT 87.08 590.55 Td (but ) Tj ET Q q 0 0 0 rg BT 102.52 590.55 Td (not ) Tj ET Q q 0 0 0 rg BT 117.96 590.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 138.06 590.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.66 590.55 Td (March ) Tj ET Q q 0 0 0 rg BT 177.08 590.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 192.23 590.55 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.23 590.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.87 590.55 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.87 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 243.52 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 260.70 590.55 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.70 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 286.35 590.55 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.77 590.55 Td ($34,930) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 342.90 590.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.54 590.55 Td ($29,058) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 381.67 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 383.69 590.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.87 590.55 Td ($23,623) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 439.64 590.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 489.69 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 494.34 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 511.52 590.55 Td (are ) Tj ET Q q 0 0 0 rg BT 526.36 590.55 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 59.15 577.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 84.54 577.95 Td (current ) Tj ET Q q 0 0 0 rg BT 115.76 577.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 156.32 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 168.30 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 182.61 577.95 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 239.51 577.95 Td (Balance ) Tj ET Q q 0 0 0 rg BT 274.81 577.95 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 306.33 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 307.70 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 325.51 577.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 342.82 577.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 357.38 577.95 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 405.51 577.95 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 444.33 577.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 467.38 577.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 497.45 577.95 Td (from ) Tj ET Q q 0 0 0 rg BT 519.34 577.95 Td (increasing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (its ) Tj ET Q q 0 0 0 rg BT 61.89 565.35 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 102.26 565.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 141.47 565.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 163.76 565.35 Td (or ) Tj ET Q q 0 0 0 rg BT 174.98 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 197.86 565.35 Td (paying ) Tj ET Q q 0 0 0 rg BT 228.90 565.35 Td (dividends ) Tj ET Q q 0 0 0 rg BT 272.21 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 285.17 565.35 Td (dates ) Tj ET Q q 0 0 0 rg BT 309.22 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 327.43 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 342.72 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 358.61 565.35 Td (consistent ) Tj ET Q q 0 0 0 rg BT 403.07 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 424.21 565.35 Td (past ) Tj ET Q q 0 0 0 rg BT 443.59 565.35 Td (practices ) Tj ET Q q 0 0 0 rg BT 483.37 565.35 Td (during ) Tj ET Q q 0 0 0 rg BT 513.25 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 528.55 565.35 Td (time ) Tj ET Q q 0 0 0 rg BT 549.68 565.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 66.80 552.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 82.84 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 92.47 552.75 Td (pending.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 528.15 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 528.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.00 528.15 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 123.05 528.15 Td (Compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 187.81 528.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.15 502.95 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 111.79 502.95 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 164.44 502.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 225.84 502.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 263.91 502.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 306.05 502.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 331.29 502.95 Td (units, ) Tj ET Q q 0 0 0 rg BT 357.42 502.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 382.66 502.95 Td (options, ) Tj ET Q q 0 0 0 rg BT 419.28 502.95 Td (an ) Tj ET Q q 0 0 0 rg BT 432.27 502.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 476.16 502.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 501.41 502.95 Td (purchase ) Tj ET Q q 0 0 0 rg BT 541.80 502.95 Td (plan, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.35 Td (market ) Tj ET Q q 0 0 0 rg BT 80.22 490.35 Td (and ) Tj ET Q q 0 0 0 rg BT 96.95 490.35 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 178.97 490.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 233.59 490.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 261.40 490.35 Td (payable ) Tj ET Q q 0 0 0 rg BT 295.61 490.35 Td (in ) Tj ET Q q 0 0 0 rg BT 305.35 490.35 Td (common ) Tj ET Q q 0 0 0 rg BT 343.66 490.35 Td (stock, ) Tj ET Q q 0 0 0 rg BT 370.02 490.35 Td (af) Tj ET Q q 0 0 0 rg BT 377.98 490.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 404.04 490.35 Td (management ) Tj ET Q q 0 0 0 rg BT 459.25 490.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 487.06 490.35 Td (plans ) Tj ET Q q 0 0 0 rg BT 510.80 490.35 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 490.35 Td (deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.56 477.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 145.95 477.75 Td (in ) Tj ET Q q 0 0 0 rg BT 156.85 477.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 184.38 477.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.12 477.75 Td (Shares ) Tj ET Q q 0 0 0 rg BT 217.85 477.75 Td (available ) Tj ET Q q 0 0 0 rg BT 258.48 477.75 Td (for ) Tj ET Q q 0 0 0 rg BT 273.46 477.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 311.77 477.75 Td (under ) Tj ET Q q 0 0 0 rg BT 338.42 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 353.98 477.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 382.97 477.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 424.19 477.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 449.09 477.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 469.91 477.75 Td (as ) Tj ET Q q 0 0 0 rg BT 481.39 477.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.88 477.75 Td (March ) Tj ET Q q 0 0 0 rg BT 523.02 477.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 477.75 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 477.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 72.84 465.15 Td (6,331) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.46 465.15 Td (. ) Tj ET Q q 0 0 0 rg BT 102.02 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 104.96 465.15 Td (Options ) Tj ET Q q 0 0 0 rg BT 141.15 465.15 Td (under ) Tj ET Q q 0 0 0 rg BT 167.99 465.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 192.50 465.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 224.00 465.15 Td (s ) Tj ET Q q 0 0 0 rg BT 231.02 465.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.20 465.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 301.62 465.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 326.72 465.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 351.82 465.15 Td (have ) Tj ET Q q 0 0 0 rg BT 374.58 465.15 Td (been ) Tj ET Q q 0 0 0 rg BT 397.33 465.15 Td (granted ) Tj ET Q q 0 0 0 rg BT 431.75 465.15 Td (at ) Tj ET Q q 0 0 0 rg BT 442.27 465.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 470.27 465.15 Td (not ) Tj ET Q q 0 0 0 rg BT 486.63 465.15 Td (less ) Tj ET Q q 0 0 0 rg BT 505.31 465.15 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.32 465.15 Td (100%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.82 465.15 Td ( ) Tj ET Q q 0 0 0 rg BT 553.76 465.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.75 452.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 81.75 452.55 Td (market ) Tj ET Q q 0 0 0 rg BT 113.33 452.55 Td (value ) Tj ET Q q 0 0 0 rg BT 138.49 452.55 Td (on ) Tj ET Q q 0 0 0 rg BT 151.42 452.55 Td (the ) Tj ET Q q 0 0 0 rg BT 166.67 452.55 Td (date ) Tj ET Q q 0 0 0 rg BT 186.58 452.55 Td (of ) Tj ET Q q 0 0 0 rg BT 197.76 452.55 Td (grant. ) Tj ET Q q 0 0 0 rg BT 224.38 452.55 Td ( ) Tj ET Q q 0 0 0 rg BT 226.81 452.55 Td (Options ) Tj ET Q q 0 0 0 rg BT 262.49 452.55 Td (are ) Tj ET Q q 0 0 0 rg BT 277.73 452.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 319.22 452.55 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 368.87 452.55 Td (in ) Tj ET Q q 0 0 0 rg BT 379.46 452.55 Td (equal ) Tj ET Q q 0 0 0 rg BT 404.62 452.55 Td (increments ) Tj ET Q q 0 0 0 rg BT 453.11 452.55 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.20 452.55 Td (four ) Tj ET Q q 0 0 0 rg BT 494.12 452.55 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.27 452.55 Td ( ) Tj ET Q q 0 0 0 rg BT 518.70 452.55 Td (and ) Tj ET Q q 0 0 0 rg BT 536.28 452.55 Td (expire ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.95 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.96 439.95 Td (eight ) Tj ET Q q 0 0 0 rg BT 102.58 439.95 Td (years) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.74 439.95 Td ( ) Tj ET Q q 0 0 0 rg BT 127.36 439.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.15 439.95 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 148.65 439.95 Td ( ) Tj ET Q q 0 0 0 rg BT 151.28 439.95 Td (years ) Tj ET Q q 0 0 0 rg BT 176.06 439.95 Td (from ) Tj ET Q q 0 0 0 rg BT 199.09 439.95 Td (the ) Tj ET Q q 0 0 0 rg BT 214.55 439.95 Td (date ) Tj ET Q q 0 0 0 rg BT 234.66 439.95 Td (of ) Tj ET Q q 0 0 0 rg BT 246.03 439.95 Td (grant.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 414.75 Td (components ) Tj ET Q q 0 0 0 rg BT 121.82 414.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.19 414.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 157.39 414.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 194.58 414.75 Td (total ) Tj ET Q q 0 0 0 rg BT 215.86 414.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 268.06 414.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 329.00 414.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 365.45 414.75 Td (were ) Tj ET Q q 0 0 0 rg BT 388.47 414.75 Td (as ) Tj ET Q q 0 0 0 rg BT 399.84 414.75 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 389.25 m 401 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 389.25 m 405 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 389.25 m 482 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 389.25 m 563 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 374.25 m 320 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 389.25 m 401 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 374.25 m 401 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 389.25 m 405 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 389.25 m 482 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 374.25 m 482 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 389.25 m 563 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 374.25 m 563 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 374.25 m 401 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 374.25 m 482 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 374.25 m 563 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 269.25 m 320 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 269.25 m 401 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 269.25 m 482 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 269.25 m 563 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 253.25 m 320 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 253.25 m 401 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 269.25 m 482 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 253.25 m 482 253.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 269.25 m 563 269.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 253.25 m 563 253.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.65 394.02 Td (Y) Tj ET Q q 0 0 0 rg BT 400.71 394.02 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 351.50 379.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 379.02 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.50 379.02 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 364.02 Td (Restricted stock and restricted stock units) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.50 364.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 364.04 Td (52,322) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.50 364.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.10 364.02 Td (49,282) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.50 364.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 364.02 Td (54,348) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 349.02 Td (Stock options) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 349.04 Td (2,853) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.35 349.02 Td (4,537) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 349.02 Td (7,478) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 334.02 Td (Employee stock purchase plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.25 334.04 Td (474) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.25 334.02 Td (61) Tj ET Q q 0 0 0 rg BT 472.75 334.02 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 334.02 Td (662) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 319.02 Td (Non-employee director awards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 319.04 Td (1,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.35 319.02 Td (5,332) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 319.02 Td (3,103) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 304.02 Td (Af) Tj ET Q q 0 0 0 rg BT 63.48 304.02 Td (filiate management equity plans) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 304.04 Td (1,694) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.35 304.02 Td (1,025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 304.02 Td (1,275) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 289.02 Td (Performance share units) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 289.04 Td (8,925) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.35 289.02 Td (5,065) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 289.02 Td (3,981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 274.02 Td (Employee stock trust) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 386.50 274.04 Td (33) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 274.02 Td (32) Tj ET Q BT 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Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 286.90 Td (Stock Options) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 274.30 Td (Stock ) Tj ET Q q 0 0 0 rg BT 76.04 274.30 Td (option ) Tj ET Q q 0 0 0 rg BT 105.50 274.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 158.28 274.30 Td (under ) Tj ET Q q 0 0 0 rg BT 184.81 274.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 209.01 274.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 246.20 274.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 275.07 274.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 316.18 274.30 Td (plans ) Tj ET Q q 0 0 0 rg BT 340.97 274.30 Td (are ) Tj ET Q q 0 0 0 rg BT 356.41 274.30 Td (summarized ) Tj ET Q q 0 0 0 rg BT 410.36 274.30 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 227.79999999999995 m 397 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 227.79999999999995 m 471 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 227.79999999999995 m 563 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 227.79999999999995 m 397 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 227.79999999999995 m 471 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 227.79999999999995 m 563 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 175.79999999999995 m 397 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 175.79999999999995 m 471 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 136.79999999999995 m 397 136.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 136.79999999999995 m 471 136.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 97.79999999999995 m 397 97.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 84.79999999999995 m 397 84.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 97.79999999999995 m 471 97.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 84.79999999999995 m 471 84.79999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 232.57 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.25 243.07 Td (Number) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.80 232.57 Td (of�Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.35 253.57 Td (W) Tj ET Q q 0 0 0 rg BT 488.42 253.57 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 529.63 253.57 Td (verage) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.00 243.07 Td (Exercise Price Per) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.50 232.57 Td (Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 218.02 Td (Options outstanding at March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.35 218.02 Td (4,593) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.50 218.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 218.02 Td (38.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 205.02 Td (Granted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.25 205.02 Td (440) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 205.02 Td (37.79) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 192.02 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 192.02 Td (\(490) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 192.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 192.02 Td (30.09) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 179.02 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 179.02 Td (\(106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 179.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 179.02 Td (47.42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 166.02 Td (Options outstanding at March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.35 166.02 Td (4,437) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 166.02 Td (38.78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 153.02 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 153.02 Td (\(201) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 153.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 153.02 Td (31.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 140.02 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 140.02 Td (\(121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 140.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 140.02 Td (42.31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 127.02 Td (Options outstanding at March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.35 127.02 Td (4,1) Tj ET Q q 0 0 0 rg BT 456.48 127.02 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 127.02 Td (39.05) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 114.02 Td (Exercised) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.85 114.02 Td (\(1,497) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 114.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.85 114.02 Td (34.56) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 101.02 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 101.02 Td (\(100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.00 101.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 101.02 Td (46.79) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 88.19 Td (Options outstanding at Mar) Tj ET Q q 0 0 0 rg BT 177.46 88.19 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 443.35 88.19 Td (2,518) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 477.50 88.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 88.19 Td (41.41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.08 60.10 Td (total ) Tj ET Q q 0 0 0 rg BT 89.01 60.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 125.68 60.10 Td (value ) Tj ET Q q 0 0 0 rg BT 150.68 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.69 60.10 Td (options ) Tj ET Q q 0 0 0 rg BT 194.87 60.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 236.77 60.10 Td (during ) Tj ET Q q 0 0 0 rg BT 266.44 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.53 60.10 Td (years ) Tj ET Q q 0 0 0 rg BT 305.95 60.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 333.28 60.10 Td (March ) Tj ET Q q 0 0 0 rg BT 362.94 60.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.33 60.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 404.21 60.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 430.09 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.52 60.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 473.40 60.10 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.99 60.10 Td ($17,476) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.11 60.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.00 60.10 Td ($1,084) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 60.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 47.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.29 47.50 Td ($4,647) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.16 47.50 Td (, ) Tj ET Q q 0 0 0 rg BT 101.41 47.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.46 47.50 Td (. ) Tj ET Q q 0 0 0 rg BT 156.13 47.50 Td (At ) Tj ET Q q 0 0 0 rg BT 169.25 47.50 Td (March ) Tj ET Q q 0 0 0 rg BT 199.28 47.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 215.03 47.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 241.28 47.50 Td (the ) Tj ET Q q 0 0 0 rg BT 256.74 47.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 300.17 47.50 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 337.21 47.50 Td (value ) Tj ET Q q 0 0 0 rg BT 362.57 47.50 Td (of ) Tj ET Q q 0 0 0 rg BT 373.94 47.50 Td (options ) Tj ET Q q 0 0 0 rg BT 407.49 47.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 459.11 47.50 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.07 47.50 Td ($22,864) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.19 47.50 Td (.) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (127) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 729.15 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 729.15 Td (information ) Tj ET Q q 0 0 0 rg BT 164.11 729.15 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 216.88 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 241.08 729.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 278.27 729.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.06 729.15 Td (options ) Tj ET Q q 0 0 0 rg BT 336.61 729.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 388.23 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 398.43 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 428.46 729.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 444.21 729.15 Td (2020:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 674.65 m 307.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 674.65 m 311.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 674.65 m 390.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 674.65 m 473.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 674.65 m 556.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 674.65 m 307.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 674.65 m 311.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 674.65 m 390.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 674.65 m 473.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 674.65 m 556.5 674.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 635.65 m 390.5 635.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 635.65 m 390.5 635.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 622.65 m 390.5 622.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 679.42 Td (Exercise Price Range) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 320.60 689.92 Td (Option Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 324.80 679.42 Td (Outstanding) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.75 708.87 Td (W) Tj ET Q q 0 0 0 rg BT 421.24 708.87 Td (eighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.10 698.37 Td (A) Tj ET Q q 0 0 0 rg BT 423.29 698.37 Td (verage) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.30 687.87 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.20 677.42 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.75 708.87 Td (W) Tj ET Q q 0 0 0 rg BT 503.82 708.87 Td (eighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 499.10 698.37 Td (A) Tj ET Q q 0 0 0 rg BT 505.90 698.37 Td (verage) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.40 687.87 Td (Remaining Life) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.50 677.42 Td (\(in years\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 664.87 Td ($14.81 - $25.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.00 664.87 Td (38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.10 664.87 Td ($23.72) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.60 664.87 Td (0.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 651.87 Td ( 25.01 - 35.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.75 651.87 Td (910) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.85 651.87 Td (31.38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.60 651.87 Td (3.55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.00 638.87 Td ( 35.01 - 55.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 362.85 638.87 Td (1,570) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.85 638.87 Td (47.65) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.60 638.87 Td (3.13) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.85 626.04 Td (2,518) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 597.95 Td (At ) Tj ET Q q 0 0 0 rg BT 61.58 597.95 Td (March ) Tj ET Q q 0 0 0 rg BT 90.57 597.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 105.27 597.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 130.48 597.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 155.68 597.95 Td (and ) Tj ET Q q 0 0 0 rg BT 172.42 597.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 195.00 597.95 Td (options ) Tj ET Q q 0 0 0 rg BT 227.51 597.95 Td (were ) Tj ET Q q 0 0 0 rg BT 249.49 597.95 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 298.29 597.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.11 597.95 Td (2,1) Tj ET Q q 0 0 0 rg BT 324.85 597.95 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.35 597.95 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.55 597.95 Td (3,233) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.18 597.95 Td (, ) Tj ET Q q 0 0 0 rg BT 367.38 597.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.13 597.95 Td (2,867) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.75 597.95 Td ( ) Tj ET Q q 0 0 0 rg BT 409.33 597.95 Td (shares, ) Tj ET Q q 0 0 0 rg BT 439.78 597.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 489.82 597.95 Td (, ) Tj ET Q q 0 0 0 rg BT 494.03 597.95 Td (with ) Tj ET Q q 0 0 0 rg BT 514.28 597.95 Td (a ) Tj ET Q q 0 0 0 rg BT 520.52 597.95 Td (weighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 585.35 Td (average ) Tj ET Q q 0 0 0 rg BT 85.23 585.35 Td (exercise ) Tj ET Q q 0 0 0 rg BT 122.71 585.35 Td (price ) Tj ET Q q 0 0 0 rg BT 146.79 585.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.63 585.35 Td ($42.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.50 585.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.22 585.35 Td ($39.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.09 585.35 Td (, ) Tj ET Q q 0 0 0 rg BT 227.81 585.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.06 585.35 Td ($37.64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.93 585.35 Td (, ) Tj ET Q q 0 0 0 rg BT 280.65 585.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 330.69 585.35 Td (. ) Tj ET Q q 0 0 0 rg BT 336.41 585.35 Td ( ) Tj ET Q q 0 0 0 rg BT 339.50 585.35 Td (Stock ) Tj ET Q q 0 0 0 rg BT 366.51 585.35 Td (options ) Tj ET Q q 0 0 0 rg BT 400.52 585.35 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 450.83 585.35 Td (at ) Tj ET Q q 0 0 0 rg BT 461.50 585.35 Td (March ) Tj ET Q q 0 0 0 rg BT 491.99 585.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 508.21 585.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 534.92 585.35 Td (have ) Tj ET Q q 0 0 0 rg BT 557.84 585.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 572.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 90.84 572.75 Td (average ) Tj ET Q q 0 0 0 rg BT 126.32 572.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 171.74 572.75 Td (contractual ) Tj ET Q q 0 0 0 rg BT 221.23 572.75 Td (life ) Tj ET Q q 0 0 0 rg BT 238.07 572.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.66 572.75 Td (3.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.78 572.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.63 572.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 293.26 572.75 Td ( ) Tj ET Q q 0 0 0 rg BT 295.48 572.75 Td (At ) Tj ET Q q 0 0 0 rg BT 308.82 572.75 Td (March ) Tj ET Q q 0 0 0 rg BT 339.07 572.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 355.05 572.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 381.52 572.75 Td (the ) Tj ET Q q 0 0 0 rg BT 397.19 572.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 440.85 572.75 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 478.11 572.75 Td (value ) Tj ET Q q 0 0 0 rg BT 503.69 572.75 Td (of ) Tj ET Q q 0 0 0 rg BT 515.28 572.75 Td (exercisable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 560.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.37 560.15 Td (was ) Tj ET Q q 0 0 0 rg BT 97.32 560.15 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 102.57 560.15 Td (17,283) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 131.45 560.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 534.95 Td (The following summarizes Legg Mason's stock options exercisable at March 31, 2020:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 480.45 m 397 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 480.45 m 480 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 480.45 m 563 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 480.45 m 397 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 480.45 m 480 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 480.45 m 563 480.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 441.45 m 480 441.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 441.45 m 480 441.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 428.45 m 480 428.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 485.22 Td (Exercise Price Range) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.10 495.72 Td (Option Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 485.22 Td (Exercisable) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.25 514.67 Td (W) Tj ET Q q 0 0 0 rg BT 510.32 514.67 Td (eighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.60 504.17 Td (A) Tj ET Q q 0 0 0 rg BT 512.40 504.17 Td (verage) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.80 493.67 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.70 483.22 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 470.67 Td ($14.81 - $25.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.50 470.67 Td (38) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 470.67 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 470.67 Td (23.72) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 457.67 Td ( 25.01 - 35.00) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.25 457.67 Td (733) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.85 457.67 Td (31.40) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 444.67 Td ( 35.01 - 55.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 444.67 Td (1,344) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.85 444.67 Td (49.29) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 452.35 431.84 Td (2,1) Tj ET Q q 0 0 0 rg BT 465.48 431.84 Td (15) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 409.35 Td (The following information summarizes unvested stock options under Legg Mason's equity incentive plan for the year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (ended March 31, 2020:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 342.25 m 397 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 342.25 m 480 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 342.25 m 563 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 342.25 m 397 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 342.25 m 480 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 342.25 m 563 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 303.25 m 480 303.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 303.25 m 397 303.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 290.25 m 397 290.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 303.25 m 480 303.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 290.25 m 480 290.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.10 357.52 Td (Number of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.00 347.02 Td (Shares) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.25 376.47 Td (W) Tj ET Q q 0 0 0 rg BT 510.32 376.47 Td (eighted-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.60 365.97 Td (A) Tj ET Q q 0 0 0 rg BT 512.40 365.97 Td (verage) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.80 355.47 Td (Exercise Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.70 345.02 Td (Per Share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 332.47 Td (Options unvested at March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 460.25 332.47 Td (882) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 332.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 332.47 Td (38.78) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 319.47 Td (V) Tj ET Q q 0 0 0 rg BT 59.50 319.47 Td (ested) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.75 319.47 Td (\(478) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 319.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 319.47 Td (41.99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 306.47 Td (Canceled/forfeited) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.25 306.47 Td (\(2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 306.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 306.47 Td (34.77) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 293.64 Td (Options unvested at Mar) Tj ET Q q 0 0 0 rg BT 164.02 293.64 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 460.25 293.64 Td (402) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 486.50 293.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 535.35 293.64 Td (34.97) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.15 Td (For ) Tj ET Q q 0 0 0 rg BT 66.80 271.15 Td (the ) Tj ET Q q 0 0 0 rg BT 82.35 271.15 Td (years ) Tj ET Q q 0 0 0 rg BT 107.22 271.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 135.00 271.15 Td (March ) Tj ET Q q 0 0 0 rg BT 165.12 271.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.96 271.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 207.31 271.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 233.65 271.15 Td (and ) Tj ET Q q 0 0 0 rg BT 251.52 271.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 277.86 271.15 Td (income ) Tj ET Q q 0 0 0 rg BT 311.49 271.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 327.03 271.15 Td (benefits ) Tj ET Q q 0 0 0 rg BT 362.98 271.15 Td (related ) Tj ET Q q 0 0 0 rg BT 394.26 271.15 Td (to ) Tj ET Q q 0 0 0 rg BT 405.15 271.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 430.03 271.15 Td (options ) Tj ET Q q 0 0 0 rg BT 463.66 271.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.78 271.15 Td ($685) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.78 271.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.12 271.15 Td ($1,170) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 542.00 271.15 Td (, ) Tj ET Q q 0 0 0 rg BT 547.34 271.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.55 Td ($2,715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 258.55 Td (, ) Tj ET Q q 0 0 0 rg BT 84.03 258.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.08 258.55 Td (. ) Tj ET Q q 0 0 0 rg BT 139.73 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 142.76 258.55 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 200.61 258.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 261.96 258.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 281.90 258.55 Td (related ) Tj ET Q q 0 0 0 rg BT 313.50 258.55 Td (to ) Tj ET Q q 0 0 0 rg BT 324.69 258.55 Td (unvested ) Tj ET Q q 0 0 0 rg BT 365.05 258.55 Td (options ) Tj ET Q q 0 0 0 rg BT 399.00 258.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.27 258.55 Td (402) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.02 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 433.05 258.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 462.33 258.55 Td (at ) Tj ET Q q 0 0 0 rg BT 472.93 258.55 Td (March ) Tj ET Q q 0 0 0 rg BT 503.37 258.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 519.52 258.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 546.18 258.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 245.95 Td ($616) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 245.95 Td (, ) Tj ET Q q 0 0 0 rg BT 75.75 245.95 Td (which ) Tj ET Q q 0 0 0 rg BT 104.04 245.95 Td (is ) Tj ET Q q 0 0 0 rg BT 113.67 245.95 Td (expected ) Tj ET Q q 0 0 0 rg BT 153.60 245.95 Td (to ) Tj ET Q q 0 0 0 rg BT 164.39 245.95 Td (be ) Tj ET Q q 0 0 0 rg BT 176.93 245.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 225.61 245.95 Td (over ) Tj ET Q q 0 0 0 rg BT 246.89 245.95 Td (a ) Tj ET Q q 0 0 0 rg BT 254.18 245.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 331.43 245.95 Td (period ) Tj ET Q q 0 0 0 rg BT 360.88 245.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.25 245.95 Td (0.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.37 245.95 Td ( ) Tj ET Q q 0 0 0 rg BT 388.00 245.95 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 220.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.42 220.75 Td (received ) Tj ET Q q 0 0 0 rg BT 109.90 220.75 Td (from ) Tj ET Q q 0 0 0 rg BT 132.24 220.75 Td (exercises ) Tj ET Q q 0 0 0 rg BT 172.64 220.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.31 220.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 207.40 220.75 Td (options ) Tj ET Q q 0 0 0 rg BT 240.24 220.75 Td (under ) Tj ET Q q 0 0 0 rg BT 266.07 220.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 289.57 220.75 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 326.05 220.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 354.22 220.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 394.63 220.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 418.72 220.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.97 220.75 Td ($43,386) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.09 220.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.64 220.75 Td ($6,1) Tj ET Q q 0 0 0 rg BT 493.63 220.75 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.13 220.75 Td (, ) Tj ET Q q 0 0 0 rg BT 508.67 220.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.76 220.75 Td ($14,072) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 220.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.15 Td (for ) Tj ET Q q 0 0 0 rg BT 65.41 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 81.90 208.15 Td (years ) Tj ET Q q 0 0 0 rg BT 107.71 208.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 136.45 208.15 Td (March ) Tj ET Q q 0 0 0 rg BT 167.52 208.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 184.30 208.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 211.59 208.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 238.88 208.15 Td (and ) Tj ET Q q 0 0 0 rg BT 257.70 208.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 284.99 208.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 335.04 208.15 Td (. ) Tj ET Q q 0 0 0 rg BT 341.33 208.15 Td ( ) Tj ET Q q 0 0 0 rg BT 344.73 208.15 Td (The ) Tj ET Q q 0 0 0 rg BT 364.71 208.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 381.21 208.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 414.02 208.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 454.99 208.15 Td (to ) Tj ET Q q 0 0 0 rg BT 466.82 208.15 Td (be ) Tj ET Q q 0 0 0 rg BT 480.40 208.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 517.29 208.15 Td (for ) Tj ET Q q 0 0 0 rg BT 533.19 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 549.68 208.15 Td (tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 195.55 Td (deductions ) Tj ET Q q 0 0 0 rg BT 98.03 195.55 Td (from ) Tj ET Q q 0 0 0 rg BT 121.47 195.55 Td (these ) Tj ET Q q 0 0 0 rg BT 146.08 195.55 Td (option ) Tj ET Q q 0 0 0 rg BT 175.95 195.55 Td (exercises ) Tj ET Q q 0 0 0 rg BT 217.46 195.55 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.07 195.55 Td ($3,289) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 277.94 195.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.60 195.55 Td ($198) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 304.60 195.55 Td (, ) Tj ET Q q 0 0 0 rg BT 310.26 195.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.46 195.55 Td ($1,408) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.33 195.55 Td (, ) Tj ET Q q 0 0 0 rg BT 362.99 195.55 Td (for ) Tj ET Q q 0 0 0 rg BT 378.27 195.55 Td (the ) Tj ET Q q 0 0 0 rg BT 394.13 195.55 Td (years ) Tj ET Q q 0 0 0 rg BT 419.32 195.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 447.42 195.55 Td (March ) Tj ET Q q 0 0 0 rg BT 477.86 195.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.02 195.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 520.68 195.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 547.33 195.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 75.75 182.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 125.80 182.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 158.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.84 158.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 146.47 158.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 164.05 158.35 Td (value ) Tj ET Q q 0 0 0 rg BT 189.80 158.35 Td (of ) Tj ET Q q 0 0 0 rg BT 201.56 158.35 Td (service-based ) Tj ET Q q 0 0 0 rg BT 261.71 158.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 286.88 158.35 Td (options ) Tj ET Q q 0 0 0 rg BT 320.81 158.35 Td (granted ) Tj ET Q q 0 0 0 rg BT 355.31 158.35 Td (during ) Tj ET Q q 0 0 0 rg BT 385.74 158.35 Td (the ) Tj ET Q q 0 0 0 rg BT 401.57 158.35 Td (year ) Tj ET Q q 0 0 0 rg BT 422.65 158.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 450.74 158.35 Td (March ) Tj ET Q q 0 0 0 rg BT 481.15 158.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.29 158.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 523.92 158.35 Td (using ) Tj ET Q q 0 0 0 rg BT 549.69 158.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 112.78 145.75 Td (option ) Tj ET Q q 0 0 0 rg BT 142.24 145.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 174.61 145.75 Td (model ) Tj ET Q q 0 0 0 rg BT 203.48 145.75 Td (was ) Tj ET Q q 0 0 0 rg BT 222.43 145.75 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.68 145.75 Td (8.41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 245.18 145.75 Td (. ) Tj ET Q q 0 0 0 rg BT 250.43 145.75 Td ( ) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 741.75 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 189.16 741.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 243.70 741.75 Td (were ) Tj ET Q q 0 0 0 rg BT 266.73 741.75 Td (used ) Tj ET Q q 0 0 0 rg BT 288.60 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.39 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.85 741.75 Td (model ) Tj ET Q q 0 0 0 rg BT 343.72 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 358.59 741.75 Td (grants:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 705.25 m 563 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 705.25 m 474 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 705.25 m 563 705.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.60 720.52 Td (Y) Tj ET Q q 0 0 0 rg BT 502.13 720.52 Td (ear Ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 710.02 Td ( March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 695.47 Td (Expected dividend yield) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 695.47 Td (1.71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 695.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 681.47 Td (Risk-free interest rate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.35 681.47 Td (1.92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 681.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 667.47 Td (Expected volatility) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 667.47 Td (26.91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.75 667.47 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 653.47 Td (Expected life \(in years\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.10 653.47 Td (5.09) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 624.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.76 624.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.03 624.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 125.79 624.55 Td (an ) Tj ET Q q 0 0 0 rg BT 138.39 624.55 Td (equally ) Tj ET Q q 0 0 0 rg BT 171.98 624.55 Td (weighted ) Tj ET Q q 0 0 0 rg BT 213.15 624.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 268.33 624.55 Td (of ) Tj ET Q q 0 0 0 rg BT 279.76 624.55 Td (both ) Tj ET Q q 0 0 0 rg BT 301.11 624.55 Td (implied ) Tj ET Q q 0 0 0 rg BT 335.87 624.55 Td (and ) Tj ET Q q 0 0 0 rg BT 353.72 624.55 Td (historical ) Tj ET Q q 0 0 0 rg BT 395.48 624.55 Td (volatility ) Tj ET Q q 0 0 0 rg BT 436.08 624.55 Td (to ) Tj ET Q q 0 0 0 rg BT 446.93 624.55 Td (measure ) Tj ET Q q 0 0 0 rg BT 484.60 624.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.59 624.55 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 611.95 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 611.95 Td (calculating ) Tj ET Q q 0 0 0 rg BT 113.06 611.95 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 176.33 611.95 Td (option ) Tj ET Q q 0 0 0 rg BT 205.79 611.95 Td (values.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 586.75 Td (Af) Tj ET Q q 0 0 0 rg BT 59.81 586.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 87.51 586.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 147.31 586.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 178.52 586.75 Td (Plans ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 574.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.89 574.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.61 574.15 Td (with ) Tj ET Q q 0 0 0 rg BT 130.92 574.15 Td (the ) Tj ET Q q 0 0 0 rg BT 146.40 574.15 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 195.12 574.15 Td (of ) Tj ET Q q 0 0 0 rg BT 206.52 574.15 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 240.66 574.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 277.71 574.15 Td (in ) Tj ET Q q 0 0 0 rg BT 287.94 574.15 Td (April ) Tj ET Q q 0 0 0 rg BT 312.76 574.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 339.03 574.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 363.25 574.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 394.48 574.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 451.95 574.15 Td (a ) Tj ET Q q 0 0 0 rg BT 459.25 574.15 Td (management ) Tj ET Q q 0 0 0 rg BT 515.55 574.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 544.44 574.15 Td (plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 561.55 Td (for ) Tj ET Q q 0 0 0 rg BT 63.83 561.55 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 97.42 561.55 Td (Partners ) Tj ET Q q 0 0 0 rg BT 133.92 561.55 Td (that ) Tj ET Q q 0 0 0 rg BT 151.75 561.55 Td (entitles ) Tj ET Q q 0 0 0 rg BT 184.17 561.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 214.83 561.55 Td (of ) Tj ET Q q 0 0 0 rg BT 225.66 561.55 Td (its ) Tj ET Q q 0 0 0 rg BT 237.67 561.55 Td (key ) Tj ET Q q 0 0 0 rg BT 254.93 561.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 301.92 561.55 Td (to ) Tj ET Q q 0 0 0 rg BT 312.18 561.55 Td (participate ) Tj ET Q q 0 0 0 rg BT 358.58 561.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.83 561.55 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.08 561.55 Td ( ) Tj ET Q q 0 0 0 rg BT 390.17 561.55 Td (of ) Tj ET Q q 0 0 0 rg BT 401.01 561.55 Td (the ) Tj ET Q q 0 0 0 rg BT 415.93 561.55 Td (future ) Tj ET Q q 0 0 0 rg BT 443.09 561.55 Td (growth, ) Tj ET Q q 0 0 0 rg BT 477.55 561.55 Td (if ) Tj ET Q q 0 0 0 rg BT 486.05 561.55 Td (any) Tj ET Q q 0 0 0 rg BT 500.53 561.55 Td (, ) Tj ET Q q 0 0 0 rg BT 505.25 561.55 Td (of ) Tj ET Q q 0 0 0 rg BT 516.09 561.55 Td (the ) Tj ET Q q 0 0 0 rg BT 531.00 561.55 Td (Clarion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 548.95 Td (Partners ) Tj ET Q q 0 0 0 rg BT 86.81 548.95 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 131.11 548.95 Td (value ) Tj ET Q q 0 0 0 rg BT 156.75 548.95 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 192.89 548.95 Td (to ) Tj ET Q q 0 0 0 rg BT 203.96 548.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 254.67 548.95 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 300.74 548.95 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 350.30 548.95 Td (to ) Tj ET Q q 0 0 0 rg BT 361.37 548.95 Td (the ) Tj ET Q q 0 0 0 rg BT 377.10 548.95 Td (date ) Tj ET Q q 0 0 0 rg BT 397.49 548.95 Td (of ) Tj ET Q q 0 0 0 rg BT 409.14 548.95 Td (the ) Tj ET Q q 0 0 0 rg BT 424.87 548.95 Td (grant. ) Tj ET Q q 0 0 0 rg BT 451.76 548.95 Td (The ) Tj ET Q q 0 0 0 rg BT 470.99 548.95 Td (initial ) Tj ET Q q 0 0 0 rg BT 498.39 548.95 Td (grant ) Tj ET Q q 0 0 0 rg BT 522.87 548.95 Td (under ) Tj ET Q q 0 0 0 rg BT 549.67 548.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 536.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 70.57 536.35 Td (vested ) Tj ET Q q 0 0 0 rg BT 100.40 536.35 Td (immediately ) Tj ET Q q 0 0 0 rg BT 155.88 536.35 Td (and ) Tj ET Q q 0 0 0 rg BT 174.04 536.35 Td (the ) Tj ET Q q 0 0 0 rg BT 189.86 536.35 Td (related ) Tj ET Q q 0 0 0 rg BT 221.42 536.35 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 266.98 536.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 284.55 536.35 Td (value ) Tj ET Q q 0 0 0 rg BT 310.28 536.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 329.61 536.35 Td ($15,200) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.73 536.35 Td (, ) Tj ET Q q 0 0 0 rg BT 369.35 536.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 419.58 536.35 Td (by ) Tj ET Q q 0 0 0 rg BT 433.08 536.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 487.39 536.35 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 532.09 536.35 Td ( ) Tj ET Q q 0 0 0 rg BT 535.08 536.35 Td (Future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 523.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 77.87 523.75 Td (under ) Tj ET Q q 0 0 0 rg BT 104.48 523.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.01 523.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 140.80 523.75 Td (will ) Tj ET Q q 0 0 0 rg BT 159.84 523.75 Td (vest ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.46 523.75 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.70 523.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.41 523.75 Td (annually ) Tj ET Q q 0 0 0 rg BT 240.27 523.75 Td (over ) Tj ET Q q 0 0 0 rg BT 261.63 523.75 Td (five ) Tj ET Q q 0 0 0 rg BT 280.67 523.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 308.15 523.75 Td (and ) Tj ET Q q 0 0 0 rg BT 326.02 523.75 Td (will ) Tj ET Q q 0 0 0 rg BT 345.06 523.75 Td (result ) Tj ET Q q 0 0 0 rg BT 371.09 523.75 Td (in ) Tj ET Q q 0 0 0 rg BT 381.96 523.75 Td (the ) Tj ET Q q 0 0 0 rg BT 397.50 523.75 Td (recognition ) Tj ET Q q 0 0 0 rg BT 448.02 523.75 Td (of ) Tj ET Q q 0 0 0 rg BT 459.48 523.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 504.17 523.75 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 511.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 85.81 511.15 Td (over ) Tj ET Q q 0 0 0 rg BT 106.96 511.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.28 511.15 Td (related ) Tj ET Q q 0 0 0 rg BT 153.33 511.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 186.16 511.15 Td (period. ) Tj ET Q q 0 0 0 rg BT 218.10 511.15 Td ( ) Tj ET Q q 0 0 0 rg BT 220.59 511.15 Td (Subject ) Tj ET Q q 0 0 0 rg BT 254.58 511.15 Td (to ) Tj ET Q q 0 0 0 rg BT 265.24 511.15 Td (various ) Tj ET Q q 0 0 0 rg BT 298.64 511.15 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 347.51 511.15 Td (including ) Tj ET Q q 0 0 0 rg BT 389.66 511.15 Td (the ) Tj ET Q q 0 0 0 rg BT 404.98 511.15 Td (passage ) Tj ET Q q 0 0 0 rg BT 440.13 511.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.37 511.15 Td (time, ) Tj ET Q q 0 0 0 rg BT 475.15 511.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 504.46 511.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 525.03 511.15 Td (units ) Tj ET Q q 0 0 0 rg BT 547.95 511.15 Td (can ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 498.55 Td (be ) Tj ET Q q 0 0 0 rg BT 62.58 498.55 Td (put ) Tj ET Q q 0 0 0 rg BT 79.17 498.55 Td (to ) Tj ET Q q 0 0 0 rg BT 90.51 498.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 115.25 498.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 147.01 498.55 Td (for ) Tj ET Q q 0 0 0 rg BT 162.42 498.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 208.75 498.55 Td (at ) Tj ET Q q 0 0 0 rg BT 219.50 498.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.24 498.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 265.77 498.55 Td ( ) Tj ET Q q 0 0 0 rg BT 268.95 498.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 293.69 498.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 325.45 498.55 Td (can ) Tj ET Q q 0 0 0 rg BT 343.19 498.55 Td (also ) Tj ET Q q 0 0 0 rg BT 363.27 498.55 Td (call ) Tj ET Q q 0 0 0 rg BT 381.60 498.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 402.85 498.55 Td (units, ) Tj ET Q q 0 0 0 rg BT 429.07 498.55 Td (generally ) Tj ET Q q 0 0 0 rg BT 471.30 498.55 Td (post ) Tj ET Q q 0 0 0 rg BT 491.98 498.55 Td (employment, ) Tj ET Q q 0 0 0 rg BT 550.26 498.55 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 485.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 95.40 485.95 Td (at ) Tj ET Q q 0 0 0 rg BT 105.72 485.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.03 485.95 Td (value. ) Tj ET Q q 0 0 0 rg BT 150.54 485.95 Td (As ) Tj ET Q q 0 0 0 rg BT 164.95 485.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.44 485.95 Td (March ) Tj ET Q q 0 0 0 rg BT 206.59 485.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.45 485.95 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.45 485.95 Td (, ) Tj ET Q q 0 0 0 rg BT 248.82 485.95 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 485.95 Td (estimated ) Tj ET Q q 0 0 0 rg BT 307.38 485.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 350.92 485.95 Td (redemption ) Tj ET Q q 0 0 0 rg BT 401.49 485.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 418.80 485.95 Td (value ) Tj ET Q q 0 0 0 rg BT 444.28 485.95 Td (of ) Tj ET Q q 0 0 0 rg BT 455.77 485.95 Td (units ) Tj ET Q q 0 0 0 rg BT 478.94 485.95 Td (under ) Tj ET Q q 0 0 0 rg BT 505.59 485.95 Td (the ) Tj ET Q q 0 0 0 rg BT 521.16 485.95 Td (plan, ) Tj ET Q q 0 0 0 rg BT 544.61 485.95 Td (as ) Tj ET Q q 0 0 0 rg BT 556.10 485.95 Td (if ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 473.35 Td (they ) Tj ET Q q 0 0 0 rg BT 70.20 473.35 Td (were ) Tj ET Q q 0 0 0 rg BT 93.23 473.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 133.75 473.35 Td (redeemable, ) Tj ET Q q 0 0 0 rg BT 187.39 473.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 206.34 473.35 Td ($14,300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.47 473.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 460.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 448.15 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.22 448.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 90.83 448.15 Td (March ) Tj ET Q q 0 0 0 rg BT 121.28 448.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 132.20 448.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 158.87 448.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 183.49 448.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 215.12 448.15 Td (implemented ) Tj ET Q q 0 0 0 rg BT 272.98 448.15 Td (a ) Tj ET Q q 0 0 0 rg BT 280.69 448.15 Td (management ) Tj ET Q q 0 0 0 rg BT 337.38 448.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 366.67 448.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 387.80 448.15 Td (for ) Tj ET Q q 0 0 0 rg BT 403.08 448.15 Td (Royce ) Tj ET Q q 0 0 0 rg BT 432.95 448.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 482.66 448.15 Td (Partners ) Tj ET Q q 0 0 0 rg BT 520.11 448.15 Td (\("Royce"\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.55 Td (key ) Tj ET Q q 0 0 0 rg BT 67.49 435.55 Td (employees. ) Tj ET Q q 0 0 0 rg BT 117.84 435.55 Td ( ) Tj ET Q q 0 0 0 rg BT 120.66 435.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 149.73 435.55 Td (the ) Tj ET Q q 0 0 0 rg BT 165.38 435.55 Td (management ) Tj ET Q q 0 0 0 rg BT 221.85 435.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 250.92 435.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 274.45 435.55 Td (minority ) Tj ET Q q 0 0 0 rg BT 313.44 435.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 342.52 435.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 380.33 435.55 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 426.89 435.55 Td (to ) Tj ET Q q 0 0 0 rg BT 437.89 435.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.37 435.55 Td (24.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 472.49 435.55 Td ( ) Tj ET Q q 0 0 0 rg BT 475.32 435.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 509.05 435.55 Td (in ) Tj ET Q q 0 0 0 rg BT 520.04 435.55 Td (the ) Tj ET Q q 0 0 0 rg BT 535.70 435.55 Td (Royce ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 75.20 422.95 Td (have ) Tj ET Q q 0 0 0 rg BT 96.80 422.95 Td (been ) Tj ET Q q 0 0 0 rg BT 118.40 422.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 146.44 422.95 Td (to ) Tj ET Q q 0 0 0 rg BT 156.39 422.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 186.73 422.95 Td (key ) Tj ET Q q 0 0 0 rg BT 203.68 422.95 Td (employees, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.99 422.95 Td (5.5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.86 422.95 Td ( ) Tj ET Q q 0 0 0 rg BT 276.64 422.95 Td (of ) Tj ET Q q 0 0 0 rg BT 287.17 422.95 Td (which ) Tj ET Q q 0 0 0 rg BT 314.62 422.95 Td (was ) Tj ET Q q 0 0 0 rg BT 332.73 422.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 360.76 422.95 Td (on ) Tj ET Q q 0 0 0 rg BT 373.04 422.95 Td (March ) Tj ET Q q 0 0 0 rg BT 402.23 422.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 417.14 422.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 439.92 422.95 Td (and ) Tj ET Q q 0 0 0 rg BT 456.87 422.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 491.89 422.95 Td (in ) Tj ET Q q 0 0 0 rg BT 501.84 422.95 Td (Compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.39 410.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 103.36 410.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 139.91 410.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 151.38 410.35 Td ($2,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.26 410.35 Td (, ) Tj ET Q q 0 0 0 rg BT 185.61 410.35 Td (which ) Tj ET Q q 0 0 0 rg BT 214.00 410.35 Td (a ) Tj ET Q q 0 0 0 rg BT 221.39 410.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 284.19 410.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 321.31 410.35 Td (to ) Tj ET Q q 0 0 0 rg BT 332.21 410.35 Td (Nonredeemable ) Tj ET Q q 0 0 0 rg BT 401.40 410.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 465.96 410.35 Td (interest. ) Tj ET Q q 0 0 0 rg BT 502.22 410.35 Td ( ) Tj ET Q q 0 0 0 rg BT 504.95 410.35 Td (No ) Tj ET Q q 0 0 0 rg BT 520.51 410.35 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 397.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 77.58 397.75 Td (are ) Tj ET Q q 0 0 0 rg BT 92.83 397.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 132.56 397.75 Td (under ) Tj ET Q q 0 0 0 rg BT 158.89 397.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.14 397.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 197.27 397.75 Td ( ) Tj ET Q q 0 0 0 rg BT 199.69 397.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 230.12 397.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 263.45 397.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 296.18 397.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 336.51 397.75 Td (distributions ) Tj ET Q q 0 0 0 rg BT 391.44 397.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.61 397.75 Td (a ) Tj ET Q q 0 0 0 rg BT 409.69 397.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 442.45 397.75 Td (of ) Tj ET Q q 0 0 0 rg BT 453.62 397.75 Td (Royce's ) Tj ET Q q 0 0 0 rg BT 488.84 397.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 521.00 397.75 Td (income ) Tj ET Q q 0 0 0 rg BT 554.33 397.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 385.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 88.39 385.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 114.43 385.15 Td (to ) Tj ET Q q 0 0 0 rg BT 125.90 385.15 Td (the ) Tj ET Q q 0 0 0 rg BT 142.03 385.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 190.80 385.15 Td (of ) Tj ET Q q 0 0 0 rg BT 202.85 385.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 249.90 385.15 Td (represented ) Tj ET Q q 0 0 0 rg BT 301.59 385.15 Td (by ) Tj ET Q q 0 0 0 rg BT 315.39 385.15 Td (the ) Tj ET Q q 0 0 0 rg BT 331.52 385.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.07 385.15 Td (they ) Tj ET Q q 0 0 0 rg BT 382.45 385.15 Td (hold, ) Tj ET Q q 0 0 0 rg BT 407.05 385.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 440.10 385.15 Td (to ) Tj ET Q q 0 0 0 rg BT 451.57 385.15 Td (payment ) Tj ET Q q 0 0 0 rg BT 491.03 385.15 Td (of ) Tj ET Q q 0 0 0 rg BT 503.08 385.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 527.95 385.15 Td (Mason's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 372.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.19 372.55 Td (share ) Tj ET Q q 0 0 0 rg BT 109.82 372.55 Td (and ) Tj ET Q q 0 0 0 rg BT 127.44 372.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 174.80 372.55 Td (expenses ) Tj ET Q q 0 0 0 rg BT 215.17 372.55 Td (and ) Tj ET Q q 0 0 0 rg BT 232.80 372.55 Td (subordination ) Tj ET Q q 0 0 0 rg BT 293.01 372.55 Td (provisions ) Tj ET Q q 0 0 0 rg BT 339.23 372.55 Td (in ) Tj ET Q q 0 0 0 rg BT 349.87 372.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 380.90 372.55 Td (cases. ) Tj ET Q q 0 0 0 rg BT 408.14 372.55 Td ( ) Tj ET Q q 0 0 0 rg BT 410.06 372.55 Td (As ) Tj ET Q q 0 0 0 rg BT 424.20 372.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.41 372.55 Td (March ) Tj ET Q q 0 0 0 rg BT 465.28 372.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.88 372.55 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.88 372.55 Td (, ) Tj ET Q q 0 0 0 rg BT 506.97 372.55 Td (the ) Tj ET Q q 0 0 0 rg BT 522.26 372.55 Td (estimated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 359.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 92.93 359.95 Td (redemption ) Tj ET Q q 0 0 0 rg BT 143.38 359.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.57 359.95 Td (value ) Tj ET Q q 0 0 0 rg BT 185.94 359.95 Td (of ) Tj ET Q q 0 0 0 rg BT 197.31 359.95 Td (units ) Tj ET Q q 0 0 0 rg BT 220.35 359.95 Td (under ) Tj ET Q q 0 0 0 rg BT 246.89 359.95 Td (the ) Tj ET Q q 0 0 0 rg BT 262.34 359.95 Td (plan, ) Tj ET Q q 0 0 0 rg BT 285.67 359.95 Td (as ) Tj ET Q q 0 0 0 rg BT 297.04 359.95 Td (if ) Tj ET Q q 0 0 0 rg BT 306.08 359.95 Td (they ) Tj ET Q q 0 0 0 rg BT 326.78 359.95 Td (were ) Tj ET Q q 0 0 0 rg BT 349.81 359.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 390.33 359.95 Td (redeemable, ) Tj ET Q q 0 0 0 rg BT 443.97 359.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.92 359.95 Td ($10,800) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.05 359.95 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 334.75 Td (On ) Tj ET Q q 0 0 0 rg BT 63.98 334.75 Td (March ) Tj ET Q q 0 0 0 rg BT 93.03 334.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 107.80 334.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 133.07 334.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 156.29 334.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 186.52 334.75 Td (implemented ) Tj ET Q q 0 0 0 rg BT 242.99 334.75 Td (a ) Tj ET Q q 0 0 0 rg BT 249.29 334.75 Td (management ) Tj ET Q q 0 0 0 rg BT 304.58 334.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.48 334.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 352.20 334.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.01 334.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 402.14 334.75 Td (units ) Tj ET Q q 0 0 0 rg BT 424.21 334.75 Td (to ) Tj ET Q q 0 0 0 rg BT 434.02 334.75 Td (key ) Tj ET Q q 0 0 0 rg BT 450.83 334.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.38 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 507.77 334.75 Td (its ) Tj ET Q q 0 0 0 rg BT 519.33 334.75 Td (subsidiary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 322.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 103.85 322.15 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 160.26 322.15 Td (LLC ) Tj ET Q q 0 0 0 rg BT 183.12 322.15 Td (\("ClearBridge"\) ) Tj ET Q q 0 0 0 rg BT 253.04 322.15 Td (that ) Tj ET Q q 0 0 0 rg BT 271.82 322.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 301.10 322.15 Td (them ) Tj ET Q q 0 0 0 rg BT 325.13 322.15 Td (to ) Tj ET Q q 0 0 0 rg BT 336.33 322.15 Td (participate ) Tj ET Q q 0 0 0 rg BT 383.67 322.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.88 322.15 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.12 322.15 Td ( ) Tj ET Q q 0 0 0 rg BT 417.16 322.15 Td (of ) Tj ET Q q 0 0 0 rg BT 428.94 322.15 Td (the ) Tj ET Q q 0 0 0 rg BT 444.80 322.15 Td (future ) Tj ET Q q 0 0 0 rg BT 472.91 322.15 Td (growth, ) Tj ET Q q 0 0 0 rg BT 508.32 322.15 Td (if ) Tj ET Q q 0 0 0 rg BT 517.77 322.15 Td (any) Tj ET Q q 0 0 0 rg BT 532.25 322.15 Td (, ) Tj ET Q q 0 0 0 rg BT 537.91 322.15 Td (of ) Tj ET Q q 0 0 0 rg BT 549.69 322.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 309.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 105.81 309.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 152.19 309.55 Td (value ) Tj ET Q q 0 0 0 rg BT 179.92 309.55 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 218.14 309.55 Td (to ) Tj ET Q q 0 0 0 rg BT 231.30 309.55 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 284.10 309.55 Td (discounts\) ) Tj ET Q q 0 0 0 rg BT 332.25 309.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 383.90 309.55 Td (to ) Tj ET Q q 0 0 0 rg BT 397.06 309.55 Td (the ) Tj ET Q q 0 0 0 rg BT 414.87 309.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 441.44 309.55 Td (date. ) Tj ET Q q 0 0 0 rg BT 466.54 309.55 Td (Independent ) Tj ET Q q 0 0 0 rg BT 523.42 309.55 Td (valuation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 296.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 98.30 296.95 Td (the ) Tj ET Q q 0 0 0 rg BT 112.70 296.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 155.07 296.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 173.56 296.95 Td (of ) Tj ET Q q 0 0 0 rg BT 183.87 296.95 Td (the ) Tj ET Q q 0 0 0 rg BT 198.27 296.95 Td (award ) Tj ET Q q 0 0 0 rg BT 225.49 296.95 Td (to ) Tj ET Q q 0 0 0 rg BT 235.22 296.95 Td (be ) Tj ET Q q 0 0 0 rg BT 246.70 296.95 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.92 296.95 Td ($16,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.05 296.95 Td (, ) Tj ET Q q 0 0 0 rg BT 347.24 296.95 Td (which ) Tj ET Q q 0 0 0 rg BT 374.47 296.95 Td (was ) Tj ET Q q 0 0 0 rg BT 392.37 296.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 439.99 296.95 Td (as ) Tj ET Q q 0 0 0 rg BT 450.31 296.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 512.54 296.95 Td (and ) Tj ET Q q 0 0 0 rg BT 529.27 296.95 Td (benefits ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 284.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 87.05 284.35 Td (in ) Tj ET Q q 0 0 0 rg BT 98.96 284.35 Td (the ) Tj ET Q q 0 0 0 rg BT 115.52 284.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 174.67 284.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 224.48 284.35 Td (of ) Tj ET Q q 0 0 0 rg BT 236.96 284.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 272.18 284.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 302.75 284.35 Td (over ) Tj ET Q q 0 0 0 rg BT 325.14 284.35 Td (the ) Tj ET Q q 0 0 0 rg BT 341.70 284.35 Td (related ) Tj ET Q q 0 0 0 rg BT 374.00 284.35 Td (vesting ) Tj ET Q q 0 0 0 rg BT 408.07 284.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 442.71 284.35 Td (through ) Tj ET Q q 0 0 0 rg BT 479.11 284.35 Td (March ) Tj ET Q q 0 0 0 rg BT 510.25 284.35 Td (2019. ) Tj ET Q q 0 0 0 rg BT 537.61 284.35 Td ( ) Tj ET Q q 0 0 0 rg BT 541.08 284.35 Td (T) Tj ET Q q 0 0 0 rg BT 546.76 284.35 Td (otal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 271.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.41 271.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 146.81 271.75 Td (related ) Tj ET Q q 0 0 0 rg BT 177.96 271.75 Td (to ) Tj ET Q q 0 0 0 rg BT 188.72 271.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.13 271.75 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 258.03 271.75 Td (af) Tj ET Q q 0 0 0 rg BT 266.00 271.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 293.08 271.75 Td (management ) Tj ET Q q 0 0 0 rg BT 349.31 271.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 378.14 271.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 398.80 271.75 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.72 271.75 Td ($1,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.60 271.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.56 271.75 Td ($2,932) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.43 271.75 Td (, ) Tj ET Q q 0 0 0 rg BT 485.65 271.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.39 271.75 Td ($3,103) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 532.27 271.75 Td ( ) Tj ET Q q 0 0 0 rg BT 534.85 271.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 271.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 259.15 Td (years ) Tj ET Q q 0 0 0 rg BT 74.07 259.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 101.56 259.15 Td (March ) Tj ET Q q 0 0 0 rg BT 131.38 259.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 146.92 259.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 172.96 259.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 199.00 259.15 Td (and ) Tj ET Q q 0 0 0 rg BT 216.57 259.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 242.61 259.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 292.66 259.15 Td (. ) Tj ET Q q 0 0 0 rg BT 297.70 259.15 Td ( ) Tj ET Q q 0 0 0 rg BT 299.94 259.15 Td (The ) Tj ET Q q 0 0 0 rg BT 318.68 259.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 379.41 259.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 415.65 259.15 Td (for ) Tj ET Q q 0 0 0 rg BT 430.31 259.15 Td (the ) Tj ET Q q 0 0 0 rg BT 445.55 259.15 Td (year ) Tj ET Q q 0 0 0 rg BT 466.03 259.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 493.52 259.15 Td (March ) Tj ET Q q 0 0 0 rg BT 523.34 259.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 538.88 259.15 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.55 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.93 246.55 Td ($1,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 115.81 246.55 Td ( ) Tj ET Q q 0 0 0 rg BT 118.25 246.55 Td (related ) Tj ET Q q 0 0 0 rg BT 149.26 246.55 Td (to ) Tj ET Q q 0 0 0 rg BT 159.87 246.55 Td (the ) Tj ET Q q 0 0 0 rg BT 175.14 246.55 Td (modification ) Tj ET Q q 0 0 0 rg BT 231.23 246.55 Td (of ) Tj ET Q q 0 0 0 rg BT 242.42 246.55 Td (the ) Tj ET Q q 0 0 0 rg BT 257.69 246.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 278.21 246.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 323.81 246.55 Td (features, ) Tj ET Q q 0 0 0 rg BT 362.11 246.55 Td (which ) Tj ET Q q 0 0 0 rg BT 390.21 246.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 425.89 246.55 Td (in ) Tj ET Q q 0 0 0 rg BT 436.50 246.55 Td (an ) Tj ET Q q 0 0 0 rg BT 448.85 246.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 485.69 246.55 Td (in ) Tj ET Q q 0 0 0 rg BT 496.30 246.55 Td (the ) Tj ET Q q 0 0 0 rg BT 511.57 246.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 528.58 246.55 Td (value ) Tj ET Q q 0 0 0 rg BT 553.76 246.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.17 233.95 Td (awards. ) Tj ET Q q 0 0 0 rg BT 100.37 233.95 Td ( ) Tj ET Q q 0 0 0 rg BT 103.01 233.95 Td (This ) Tj ET Q q 0 0 0 rg BT 124.51 233.95 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 179.83 233.95 Td (provides ) Tj ET Q q 0 0 0 rg BT 218.83 233.95 Td (for ) Tj ET Q q 0 0 0 rg BT 233.91 233.95 Td (one-half ) Tj ET Q q 0 0 0 rg BT 271.73 233.95 Td (of ) Tj ET Q q 0 0 0 rg BT 283.32 233.95 Td (the ) Tj ET Q q 0 0 0 rg BT 298.99 233.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 318.74 233.95 Td (to ) Tj ET Q q 0 0 0 rg BT 329.75 233.95 Td (be ) Tj ET Q q 0 0 0 rg BT 342.50 233.95 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 383.25 233.95 Td (by ) Tj ET Q q 0 0 0 rg BT 396.59 233.95 Td (the ) Tj ET Q q 0 0 0 rg BT 412.26 233.95 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 466.41 233.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 507.74 233.95 Td (pool. ) Tj ET Q q 0 0 0 rg BT 531.87 233.95 Td ( ) Tj ET Q q 0 0 0 rg BT 534.51 233.95 Td (V) Tj ET Q q 0 0 0 rg BT 540.92 233.95 Td (ested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 71.49 221.35 Td (units ) Tj ET Q q 0 0 0 rg BT 95.83 221.35 Td (can ) Tj ET Q q 0 0 0 rg BT 114.31 221.35 Td (be ) Tj ET Q q 0 0 0 rg BT 128.14 221.35 Td (put ) Tj ET Q q 0 0 0 rg BT 145.47 221.35 Td (to ) Tj ET Q q 0 0 0 rg BT 157.55 221.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 183.04 221.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 215.54 221.35 Td (for ) Tj ET Q q 0 0 0 rg BT 231.70 221.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 278.77 221.35 Td (at ) Tj ET Q q 0 0 0 rg BT 290.26 221.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.75 221.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 338.03 221.35 Td (beginning ) Tj ET Q q 0 0 0 rg BT 383.94 221.35 Td (one ) Tj ET Q q 0 0 0 rg BT 403.01 221.35 Td (year ) Tj ET Q q 0 0 0 rg BT 424.99 221.35 Td (after ) Tj ET Q q 0 0 0 rg BT 448.14 221.35 Td (the ) Tj ET Q q 0 0 0 rg BT 464.88 221.35 Td (holder ) Tj ET Q q 0 0 0 rg BT 495.62 221.35 Td (terminates ) Tj ET Q q 0 0 0 rg BT 543.27 221.35 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 208.75 Td (employment. ) Tj ET Q q 0 0 0 rg BT 107.83 208.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.04 208.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 135.83 208.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 167.62 208.75 Td (can ) Tj ET Q q 0 0 0 rg BT 185.41 208.75 Td (also ) Tj ET Q q 0 0 0 rg BT 205.53 208.75 Td (call ) Tj ET Q q 0 0 0 rg BT 223.90 208.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 245.19 208.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 271.45 208.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 313.72 208.75 Td (post ) Tj ET Q q 0 0 0 rg BT 334.44 208.75 Td (employment, ) Tj ET Q q 0 0 0 rg BT 392.77 208.75 Td (for ) Tj ET Q q 0 0 0 rg BT 408.22 208.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 454.59 208.75 Td (at ) Tj ET Q q 0 0 0 rg BT 465.38 208.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 483.16 208.75 Td (value. ) Tj ET Q q 0 0 0 rg BT 511.74 208.75 Td ( ) Tj ET Q q 0 0 0 rg BT 514.95 208.75 Td (Changes ) Tj ET Q q 0 0 0 rg BT 554.32 208.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 196.15 Td (control ) Tj ET Q q 0 0 0 rg BT 82.15 196.15 Td (of ) Tj ET Q q 0 0 0 rg BT 93.81 196.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 118.30 196.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 149.79 196.15 Td (or ) Tj ET Q q 0 0 0 rg BT 161.45 196.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 215.67 196.15 Td (do ) Tj ET Q q 0 0 0 rg BT 229.08 196.15 Td (not ) Tj ET Q q 0 0 0 rg BT 245.41 196.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 276.90 196.15 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 312.77 196.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 358.83 196.15 Td (or ) Tj ET Q q 0 0 0 rg BT 370.49 196.15 Td (other ) Tj ET Q q 0 0 0 rg BT 394.97 196.15 Td (provisions ) Tj ET Q q 0 0 0 rg BT 441.64 196.15 Td (of ) Tj ET Q q 0 0 0 rg BT 453.30 196.15 Td (the ) Tj ET Q q 0 0 0 rg BT 469.04 196.15 Td (units. ) Tj ET Q q 0 0 0 rg BT 494.99 196.15 Td ( ) Tj ET Q q 0 0 0 rg BT 497.90 196.15 Td (However) Tj ET Q q 0 0 0 rg BT 535.97 196.15 Td (, ) Tj ET Q q 0 0 0 rg BT 541.50 196.15 Td (upon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 183.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 68.60 183.55 Td (of ) Tj ET Q q 0 0 0 rg BT 80.13 183.55 Td (substantially ) Tj ET Q q 0 0 0 rg BT 135.99 183.55 Td (all ) Tj ET Q q 0 0 0 rg BT 149.26 183.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 203.35 183.55 Td (assets, ) Tj ET Q q 0 0 0 rg BT 233.25 183.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.86 183.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 281.97 183.55 Td (of ) Tj ET Q q 0 0 0 rg BT 293.49 183.55 Td (the ) Tj ET Q q 0 0 0 rg BT 309.10 183.55 Td (units ) Tj ET Q q 0 0 0 rg BT 332.30 183.55 Td (would ) Tj ET Q q 0 0 0 rg BT 361.32 183.55 Td (accelerate, ) Tj ET Q q 0 0 0 rg BT 408.68 183.55 Td (and ) Tj ET Q q 0 0 0 rg BT 426.62 183.55 Td (participants ) Tj ET Q q 0 0 0 rg BT 478.38 183.55 Td (would ) Tj ET Q q 0 0 0 rg BT 507.41 183.55 Td (receive ) Tj ET Q q 0 0 0 rg BT 540.49 183.55 Td (a ) Tj ET Q q 0 0 0 rg BT 547.93 183.55 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 170.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.61 170.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 113.13 170.95 Td (in ) Tj ET Q q 0 0 0 rg BT 123.66 170.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 155.76 170.95 Td (of ) Tj ET Q q 0 0 0 rg BT 166.88 170.95 Td (their ) Tj ET Q q 0 0 0 rg BT 188.49 170.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 225.85 170.95 Td (under ) Tj ET Q q 0 0 0 rg BT 252.12 170.95 Td (the ) Tj ET Q q 0 0 0 rg BT 267.32 170.95 Td (plan. ) Tj ET Q q 0 0 0 rg BT 290.39 170.95 Td ( ) Tj ET Q q 0 0 0 rg BT 292.75 170.95 Td (Future ) Tj ET Q q 0 0 0 rg BT 322.54 170.95 Td (grants ) Tj ET Q q 0 0 0 rg BT 350.56 170.95 Td (of ) Tj ET Q q 0 0 0 rg BT 361.68 170.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 406.04 170.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 426.48 170.95 Td (units ) Tj ET Q q 0 0 0 rg BT 449.27 170.95 Td (will ) Tj ET Q q 0 0 0 rg BT 467.97 170.95 Td (dilute ) Tj ET Q q 0 0 0 rg BT 494.25 170.95 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 170.95 Td (participation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 158.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.88 158.35 Td (existing ) Tj ET Q q 0 0 0 rg BT 96.77 158.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 148.41 158.35 Td (units ) Tj ET Q q 0 0 0 rg BT 171.46 158.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 182.27 158.35 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.51 158.35 Td ( ) Tj ET Q q 0 0 0 rg BT 204.15 158.35 Td (of ) Tj ET Q q 0 0 0 rg BT 215.53 158.35 Td (the ) Tj ET Q q 0 0 0 rg BT 231.00 158.35 Td (future ) Tj ET Q q 0 0 0 rg BT 258.71 158.35 Td (growth ) Tj ET Q q 0 0 0 rg BT 291.09 158.35 Td (of ) Tj ET Q q 0 0 0 rg BT 302.47 158.35 Td (the ) Tj ET Q q 0 0 0 rg BT 317.94 158.35 Td (respective ) Tj ET Q q 0 0 0 rg BT 363.14 158.35 Td (af) Tj ET Q q 0 0 0 rg BT 371.10 158.35 Td (filiates' ) Tj ET Q q 0 0 0 rg BT 404.21 158.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 448.24 158.35 Td (value, ) Tj ET Q q 0 0 0 rg BT 476.24 158.35 Td (if ) Tj ET Q q 0 0 0 rg BT 485.29 158.35 Td (any) Tj ET Q q 0 0 0 rg BT 499.77 158.35 Td (, ) Tj ET Q q 0 0 0 rg BT 505.03 158.35 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 554.33 158.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.85 145.75 Td (related ) Tj ET Q q 0 0 0 rg BT 95.94 145.75 Td (future ) Tj ET Q q 0 0 0 rg BT 123.54 145.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 147.64 145.75 Td (date, ) Tj ET Q q 0 0 0 rg BT 170.28 145.75 Td (for ) Tj ET Q q 0 0 0 rg BT 185.04 145.75 Td (which ) Tj ET Q q 0 0 0 rg BT 213.23 145.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 257.75 145.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 318.59 145.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 354.94 145.75 Td (would ) Tj ET Q q 0 0 0 rg BT 383.71 145.75 Td (be ) Tj ET Q q 0 0 0 rg BT 396.15 145.75 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 436.28 145.75 Td ( ) Tj ET Q q 0 0 0 rg BT 438.80 145.75 Td (Further) Tj ET Q q 0 0 0 rg BT 469.29 145.75 Td (, ) Tj ET Q q 0 0 0 rg BT 474.44 145.75 Td (future ) Tj ET Q q 0 0 0 rg BT 502.04 145.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 530.23 145.75 Td (will ) Tj ET Q q 0 0 0 rg BT 549.09 145.75 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 133.15 Td (entitle ) Tj ET Q q 0 0 0 rg BT 78.23 133.15 Td (the ) Tj ET Q q 0 0 0 rg BT 93.55 133.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 114.12 133.15 Td (participants, ) Tj ET Q q 0 0 0 rg BT 168.22 133.15 Td (collectively) Tj ET Q q 0 0 0 rg BT 216.52 133.15 Td (, ) Tj ET Q q 0 0 0 rg BT 221.64 133.15 Td (to ) Tj ET Q q 0 0 0 rg BT 232.30 133.15 Td (more ) Tj ET Q q 0 0 0 rg BT 256.36 133.15 Td (than ) Tj ET Q q 0 0 0 rg BT 276.93 133.15 Td (an ) Tj ET Q q 0 0 0 rg BT 289.34 133.15 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.64 133.15 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.88 133.15 Td ( ) Tj ET Q q 0 0 0 rg BT 354.37 133.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.61 133.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.93 133.15 Td (future ) Tj ET Q q 0 0 0 rg BT 408.49 133.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 440.73 133.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.97 133.15 Td (the ) Tj ET Q q 0 0 0 rg BT 467.29 133.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 521.10 133.15 Td (enterprise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 120.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 78.78 120.55 Td ( ) Tj ET Q q 0 0 0 rg BT 82.70 120.55 Td (Upon ) Tj ET Q q 0 0 0 rg BT 109.96 120.55 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 146.83 120.55 Td (the ) Tj ET Q q 0 0 0 rg BT 163.58 120.55 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 210.06 120.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.55 120.55 Td (value ) Tj ET Q q 0 0 0 rg BT 255.21 120.55 Td (of ) Tj ET Q q 0 0 0 rg BT 267.87 120.55 Td (vested ) Tj ET Q q 0 0 0 rg BT 298.62 120.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 320.62 120.55 Td (units ) Tj ET Q q 0 0 0 rg BT 344.96 120.55 Td (is ) Tj ET Q q 0 0 0 rg BT 355.88 120.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 396.52 120.55 Td (in ) Tj ET Q q 0 0 0 rg BT 408.61 120.55 Td (the ) Tj ET Q q 0 0 0 rg BT 425.35 120.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 484.69 120.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 522.42 120.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 553.75 120.55 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 107.95 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 107.33 107.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 175.09 107.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 216.02 107.95 Td (through ) Tj ET Q q 0 0 0 rg BT 254.63 107.95 Td (an ) Tj ET Q q 0 0 0 rg BT 270.47 107.95 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 322.49 107.95 Td (to ) Tj ET Q q 0 0 0 rg BT 336.59 107.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 384.52 107.95 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 420.20 107.95 Td (capital. ) Tj ET Q q 0 0 0 rg BT 456.75 107.95 Td ( ) Tj ET Q q 0 0 0 rg BT 462.26 107.95 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 505.55 107.95 Td (, ) Tj ET Q q 0 0 0 rg BT 514.11 107.95 Td (redeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 95.35 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.39 95.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 150.45 95.35 Td (will ) Tj ET Q q 0 0 0 rg BT 168.85 95.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 207.07 95.35 Td (to ) Tj ET Q q 0 0 0 rg BT 217.30 95.35 Td (be ) Tj ET Q q 0 0 0 rg BT 229.28 95.35 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 266.34 95.35 Td (to ) Tj ET Q q 0 0 0 rg BT 276.57 95.35 Td (the ) Tj ET Q q 0 0 0 rg BT 291.46 95.35 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 327.94 95.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 372.58 95.35 Td (estimated ) Tj ET Q q 0 0 0 rg BT 414.89 95.35 Td (redemption ) Tj ET Q q 0 0 0 rg BT 464.77 95.35 Td (value ) Tj ET Q q 0 0 0 rg BT 489.57 95.35 Td (over ) Tj ET Q q 0 0 0 rg BT 510.30 95.35 Td (the ) Tj ET Q q 0 0 0 rg BT 525.19 95.35 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 82.75 Td (term, ) Tj ET Q q 0 0 0 rg BT 73.46 82.75 Td (through ) Tj ET Q q 0 0 0 rg BT 108.21 82.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 144.11 82.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 181.77 82.75 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 236.65 82.75 Td ( ) Tj ET Q q 0 0 0 rg BT 238.28 82.75 Td (As ) Tj ET Q q 0 0 0 rg BT 252.04 82.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 262.88 82.75 Td (March ) Tj ET Q q 0 0 0 rg BT 292.37 82.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.58 82.75 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.58 82.75 Td (, ) Tj ET Q q 0 0 0 rg BT 333.30 82.75 Td (the ) Tj ET Q q 0 0 0 rg BT 348.22 82.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.54 82.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 433.44 82.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 483.35 82.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 500.01 82.75 Td (value ) Tj ET Q q 0 0 0 rg BT 524.84 82.75 Td (of ) Tj ET Q q 0 0 0 rg BT 535.67 82.75 Td (vested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 70.15 Td (units ) Tj ET Q q 0 0 0 rg BT 72.55 70.15 Td (under ) Tj ET Q q 0 0 0 rg BT 99.08 70.15 Td (the ) Tj ET Q q 0 0 0 rg BT 114.53 70.15 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 168.47 70.15 Td (plan, ) Tj ET Q q 0 0 0 rg BT 191.80 70.15 Td (as ) Tj ET Q q 0 0 0 rg BT 203.17 70.15 Td (if ) Tj ET Q q 0 0 0 rg BT 212.21 70.15 Td (they ) Tj ET Q q 0 0 0 rg BT 232.92 70.15 Td (were ) Tj ET Q q 0 0 0 rg BT 255.94 70.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 296.47 70.15 Td (redeemable, ) Tj ET Q q 0 0 0 rg BT 350.10 70.15 Td (was ) Tj ET Q q 0 0 0 rg BT 369.06 70.15 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.33 70.15 Td ($59,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.45 70.15 Td (.) Tj ET Q endstream endobj 263 0 obj <> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (129) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.56 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.63 729.30 Td (has ) Tj ET Q q 0 0 0 rg BT 121.12 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 128.27 729.30 Td (qualified ) Tj ET Q q 0 0 0 rg BT 168.08 729.30 Td (ESPP) Tj ET Q q 0 0 0 rg BT 191.62 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 194.11 729.30 Td (covering ) Tj ET Q q 0 0 0 rg BT 233.33 729.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 288.90 729.30 Td (all ) Tj ET Q q 0 0 0 rg BT 301.88 729.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 323.04 729.30 Td (employees. ) Tj ET Q q 0 0 0 rg BT 373.06 729.30 Td (Shares ) Tj ET Q q 0 0 0 rg BT 403.54 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 414.78 729.30 Td (common ) Tj ET Q q 0 0 0 rg BT 454.01 729.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 478.66 729.30 Td (are ) Tj ET Q q 0 0 0 rg BT 493.97 729.30 Td (purchased ) Tj ET Q q 0 0 0 rg BT 539.02 729.30 Td (in ) Tj ET Q q 0 0 0 rg BT 549.68 729.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (open ) Tj ET Q q 0 0 0 rg BT 72.69 716.70 Td (market ) Tj ET Q q 0 0 0 rg BT 104.62 716.70 Td (on ) Tj ET Q q 0 0 0 rg BT 117.89 716.70 Td (behalf ) Tj ET Q q 0 0 0 rg BT 146.90 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 158.43 716.70 Td (participating ) Tj ET Q q 0 0 0 rg BT 214.27 716.70 Td (employees, ) Tj ET Q q 0 0 0 rg BT 264.57 716.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 297.09 716.70 Td (to ) Tj ET Q q 0 0 0 rg BT 308.04 716.70 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.47 716.70 Td (4,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.10 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 341.88 716.70 Td (total ) Tj ET Q q 0 0 0 rg BT 363.31 716.70 Td (share ) Tj ET Q q 0 0 0 rg BT 388.25 716.70 Td (limit ) Tj ET Q q 0 0 0 rg BT 410.86 716.70 Td (under ) Tj ET Q q 0 0 0 rg BT 437.54 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 453.15 716.70 Td (plan. ) Tj ET Q q 0 0 0 rg BT 476.63 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 479.40 716.70 Td (Purchases ) Tj ET Q q 0 0 0 rg BT 524.17 716.70 Td (are ) Tj ET Q q 0 0 0 rg BT 539.77 716.70 Td (made ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (through ) Tj ET Q q 0 0 0 rg BT 87.03 704.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 121.64 704.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 171.99 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.02 704.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 218.46 704.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 251.91 704.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 292.94 704.10 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.46 704.10 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.71 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.57 704.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 382.77 704.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 420.88 704.10 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 469.77 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 500.29 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 512.16 704.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 553.75 704.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 112.06 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 129.12 691.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 164.26 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 174.33 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 189.06 691.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 246.37 691.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 294.35 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 304.99 691.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 338.38 691.50 Td (\(Loss\). ) Tj ET Q q 0 0 0 rg BT 369.73 691.50 Td ( ) Tj ET Q q 0 0 0 rg BT 371.63 691.50 Td (During ) Tj ET Q q 0 0 0 rg BT 403.28 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 418.01 691.50 Td (years ) Tj ET Q q 0 0 0 rg BT 442.06 691.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 469.03 691.50 Td (March ) Tj ET Q q 0 0 0 rg BT 498.33 691.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 513.36 691.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 538.88 691.50 Td (2019, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 68.33 678.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 95.63 678.90 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.95 678.90 Td (104) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.70 678.90 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 182.00 678.90 Td (141) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.75 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 204.05 678.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.88 678.90 Td (128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.63 678.90 Td ( ) Tj ET Q q 0 0 0 rg BT 242.31 678.90 Td (shares, ) Tj ET Q q 0 0 0 rg BT 274.85 678.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 324.89 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 331.19 678.90 Td (have ) Tj ET Q q 0 0 0 rg BT 354.69 678.90 Td (been ) Tj ET Q q 0 0 0 rg BT 378.18 678.90 Td (purchased ) Tj ET Q q 0 0 0 rg BT 424.42 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 436.26 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 452.76 678.90 Td (open ) Tj ET Q q 0 0 0 rg BT 476.85 678.90 Td (market ) Tj ET Q q 0 0 0 rg BT 509.67 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 523.85 678.90 Td (behalf ) Tj ET Q q 0 0 0 rg BT 553.75 678.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (participating ) Tj ET Q q 0 0 0 rg BT 105.49 666.30 Td (employees. ) Tj ET Q q 0 0 0 rg BT 155.95 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 158.88 666.30 Td (In ) Tj ET Q q 0 0 0 rg BT 170.56 666.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 219.55 666.30 Td (with ) Tj ET Q q 0 0 0 rg BT 241.15 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 256.90 666.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 274.21 666.30 Td (ger) Tj ET Q q 0 0 0 rg BT 287.20 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 292.75 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 308.51 666.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 348.75 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 360.43 666.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 389.59 666.30 Td (under ) Tj ET Q q 0 0 0 rg BT 416.43 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 432.19 666.30 Td (ESPP) Tj ET Q q 0 0 0 rg BT 455.73 666.30 Td ( ) Tj ET Q q 0 0 0 rg BT 458.66 666.30 Td (ceased ) Tj ET Q q 0 0 0 rg BT 489.57 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 500.66 666.30 Td (February ) Tj ET Q q 0 0 0 rg BT 541.50 666.30 Td (2020 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 82.74 653.70 Td (ESPP) Tj ET Q q 0 0 0 rg BT 106.28 653.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.91 653.70 Td (will ) Tj ET Q q 0 0 0 rg BT 127.87 653.70 Td (terminate ) Tj ET Q q 0 0 0 rg BT 170.14 653.70 Td (immediately ) Tj ET Q q 0 0 0 rg BT 225.25 653.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 248.29 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 259.08 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 274.53 653.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 307.49 653.70 Td (of ) Tj ET Q q 0 0 0 rg BT 318.86 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 334.32 653.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 351.62 653.70 Td (ger) Tj ET Q q 0 0 0 rg BT 364.45 653.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.03 628.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.57 628.50 Td (also ) Tj ET Q q 0 0 0 rg BT 122.44 628.50 Td (has ) Tj ET Q q 0 0 0 rg BT 138.40 628.50 Td (an ) Tj ET Q q 0 0 0 rg BT 150.27 628.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 178.47 628.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.50 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 212.70 628.50 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 274.72 628.50 Td (directors. ) Tj ET Q q 0 0 0 rg BT 316.04 628.50 Td (Under ) Tj ET Q q 0 0 0 rg BT 344.24 628.50 Td (the ) Tj ET Q q 0 0 0 rg BT 359.02 628.50 Td (current ) Tj ET Q q 0 0 0 rg BT 390.71 628.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.92 628.50 Td (plan, ) Tj ET Q q 0 0 0 rg BT 441.58 628.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 480.27 628.50 Td (may ) Tj ET Q q 0 0 0 rg BT 500.30 628.50 Td (elect ) Tj ET Q q 0 0 0 rg BT 522.08 628.50 Td (to ) Tj ET Q q 0 0 0 rg BT 532.20 628.50 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.33 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 89.66 615.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 114.41 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 125.74 615.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 167.39 615.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 192.15 615.90 Td (units. ) Tj ET Q q 0 0 0 rg BT 217.78 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 220.36 615.90 Td (Shares ) Tj ET Q q 0 0 0 rg BT 250.95 615.90 Td (and ) Tj ET Q q 0 0 0 rg BT 268.69 615.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 310.34 615.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 335.09 615.90 Td (units ) Tj ET Q q 0 0 0 rg BT 358.10 615.90 Td (issuable ) Tj ET Q q 0 0 0 rg BT 394.52 615.90 Td (under ) Tj ET Q q 0 0 0 rg BT 421.01 615.90 Td (this ) Tj ET Q q 0 0 0 rg BT 438.77 615.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.60 615.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 488.27 615.90 Td (are ) Tj ET Q q 0 0 0 rg BT 503.67 615.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 536.00 615.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 546.76 615.90 Td (625) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 59.62 603.30 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 105.01 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 115.71 603.30 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.33 603.30 Td (523) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.08 603.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 163.65 603.30 Td (494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.40 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 181.36 603.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.47 603.30 Td (460) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.22 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 216.18 603.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 244.37 603.30 Td (were ) Tj ET Q q 0 0 0 rg BT 266.73 603.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 294.94 603.30 Td (as ) Tj ET Q q 0 0 0 rg BT 305.64 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 316.34 603.30 Td (March ) Tj ET Q q 0 0 0 rg BT 345.70 603.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.78 603.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 386.36 603.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 411.94 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 429.05 603.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 454.63 603.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 504.68 603.30 Td (. ) Tj ET Q q 0 0 0 rg BT 509.26 603.30 Td ( ) Tj ET Q q 0 0 0 rg BT 510.78 603.30 Td (As ) Tj ET Q q 0 0 0 rg BT 524.40 603.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 535.11 603.30 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.95 590.70 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.95 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 88.28 590.70 Td (,2019, ) Tj ET Q q 0 0 0 rg BT 116.85 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 134.34 590.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 160.29 590.70 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 222.68 590.70 Td (directors ) Tj ET Q q 0 0 0 rg BT 261.74 590.70 Td (held ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.15 590.70 Td (34) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.65 590.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.60 590.70 Td (99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.10 590.70 Td (, ) Tj ET Q q 0 0 0 rg BT 313.05 590.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.54 590.70 Td (80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.04 590.70 Td ( ) Tj ET Q q 0 0 0 rg BT 343.36 590.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 384.75 590.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 409.24 590.70 Td (units, ) Tj ET Q q 0 0 0 rg BT 434.62 590.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 484.66 590.70 Td (, ) Tj ET Q q 0 0 0 rg BT 489.61 590.70 Td (which ) Tj ET Q q 0 0 0 rg BT 517.60 590.70 Td (vest ) Tj ET Q q 0 0 0 rg BT 536.84 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 549.67 590.70 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 73.19 578.10 Td (date ) Tj ET Q q 0 0 0 rg BT 92.80 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.08 578.10 Td (are, ) Tj ET Q q 0 0 0 rg BT 127.64 578.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 170.27 578.10 Td (not ) Tj ET Q q 0 0 0 rg BT 185.80 578.10 Td (included ) Tj ET Q q 0 0 0 rg BT 224.08 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.36 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.31 578.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 288.75 578.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 317.11 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.98 578.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 369.16 578.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.44 578.10 Td (units ) Tj ET Q q 0 0 0 rg BT 415.98 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.26 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.21 578.10 Td (table ) Tj ET Q q 0 0 0 rg BT 463.73 578.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 493.55 578.10 Td (During ) Tj ET Q q 0 0 0 rg BT 525.41 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.36 578.10 Td (years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.04 565.50 Td (March ) Tj ET Q q 0 0 0 rg BT 104.92 565.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.51 565.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 144.61 565.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 169.70 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 186.33 565.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 211.43 565.50 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 272.96 565.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 311.17 565.50 Td (were ) Tj ET Q q 0 0 0 rg BT 333.04 565.50 Td (granted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 365.99 565.50 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.24 565.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.34 565.50 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.84 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 389.93 565.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.57 565.50 Td (12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.07 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 421.16 565.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 461.69 565.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 485.33 565.50 Td (units, ) Tj ET Q q 0 0 0 rg BT 509.85 565.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.89 565.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.29 552.90 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.79 552.90 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.04 552.90 Td (15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.54 552.90 Td (, ) Tj ET Q q 0 0 0 rg BT 98.79 552.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 116.57 552.90 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.07 552.90 Td (, ) Tj ET Q q 0 0 0 rg BT 132.32 552.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 161.19 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 172.56 552.90 Td (common ) Tj ET Q q 0 0 0 rg BT 211.93 552.90 Td (stock, ) Tj ET Q q 0 0 0 rg BT 239.34 552.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 289.39 552.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.37 527.70 Td (May ) Tj ET Q q 0 0 0 rg BT 81.74 527.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 107.49 527.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 133.24 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 150.53 527.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 176.28 527.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 199.98 527.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 230.69 527.70 Td (granted ) Tj ET Q q 0 0 0 rg BT 264.30 527.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 294.99 527.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 337.34 527.70 Td (of) Tj ET Q q 0 0 0 rg BT 345.90 527.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 371.34 527.70 Td (a ) Tj ET Q q 0 0 0 rg BT 378.13 527.70 Td (total ) Tj ET Q q 0 0 0 rg BT 398.91 527.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.78 527.70 Td (168) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.53 527.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.28 527.70 Td (163) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.03 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 450.78 527.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.07 527.70 Td (1) Tj ET Q q 0 0 0 rg BT 472.93 527.70 Td (1) Tj ET Q q 0 0 0 rg BT 477.79 527.70 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.04 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 485.17 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 540.34 527.70 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 75.44 515.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 125.49 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.00 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.64 515.10 Td (part ) Tj ET Q q 0 0 0 rg BT 161.86 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.50 515.10 Td (their ) Tj ET Q q 0 0 0 rg BT 195.64 515.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 221.27 515.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 247.79 515.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 274.31 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.36 515.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 316.25 515.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 357.63 515.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 390.26 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 411.82 515.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 455.52 515.10 Td (values ) Tj ET Q q 0 0 0 rg BT 485.24 515.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 496.88 515.10 Td ($6,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.75 515.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.01 515.10 Td ($5,820) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.88 515.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td ($3,503) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.38 502.50 Td (, ) Tj ET Q q 0 0 0 rg BT 84.52 502.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.57 502.50 Td (. ) Tj ET Q q 0 0 0 rg BT 140.72 502.50 Td ( ) Tj ET Q q 0 0 0 rg BT 143.99 502.50 Td (The ) Tj ET Q q 0 0 0 rg BT 163.84 502.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 197.69 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 209.96 502.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 266.53 502.50 Td (share ) Tj ET Q q 0 0 0 rg BT 292.21 502.50 Td (units ) Tj ET Q q 0 0 0 rg BT 316.16 502.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 351.17 502.50 Td (in ) Tj ET Q q 0 0 0 rg BT 362.86 502.50 Td (May ) Tj ET Q q 0 0 0 rg BT 385.63 502.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 410.15 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 428.83 502.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 453.36 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 472.04 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 488.39 502.50 Td (number ) Tj ET Q q 0 0 0 rg BT 523.99 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 536.26 502.50 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 84.69 489.90 Td (at ) Tj ET Q q 0 0 0 rg BT 94.81 489.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 127.68 489.90 Td (are ) Tj ET Q q 0 0 0 rg BT 143.04 489.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 192.82 489.90 Td (based ) Tj ET Q q 0 0 0 rg BT 219.27 489.90 Td (on ) Tj ET Q q 0 0 0 rg BT 232.31 489.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.42 489.90 Td (Mason�) Tj ET Q q 0 0 0 rg BT 287.92 489.90 Td (s ) Tj ET Q q 0 0 0 rg BT 294.55 489.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 328.57 489.90 Td (total ) Tj ET Q q 0 0 0 rg BT 349.78 489.90 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 401.31 489.90 Td (return ) Tj ET Q q 0 0 0 rg BT 428.92 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 446.62 489.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 480.65 489.90 Td (or) Tj ET Q q 0 0 0 rg BT 489.20 489.90 Td (ganic ) Tj ET Q q 0 0 0 rg BT 514.48 489.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 546.77 489.90 Td (rate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.52 477.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 105.48 477.30 Td (AUM ) Tj ET Q q 0 0 0 rg BT 133.26 477.30 Td (over ) Tj ET Q q 0 0 0 rg BT 155.19 477.30 Td (three-year ) Tj ET Q q 0 0 0 rg BT 201.01 477.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 235.20 477.30 Td (ending ) Tj ET Q q 0 0 0 rg BT 267.05 477.30 Td (March ) Tj ET Q q 0 0 0 rg BT 297.73 477.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 314.13 477.30 Td (2022 ) Tj ET Q q 0 0 0 rg BT 338.41 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 356.84 477.30 Td (2021, ) Tj ET Q q 0 0 0 rg BT 383.74 477.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 433.79 477.30 Td (. ) Tj ET Q q 0 0 0 rg BT 439.69 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 442.73 477.30 Td (The ) Tj ET Q q 0 0 0 rg BT 462.33 477.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 502.33 477.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 527.18 477.30 Td (date ) Tj ET Q q 0 0 0 rg BT 547.94 477.30 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (values ) Tj ET Q q 0 0 0 rg BT 79.24 464.70 Td (per ) Tj ET Q q 0 0 0 rg BT 95.56 464.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 151.52 464.70 Td (share ) Tj ET Q q 0 0 0 rg BT 176.58 464.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 195.83 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.49 464.70 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.74 464.70 Td (37.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 236.37 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 239.28 464.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.35 464.70 Td ($35.67) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.23 464.70 Td (, ) Tj ET Q q 0 0 0 rg BT 291.76 464.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 341.81 464.70 Td (, ) Tj ET Q q 0 0 0 rg BT 347.35 464.70 Td (were ) Tj ET Q q 0 0 0 rg BT 370.66 464.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 413.81 464.70 Td (based ) Tj ET Q q 0 0 0 rg BT 440.63 464.70 Td (on ) Tj ET Q q 0 0 0 rg BT 454.04 464.70 Td (multiple ) Tj ET Q q 0 0 0 rg BT 491.95 464.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 509.44 464.70 Td (value ) Tj ET Q q 0 0 0 rg BT 535.09 464.70 Td (Monte ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 75.18 452.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 107.27 452.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 142.58 452.10 Td (Expense ) Tj ET Q q 0 0 0 rg BT 180.50 452.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 226.00 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 247.02 452.10 Td (these ) Tj ET Q q 0 0 0 rg BT 270.95 452.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 298.96 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 314.13 452.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 351.47 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 366.06 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.24 452.10 Td (level ) Tj ET Q q 0 0 0 rg BT 404.00 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.10 452.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 448.93 452.10 Td (or) Tj ET Q q 0 0 0 rg BT 457.49 452.10 Td (ganic ) Tj ET Q q 0 0 0 rg BT 482.57 452.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 514.67 452.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 554.33 452.10 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (be ) Tj ET Q q 0 0 0 rg BT 61.39 439.50 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 105.95 439.50 Td (achieved. ) Tj ET Q q 0 0 0 rg BT 147.72 439.50 Td (The ) Tj ET Q q 0 0 0 rg BT 166.03 439.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 208.24 439.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 224.80 439.50 Td (values ) Tj ET Q q 0 0 0 rg BT 253.60 439.50 Td (for ) Tj ET Q q 0 0 0 rg BT 267.83 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 282.63 439.50 Td (May ) Tj ET Q q 0 0 0 rg BT 303.86 439.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 326.84 439.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 350.40 439.50 Td (range ) Tj ET Q q 0 0 0 rg BT 375.70 439.50 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.09 439.50 Td ($21.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.96 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 428.94 439.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.09 439.50 Td ($45.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.96 439.50 Td ( ) Tj ET Q q 0 0 0 rg BT 469.95 439.50 Td (per ) Tj ET Q q 0 0 0 rg BT 485.33 439.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 540.36 439.50 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.52 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 86.36 426.90 Td (for ) Tj ET Q q 0 0 0 rg BT 101.28 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 116.79 426.90 Td (May ) Tj ET Q q 0 0 0 rg BT 138.72 426.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 162.40 426.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 186.66 426.90 Td (range ) Tj ET Q q 0 0 0 rg BT 212.66 426.90 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.75 426.90 Td ($18.08) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.63 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 267.31 426.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.16 426.90 Td ($44.46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.03 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 309.71 426.90 Td (per ) Tj ET Q q 0 0 0 rg BT 325.80 426.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 381.53 426.90 Td (share ) Tj ET Q q 0 0 0 rg BT 406.37 426.90 Td (unit. ) Tj ET Q q 0 0 0 rg BT 428.01 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 430.50 426.90 Td (The ) Tj ET Q q 0 0 0 rg BT 449.51 426.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 482.52 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 493.95 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 509.46 426.90 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (share ) Tj ET Q q 0 0 0 rg BT 74.23 414.30 Td (units ) Tj ET Q q 0 0 0 rg BT 97.23 414.30 Td (granted ) Tj ET Q q 0 0 0 rg BT 131.29 414.30 Td (in ) Tj ET Q q 0 0 0 rg BT 142.03 414.30 Td (May ) Tj ET Q q 0 0 0 rg BT 163.85 414.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 187.43 414.30 Td (was ) Tj ET Q q 0 0 0 rg BT 206.33 414.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 256.14 414.30 Td (based ) Tj ET Q q 0 0 0 rg BT 282.62 414.30 Td (on ) Tj ET Q q 0 0 0 rg BT 295.70 414.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 319.85 414.30 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 356.98 414.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 391.04 414.30 Td (total ) Tj ET Q q 0 0 0 rg BT 412.28 414.30 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 463.84 414.30 Td (return ) Tj ET Q q 0 0 0 rg BT 491.49 414.30 Td (over ) Tj ET Q q 0 0 0 rg BT 512.72 414.30 Td (a ) Tj ET Q q 0 0 0 rg BT 519.96 414.30 Td (three-year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (period ) Tj ET Q q 0 0 0 rg BT 79.01 401.70 Td (ending ) Tj ET Q q 0 0 0 rg BT 110.27 401.70 Td (March ) Tj ET Q q 0 0 0 rg BT 140.35 401.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.16 401.70 Td (2020. ) Tj ET Q q 0 0 0 rg BT 182.27 401.70 Td (The ) Tj ET Q q 0 0 0 rg BT 201.28 401.70 Td (grant ) Tj ET Q q 0 0 0 rg BT 225.53 401.70 Td (date ) Tj ET Q q 0 0 0 rg BT 245.70 401.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 262.96 401.70 Td (value ) Tj ET Q q 0 0 0 rg BT 288.38 401.70 Td (per ) Tj ET Q q 0 0 0 rg BT 304.47 401.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 323.48 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 338.41 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 353.92 401.70 Td (May ) Tj ET Q q 0 0 0 rg BT 375.85 401.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 399.53 401.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 455.26 401.70 Td (share ) Tj ET Q q 0 0 0 rg BT 480.10 401.70 Td (units ) Tj ET Q q 0 0 0 rg BT 503.20 401.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.63 401.70 Td ($31.42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.50 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 401.70 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 92.05 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 103.12 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.18 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.32 389.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 153.21 389.10 Td (date ) Tj ET Q q 0 0 0 rg BT 173.02 389.10 Td (using ) Tj ET Q q 0 0 0 rg BT 198.09 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.07 389.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 234.80 389.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 260.44 389.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 292.50 389.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 323.52 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.16 389.10 Td (following ) Tj ET Q q 0 0 0 rg BT 385.31 389.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 439.54 389.10 Td (were ) Tj ET Q q 0 0 0 rg BT 462.26 389.10 Td (used ) Tj ET Q q 0 0 0 rg BT 483.82 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.31 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 389.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 539.18 389.10 Td (Carlo ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.87 376.50 Td (models ) Tj ET Q q 0 0 0 rg BT 114.82 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 129.69 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 145.15 376.50 Td (May ) Tj ET Q q 0 0 0 rg BT 167.02 376.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 193.27 376.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 219.52 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 237.30 376.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 260.93 376.50 Td (grants:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 351 m 362 351 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 351 m 431 351 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 351 m 496 351 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 351 m 500 351 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 351 m 562 351 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.95 355.79 Td (May 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.55 355.77 Td (May 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.05 355.77 Td (May 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 340.77 Td (Expected dividend yield) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 340.79 Td (4.41) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 340.79 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.35 340.77 Td (3.49) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.75 340.77 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 340.77 Td (2.96) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 340.77 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 325.77 Td (Risk-free interest rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 401.60 325.79 Td (2.1) Tj ET Q q 0 0 0 rg BT 414.73 325.79 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 325.79 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.35 325.77 Td (2.71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.75 325.77 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.35 325.77 Td (1.47) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 325.77 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.50 310.77 Td (Expected \(average in 2019 and 2018\) volatility) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 396.35 310.79 Td (23.96) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 310.79 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.10 310.77 Td (26.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.75 310.77 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.10 310.77 Td (27.73) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.75 310.77 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 281.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 281.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 123.94 281.30 Td (period ) Tj ET Q q 0 0 0 rg BT 153.30 281.30 Td (for ) Tj ET Q q 0 0 0 rg BT 168.08 281.30 Td (the ) Tj ET Q q 0 0 0 rg BT 183.44 281.30 Td (May ) Tj ET Q q 0 0 0 rg BT 205.22 281.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 228.76 281.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 252.87 281.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 280.47 281.30 Td (on ) Tj ET Q q 0 0 0 rg BT 293.51 281.30 Td (March ) Tj ET Q q 0 0 0 rg BT 323.44 281.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 339.10 281.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 362.64 281.30 Td (and ) Tj ET Q q 0 0 0 rg BT 380.33 281.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 416.11 281.30 Td (in ) Tj ET Q q 0 0 0 rg BT 426.81 281.30 Td (the ) Tj ET Q q 0 0 0 rg BT 442.17 281.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 480.28 281.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 491.56 281.30 Td (1) Tj ET Q q 0 0 0 rg BT 496.42 281.30 Td (17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.92 281.30 Td ( ) Tj ET Q q 0 0 0 rg BT 509.45 281.30 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 268.70 Td (shares. ) Tj ET Q q 0 0 0 rg BT 81.46 268.70 Td ( ) Tj ET Q q 0 0 0 rg BT 84.56 268.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 109.23 268.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 140.91 268.70 Td (also ) Tj ET Q q 0 0 0 rg BT 160.92 268.70 Td (granted ) Tj ET Q q 0 0 0 rg BT 195.50 268.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.16 268.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 270.49 268.70 Td (of) Tj ET Q q 0 0 0 rg BT 279.05 268.70 Td (ficers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.46 268.70 Td (182) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.21 268.70 Td ( ) Tj ET Q q 0 0 0 rg BT 324.31 268.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 380.45 268.70 Td (share ) Tj ET Q q 0 0 0 rg BT 405.70 268.70 Td (units ) Tj ET Q q 0 0 0 rg BT 429.22 268.70 Td (in ) Tj ET Q q 0 0 0 rg BT 440.49 268.70 Td (May ) Tj ET Q q 0 0 0 rg BT 462.83 268.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 486.93 268.70 Td (with ) Tj ET Q q 0 0 0 rg BT 508.69 268.70 Td (an ) Tj ET Q q 0 0 0 rg BT 521.70 268.70 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (award ) Tj ET Q q 0 0 0 rg BT 77.92 256.10 Td (value ) Tj ET Q q 0 0 0 rg BT 103.42 256.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.93 256.10 Td ($3,528) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.81 256.10 Td (. ) Tj ET Q q 0 0 0 rg BT 149.00 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 168.08 256.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 223.90 256.10 Td (period ) Tj ET Q q 0 0 0 rg BT 253.49 256.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.50 256.10 Td (this ) Tj ET Q q 0 0 0 rg BT 286.43 256.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 310.77 256.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 338.61 256.10 Td (on ) Tj ET Q q 0 0 0 rg BT 351.87 256.10 Td (March ) Tj ET Q q 0 0 0 rg BT 382.04 256.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.93 256.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 421.70 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.62 256.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 475.62 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.56 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.15 256.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 540.49 256.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 552.00 256.10 Td (46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 562.50 256.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 243.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 243.50 Td (shares.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 218.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.36 218.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 86.66 218.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 102.82 218.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 153.00 218.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 192.70 218.30 Td (for ) Tj ET Q q 0 0 0 rg BT 208.48 218.30 Td (the ) Tj ET Q q 0 0 0 rg BT 224.84 218.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 271.53 218.30 Td (of ) Tj ET Q q 0 0 0 rg BT 283.81 218.30 Td (all ) Tj ET Q q 0 0 0 rg BT 297.84 218.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 350.37 218.30 Td (share-based ) Tj ET Q q 0 0 0 rg BT 403.46 218.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 433.24 218.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 466.51 218.30 Td (\(vested ) Tj ET Q q 0 0 0 rg BT 500.37 218.30 Td (and ) Tj ET Q q 0 0 0 rg BT 519.06 218.30 Td (unvested\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 205.70 Td (contingent ) Tj ET Q q 0 0 0 rg BT 96.45 205.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 120.07 205.70 Td (the ) Tj ET Q q 0 0 0 rg BT 135.53 205.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 152.83 205.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 168.86 205.70 Td (closing.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 180.50 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 88.74 180.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.00 180.50 Td (payable ) Tj ET Q q 0 0 0 rg BT 183.58 180.50 Td (in ) Tj ET Q q 0 0 0 rg BT 193.68 180.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 221.86 180.50 Td (of ) Tj ET Q q 0 0 0 rg BT 232.54 180.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.05 180.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 286.57 180.50 Td (common ) Tj ET Q q 0 0 0 rg BT 325.25 180.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 349.35 180.50 Td (has ) Tj ET Q q 0 0 0 rg BT 365.29 180.50 Td (been ) Tj ET Q q 0 0 0 rg BT 387.04 180.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 420.46 180.50 Td (to ) Tj ET Q q 0 0 0 rg BT 430.57 180.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 461.07 180.50 Td (employees ) Tj ET Q q 0 0 0 rg BT 507.90 180.50 Td (in ) Tj ET Q q 0 0 0 rg BT 518.01 180.50 Td (an ) Tj ET Q q 0 0 0 rg BT 529.85 180.50 Td (elective ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 167.90 Td (plan. ) Tj ET Q q 0 0 0 rg BT 72.48 167.90 Td ( ) Tj ET Q q 0 0 0 rg BT 74.59 167.90 Td (The ) Tj ET Q q 0 0 0 rg BT 93.19 167.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 125.80 167.90 Td (in ) Tj ET Q q 0 0 0 rg BT 136.25 167.90 Td (the ) Tj ET Q q 0 0 0 rg BT 151.35 167.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 171.70 167.90 Td (is ) Tj ET Q q 0 0 0 rg BT 180.98 167.90 Td (immediate ) Tj ET Q q 0 0 0 rg BT 227.58 167.90 Td (and ) Tj ET Q q 0 0 0 rg BT 245.02 167.90 Td (the ) Tj ET Q q 0 0 0 rg BT 260.12 167.90 Td (plan ) Tj ET Q q 0 0 0 rg BT 280.48 167.90 Td (provides ) Tj ET Q q 0 0 0 rg BT 318.91 167.90 Td (for ) Tj ET Q q 0 0 0 rg BT 333.43 167.90 Td (discounts ) Tj ET Q q 0 0 0 rg BT 375.38 167.90 Td (of ) Tj ET Q q 0 0 0 rg BT 386.40 167.90 Td (up ) Tj ET Q q 0 0 0 rg BT 399.18 167.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 409.62 167.90 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.87 167.90 Td ( ) Tj ET Q q 0 0 0 rg BT 431.14 167.90 Td (on ) Tj ET Q q 0 0 0 rg BT 443.92 167.90 Td (contributions ) Tj ET Q q 0 0 0 rg BT 501.61 167.90 Td (and ) Tj ET Q q 0 0 0 rg BT 519.05 167.90 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 565.13 167.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 155.30 Td (Since ) Tj ET Q q 0 0 0 rg BT 75.63 155.30 Td (January ) Tj ET Q q 0 0 0 rg BT 111.08 155.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 121.76 155.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 148.18 155.30 Td (there ) Tj ET Q q 0 0 0 rg BT 171.96 155.30 Td (are ) Tj ET Q q 0 0 0 rg BT 187.58 155.30 Td (no ) Tj ET Q q 0 0 0 rg BT 200.88 155.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 245.67 155.30 Td (contributions ) Tj ET Q q 0 0 0 rg BT 303.88 155.30 Td (to ) Tj ET Q q 0 0 0 rg BT 314.85 155.30 Td (the ) Tj ET Q q 0 0 0 rg BT 330.48 155.30 Td (plan, ) Tj ET Q q 0 0 0 rg BT 353.98 155.30 Td (with ) Tj ET Q q 0 0 0 rg BT 375.45 155.30 Td (the ) Tj ET Q q 0 0 0 rg BT 391.08 155.30 Td (remaining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.45 155.30 Td (201) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.20 155.30 Td ( ) Tj ET Q q 0 0 0 rg BT 455.00 155.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 484.04 155.30 Td (reserved ) Tj ET Q q 0 0 0 rg BT 522.40 155.30 Td (for ) Tj ET Q q 0 0 0 rg BT 537.44 155.30 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 142.70 Td (dividend ) Tj ET Q q 0 0 0 rg BT 88.96 142.70 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 146.80 142.70 Td ( ) Tj ET Q q 0 0 0 rg BT 149.52 142.70 Td (During ) Tj ET Q q 0 0 0 rg BT 181.98 142.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 207.43 142.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 233.77 142.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 260.11 142.70 Td (and ) Tj ET Q q 0 0 0 rg BT 277.98 142.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 304.32 142.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.61 142.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.90 142.70 Td (issued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.87 142.70 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.37 142.70 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.71 142.70 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.21 142.70 Td (, ) Tj ET Q q 0 0 0 rg BT 420.55 142.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.42 142.70 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.92 142.70 Td ( ) Tj ET Q q 0 0 0 rg BT 451.63 142.70 Td (shares, ) Tj ET Q q 0 0 0 rg BT 483.21 142.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 533.26 142.70 Td (, ) Tj ET Q q 0 0 0 rg BT 538.60 142.70 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.56 130.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 86.87 130.10 Td (with ) Tj ET Q q 0 0 0 rg BT 108.77 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 116.66 130.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 194.52 130.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 212.32 130.10 Td (value ) Tj ET Q q 0 0 0 rg BT 238.29 130.10 Td (per ) Tj ET Q q 0 0 0 rg BT 254.93 130.10 Td (share ) Tj ET Q q 0 0 0 rg BT 280.31 130.10 Td (at ) Tj ET Q q 0 0 0 rg BT 291.12 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.18 130.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 331.99 130.10 Td (date ) Tj ET Q q 0 0 0 rg BT 352.71 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.69 130.10 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 369.94 130.10 Td (34.92) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.56 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.42 130.10 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.67 130.10 Td (29.68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 428.29 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.15 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.54 130.10 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.79 130.10 Td (37.63) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.42 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 487.27 130.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 537.32 130.10 Td (. ) Tj ET Q q 0 0 0 rg BT 543.18 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.18 130.10 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 117.50 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 107.51 117.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 136.36 117.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 165.21 117.50 Td (under ) Tj ET Q q 0 0 0 rg BT 191.71 117.50 Td (this ) Tj ET Q q 0 0 0 rg BT 209.49 117.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 230.17 117.50 Td (are ) Tj ET Q q 0 0 0 rg BT 245.58 117.50 Td (held ) Tj ET Q q 0 0 0 rg BT 266.26 117.50 Td (in ) Tj ET Q q 0 0 0 rg BT 277.03 117.50 Td (a ) Tj ET Q q 0 0 0 rg BT 284.29 117.50 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 308.47 117.50 Td (trust. ) Tj ET Q q 0 0 0 rg BT 332.36 117.50 Td ( ) Tj ET Q q 0 0 0 rg BT 334.39 117.50 Td (Assets ) Tj ET Q q 0 0 0 rg BT 364.41 117.50 Td (of ) Tj ET Q q 0 0 0 rg BT 375.76 117.50 Td (the ) Tj ET Q q 0 0 0 rg BT 391.18 117.50 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 415.36 117.50 Td (trust ) Tj ET Q q 0 0 0 rg BT 436.63 117.50 Td (are ) Tj ET Q q 0 0 0 rg BT 452.05 117.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 507.72 117.50 Td (with ) Tj ET Q q 0 0 0 rg BT 528.99 117.50 Td (those ) Tj ET Q q 0 0 0 rg BT 553.75 117.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.90 Td (the ) Tj ET Q q 0 0 0 rg BT 64.59 104.90 Td (employer) Tj ET Q q 0 0 0 rg BT 103.82 104.90 Td (, ) Tj ET Q q 0 0 0 rg BT 108.70 104.90 Td (and ) Tj ET Q q 0 0 0 rg BT 126.12 104.90 Td (the ) Tj ET Q q 0 0 0 rg BT 141.20 104.90 Td (value ) Tj ET Q q 0 0 0 rg BT 166.20 104.90 Td (of ) Tj ET Q q 0 0 0 rg BT 177.20 104.90 Td (the ) Tj ET Q q 0 0 0 rg BT 192.29 104.90 Td (employer's ) Tj ET Q q 0 0 0 rg BT 240.18 104.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 264.60 104.90 Td (held ) Tj ET Q q 0 0 0 rg BT 284.94 104.90 Td (in ) Tj ET Q q 0 0 0 rg BT 295.36 104.90 Td (the ) Tj ET Q q 0 0 0 rg BT 310.45 104.90 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 334.28 104.90 Td (trust ) Tj ET Q q 0 0 0 rg BT 355.20 104.90 Td (is ) Tj ET Q q 0 0 0 rg BT 364.46 104.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 406.38 104.90 Td (in ) Tj ET Q q 0 0 0 rg BT 416.80 104.90 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 474.02 104.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.53 104.90 Td (and ) Tj ET Q q 0 0 0 rg BT 519.95 104.90 Td (accounted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 92.30 Td (for ) Tj ET Q q 0 0 0 rg BT 63.46 92.30 Td (in ) Tj ET Q q 0 0 0 rg BT 73.35 92.30 Td (a ) Tj ET Q q 0 0 0 rg BT 79.73 92.30 Td (manner ) Tj ET Q q 0 0 0 rg BT 112.94 92.30 Td (similar ) Tj ET Q q 0 0 0 rg BT 143.82 92.30 Td (to ) Tj ET Q q 0 0 0 rg BT 153.71 92.30 Td (treasury ) Tj ET Q q 0 0 0 rg BT 189.25 92.30 Td (stock. ) Tj ET Q q 0 0 0 rg BT 215.76 92.30 Td ( ) Tj ET Q q 0 0 0 rg BT 217.35 92.30 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 263.08 92.30 Td (the ) Tj ET Q q 0 0 0 rg BT 277.63 92.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 305.59 92.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 328.89 92.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 359.19 92.30 Td (has ) Tj ET Q q 0 0 0 rg BT 374.91 92.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 402.88 92.30 Td (to ) Tj ET Q q 0 0 0 rg BT 412.77 92.30 Td (the ) Tj ET Q q 0 0 0 rg BT 427.32 92.30 Td (rabbi ) Tj ET Q q 0 0 0 rg BT 450.61 92.30 Td (trust ) Tj ET Q q 0 0 0 rg BT 471.00 92.30 Td (and ) Tj ET Q q 0 0 0 rg BT 487.88 92.30 Td (the ) Tj ET Q q 0 0 0 rg BT 502.43 92.30 Td (corresponding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 79.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 84.88 79.70 Td (related ) Tj ET Q q 0 0 0 rg BT 116.16 79.70 Td (to ) Tj ET Q q 0 0 0 rg BT 127.04 79.70 Td (the ) Tj ET Q q 0 0 0 rg BT 142.58 79.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 180.27 79.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 241.31 79.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 262.10 79.70 Td (are ) Tj ET Q q 0 0 0 rg BT 277.63 79.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 320.58 79.70 Td (as ) Tj ET Q q 0 0 0 rg BT 332.04 79.70 Td (components ) Tj ET Q q 0 0 0 rg BT 385.50 79.70 Td (of ) Tj ET Q q 0 0 0 rg BT 396.96 79.70 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 454.64 79.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 483.60 79.70 Td (as ) Tj ET Q q 0 0 0 rg BT 495.06 79.70 Td (Employee ) Tj ET Q q 0 0 0 rg BT 540.35 79.70 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 70.70 67.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.38 67.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 128.22 67.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 189.07 67.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 232.41 67.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 257.10 67.10 Td (trust, ) Tj ET Q q 0 0 0 rg BT 280.92 67.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 330.97 67.10 Td (. ) Tj ET Q q 0 0 0 rg BT 336.12 67.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.65 67.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 369.17 67.10 Td (held ) Tj ET Q q 0 0 0 rg BT 389.78 67.10 Td (by ) Tj ET Q q 0 0 0 rg BT 402.81 67.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.16 67.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 439.36 67.10 Td (at ) Tj ET Q q 0 0 0 rg BT 449.46 67.10 Td (March ) Tj ET Q q 0 0 0 rg BT 479.40 67.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.05 67.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 521.20 67.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 547.35 67.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 54.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 75.75 54.50 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.78 54.50 Td (427) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 114.53 54.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 119.78 54.50 Td (456) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 135.53 54.50 Td (, ) Tj ET Q q 0 0 0 rg BT 140.78 54.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.56 54.50 Td (462) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.31 54.50 Td (, ) Tj ET Q q 0 0 0 rg BT 179.56 54.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 229.61 54.50 Td (.) Tj ET Q endstream endobj 265 0 obj <> endobj 266 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (130) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (13) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 729.15 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.75 729.15 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.24 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.55 Td (The following table presents ) Tj ET Q q 0 0 0 rg BT 172.28 704.55 Td (T) Tj ET Q q 0 0 0 rg BT 177.96 704.55 Td (otal Operating Revenues disaggregated by asset class:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 679.05 m 392.5 679.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 679.05 m 396.5 679.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 679.05 m 477.5 679.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 679.05 m 562.5 679.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 664.05 m 307.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 664.05 m 392.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 664.05 m 477.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 664.05 m 562.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 664.05 m 392.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 664.05 m 477.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 664.05 m 562.5 664.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 604.05 m 307.5 604.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 589.05 m 307.5 589.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 604.05 m 392.5 604.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 589.05 m 392.5 589.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 604.05 m 477.5 604.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 589.05 m 477.5 589.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 604.05 m 562.5 604.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 589.05 m 562.5 589.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.15 683.82 Td (Y) Tj ET Q q 0 0 0 rg BT 393.68 683.82 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 341.00 668.84 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.00 668.82 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.00 668.82 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 653.82 Td (Equity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.00 653.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 653.84 Td (1,160,799) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.00 653.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 653.82 Td (1,213,480) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 653.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 653.82 Td (1,288,655) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 638.82 Td (Fixed Income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 638.84 Td (1,166,134) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 638.82 Td (1,138,763) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 638.82 Td (1,181,853) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 623.82 Td (Alternative) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 354.35 623.84 Td (502,762) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.35 623.82 Td (463,883) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 623.82 Td (568,140) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 608.82 Td (Liquidity) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 359.60 608.84 Td (92,430) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 608.82 Td (87,133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.35 608.82 Td (101,674) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 593.82 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 593.82 Td (otal Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 314.00 593.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.50 593.84 Td (2,922,125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.00 593.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 593.82 Td (2,903,259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 593.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.50 593.82 Td (3,140,322) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 564.35 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 93.58 564.35 Td (by ) Tj ET Q q 0 0 0 rg BT 106.83 564.35 Td (geographic ) Tj ET Q q 0 0 0 rg BT 156.23 564.35 Td (location ) Tj ET Q q 0 0 0 rg BT 192.81 564.35 Td (are ) Tj ET Q q 0 0 0 rg BT 208.38 564.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 250.21 564.35 Td (based ) Tj ET Q q 0 0 0 rg BT 276.87 564.35 Td (on ) Tj ET Q q 0 0 0 rg BT 290.13 564.35 Td (the ) Tj ET Q q 0 0 0 rg BT 305.71 564.35 Td (location ) Tj ET Q q 0 0 0 rg BT 342.29 564.35 Td (of ) Tj ET Q q 0 0 0 rg BT 353.79 564.35 Td (the ) Tj ET Q q 0 0 0 rg BT 369.37 564.35 Td (advisor ) Tj ET Q q 0 0 0 rg BT 403.04 564.35 Td (or ) Tj ET Q q 0 0 0 rg BT 414.54 564.35 Td (domicile ) Tj ET Q q 0 0 0 rg BT 454.03 564.35 Td (of ) Tj ET Q q 0 0 0 rg BT 465.53 564.35 Td (fund ) Tj ET Q q 0 0 0 rg BT 487.53 564.35 Td (families ) Tj ET Q q 0 0 0 rg BT 524.11 564.35 Td (managed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (by ) Tj ET Q q 0 0 0 rg BT 64.58 551.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 90.24 551.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 122.91 551.75 Td (and ) Tj ET Q q 0 0 0 rg BT 142.15 551.75 Td (do ) Tj ET Q q 0 0 0 rg BT 156.74 551.75 Td (not ) Tj ET Q q 0 0 0 rg BT 174.24 551.75 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 224.97 551.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 255.86 551.75 Td (where ) Tj ET Q q 0 0 0 rg BT 285.60 551.75 Td (the ) Tj ET Q q 0 0 0 rg BT 302.51 551.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 345.08 551.75 Td (resides ) Tj ET Q q 0 0 0 rg BT 378.32 551.75 Td (or ) Tj ET Q q 0 0 0 rg BT 391.15 551.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.06 551.75 Td (currency ) Tj ET Q q 0 0 0 rg BT 448.87 551.75 Td (in ) Tj ET Q q 0 0 0 rg BT 461.12 551.75 Td (which ) Tj ET Q q 0 0 0 rg BT 490.87 551.75 Td (the ) Tj ET Q q 0 0 0 rg BT 507.78 551.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 549.18 551.75 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 539.15 Td (denominated. ) Tj ET Q q 0 0 0 rg BT 109.48 539.15 Td ( ) Tj ET Q q 0 0 0 rg BT 111.92 539.15 Td (The ) Tj ET Q q 0 0 0 rg BT 130.87 539.15 Td (following ) Tj ET Q q 0 0 0 rg BT 174.33 539.15 Td (table ) Tj ET Q q 0 0 0 rg BT 197.36 539.15 Td (presents ) Tj ET Q q 0 0 0 rg BT 234.20 539.15 Td (T) Tj ET Q q 0 0 0 rg BT 239.88 539.15 Td (otal ) Tj ET Q q 0 0 0 rg BT 258.25 539.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 302.86 539.15 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 346.31 539.15 Td (disaggregated ) Tj ET Q q 0 0 0 rg BT 407.25 539.15 Td (by ) Tj ET Q q 0 0 0 rg BT 420.37 539.15 Td (geographic ) Tj ET Q q 0 0 0 rg BT 469.64 539.15 Td (location:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 513.65 m 393.5 513.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 513.65 m 397.5 513.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 513.65 m 477.5 513.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 513.65 m 561.5 513.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 498.65 m 309.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 498.65 m 393.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 498.65 m 477.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 498.65 m 561.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 498.65 m 309.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 498.65 m 393.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 498.65 m 477.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 498.65 m 561.5 498.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 453.65 m 309.5 453.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 438.65 m 309.5 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 453.65 m 393.5 453.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 438.65 m 393.5 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 453.65 m 477.5 453.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 438.65 m 477.5 438.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 453.65 m 561.5 453.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 438.65 m 561.5 438.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 387.65 518.42 Td (Y) Tj ET Q q 0 0 0 rg BT 394.18 518.42 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 342.50 503.44 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 503.42 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.50 503.42 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 488.42 Td (United States) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 316.00 488.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.50 488.44 Td (2,325,306) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 488.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 488.42 Td (2,255,989) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 488.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 488.42 Td (2,381,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 473.42 Td (United Kingdom) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.35 473.44 Td (134,126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.35 473.42 Td (140,145) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 473.42 Td (206,813) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 458.42 Td (Other International) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.35 458.44 Td (462,693) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.35 458.42 Td (507,125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.35 458.42 Td (552,354) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 443.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 443.42 Td (otal Operating Revenues) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 316.00 443.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.50 443.44 Td (2,922,125) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 400.00 443.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.50 443.42 Td (2,903,259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.00 443.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 515.50 443.42 Td (3,140,322) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 413.95 Td (Certain ) Tj ET Q q 0 0 0 rg BT 84.44 413.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 108.39 413.95 Td (commissions ) Tj ET Q q 0 0 0 rg BT 166.77 413.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 188.39 413.95 Td (in ) Tj ET Q q 0 0 0 rg BT 200.09 413.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 249.70 413.95 Td (with ) Tj ET Q q 0 0 0 rg BT 271.90 413.95 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 315.10 413.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 343.14 413.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 384.57 413.95 Td (in ) Tj ET Q q 0 0 0 rg BT 396.28 413.95 Td (retail ) Tj ET Q q 0 0 0 rg BT 421.39 413.95 Td (separately ) Tj ET Q q 0 0 0 rg BT 467.49 413.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 508.92 413.95 Td (accounts ) Tj ET Q q 0 0 0 rg BT 549.20 413.95 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 99.60 401.35 Td (as ) Tj ET Q q 0 0 0 rg BT 112.48 401.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 151.58 401.35 Td (costs. ) Tj ET Q q 0 0 0 rg BT 179.34 401.35 Td ( ) Tj ET Q q 0 0 0 rg BT 182.56 401.35 Td (As ) Tj ET Q q 0 0 0 rg BT 198.36 401.35 Td (of ) Tj ET Q q 0 0 0 rg BT 211.24 401.35 Td (March ) Tj ET Q q 0 0 0 rg BT 242.77 401.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.03 401.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 285.16 401.35 Td (and ) Tj ET Q q 0 0 0 rg BT 304.45 401.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 332.21 401.35 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 381.81 401.35 Td (sales ) Tj ET Q q 0 0 0 rg BT 406.35 401.35 Td (commissions ) Tj ET Q q 0 0 0 rg BT 465.33 401.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.20 401.35 Td ($8,954) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 507.08 401.35 Td ( ) Tj ET Q q 0 0 0 rg BT 511.21 401.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.50 401.35 Td ($8,126) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.38 401.35 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 388.75 Td (, ) Tj ET Q q 0 0 0 rg BT 106.12 388.75 Td (were ) Tj ET Q q 0 0 0 rg BT 129.96 388.75 Td (included ) Tj ET Q q 0 0 0 rg BT 169.56 388.75 Td (in ) Tj ET Q q 0 0 0 rg BT 181.17 388.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 208.52 388.75 Td (current ) Tj ET Q q 0 0 0 rg BT 241.70 388.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.64 388.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.25 388.75 Td ($1) Tj ET Q q 0 0 0 rg BT 298.36 388.75 Td (1,396) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.98 388.75 Td ( ) Tj ET Q q 0 0 0 rg BT 325.42 388.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.03 388.75 Td ($10,147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.15 388.75 Td (, ) Tj ET Q q 0 0 0 rg BT 384.22 388.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 434.27 388.75 Td (, ) Tj ET Q q 0 0 0 rg BT 440.34 388.75 Td (were ) Tj ET Q q 0 0 0 rg BT 464.18 388.75 Td (included ) Tj ET Q q 0 0 0 rg BT 503.78 388.75 Td (in ) Tj ET Q q 0 0 0 rg BT 515.39 388.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 542.75 388.75 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.15 Td (current ) Tj ET Q q 0 0 0 rg BT 83.77 376.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 112.31 376.15 Td (in ) Tj ET Q q 0 0 0 rg BT 124.52 376.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.39 376.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 200.85 376.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 238.70 376.15 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 272.79 376.15 Td ( ) Tj ET Q q 0 0 0 rg BT 275.94 376.15 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 335.97 376.15 Td (related ) Tj ET Q q 0 0 0 rg BT 368.57 376.15 Td (to ) Tj ET Q q 0 0 0 rg BT 380.78 376.15 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 430.30 376.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 454.75 376.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 513.63 376.15 Td (included ) Tj ET Q q 0 0 0 rg BT 553.83 376.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 363.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 113.71 363.55 Td (and ) Tj ET Q q 0 0 0 rg BT 131.93 363.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 168.22 363.55 Td (in ) Tj ET Q q 0 0 0 rg BT 179.43 363.55 Td (the ) Tj ET Q q 0 0 0 rg BT 195.31 363.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 253.78 363.55 Td (Statements ) Tj ET Q q 0 0 0 rg BT 302.91 363.55 Td (of ) Tj ET Q q 0 0 0 rg BT 314.70 363.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 349.24 363.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 379.12 363.55 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 398.50 363.55 Td ($9,557) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 427.38 363.55 Td ( ) Tj ET Q q 0 0 0 rg BT 430.43 363.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.64 363.55 Td ($9,228) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.51 363.55 Td ( ) Tj ET Q q 0 0 0 rg BT 480.56 363.55 Td (for ) Tj ET Q q 0 0 0 rg BT 495.86 363.55 Td (the ) Tj ET Q q 0 0 0 rg BT 511.74 363.55 Td (years ) Tj ET Q q 0 0 0 rg BT 536.94 363.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 350.95 Td (March ) Tj ET Q q 0 0 0 rg BT 79.41 350.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.55 350.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 117.56 350.95 Td (and ) Tj ET Q q 0 0 0 rg BT 134.73 350.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 160.36 350.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 210.41 350.95 Td (. ) Tj ET Q q 0 0 0 rg BT 215.04 350.95 Td ( ) Tj ET Q q 0 0 0 rg BT 216.91 350.95 Td (There ) Tj ET Q q 0 0 0 rg BT 243.40 350.95 Td (were ) Tj ET Q q 0 0 0 rg BT 265.81 350.95 Td (no ) Tj ET Q q 0 0 0 rg BT 278.32 350.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 328.74 350.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 355.83 350.95 Td (in ) Tj ET Q q 0 0 0 rg BT 366.01 350.95 Td (relation ) Tj ET Q q 0 0 0 rg BT 400.09 350.95 Td (to ) Tj ET Q q 0 0 0 rg BT 410.27 350.95 Td (the ) Tj ET Q q 0 0 0 rg BT 425.11 350.95 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 472.59 350.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 495.60 350.95 Td (during ) Tj ET Q q 0 0 0 rg BT 525.02 350.95 Td (the ) Tj ET Q q 0 0 0 rg BT 539.86 350.95 Td (years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 77.70 338.35 Td (March ) Tj ET Q q 0 0 0 rg BT 107.73 338.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.48 338.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 147.10 338.35 Td (and ) Tj ET Q q 0 0 0 rg BT 164.89 338.35 Td (2019.) Tj ET Q endstream endobj 267 0 obj <> endobj 268 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (131) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.00 741.90 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 108.47 741.90 Td (Per) Tj ET Q q 0 0 0 rg BT 124.02 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 126.64 741.90 Td (Shar) Tj ET Q q 0 0 0 rg BT 148.04 741.90 Td (e) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 152.70 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 716.70 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 716.70 Td (table ) Tj ET Q q 0 0 0 rg BT 134.94 716.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.97 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 187.42 716.70 Td (computations ) Tj ET Q q 0 0 0 rg BT 246.63 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 258.00 716.70 Td (basic ) Tj ET Q q 0 0 0 rg BT 282.20 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 299.98 716.70 Td (diluted ) Tj ET Q q 0 0 0 rg BT 331.77 716.70 Td (EPS:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 691.2 m 401 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 691.2 m 405 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 691.2 m 482 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 691.2 m 563 691.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 676.2 m 319 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 676.2 m 401 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 676.2 m 319 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 676.2 m 401 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 676.2 m 482 676.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 676.2 m 563 676.2 l s 0 0 0 RG /GS0 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 519.2 m 319 519.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 545.2 m 401 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 519.2 m 401 519.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 545.2 m 482 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 519.2 m 482 519.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 545.2 m 563 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 519.2 m 563 519.2 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.65 695.97 Td (Y) Tj ET Q q 0 0 0 rg BT 400.71 695.97 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 680.97 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 351.50 680.99 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.50 680.97 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 513.50 680.97 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 665.97 Td (Basic weighted-average shares outstanding for EPS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 665.99 Td (86,831) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.10 665.97 Td (85,423) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 665.97 Td (90,734) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 650.97 Td (Potential common shares:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 635.97 Td (Dilutive employee stock options) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.25 635.99 Td (330) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 635.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.25 635.97 Td (460) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 620.97 Td (Performance shares) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 147.01 625.73 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 381.25 620.99 Td (176) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.50 620.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.50 620.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 605.97 Td (Diluted weighted-average shares outstanding for EPS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.10 605.99 Td (87,337) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.10 605.97 Td (85,423) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 605.97 Td (91,194) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 575.97 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 133.27 575.97 Td (Attributable to�Legg Mason, Inc.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.50 575.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.85 575.99 Td (251,367) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.50 575.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.60 575.97 Td (\(28,508) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.00 575.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.50 575.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 575.97 Td (285,075) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 560.47 Td (Less: Earnings \(distributed and undistributed\) allocated to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.00 549.97 Td (participating securities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.35 549.99 Td (8,095) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.35 549.97 Td (4,225) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.10 549.97 Td (10,128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 534.47 Td (Net Income \(Loss\) \(Distributed and Undistributed\) ) Tj ET Q q 0 0 0 rg BT 268.58 534.47 Td (Allocated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 66.00 523.97 Td (to Shareholders \(Excluding Participating Securities\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 326.50 523.99 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 362.85 523.99 Td (243,272) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.50 523.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.60 523.97 Td (\(32,733) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.00 523.97 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.50 523.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.85 523.97 Td (274,947) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 498.47 Td (Net Income \(Loss\) per share ) Tj ET Q q 0 0 0 rg BT 174.08 498.47 Td (Attributable to Legg Mason, Inc.) 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 408.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 145.64 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 174.47 408.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 209.71 408.10 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 286.93 408.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 326.85 408.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 368.50 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 397.34 408.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 432.58 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.34 408.10 Td (be ) Tj ET Q q 0 0 0 rg BT 455.84 408.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 511.50 408.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 553.75 408.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 395.50 Td (2,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.13 395.50 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.13 395.50 Td (3,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.75 395.50 Td (, ) Tj ET Q q 0 0 0 rg BT 106.75 395.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.69 395.50 Td (3,327) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.31 395.50 Td ( ) Tj ET Q q 0 0 0 rg BT 149.94 395.50 Td (for ) Tj ET Q q 0 0 0 rg BT 164.81 395.50 Td (the ) Tj ET Q q 0 0 0 rg BT 180.26 395.50 Td (years ) Tj ET Q q 0 0 0 rg BT 205.04 395.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.74 395.50 Td (March ) Tj ET Q q 0 0 0 rg BT 262.76 395.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 278.51 395.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 304.76 395.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 331.01 395.50 Td (and ) Tj ET Q q 0 0 0 rg BT 348.80 395.50 Td (2018, ) Tj ET Q q 0 0 0 rg BT 375.05 395.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 425.10 395.50 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 370.30 Td (As ) Tj ET Q q 0 0 0 rg BT 63.87 370.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 106.82 370.30 Td (in ) Tj ET Q q 0 0 0 rg BT 117.69 370.30 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.80 370.30 Td (1) Tj ET Q q 0 0 0 rg BT 145.66 370.30 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 150.91 370.30 Td (, ) Tj ET Q q 0 0 0 rg BT 156.23 370.30 Td (during ) Tj ET Q q 0 0 0 rg BT 186.35 370.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 211.79 370.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 238.12 370.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 264.44 370.30 Td (and ) Tj ET Q q 0 0 0 rg BT 282.30 370.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 308.63 370.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 332.90 370.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 364.19 370.30 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.29 370.30 Td (455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.04 370.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.36 370.30 Td (395) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.11 370.30 Td (, ) Tj ET Q q 0 0 0 rg BT 436.44 370.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.30 370.30 Td (348) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.05 370.30 Td ( ) Tj ET Q q 0 0 0 rg BT 472.75 370.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 501.69 370.30 Td (of ) Tj ET Q q 0 0 0 rg BT 513.14 370.30 Td (its ) Tj ET Q q 0 0 0 rg BT 525.76 370.30 Td (common ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 357.70 Td (stock, ) Tj ET Q q 0 0 0 rg BT 77.33 357.70 Td (under ) Tj ET Q q 0 0 0 rg BT 104.28 357.70 Td (net ) Tj ET Q q 0 0 0 rg BT 120.15 357.70 Td (share ) Tj ET Q q 0 0 0 rg BT 145.35 357.70 Td (settlements ) Tj ET Q q 0 0 0 rg BT 195.63 357.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.42 357.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 245.43 357.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 306.79 357.70 Td (award ) Tj ET Q q 0 0 0 rg BT 335.48 357.70 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 371.48 357.70 Td ( ) Tj ET Q q 0 0 0 rg BT 374.52 357.70 Td (In ) Tj ET Q q 0 0 0 rg BT 386.31 357.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 426.39 357.70 Td (during ) Tj ET Q q 0 0 0 rg BT 456.85 357.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 482.63 357.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 509.30 357.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 533.91 357.70 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 345.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 95.26 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.62 345.10 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 144.22 345.10 Td (6,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 167.84 345.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.04 345.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 200.48 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.42 345.10 Td (its ) Tj ET Q q 0 0 0 rg BT 225.54 345.10 Td (common ) Tj ET Q q 0 0 0 rg BT 265.49 345.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 293.47 345.10 Td (through ) Tj ET Q q 0 0 0 rg BT 329.34 345.10 Td (open ) Tj ET Q q 0 0 0 rg BT 352.94 345.10 Td (market ) Tj ET Q q 0 0 0 rg BT 385.29 345.10 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 432.52 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.88 345.10 Td (also ) Tj ET Q q 0 0 0 rg BT 470.99 345.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 516.75 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.11 345.10 Td (retired ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 332.50 Td (5,568) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 73.13 332.50 Td ( ) Tj ET Q q 0 0 0 rg BT 76.04 332.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 105.20 332.50 Td (of ) Tj ET Q q 0 0 0 rg BT 116.86 332.50 Td (its ) Tj ET Q q 0 0 0 rg BT 129.70 332.50 Td (common ) Tj ET Q q 0 0 0 rg BT 169.37 332.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 194.45 332.50 Td (from ) Tj ET Q q 0 0 0 rg BT 217.78 332.50 Td (Shanda. ) Tj ET Q q 0 0 0 rg BT 254.23 332.50 Td ( ) Tj ET Q q 0 0 0 rg BT 256.94 332.50 Td (The ) Tj ET Q q 0 0 0 rg BT 276.18 332.50 Td (total ) Tj ET Q q 0 0 0 rg BT 297.76 332.50 Td (retired ) Tj ET Q q 0 0 0 rg BT 328.08 332.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 357.23 332.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 393.38 332.50 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 470.92 332.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 500.08 332.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 552.00 332.50 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 319.90 Td (374) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.25 319.90 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 319.90 Td (355) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 86.25 319.90 Td ( ) Tj ET Q q 0 0 0 rg BT 88.88 319.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 106.66 319.90 Td (6,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 130.29 319.90 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 319.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 161.78 319.90 Td (for ) Tj ET Q q 0 0 0 rg BT 176.64 319.90 Td (the ) Tj ET Q q 0 0 0 rg BT 192.10 319.90 Td (years ) Tj ET Q q 0 0 0 rg BT 216.88 319.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 244.57 319.90 Td (March ) Tj ET Q q 0 0 0 rg BT 274.60 319.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 290.35 319.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 316.60 319.90 Td (2019, ) Tj ET Q q 0 0 0 rg BT 342.85 319.90 Td (and ) Tj ET Q q 0 0 0 rg BT 360.64 319.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 386.89 319.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 436.93 319.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 294.70 Td (Options ) Tj ET Q q 0 0 0 rg BT 85.41 294.70 Td (to ) Tj ET Q q 0 0 0 rg BT 96.22 294.70 Td (purchase ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.19 294.70 Td (1,613) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 159.81 294.70 Td ( ) Tj ET Q q 0 0 0 rg BT 162.47 294.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.28 294.70 Td (1,952) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 203.90 294.70 Td ( ) Tj ET Q q 0 0 0 rg BT 206.55 294.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 235.44 294.70 Td (for ) Tj ET Q q 0 0 0 rg BT 250.34 294.70 Td (the ) Tj ET Q q 0 0 0 rg BT 265.82 294.70 Td (years ) Tj ET Q q 0 0 0 rg BT 290.62 294.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 318.34 294.70 Td (March ) Tj ET Q q 0 0 0 rg BT 348.40 294.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 364.18 294.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 387.83 294.70 Td (and ) Tj ET Q q 0 0 0 rg BT 405.64 294.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 431.91 294.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 481.96 294.70 Td (, ) Tj ET Q q 0 0 0 rg BT 487.24 294.70 Td (were ) Tj ET Q q 0 0 0 rg BT 510.29 294.70 Td (not ) Tj ET Q q 0 0 0 rg BT 526.36 294.70 Td (included ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.54 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.23 282.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 134.60 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.21 282.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 180.24 282.10 Td (EPS ) Tj ET Q q 0 0 0 rg BT 202.21 282.10 Td (because ) Tj ET Q q 0 0 0 rg BT 239.31 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.00 282.10 Td (presumed ) Tj ET Q q 0 0 0 rg BT 300.70 282.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 341.88 282.10 Td (from ) Tj ET Q q 0 0 0 rg BT 366.16 282.10 Td (exercising ) Tj ET Q q 0 0 0 rg BT 413.18 282.10 Td (such ) Tj ET Q q 0 0 0 rg BT 436.30 282.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 473.71 282.10 Td (including ) Tj ET Q q 0 0 0 rg BT 517.25 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 282.10 Td (related ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 269.50 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 104.45 269.50 Td (expense, ) Tj ET Q q 0 0 0 rg BT 143.37 269.50 Td (exceed ) Tj ET Q q 0 0 0 rg BT 174.98 269.50 Td (the ) Tj ET Q q 0 0 0 rg BT 190.29 269.50 Td (average ) Tj ET Q q 0 0 0 rg BT 225.40 269.50 Td (price ) Tj ET Q q 0 0 0 rg BT 248.86 269.50 Td (of ) Tj ET Q q 0 0 0 rg BT 260.07 269.50 Td (the ) Tj ET Q q 0 0 0 rg BT 275.38 269.50 Td (common ) Tj ET Q q 0 0 0 rg BT 314.59 269.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 343.31 269.50 Td (for ) Tj ET Q q 0 0 0 rg BT 358.02 269.50 Td (the ) Tj ET Q q 0 0 0 rg BT 373.32 269.50 Td (period ) Tj ET Q q 0 0 0 rg BT 402.62 269.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 422.88 269.50 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 465.87 269.50 Td (the ) Tj ET Q q 0 0 0 rg BT 481.17 269.50 Td (options ) Tj ET Q q 0 0 0 rg BT 514.56 269.50 Td (are ) Tj ET Q q 0 0 0 rg BT 529.85 269.50 Td (deemed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 256.90 Td (antidilutive. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 231.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 231.70 Td (diluted ) Tj ET Q q 0 0 0 rg BT 98.86 231.70 Td (EPS ) Tj ET Q q 0 0 0 rg BT 118.88 231.70 Td (calculation ) Tj ET Q q 0 0 0 rg BT 166.88 231.70 Td (for ) Tj ET Q q 0 0 0 rg BT 181.06 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 195.82 231.70 Td (year ) Tj ET Q q 0 0 0 rg BT 215.82 231.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 242.83 231.70 Td (March ) Tj ET Q q 0 0 0 rg BT 272.17 231.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.22 231.70 Td (2019, ) Tj ET Q q 0 0 0 rg BT 312.78 231.70 Td (excludes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.45 231.70 Td (106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.20 231.70 Td ( ) Tj ET Q q 0 0 0 rg BT 369.14 231.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 407.81 231.70 Td (common ) Tj ET Q q 0 0 0 rg BT 446.49 231.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 474.67 231.70 Td (that ) Tj ET Q q 0 0 0 rg BT 492.35 231.70 Td (were ) Tj ET Q q 0 0 0 rg BT 514.68 231.70 Td (antidilutive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (due ) Tj ET Q q 0 0 0 rg BT 67.29 219.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.08 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.53 219.10 Td (net ) Tj ET Q q 0 0 0 rg BT 108.98 219.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 127.95 219.10 Td (for ) Tj ET Q q 0 0 0 rg BT 142.82 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.27 219.10 Td (year) Tj ET Q q 0 0 0 rg BT 175.76 219.10 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 193.90 Td (Further) Tj ET Q q 0 0 0 rg BT 79.99 193.90 Td (, ) Tj ET Q q 0 0 0 rg BT 85.03 193.90 Td (market- ) Tj ET Q q 0 0 0 rg BT 120.10 193.90 Td (and ) Tj ET Q q 0 0 0 rg BT 137.68 193.90 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 220.55 193.90 Td (awards, ) Tj ET Q q 0 0 0 rg BT 255.33 193.90 Td (such ) Tj ET Q q 0 0 0 rg BT 276.99 193.90 Td (as ) Tj ET Q q 0 0 0 rg BT 288.16 193.90 Td (those ) Tj ET Q q 0 0 0 rg BT 312.74 193.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 341.41 193.90 Td (to ) Tj ET Q q 0 0 0 rg BT 351.99 193.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 375.99 193.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 406.99 193.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 449.63 193.90 Td (of) Tj ET Q q 0 0 0 rg BT 458.19 193.90 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 486.55 193.90 Td (are ) Tj ET Q q 0 0 0 rg BT 501.79 193.90 Td (excluded ) Tj ET Q q 0 0 0 rg BT 542.10 193.90 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 181.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 88.87 181.30 Td (dilution ) Tj ET Q q 0 0 0 rg BT 124.16 181.30 Td (until ) Tj ET Q q 0 0 0 rg BT 146.04 181.30 Td (the ) Tj ET Q q 0 0 0 rg BT 161.49 181.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 209.02 181.30 Td (market ) Tj ET Q q 0 0 0 rg BT 240.80 181.30 Td (or ) Tj ET Q q 0 0 0 rg BT 252.17 181.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 307.84 181.30 Td (condition ) Tj ET Q q 0 0 0 rg BT 350.13 181.30 Td (is ) Tj ET Q q 0 0 0 rg BT 359.76 181.30 Td (met.) Tj ET Q endstream endobj 269 0 obj <> endobj 270 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (132) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.00 741.90 Td (Accumulated Other) Tj ET Q q 0 0 0 rg BT 153.76 741.90 Td ( Compr) Tj ET Q q 0 0 0 rg BT 188.27 741.90 Td (ehensive Loss) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.24 741.90 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 108.15 716.70 Td (other ) Tj ET Q q 0 0 0 rg BT 132.41 716.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 198.64 716.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 217.66 716.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 255.33 716.70 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 304.66 716.70 Td (foreign ) Tj ET Q q 0 0 0 rg BT 337.65 716.70 Td (currency ) Tj ET Q q 0 0 0 rg BT 377.05 716.70 Td (translation ) Tj ET Q q 0 0 0 rg BT 424.06 716.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 476.90 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 494.73 716.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 519.57 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 537.41 716.70 Td (losses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.92 704.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 97.32 704.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 129.39 704.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 164.97 704.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 192.68 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.39 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.63 704.10 Td (change ) Tj ET Q q 0 0 0 rg BT 247.28 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.36 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.11 704.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 330.08 704.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 377.32 704.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 430.40 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 445.57 704.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.22 704.10 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.22 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.14 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.22 704.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.87 704.10 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.87 704.10 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 91.36 691.50 Td (resulted ) Tj ET Q q 0 0 0 rg BT 127.38 691.50 Td (from ) Tj ET Q q 0 0 0 rg BT 150.58 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 166.19 691.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 197.55 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 209.08 691.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 245.69 691.50 Td (in ) Tj ET Q q 0 0 0 rg BT 256.64 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 271.64 691.50 Td (Australian ) Tj ET Q q 0 0 0 rg BT 318.16 691.50 Td (dollar) Tj ET Q q 0 0 0 rg BT 342.23 691.50 Td (, ) Tj ET Q q 0 0 0 rg BT 347.65 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 363.26 691.50 Td (British ) Tj ET Q q 0 0 0 rg BT 394.63 691.50 Td (pound, ) Tj ET Q q 0 0 0 rg BT 426.29 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 441.91 691.50 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 483.18 691.50 Td (real, ) Tj ET Q q 0 0 0 rg BT 504.32 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 519.93 691.50 Td (Singapore ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (dollar) Tj ET Q q 0 0 0 rg BT 73.57 678.90 Td (, ) Tj ET Q q 0 0 0 rg BT 77.97 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 94.90 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 109.50 678.90 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 148.58 678.90 Td (yen, ) Tj ET Q q 0 0 0 rg BT 168.14 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 178.07 678.90 Td (relation ) Tj ET Q q 0 0 0 rg BT 211.91 678.90 Td (to ) Tj ET Q q 0 0 0 rg BT 221.85 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 236.45 678.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 256.89 678.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 283.16 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 295.43 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 310.02 678.90 Td (net ) Tj ET Q q 0 0 0 rg BT 324.62 678.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 350.89 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 361.41 678.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 384.75 678.90 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 421.08 678.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 472.43 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 482.37 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 496.97 678.90 Td (U.K., ) Tj ET Q q 0 0 0 rg BT 521.39 678.90 Td (Australia, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 80.61 666.30 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 109.98 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 127.97 666.30 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 176.00 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 191.08 666.30 Td (which ) Tj ET Q q 0 0 0 rg BT 219.57 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 235.23 666.30 Td (pound, ) Tj ET Q q 0 0 0 rg BT 266.31 666.30 Td (Australian ) Tj ET Q q 0 0 0 rg BT 312.88 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 336.95 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 342.41 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 358.07 666.30 Td (Singaporean ) Tj ET Q q 0 0 0 rg BT 413.39 666.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 437.46 666.30 Td (, ) Tj ET Q q 0 0 0 rg BT 442.91 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 458.57 666.30 Td (real, ) Tj ET Q q 0 0 0 rg BT 479.77 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 497.76 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 513.42 666.30 Td (yen, ) Tj ET Q q 0 0 0 rg BT 534.04 666.30 Td (are ) Tj ET Q q 0 0 0 rg BT 549.68 666.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (functional ) Tj ET Q q 0 0 0 rg BT 94.70 653.70 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 143.08 653.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 193.13 653.70 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.13 629.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 100.83 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.20 629.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 136.40 629.10 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 173.59 629.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 229.27 629.10 Td (other ) Tj ET Q q 0 0 0 rg BT 253.47 629.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 319.66 629.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 338.62 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.99 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.37 629.10 Td (March�31 ) Tj ET Q q 0 0 0 rg BT 404.52 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 414.15 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 425.52 629.10 Td (follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 603.6 m 444 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 603.6 m 503 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 603.6 m 562 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 603.6 m 444 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 603.6 m 503 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 603.6 m 562 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 573.6 m 444 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 573.6 m 503 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 573.6 m 562 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 558.6 m 444 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 558.6 m 503 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 558.6 m 562 558.6 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 464.50 608.39 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 608.37 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 593.37 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 593.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 461.35 593.39 Td (\(194,515) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 593.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 593.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 593.37 Td (\(1) Tj ET Q q 0 0 0 rg BT 529.10 593.37 Td (13,429) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 593.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 578.37 Td (Changes in defined benefit pension plan) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 479.75 578.39 Td (\(791) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 578.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.60 578.37 Td (\(17,807) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 578.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 563.37 Td (T) Tj ET Q q 0 0 0 rg BT 58.18 563.37 Td (otal ) Tj ET Q q 0 0 0 rg BT 75.97 563.37 Td (Accumulated other comprehensive loss) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 450.50 563.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 461.35 563.39 Td (\(195,306) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.00 563.39 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.50 563.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.35 563.37 Td (\(131,236) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.00 563.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 533.90 Td (There ) Tj ET Q q 0 0 0 rg BT 76.13 533.90 Td (were ) Tj ET Q q 0 0 0 rg BT 98.67 533.90 Td (no ) Tj ET Q q 0 0 0 rg BT 111.32 533.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 157.79 533.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 195.51 533.90 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 245.47 533.90 Td (from ) Tj ET Q q 0 0 0 rg BT 267.55 533.90 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 325.67 533.90 Td (other ) Tj ET Q q 0 0 0 rg BT 349.39 533.90 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 415.10 533.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 433.58 533.90 Td (to ) Tj ET Q q 0 0 0 rg BT 443.89 533.90 Td (the ) Tj ET Q q 0 0 0 rg BT 458.87 533.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 516.42 533.90 Td (Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 521.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 94.98 521.30 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 124.44 521.30 Td (for ) Tj ET Q q 0 0 0 rg BT 139.31 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.76 521.30 Td (years ) Tj ET Q q 0 0 0 rg BT 179.54 521.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 207.23 521.30 Td (March ) Tj ET Q q 0 0 0 rg BT 237.26 521.30 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.01 521.30 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.01 521.30 Td (, ) Tj ET Q q 0 0 0 rg BT 279.26 521.30 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.89 521.30 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.89 521.30 Td (, ) Tj ET Q q 0 0 0 rg BT 308.14 521.30 Td (and ) Tj ET Q q 0 0 0 rg BT 325.92 521.30 Td (2018.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (16) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 60.50 496.10 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.75 496.10 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 108.14 496.10 Td (olling ) Tj ET Q q 0 0 0 rg BT 135.86 496.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 158.41 496.10 Td (ests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 174.74 496.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 470.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.79 470.90 Td (income ) Tj ET Q q 0 0 0 rg BT 101.32 470.90 Td (attributable ) Tj ET Q q 0 0 0 rg BT 151.76 470.90 Td (to ) Tj ET Q q 0 0 0 rg BT 162.55 470.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 227.00 470.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 264.62 470.90 Td (included ) Tj ET Q q 0 0 0 rg BT 303.40 470.90 Td (the ) Tj ET Q q 0 0 0 rg BT 318.86 470.90 Td (following ) Tj ET Q q 0 0 0 rg BT 362.31 470.90 Td (amounts:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 445.4 m 397.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 445.4 m 402.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 445.4 m 480.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 445.4 m 562.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 430.4 m 315.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 445.4 m 397.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 430.4 m 397.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 445.4 m 402.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 445.4 m 480.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 430.4 m 480.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 445.4 m 562.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 430.4 m 562.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 430.4 m 397.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 430.4 m 480.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 430.4 m 562.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 377.4 m 315.5 377.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 377.4 m 397.5 377.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 377.4 m 480.5 377.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 377.4 m 562.5 377.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 362.4 m 315.5 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 362.4 m 397.5 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 362.4 m 480.5 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 362.4 m 562.5 362.4 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.15 450.17 Td (Y) Tj ET Q q 0 0 0 rg BT 398.21 450.17 Td (ears Ended March 31,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 435.17 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 347.50 435.19 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.50 435.17 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.50 435.17 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 418.67 Td (Net income attributable to redeemable noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 408.17 Td (interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 322.00 408.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.60 408.19 Td (47,228) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.00 408.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.60 408.17 Td (28,029) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 408.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 408.17 Td (42,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 392.67 Td (Net income attributable to nonredeemable noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 382.17 Td (interests) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.85 382.19 Td (5,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.85 382.17 Td (8,413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.85 382.17 Td (8,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 367.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 367.17 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 322.00 367.19 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.60 367.19 Td (53,1) Tj ET Q q 0 0 0 rg BT 382.98 367.19 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.00 367.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.60 367.17 Td (36,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 487.00 367.17 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 367.17 Td (51,275) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 271 0 obj <> endobj 272 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (133) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 741.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 139.52 741.75 Td (present ) Tj ET Q q 0 0 0 rg BT 172.47 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 741.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 224.37 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 235.16 741.75 Td (redeemable ) Tj ET Q q 0 0 0 rg BT 286.17 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 303.96 741.75 Td (nonredeemable ) Tj ET Q q 0 0 0 rg BT 370.72 741.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 435.17 741.75 Td (interests:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 716.25 m 285.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 716.25 m 289.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 716.25 m 361.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 716.25 m 365.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 716.25 m 427.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 716.25 m 431.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 716.25 m 483.5 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 701.25 m 361.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 701.25 m 365.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 701.25 m 427.5 701.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 666.25 m 217.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 666.25 m 285.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 666.25 m 361.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 666.25 m 427.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 666.25 m 483.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 666.25 m 561.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 666.25 m 217.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 666.25 m 285.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 666.25 m 361.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 666.25 m 427.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 666.25 m 483.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 666.25 m 561.5 666.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 550.25 m 217.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 550.25 m 285.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 550.25 m 361.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 550.25 m 427.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 550.25 m 561.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 550.25 m 361.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 550.25 m 427.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 550.25 m 483.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 550.25 m 561.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 378.25 m 217.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 378.25 m 285.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 378.25 m 361.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 378.25 m 427.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 378.25 m 561.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 378.25 m 361.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 378.25 m 427.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 378.25 m 483.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 378.25 m 561.5 378.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 211.25 m 285.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 211.25 m 361.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 211.25 m 427.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 211.25 m 483.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 211.25 m 561.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 211.25 m 217.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 197.25 m 217.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 211.25 m 285.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 197.25 m 285.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 197.25 m 361.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 197.25 m 427.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 197.25 m 483.5 197.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 211.25 m 561.5 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 197.25 m 561.5 197.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.00 721.02 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 225.25 702.52 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.95 692.02 Td (investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.80 681.52 Td (vehicles) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 266.20 686.28 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 274.16 681.52 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 233.30 671.02 Td (and other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 340.30 706.02 Td (Af) Tj ET Q q 0 0 0 rg BT 351.28 706.02 Td (filiate) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.90 681.52 Td (Noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.50 671.02 Td (interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.55 681.52 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.45 671.02 Td (equity plans) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.25 671.02 Td (T) Tj ET Q q 0 0 0 rg BT 451.93 671.02 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.75 691.47 Td (Nonredeemable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 493.05 680.97 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.50 670.47 Td (interests) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 537.49 675.23 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 656.47 Td (Balance as of March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 224.00 656.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.60 656.47 Td (58,470) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 292.00 656.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.35 656.47 Td (591,254) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.00 656.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.60 656.47 Td (28,048) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.00 656.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.35 656.47 Td (677,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 656.47 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 656.47 Td (27,798) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 642.47 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 631.97 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.85 632.02 Td (6,656) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.60 632.02 Td (36,216) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 632.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 632.02 Td (42,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 632.02 Td (8,403) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 616.52 Td (Subscriptions \(redemptions\), net, and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 606.02 Td (other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.60 606.02 Td (59,921) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 606.02 Td (\(2,693) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 606.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 606.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 606.02 Td (57,228) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 606.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 591.47 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 591.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.10 591.47 Td (\(53,388) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 591.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 591.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 591.47 Td (\(53,388) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 591.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 591.47 Td (\(8,470) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 591.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 577.47 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 577.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.75 577.47 Td (381) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 577.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.75 577.47 Td (381) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 577.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 563.47 Td (V) Tj ET Q q 0 0 0 rg BT 59.00 563.47 Td (esting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 553.02 Td (redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 555.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.85 555.02 Td (2,180) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.85 555.02 Td (5,250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.85 555.02 Td (7,430) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 555.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 540.02 Td (Balance as of March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.35 540.02 Td (125,047) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.35 540.02 Td (573,950) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.60 540.02 Td (33,298) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.35 540.02 Td (732,295) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 540.02 Td (27,731) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 525.47 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 514.97 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.75 515.02 Td (776) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.60 515.02 Td (27,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 515.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 515.02 Td (28,029) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 515.02 Td (8,413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 500.47 Td (Subscriptions \(redemptions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.10 500.47 Td (\(22,193) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 281.50 500.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.00 500.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 500.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 500.47 Td (\(22,193) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 500.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 500.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 486.47 Td (Settlement of af) Tj ET Q q 0 0 0 rg BT 118.97 486.47 Td (filiate noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 475.97 Td (interest put:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 462.47 Td (Payment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 462.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.10 462.47 Td (\(15,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 462.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 462.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 462.47 Td (\(15,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 462.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 462.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 448.47 Td (Change in redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 448.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.10 448.47 Td (\(12,345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 448.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 448.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 448.47 Td (\(12,345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 448.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 448.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 434.47 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 434.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.10 434.47 Td (\(29,815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 434.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 434.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 434.47 Td (\(29,815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 434.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 434.47 Td (\(8,760) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 434.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 420.47 Td (Grants \(settlements\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 420.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.00 420.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.35 420.47 Td (\(1,325) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.50 420.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 420.47 Td (\(1,325) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 420.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 420.47 Td (2,400) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 406.47 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 406.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 406.47 Td (\(4,738) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 406.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 406.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 406.47 Td (\(4,738) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 406.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 406.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 392.47 Td (V) Tj ET Q q 0 0 0 rg BT 59.00 392.47 Td (esting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 381.97 Td (redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 383.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.85 383.02 Td (1,837) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.60 383.02 Td (16,178) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 383.02 Td (18,015) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 383.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 368.47 Td (Balance as of March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.35 368.47 Td (103,630) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.35 368.47 Td (540,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.60 368.47 Td (48,151) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.35 368.47 Td (692,376) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 368.47 Td (29,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 355.47 Td (Net income attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 345.02 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.60 348.02 Td (12,906) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.60 348.02 Td (34,322) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 348.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 348.02 Td (47,228) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 348.02 Td (5,891) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 333.47 Td (Subscriptions \(redemptions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.75 333.47 Td (604) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.00 333.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.25 333.47 Td (\(150) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.50 333.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 463.75 333.47 Td (454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 333.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 319.02 Td (Business acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 319.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.60 319.02 Td (1) Tj ET Q q 0 0 0 rg BT 333.85 319.02 Td (1,715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 319.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 319.02 Td (1) Tj ET Q q 0 0 0 rg BT 455.85 319.02 Td (1,715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 319.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 304.47 Td (Purchase of af) Tj ET Q q 0 0 0 rg BT 111.96 304.47 Td (filiate noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 294.02 Td (interest put:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.00 281.47 Td ( Payment \(fair value portion\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 281.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 281.47 Td (\(8,789) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 281.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 281.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 281.47 Td (\(8,789) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 281.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 281.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 267.47 Td (Change in redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 267.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.10 267.47 Td (\(25,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 267.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 267.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 267.47 Td (\(25,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 267.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 267.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 253.47 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 253.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.10 253.47 Td (\(30,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 253.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 253.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.10 253.47 Td (\(30,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 253.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.35 253.47 Td (\(6,633) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 253.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 239.47 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 239.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 330.35 239.47 Td (\(1,071) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 357.50 239.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.00 239.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.35 239.47 Td (\(1,071) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.50 239.47 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 239.47 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 225.47 Td (V) Tj ET Q q 0 0 0 rg BT 58.42 225.47 Td (esting/change in estimated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 214.97 Td (redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 271.00 216.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.85 216.02 Td (4,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.60 216.02 Td (23,851) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 450.60 216.02 Td (28,751) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 216.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 201.64 Td (Balance ) Tj ET Q q 0 0 0 rg BT 90.21 201.64 Td (as ) Tj ET Q q 0 0 0 rg BT 102.17 201.64 Td (of ) Tj ET Q q 0 0 0 rg BT 113.54 201.64 Td (Mar) Tj ET Q q 0 0 0 rg BT 133.17 201.64 Td (ch ) Tj ET Q q 0 0 0 rg BT 146.30 201.64 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.05 201.64 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 224.00 201.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 247.35 201.64 Td (1) Tj ET Q q 0 0 0 rg BT 252.60 201.64 Td (17,140) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 292.00 201.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 323.35 201.64 Td (525,422) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 368.00 201.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.60 201.64 Td (71,852) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.00 201.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 445.35 201.64 Td (714,414) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 490.00 201.64 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 201.64 Td (29,042) Tj ET Q BT /F1 8.50 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 188.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 61.33 188.15 Td ( ) Tj ET Q q 0 0 0 rg BT 63.33 188.15 Td (Related ) Tj ET Q q 0 0 0 rg BT 89.76 188.15 Td (to ) Tj ET Q q 0 0 0 rg BT 97.84 188.15 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 116.28 188.15 Td (and ) Tj ET Q q 0 0 0 rg BT 129.83 188.15 Td (seeded ) Tj ET Q q 0 0 0 rg BT 153.60 188.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 190.70 188.15 Td (products.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 178.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 61.33 178.55 Td ( ) Tj ET Q q 0 0 0 rg BT 63.33 178.55 Td (Related ) Tj ET Q q 0 0 0 rg BT 89.76 178.55 Td (to ) Tj ET Q q 0 0 0 rg BT 97.98 178.55 Td (Royce ) Tj ET Q q 0 0 0 rg BT 120.42 178.55 Td (management ) Tj ET Q q 0 0 0 rg BT 163.29 178.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.29 178.55 Td (plan.) Tj ET Q endstream endobj 273 0 obj <> endobj 274 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (134) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The following tables present the changes in redeemable noncontrolling interests by af) Tj ET Q q 0 0 0 rg BT 409.33 741.75 Td (filiate \(exclusive of management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (equity plans\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 703.65 m 300 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 703.65 m 304 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 703.65 m 364 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 703.65 m 368 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 703.65 m 438 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 703.65 m 498 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 703.65 m 502 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 703.65 m 561 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 677.65 m 236 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 677.65 m 300 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 677.65 m 561 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 677.65 m 236 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 677.65 m 300 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 677.65 m 364 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 677.65 m 434 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 677.65 m 498 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 677.65 m 561 677.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 576.65 m 236 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 576.65 m 300 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 576.65 m 364 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 576.65 m 434 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 576.65 m 498 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 576.65 m 561 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 576.65 m 364 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 576.65 m 434 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 576.65 m 498 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 576.65 m 561 576.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.65 m 236 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 436.65 m 300 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 436.65 m 364 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 436.65 m 434 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.65 m 498 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 436.65 m 561 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 436.65 m 236 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 436.65 m 300 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 436.65 m 364 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 436.65 m 434 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.65 m 498 436.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 281.65 m 236 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 281.65 m 300 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 281.65 m 364 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 281.65 m 434 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 281.65 m 236 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 266.65 m 236 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 266.65 m 300 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 281.65 m 364 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 266.65 m 364 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 281.65 m 434 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 266.65 m 434 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 281.65 m 498 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 266.65 m 498 266.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 281.65 m 561 281.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 266.65 m 561 266.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.00 708.42 Td (Redeemable noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.75 692.92 Td (EnT) Tj ET Q q 0 0 0 rg BT 270.64 692.92 Td (rust) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 255.20 682.42 Td (Global) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 317.75 692.92 Td (Clarion) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.25 682.42 Td (Partners) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 386.45 692.92 Td (RARE) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 371.90 682.42 Td (Infrastructure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.50 682.42 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 520.25 682.42 Td (T) Tj ET Q q 0 0 0 rg BT 525.93 682.42 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 667.42 Td (Balance as of March 31, 2017) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.85 667.42 Td (404,852) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.85 667.42 Td (1) Tj ET Q q 0 0 0 rg BT 331.10 667.42 Td (13,173) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.10 667.42 Td (68,747) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 667.42 Td (4,482) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 667.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.85 667.42 Td (591,254) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 651.92 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 641.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.10 641.42 Td (19,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.10 641.42 Td (13,172) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 641.42 Td (3,474) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 641.42 Td (\(139) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 641.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 641.42 Td (36,216) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 626.42 Td (Subscriptions \(redemptions\), net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 626.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 626.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 626.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.85 626.42 Td (\(2,693) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 626.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.85 626.42 Td (\(2,693) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 626.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 611.42 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 611.42 Td (\(37,677) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.00 611.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.60 611.42 Td (\(1) Tj ET Q q 0 0 0 rg BT 336.35 611.42 Td (1,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.00 611.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.85 611.42 Td (\(4,317) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 611.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 611.42 Td (\(141) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 611.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 611.42 Td (\(53,388) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 611.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 596.42 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 596.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 596.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.25 596.42 Td (381) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 596.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.25 596.42 Td (381) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 581.42 Td (Change in estimated redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 581.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.35 581.42 Td (2,180) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 581.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 581.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 581.42 Td (2,180) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 566.42 Td (Balance as of March 31, 2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.85 566.42 Td (386,884) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.85 566.42 Td (1) Tj ET Q q 0 0 0 rg BT 331.10 566.42 Td (17,272) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.10 566.42 Td (68,285) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 566.42 Td (1,509) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.85 566.42 Td (573,950) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 551.87 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 541.37 Td (noncontrolling interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 272.35 541.42 Td (9,735) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.10 541.42 Td (16,127) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.35 541.42 Td (1,660) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 541.42 Td (\(269) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 541.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 541.42 Td (27,253) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 526.42 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 526.42 Td (\(15,935) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.00 526.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.60 526.42 Td (\(1) Tj ET Q q 0 0 0 rg BT 336.35 526.42 Td (1,734) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.00 526.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.85 526.42 Td (\(2,134) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 526.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.00 526.42 Td (\(12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 526.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 526.42 Td (\(29,815) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 526.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 511.87 Td (Settlement of af) Tj ET Q q 0 0 0 rg BT 119.47 511.87 Td (filiate noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 501.37 Td (interest put:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 486.42 Td (Payment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 486.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 486.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.60 486.42 Td (\(15,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 486.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 486.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 486.42 Td (\(15,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 486.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 471.42 Td (Change in redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 471.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 471.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.60 471.42 Td (\(12,345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 471.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 471.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 471.42 Td (\(12,345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 471.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 456.42 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 456.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 456.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.85 456.42 Td (\(4,738) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 456.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 456.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.85 456.42 Td (\(4,738) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 456.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 441.42 Td (Change in estimated redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 441.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.35 441.42 Td (1,837) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 441.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 441.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 441.42 Td (1,837) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 426.42 Td (Balance as of March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.85 426.42 Td (380,684) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.85 426.42 Td (123,502) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.10 426.42 Td (35,181) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 470.35 426.42 Td (1,228) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.85 426.42 Td (540,595) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 411.87 Td (Net income attributable to noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 401.37 Td (interests) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.10 402.42 Td (14,636) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.10 402.42 Td (19,518) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.25 402.42 Td (106) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 402.42 Td (62) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 402.42 Td (34,322) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 387.42 Td (Business acquisition) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 387.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 387.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 387.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.10 387.42 Td (1) Tj ET Q q 0 0 0 rg BT 470.35 387.42 Td (1,715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.10 387.42 Td (1) Tj ET Q q 0 0 0 rg BT 533.35 387.42 Td (1,715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 372.42 Td (Distributions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 263.60 372.42 Td (\(16,230) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.00 372.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.60 372.42 Td (\(14,310) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.00 372.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 372.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.25 372.42 Td (\(2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 372.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 372.42 Td (\(30,542) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 372.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 356.92 Td (Purchase of af) Tj ET Q q 0 0 0 rg BT 112.46 356.92 Td (filiate noncontrolling) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.50 346.42 Td (interest:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 331.42 Td (Payment \(fair value portion\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 331.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 331.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.85 331.42 Td (\(8,789) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 331.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 331.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.85 331.42 Td (\(8,789) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 331.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 70.50 316.42 Td (Change in redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 316.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 316.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.60 316.42 Td (\(25,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 316.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 316.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.60 316.42 Td (\(25,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 316.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 301.42 Td (Foreign exchange) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 301.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.50 301.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 410.75 301.42 Td (\(790) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 301.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.75 301.42 Td (\(281) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.00 301.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.85 301.42 Td (\(1,071) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.00 301.42 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 286.42 Td (Change in estimated redemption value) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 285.50 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.35 286.42 Td (4,900) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.50 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.50 286.42 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.35 286.42 Td (4,900) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 271.44 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 133.67 271.44 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 242.50 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 261.85 271.44 Td (379,090) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 306.50 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 325.85 271.44 Td (133,610) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 370.50 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.50 271.44 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 440.50 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 465.10 271.44 Td (12,722) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.50 271.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 522.85 271.44 Td (525,422) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 241.95 Td (Redeemable ) Tj ET Q q 0 0 0 rg BT 104.04 241.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 168.01 241.95 Td (interests ) Tj ET Q q 0 0 0 rg BT 205.15 241.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 216.04 241.95 Td (35%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 235.29 241.95 Td ( ) Tj ET Q q 0 0 0 rg BT 237.43 241.95 Td (of ) Tj ET Q q 0 0 0 rg BT 248.32 241.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.30 241.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 314.44 241.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 342.83 241.95 Td (of ) Tj ET Q q 0 0 0 rg BT 353.73 241.95 Td (EnT) Tj ET Q q 0 0 0 rg BT 371.44 241.95 Td (rust ) Tj ET Q q 0 0 0 rg BT 389.33 241.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 420.06 241.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.36 241.95 Td (18%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.61 241.95 Td ( ) Tj ET Q q 0 0 0 rg BT 458.75 241.95 Td (of ) Tj ET Q q 0 0 0 rg BT 469.65 241.95 Td (the ) Tj ET Q q 0 0 0 rg BT 484.62 241.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 535.76 241.95 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 229.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.35 229.35 Td (Clarion ) Tj ET Q q 0 0 0 rg BT 93.45 229.35 Td (Partners ) Tj ET Q q 0 0 0 rg BT 129.46 229.35 Td (can ) Tj ET Q q 0 0 0 rg BT 145.64 229.35 Td (be ) Tj ET Q q 0 0 0 rg BT 157.15 229.35 Td (put ) Tj ET Q q 0 0 0 rg BT 172.17 229.35 Td (by ) Tj ET Q q 0 0 0 rg BT 184.27 229.35 Td (the ) Tj ET Q q 0 0 0 rg BT 198.71 229.35 Td (holders ) Tj ET Q q 0 0 0 rg BT 231.22 229.35 Td (or ) Tj ET Q q 0 0 0 rg BT 241.57 229.35 Td (called ) Tj ET Q q 0 0 0 rg BT 268.24 229.35 Td (by ) Tj ET Q q 0 0 0 rg BT 280.34 229.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 303.52 229.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 333.71 229.35 Td (for ) Tj ET Q q 0 0 0 rg BT 347.56 229.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 392.32 229.35 Td (at ) Tj ET Q q 0 0 0 rg BT 401.50 229.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 417.67 229.35 Td (value ) Tj ET Q q 0 0 0 rg BT 442.01 229.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 473.36 229.35 Td (to ) Tj ET Q q 0 0 0 rg BT 483.13 229.35 Td (various ) Tj ET Q q 0 0 0 rg BT 515.65 229.35 Td (conditions, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 216.75 Td (including ) Tj ET Q q 0 0 0 rg BT 91.60 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.37 216.75 Td (passage ) Tj ET Q q 0 0 0 rg BT 140.97 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 151.65 216.75 Td (time. ) Tj ET Q q 0 0 0 rg BT 174.88 216.75 Td ( ) Tj ET Q q 0 0 0 rg BT 176.68 216.75 Td (The ) Tj ET Q q 0 0 0 rg BT 194.95 216.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 232.47 216.75 Td (for ) Tj ET Q q 0 0 0 rg BT 246.65 216.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 310.42 216.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 349.98 216.75 Td (if ) Tj ET Q q 0 0 0 rg BT 358.33 216.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 395.26 216.75 Td (at ) Tj ET Q q 0 0 0 rg BT 404.78 216.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 421.29 216.75 Td (value ) Tj ET Q q 0 0 0 rg BT 445.97 216.75 Td (in ) Tj ET Q q 0 0 0 rg BT 456.07 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.84 216.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 528.20 216.75 Td (Balance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 204.15 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 82.04 204.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 110.84 204.15 Td (the ) Tj ET Q q 0 0 0 rg BT 125.67 204.15 Td (total ) Tj ET Q q 0 0 0 rg BT 146.32 204.15 Td (business ) Tj ET Q q 0 0 0 rg BT 183.91 204.15 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 227.30 204.15 Td (value ) Tj ET Q q 0 0 0 rg BT 252.03 204.15 Td (of ) Tj ET Q q 0 0 0 rg BT 262.78 204.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.60 204.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 321.00 204.15 Td (entity) Tj ET Q q 0 0 0 rg BT 344.23 204.15 Td (, ) Tj ET Q q 0 0 0 rg BT 348.85 204.15 Td (after ) Tj ET Q q 0 0 0 rg BT 370.08 204.15 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 419.89 204.15 Td (discounts ) Tj ET Q q 0 0 0 rg BT 461.55 204.15 Td (for ) Tj ET Q q 0 0 0 rg BT 475.79 204.15 Td (lack ) Tj ET Q q 0 0 0 rg BT 495.27 204.15 Td (of ) Tj ET Q q 0 0 0 rg BT 506.02 204.15 Td (marketability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 191.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.79 191.55 Td (control.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 166.35 Td (On ) Tj ET Q q 0 0 0 rg BT 65.55 166.35 Td (May ) Tj ET Q q 0 0 0 rg BT 87.50 166.35 Td (10, ) Tj ET Q q 0 0 0 rg BT 103.34 166.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 129.68 166.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 153.97 166.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 185.26 166.35 Td (purchased ) Tj ET Q q 0 0 0 rg BT 230.54 166.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 246.08 166.35 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.33 166.35 Td ( ) Tj ET Q q 0 0 0 rg BT 268.04 166.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 297.00 166.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.62 166.35 Td (in ) Tj ET Q q 0 0 0 rg BT 341.50 166.35 Td (RARE ) Tj ET Q q 0 0 0 rg BT 372.21 166.35 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 432.06 166.35 Td (held ) Tj ET Q q 0 0 0 rg BT 452.85 166.35 Td (by ) Tj ET Q q 0 0 0 rg BT 466.06 166.35 Td (the ) Tj ET Q q 0 0 0 rg BT 481.60 166.35 Td (firm's ) Tj ET Q q 0 0 0 rg BT 508.37 166.35 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (team ) Tj ET Q q 0 0 0 rg BT 73.19 153.75 Td (for ) Tj ET Q q 0 0 0 rg BT 88.22 153.75 Td (total ) Tj ET Q q 0 0 0 rg BT 109.67 153.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 169.03 153.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.56 153.75 Td ($21,988) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.68 153.75 Td (. ) Tj ET Q q 0 0 0 rg BT 220.10 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 222.68 153.75 Td (The ) Tj ET Q q 0 0 0 rg BT 241.79 153.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 269.08 153.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.52 153.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 329.46 153.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.00 153.75 Td ($1) Tj ET Q q 0 0 0 rg BT 351.11 153.75 Td (1,967) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.73 153.75 Td (, ) Tj ET Q q 0 0 0 rg BT 380.15 153.75 Td (which ) Tj ET Q q 0 0 0 rg BT 408.59 153.75 Td (included ) Tj ET Q q 0 0 0 rg BT 447.54 153.75 Td (related ) Tj ET Q q 0 0 0 rg BT 478.89 153.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 522.50 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 533.46 153.75 Td (arrears ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 141.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.72 141.15 Td ($1,759) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.59 141.15 Td (, ) Tj ET Q q 0 0 0 rg BT 96.18 141.15 Td (was ) Tj ET Q q 0 0 0 rg BT 115.48 141.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 136.53 141.15 Td (on ) Tj ET Q q 0 0 0 rg BT 150.00 141.15 Td (May ) Tj ET Q q 0 0 0 rg BT 172.21 141.15 Td (10, ) Tj ET Q q 0 0 0 rg BT 188.31 141.15 Td (2019. ) Tj ET Q q 0 0 0 rg BT 214.90 141.15 Td ( ) Tj ET Q q 0 0 0 rg BT 217.87 141.15 Td (One-half ) Tj ET Q q 0 0 0 rg BT 258.15 141.15 Td (of ) Tj ET Q q 0 0 0 rg BT 269.87 141.15 Td (the ) Tj ET Q q 0 0 0 rg BT 285.67 141.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 331.21 141.15 Td (balance ) Tj ET Q q 0 0 0 rg BT 366.23 141.15 Td (was ) Tj ET Q q 0 0 0 rg BT 385.53 141.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 406.58 141.15 Td (in ) Tj ET Q q 0 0 0 rg BT 417.72 141.15 Td (May ) Tj ET Q q 0 0 0 rg BT 439.93 141.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 463.90 141.15 Td (and ) Tj ET Q q 0 0 0 rg BT 482.03 141.15 Td (the ) Tj ET Q q 0 0 0 rg BT 497.83 141.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 543.37 141.15 Td (one-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 128.55 Td (half ) Tj ET Q q 0 0 0 rg BT 68.82 128.55 Td (will ) Tj ET Q q 0 0 0 rg BT 87.65 128.55 Td (be ) Tj ET Q q 0 0 0 rg BT 100.06 128.55 Td (due ) Tj ET Q q 0 0 0 rg BT 117.71 128.55 Td (two ) Tj ET Q q 0 0 0 rg BT 135.96 128.55 Td (years ) Tj ET Q q 0 0 0 rg BT 160.61 128.55 Td (after ) Tj ET Q q 0 0 0 rg BT 182.34 128.55 Td (closing, ) Tj ET Q q 0 0 0 rg BT 217.79 128.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 250.03 128.55 Td (to ) Tj ET Q q 0 0 0 rg BT 260.69 128.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 291.75 128.55 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 340.62 128.55 Td ( ) Tj ET Q q 0 0 0 rg BT 342.94 128.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.76 128.55 Td ($1) Tj ET Q q 0 0 0 rg BT 371.87 128.55 Td (1,440) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 395.49 128.55 Td ( ) Tj ET Q q 0 0 0 rg BT 397.99 128.55 Td (dif) Tj ET Q q 0 0 0 rg BT 409.46 128.55 Td (ference ) Tj ET Q q 0 0 0 rg BT 442.84 128.55 Td (between ) Tj ET Q q 0 0 0 rg BT 480.32 128.55 Td (the ) Tj ET Q q 0 0 0 rg BT 495.65 128.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.71 128.55 Td (value ) Tj ET Q q 0 0 0 rg BT 537.95 128.55 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 128.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 115.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 114.20 115.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 147.47 115.95 Td (on ) Tj ET Q q 0 0 0 rg BT 160.34 115.95 Td (the ) Tj ET Q q 0 0 0 rg BT 175.54 115.95 Td (settlement ) Tj ET Q q 0 0 0 rg BT 221.06 115.95 Td (date ) Tj ET Q q 0 0 0 rg BT 240.92 115.95 Td (and ) Tj ET Q q 0 0 0 rg BT 258.45 115.95 Td (the ) Tj ET Q q 0 0 0 rg BT 273.64 115.95 Td (total ) Tj ET Q q 0 0 0 rg BT 294.68 115.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 353.61 115.95 Td (due ) Tj ET Q q 0 0 0 rg BT 371.14 115.95 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 418.41 115.95 Td (dividends ) Tj ET Q q 0 0 0 rg BT 461.61 115.95 Td (in ) Tj ET Q q 0 0 0 rg BT 472.15 115.95 Td (arrears\) ) Tj ET Q q 0 0 0 rg BT 506.57 115.95 Td (was ) Tj ET Q q 0 0 0 rg BT 525.27 115.95 Td (recorded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 103.35 Td (as ) Tj ET Q q 0 0 0 rg BT 61.76 103.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 125.43 103.35 Td (and ) Tj ET Q q 0 0 0 rg BT 143.60 103.35 Td (benefits ) Tj ET Q q 0 0 0 rg BT 179.85 103.35 Td (in ) Tj ET Q q 0 0 0 rg BT 191.03 103.35 Td (the ) Tj ET Q q 0 0 0 rg BT 206.87 103.35 Td (year ) Tj ET Q q 0 0 0 rg BT 227.95 103.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 256.03 103.35 Td (March ) Tj ET Q q 0 0 0 rg BT 286.45 103.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 302.58 103.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 329.22 103.35 Td ( ) Tj ET Q q 0 0 0 rg BT 332.01 103.35 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.35 103.35 Td ($25,708) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.47 103.35 Td ( ) Tj ET Q q 0 0 0 rg BT 388.48 103.35 Td (dif) Tj ET Q q 0 0 0 rg BT 399.96 103.35 Td (ference ) Tj ET Q q 0 0 0 rg BT 433.85 103.35 Td (between ) Tj ET Q q 0 0 0 rg BT 471.85 103.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.69 103.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 505.27 103.35 Td (value ) Tj ET Q q 0 0 0 rg BT 531.02 103.35 Td (and ) Tj ET Q q 0 0 0 rg BT 549.19 103.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 90.75 Td (carrying ) Tj ET Q q 0 0 0 rg BT 88.14 90.75 Td (value ) Tj ET Q q 0 0 0 rg BT 114.04 90.75 Td (of ) Tj ET Q q 0 0 0 rg BT 125.95 90.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.93 90.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 206.92 90.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 240.99 90.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.89 90.75 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.14 90.75 Td (34,497) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.02 90.75 Td ( ) Tj ET Q q 0 0 0 rg BT 290.18 90.75 Td (on ) Tj ET Q q 0 0 0 rg BT 303.84 90.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.83 90.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 366.14 90.75 Td (date ) Tj ET Q q 0 0 0 rg BT 386.79 90.75 Td (was ) Tj ET Q q 0 0 0 rg BT 406.28 90.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 446.16 90.75 Td (as ) Tj ET Q q 0 0 0 rg BT 458.07 90.75 Td (an ) Tj ET Q q 0 0 0 rg BT 471.14 90.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 508.69 90.75 Td (to ) Tj ET Q q 0 0 0 rg BT 520.02 90.75 Td (additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 78.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.95 78.15 Td (in ) Tj ET Q q 0 0 0 rg BT 81.99 78.15 Td (capital. ) Tj ET Q q 0 0 0 rg BT 115.27 78.15 Td (This ) Tj ET Q q 0 0 0 rg BT 136.81 78.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 176.99 78.15 Td (was ) Tj ET Q q 0 0 0 rg BT 196.20 78.15 Td (part ) Tj ET Q q 0 0 0 rg BT 215.39 78.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.01 78.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 251.46 78.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 288.89 78.15 Td (strategic ) Tj ET Q q 0 0 0 rg BT 327.33 78.15 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 386.48 78.15 Td (as ) Tj ET Q q 0 0 0 rg BT 398.10 78.15 Td (further ) Tj ET Q q 0 0 0 rg BT 429.54 78.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 472.66 78.15 Td (in ) Tj ET Q q 0 0 0 rg BT 483.70 78.15 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 506.99 78.15 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.49 78.15 Td (, ) Tj ET Q q 0 0 0 rg BT 522.98 78.15 Td (to ) Tj ET Q q 0 0 0 rg BT 534.02 78.15 Td (pursue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 65.55 Td (operational ) Tj ET Q q 0 0 0 rg BT 101.64 65.55 Td (ef) Tj ET Q q 0 0 0 rg BT 109.61 65.55 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 154.25 65.55 Td (between ) Tj ET Q q 0 0 0 rg BT 193.65 65.55 Td (RARE ) Tj ET Q q 0 0 0 rg BT 226.07 65.55 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 287.61 65.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.19 65.55 Td (ClearBridge ) Tj ET Q q 0 0 0 rg BT 362.92 65.55 Td (intended ) Tj ET Q q 0 0 0 rg BT 403.49 65.55 Td (to ) Tj ET Q q 0 0 0 rg BT 416.07 65.55 Td (reduce ) Tj ET Q q 0 0 0 rg BT 448.46 65.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 473.87 65.55 Td (and ) Tj ET Q q 0 0 0 rg BT 493.45 65.55 Td (enhance ) Tj ET Q q 0 0 0 rg BT 532.25 65.55 Td (growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 52.95 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 108.04 52.95 Td (for ) Tj ET Q q 0 0 0 rg BT 122.91 52.95 Td (both ) Tj ET Q q 0 0 0 rg BT 144.20 52.95 Td (of ) Tj ET Q q 0 0 0 rg BT 155.57 52.95 Td (the ) Tj ET Q q 0 0 0 rg BT 171.02 52.95 Td (businesses.) Tj ET Q endstream endobj 275 0 obj <> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (135) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (On ) Tj ET Q q 0 0 0 rg BT 66.36 729.15 Td (July ) Tj ET Q q 0 0 0 rg BT 87.39 729.15 Td (2, ) Tj ET Q q 0 0 0 rg BT 98.80 729.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 125.95 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 142.31 729.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 185.48 729.15 Td (minority ) Tj ET Q q 0 0 0 rg BT 225.18 729.15 Td (owner ) Tj ET Q q 0 0 0 rg BT 254.94 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.22 729.15 Td (RARE ) Tj ET Q q 0 0 0 rg BT 298.75 729.15 Td (Infrastructure ) Tj ET Q q 0 0 0 rg BT 359.42 729.15 Td (exercised ) Tj ET Q q 0 0 0 rg BT 402.59 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 418.95 729.15 Td (put ) Tj ET Q q 0 0 0 rg BT 435.89 729.15 Td (option ) Tj ET Q q 0 0 0 rg BT 466.26 729.15 Td (for ) Tj ET Q q 0 0 0 rg BT 482.03 729.15 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.48 729.15 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.73 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 518.25 729.15 Td (ownership ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td (interest. ) Tj ET Q q 0 0 0 rg BT 87.17 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 90.55 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 110.52 716.55 Td (settlement ) Tj ET Q q 0 0 0 rg BT 157.32 716.55 Td (value ) Tj ET Q q 0 0 0 rg BT 183.70 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 196.08 716.55 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 201.33 716.55 Td (15,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.21 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 233.85 716.55 Td (was ) Tj ET Q q 0 0 0 rg BT 253.82 716.55 Td (based ) Tj ET Q q 0 0 0 rg BT 281.37 716.55 Td (on ) Tj ET Q q 0 0 0 rg BT 295.51 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 311.98 716.55 Td (midpoint ) Tj ET Q q 0 0 0 rg BT 353.54 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 365.93 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 382.40 716.55 Td (valuations ) Tj ET Q q 0 0 0 rg BT 429.20 716.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 480.08 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 494.22 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 510.69 716.55 Td (independent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (valuation ) Tj ET Q q 0 0 0 rg BT 92.22 703.95 Td (experts ) Tj ET Q q 0 0 0 rg BT 125.68 703.95 Td (appointed ) Tj ET Q q 0 0 0 rg BT 170.23 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 183.87 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.58 703.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 240.31 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 258.61 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 274.58 703.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 317.37 703.95 Td (minority ) Tj ET Q q 0 0 0 rg BT 356.67 703.95 Td (owner ) Tj ET Q q 0 0 0 rg BT 386.06 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 404.36 703.95 Td (was ) Tj ET Q q 0 0 0 rg BT 423.83 703.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 445.05 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 458.69 703.95 Td (October ) Tj ET Q q 0 0 0 rg BT 495.65 703.95 Td (10, ) Tj ET Q q 0 0 0 rg BT 511.92 703.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 538.68 703.95 Td (along ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 691.35 Td (with ) Tj ET Q q 0 0 0 rg BT 72.35 691.35 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.60 691.35 Td (981) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 93.35 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 97.02 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 109.45 691.35 Td (dividends ) Tj ET Q q 0 0 0 rg BT 153.96 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 165.80 691.35 Td (arrears. ) Tj ET Q q 0 0 0 rg BT 200.66 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 204.07 691.35 Td (The ) Tj ET Q q 0 0 0 rg BT 224.07 691.35 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.32 691.35 Td (12,345) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 258.20 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 261.88 691.35 Td (dif) Tj ET Q q 0 0 0 rg BT 273.35 691.35 Td (ference ) Tj ET Q q 0 0 0 rg BT 307.91 691.35 Td (between ) Tj ET Q q 0 0 0 rg BT 346.57 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.08 691.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 409.91 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 436.33 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 455.17 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 471.67 691.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 510.33 691.35 Td (value ) Tj ET Q q 0 0 0 rg BT 536.75 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 691.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 678.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 114.45 678.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 147.98 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 159.36 678.75 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 164.61 678.75 Td (27,892) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.48 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.11 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 209.23 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 224.68 678.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 270.46 678.75 Td (date ) Tj ET Q q 0 0 0 rg BT 290.58 678.75 Td (was ) Tj ET Q q 0 0 0 rg BT 309.53 678.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 348.88 678.75 Td (as ) Tj ET Q q 0 0 0 rg BT 360.26 678.75 Td (an ) Tj ET Q q 0 0 0 rg BT 372.79 678.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 409.81 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.60 678.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 465.22 678.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 485.92 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.71 678.75 Td (capital. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 653.55 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 653.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.50 653.55 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 118.86 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 138.41 653.55 Td (Hedging) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 176.34 653.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.75 628.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.52 628.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 124.78 628.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 163.68 628.35 Td (forwards ) Tj ET Q q 0 0 0 rg BT 203.18 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 213.53 628.35 Td (economically ) Tj ET Q q 0 0 0 rg BT 272.27 628.35 Td (hedge ) Tj ET Q q 0 0 0 rg BT 299.52 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 314.53 628.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.46 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 343.38 628.35 Td (movements ) Tj ET Q q 0 0 0 rg BT 393.97 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 404.32 628.35 Td (exchange ) Tj ET Q q 0 0 0 rg BT 446.14 628.35 Td (rates, ) Tj ET Q q 0 0 0 rg BT 470.77 628.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 512.02 628.35 Td (between ) Tj ET Q q 0 0 0 rg BT 549.18 628.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 615.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.75 615.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 94.83 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 99.53 615.75 Td (British ) Tj ET Q q 0 0 0 rg BT 130.20 615.75 Td (pound, ) Tj ET Q q 0 0 0 rg BT 160.70 615.75 Td (Australian ) Tj ET Q q 0 0 0 rg BT 206.52 615.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 230.59 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 235.30 615.75 Td (Singapore ) Tj ET Q q 0 0 0 rg BT 279.96 615.75 Td (dollar) Tj ET Q q 0 0 0 rg BT 304.03 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 308.74 615.75 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 348.13 615.75 Td (yen, ) Tj ET Q q 0 0 0 rg BT 368.00 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.24 615.75 Td (euro. ) Tj ET Q q 0 0 0 rg BT 408.61 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 410.23 615.75 Td (All ) Tj ET Q q 0 0 0 rg BT 425.73 615.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 469.79 615.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 522.03 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 536.35 615.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.66 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.32 603.15 Td (has ) Tj ET Q q 0 0 0 rg BT 120.40 603.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.05 603.15 Td (legally ) Tj ET Q q 0 0 0 rg BT 181.71 603.15 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 232.75 603.15 Td (rights ) Tj ET Q q 0 0 0 rg BT 258.76 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 269.58 603.15 Td (setof) Tj ET Q q 0 0 0 rg BT 289.81 603.15 Td (f ) Tj ET Q q 0 0 0 rg BT 295.39 603.15 Td (are ) Tj ET Q q 0 0 0 rg BT 310.29 603.15 Td (governed ) Tj ET Q q 0 0 0 rg BT 351.44 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 364.02 603.15 Td (International ) Tj ET Q q 0 0 0 rg BT 419.75 603.15 Td (Swaps ) Tj ET Q q 0 0 0 rg BT 449.25 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 466.50 603.15 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 512.43 603.15 Td (Association ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 590.55 Td (\("ISDA"\) ) Tj ET Q q 0 0 0 rg BT 92.74 590.55 Td (Master ) Tj ET Q q 0 0 0 rg BT 123.98 590.55 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 180.01 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 182.68 590.55 Td (For ) Tj ET Q q 0 0 0 rg BT 199.94 590.55 Td (these ) Tj ET Q q 0 0 0 rg BT 224.18 590.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 268.84 590.55 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 324.29 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 348.53 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 379.79 590.55 Td (has ) Tj ET Q q 0 0 0 rg BT 396.46 590.55 Td (one ) Tj ET Q q 0 0 0 rg BT 414.29 590.55 Td (ISDA) Tj ET Q q 0 0 0 rg BT 438.21 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 440.88 590.55 Td (Master ) Tj ET Q q 0 0 0 rg BT 472.12 590.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 521.44 590.55 Td (with ) Tj ET Q q 0 0 0 rg BT 542.78 590.55 Td (each ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.90 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 75.89 577.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 122.37 577.95 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 186.63 577.95 Td (which ) Tj ET Q q 0 0 0 rg BT 214.45 577.95 Td (covers ) Tj ET Q q 0 0 0 rg BT 244.01 577.95 Td (transactions ) Tj ET Q q 0 0 0 rg BT 296.32 577.95 Td (with ) Tj ET Q q 0 0 0 rg BT 317.14 577.95 Td (that ) Tj ET Q q 0 0 0 rg BT 335.05 577.95 Td (counterparty) Tj ET Q q 0 0 0 rg BT 387.42 577.95 Td (. ) Tj ET Q q 0 0 0 rg BT 392.21 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 394.36 577.95 Td (Each ) Tj ET Q q 0 0 0 rg BT 417.51 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 428.41 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.40 577.95 Td (respective ) Tj ET Q q 0 0 0 rg BT 488.11 577.95 Td (ISDA) Tj ET Q q 0 0 0 rg BT 512.04 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 514.19 577.95 Td (agreements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 565.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 88.41 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 102.90 565.35 Td (legally ) Tj ET Q q 0 0 0 rg BT 133.72 565.35 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 184.93 565.35 Td (settlement ) Tj ET Q q 0 0 0 rg BT 230.34 565.35 Td (netting ) Tj ET Q q 0 0 0 rg BT 261.75 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 279.16 565.35 Td (close-out ) Tj ET Q q 0 0 0 rg BT 319.90 565.35 Td (netting ) Tj ET Q q 0 0 0 rg BT 351.31 565.35 Td (between ) Tj ET Q q 0 0 0 rg BT 388.54 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.36 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 443.19 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 460.60 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 478.59 565.35 Td (counterparty) Tj ET Q q 0 0 0 rg BT 530.97 565.35 Td (. ) Tj ET Q q 0 0 0 rg BT 535.84 565.35 Td ( ) Tj ET Q q 0 0 0 rg BT 538.09 565.35 Td (Other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 77.09 552.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 116.41 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.18 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.60 552.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 200.61 552.75 Td (Balance ) Tj ET Q q 0 0 0 rg BT 237.02 552.75 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 267.03 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 278.37 552.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 289.72 552.75 Td (March ) Tj ET Q q 0 0 0 rg BT 319.72 552.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 335.44 552.75 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 356.44 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 359.03 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 376.79 552.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 403.01 552.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.01 552.75 Td ($4,716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.88 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 457.48 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.23 552.75 Td ($4,183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.11 552.75 Td (, ) Tj ET Q q 0 0 0 rg BT 509.33 552.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 552.75 Td (. ) Tj ET Q q 0 0 0 rg BT 564.63 552.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 540.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 77.00 540.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 119.17 540.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 158.99 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 170.25 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.17 540.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 244.68 540.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 281.58 540.15 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 312.09 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 323.93 540.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.77 540.15 Td (March ) Tj ET Q q 0 0 0 rg BT 366.27 540.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.49 540.15 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.49 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 406.58 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 424.83 540.15 Td (2019, ) Tj ET Q q 0 0 0 rg BT 451.55 540.15 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.04 540.15 Td ($13,872) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.17 540.15 Td ( ) Tj ET Q q 0 0 0 rg BT 512.26 540.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.52 540.15 Td ($7,579) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 540.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 527.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 527.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.81 502.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.64 502.35 Td (also ) Tj ET Q q 0 0 0 rg BT 126.79 502.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 148.11 502.35 Td (market ) Tj ET Q q 0 0 0 rg BT 180.50 502.35 Td (hedges ) Tj ET Q q 0 0 0 rg BT 212.90 502.35 Td (on ) Tj ET Q q 0 0 0 rg BT 226.64 502.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 258.44 502.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 280.34 502.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.56 502.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.96 502.35 Td (by ) Tj ET Q q 0 0 0 rg BT 378.70 502.35 Td (entering ) Tj ET Q q 0 0 0 rg BT 416.34 502.35 Td (into ) Tj ET Q q 0 0 0 rg BT 435.92 502.35 Td (futures ) Tj ET Q q 0 0 0 rg BT 468.31 502.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 509.45 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 520.86 502.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 538.68 502.35 Td (index ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 75.25 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 92.34 489.75 Td (treasuries ) Tj ET Q q 0 0 0 rg BT 134.49 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 152.16 489.75 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 200.73 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.47 489.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 247.72 489.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 268.30 489.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 298.20 489.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 350.29 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.37 489.75 Td (has ) Tj ET Q q 0 0 0 rg BT 383.29 489.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 416.11 489.75 Td (into ) Tj ET Q q 0 0 0 rg BT 434.36 489.75 Td (total ) Tj ET Q q 0 0 0 rg BT 454.95 489.75 Td (return ) Tj ET Q q 0 0 0 rg BT 481.94 489.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 505.44 489.75 Td (arrangements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 477.15 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 477.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 103.65 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 114.44 477.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.63 477.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 169.83 477.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 201.04 477.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 246.24 477.15 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 274.25 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 285.62 477.15 Td (further ) Tj ET Q q 0 0 0 rg BT 316.81 477.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 359.69 477.15 Td (below) Tj ET Q q 0 0 0 rg BT 384.67 477.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 451.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.93 451.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.86 451.95 Td (has ) Tj ET Q q 0 0 0 rg BT 124.21 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 140.98 451.95 Td (designated ) Tj ET Q q 0 0 0 rg BT 189.23 451.95 Td (any ) Tj ET Q q 0 0 0 rg BT 207.75 451.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 257.17 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 269.26 451.95 Td (hedging ) Tj ET Q q 0 0 0 rg BT 306.44 451.95 Td (instruments ) Tj ET Q q 0 0 0 rg BT 358.79 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 374.39 451.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 423.81 451.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 464.49 451.95 Td (during ) Tj ET Q q 0 0 0 rg BT 495.26 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 511.44 451.95 Td (years ) Tj ET Q q 0 0 0 rg BT 536.94 451.95 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 80.15 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 96.01 439.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 122.38 439.35 Td (2019, ) Tj ET Q q 0 0 0 rg BT 148.75 439.35 Td (or ) Tj ET Q q 0 0 0 rg BT 160.23 439.35 Td (2018. ) Tj ET Q q 0 0 0 rg BT 186.60 439.35 Td ( ) Tj ET Q q 0 0 0 rg BT 188.74 439.35 Td (As ) Tj ET Q q 0 0 0 rg BT 203.15 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 214.64 439.35 Td (March ) Tj ET Q q 0 0 0 rg BT 244.78 439.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.65 439.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 287.02 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 311.33 439.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 342.66 439.35 Td (had ) Tj ET Q q 0 0 0 rg BT 360.56 439.35 Td (open ) Tj ET Q q 0 0 0 rg BT 383.71 439.35 Td (currency ) Tj ET Q q 0 0 0 rg BT 423.18 439.35 Td (forward ) Tj ET Q q 0 0 0 rg BT 459.15 439.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 499.80 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 521.21 439.35 Td (aggregate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 426.75 Td (notional ) Tj ET Q q 0 0 0 rg BT 86.71 426.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 124.58 426.75 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 158.95 426.75 Td ($323,031) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.33 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 203.24 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 220.70 426.75 Td (open ) Tj ET Q q 0 0 0 rg BT 243.40 426.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 274.85 426.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 315.04 426.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 349.40 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 359.86 426.75 Td (seed ) Tj ET Q q 0 0 0 rg BT 380.81 426.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 411.09 426.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 463.54 426.75 Td (with ) Tj ET Q q 0 0 0 rg BT 484.50 426.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 527.60 426.75 Td (notional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 414.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 88.02 414.15 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.55 414.15 Td ($74,988) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 156.67 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 161.56 414.15 Td (W) Tj ET Q q 0 0 0 rg BT 171.05 414.15 Td (ith ) Tj ET Q q 0 0 0 rg BT 184.58 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 199.85 414.15 Td (exception ) Tj ET Q q 0 0 0 rg BT 243.11 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 254.30 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 269.57 414.15 Td (total ) Tj ET Q q 0 0 0 rg BT 290.67 414.15 Td (return ) Tj ET Q q 0 0 0 rg BT 318.18 414.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 342.21 414.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 401.21 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 418.81 414.15 Td (related ) Tj ET Q q 0 0 0 rg BT 449.81 414.15 Td (futures ) Tj ET Q q 0 0 0 rg BT 481.41 414.15 Td (contracts ) Tj ET Q q 0 0 0 rg BT 521.75 414.15 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 401.55 Td (below) Tj ET Q q 0 0 0 rg BT 74.98 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 79.63 401.55 Td (these ) Tj ET Q q 0 0 0 rg BT 103.24 401.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 140.85 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 155.70 401.55 Td (representative ) Tj ET Q q 0 0 0 rg BT 216.62 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 227.39 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 242.25 401.55 Td (level ) Tj ET Q q 0 0 0 rg BT 264.69 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 275.46 401.55 Td (non-hedge ) Tj ET Q q 0 0 0 rg BT 321.81 401.55 Td (designation ) Tj ET Q q 0 0 0 rg BT 372.25 401.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 416.26 401.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 449.79 401.55 Td (throughout ) Tj ET Q q 0 0 0 rg BT 497.90 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 512.76 401.55 Td (years ) Tj ET Q q 0 0 0 rg BT 536.94 401.55 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 79.08 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 93.88 388.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 119.19 388.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 144.49 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 161.33 388.95 Td (2017. ) Tj ET Q q 0 0 0 rg BT 186.63 388.95 Td ( ) Tj ET Q q 0 0 0 rg BT 187.94 388.95 Td (As ) Tj ET Q q 0 0 0 rg BT 201.29 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 211.71 388.95 Td (March ) Tj ET Q q 0 0 0 rg BT 240.79 388.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 255.60 388.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 280.90 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 295.40 388.95 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 371.71 388.95 Td (remaining ) Tj ET Q q 0 0 0 rg BT 415.95 388.95 Td (contract ) Tj ET Q q 0 0 0 rg BT 451.45 388.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 476.45 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 490.37 388.95 Td (currency ) Tj ET Q q 0 0 0 rg BT 528.78 388.95 Td (forward ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 376.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 90.52 376.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 109.48 376.35 Td (six ) Tj ET Q q 0 0 0 rg BT 124.36 376.35 Td (months) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 155.28 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 157.91 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 175.69 376.35 Td (for ) Tj ET Q q 0 0 0 rg BT 190.56 376.35 Td (futures ) Tj ET Q q 0 0 0 rg BT 222.34 376.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 262.87 376.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 297.56 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 308.35 376.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 329.64 376.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 360.25 376.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 413.04 376.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 431.99 376.35 Td (three ) Tj ET Q q 0 0 0 rg BT 455.60 376.35 Td (months) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.52 376.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 351.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.53 351.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 106.06 351.15 Td (has ) Tj ET Q q 0 0 0 rg BT 123.01 351.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 156.86 351.15 Td (into ) Tj ET Q q 0 0 0 rg BT 176.15 351.15 Td (various ) Tj ET Q q 0 0 0 rg BT 210.02 351.15 Td (total ) Tj ET Q q 0 0 0 rg BT 231.63 351.15 Td (return ) Tj ET Q q 0 0 0 rg BT 259.66 351.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 284.19 351.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 343.70 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 365.32 351.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.01 351.15 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 468.02 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 489.64 351.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 522.32 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 533.45 351.15 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 338.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.40 338.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 150.60 338.55 Td (ETFs, ) Tj ET Q q 0 0 0 rg BT 178.60 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 206.88 338.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 242.74 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 253.53 338.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 306.32 338.55 Td (by ) Tj ET Q q 0 0 0 rg BT 319.44 338.55 Td (each ) Tj ET Q q 0 0 0 rg BT 341.29 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 352.66 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 368.11 338.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.46 338.55 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 470.14 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 480.93 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 496.38 338.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 541.56 338.55 Td (ETF) Tj ET Q q 0 0 0 rg BT 559.39 338.55 Td (. ) Tj ET Q q 0 0 0 rg BT 564.64 338.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 325.95 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.41 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 93.40 325.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 118.89 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 129.80 325.95 Td (each ) Tj ET Q q 0 0 0 rg BT 151.20 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 162.11 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.11 325.95 Td (total ) Tj ET Q q 0 0 0 rg BT 197.93 325.95 Td (return ) Tj ET Q q 0 0 0 rg BT 225.17 325.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 248.92 325.95 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 310.26 325.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 334.00 325.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 364.75 325.95 Td (receives ) Tj ET Q q 0 0 0 rg BT 401.31 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 416.30 325.95 Td (related ) Tj ET Q q 0 0 0 rg BT 447.03 325.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 495.27 325.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 519.60 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 536.93 325.95 Td (losses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 63.04 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 78.41 313.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 126.44 313.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 155.22 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 166.50 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 181.87 313.35 Td (ETF ) Tj ET Q q 0 0 0 rg BT 203.08 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 220.78 313.35 Td (pays ) Tj ET Q q 0 0 0 rg BT 242.56 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 249.76 313.35 Td (floating ) Tj ET Q q 0 0 0 rg BT 284.96 313.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 303.24 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 316.27 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 331.64 313.35 Td (value ) Tj ET Q q 0 0 0 rg BT 356.92 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 368.21 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 383.57 313.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 431.60 313.35 Td (shares. ) Tj ET Q q 0 0 0 rg BT 463.01 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 465.55 313.35 Td (Each ) Tj ET Q q 0 0 0 rg BT 489.07 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 500.36 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 515.73 313.35 Td (total ) Tj ET Q q 0 0 0 rg BT 536.93 313.35 Td (return ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 74.53 300.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 134.04 300.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 164.41 300.75 Td (either ) Tj ET Q q 0 0 0 rg BT 191.26 300.75 Td (party ) Tj ET Q q 0 0 0 rg BT 215.79 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.91 300.75 Td (terminate ) Tj ET Q q 0 0 0 rg BT 269.51 300.75 Td (all ) Tj ET Q q 0 0 0 rg BT 282.95 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 294.65 300.75 Td (part ) Tj ET Q q 0 0 0 rg BT 313.93 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.63 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.41 300.75 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 396.83 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 414.94 300.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 454.05 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 469.25 300.75 Td (automatic ) Tj ET Q q 0 0 0 rg BT 513.60 300.75 Td (termination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 288.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.70 288.15 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 120.45 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 130.89 288.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 161.16 288.15 Td (events. ) Tj ET Q q 0 0 0 rg BT 192.31 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 194.00 288.15 Td (Each ) Tj ET Q q 0 0 0 rg BT 216.69 288.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.12 288.15 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 310.47 288.15 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 365.23 288.15 Td (may ) Tj ET Q q 0 0 0 rg BT 385.00 288.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 411.77 288.15 Td (its ) Tj ET Q q 0 0 0 rg BT 423.40 288.15 Td (total ) Tj ET Q q 0 0 0 rg BT 443.76 288.15 Td (return ) Tj ET Q q 0 0 0 rg BT 470.53 288.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 493.81 288.15 Td (position ) Tj ET Q q 0 0 0 rg BT 529.35 288.15 Td (through ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 275.55 Td (an ) Tj ET Q q 0 0 0 rg BT 62.80 275.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 111.76 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 122.81 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 138.52 275.55 Td (ETF ) Tj ET Q q 0 0 0 rg BT 160.08 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 178.12 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 193.84 275.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.45 275.55 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 296.40 275.55 Td (purchased ) Tj ET Q q 0 0 0 rg BT 341.85 275.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 379.73 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 390.78 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 406.49 275.55 Td (related ) Tj ET Q q 0 0 0 rg BT 437.94 275.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 462.40 275.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 493.87 275.55 Td (ETF ) Tj ET Q q 0 0 0 rg BT 515.42 275.55 Td (on ) Tj ET Q q 0 0 0 rg BT 528.81 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 544.52 275.55 Td (date ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 61.76 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 77.60 262.95 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 133.39 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 136.19 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 155.53 262.95 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 199.35 262.95 Td (notional ) Tj ET Q q 0 0 0 rg BT 236.77 262.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 271.28 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 286.54 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 302.38 262.95 Td (two ) Tj ET Q q 0 0 0 rg BT 321.14 262.95 Td (total ) Tj ET Q q 0 0 0 rg BT 342.82 262.95 Td (return ) Tj ET Q q 0 0 0 rg BT 370.90 262.95 Td (swaps ) Tj ET Q q 0 0 0 rg BT 399.58 262.95 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 451.60 262.95 Td (as ) Tj ET Q q 0 0 0 rg BT 463.36 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 475.12 262.95 Td (March ) Tj ET Q q 0 0 0 rg BT 505.53 262.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 521.67 262.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 545.69 262.95 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 250.35 Td ($14,164) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 88.42 250.35 Td (with ) Tj ET Q q 0 0 0 rg BT 108.76 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 115.10 250.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 191.40 250.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 235.64 250.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 271.12 250.35 Td (term ) Tj ET Q q 0 0 0 rg BT 292.04 250.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.46 250.35 Td (six ) Tj ET Q q 0 0 0 rg BT 315.72 250.35 Td (months) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.17 250.35 Td (. ) Tj ET Q q 0 0 0 rg BT 349.47 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 351.02 250.35 Td (The ) Tj ET Q q 0 0 0 rg BT 369.02 250.35 Td (floating ) Tj ET Q q 0 0 0 rg BT 403.35 250.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 420.76 250.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 440.51 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 452.68 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 467.18 250.35 Td (value ) Tj ET Q q 0 0 0 rg BT 491.59 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 502.01 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 516.52 250.35 Td (underlying ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 92.28 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 107.15 237.75 Td (all ) Tj ET Q q 0 0 0 rg BT 120.27 237.75 Td (total ) Tj ET Q q 0 0 0 rg BT 141.56 237.75 Td (return ) Tj ET Q q 0 0 0 rg BT 169.25 237.75 Td (swap ) Tj ET Q q 0 0 0 rg BT 193.46 237.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 252.64 237.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 304.26 237.75 Td (as ) Tj ET Q q 0 0 0 rg BT 315.64 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.01 237.75 Td (March ) Tj ET Q q 0 0 0 rg BT 357.04 237.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 372.79 237.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 396.41 237.75 Td (was ) Tj ET Q q 0 0 0 rg BT 415.37 237.75 Td (three-month ) Tj ET Q q 0 0 0 rg BT 469.31 237.75 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 503.43 237.75 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.56 237.75 Td (1.6%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 545.43 237.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 212.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.37 212.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.05 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 128.34 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 142.79 212.55 Td (total ) Tj ET Q q 0 0 0 rg BT 163.07 212.55 Td (return ) Tj ET Q q 0 0 0 rg BT 189.76 212.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 212.96 212.55 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 273.77 212.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 296.96 212.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 327.17 212.55 Td (executed ) Tj ET Q q 0 0 0 rg BT 366.10 212.55 Td (futures ) Tj ET Q q 0 0 0 rg BT 396.87 212.55 Td (contracts ) Tj ET Q q 0 0 0 rg BT 436.39 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 456.68 212.55 Td (notional ) Tj ET Q q 0 0 0 rg BT 492.71 212.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 529.92 212.55 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 199.95 Td ($6,128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 78.88 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 81.44 199.95 Td (as ) Tj ET Q q 0 0 0 rg BT 92.75 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 104.05 199.95 Td (March ) Tj ET Q q 0 0 0 rg BT 134.02 199.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 149.71 199.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 175.90 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 186.62 199.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 224.17 199.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 251.81 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 267.20 199.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 291.92 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 309.65 199.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 337.30 199.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 385.92 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 398.98 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 414.37 199.95 Td (total ) Tj ET Q q 0 0 0 rg BT 435.59 199.95 Td (return ) Tj ET Q q 0 0 0 rg BT 463.23 199.95 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 494.08 199.95 Td ( ) Tj ET Q q 0 0 0 rg BT 496.46 199.95 Td (These ) Tj ET Q q 0 0 0 rg BT 524.09 199.95 Td (contracts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 187.35 Td (had ) Tj ET Q q 0 0 0 rg BT 67.79 187.35 Td (a ) Tj ET Q q 0 0 0 rg BT 75.07 187.35 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 152.32 187.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 197.52 187.35 Td (contract ) Tj ET Q q 0 0 0 rg BT 233.96 187.35 Td (term ) Tj ET Q q 0 0 0 rg BT 255.82 187.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.19 187.35 Td (three ) Tj ET Q q 0 0 0 rg BT 290.80 187.35 Td (months) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.73 187.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 162.15 Td (As ) Tj ET Q q 0 0 0 rg BT 63.65 162.15 Td (further ) Tj ET Q q 0 0 0 rg BT 94.20 162.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 136.43 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 146.57 162.15 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.97 162.15 Td (20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.47 162.15 Td (, ) Tj ET Q q 0 0 0 rg BT 184.07 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 198.88 162.15 Td (total ) Tj ET Q q 0 0 0 rg BT 219.52 162.15 Td (return ) Tj ET Q q 0 0 0 rg BT 246.58 162.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 270.14 162.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 328.67 162.15 Td (create ) Tj ET Q q 0 0 0 rg BT 355.71 162.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 391.50 162.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 428.48 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 438.63 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 453.44 162.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 500.91 162.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 526.22 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 540.44 162.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 149.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 83.24 149.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 103.05 149.55 Td (if ) Tj ET Q q 0 0 0 rg BT 111.49 149.55 Td (significant, ) Tj ET Q q 0 0 0 rg BT 160.47 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 184.07 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 214.68 149.55 Td (is ) Tj ET Q q 0 0 0 rg BT 223.71 149.55 Td (deemed ) Tj ET Q q 0 0 0 rg BT 258.39 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 268.59 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 280.53 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 295.38 149.55 Td (primary ) Tj ET Q q 0 0 0 rg BT 330.65 149.55 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 377.19 149.55 Td (. ) Tj ET Q q 0 0 0 rg BT 381.84 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 383.42 149.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 435.22 149.55 Td (, ) Tj ET Q q 0 0 0 rg BT 439.88 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 463.48 149.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 494.09 149.55 Td (may ) Tj ET Q q 0 0 0 rg BT 514.20 149.55 Td (consolidate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 136.95 Td (ETF ) Tj ET Q q 0 0 0 rg BT 71.29 136.95 Td (products ) Tj ET Q q 0 0 0 rg BT 110.08 136.95 Td (with ) Tj ET Q q 0 0 0 rg BT 131.37 136.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 178.32 136.95 Td (open ) Tj ET Q q 0 0 0 rg BT 201.36 136.95 Td (total ) Tj ET Q q 0 0 0 rg BT 222.65 136.95 Td (return ) Tj ET Q q 0 0 0 rg BT 250.34 136.95 Td (swap ) Tj ET Q q 0 0 0 rg BT 274.55 136.95 Td (arrangements.) Tj ET Q endstream endobj 277 0 obj <> endobj 278 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (136) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.41 741.75 Td (table ) Tj ET Q q 0 0 0 rg BT 135.44 741.75 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.47 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.92 741.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.53 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.65 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 277.44 741.75 Td (related ) Tj ET Q q 0 0 0 rg BT 308.63 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 317.18 741.75 Td (fsets, ) Tj ET Q q 0 0 0 rg BT 341.68 741.75 Td (if ) Tj ET Q q 0 0 0 rg BT 350.72 741.75 Td (any:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 705.25 m 432.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 705.25 m 436.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 705.25 m 489.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 637.25 m 172.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 637.25 m 235.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 637.25 m 298.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 637.25 m 365.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 637.25 m 432.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 637.25 m 489.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 637.25 m 561.5 637.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 540.25 m 172.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 540.25 m 235.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 540.25 m 298.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 540.25 m 365.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 540.25 m 432.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 540.25 m 489.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 540.25 m 561.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 525.25 m 172.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 478.25 m 172.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 525.25 m 235.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 478.25 m 235.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 525.25 m 298.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 478.25 m 298.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 525.25 m 365.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 478.25 m 365.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 525.25 m 432.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 478.25 m 432.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 525.25 m 489.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 478.25 m 489.5 478.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 525.25 m 561.5 525.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 478.25 m 561.5 478.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.90 720.52 Td (Gross ) Tj ET Q q 0 0 0 rg BT 399.74 720.52 Td (Amounts Not Of) Tj ET Q q 0 0 0 rg BT 469.94 720.52 Td (fset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.95 710.02 Td (in the Balance Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.20 673.52 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.55 663.02 Td (Amounts of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 180.70 652.52 Td (Recognized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.75 642.02 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.90 684.02 Td ( Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.20 673.52 Td (Amounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.35 663.02 Td (Of) Tj ET Q q 0 0 0 rg BT 253.33 663.02 Td (fset in the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.55 652.52 Td (Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 256.80 642.02 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.65 694.52 Td (Net ) Tj ET Q q 0 0 0 rg BT 325.15 694.52 Td (Amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.65 684.02 Td (of Derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.75 673.52 Td (Assets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.65 663.02 Td (Presented in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.85 652.52 Td (the Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.80 642.02 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.95 652.52 Td (Financial) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 375.70 642.02 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.95 652.52 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 441.75 642.02 Td (Collateral) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 499.70 673.54 Td (Net ) Tj ET Q q 0 0 0 rg BT 517.49 673.54 Td (Amount) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.60 663.04 Td (as of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.05 652.54 Td (Mar) Tj ET Q q 0 0 0 rg BT 523.68 652.54 Td (ch 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 516.50 642.04 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 627.02 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 611.52 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 601.02 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.00 601.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.85 601.02 Td (4,493) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.00 601.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.35 601.02 Td (\(1,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.50 601.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.00 601.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.85 601.02 Td (2,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.00 601.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.00 601.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.00 601.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.00 601.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 496.00 601.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 601.04 Td (2,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 586.02 Td (Futures contracts relating to:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 570.52 Td (Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 88.00 560.02 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.00 560.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.00 560.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.00 560.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.85 560.02 Td (1,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 560.02 Td (2,206) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 560.04 Td (4,008) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 545.02 Td (T) Tj ET Q q 0 0 0 rg BT 80.18 545.02 Td (otal return swaps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.00 545.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.00 545.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.00 545.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.75 545.02 Td (130) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.75 545.02 Td (158) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 541.75 545.04 Td (288) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 530.02 Td (T) Tj ET Q q 0 0 0 rg BT 71.18 530.02 Td (otal futures contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 221.00 530.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.00 530.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 351.00 530.02 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.85 530.02 Td (1,932) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 530.02 Td (2,364) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 530.04 Td (4,296) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 514.52 Td (T) Tj ET Q q 0 0 0 rg BT 80.18 514.52 Td (otal derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 504.02 Td (instruments not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 493.52 Td (designated as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 483.02 Td (hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.00 483.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.85 483.02 Td (4,493) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 242.00 483.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.35 483.02 Td (\(1,709) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.50 483.02 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.00 483.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 337.85 483.02 Td (2,784) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 372.00 483.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 404.85 483.02 Td (1,932) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.00 483.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.85 483.02 Td (2,364) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 496.00 483.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 483.04 Td (7,080) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 453.55 Td (The following table presents the derivative liabilities and related of) Tj ET Q q 0 0 0 rg BT 331.77 453.55 Td (fsets, if any:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 417.04999999999995 m 430.5 417.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 417.04999999999995 m 434.5 417.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 417.04999999999995 m 487.5 417.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 350.04999999999995 m 172.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 350.04999999999995 m 233.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 350.04999999999995 m 296.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 350.04999999999995 m 363.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 417.04999999999995 m 430.5 417.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 350.04999999999995 m 430.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 417.04999999999995 m 434.5 417.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 417.04999999999995 m 487.5 417.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 350.04999999999995 m 487.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 350.04999999999995 m 561.5 350.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 257.04999999999995 m 172.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 257.04999999999995 m 233.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 257.04999999999995 m 296.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 257.04999999999995 m 363.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 257.04999999999995 m 430.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 257.04999999999995 m 487.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 257.04999999999995 m 561.5 257.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 226.04999999999995 m 172.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 226.04999999999995 m 233.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 226.04999999999995 m 296.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 226.04999999999995 m 363.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 226.04999999999995 m 430.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 226.04999999999995 m 487.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 226.04999999999995 m 561.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 179.04999999999995 m 172.5 179.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 226.04999999999995 m 233.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 179.04999999999995 m 233.5 179.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 226.04999999999995 m 296.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 179.04999999999995 m 296.5 179.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 226.04999999999995 m 363.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 179.04999999999995 m 363.5 179.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 226.04999999999995 m 430.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 179.04999999999995 m 430.5 179.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 226.04999999999995 m 487.5 226.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 179.04999999999995 m 487.5 179.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 179.04999999999995 m 561.5 179.04999999999995 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.90 432.32 Td (Gross ) Tj ET Q q 0 0 0 rg BT 397.74 432.32 Td (Amounts Not Of) Tj ET Q q 0 0 0 rg BT 467.94 432.32 Td (fset) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 383.95 421.82 Td (in the Balance Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 192.20 386.32 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.55 375.82 Td (Amounts of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.70 365.32 Td (Recognized) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 183.20 354.82 Td (Liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.90 396.82 Td ( Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 247.20 386.32 Td (Amounts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.35 375.82 Td (Of) Tj ET Q q 0 0 0 rg BT 251.33 375.82 Td (fset in the) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.55 365.32 Td (Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 254.80 354.82 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.65 407.27 Td (Net ) Tj ET Q q 0 0 0 rg BT 323.15 407.27 Td (Amount) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.65 396.77 Td (of Derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 310.20 386.27 Td (Liabilities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.65 375.77 Td (Presented in) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.85 365.27 Td (the Balance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 319.80 354.77 Td (Sheet) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.95 365.32 Td (Financial) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 373.70 354.82 Td (Instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 449.95 365.32 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.75 354.82 Td (Collateral) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 498.70 386.34 Td (Net ) Tj ET Q q 0 0 0 rg BT 516.49 386.34 Td (Amount ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.60 375.84 Td (as of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 503.05 365.34 Td (Mar) Tj ET Q q 0 0 0 rg BT 522.68 365.34 Td (ch 31, ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.50 354.84 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 339.82 Td (Derivative instruments not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 324.32 Td (Currency forward) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 313.82 Td (contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.00 313.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.10 313.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 205.85 313.82 Td (1,482) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.50 313.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.00 313.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.85 313.82 Td (4,368) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.00 313.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.35 313.82 Td (\(7,1) Tj ET Q q 0 0 0 rg BT 348.97 313.82 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.50 313.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.00 313.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.00 313.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 313.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.00 313.82 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 494.00 313.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.35 313.84 Td (\(7,1) Tj ET Q q 0 0 0 rg BT 546.97 313.84 Td (14) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 313.84 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 298.82 Td (Futures contracts relating to:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 284.27 Td (Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 273.82 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.00 276.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.00 276.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.00 276.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.35 276.82 Td (\(3,203) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 276.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 276.82 Td (7,326) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 276.84 Td (4,123) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 261.82 Td (T) Tj ET Q q 0 0 0 rg BT 80.18 261.82 Td (otal return swaps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.00 261.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.00 261.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.00 261.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.25 261.82 Td (\(360) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 261.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 467.75 261.82 Td (754) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 541.75 261.84 Td (394) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 245.82 Td ( ) Tj ET Q q 0 0 0 rg BT 64.94 245.82 Td (T) Tj ET Q q 0 0 0 rg BT 70.62 245.82 Td (otal future contracts) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.00 245.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.00 245.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.00 245.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.35 245.82 Td (\(3,563) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 245.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 245.82 Td (8,080) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 533.85 245.84 Td (4,517) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.50 230.82 Td (T) Tj ET Q q 0 0 0 rg BT 71.18 230.82 Td (otal return swaps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.00 230.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.00 230.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.00 230.82 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.35 230.82 Td (\(3,195) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 230.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 230.82 Td (4,125) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 541.75 230.84 Td (930) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 74.50 215.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.18 215.32 Td (otal derivative) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 204.82 Td (instruments not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 194.32 Td (designated as) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 83.50 183.82 Td (hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.00 183.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.10 183.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 205.85 183.82 Td (1,482) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.50 183.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.00 183.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 268.85 183.82 Td (4,368) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.00 183.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 332.35 183.82 Td (\(7,1) Tj ET Q q 0 0 0 rg BT 348.97 183.82 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.50 183.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 370.00 183.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.35 183.82 Td (\(6,758) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.50 183.82 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.00 183.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.60 183.82 Td (12,205) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 494.00 183.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 530.35 183.84 Td (\(1,667) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 557.50 183.84 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 279 0 obj <> endobj 280 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg 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3 M 174.5 421.45 m 178.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 421.45 m 258.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 421.45 m 310.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 421.45 m 360.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 421.45 m 410.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 421.45 m 460.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 445.45 m 514.5 445.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 421.45 m 514.5 421.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 445.45 m 560.5 445.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 421.45 m 560.5 421.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.65 683.22 Td (Y) Tj ET Q q 0 0 0 rg BT 368.71 683.22 Td (ears Ended March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 300.50 668.24 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.50 668.22 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.50 668.22 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 202.25 653.67 Td (Income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.00 643.17 Td (Statement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.10 632.67 Td (Classification) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 272.85 634.24 Td (Gains) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 322.40 634.24 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.75 634.22 Td (Gains) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.70 634.22 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 478.75 634.22 Td (Gains) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.70 634.22 Td (Losses) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 619.22 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 604.22 Td (Currency forward contracts relating to:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 589.22 Td (Operating activities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.80 589.22 Td (Other expense) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 265.00 589.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.85 589.24 Td (6,534) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 317.00 589.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.10 589.24 Td (\(20,494) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 589.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.00 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.85 589.22 Td (8,881) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.00 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.10 589.22 Td (\(17,270) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 589.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.00 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.60 589.22 Td (13,880) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 589.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.35 589.22 Td (\(6,774) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 589.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 566.72 Td (Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 556.22 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.10 574.67 Td (Other non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.40 564.17 Td (operating income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.55 553.72 Td (\(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.85 556.24 Td (8,232) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 337.25 556.24 Td (\(864) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 556.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.85 556.22 Td (4,904) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.25 556.22 Td (\(930) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 556.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.75 556.22 Td (494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.35 556.22 Td (\(2,459) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 556.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 541.22 Td (Futures contracts relating to:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 517.72 Td (Seed capital) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.50 507.22 Td (investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.10 526.67 Td (Other non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.40 516.17 Td (operating income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.55 505.67 Td (\(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 277.60 507.24 Td (23,298) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.10 507.24 Td (\(13,625) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 507.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.60 507.22 Td (17,648) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.10 507.22 Td (\(18,416) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 507.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.75 507.22 Td (222) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.10 507.22 Td (\(24,025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 507.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.00 484.22 Td (T) Tj ET Q q 0 0 0 rg BT 82.68 484.22 Td (otal return swaps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.10 492.67 Td (Other non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.40 482.22 Td (operating income) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.85 484.24 Td (2,208) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 329.35 484.24 Td (\(1,752) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 484.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.85 484.22 Td (3,1) Tj ET Q q 0 0 0 rg BT 395.98 484.22 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 429.35 484.22 Td (\(5,615) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 484.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.00 484.22 Td (90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.35 484.22 Td (\(8,721) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 484.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 57.50 450.22 Td (T) Tj ET Q q 0 0 0 rg BT 63.18 450.22 Td (otal return swaps) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 195.10 469.67 Td (Other non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 181.40 459.17 Td (operating income) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.55 448.67 Td (\(expense\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.85 450.24 Td (1,259) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 329.35 450.24 Td (\(2,569) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 450.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.85 450.22 Td (4,316) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 446.00 450.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.85 450.22 Td (2,247) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.35 450.22 Td (\(1,142) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 450.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 62.00 435.67 Td (T) Tj ET Q q 0 0 0 rg BT 67.68 435.67 Td (otal gain \(loss\) from derivatives not) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 71.00 425.17 Td (designated as hedging instruments) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 265.00 426.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 277.60 426.24 Td (41,531) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 317.00 426.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.10 426.24 Td (\(39,304) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 356.50 426.24 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.00 426.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.60 426.22 Td (38,865) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.00 426.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.10 426.22 Td (\(42,231) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.50 426.22 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 471.00 426.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 481.60 426.22 Td (16,933) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 517.00 426.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 524.10 426.22 Td (\(43,121) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.50 426.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 283 0 obj <> endobj 284 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (139) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 741.90 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 741.90 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.50 741.90 Td (Strategic Restructuring) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 717.30 Td (In ) Tj ET Q q 0 0 0 rg BT 62.17 717.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 88.34 717.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 115.39 717.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 140.38 717.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 172.39 717.30 Td (initiated ) Tj ET Q q 0 0 0 rg BT 210.23 717.30 Td (a ) Tj ET Q q 0 0 0 rg BT 218.31 717.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 257.30 717.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 314.38 717.30 Td (to ) Tj ET Q q 0 0 0 rg BT 325.97 717.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 357.37 717.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 384.43 717.30 Td (which ) Tj ET Q q 0 0 0 rg BT 413.51 717.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 451.93 717.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 495.00 717.30 Td (and ) Tj ET Q q 0 0 0 rg BT 513.58 717.30 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 704.70 Td (functions, ) Tj ET Q q 0 0 0 rg BT 94.06 704.70 Td (as ) Tj ET Q q 0 0 0 rg BT 105.17 704.70 Td (well ) Tj ET Q q 0 0 0 rg BT 125.61 704.70 Td (as ) Tj ET Q q 0 0 0 rg BT 136.72 704.70 Td (ef) Tj ET Q q 0 0 0 rg BT 144.69 704.70 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 180.86 704.70 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 224.64 704.70 Td (at ) Tj ET Q q 0 0 0 rg BT 234.57 704.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 265.50 704.70 Td (smaller ) Tj ET Q q 0 0 0 rg BT 298.77 704.70 Td (af) Tj ET Q q 0 0 0 rg BT 306.73 704.70 Td (filiates ) Tj ET Q q 0 0 0 rg BT 337.67 704.70 Td (that ) Tj ET Q q 0 0 0 rg BT 355.78 704.70 Td (operate ) Tj ET Q q 0 0 0 rg BT 389.03 704.70 Td (outside ) Tj ET Q q 0 0 0 rg BT 421.73 704.70 Td (of ) Tj ET Q q 0 0 0 rg BT 432.83 704.70 Td (revenue-sharing ) Tj ET Q q 0 0 0 rg BT 502.83 704.70 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 564.64 704.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.67 692.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 108.58 692.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 165.57 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 175.92 692.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 216.58 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.09 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 241.34 692.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 297.77 692.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 339.60 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 353.44 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.61 692.10 Td (end ) Tj ET Q q 0 0 0 rg BT 388.12 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.21 692.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 426.29 692.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 450.64 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.14 692.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 494.06 692.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 525.99 692.10 Td (does ) Tj ET Q q 0 0 0 rg BT 548.58 692.10 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 679.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 80.02 679.50 Td (the ) Tj ET Q q 0 0 0 rg BT 95.48 679.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 112.78 679.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 128.81 679.50 Td (to ) Tj ET Q q 0 0 0 rg BT 139.61 679.50 Td (have ) Tj ET Q q 0 0 0 rg BT 162.05 679.50 Td (an ) Tj ET Q q 0 0 0 rg BT 174.59 679.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 205.79 679.50 Td (on ) Tj ET Q q 0 0 0 rg BT 218.91 679.50 Td (the ) Tj ET Q q 0 0 0 rg BT 234.37 679.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 272.56 679.50 Td (restructuring.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 654.30 Td (This ) Tj ET Q q 0 0 0 rg BT 71.31 654.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 92.03 654.30 Td (involves ) Tj ET Q q 0 0 0 rg BT 130.25 654.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 186.54 654.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 210.18 654.30 Td (beginning ) Tj ET Q q 0 0 0 rg BT 254.82 654.30 Td (January ) Tj ET Q q 0 0 0 rg BT 290.11 654.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 300.63 654.30 Td (2019, ) Tj ET Q q 0 0 0 rg BT 326.89 654.30 Td (which ) Tj ET Q q 0 0 0 rg BT 355.20 654.30 Td (are ) Tj ET Q q 0 0 0 rg BT 370.65 654.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 412.37 654.30 Td (comprised ) Tj ET Q q 0 0 0 rg BT 458.75 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 470.14 654.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 513.59 654.30 Td (termination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 641.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 86.04 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 104.01 641.70 Td (retention ) Tj ET Q q 0 0 0 rg BT 144.14 641.70 Td (incentives ) Tj ET Q q 0 0 0 rg BT 189.51 641.70 Td (expensed ) Tj ET Q q 0 0 0 rg BT 231.39 641.70 Td (over ) Tj ET Q q 0 0 0 rg BT 252.85 641.70 Td (identified ) Tj ET Q q 0 0 0 rg BT 295.89 641.70 Td (transition ) Tj ET Q q 0 0 0 rg BT 338.36 641.70 Td (periods. ) Tj ET Q q 0 0 0 rg BT 374.71 641.70 Td ( ) Tj ET Q q 0 0 0 rg BT 377.31 641.70 Td (The ) Tj ET Q q 0 0 0 rg BT 396.44 641.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 452.89 641.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 476.70 641.70 Td (also ) Tj ET Q q 0 0 0 rg BT 496.42 641.70 Td (include ) Tj ET Q q 0 0 0 rg BT 530.13 641.70 Td (char) Tj ET Q q 0 0 0 rg BT 548.01 641.70 Td (ges ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.07 629.10 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 122.47 629.10 Td (leased ) Tj ET Q q 0 0 0 rg BT 150.53 629.10 Td (of) Tj ET Q q 0 0 0 rg BT 159.09 629.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 176.65 629.10 Td (space ) Tj ET Q q 0 0 0 rg BT 201.79 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.78 629.10 Td (other ) Tj ET Q q 0 0 0 rg BT 242.18 629.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 267.63 629.10 Td (including ) Tj ET Q q 0 0 0 rg BT 309.12 629.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 362.27 629.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 383.62 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.45 629.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 408.85 629.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 439.25 629.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 472.57 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.56 629.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 505.96 629.10 Td (total ) Tj ET Q q 0 0 0 rg BT 526.45 629.10 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 616.50 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 105.38 616.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 128.12 616.50 Td (in ) Tj ET Q q 0 0 0 rg BT 138.02 616.50 Td (the ) Tj ET Q q 0 0 0 rg BT 152.58 616.50 Td (range ) Tj ET Q q 0 0 0 rg BT 177.63 616.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 188.11 616.50 Td ($100,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 227.48 616.50 Td ( ) Tj ET Q q 0 0 0 rg BT 229.22 616.50 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.12 616.50 Td ($105,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 278.49 616.50 Td ( ) Tj ET Q q 0 0 0 rg BT 280.22 616.50 Td (through ) Tj ET Q q 0 0 0 rg BT 314.62 616.50 Td (March ) Tj ET Q q 0 0 0 rg BT 343.76 616.50 Td (2021 ) Tj ET Q q 0 0 0 rg BT 366.49 616.50 Td (that ) Tj ET Q q 0 0 0 rg BT 383.97 616.50 Td (are ) Tj ET Q q 0 0 0 rg BT 398.52 616.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 437.56 616.50 Td (to ) Tj ET Q q 0 0 0 rg BT 447.46 616.50 Td (result ) Tj ET Q q 0 0 0 rg BT 472.53 616.50 Td (in ) Tj ET Q q 0 0 0 rg BT 482.43 616.50 Td (future ) Tj ET Q q 0 0 0 rg BT 509.23 616.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 527.88 616.50 Td (savings. ) Tj ET Q q 0 0 0 rg BT 564.63 616.50 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 603.90 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 101.62 603.90 Td (strategic ) Tj ET Q q 0 0 0 rg BT 139.81 603.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 196.09 603.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 219.71 603.90 Td (incurred ) Tj ET Q q 0 0 0 rg BT 257.32 603.90 Td (through ) Tj ET Q q 0 0 0 rg BT 292.61 603.90 Td (March ) Tj ET Q q 0 0 0 rg BT 322.64 603.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 338.39 603.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 362.01 603.90 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.04 603.90 Td ($80,386) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.16 603.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 578.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 578.70 Td (table ) Tj ET Q q 0 0 0 rg BT 91.62 578.70 Td (below ) Tj ET Q q 0 0 0 rg BT 119.73 578.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 156.58 578.70 Td (a ) Tj ET Q q 0 0 0 rg BT 163.69 578.70 Td (summary ) Tj ET Q q 0 0 0 rg BT 205.21 578.70 Td (of ) Tj ET Q q 0 0 0 rg BT 216.41 578.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 252.67 578.70 Td (in ) Tj ET Q q 0 0 0 rg BT 263.28 578.70 Td (the ) Tj ET Q q 0 0 0 rg BT 278.56 578.70 Td (strategic ) Tj ET Q q 0 0 0 rg BT 316.57 578.70 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 372.67 578.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 407.78 578.70 Td (from ) Tj ET Q q 0 0 0 rg BT 430.63 578.70 Td (January ) Tj ET Q q 0 0 0 rg BT 465.73 578.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 476.06 578.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 499.50 578.70 Td (through ) Tj ET Q q 0 0 0 rg BT 534.61 578.70 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.75 566.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 92.00 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.79 566.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 159.06 566.10 Td (char) Tj ET Q q 0 0 0 rg BT 176.94 566.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 193.56 566.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 231.17 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.96 566.10 Td (date: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 529.6 m 277.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 529.6 m 348.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 529.6 m 419.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 529.6 m 490.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 529.6 m 561.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 529.6 m 348.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 529.6 m 490.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 529.6 m 561.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 499.6 m 277.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 499.6 m 419.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 499.6 m 490.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 499.6 m 348.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 499.6 m 490.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 499.6 m 561.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 454.6 m 348.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 454.6 m 419.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 454.6 m 490.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 454.6 m 277.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 439.6 m 277.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 454.6 m 348.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 439.6 m 348.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 454.6 m 419.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 439.6 m 419.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 454.6 m 490.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 439.6 m 490.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 454.6 m 561.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 439.6 m 561.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 388.6 m 277.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 388.6 m 348.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 388.6 m 419.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 388.6 m 490.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 388.6 m 561.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 373.6 m 277.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 373.6 m 348.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 388.6 m 419.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 373.6 m 419.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 388.6 m 490.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 373.6 m 490.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 388.6 m 561.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 373.6 m 561.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 349.6 m 277.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 373.6 m 348.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 349.6 m 348.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 373.6 m 419.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 349.6 m 419.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 373.6 m 490.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 349.6 m 490.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 349.6 m 561.5 349.6 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.15 544.87 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.95 534.37 Td (and benefits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.85 534.37 Td (Occupancy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.50 534.37 Td (Other) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.75 534.37 Td (T) Tj ET Q q 0 0 0 rg BT 522.43 534.37 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 519.37 Td (Balance as of January 1, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.00 519.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.00 519.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 519.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 405.00 519.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.00 519.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 519.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 519.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 519.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 504.37 Td (Accrued char) Tj ET Q q 0 0 0 rg BT 108.16 504.37 Td (ges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.00 504.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.85 504.37 Td (2,090) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 504.37 Td (6,504) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 504.37 Td (8,594) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 489.37 Td (Balance as of March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.00 489.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.85 489.37 Td (2,090) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 489.37 Td (6,504) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 489.37 Td (8,594) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 474.37 Td (Accrued char) Tj ET Q q 0 0 0 rg BT 108.16 474.37 Td (ges) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.60 474.37 Td (44,919) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.85 474.37 Td (4,426) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 462.85 474.37 Td (7,887) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 474.37 Td (57,232) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 459.37 Td (Payments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 312.10 459.37 Td (\(28,955) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.50 459.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.25 459.37 Td (\(622) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 415.50 459.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.10 459.37 Td (\(13,506) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.50 459.37 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.10 459.37 Td (\(43,083) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.50 459.37 Td (\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 444.39 Td (Balance as of Mar) Tj ET Q q 0 0 0 rg BT 133.17 444.39 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.00 444.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.60 444.39 Td (15,964) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.00 444.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.85 444.39 Td (5,894) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 444.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 470.75 444.39 Td (885) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 444.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 444.39 Td (22,743) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 423.37 Td (Non-cash char) Tj ET Q q 0 0 0 rg BT 112.74 423.37 Td (ges) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 126.74 428.13 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 408.37 Td (Three months ended March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.00 408.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.00 408.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 408.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.75 408.37 Td (758) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.00 408.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 408.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 408.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 541.75 408.37 Td (758) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 393.39 Td (Y) Tj ET Q q 0 0 0 rg BT 67.42 393.39 Td (ear) Tj ET Q q 0 0 0 rg BT 81.80 393.39 Td ( ended Mar) Tj ET Q q 0 0 0 rg BT 133.52 393.39 Td (ch 31, 2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.60 393.39 Td (12,325) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.85 393.39 Td (1,477) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.00 393.39 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 393.39 Td (13,802) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 378.37 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 378.37 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 284.00 378.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 315.60 378.37 Td (12,325) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 355.00 378.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.85 378.37 Td (2,235) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 426.00 378.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 476.00 378.37 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.00 378.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 378.37 Td (14,560) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.00 363.99 Td (Cumulative charges incurr) Tj ET Q q 0 0 0 rg BT 172.55 363.99 Td (ed thr) Tj ET Q q 0 0 0 rg BT 199.48 363.99 Td (ough Mar) Tj ET Q q 0 0 0 rg BT 243.92 363.99 Td (ch 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 61.00 353.49 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 284.00 354.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.60 354.39 Td (57,244) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.00 354.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 391.85 354.39 Td (8,751) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.00 354.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.60 354.39 Td (14,391) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 497.00 354.39 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 528.60 354.39 Td (80,386) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 339.90 Td (\(1\) Includes stock-based compensation expense and accelerated fixed asset depreciation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (The estimates for the remaining strategic restructuring costs expected to be incurred through fiscal 2021 are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 291.6 m 337.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 291.6 m 450.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 291.6 m 561.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 291.6 m 337.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 291.6 m 450.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 291.6 m 561.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 246.60000000000002 m 450.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 246.60000000000002 m 561.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 246.60000000000002 m 337.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 231.60000000000002 m 337.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 246.60000000000002 m 450.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 231.60000000000002 m 450.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 246.60000000000002 m 561.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 231.60000000000002 m 561.5 231.60000000000002 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.45 296.37 Td (Minimum) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 485.60 296.37 Td (Maximum) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 281.37 Td (Compensation and benefits) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 281.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.85 281.37 Td (3,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 281.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 281.37 Td (4,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 266.37 Td (Occupancy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.85 266.37 Td (7,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 266.37 Td (9,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 251.37 Td (Other costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 251.37 Td (10,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 251.37 Td (12,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 236.37 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 236.37 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.00 236.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 417.60 236.37 Td (20,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 236.37 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 236.37 Td (25,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 206.90 Td (While ) Tj ET Q q 0 0 0 rg BT 78.19 206.90 Td (management ) Tj ET Q q 0 0 0 rg BT 134.36 206.90 Td (expects ) Tj ET Q q 0 0 0 rg BT 168.38 206.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.74 206.90 Td (total ) Tj ET Q q 0 0 0 rg BT 204.93 206.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 247.70 206.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 271.24 206.90 Td (to ) Tj ET Q q 0 0 0 rg BT 281.94 206.90 Td (be ) Tj ET Q q 0 0 0 rg BT 294.38 206.90 Td (within ) Tj ET Q q 0 0 0 rg BT 323.74 206.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.10 206.90 Td (range ) Tj ET Q q 0 0 0 rg BT 364.95 206.90 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 409.19 206.90 Td (the ) Tj ET Q q 0 0 0 rg BT 424.55 206.90 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 461.49 206.90 Td (nature ) Tj ET Q q 0 0 0 rg BT 490.25 206.90 Td (and ) Tj ET Q q 0 0 0 rg BT 507.95 206.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 537.90 206.90 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 206.90 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 194.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 73.63 194.30 Td (may ) Tj ET Q q 0 0 0 rg BT 94.33 194.30 Td (dif) Tj ET Q q 0 0 0 rg BT 105.80 194.30 Td (fer ) Tj ET Q q 0 0 0 rg BT 120.08 194.30 Td (from ) Tj ET Q q 0 0 0 rg BT 143.12 194.30 Td (those ) Tj ET Q q 0 0 0 rg BT 167.91 194.30 Td (presented ) Tj ET Q q 0 0 0 rg BT 210.77 194.30 Td (above.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 169.10 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.00 169.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 106.15 169.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 147.26 169.10 Td (Information) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 202.10 169.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 143.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.02 143.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.54 143.90 Td (is ) Tj ET Q q 0 0 0 rg BT 115.48 143.90 Td (a ) Tj ET Q q 0 0 0 rg BT 123.08 143.90 Td (global ) Tj ET Q q 0 0 0 rg BT 152.27 143.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 175.62 143.90 Td (management ) Tj ET Q q 0 0 0 rg BT 232.21 143.90 Td (company ) Tj ET Q q 0 0 0 rg BT 273.64 143.90 Td (that ) Tj ET Q q 0 0 0 rg BT 292.32 143.90 Td (provides ) Tj ET Q q 0 0 0 rg BT 331.42 143.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.44 143.90 Td (management ) Tj ET Q q 0 0 0 rg BT 437.03 143.90 Td (and ) Tj ET Q q 0 0 0 rg BT 455.13 143.90 Td (related ) Tj ET Q q 0 0 0 rg BT 486.63 143.90 Td (services ) Tj ET Q q 0 0 0 rg BT 523.39 143.90 Td (to ) Tj ET Q q 0 0 0 rg BT 534.50 143.90 Td (a ) Tj ET Q q 0 0 0 rg BT 542.10 143.90 Td (wide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 131.30 Td (array ) Tj ET Q q 0 0 0 rg BT 74.71 131.30 Td (of ) Tj ET Q q 0 0 0 rg BT 87.11 131.30 Td (clients. ) Tj ET Q q 0 0 0 rg BT 120.79 131.30 Td ( ) Tj ET Q q 0 0 0 rg BT 124.18 131.30 Td (The ) Tj ET Q q 0 0 0 rg BT 144.15 131.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 188.63 131.30 Td (operates ) Tj ET Q q 0 0 0 rg BT 227.26 131.30 Td (in ) Tj ET Q q 0 0 0 rg BT 239.08 131.30 Td (one ) Tj ET Q q 0 0 0 rg BT 257.89 131.30 Td (reportable ) Tj ET Q q 0 0 0 rg BT 304.10 131.30 Td (business ) Tj ET Q q 0 0 0 rg BT 343.34 131.30 Td (segment, ) Tj ET Q q 0 0 0 rg BT 384.60 131.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 416.02 131.30 Td (Asset ) Tj ET Q q 0 0 0 rg BT 443.01 131.30 Td (Management. ) Tj ET Q q 0 0 0 rg BT 504.10 131.30 Td ( ) Tj ET Q q 0 0 0 rg BT 507.74 131.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 539.17 131.30 Td (Asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 118.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 108.86 118.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 149.57 118.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 200.20 118.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 240.91 118.70 Td (services ) Tj ET Q q 0 0 0 rg BT 279.28 118.70 Td (to ) Tj ET Q q 0 0 0 rg BT 291.99 118.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 346.71 118.70 Td (and ) Tj ET Q q 0 0 0 rg BT 366.42 118.70 Td (individual ) Tj ET Q q 0 0 0 rg BT 413.55 118.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 445.51 118.70 Td (and ) Tj ET Q q 0 0 0 rg BT 465.22 118.70 Td (to ) Tj ET Q q 0 0 0 rg BT 477.94 118.70 Td (company-sponsored ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 98.28 106.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 126.94 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.45 106.10 Td (The ) Tj ET Q q 0 0 0 rg BT 148.48 106.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 184.42 106.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 218.61 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.06 106.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 266.00 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.87 106.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 307.55 106.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 333.59 106.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 391.11 106.10 Td (are ) Tj ET Q q 0 0 0 rg BT 406.63 106.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 455.41 106.10 Td (advisory) Tj ET Q q 0 0 0 rg BT 490.89 106.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.21 106.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 547.34 106.10 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 93.50 Td (administrative ) Tj ET Q q 0 0 0 rg BT 112.03 93.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 134.01 93.50 Td (which ) Tj ET Q q 0 0 0 rg BT 162.13 93.50 Td (typically ) Tj ET Q q 0 0 0 rg BT 201.33 93.50 Td (are ) Tj ET Q q 0 0 0 rg BT 216.60 93.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 261.61 93.50 Td (as ) Tj ET Q q 0 0 0 rg BT 272.81 93.50 Td (a ) Tj ET Q q 0 0 0 rg BT 279.93 93.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 327.85 93.50 Td (of ) Tj ET Q q 0 0 0 rg BT 338.52 93.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 365.47 93.50 Td (and ) Tj ET Q q 0 0 0 rg BT 383.09 93.50 Td (vary ) Tj ET Q q 0 0 0 rg BT 404.20 93.50 Td (based ) Tj ET Q q 0 0 0 rg BT 430.57 93.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 454.02 93.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 485.05 93.50 Td (such ) Tj ET Q q 0 0 0 rg BT 506.75 93.50 Td (as ) Tj ET Q q 0 0 0 rg BT 517.95 93.50 Td (the ) Tj ET Q q 0 0 0 rg BT 533.24 93.50 Td (type ) Tj ET Q q 0 0 0 rg BT 553.77 93.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 80.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 96.92 80.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.92 80.90 Td (product ) Tj ET Q q 0 0 0 rg BT 178.92 80.90 Td (and ) Tj ET Q q 0 0 0 rg BT 196.01 80.90 Td (the ) Tj ET Q q 0 0 0 rg BT 210.76 80.90 Td (type ) Tj ET Q q 0 0 0 rg BT 230.77 80.90 Td (of ) Tj ET Q q 0 0 0 rg BT 241.44 80.90 Td (services ) Tj ET Q q 0 0 0 rg BT 277.19 80.90 Td (that ) Tj ET Q q 0 0 0 rg BT 294.86 80.90 Td (are ) Tj ET Q q 0 0 0 rg BT 309.60 80.90 Td (provided. ) Tj ET Q q 0 0 0 rg BT 351.48 80.90 Td ( ) Tj ET Q q 0 0 0 rg BT 353.41 80.90 Td (In ) Tj ET Q q 0 0 0 rg BT 364.08 80.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 403.04 80.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 458.02 80.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 476.85 80.90 Td (may ) Tj ET Q q 0 0 0 rg BT 496.85 80.90 Td (be ) Tj ET Q q 0 0 0 rg BT 508.69 80.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 538.60 80.90 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 68.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 80.97 68.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.96 68.30 Td (advisory ) Tj ET Q q 0 0 0 rg BT 169.03 68.30 Td (contracts ) Tj ET Q q 0 0 0 rg BT 209.84 68.30 Td (for ) Tj ET Q q 0 0 0 rg BT 225.00 68.30 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 270.47 68.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 326.43 68.30 Td (benchmarks. ) Tj ET Q q 0 0 0 rg BT 382.70 68.30 Td (See ) Tj ET Q q 0 0 0 rg BT 400.77 68.30 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.09 68.30 Td (13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.59 68.30 Td ( ) Tj ET Q q 0 0 0 rg BT 437.50 68.30 Td (for ) Tj ET Q q 0 0 0 rg BT 452.45 68.30 Td (T) Tj ET Q q 0 0 0 rg BT 458.13 68.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 476.78 68.30 Td (Operating ) Tj ET Q q 0 0 0 rg BT 521.68 68.30 Td (Revenues ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 55.70 Td (disaggregated ) Tj ET Q q 0 0 0 rg BT 110.44 55.70 Td (by ) Tj ET Q q 0 0 0 rg BT 123.56 55.70 Td (geographic ) Tj ET Q q 0 0 0 rg BT 172.83 55.70 Td (location.) Tj ET Q endstream endobj 285 0 obj <> endobj 286 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (140) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 729.15 Td (table ) Tj ET Q q 0 0 0 rg BT 91.48 729.15 Td (below ) Tj ET Q q 0 0 0 rg BT 119.77 729.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 153.29 729.15 Td (our ) Tj ET Q q 0 0 0 rg BT 169.91 729.15 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 215.69 729.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 242.82 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 255.94 729.15 Td (geographic ) Tj ET Q q 0 0 0 rg BT 305.21 729.15 Td (region ) Tj ET Q q 0 0 0 rg BT 334.66 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 346.04 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 357.41 729.15 Td (March�31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 703.65 m 370 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 703.65 m 434 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 703.65 m 498 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 703.65 m 562 703.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 658.65 m 370 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 658.65 m 434 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 658.65 m 498 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 658.65 m 562 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 658.65 m 370 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 643.65 m 370 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 658.65 m 434 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 643.65 m 434 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 658.65 m 498 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 643.65 m 498 643.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 658.65 m 562 658.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 643.65 m 562 643.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 708.44 Td (INT) Tj ET Q q 0 0 0 rg BT 70.39 708.44 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 120.87 708.44 Td (ASSETS, NET) Tj ET Q q 0 0 0 rg BT 186.63 708.44 Td ( ) Tj ET Q q 0 0 0 rg BT 188.68 708.44 Td (AND GOODWILL) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 393.00 708.44 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.00 708.42 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 521.00 708.42 Td (2018) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 693.42 Td (United States) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 693.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 693.44 Td (4,189,706) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 693.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 693.42 Td (4,216,962) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 693.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 693.42 Td (4,384,716) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 678.42 Td (United Kingdom) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 678.44 Td (592,143) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 678.42 Td (592,971) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 678.42 Td (744,552) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 58.50 663.42 Td (Other International) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.85 663.44 Td (421,607) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.85 663.42 Td (460,380) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.85 663.42 Td (600,746) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 64.50 648.42 Td (T) Tj ET Q q 0 0 0 rg BT 70.18 648.42 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.50 648.44 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.00 648.44 Td (5,203,456) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 440.50 648.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.00 648.42 Td (5,270,313) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.50 648.42 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.00 648.42 Td (5,730,014) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 619.55 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 619.55 Td (. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 65.50 619.55 Td (V) Tj ET Q q 0 0 0 rg BT 72.12 619.55 Td (ariable ) Tj ET Q q 0 0 0 rg BT 106.24 619.55 Td (Inter) Tj ET Q q 0 0 0 rg BT 128.79 619.55 Td (est ) Tj ET Q q 0 0 0 rg BT 143.66 619.55 Td (Entities ) Tj ET Q q 0 0 0 rg BT 180.71 619.55 Td (and ) Tj ET Q q 0 0 0 rg BT 200.26 619.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 261.82 619.55 Td (Investment ) Tj ET Q q 0 0 0 rg BT 314.42 619.55 Td (V) Tj ET Q q 0 0 0 rg BT 321.04 619.55 Td (ehicles) Tj ET Q BT /F2 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 594.35 Td (In ) Tj ET Q q 0 0 0 rg BT 61.21 594.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 110.89 594.35 Td (with ) Tj ET Q q 0 0 0 rg BT 132.02 594.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.22 594.35 Td (accounting ) Tj ET Q q 0 0 0 rg BT 219.75 594.35 Td (standards, ) Tj ET Q q 0 0 0 rg BT 264.50 594.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 288.54 594.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 319.59 594.35 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 373.97 594.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 405.00 594.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 450.04 594.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.59 594.35 Td (products, ) Tj ET Q q 0 0 0 rg BT 539.84 594.35 Td (some ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 581.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.61 581.75 Td (which ) Tj ET Q q 0 0 0 rg BT 90.14 581.75 Td (are ) Tj ET Q q 0 0 0 rg BT 105.82 581.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 153.59 581.75 Td (as ) Tj ET Q q 0 0 0 rg BT 165.20 581.75 Td (CIVs. ) Tj ET Q q 0 0 0 rg BT 192.86 581.75 Td ( ) Tj ET Q q 0 0 0 rg BT 195.09 581.75 Td (As ) Tj ET Q q 0 0 0 rg BT 209.63 581.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 252.72 581.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.76 581.75 Td (the ) Tj ET Q q 0 0 0 rg BT 279.45 581.75 Td (table ) Tj ET Q q 0 0 0 rg BT 302.72 581.75 Td (below) Tj ET Q q 0 0 0 rg BT 327.70 581.75 Td (, ) Tj ET Q q 0 0 0 rg BT 333.19 581.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 357.63 581.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 389.08 581.75 Td (concluded ) Tj ET Q q 0 0 0 rg BT 435.09 581.75 Td (it ) Tj ET Q q 0 0 0 rg BT 443.79 581.75 Td (was ) Tj ET Q q 0 0 0 rg BT 462.98 581.75 Td (the ) Tj ET Q q 0 0 0 rg BT 478.68 581.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 514.78 581.75 Td (beneficiary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 569.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.00 569.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.65 569.15 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 115.48 569.15 Td (because ) Tj ET Q q 0 0 0 rg BT 150.96 569.15 Td (it ) Tj ET Q q 0 0 0 rg BT 159.05 569.15 Td (held ) Tj ET Q q 0 0 0 rg BT 179.38 569.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 225.96 569.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.94 569.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 302.19 569.15 Td (in ) Tj ET Q q 0 0 0 rg BT 312.60 569.15 Td (the ) Tj ET Q q 0 0 0 rg BT 327.69 569.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 355.90 569.15 Td ( ) Tj ET Q q 0 0 0 rg BT 358.15 569.15 Td (In ) Tj ET Q q 0 0 0 rg BT 369.15 569.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 408.44 569.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 432.26 569.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 463.10 569.15 Td (has ) Tj ET Q q 0 0 0 rg BT 479.35 569.15 Td (entered ) Tj ET Q q 0 0 0 rg BT 512.49 569.15 Td (into ) Tj ET Q q 0 0 0 rg BT 531.08 569.15 Td (various ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 556.55 Td (total ) Tj ET Q q 0 0 0 rg BT 71.49 556.55 Td (return ) Tj ET Q q 0 0 0 rg BT 99.38 556.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 123.79 556.55 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 183.17 556.55 Td (with ) Tj ET Q q 0 0 0 rg BT 204.66 556.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.21 556.55 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 307.10 556.55 Td (with ) Tj ET Q q 0 0 0 rg BT 328.59 556.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 361.14 556.55 Td (to ) Tj ET Q q 0 0 0 rg BT 372.14 556.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 403.52 556.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 427.92 556.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 459.33 556.55 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 504.73 556.55 Td (ETFs. ) Tj ET Q q 0 0 0 rg BT 532.94 556.55 Td ( ) Tj ET Q q 0 0 0 rg BT 535.76 556.55 Td (Under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 543.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.70 543.95 Td (terms ) Tj ET Q q 0 0 0 rg BT 89.90 543.95 Td (of ) Tj ET Q q 0 0 0 rg BT 100.52 543.95 Td (the ) Tj ET Q q 0 0 0 rg BT 115.22 543.95 Td (total ) Tj ET Q q 0 0 0 rg BT 135.76 543.95 Td (return ) Tj ET Q q 0 0 0 rg BT 162.70 543.95 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 192.87 543.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.31 543.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 246.77 543.95 Td (absorbs ) Tj ET Q q 0 0 0 rg BT 280.72 543.95 Td (all ) Tj ET Q q 0 0 0 rg BT 293.09 543.95 Td (of ) Tj ET Q q 0 0 0 rg BT 303.71 543.95 Td (the ) Tj ET Q q 0 0 0 rg BT 318.41 543.95 Td (related ) Tj ET Q q 0 0 0 rg BT 348.85 543.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 372.88 543.95 Td (and ) Tj ET Q q 0 0 0 rg BT 389.92 543.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 416.88 543.95 Td (on ) Tj ET Q q 0 0 0 rg BT 429.25 543.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.95 543.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 491.31 543.95 Td (ETF ) Tj ET Q q 0 0 0 rg BT 511.85 543.95 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 531.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.91 531.35 Td (these ) Tj ET Q q 0 0 0 rg BT 84.65 531.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 123.54 531.35 Td (intermediaries, ) Tj ET Q q 0 0 0 rg BT 188.39 531.35 Td (and ) Tj ET Q q 0 0 0 rg BT 205.71 531.35 Td (therefore ) Tj ET Q q 0 0 0 rg BT 245.76 531.35 Td (has ) Tj ET Q q 0 0 0 rg BT 261.92 531.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 297.89 531.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 335.05 531.35 Td (in ) Tj ET Q q 0 0 0 rg BT 345.38 531.35 Td (ETFs ) Tj ET Q q 0 0 0 rg BT 370.30 531.35 Td (with ) Tj ET Q q 0 0 0 rg BT 391.13 531.35 Td (open ) Tj ET Q q 0 0 0 rg BT 413.70 531.35 Td (total ) Tj ET Q q 0 0 0 rg BT 434.52 531.35 Td (return ) Tj ET Q q 0 0 0 rg BT 461.76 531.35 Td (swap ) Tj ET Q q 0 0 0 rg BT 485.50 531.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 544.22 531.35 Td (and, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 518.75 Td (if ) Tj ET Q q 0 0 0 rg BT 59.69 518.75 Td (significant, ) Tj ET Q q 0 0 0 rg BT 109.92 518.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 134.77 518.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 166.63 518.75 Td (is ) Tj ET Q q 0 0 0 rg BT 176.91 518.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 212.83 518.75 Td (to ) Tj ET Q q 0 0 0 rg BT 224.28 518.75 Td (be ) Tj ET Q q 0 0 0 rg BT 237.46 518.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.57 518.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 290.08 518.75 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 340.58 518.75 Td (of ) Tj ET Q q 0 0 0 rg BT 352.60 518.75 Td (such ) Tj ET Q q 0 0 0 rg BT 375.13 518.75 Td (ETFs. ) Tj ET Q q 0 0 0 rg BT 403.78 518.75 Td ( ) Tj ET Q q 0 0 0 rg BT 407.06 518.75 Td (Because ) Tj ET Q q 0 0 0 rg BT 445.32 518.75 Td (it ) Tj ET Q q 0 0 0 rg BT 454.43 518.75 Td (was ) Tj ET Q q 0 0 0 rg BT 474.04 518.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 524.54 518.75 Td (to ) Tj ET Q q 0 0 0 rg BT 535.99 518.75 Td (be ) Tj ET Q q 0 0 0 rg BT 549.17 518.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 506.15 Td (primary ) Tj ET Q q 0 0 0 rg BT 84.98 506.15 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 133.93 506.15 Td (of ) Tj ET Q q 0 0 0 rg BT 144.42 506.15 Td (these ) Tj ET Q q 0 0 0 rg BT 167.60 506.15 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 193.54 506.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.86 506.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 247.18 506.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 301.98 506.15 Td (and ) Tj ET Q q 0 0 0 rg BT 318.88 506.15 Td (designated ) Tj ET Q q 0 0 0 rg BT 365.52 506.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.09 506.15 Td (following ) Tj ET Q q 0 0 0 rg BT 422.66 506.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 447.73 506.15 Td (as ) Tj ET Q q 0 0 0 rg BT 458.21 506.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 482.12 506.15 Td (in ) Tj ET Q q 0 0 0 rg BT 492.02 506.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.58 506.15 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 493.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 493.55 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 116.48 493.55 Td (as ) Tj ET Q q 0 0 0 rg BT 127.85 493.55 Td (of:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 468.05 m 244.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 468.05 m 248.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 468.05 m 309.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 468.05 m 376.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 468.05 m 381.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 468.05 m 435.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 468.05 m 502.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 468.05 m 506.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 468.05 m 561.5 468.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 453.05 m 244.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 453.05 m 248.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 453.05 m 309.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 453.05 m 376.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 453.05 m 381.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 453.05 m 435.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 453.05 m 502.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 453.05 m 506.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 453.05 m 561.5 453.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 406.05 m 244.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 406.05 m 309.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 406.05 m 376.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 406.05 m 435.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 406.05 m 502.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 406.05 m 561.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 406.05 m 244.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 406.05 m 309.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 406.05 m 376.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 406.05 m 435.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 406.05 m 502.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 406.05 m 561.5 406.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 313.05 m 244.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 313.05 m 309.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 313.05 m 376.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 313.05 m 435.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 313.05 m 502.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 313.05 m 561.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 313.05 m 244.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 298.05 m 244.5 298.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 298.05 m 309.5 298.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 313.05 m 376.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 298.05 m 376.5 298.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 313.05 m 435.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 298.05 m 435.5 298.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 313.05 m 502.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 298.05 m 502.5 298.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 313.05 m 561.5 313.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 298.05 m 561.5 298.05 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.40 472.82 Td (March 31,) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 232.50 457.84 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 363.50 457.82 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.00 457.82 Td (2018) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 186.20 431.84 Td (Number) Tj ET Q q 0 0 0 rg BT 223.34 431.84 Td ( of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 181.00 421.34 Td (Consolidated) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 196.45 410.84 Td (Funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 267.40 442.34 Td (Legg ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 263.30 431.84 Td (Mason ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 253.40 421.34 Td (Investment ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 254.80 410.84 Td (in Funds) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 294.20 415.60 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.60 431.82 Td (Number of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 316.75 421.32 Td (Consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.65 410.82 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 397.20 442.32 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 393.70 431.82 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.65 421.32 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.75 410.82 Td (in Funds) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 422.22 415.58 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.10 431.82 Td (Number of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.25 421.32 Td (Consolidated) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.15 410.82 Td (Funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.70 442.32 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 519.20 431.82 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.15 421.32 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.25 410.82 Td (in Funds) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 547.72 415.58 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 395.32 Td (Sponsored investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 384.82 Td (partnerships) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 207.85 384.84 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.00 384.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 281.85 384.84 Td (1,690) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.85 384.82 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.60 384.82 Td (1) Tj ET Q q 0 0 0 rg BT 407.85 384.82 Td (1,671) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.35 384.82 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.00 384.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 384.82 Td (16,670) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 369.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.23 369.32 Td (rust structure foreign) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 358.82 Td (mutual funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 207.85 358.84 Td (5) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 276.60 358.84 Td (19,303) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.85 358.82 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.60 358.82 Td (23,005) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.35 358.82 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 358.82 Td (12,485) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 343.32 Td (Employee trust structure) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 61.00 332.82 Td (funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 207.85 332.84 Td (1) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 281.85 332.84 Td (5,188) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.85 332.82 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.85 332.82 Td (6,215) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.35 332.82 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 332.82 Td (7,328) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 317.82 Td (ETFs) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 74.75 322.58 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 207.85 317.84 Td (2) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 281.85 317.84 Td (2,216) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 341.85 317.82 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 407.85 317.82 Td (2,821) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.35 317.82 Td (2) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.85 317.82 Td (7,371) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.00 302.82 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 302.82 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 205.25 302.84 Td (10) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 251.00 302.84 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 276.60 302.84 Td (28,397) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 339.25 302.82 Td (14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.00 302.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 402.60 302.82 Td (43,712) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.75 302.82 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.00 302.82 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 302.82 Td (43,854) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 288.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.04 288.35 Td ( ) Tj ET Q q 0 0 0 rg BT 64.16 288.35 Td (Represents ) Tj ET Q q 0 0 0 rg BT 103.58 288.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 123.17 288.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 153.28 288.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 189.87 288.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 204.75 288.35 Td (of ) Tj ET Q q 0 0 0 rg BT 213.95 288.35 Td (loss, ) Tj ET Q q 0 0 0 rg BT 231.43 288.35 Td (excluding ) Tj ET Q q 0 0 0 rg BT 267.08 288.35 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 308.38 288.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 339.78 288.35 Td (fees.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 278.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.50 278.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 86.42 278.15 Td (the ) Tj ET Q q 0 0 0 rg BT 98.48 278.15 Td (total ) Tj ET Q q 0 0 0 rg BT 115.27 278.15 Td (return ) Tj ET Q q 0 0 0 rg BT 137.24 278.15 Td (swap ) Tj ET Q q 0 0 0 rg BT 156.38 278.15 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 205.97 278.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 225.11 278.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 249.93 278.15 Td (receives ) Tj ET Q q 0 0 0 rg BT 279.45 278.15 Td (the ) Tj ET Q q 0 0 0 rg BT 291.51 278.15 Td (related ) Tj ET Q q 0 0 0 rg BT 316.31 278.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 355.29 278.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 374.91 278.15 Td (and ) Tj ET Q q 0 0 0 rg BT 388.86 278.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 410.84 278.15 Td (on ) Tj ET Q q 0 0 0 rg BT 421.02 278.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 463.31 278.15 Td (in ) Tj ET Q q 0 0 0 rg BT 471.59 278.15 Td (two ) Tj ET Q q 0 0 0 rg BT 486.02 278.15 Td (of ) Tj ET Q q 0 0 0 rg BT 494.78 278.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 513.92 278.15 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 543.58 278.15 Td (ETFs ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 267.95 Td (with ) Tj ET Q q 0 0 0 rg BT 80.74 267.95 Td (notional ) Tj ET Q q 0 0 0 rg BT 110.72 267.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 141.65 267.95 Td (totaling ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 169.75 267.95 Td ($14,164) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 197.37 267.95 Td ( ) Tj ET Q q 0 0 0 rg BT 199.50 267.95 Td (as ) Tj ET Q q 0 0 0 rg BT 208.70 267.95 Td (of ) Tj ET Q q 0 0 0 rg BT 217.91 267.95 Td (March ) Tj ET Q q 0 0 0 rg BT 242.22 267.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 254.97 267.95 Td (2020. ) Tj ET Q q 0 0 0 rg BT 276.22 267.95 Td ( ) Tj ET Q q 0 0 0 rg BT 278.34 267.95 Td (See ) Tj ET Q q 0 0 0 rg BT 292.74 267.95 Td (Note ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.39 267.95 Td (17) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.89 267.95 Td ( ) Tj ET Q q 0 0 0 rg BT 322.01 267.95 Td (for ) Tj ET Q q 0 0 0 rg BT 334.05 267.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 370.17 267.95 Td (information ) Tj ET Q q 0 0 0 rg BT 412.42 267.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 447.12 267.95 Td (total ) Tj ET Q q 0 0 0 rg BT 464.35 267.95 Td (return ) Tj ET Q q 0 0 0 rg BT 486.77 267.95 Td (swaps.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 242.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.80 242.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 95.78 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 107.00 242.75 Td (these ) Tj ET Q q 0 0 0 rg BT 131.05 242.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 155.70 242.75 Td (are ) Tj ET Q q 0 0 0 rg BT 171.00 242.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 212.55 242.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 258.77 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 242.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.54 242.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.68 242.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.31 242.75 Td (as ) Tj ET Q q 0 0 0 rg BT 389.54 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 400.76 242.75 Td (March ) Tj ET Q q 0 0 0 rg BT 430.64 242.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.25 242.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 472.35 242.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.66 242.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 529.21 242.75 Td (of ) Tj ET Q q 0 0 0 rg BT 540.44 242.75 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 230.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 74.13 230.15 Td (were ) Tj ET Q q 0 0 0 rg BT 96.49 230.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 137.53 230.15 Td (comprised ) Tj ET Q q 0 0 0 rg BT 183.23 230.15 Td (of ) Tj ET Q q 0 0 0 rg BT 193.93 230.15 Td (payables ) Tj ET Q q 0 0 0 rg BT 232.63 230.15 Td (for ) Tj ET Q q 0 0 0 rg BT 246.84 230.15 Td (purchased ) Tj ET Q q 0 0 0 rg BT 291.36 230.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 335.60 230.15 Td ( ) Tj ET Q q 0 0 0 rg BT 337.56 230.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 378.02 230.15 Td (and ) Tj ET Q q 0 0 0 rg BT 395.14 230.15 Td (creditors ) Tj ET Q q 0 0 0 rg BT 433.84 230.15 Td (of ) Tj ET Q q 0 0 0 rg BT 444.54 230.15 Td (these ) Tj ET Q q 0 0 0 rg BT 468.08 230.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 492.21 230.15 Td (have ) Tj ET Q q 0 0 0 rg BT 513.99 230.15 Td (no ) Tj ET Q q 0 0 0 rg BT 526.45 230.15 Td (recourse ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 217.55 Td (to ) Tj ET Q q 0 0 0 rg BT 60.79 217.55 Td (the ) Tj ET Q q 0 0 0 rg BT 76.25 217.55 Td (general ) Tj ET Q q 0 0 0 rg BT 109.77 217.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 136.29 217.55 Td (or ) Tj ET Q q 0 0 0 rg BT 147.67 217.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 174.79 217.55 Td (of ) Tj ET Q q 0 0 0 rg BT 186.16 217.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 210.36 217.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 241.57 217.55 Td (beyond ) Tj ET Q q 0 0 0 rg BT 275.10 217.55 Td (its ) Tj ET Q q 0 0 0 rg BT 287.65 217.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.35 217.55 Td (in ) Tj ET Q q 0 0 0 rg BT 347.15 217.55 Td (these ) Tj ET Q q 0 0 0 rg BT 371.35 217.55 Td (funds.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 192.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.11 192.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 103.23 192.35 Td (also ) Tj ET Q q 0 0 0 rg BT 121.68 192.35 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 175.12 192.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.11 192.35 Td (VRE ) Tj ET Q q 0 0 0 rg BT 227.65 192.35 Td (products ) Tj ET Q q 0 0 0 rg BT 265.34 192.35 Td (with ) Tj ET Q q 0 0 0 rg BT 285.55 192.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 305.74 192.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 335.26 192.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 386.96 192.35 Td (where ) Tj ET Q q 0 0 0 rg BT 414.15 192.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 437.26 192.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 467.38 192.35 Td (maintains ) Tj ET Q q 0 0 0 rg BT 509.74 192.35 Td (a ) Tj ET Q q 0 0 0 rg BT 515.94 192.35 Td (controlling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 179.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.92 179.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.01 179.75 Td (in ) Tj ET Q q 0 0 0 rg BT 132.36 179.75 Td (the ) Tj ET Q q 0 0 0 rg BT 147.38 179.75 Td (product. ) Tj ET Q q 0 0 0 rg BT 184.27 179.75 Td ( ) Tj ET Q q 0 0 0 rg BT 185.97 179.75 Td (As ) Tj ET Q q 0 0 0 rg BT 199.83 179.75 Td (of ) Tj ET Q q 0 0 0 rg BT 210.76 179.75 Td (March ) Tj ET Q q 0 0 0 rg BT 240.35 179.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 255.66 179.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 281.47 179.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 307.28 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 324.63 179.75 Td (2018, ) Tj ET Q q 0 0 0 rg BT 350.44 179.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 374.20 179.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 404.97 179.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 460.23 179.75 Td (four) Tj ET Q q 0 0 0 rg BT 477.30 179.75 Td (, ) Tj ET Q q 0 0 0 rg BT 482.12 179.75 Td (five ) Tj ET Q q 0 0 0 rg BT 500.63 179.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.97 179.75 Td (eight ) Tj ET Q q 0 0 0 rg BT 541.00 179.75 Td (VRE ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 167.15 Td (products ) Tj ET Q q 0 0 0 rg BT 88.79 167.15 Td (with ) Tj ET Q q 0 0 0 rg BT 110.08 167.15 Td (seed ) Tj ET Q q 0 0 0 rg BT 131.36 167.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 161.97 167.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 214.76 167.15 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 249.47 167.15 Td ($41,774) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.59 167.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.84 167.15 Td ($24,924) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.97 167.15 Td (, ) Tj ET Q q 0 0 0 rg BT 328.22 167.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.00 167.15 Td ($31,959) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.13 167.15 Td (, ) Tj ET Q q 0 0 0 rg BT 385.38 167.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 435.42 167.15 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 141.95 Td (See ) Tj ET Q q 0 0 0 rg BT 67.79 141.95 Td (Note ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.82 141.95 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.07 141.95 Td ( ) Tj ET Q q 0 0 0 rg BT 98.70 141.95 Td (for ) Tj ET Q q 0 0 0 rg BT 113.57 141.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.18 141.95 Td (information ) Tj ET Q q 0 0 0 rg BT 210.38 141.95 Td (regarding ) Tj ET Q q 0 0 0 rg BT 253.05 141.95 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 279.69 141.95 Td (VREs, ) Tj ET Q q 0 0 0 rg BT 310.03 141.95 Td (and ) Tj ET Q q 0 0 0 rg BT 327.81 141.95 Td (the ) Tj ET Q q 0 0 0 rg BT 343.26 141.95 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 402.47 141.95 Td (of ) Tj ET Q q 0 0 0 rg BT 413.84 141.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 462.54 141.95 Td (products.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 287 0 obj <> endobj 288 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (141) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.84 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 112.18 741.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 139.19 741.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 168.51 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.85 741.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 214.93 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 226.19 741.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 250.88 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 268.55 741.75 Td (other ) Tj ET Q q 0 0 0 rg BT 292.63 741.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 348.22 741.75 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 393.31 741.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 441.90 741.75 Td (products ) Tj ET Q q 0 0 0 rg BT 480.57 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 491.25 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.59 741.75 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 86.44 729.15 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 116.48 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 134.26 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 149.72 729.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 207.76 729.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 256.46 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 267.83 729.15 Td (Income ) Tj ET Q q 0 0 0 rg BT 301.94 729.15 Td (\(Loss\):) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 50.00 706.55 Td (Consolidating Balance Sheets) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108.5 683.05 m 166.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 683.05 m 170.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 683.05 m 209.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 683.05 m 213.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 683.05 m 280.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 683.05 m 284.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 683.05 m 339.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 683.05 m 397.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 683.05 m 401.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 683.05 m 439.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 683.05 m 443.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 683.05 m 507.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 683.05 m 511.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 683.05 m 562.5 683.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 636.05 m 104.5 636.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108.5 636.05 m 166.5 636.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 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rg BT 522.94 672.74 Td (otals) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 658.76 Td (T) Tj ET Q q 0 0 0 rg BT 61.90 658.76 Td (otal Operating Revenues) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 329.00 658.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 346.15 658.74 Td (2,922,527) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 391.00 658.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 428.65 658.74 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 447.00 658.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 478.55 658.79 Td (\(402) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 658.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 505.00 658.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 519.15 658.74 Td (2,922,125) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 644.76 Td (T) Tj ET Q q 0 0 0 rg BT 61.90 644.76 Td (otal Operating Expenses) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 346.15 644.74 Td (2,415,473) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.00 644.74 Td (1,498) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 487.05 644.79 Td (\(6) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 644.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 519.15 644.74 Td (2,416,965) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 630.76 Td (Operating Income \(Loss\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 352.50 630.74 Td (507,054) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 415.15 630.74 Td (\(1,498) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 437.15 630.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 478.55 630.79 Td (\(396) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 630.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 525.50 630.74 Td (505,160) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 616.76 Td (T) Tj ET Q q 0 0 0 rg BT 61.90 616.76 Td (otal Non-Operating Income \(Expense\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 349.65 616.74 Td (\(109,426) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 380.15 616.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 413.75 616.74 Td (19,726) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 472.15 616.74 Td (\(4,926) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 616.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 526.90 616.74 Td (\(94,626) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 553.15 616.74 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 602.76 Td (Income \(Loss\) Before Income ) Tj ET Q q 0 0 0 rg BT 161.25 602.76 Td (T) Tj ET Q q 0 0 0 rg BT 166.06 602.76 Td (ax Provision \(Benefit\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 352.50 602.74 Td (397,628) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 413.75 602.74 Td (18,228) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 472.15 602.74 Td (\(5,322) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 602.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 525.50 602.74 Td (410,534) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 588.76 Td (Income tax provision) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 352.50 588.74 Td (106,048) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 428.65 588.74 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 485.65 588.74 Td (�) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 525.50 588.74 Td (106,048) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 574.76 Td (Net Income \(Loss\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 352.50 574.74 Td (291,580) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 413.75 574.74 Td (18,228) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 472.15 574.74 Td (\(5,322) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 574.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 525.50 574.74 Td (304,486) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 560.76 Td (Less:��Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 356.75 560.74 Td (40,213) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.00 560.74 Td (3,464) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 475.00 560.74 Td (9,442) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 529.75 560.74 Td (53,1) Tj ET Q q 0 0 0 rg BT 544.63 560.74 Td (19) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 57.00 546.76 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 122.39 546.76 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 329.00 546.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 352.50 546.74 Td (251,367) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 391.00 546.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 413.75 546.74 Td (14,764) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 447.00 546.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 467.90 546.74 Td (\(14,764) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 494.15 546.74 Td (\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 505.00 546.74 Td ($) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 525.50 546.74 Td (251,367) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 532.70 Td (\(1\) Other represents consolidated sponsored investment products \(VREs\) that are not designated as CIVs.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 508.2 m 382.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 508.2 m 386.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 508.2 m 440.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 508.2 m 444.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 508.2 m 497.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 508.2 m 501.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 508.2 m 555.5 508.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 459.2 m 321.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 459.2 m 382.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 459.2 m 440.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 459.2 m 497.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 459.2 m 555.5 459.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 431.2 m 321.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 431.2 m 382.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 431.2 m 440.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 431.2 m 497.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 431.2 m 555.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 431.2 m 382.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 431.2 m 440.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 431.2 m 497.5 431.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 403.2 m 321.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 403.2 m 382.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 403.2 m 440.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 403.2 m 497.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 403.2 m 555.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 403.2 m 382.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 403.2 m 440.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 403.2 m 497.5 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 375.2 m 321.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 375.2 m 382.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 375.2 m 440.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 375.2 m 497.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 375.2 m 555.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 375.2 m 382.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 375.2 m 440.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 375.2 m 497.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 375.2 m 555.5 375.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 347.2 m 321.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 347.2 m 382.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 347.2 m 440.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 347.2 m 497.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 347.2 m 555.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 333.2 m 321.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 347.2 m 382.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 333.2 m 382.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 347.2 m 440.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 333.2 m 440.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 347.2 m 497.5 347.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 333.2 m 497.5 333.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 333.2 m 555.5 333.2 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 53.00 512.54 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 392.15 512.56 Td (Y) Tj ET Q q 0 0 0 rg BT 397.86 512.56 Td (ear Ended March 31, 2019) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 463.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 339.80 497.56 Td (Balance ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 341.90 489.06 Td (Before) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 329.65 480.56 Td (Consolidation ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 332.70 472.06 Td (of CIVs and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 340.60 463.56 Td (Other) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 359.95 467.41 Td (\(1\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 396.80 472.06 Td (CIVs and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 400.10 463.56 Td (Other) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 419.45 467.41 Td (\(1\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 448.75 463.56 Td (Eliminations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.55 472.06 Td (Consolidated) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 517.65 463.56 Td (T) Tj ET Q q 0 0 0 rg BT 522.25 463.56 Td (otals) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 449.56 Td (T) Tj ET Q q 0 0 0 rg BT 57.90 449.56 Td (otal Operating Revenues) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 328.00 449.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 345.15 449.56 Td (2,903,858) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 389.00 449.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.65 449.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 447.00 449.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.55 449.61 Td (\(599) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 494.15 449.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 504.00 449.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 518.15 449.56 Td (2,903,259) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 435.56 Td (T) Tj ET Q q 0 0 0 rg BT 57.90 435.56 Td (otal Operating Expenses) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 345.15 435.56 Td (2,799,168) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 418.00 435.56 Td (1,679) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 478.55 435.61 Td (\(690) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 494.15 435.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 518.15 435.56 Td (2,800,157) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 421.56 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 351.50 421.56 Td (104,690) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 415.15 421.56 Td (\(1,679) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 437.15 421.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 485.65 421.56 Td (91) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 524.50 421.56 Td (103,102) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 407.56 Td (T) Tj ET Q q 0 0 0 rg BT 57.90 407.56 Td (otal Non-Operating Income \(Expense\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 352.90 407.56 Td (\(76,971) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 379.15 407.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 415.15 407.56 Td (\(2,381) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 437.15 407.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.00 407.56 Td (4,745) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.90 407.56 Td (\(74,607) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 552.15 407.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 393.56 Td (Income \(Loss\) Before Income ) Tj ET Q q 0 0 0 rg BT 157.25 393.56 Td (T) Tj ET Q q 0 0 0 rg BT 162.06 393.56 Td (ax Provision) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 355.75 393.56 Td (27,719) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 415.15 393.56 Td (\(4,060) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 437.15 393.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.00 393.56 Td (4,836) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.75 393.56 Td (28,495) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 379.56 Td (Income tax provision) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 355.75 379.56 Td (20,561) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.65 379.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 485.65 379.56 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.75 379.56 Td (20,561) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 365.56 Td (Net Income \(Loss\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 360.00 365.56 Td (7,158) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 415.15 365.56 Td (\(4,060) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 437.15 365.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.00 365.56 Td (4,836) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 533.00 365.56 Td (7,934) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 351.56 Td (Less:��Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 355.75 351.56 Td (35,666) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 415.15 351.56 Td (\(1,816) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 437.15 351.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.00 351.56 Td (2,592) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.75 351.56 Td (36,442) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 337.56 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 118.39 337.56 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 328.00 337.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 352.90 337.56 Td (\(28,508) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 379.15 337.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 389.00 337.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 415.15 337.56 Td (\(2,244) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 437.15 337.56 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 447.00 337.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.00 337.56 Td (2,244) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 504.00 337.56 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.90 337.56 Td (\(28,508) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 552.15 337.56 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 323.50 Td (\(1\) Other represents consolidated sponsored investment products \(VREs\) that are not designated as CIVs.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 299 m 385 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 299 m 389 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 299 m 443 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 299 m 447 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 299 m 500 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 299 m 504 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 299 m 558 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 250 m 324 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 250 m 385 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 250 m 443 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 250 m 500 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 250 m 558 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 222 m 324 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 222 m 385 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 222 m 443 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 222 m 500 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 222 m 558 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 222 m 385 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 222 m 443 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 222 m 500 222 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 194 m 324 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 194 m 385 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 194 m 443 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 194 m 500 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 194 m 558 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 194 m 385 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 194 m 443 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 194 m 500 194 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 166 m 324 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 166 m 385 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 166 m 443 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 166 m 500 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 166 m 558 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 166 m 385 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 166 m 443 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 166 m 500 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 166 m 558 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 138 m 324 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 138 m 385 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 138 m 443 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 138 m 500 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 138 m 558 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 124 m 324 124 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 138 m 385 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 124 m 385 124 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 138 m 443 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 124 m 443 124 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 138 m 500 138 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 124 m 500 124 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 124 m 558 124 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 55.50 303.34 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 394.65 303.36 Td (Y) Tj ET Q q 0 0 0 rg BT 400.36 303.36 Td (ear Ended March 31, 2018) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 254.36 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 342.30 288.36 Td (Balance ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 344.40 279.86 Td (Before) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 332.15 271.36 Td (Consolidation ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 335.20 262.86 Td (of CIVs and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 343.10 254.36 Td (Other) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 362.45 258.21 Td (\(1\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 399.30 262.86 Td (CIVs and ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.60 254.36 Td (Other) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 421.95 258.21 Td (\(1\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 451.25 254.36 Td (Eliminations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 508.05 262.86 Td (Consolidated) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 520.15 254.36 Td (T) Tj ET Q q 0 0 0 rg BT 524.75 254.36 Td (otals) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 240.36 Td (T) Tj ET Q q 0 0 0 rg BT 60.40 240.36 Td (otal Operating Revenues) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.50 240.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 347.65 240.36 Td (3,140,900) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 391.50 240.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 431.15 240.36 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 449.50 240.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 481.05 240.41 Td (\(578) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.65 240.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 506.50 240.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 520.65 240.36 Td (3,140,322) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 226.36 Td (T) Tj ET Q q 0 0 0 rg BT 60.40 226.36 Td (otal Operating Expenses) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 347.65 226.36 Td (2,816,022) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 426.90 226.36 Td (927) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 481.05 226.41 Td (\(628) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.65 226.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 520.65 226.36 Td (2,816,321) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 212.36 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 354.00 212.36 Td (324,878) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.05 212.41 Td (\(927) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 439.65 212.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 488.15 212.36 Td (50) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 527.00 212.36 Td (324,001) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 198.36 Td (T) Tj ET Q q 0 0 0 rg BT 60.40 198.36 Td (otal Non-Operating Income \(Expense\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 355.40 198.36 Td (\(97,694) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 381.65 198.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 416.25 198.36 Td (10,046) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 474.65 198.36 Td (\(2,513) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.65 198.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 528.40 198.36 Td (\(90,161) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 554.65 198.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 184.36 Td (Income \(Loss\) Before Income ) Tj ET Q q 0 0 0 rg BT 159.75 184.36 Td (T) Tj ET Q q 0 0 0 rg BT 164.56 184.36 Td (ax Provision) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 354.00 184.36 Td (227,184) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 420.50 184.36 Td (9,1) Tj ET Q q 0 0 0 rg BT 431.13 184.36 Td (19) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 474.65 184.36 Td (\(2,463) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.65 184.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 527.00 184.36 Td (233,840) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 170.36 Td (Income tax benefit) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 351.15 170.36 Td (\(102,510) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 381.65 170.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 431.15 170.36 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 488.15 170.36 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 524.15 170.36 Td (\(102,510) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 554.65 170.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 156.36 Td (Net Income \(Loss\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 354.00 156.36 Td (329,694) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 420.50 156.36 Td (9,1) Tj ET Q q 0 0 0 rg BT 431.13 156.36 Td (19) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 474.65 156.36 Td (\(2,463) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.65 156.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 527.00 156.36 Td (336,350) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 142.36 Td (Less:��Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 358.25 142.36 Td (44,619) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 426.90 142.36 Td (265) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 477.50 142.36 Td (6,391) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 531.25 142.36 Td (51,275) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 55.50 128.36 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 120.89 128.36 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.50 128.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 354.00 128.36 Td (285,075) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 391.50 128.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 420.50 128.36 Td (8,854) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 449.50 128.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 474.65 128.36 Td (\(8,854) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 496.65 128.36 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 506.50 128.36 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 527.00 128.36 Td (285,075) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 114.30 Td (\(1\) Other represents consolidated sponsored investment products \(VREs\) that are not designated as CIVs.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 87.70 Td (Non-Operating ) Tj ET Q q 0 0 0 rg BT 116.37 87.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 150.66 87.70 Td (\(Expense\) ) Tj ET Q q 0 0 0 rg BT 196.03 87.70 Td (of ) Tj ET Q q 0 0 0 rg BT 207.58 87.70 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 232.56 87.70 Td (and ) Tj ET Q q 0 0 0 rg BT 250.53 87.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 277.24 87.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 315.04 87.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 348.75 87.70 Td (income, ) Tj ET Q q 0 0 0 rg BT 385.09 87.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 418.80 87.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 458.05 87.70 Td (and ) Tj ET Q q 0 0 0 rg BT 476.02 87.70 Td (net ) Tj ET Q q 0 0 0 rg BT 491.65 87.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 516.62 87.70 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 551.51 87.70 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (investments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 49.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 49.90 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 128.15 49.90 Td (of ) Tj ET Q q 0 0 0 rg BT 139.52 49.90 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 164.32 49.90 Td (has ) Tj ET Q q 0 0 0 rg BT 180.94 49.90 Td (no ) Tj ET Q q 0 0 0 rg BT 194.07 49.90 Td (impact ) Tj ET Q q 0 0 0 rg BT 225.26 49.90 Td (on ) Tj ET Q q 0 0 0 rg BT 238.39 49.90 Td (Net ) Tj ET Q q 0 0 0 rg BT 256.18 49.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 290.29 49.90 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 319.16 49.90 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 372.52 49.90 Td (to ) Tj ET Q q 0 0 0 rg BT 383.32 49.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 407.52 49.90 Td (Mason,�Inc.) Tj ET Q endstream endobj 291 0 obj <> endobj 292 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (143) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.53 741.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 76.13 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 106.40 741.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.38 741.75 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 143.38 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 146.24 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 164.26 741.75 Td (2019, ) Tj ET Q q 0 0 0 rg BT 190.74 741.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.33 741.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 257.69 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.29 741.75 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 294.32 741.75 Td (carried ) Tj ET Q q 0 0 0 rg BT 326.32 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 336.76 741.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.19 741.75 Td (value ) Tj ET Q q 0 0 0 rg BT 379.78 741.75 Td (totaling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.72 741.75 Td ($93,648) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 448.85 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 451.71 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.72 741.75 Td ($70,197) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.85 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 509.33 741.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.38 741.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 73.58 729.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 104.76 729.15 Td (using ) Tj ET Q q 0 0 0 rg BT 130.70 729.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 157.78 729.15 Td (1 ) Tj ET Q q 0 0 0 rg BT 166.22 729.15 Td (inputs, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.70 729.15 Td ($23,1) Tj ET Q q 0 0 0 rg BT 220.93 729.15 Td (18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.43 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 234.62 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.96 729.15 Td ($55,182) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 287.09 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 292.90 729.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 342.94 729.15 Td (, ) Tj ET Q q 0 0 0 rg BT 348.75 729.15 Td (were ) Tj ET Q q 0 0 0 rg BT 372.34 729.15 Td (valued ) Tj ET Q q 0 0 0 rg BT 403.51 729.15 Td (using ) Tj ET Q q 0 0 0 rg BT 429.45 729.15 Td (Level ) Tj ET Q q 0 0 0 rg BT 456.53 729.15 Td (2 ) Tj ET Q q 0 0 0 rg BT 464.97 729.15 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 496.45 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.79 729.15 Td ($2,029) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 543.67 729.15 Td ( ) Tj ET Q q 0 0 0 rg BT 546.85 729.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 716.55 Td ($12,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.13 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 89.20 716.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 139.24 716.55 Td (, ) Tj ET Q q 0 0 0 rg BT 144.31 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 167.16 716.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 197.60 716.55 Td (using ) Tj ET Q q 0 0 0 rg BT 222.80 716.55 Td (NA) Tj ET Q q 0 0 0 rg BT 236.61 716.55 Td (V) Tj ET Q q 0 0 0 rg BT 244.00 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 246.45 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 257.65 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 264.75 716.55 Td (practical ) Tj ET Q q 0 0 0 rg BT 303.34 716.55 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 349.23 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 351.14 716.55 Td (As ) Tj ET Q q 0 0 0 rg BT 365.25 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 376.45 716.55 Td (March ) Tj ET Q q 0 0 0 rg BT 406.30 716.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 421.87 716.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 447.94 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.12 716.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 528.65 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 539.84 716.55 Td (CIVs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 703.95 Td (carried ) Tj ET Q q 0 0 0 rg BT 82.10 703.95 Td (at ) Tj ET Q q 0 0 0 rg BT 92.63 703.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 110.15 703.95 Td (value ) Tj ET Q q 0 0 0 rg BT 135.84 703.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 147.54 703.95 Td ($4,217) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.42 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 179.37 703.95 Td (were ) Tj ET Q q 0 0 0 rg BT 202.73 703.95 Td (valued ) Tj ET Q q 0 0 0 rg BT 233.67 703.95 Td (using ) Tj ET Q q 0 0 0 rg BT 259.37 703.95 Td (Level ) Tj ET Q q 0 0 0 rg BT 286.23 703.95 Td (2 ) Tj ET Q q 0 0 0 rg BT 294.43 703.95 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 325.68 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 328.42 703.95 Td (There ) Tj ET Q q 0 0 0 rg BT 355.86 703.95 Td (were ) Tj ET Q q 0 0 0 rg BT 379.21 703.95 Td (no ) Tj ET Q q 0 0 0 rg BT 392.67 703.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.35 703.95 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 474.38 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 486.08 703.95 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 511.20 703.95 Td (as ) Tj ET Q q 0 0 0 rg BT 522.90 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 534.60 703.95 Td (March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 689.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 65.75 689.95 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.38 689.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.00 689.95 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 665.35 Td (There ) Tj ET Q q 0 0 0 rg BT 76.95 665.35 Td (were ) Tj ET Q q 0 0 0 rg BT 99.81 665.35 Td (no ) Tj ET Q q 0 0 0 rg BT 112.78 665.35 Td (transfers ) Tj ET Q q 0 0 0 rg BT 151.39 665.35 Td (between ) Tj ET Q q 0 0 0 rg BT 188.84 665.35 Td (Level�1 ) Tj ET Q q 0 0 0 rg BT 223.08 665.35 Td (and ) Tj ET Q q 0 0 0 rg BT 240.71 665.35 Td (Level ) Tj ET Q q 0 0 0 rg BT 267.08 665.35 Td (2 ) Tj ET Q q 0 0 0 rg BT 274.79 665.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 301.75 665.35 Td (or ) Tj ET Q q 0 0 0 rg BT 312.97 665.35 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 354.51 665.35 Td (during ) Tj ET Q q 0 0 0 rg BT 384.39 665.35 Td (the ) Tj ET Q q 0 0 0 rg BT 399.68 665.35 Td (years ) Tj ET Q q 0 0 0 rg BT 424.30 665.35 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.84 665.35 Td (March ) Tj ET Q q 0 0 0 rg BT 481.71 665.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.30 665.35 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 518.30 665.35 Td ( ) Tj ET Q q 0 0 0 rg BT 520.76 665.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.39 665.35 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.39 665.35 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 640.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.95 640.15 Td (NA) Tj ET Q q 0 0 0 rg BT 82.76 640.15 Td (Vs ) Tj ET Q q 0 0 0 rg BT 97.05 640.15 Td (used ) Tj ET Q q 0 0 0 rg BT 118.92 640.15 Td (as ) Tj ET Q q 0 0 0 rg BT 130.29 640.15 Td (a ) Tj ET Q q 0 0 0 rg BT 137.57 640.15 Td (practical ) Tj ET Q q 0 0 0 rg BT 176.33 640.15 Td (expedient ) Tj ET Q q 0 0 0 rg BT 219.77 640.15 Td (by ) Tj ET Q q 0 0 0 rg BT 232.89 640.15 Td (CIVs ) Tj ET Q q 0 0 0 rg BT 257.68 640.15 Td (have ) Tj ET Q q 0 0 0 rg BT 280.12 640.15 Td (been ) Tj ET Q q 0 0 0 rg BT 302.56 640.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 342.51 640.15 Td (by ) Tj ET Q q 0 0 0 rg BT 355.63 640.15 Td (the ) Tj ET Q q 0 0 0 rg BT 371.08 640.15 Td (investees ) Tj ET Q q 0 0 0 rg BT 412.19 640.15 Td (and ) Tj ET Q q 0 0 0 rg BT 429.97 640.15 Td (have ) Tj ET Q q 0 0 0 rg BT 452.42 640.15 Td (been ) Tj ET Q q 0 0 0 rg BT 474.86 640.15 Td (derived ) Tj ET Q q 0 0 0 rg BT 508.96 640.15 Td (from ) Tj ET Q q 0 0 0 rg BT 532.00 640.15 Td (the ) Tj ET Q q 0 0 0 rg BT 547.44 640.15 Td (fair ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 627.55 Td (values ) Tj ET Q q 0 0 0 rg BT 80.00 627.55 Td (of ) Tj ET Q q 0 0 0 rg BT 91.91 627.55 Td (the ) Tj ET Q q 0 0 0 rg BT 107.91 627.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 156.58 627.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 209.91 627.55 Td (as ) Tj ET Q q 0 0 0 rg BT 221.83 627.55 Td (of ) Tj ET Q q 0 0 0 rg BT 233.75 627.55 Td (the ) Tj ET Q q 0 0 0 rg BT 249.75 627.55 Td (respective ) Tj ET Q q 0 0 0 rg BT 295.48 627.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 337.14 627.55 Td (dates. ) Tj ET Q q 0 0 0 rg BT 364.51 627.55 Td ( ) Tj ET Q q 0 0 0 rg BT 367.45 627.55 Td (The ) Tj ET Q q 0 0 0 rg BT 386.95 627.55 Td (following ) Tj ET Q q 0 0 0 rg BT 430.95 627.55 Td (table ) Tj ET Q q 0 0 0 rg BT 454.53 627.55 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 507.85 627.55 Td (the ) Tj ET Q q 0 0 0 rg BT 523.85 627.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 553.26 627.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 614.95 Td (these ) Tj ET Q q 0 0 0 rg BT 74.20 614.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 126.99 614.95 Td (and ) Tj ET Q q 0 0 0 rg BT 144.77 614.95 Td (any ) Tj ET Q q 0 0 0 rg BT 162.56 614.95 Td (related ) Tj ET Q q 0 0 0 rg BT 193.75 614.95 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 241.87 614.95 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 291.15 614.95 Td (or ) Tj ET Q q 0 0 0 rg BT 302.53 614.95 Td (other ) Tj ET Q q 0 0 0 rg BT 326.73 614.95 Td (factors, ) Tj ET Q q 0 0 0 rg BT 360.54 614.95 Td (which ) Tj ET Q q 0 0 0 rg BT 388.83 614.95 Td (may ) Tj ET Q q 0 0 0 rg BT 409.53 614.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 440.73 614.95 Td (the ) Tj ET Q q 0 0 0 rg BT 456.19 614.95 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 493.22 614.95 Td (value ) Tj ET Q q 0 0 0 rg BT 518.58 614.95 Td (realized:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 589.45 m 127.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 589.45 m 236.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 589.45 m 317.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 589.45 m 332.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 589.45 m 422.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 589.45 m 502.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 589.45 m 506.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 589.45 m 562.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 563.45 m 127.5 563.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 563.45 m 236.5 563.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 589.45 m 422.5 589.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 563.45 m 422.5 563.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 563.45 m 502.5 563.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 563.45 m 562.5 563.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 563.45 m 317.5 563.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 563.45 m 422.5 563.45 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 257.50 594.22 Td (Fair ) Tj ET Q q 0 0 0 rg BT 276.94 594.22 Td (V) Tj ET Q q 0 0 0 rg BT 283.85 594.22 Td (alue Determined Using NA) Tj ET Q q 0 0 0 rg BT 397.77 594.22 Td (V) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.75 594.22 Td (As of March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.55 578.72 Td (Category of) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.15 568.22 Td (Investment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 141.35 568.22 Td (Investment Strategy) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.70 568.24 Td (Mar) Tj ET Q q 0 0 0 rg BT 263.33 568.24 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 343.60 568.22 Td (March 31, 2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.00 568.22 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 443.00 578.72 Td (Unfunded) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.20 568.22 Td (Commitments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.95 578.72 Td (Remaining) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 522.95 568.22 Td (T) Tj ET Q q 0 0 0 rg BT 529.00 568.22 Td (erm) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 511.22 Td (Hedge funds) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 553.22 Td (Global macro, fixed) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 542.72 Td (income, long/short) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 532.22 Td (equity) Tj ET Q q 0 0 0 rg BT 159.56 532.22 Td (, systematic,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 521.72 Td (emer) Tj ET Q q 0 0 0 rg BT 154.80 521.72 Td (ging market, U.S.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 134.00 511.22 Td (and European hedge) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 243.00 511.24 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 289.85 511.24 Td (2,029) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 320.00 516.65 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.00 511.22 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.60 511.22 Td (12,547) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 457.55 511.22 Td (n/a) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 527.55 511.22 Td (n/a) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 496.75 Td (n/a ) Tj ET Q q 0 0 0 rg BT 62.51 496.75 Td (- ) Tj ET Q q 0 0 0 rg BT 67.47 496.75 Td (not ) Tj ET Q q 0 0 0 rg BT 80.45 496.75 Td (applicable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 486.55 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 486.55 Td (Redemption ) Tj ET Q q 0 0 0 rg BT 111.68 486.55 Td (restrictions: ) Tj ET Q q 0 0 0 rg BT 153.93 486.55 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 156.06 486.55 Td (1) Tj ET Q q 0 0 0 rg BT 159.99 486.55 Td (1%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 171.32 486.55 Td ( ) Tj ET Q q 0 0 0 rg BT 173.45 486.55 Td (monthly ) Tj ET Q q 0 0 0 rg BT 203.91 486.55 Td (redemption; ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 247.11 486.55 Td (89%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 262.69 486.55 Td ( ) Tj ET Q q 0 0 0 rg BT 264.81 486.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 297.62 486.55 Td (redemption.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 461.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.65 461.35 Td (Mason's ) Tj ET Q q 0 0 0 rg BT 112.29 461.35 Td (carrying ) Tj ET Q q 0 0 0 rg BT 150.35 461.35 Td (value ) Tj ET Q q 0 0 0 rg BT 176.17 461.35 Td (and ) Tj ET Q q 0 0 0 rg BT 194.41 461.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 240.07 461.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 258.90 461.35 Td (of ) Tj ET Q q 0 0 0 rg BT 270.72 461.35 Td (loss ) Tj ET Q q 0 0 0 rg BT 290.14 461.35 Td (for ) Tj ET Q q 0 0 0 rg BT 305.24 461.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 329.90 461.35 Td (in ) Tj ET Q q 0 0 0 rg BT 341.15 461.35 Td (which ) Tj ET Q q 0 0 0 rg BT 369.89 461.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 394.54 461.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 426.20 461.35 Td (holds ) Tj ET Q q 0 0 0 rg BT 452.04 461.35 Td (a ) Tj ET Q q 0 0 0 rg BT 459.77 461.35 Td (variable ) Tj ET Q q 0 0 0 rg BT 496.67 461.35 Td (interest, ) Tj ET Q q 0 0 0 rg BT 533.28 461.35 Td (but ) Tj ET Q q 0 0 0 rg BT 549.77 461.35 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 448.75 Td (which ) Tj ET Q q 0 0 0 rg BT 78.29 448.75 Td (it ) Tj ET Q q 0 0 0 rg BT 86.75 448.75 Td (was ) Tj ET Q q 0 0 0 rg BT 105.70 448.75 Td (not ) Tj ET Q q 0 0 0 rg BT 121.74 448.75 Td (the ) Tj ET Q q 0 0 0 rg BT 137.20 448.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 173.06 448.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 219.60 448.75 Td (, ) Tj ET Q q 0 0 0 rg BT 224.85 448.75 Td (were ) Tj ET Q q 0 0 0 rg BT 247.88 448.75 Td (as ) Tj ET Q q 0 0 0 rg BT 259.25 448.75 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 423.25 m 326.5 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 423.25 m 330.5 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 423.25 m 404.5 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 423.25 m 488.5 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 423.25 m 492.5 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 423.25 m 562.5 423.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 376.25 m 242.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 376.25 m 326.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 376.25 m 404.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 376.25 m 488.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 376.25 m 562.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 376.25 m 326.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 376.25 m 404.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 346.25 m 242.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 346.25 m 326.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 346.25 m 404.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 346.25 m 488.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 346.25 m 562.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 331.25 m 242.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 331.25 m 326.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 331.25 m 404.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 331.25 m 488.5 331.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 331.25 m 562.5 331.25 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 428.02 Td (�) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 277.40 428.04 Td (As of Mar) Tj ET Q q 0 0 0 rg BT 322.70 428.04 Td (ch 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.75 428.02 Td (As of March 31, 2019) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 250.05 412.54 Td (Equity Inter) Tj ET Q q 0 0 0 rg BT 305.58 412.54 Td (ests ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 272.10 402.04 Td (on the ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 256.50 391.54 Td (Consolidated ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.35 381.04 Td (Balance Sheet ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 314.68 385.80 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 343.65 391.54 Td (Maximum ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 334.25 381.04 Td (Risk of Loss ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 391.72 385.80 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.90 412.52 Td (Equity Interests ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 435.00 402.02 Td (on the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.25 391.52 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 412.80 381.02 Td (Balance Sheet ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 475.19 385.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.10 391.52 Td (Maximum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.15 381.02 Td (Risk of Loss ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 550.87 385.78 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 366.02 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 152.34 366.02 Td (T) Tj ET Q q 0 0 0 rg BT 158.47 366.02 Td (rusts) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.00 366.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 298.85 366.04 Td (2,922) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.00 366.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 376.85 366.04 Td (5,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.00 366.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 366.02 Td (10,812) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 366.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 366.02 Td (15,241) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 351.02 Td (Other investment funds) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 351.04 Td (33,365) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 351.04 Td (52,230) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 351.02 Td (25,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 351.02 Td (45,897) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 53.00 336.02 Td (T) Tj ET Q q 0 0 0 rg BT 58.68 336.02 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 249.00 336.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 293.60 336.04 Td (36,287) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 333.00 336.04 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 371.60 336.04 Td (57,672) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.00 336.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 455.60 336.02 Td (35,967) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.00 336.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 529.60 336.02 Td (61,138) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 321.55 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 321.55 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 101.30 321.55 Td (are ) Tj ET Q q 0 0 0 rg BT 113.80 321.55 Td (related ) Tj ET Q q 0 0 0 rg BT 139.04 321.55 Td (to ) Tj ET Q q 0 0 0 rg BT 147.78 321.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 190.52 321.55 Td (in ) Tj ET Q q 0 0 0 rg BT 199.25 321.55 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 239.14 321.55 Td (and ) Tj ET Q q 0 0 0 rg BT 253.54 321.55 Td (other ) Tj ET Q q 0 0 0 rg BT 273.13 321.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 290.83 321.55 Td (products.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 311.35 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 68.00 311.35 Td (Includes ) Tj ET Q q 0 0 0 rg BT 98.92 311.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 122.29 311.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.03 311.35 Td (the ) Tj ET Q q 0 0 0 rg BT 177.54 311.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.72 311.35 Td (has ) Tj ET Q q 0 0 0 rg BT 226.17 311.35 Td (made ) Tj ET Q q 0 0 0 rg BT 246.71 311.35 Td (or ) Tj ET Q q 0 0 0 rg BT 255.91 311.35 Td (is ) Tj ET Q q 0 0 0 rg BT 263.71 311.35 Td (required ) Tj ET Q q 0 0 0 rg BT 294.15 311.35 Td (to ) Tj ET Q q 0 0 0 rg BT 302.89 311.35 Td (make ) Tj ET Q q 0 0 0 rg BT 323.42 311.35 Td (and ) Tj ET Q q 0 0 0 rg BT 337.82 311.35 Td (any ) Tj ET Q q 0 0 0 rg BT 352.21 311.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 376.99 311.35 Td (but ) Tj ET Q q 0 0 0 rg BT 389.98 311.35 Td (uncollected ) Tj ET Q q 0 0 0 rg BT 431.28 311.35 Td (management ) Tj ET Q q 0 0 0 rg BT 476.83 311.35 Td (fees.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 286.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.77 286.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 120.02 286.15 Td (total ) Tj ET Q q 0 0 0 rg BT 141.37 286.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 169.31 286.15 Td (of ) Tj ET Q q 0 0 0 rg BT 181.50 286.15 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 248.27 286.15 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 273.29 286.15 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 293.06 286.15 Td ($31,325,927) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.56 286.15 Td ( ) Tj ET Q q 0 0 0 rg BT 349.01 286.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.61 286.15 Td ($29,025,764) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 420.11 286.15 Td ( ) Tj ET Q q 0 0 0 rg BT 423.55 286.15 Td (as ) Tj ET Q q 0 0 0 rg BT 435.74 286.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 447.93 286.15 Td (March ) Tj ET Q q 0 0 0 rg BT 478.78 286.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.35 286.15 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.35 286.15 Td ( ) Tj ET Q q 0 0 0 rg BT 519.79 286.15 Td (and ) Tj ET Q q 0 0 0 rg BT 538.39 286.15 Td (2019, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 273.55 Td (respectively) Tj ET Q q 0 0 0 rg BT 100.05 273.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 248.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.78 248.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 95.73 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.94 248.35 Td (these ) Tj ET Q q 0 0 0 rg BT 130.79 248.35 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 154.83 248.35 Td (are ) Tj ET Q q 0 0 0 rg BT 170.10 248.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 211.63 248.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 257.83 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 269.03 248.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.14 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 307.76 248.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.87 248.35 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 379.15 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 396.77 248.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 445.30 248.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 490.04 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 507.65 248.35 Td (the ) Tj ET Q q 0 0 0 rg BT 522.94 248.35 Td (liabilities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 235.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.86 235.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 105.98 235.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 151.76 235.75 Td (of ) Tj ET Q q 0 0 0 rg BT 162.55 235.75 Td (various ) Tj ET Q q 0 0 0 rg BT 195.50 235.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 231.36 235.75 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 270.42 235.75 Td ( ) Tj ET Q q 0 0 0 rg BT 272.31 235.75 Td (These ) Tj ET Q q 0 0 0 rg BT 299.28 235.75 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 322.90 235.75 Td (were ) Tj ET Q q 0 0 0 rg BT 345.34 235.75 Td (not ) Tj ET Q q 0 0 0 rg BT 360.80 235.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 415.92 235.75 Td (because ) Tj ET Q q 0 0 0 rg BT 451.19 235.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 474.80 235.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 505.43 235.75 Td (does ) Tj ET Q q 0 0 0 rg BT 526.72 235.75 Td (not ) Tj ET Q q 0 0 0 rg BT 542.18 235.75 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 223.15 Td (both ) Tj ET Q q 0 0 0 rg BT 71.46 223.15 Td (the ) Tj ET Q q 0 0 0 rg BT 87.09 223.15 Td (power ) Tj ET Q q 0 0 0 rg BT 116.12 223.15 Td (to ) Tj ET Q q 0 0 0 rg BT 127.08 223.15 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.78 223.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 200.90 223.15 Td (economic ) Tj ET Q q 0 0 0 rg BT 244.52 223.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 285.22 223.15 Td (of ) Tj ET Q q 0 0 0 rg BT 296.76 223.15 Td (the ) Tj ET Q q 0 0 0 rg BT 312.38 223.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 339.09 223.15 Td (and ) Tj ET Q q 0 0 0 rg BT 357.05 223.15 Td (rights/obligations ) Tj ET Q q 0 0 0 rg BT 433.34 223.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 479.29 223.15 Td (with ) Tj ET Q q 0 0 0 rg BT 500.75 223.15 Td (benefits/losses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 210.55 Td (that ) Tj ET Q q 0 0 0 rg BT 68.37 210.55 Td (could ) Tj ET Q q 0 0 0 rg BT 94.32 210.55 Td (be ) Tj ET Q q 0 0 0 rg BT 106.86 210.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.81 210.55 Td (to ) Tj ET Q q 0 0 0 rg BT 164.60 210.55 Td (the ) Tj ET Q q 0 0 0 rg BT 180.05 210.55 Td (entity) Tj ET Q q 0 0 0 rg BT 203.29 210.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 50.00 185.35 Td (21. Subsequent Event) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 160.15 Td (On ) Tj ET Q q 0 0 0 rg BT 65.65 160.15 Td (April ) Tj ET Q q 0 0 0 rg BT 91.42 160.15 Td (3, ) Tj ET Q q 0 0 0 rg BT 102.90 160.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 130.14 160.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 155.32 160.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 187.52 160.15 Td (borrowed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 231.36 160.15 Td ($250,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.74 160.15 Td ( ) Tj ET Q q 0 0 0 rg BT 274.35 160.15 Td (under ) Tj ET Q q 0 0 0 rg BT 301.86 160.15 Td (the ) Tj ET Q q 0 0 0 rg BT 318.30 160.15 Td (Credit ) Tj ET Q q 0 0 0 rg BT 347.36 160.15 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 397.61 160.15 Td (as ) Tj ET Q q 0 0 0 rg BT 409.97 160.15 Td (a ) Tj ET Q q 0 0 0 rg BT 418.24 160.15 Td (precautionary ) Tj ET Q q 0 0 0 rg BT 479.57 160.15 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.16 160.15 Td (to ) Tj ET Q q 0 0 0 rg BT 529.94 160.15 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 50.00 147.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 94.62 147.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 132.83 147.55 Td (for ) Tj ET Q q 0 0 0 rg BT 147.70 147.55 Td (general ) Tj ET Q q 0 0 0 rg BT 181.22 147.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 223.49 147.55 Td (purposes ) Tj ET Q q 0 0 0 rg BT 263.44 147.55 Td (in ) Tj ET Q q 0 0 0 rg BT 274.23 147.55 Td (the ) Tj ET Q q 0 0 0 rg BT 289.69 147.55 Td (current ) Tj ET Q q 0 0 0 rg BT 322.04 147.55 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 363.73 147.55 Td (market ) Tj ET Q q 0 0 0 rg BT 395.51 147.55 Td (environment.) Tj ET Q endstream endobj 293 0 obj <> endobj 294 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (144) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 227.40 729.30 Td (QUAR) Tj ET Q q 0 0 0 rg BT 257.95 729.30 Td (TERL) Tj ET Q q 0 0 0 rg BT 285.58 729.30 Td (Y) Tj ET Q q 0 0 0 rg BT 292.77 729.30 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 354.32 729.30 Td ( DA) Tj ET Q q 0 0 0 rg BT 371.33 729.30 Td (T) Tj ET Q q 0 0 0 rg BT 377.56 729.30 Td (A) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 147.05 716.70 Td (\(Dollars in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 308.24 716.70 Td (e amounts or unless otherwise noted\)) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 280.30 704.10 Td (\(Unaudited\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 679.6 m 385 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 679.6 m 389 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 679.6 m 444 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 679.6 m 448 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 679.6 m 503 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 679.6 m 507 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 679.6 m 562 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 665.6 m 326 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 665.6 m 444 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 665.6 m 503 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 665.6 m 562 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 665.6 m 385 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 639.6 m 326 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 639.6 m 385 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 639.6 m 444 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 639.6 m 503 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 639.6 m 562 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 626.6 m 326 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 626.6 m 385 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 626.6 m 444 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 626.6 m 503 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 626.6 m 562 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 613.6 m 326 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 626.6 m 385 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 613.6 m 385 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 613.6 m 444 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 613.6 m 503 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 613.6 m 562 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 587.6 m 326 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 587.6 m 385 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 587.6 m 444 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 587.6 m 503 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 587.6 m 562 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 574.6 m 385 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 574.6 m 444 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 574.6 m 503 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 574.6 m 562 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 574.6 m 326 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 560.6 m 385 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 560.6 m 444 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 560.6 m 503 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 560.6 m 562 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 560.6 m 326 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 547.6 m 326 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 547.6 m 385 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 547.6 m 444 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 547.6 m 503 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 547.6 m 562 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 455.6 m 326 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 455.6 m 385 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 455.6 m 444 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 455.6 m 503 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 455.6 m 562 455.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.95 684.28 Td (Quarter) Tj ET Q q 0 0 0 rg BT 447.85 684.28 Td ( Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 670.17 Td (Fiscal 2020) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 97.89 674.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 670.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 358.92 670.28 Td (.�31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.45 670.28 Td (Dec.�31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.05 670.28 Td (Sept.�30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.45 670.28 Td (June 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 656.17 Td (Operating Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 656.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 656.33 Td (719,587) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 656.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 656.33 Td (753,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 656.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 656.33 Td (743,264) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 656.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 656.33 Td (705,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 643.17 Td (Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 643.33 Td (553,333) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 643.33 Td (623,920) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 643.33 Td (618,287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 643.33 Td (621,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 630.17 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 630.33 Td (166,254) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 630.33 Td (129,994) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 630.33 Td (124,977) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 630.33 Td (83,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 617.17 Td (Non-Operating Income \(Expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 617.38 Td (\(65,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 617.33 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 617.38 Td (\(5,327) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 617.33 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 617.38 Td (\(19,692) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 617.33 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 617.38 Td (\(4,318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 617.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 604.17 Td (Income before Income ) Tj ET Q q 0 0 0 rg BT 144.42 604.17 Td (T) Tj ET Q q 0 0 0 rg BT 150.09 604.17 Td (ax Provision) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 604.33 Td (100,965) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 604.33 Td (124,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 604.33 Td (105,285) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 604.33 Td (79,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 591.17 Td (Income tax provision) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 591.33 Td (25,582) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 591.33 Td (33,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 591.33 Td (28,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 591.33 Td (18,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 578.17 Td (Net Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 578.33 Td (75,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 578.33 Td (91,003) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 578.33 Td (76,531) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 578.33 Td (61,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 565.17 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 565.28 Td (1) Tj ET Q q 0 0 0 rg BT 358.65 565.28 Td (1,224) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 565.28 Td (16,228) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 565.28 Td (9,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 565.28 Td (16,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 551.17 Td (Net Income ) Tj ET Q q 0 0 0 rg BT 100.65 551.17 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 551.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 551.33 Td (64,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 551.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 551.33 Td (74,775) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 551.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 551.33 Td (67,083) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 551.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 551.33 Td (45,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 538.17 Td (Net Income per share ) Tj ET Q q 0 0 0 rg BT 139.24 538.17 Td (Attributable to Legg Mason,�Inc. Shareholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 524.17 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 524.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 524.33 Td (0.71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 524.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 524.33 Td (0.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 524.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 524.33 Td (0.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 524.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 524.33 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 511.17 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 511.33 Td (0.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 511.33 Td (0.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 511.33 Td (0.74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 511.33 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 498.17 Td (Cash dividend declared per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.65 498.33 Td (0.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.65 498.33 Td (0.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 498.33 Td (0.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 498.33 Td (0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 485.17 Td (Assets Under Management \(in millions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 472.17 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 472.33 Td (730,816) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 472.33 Td (803,534) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 472.33 Td (781,796) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 472.33 Td (780,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 459.17 Td (A) Tj ET Q q 0 0 0 rg BT 63.98 459.17 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.65 459.33 Td (782,444) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 459.33 Td (791,704) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 459.33 Td (779,848) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 459.33 Td (765,918) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 445.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 445.90 Td (Due ) Tj ET Q q 0 0 0 rg BT 83.79 445.90 Td (to ) Tj ET Q q 0 0 0 rg BT 92.52 445.90 Td (rounding ) Tj ET Q q 0 0 0 rg BT 125.34 445.90 Td (of ) Tj ET Q q 0 0 0 rg BT 134.55 445.90 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 167.35 445.90 Td (results, ) Tj ET Q q 0 0 0 rg BT 193.80 445.90 Td (total ) Tj ET Q q 0 0 0 rg BT 211.03 445.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 241.96 445.90 Td (for ) Tj ET Q q 0 0 0 rg BT 253.99 445.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 274.53 445.90 Td (year ) Tj ET Q q 0 0 0 rg BT 291.28 445.90 Td (may ) Tj ET Q q 0 0 0 rg BT 308.04 445.90 Td (dif) Tj ET Q q 0 0 0 rg BT 317.33 445.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 328.89 445.90 Td (immaterially ) Tj ET Q q 0 0 0 rg BT 374.44 445.90 Td (from ) Tj ET Q q 0 0 0 rg BT 393.09 445.90 Td (the ) Tj ET Q q 0 0 0 rg BT 405.60 445.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 430.38 445.90 Td (results.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 411.20000000000005 m 383.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 411.20000000000005 m 387.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 411.20000000000005 m 442.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 411.20000000000005 m 446.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 411.20000000000005 m 501.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 411.20000000000005 m 505.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 411.20000000000005 m 560.5 411.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 397.20000000000005 m 325.5 397.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 397.20000000000005 m 442.5 397.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 397.20000000000005 m 501.5 397.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 397.20000000000005 m 560.5 397.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 397.20000000000005 m 383.5 397.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 347.20000000000005 m 325.5 347.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 347.20000000000005 m 383.5 347.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 347.20000000000005 m 442.5 347.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 347.20000000000005 m 501.5 347.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 347.20000000000005 m 560.5 347.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 334.20000000000005 m 325.5 334.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 334.20000000000005 m 383.5 334.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 334.20000000000005 m 442.5 334.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 334.20000000000005 m 501.5 334.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 334.20000000000005 m 560.5 334.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 321.20000000000005 m 325.5 321.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 334.20000000000005 m 383.5 334.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 321.20000000000005 m 383.5 321.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 321.20000000000005 m 442.5 321.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 321.20000000000005 m 501.5 321.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 321.20000000000005 m 560.5 321.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 295.20000000000005 m 325.5 295.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 295.20000000000005 m 383.5 295.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 295.20000000000005 m 442.5 295.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 295.20000000000005 m 501.5 295.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 295.20000000000005 m 560.5 295.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 282.20000000000005 m 383.5 282.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 282.20000000000005 m 442.5 282.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 282.20000000000005 m 501.5 282.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 282.20000000000005 m 560.5 282.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 282.20000000000005 m 325.5 282.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 268.20000000000005 m 383.5 268.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 268.20000000000005 m 442.5 268.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 268.20000000000005 m 501.5 268.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 268.20000000000005 m 560.5 268.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 268.20000000000005 m 325.5 268.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 255.20000000000005 m 325.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 255.20000000000005 m 383.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 255.20000000000005 m 442.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 255.20000000000005 m 501.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 255.20000000000005 m 560.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 163.20000000000005 m 325.5 163.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 163.20000000000005 m 383.5 163.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 163.20000000000005 m 442.5 163.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 163.20000000000005 m 501.5 163.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 163.20000000000005 m 560.5 163.20000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.20 415.77 Td (Quarter Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.77 Td (Fiscal 2019) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.39 406.30 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 401.77 Td (Mar) Tj ET Q q 0 0 0 rg BT 356.78 401.77 Td (.�31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.95 401.77 Td (Dec.�31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.10 401.77 Td (Sept.�30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.05 401.77 Td (June 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.77 Td (Operating Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 387.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 387.77 Td (692,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 387.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 387.77 Td (704,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 387.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 387.77 Td (758,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 387.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 387.77 Td (747,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.87 Td (Operating Expenses, excluding Impairment of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 364.87 Td (614,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 364.87 Td (575,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 364.87 Td (622,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 364.87 Td (622,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 350.77 Td (Impairment of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 350.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 350.77 Td (365,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 350.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 350.77 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 337.77 Td (Operating Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 337.77 Td (78,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 337.82 Td (\(236,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 337.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 337.77 Td (135,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 337.77 Td (125,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.77 Td (Non-Operating Income \(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 324.82 Td (\(2,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 324.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 324.82 Td (\(30,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 324.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 324.82 Td (\(24,81) Tj ET Q q 0 0 0 rg BT 492.63 324.82 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 324.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 324.82 Td (\(16,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 324.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 311.77 Td (Income \(Loss\) before Income ) Tj ET Q q 0 0 0 rg BT 173.97 311.77 Td (T) Tj ET Q q 0 0 0 rg BT 179.64 311.77 Td (ax Provision \(Benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 311.77 Td (75,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 311.82 Td (\(266,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 311.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 311.77 Td (1) Tj ET Q q 0 0 0 rg BT 470.15 311.77 Td (10,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 311.77 Td (109,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 298.77 Td (Income tax provision \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 298.77 Td (20,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 298.82 Td (\(60,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 298.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 298.77 Td (29,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 298.77 Td (30,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.77 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 285.77 Td (54,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 285.82 Td (\(206,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 285.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 285.77 Td (81,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 285.77 Td (78,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 272.77 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 272.77 Td (5,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 272.77 Td (10,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 272.77 Td (8,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 272.77 Td (12,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.77 Td (Net Income \(Loss\) ) Tj ET Q q 0 0 0 rg BT 130.20 258.77 Td (Attributable to Legg Mason, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 258.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 258.77 Td (49,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 258.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 258.82 Td (\(216,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 258.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 258.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 258.77 Td (72,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 258.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 258.77 Td (66,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.77 Td (Net Income \(Loss\) per share ) Tj ET Q q 0 0 0 rg BT 168.79 245.77 Td (Attributable to Legg Mason,�Inc. 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Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 603.90 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.86 603.90 Td (Officers) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 578.70 Td (Joseph ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.07 578.70 Td (A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.33 578.70 Td (Sullivan�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.23 578.70 Td (s) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.31 578.70 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.94 578.70 Td (biographical ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.04 578.70 Td (information ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.24 578.70 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.87 578.70 Td (set ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.16 578.70 Td (forth ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.20 578.70 Td (below ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.48 578.70 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.01 578.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.47 578.70 Td (heading ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.33 578.70 Td (�Directors�.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 553.50 Td (Peter ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.62 553.50 Td (H. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.79 553.50 Td (Nachtwey) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.37 553.50 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.38 553.50 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.33 553.50 Td (64, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.84 553.50 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.55 553.50 Td (elected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.66 553.50 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.37 553.50 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.82 553.50 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.71 553.50 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.32 553.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.87 553.50 Td (Senior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.66 553.50 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.78 553.50 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.73 553.50 Td (ice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.35 553.50 Td (President ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.81 553.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.94 553.50 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 540.90 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.61 540.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.30 540.90 Td (January ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.48 540.90 Td (201) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.84 540.90 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.61 540.90 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.88 540.90 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.31 540.90 Td (joined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.08 540.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.44 540.90 Td (firm. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.66 540.90 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.94 540.90 Td (July ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.97 540.90 Td (2007 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.49 540.90 Td (through ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.68 540.90 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.34 540.90 Td (2010, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 430.49 540.90 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.75 540.90 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.90 540.90 Td (Nachtwey ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.98 540.90 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.91 540.90 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.18 540.90 Td (Chief ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 528.30 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.90 528.30 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.79 528.30 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.35 528.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.25 528.30 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.90 528.30 Td (Carlyle ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.13 528.30 Td (Group, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.91 528.30 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.15 528.30 Td (alternative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.78 528.30 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.18 528.30 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.15 528.30 Td (firm, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.18 528.30 Td (where ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.16 528.30 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.40 528.30 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.88 528.30 Td (responsibility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.37 528.30 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.94 528.30 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 528.30 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 515.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.86 515.70 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.13 515.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.83 515.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.02 515.70 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.63 515.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.91 515.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.28 515.70 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.04 515.70 Td (functions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.66 515.70 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.77 515.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.13 515.70 Td (firm. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 330.37 515.70 Td (Prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.91 515.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.43 515.70 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.29 515.70 Td (Carlyle ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.73 515.70 Td (Group, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.72 515.70 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.97 515.70 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.13 515.70 Td (Nachtwey ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.23 515.70 Td (spent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.93 515.70 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 503.10 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 71.67 503.10 Td (25 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.27 503.10 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.52 503.10 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.19 503.10 Td (Deloitte ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.11 503.10 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.07 503.10 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.75 503.10 Td (ouche, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.54 503.10 Td (LLP) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.05 503.10 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.77 503.10 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.77 503.10 Td (accounting ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.93 503.10 Td (firm, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.73 503.10 Td (most ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.25 503.10 Td (recently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.15 503.10 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.99 503.10 Td (Managing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 446.66 503.10 Td (Partner ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.08 503.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.92 503.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.84 503.10 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 490.50 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.94 490.50 Td (practice.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 465.30 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.95 465.30 Td (erence ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.01 465.30 Td (Johnson) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.37 465.30 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.49 465.30 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.55 465.30 Td (48, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.17 465.30 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.99 465.30 Td (appointed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.89 465.30 Td (Head ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.54 465.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.78 465.30 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.85 465.30 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.10 465.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.76 465.30 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.66 465.30 Td (2013 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.15 465.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.80 465.30 Td (elected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.02 465.30 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.32 465.30 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.27 465.30 Td (ice ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 452.70 Td (President ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 90.96 452.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.98 452.70 Td (April ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.52 452.70 Td (2013. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.53 452.70 Td (Since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.23 452.70 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.43 452.70 Td (2012, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.44 452.70 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.73 452.70 Td (had ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.26 452.70 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.46 452.70 Td (serving ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.75 452.70 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.88 452.70 Td (interim ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.59 452.70 Td (Head ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.12 452.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.25 452.70 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.20 452.70 Td (Distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.96 452.70 Td (overseeing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.82 452.70 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 440.10 Td (Distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.85 440.10 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.48 440.10 Td (Distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 218.83 440.10 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.38 440.10 Td (Product ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.03 440.10 Td (Development, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.19 440.10 Td (Marketing, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.53 440.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.01 440.10 Td (Administration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.57 440.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.71 440.10 Td (Operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.76 440.10 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 427.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.78 427.50 Td (division. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.70 427.50 Td (Prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.15 427.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.77 427.50 Td (that, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.59 427.50 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.85 427.50 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.92 427.50 Td (Johnson ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.80 427.50 Td (headed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.98 427.50 Td (International ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.08 427.50 Td (Distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.28 427.50 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.31 427.50 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.34 427.50 Td (Mason. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.00 427.50 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.26 427.50 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.33 427.50 Td (Johnson ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.21 427.50 Td (joined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.91 427.50 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.93 427.50 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.29 414.90 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.06 414.90 Td (2005 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.68 414.90 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.72 414.90 Td (Citigroup ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.02 414.90 Td (Asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.98 414.90 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.41 414.90 Td (following ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.87 414.90 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.42 414.90 Td (acquisition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.12 414.90 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.25 414.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.44 414.90 Td (Mason.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 389.70 Td (Patricia ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.57 389.70 Td (Lattin) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.83 389.70 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.11 389.70 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.34 389.70 Td (55, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.12 389.70 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.10 389.70 Td (appointed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.17 389.70 Td (Head ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.98 389.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.38 389.70 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.62 389.70 Td (Human ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.19 389.70 Td (Resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.00 389.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.82 389.70 Td (January ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 456.13 389.70 Td (2009 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.79 389.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.61 389.70 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.59 389.70 Td (Human ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 377.10 Td (Resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.11 377.10 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.00 377.10 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.70 377.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.32 377.10 Td (June ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.03 377.10 Td (2017. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.11 377.10 Td (Ms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.62 377.10 Td (Lattin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.16 377.10 Td (oversees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.77 377.10 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.80 377.10 Td (Mason's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.82 377.10 Td (Human ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.19 377.10 Td (Resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.81 377.10 Td (department ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 473.50 377.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 492.12 377.10 Td (leads ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.15 377.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.44 377.10 Td (firm's ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 364.50 Td (ef) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 57.47 364.50 Td (forts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.99 364.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.43 364.50 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.69 364.50 Td (Social ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.20 364.50 Td (Responsibility ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.15 364.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.58 364.50 Td (Philanthropy) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.15 364.50 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.05 364.50 Td (Ms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.74 364.50 Td (Lattin ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.09 364.50 Td (joined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.61 364.50 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 407.46 364.50 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.31 364.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.75 364.50 Td (1997 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.03 364.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.46 364.50 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.73 364.50 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.41 364.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.85 364.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.90 Td (variety ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.64 351.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 93.37 351.90 Td (positions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 134.28 351.90 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.44 351.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.00 351.90 Td (Mason's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.55 351.90 Td (Human ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.44 351.90 Td (Resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.59 351.90 Td (department, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.43 351.90 Td (including ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 383.08 351.90 Td (Head ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.22 351.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.95 351.90 Td (Employee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.51 351.90 Td (Relations, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.78 351.90 Td (Director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 548.75 351.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 339.30 Td (Human ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.04 339.30 Td (Resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.24 339.30 Td (Administration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.44 339.30 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.73 339.30 Td (included ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.51 339.30 Td (Director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.12 339.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.49 339.30 Td (Benefits ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.11 339.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.89 339.30 Td (Director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.50 339.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 414.87 339.30 Td (Employment.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 314.10 Td (Thomas ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.23 314.10 Td (C. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.57 314.10 Td (Merchant) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.16 314.10 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.51 314.10 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.79 314.10 Td (52, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.64 314.10 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.69 314.10 Td (appointed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.81 314.10 Td (General ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.76 314.10 Td (Counsel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.89 314.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.78 314.10 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.90 314.10 Td (2013 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.62 314.10 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.50 314.10 Td (elected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.94 314.10 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.52 314.10 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 504.47 314.10 Td (ice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.42 314.10 Td (President ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 301.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.96 301.50 Td (April ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.07 301.50 Td (2013. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.64 301.50 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.89 301.50 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.46 301.50 Td (Merchant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.63 301.50 Td (continues ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.82 301.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.93 301.50 Td (serve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.03 301.50 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.72 301.50 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.64 301.50 Td (Secretary) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.61 301.50 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.17 301.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.78 301.50 Td (position ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.56 301.50 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.41 301.50 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.35 301.50 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.37 301.50 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.89 301.50 Td (2008. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 499.46 301.50 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.71 301.50 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.28 301.50 Td (Merchant ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.90 Td (oversees ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.13 288.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.17 288.90 Td (Mason's ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.21 288.90 Td (legal, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.71 288.90 Td (compliance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.58 288.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 249.22 288.90 Td (risk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 268.44 288.90 Td (departments. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.86 288.90 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.11 288.90 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.21 288.90 Td (Merchant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.92 288.90 Td (previously ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.72 288.90 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.60 288.90 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.82 288.90 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.28 288.90 Td (General ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 276.30 Td (Counsel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.54 276.30 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.33 276.30 Td (Deputy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.86 276.30 Td (General ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.72 276.30 Td (Counsel. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.39 276.30 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.64 276.30 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.89 276.30 Td (Merchant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.75 276.30 Td (joined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 302.62 276.30 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.82 276.30 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.03 276.30 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.82 276.30 Td (Associate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.27 276.30 Td (General ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.12 276.30 Td (Counsel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.16 276.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.96 276.30 Td (1998.) Tj ET Q BT /F2 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 251.10 Td (Dir) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.47 251.10 Td (ectors) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 225.90 Td (Robert ) Tj ET Q q 0 0 0 rg BT 117.62 225.90 Td (E. ) Tj ET Q q 0 0 0 rg BT 129.76 225.90 Td (Angelica) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 168.26 225.90 Td (, ) Tj ET Q q 0 0 0 rg BT 173.84 225.90 Td (age ) Tj ET Q q 0 0 0 rg BT 191.37 225.90 Td (73, ) Tj ET Q q 0 0 0 rg BT 207.44 225.90 Td (has ) Tj ET Q q 0 0 0 rg BT 224.39 225.90 Td (been ) Tj ET Q q 0 0 0 rg BT 247.17 225.90 Td (a ) Tj ET Q q 0 0 0 rg BT 254.78 225.90 Td (director ) Tj ET Q q 0 0 0 rg BT 290.39 225.90 Td (of ) Tj ET Q q 0 0 0 rg BT 302.08 225.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 326.61 225.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 358.15 225.90 Td (since ) Tj ET Q q 0 0 0 rg BT 382.68 225.90 Td (February ) Tj ET Q q 0 0 0 rg BT 423.54 225.90 Td (2007 ) Tj ET Q q 0 0 0 rg BT 447.49 225.90 Td (and ) Tj ET Q q 0 0 0 rg BT 465.60 225.90 Td (is ) Tj ET Q q 0 0 0 rg BT 475.56 225.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 516.41 225.90 Td (engaged ) Tj ET Q q 0 0 0 rg BT 554.35 225.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 213.30 Td (private ) Tj ET Q q 0 0 0 rg BT 80.58 213.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 128.59 213.30 Td (activities. ) Tj ET Q q 0 0 0 rg BT 171.04 213.30 Td (From ) Tj ET Q q 0 0 0 rg BT 195.73 213.30 Td (1999 ) Tj ET Q q 0 0 0 rg BT 218.65 213.30 Td (through ) Tj ET Q q 0 0 0 rg BT 253.25 213.30 Td (December ) Tj ET Q q 0 0 0 rg BT 298.31 213.30 Td (2006, ) Tj ET Q q 0 0 0 rg BT 323.87 213.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 336.12 213.30 Td (. ) Tj ET Q q 0 0 0 rg BT 340.25 213.30 Td (Angelica ) Tj ET Q q 0 0 0 rg BT 380.07 213.30 Td (served ) Tj ET Q q 0 0 0 rg BT 409.41 213.30 Td (as ) Tj ET Q q 0 0 0 rg BT 420.08 213.30 Td (the ) Tj ET Q q 0 0 0 rg BT 434.84 213.30 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 478.17 213.30 Td (and ) Tj ET Q q 0 0 0 rg BT 495.26 213.30 Td (Chief ) Tj ET Q q 0 0 0 rg BT 520.52 213.30 Td (Executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.70 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 200.70 Td (ficer ) Tj ET Q q 0 0 0 rg BT 82.25 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 93.04 200.70 Td (A) Tj ET Q q 0 0 0 rg BT 99.46 200.70 Td (T&T) Tj ET Q q 0 0 0 rg BT 120.26 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 122.89 200.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 172.17 200.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 229.61 200.70 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 282.98 200.70 Td (\(�A) Tj ET Q q 0 0 0 rg BT 297.55 200.70 Td (TTIMCO�\), ) Tj ET Q q 0 0 0 rg BT 351.21 200.70 Td (an ) Tj ET Q q 0 0 0 rg BT 363.74 200.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 386.78 200.70 Td (management ) Tj ET Q q 0 0 0 rg BT 443.05 200.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 488.84 200.70 Td (of ) Tj ET Q q 0 0 0 rg BT 499.63 200.70 Td (A) Tj ET Q q 0 0 0 rg BT 506.05 200.70 Td (T&T) Tj ET Q q 0 0 0 rg BT 526.86 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 529.48 200.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 548.14 200.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 175.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.75 175.50 Td (. ) Tj ET Q q 0 0 0 rg BT 101.41 175.50 Td (Angelica�) Tj ET Q q 0 0 0 rg BT 142.22 175.50 Td (s ) Tj ET Q q 0 0 0 rg BT 147.63 175.50 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 206.10 175.50 Td (to ) Tj ET Q q 0 0 0 rg BT 215.58 175.50 Td (serve ) Tj ET Q q 0 0 0 rg BT 239.06 175.50 Td (on ) Tj ET Q q 0 0 0 rg BT 250.87 175.50 Td (our ) Tj ET Q q 0 0 0 rg BT 266.19 175.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 293.17 175.50 Td (include ) Tj ET Q q 0 0 0 rg BT 325.39 175.50 Td (his ) Tj ET Q q 0 0 0 rg BT 338.96 175.50 Td (extensive ) Tj ET Q q 0 0 0 rg BT 379.93 175.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.98 175.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 453.72 175.50 Td (knowledge ) Tj ET Q q 0 0 0 rg BT 501.11 175.50 Td (and ) Tj ET Q q 0 0 0 rg BT 517.59 175.50 Td (substantial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.90 Td (leadership ) Tj ET Q q 0 0 0 rg BT 93.96 162.90 Td (experience ) Tj ET Q q 0 0 0 rg BT 140.75 162.90 Td (gained ) Tj ET Q q 0 0 0 rg BT 170.05 162.90 Td (while ) Tj ET Q q 0 0 0 rg BT 194.69 162.90 Td (serving ) Tj ET Q q 0 0 0 rg BT 226.92 162.90 Td (as ) Tj ET Q q 0 0 0 rg BT 236.98 162.90 Td (the ) Tj ET Q q 0 0 0 rg BT 251.12 162.90 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 293.84 162.90 Td (and ) Tj ET Q q 0 0 0 rg BT 310.31 162.90 Td (Chief ) Tj ET Q q 0 0 0 rg BT 334.96 162.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 378.25 162.90 Td (Of) Tj ET Q q 0 0 0 rg BT 389.14 162.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 409.69 162.90 Td (of ) Tj ET Q q 0 0 0 rg BT 419.46 162.90 Td (A) Tj ET Q q 0 0 0 rg BT 425.88 162.90 Td (TTIMCO, ) Tj ET Q q 0 0 0 rg BT 470.06 162.90 Td (which ) Tj ET Q q 0 0 0 rg BT 497.04 162.90 Td (was ) Tj ET Q q 0 0 0 rg BT 514.68 162.90 Td (responsible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 150.30 Td (for ) Tj ET Q q 0 0 0 rg BT 64.62 150.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.32 150.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.27 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 147.30 150.30 Td (administration ) Tj ET Q q 0 0 0 rg BT 210.83 150.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.45 150.30 Td (more ) Tj ET Q q 0 0 0 rg BT 246.90 150.30 Td (than ) Tj ET Q q 0 0 0 rg BT 267.85 150.30 Td ($80 ) Tj ET Q q 0 0 0 rg BT 286.47 150.30 Td (billion ) Tj ET Q q 0 0 0 rg BT 316.76 150.30 Td (of ) Tj ET Q q 0 0 0 rg BT 328.38 150.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 372.07 150.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 404.10 150.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 425.05 150.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.42 150.30 Td (for ) Tj ET Q q 0 0 0 rg BT 466.90 150.30 Td (A) Tj ET Q q 0 0 0 rg BT 473.32 150.30 Td (T&T) Tj ET Q q 0 0 0 rg BT 494.13 150.30 Td ( ) Tj ET Q q 0 0 0 rg BT 497.00 150.30 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 515.90 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 533.94 150.30 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.70 Td (third ) Tj ET Q q 0 0 0 rg BT 72.61 137.70 Td (parties. ) Tj ET Q q 0 0 0 rg BT 106.51 137.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 118.77 137.70 Td (. ) Tj ET Q q 0 0 0 rg BT 123.95 137.70 Td (Angelica�) Tj ET Q q 0 0 0 rg BT 164.77 137.70 Td (s ) Tj ET Q q 0 0 0 rg BT 172.14 137.70 Td (diverse ) Tj ET Q q 0 0 0 rg BT 205.74 137.70 Td (experience ) Tj ET Q q 0 0 0 rg BT 254.49 137.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 292.77 137.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.88 137.70 Td (development ) Tj ET Q q 0 0 0 rg BT 366.39 137.70 Td (of ) Tj ET Q q 0 0 0 rg BT 378.42 137.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 402.12 137.70 Td (allocation ) Tj ET Q q 0 0 0 rg BT 446.80 137.70 Td (policies ) Tj ET Q q 0 0 0 rg BT 482.74 137.70 Td (and ) Tj ET Q q 0 0 0 rg BT 501.19 137.70 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 546.75 137.70 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 108.79 125.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 149.14 125.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.91 125.10 Td (external ) Tj ET Q q 0 0 0 rg BT 197.75 125.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 246.85 125.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 290.11 125.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.30 125.10 Td (trustees, ) Tj ET Q q 0 0 0 rg BT 346.02 125.10 Td (in-house ) Tj ET Q q 0 0 0 rg BT 385.21 125.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 408.64 125.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 467.94 125.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 514.11 125.10 Td (compliance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 68.83 112.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 119.07 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 138.40 112.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.30 112.50 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 224.59 112.50 Td (He ) Tj ET Q q 0 0 0 rg BT 241.00 112.50 Td (was ) Tj ET Q q 0 0 0 rg BT 261.50 112.50 Td (awarded ) Tj ET Q q 0 0 0 rg BT 301.24 112.50 Td (the ) Tj ET Q q 0 0 0 rg BT 318.23 112.50 Td (Chartered ) Tj ET Q q 0 0 0 rg BT 363.80 112.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 406.13 112.50 Td (Analyst ) Tj ET Q q 0 0 0 rg BT 442.96 112.50 Td (designation. ) Tj ET Q q 0 0 0 rg BT 498.17 112.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 518.67 112.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 548.50 112.50 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.12 99.90 Td (that ) Tj ET Q q 0 0 0 rg BT 117.25 99.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 129.50 99.90 Td (. ) Tj ET Q q 0 0 0 rg BT 133.98 99.90 Td (Angelica ) Tj ET Q q 0 0 0 rg BT 174.27 99.90 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 212.81 99.90 Td (as ) Tj ET Q q 0 0 0 rg BT 223.94 99.90 Td (an ) Tj ET Q q 0 0 0 rg BT 236.24 99.90 Td (�audit ) Tj ET Q q 0 0 0 rg BT 264.28 99.90 Td (committee ) Tj ET Q q 0 0 0 rg BT 310.99 99.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.10 99.90 Td (expert� ) Tj ET Q q 0 0 0 rg BT 383.38 99.90 Td (under ) Tj ET Q q 0 0 0 rg BT 409.68 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 424.89 99.90 Td (rules ) Tj ET Q q 0 0 0 rg BT 447.69 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 465.23 99.90 Td (regulations ) Tj ET Q q 0 0 0 rg BT 514.27 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 525.41 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 540.62 99.90 Td (SEC.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 85.50 74.70 Td (Carol ) Tj ET Q q 0 0 0 rg BT 112.38 74.70 Td (Anthony ) Tj ET Q q 0 0 0 rg BT 152.52 74.70 Td (\(�John�\) ) Tj ET Q q 0 0 0 rg BT 194.98 74.70 Td (Davidson) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 235.82 74.70 Td (,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.44 74.70 Td ( ) Tj ET Q q 0 0 0 rg BT 241.23 74.70 Td (age ) Tj ET Q q 0 0 0 rg BT 258.59 74.70 Td (64, ) Tj ET Q q 0 0 0 rg BT 274.50 74.70 Td (has ) Tj ET Q q 0 0 0 rg BT 291.29 74.70 Td (been ) Tj ET Q q 0 0 0 rg BT 313.90 74.70 Td (a ) Tj ET Q q 0 0 0 rg BT 321.34 74.70 Td (director ) Tj ET Q q 0 0 0 rg BT 356.78 74.70 Td (of ) Tj ET Q q 0 0 0 rg BT 368.31 74.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 392.68 74.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 424.05 74.70 Td (since ) Tj ET Q q 0 0 0 rg BT 448.41 74.70 Td (May ) Tj ET Q q 0 0 0 rg BT 470.45 74.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 496.86 74.70 Td (and ) Tj ET Q q 0 0 0 rg BT 514.81 74.70 Td (is ) Tj ET Q q 0 0 0 rg BT 524.60 74.70 Td (currently ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 87.45 62.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.59 62.10 Td (private ) Tj ET Q q 0 0 0 rg BT 130.71 62.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 179.76 62.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 223.26 62.10 Td (From ) Tj ET Q q 0 0 0 rg BT 248.98 62.10 Td (January ) Tj ET Q q 0 0 0 rg BT 284.61 62.10 Td (2004 ) Tj ET Q q 0 0 0 rg BT 308.58 62.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.71 62.10 Td (September ) Tj ET Q q 0 0 0 rg BT 367.59 62.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 394.18 62.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 406.44 62.10 Td (. ) Tj ET Q q 0 0 0 rg BT 412.03 62.10 Td (Davidson ) Tj ET Q q 0 0 0 rg BT 455.25 62.10 Td (served ) Tj ET Q q 0 0 0 rg BT 485.62 62.10 Td (as ) Tj ET Q q 0 0 0 rg BT 497.34 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.14 62.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 543.31 62.10 Td (V) Tj ET Q q 0 0 0 rg BT 550.26 62.10 Td (ice ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 49.50 Td (President, ) Tj ET Q q 0 0 0 rg BT 92.86 49.50 Td (Controller ) Tj ET Q q 0 0 0 rg BT 137.68 49.50 Td (and ) Tj ET Q q 0 0 0 rg BT 154.50 49.50 Td (Chief ) Tj ET Q q 0 0 0 rg BT 179.13 49.50 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 229.77 49.50 Td (Of) Tj ET Q q 0 0 0 rg BT 240.66 49.50 Td (ficer ) Tj ET Q q 0 0 0 rg BT 261.56 49.50 Td (of ) Tj ET Q q 0 0 0 rg BT 271.84 49.50 Td (T) Tj ET Q q 0 0 0 rg BT 277.52 49.50 Td (yco ) Tj ET Q q 0 0 0 rg BT 294.34 49.50 Td (International ) Tj ET Q q 0 0 0 rg BT 349.65 49.50 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 368.51 49.50 Td (\(�T) Tj ET Q q 0 0 0 rg BT 382.35 49.50 Td (yco�\). ) Tj ET Q q 0 0 0 rg BT 409.95 49.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 422.21 49.50 Td (. ) Tj ET Q q 0 0 0 rg BT 426.49 49.50 Td (Davidson ) Tj ET Q q 0 0 0 rg BT 468.40 49.50 Td (has ) Tj ET Q q 0 0 0 rg BT 484.06 49.50 Td (served ) Tj ET Q q 0 0 0 rg BT 513.12 49.50 Td (as ) Tj ET Q q 0 0 0 rg BT 523.53 49.50 Td (a ) Tj ET Q q 0 0 0 rg BT 529.85 49.50 Td (director ) Tj ET Q endstream endobj 299 0 obj <> endobj 300 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (147) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 741.75 Td (TE ) Tj ET Q q 0 0 0 rg BT 75.97 741.75 Td (Connectivity ) Tj ET Q q 0 0 0 rg BT 132.76 741.75 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 152.50 741.75 Td (since ) Tj ET Q q 0 0 0 rg BT 176.62 741.75 Td (March ) Tj ET Q q 0 0 0 rg BT 206.56 741.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 230.11 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.81 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 255.01 741.75 Td (director ) Tj ET Q q 0 0 0 rg BT 290.20 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 300.92 741.75 Td (Aller) Tj ET Q q 0 0 0 rg BT 322.31 741.75 Td (gan ) Tj ET Q q 0 0 0 rg BT 340.01 741.75 Td (Plc ) Tj ET Q q 0 0 0 rg BT 355.97 741.75 Td (since ) Tj ET Q q 0 0 0 rg BT 380.09 741.75 Td (May ) Tj ET Q q 0 0 0 rg BT 401.87 741.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 428.04 741.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 440.29 741.75 Td (. ) Tj ET Q q 0 0 0 rg BT 445.46 741.75 Td (Davidson ) Tj ET Q q 0 0 0 rg BT 488.25 741.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 535.12 741.75 Td (served ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.44 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 67.30 729.15 Td (director ) Tj ET Q q 0 0 0 rg BT 102.15 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 113.09 729.15 Td (DaV) Tj ET Q q 0 0 0 rg BT 132.29 729.15 Td (ita, ) Tj ET Q q 0 0 0 rg BT 147.60 729.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 165.83 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 188.44 729.15 Td (December ) Tj ET Q q 0 0 0 rg BT 233.78 729.15 Td (2010 ) Tj ET Q q 0 0 0 rg BT 256.97 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 267.34 729.15 Td (March ) Tj ET Q q 0 0 0 rg BT 296.94 729.15 Td (2018 ) Tj ET Q q 0 0 0 rg BT 320.14 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 337.49 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 348.44 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 355.29 729.15 Td (director ) Tj ET Q q 0 0 0 rg BT 390.14 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 401.08 729.15 Td (Pentair ) Tj ET Q q 0 0 0 rg BT 433.02 729.15 Td (Plc ) Tj ET Q q 0 0 0 rg BT 448.64 729.15 Td (from ) Tj ET Q q 0 0 0 rg BT 471.25 729.15 Td (October ) Tj ET Q q 0 0 0 rg BT 507.26 729.15 Td (2012 ) Tj ET Q q 0 0 0 rg BT 530.46 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 540.34 729.15 Td (April ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (2018. ) Tj ET Q q 0 0 0 rg BT 75.72 716.55 Td (From ) Tj ET Q q 0 0 0 rg BT 101.06 716.55 Td (2013 ) Tj ET Q q 0 0 0 rg BT 124.66 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 135.42 716.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 161.64 716.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 173.89 716.55 Td (. ) Tj ET Q q 0 0 0 rg BT 179.11 716.55 Td (Davidson ) Tj ET Q q 0 0 0 rg BT 221.95 716.55 Td (served ) Tj ET Q q 0 0 0 rg BT 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rg BT 487.63 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 544.44 565.35 Td (firm ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (specializing ) Tj ET Q q 0 0 0 rg BT 101.37 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.26 552.75 Td (helping ) Tj ET Q q 0 0 0 rg BT 144.48 552.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 191.11 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.00 552.75 Td (optimize ) Tj ET Q q 0 0 0 rg BT 239.47 552.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 288.42 552.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 345.82 552.75 Td (since ) Tj ET Q q 0 0 0 rg BT 369.12 552.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 394.47 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.20 552.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 408.45 552.75 Td (. ) Tj ET Q q 0 0 0 rg BT 412.80 552.75 Td (Garden ) Tj ET Q q 0 0 0 rg BT 445.42 552.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 485.05 552.75 Td (serves ) Tj ET Q q 0 0 0 rg BT 513.01 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 523.48 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 529.87 552.75 Td (director ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.35 540.15 Td (General ) Tj ET Q q 0 0 0 rg BT 95.69 540.15 Td (Electric ) Tj ET Q q 0 0 0 rg BT 130.44 540.15 Td (Company) Tj ET Q q 0 0 0 rg BT 170.59 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 175.33 540.15 Td (an ) Tj ET Q q 0 0 0 rg BT 187.34 540.15 Td (industrial ) Tj ET Q q 0 0 0 rg BT 229.11 540.15 Td (company) Tj ET Q q 0 0 0 rg BT 266.92 540.15 Td (, ) Tj ET Q q 0 0 0 rg BT 271.65 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 288.92 540.15 Td (served ) Tj ET Q q 0 0 0 rg BT 318.43 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 329.29 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 336.06 540.15 Td (director ) Tj ET Q q 0 0 0 rg BT 370.81 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 381.51 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 399.95 540.15 Td (Bank ) Tj ET Q q 0 0 0 rg BT 424.22 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 435.07 540.15 Td (New ) Tj ET Q q 0 0 0 rg BT 456.69 540.15 Td (Y) Tj ET Q q 0 0 0 rg BT 463.23 540.15 Td (ork ) Tj ET Q q 0 0 0 rg BT 479.33 540.15 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 511.77 540.15 Td (Corporation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (from ) Tj ET Q q 0 0 0 rg BT 72.53 527.55 Td (December ) Tj ET Q q 0 0 0 rg BT 118.28 527.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 141.89 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 152.68 527.55 Td (June ) Tj ET Q q 0 0 0 rg BT 174.54 527.55 Td (2019, ) Tj ET Q q 0 0 0 rg BT 200.78 527.55 Td (where ) Tj ET Q q 0 0 0 rg BT 229.04 527.55 Td (he ) Tj ET Q q 0 0 0 rg BT 241.57 527.55 Td (chaired ) Tj ET Q q 0 0 0 rg BT 275.08 527.55 Td (its ) Tj ET Q q 0 0 0 rg BT 287.62 527.55 Td (Human ) Tj ET Q q 0 0 0 rg BT 321.14 527.55 Td (Resources ) Tj ET Q q 0 0 0 rg BT 366.91 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 384.69 527.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 447.97 527.55 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 499.87 527.55 Td (as ) Tj ET Q q 0 0 0 rg BT 511.23 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 518.50 527.55 Td (director ) Tj ET Q q 0 0 0 rg BT 553.77 527.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Family ) Tj ET Q q 0 0 0 rg BT 81.97 514.95 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 111.51 514.95 Td (Stores, ) Tj ET Q q 0 0 0 rg BT 143.10 514.95 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 164.47 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 171.85 514.95 Td (discount ) Tj ET Q q 0 0 0 rg BT 210.15 514.95 Td (retailer) Tj ET Q q 0 0 0 rg BT 239.46 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 244.80 514.95 Td (from ) Tj ET Q q 0 0 0 rg BT 267.92 514.95 Td (September ) Tj ET Q q 0 0 0 rg BT 315.54 514.95 Td (201) Tj ET Q q 0 0 0 rg BT 330.90 514.95 Td (1 ) Tj ET Q q 0 0 0 rg BT 338.87 514.95 Td (until ) Tj ET Q q 0 0 0 rg BT 360.84 514.95 Td (its ) Tj ET Q q 0 0 0 rg BT 373.47 514.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 422.27 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 435.48 514.95 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 464.83 514.95 Td (T) Tj ET Q q 0 0 0 rg BT 470.87 514.95 Td (ree, ) Tj ET Q q 0 0 0 rg BT 489.03 514.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 507.78 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 518.66 514.95 Td (July ) Tj ET Q q 0 0 0 rg BT 538.88 514.95 Td (2015, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 61.36 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 69.13 502.35 Td (director ) Tj ET Q q 0 0 0 rg BT 104.89 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 116.52 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 135.73 502.35 Td (W) Tj ET Q q 0 0 0 rg BT 144.80 502.35 Td (endy�) Tj ET Q q 0 0 0 rg BT 168.13 502.35 Td (s ) Tj ET Q q 0 0 0 rg BT 175.32 502.35 Td (Company) Tj ET Q q 0 0 0 rg BT 215.47 502.35 Td (, ) Tj ET Q q 0 0 0 rg BT 221.21 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 228.98 502.35 Td (restaurant ) Tj ET Q q 0 0 0 rg BT 273.48 502.35 Td (chain, ) Tj ET Q q 0 0 0 rg BT 301.95 502.35 Td (from ) Tj ET Q q 0 0 0 rg BT 325.47 502.35 Td (December ) Tj ET Q q 0 0 0 rg BT 371.72 502.35 Td (2004 ) Tj ET Q q 0 0 0 rg BT 395.83 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 407.11 502.35 Td (December ) Tj ET Q q 0 0 0 rg BT 453.36 502.35 Td (2015, ) Tj ET Q q 0 0 0 rg BT 480.09 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 498.36 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 510.22 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 517.99 502.35 Td (director ) Tj ET Q q 0 0 0 rg BT 553.75 502.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Pentair ) Tj ET Q q 0 0 0 rg BT 82.26 489.75 Td (plc, ) Tj ET Q q 0 0 0 rg BT 100.73 489.75 Td (an ) Tj ET Q q 0 0 0 rg BT 113.65 489.75 Td (industrial ) Tj ET Q q 0 0 0 rg BT 156.33 489.75 Td (manufacturing ) Tj ET Q q 0 0 0 rg BT 220.58 489.75 Td (company) Tj ET Q q 0 0 0 rg BT 258.39 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 264.03 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 287.45 489.75 Td (May ) Tj ET Q q 0 0 0 rg BT 309.72 489.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 333.73 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 344.25 489.75 Td (April ) Tj ET Q q 0 0 0 rg BT 369.43 489.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 396.07 489.75 Td (Previously ) Tj ET Q q 0 0 0 rg BT 444.01 489.75 Td (he ) Tj ET Q q 0 0 0 rg BT 456.93 489.75 Td (served ) Tj ET Q q 0 0 0 rg BT 487.35 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 498.90 489.75 Td (V) Tj ET Q q 0 0 0 rg BT 505.85 489.75 Td (ice ) Tj ET Q q 0 0 0 rg BT 521.11 489.75 Td (Chairman ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 73.52 477.15 Td (director ) Tj ET Q q 0 0 0 rg BT 108.26 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 118.95 477.15 Td (T) Tj ET Q q 0 0 0 rg BT 125.00 477.15 Td (riarc ) Tj ET Q q 0 0 0 rg BT 146.33 477.15 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 198.30 477.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 216.43 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 238.93 477.15 Td (December ) Tj ET Q q 0 0 0 rg BT 284.17 477.15 Td (2004 ) Tj ET Q q 0 0 0 rg BT 307.27 477.15 Td (through ) Tj ET Q q 0 0 0 rg BT 342.03 477.15 Td (June ) Tj ET Q q 0 0 0 rg BT 363.37 477.15 Td (2007 ) Tj ET Q q 0 0 0 rg BT 386.47 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 403.73 477.15 Td (Executive ) Tj ET Q q 0 0 0 rg BT 447.66 477.15 Td (V) Tj ET Q q 0 0 0 rg BT 454.61 477.15 Td (ice ) Tj ET Q q 0 0 0 rg BT 468.94 477.15 Td (President ) Tj ET Q q 0 0 0 rg BT 510.12 477.15 Td (from ) Tj ET Q q 0 0 0 rg BT 532.16 477.15 Td (August ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (2003 ) Tj ET Q q 0 0 0 rg BT 72.57 464.55 Td (until ) Tj ET Q q 0 0 0 rg BT 93.90 464.55 Td (December ) Tj ET Q q 0 0 0 rg BT 139.11 464.55 Td (2004. ) Tj ET Q q 0 0 0 rg BT 164.80 464.55 Td (Prior ) Tj ET Q q 0 0 0 rg BT 187.87 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 198.11 464.55 Td (joining ) Tj ET Q q 0 0 0 rg BT 229.79 464.55 Td (T) Tj ET Q q 0 0 0 rg BT 235.83 464.55 Td (riarc, ) Tj ET Q q 0 0 0 rg BT 259.76 464.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 272.01 464.55 Td (. ) Tj ET Q q 0 0 0 rg BT 276.71 464.55 Td (Garden ) Tj ET Q q 0 0 0 rg BT 309.68 464.55 Td (was ) Tj ET Q q 0 0 0 rg BT 328.08 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 334.82 464.55 Td (managing ) Tj ET Q q 0 0 0 rg BT 378.29 464.55 Td (director ) Tj ET Q q 0 0 0 rg BT 413.01 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 423.83 464.55 Td (Credit ) Tj ET Q q 0 0 0 rg BT 452.15 464.55 Td (Suisse ) Tj ET Q q 0 0 0 rg BT 481.06 464.55 Td (First ) Tj ET Q q 0 0 0 rg BT 502.39 464.55 Td (Boston, ) Tj ET Q q 0 0 0 rg BT 536.84 464.55 Td (where ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (he ) Tj ET Q q 0 0 0 rg BT 61.50 451.95 Td (served ) Tj ET Q q 0 0 0 rg BT 91.00 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 101.84 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 108.60 451.95 Td (senior ) Tj ET Q q 0 0 0 rg BT 136.35 451.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 184.52 451.95 Td (banker ) Tj ET Q q 0 0 0 rg BT 215.18 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 232.44 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 239.19 451.95 Td (managing ) Tj ET Q q 0 0 0 rg BT 282.69 451.95 Td (director ) Tj ET Q q 0 0 0 rg BT 317.43 451.95 Td (at ) Tj ET Q q 0 0 0 rg BT 327.10 451.95 Td (BT) Tj ET Q q 0 0 0 rg BT 340.33 451.95 Td ( ) Tj ET Q q 0 0 0 rg BT 341.96 451.95 Td (Alex ) Tj ET Q q 0 0 0 rg BT 364.47 451.95 Td (Brown, ) Tj ET Q q 0 0 0 rg BT 397.77 451.95 Td (where ) Tj ET Q q 0 0 0 rg BT 425.51 451.95 Td (he ) Tj ET Q q 0 0 0 rg BT 437.52 451.95 Td (was ) Tj ET Q q 0 0 0 rg BT 455.94 451.95 Td (co-head ) Tj ET Q q 0 0 0 rg BT 491.26 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 502.10 451.95 Td (Equity ) Tj ET Q q 0 0 0 rg BT 532.19 451.95 Td (Capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Markets. ) Tj ET Q q 0 0 0 rg BT 89.16 439.35 Td (Mr) Tj ET Q q 0 0 0 rg BT 101.41 439.35 Td (. ) Tj ET Q q 0 0 0 rg BT 106.66 439.35 Td (Garden ) Tj ET Q q 0 0 0 rg BT 140.19 439.35 Td (graduated ) Tj ET Q q 0 0 0 rg BT 184.21 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 207.24 439.35 Td (Harvard ) Tj ET Q q 0 0 0 rg BT 244.27 439.35 Td (College ) Tj ET Q q 0 0 0 rg BT 279.55 439.35 Td (with ) Tj ET Q q 0 0 0 rg BT 300.84 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 308.13 439.35 Td (B.A. ) Tj ET Q q 0 0 0 rg BT 330.59 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 341.38 439.35 Td (Economics. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 414.15 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.75 414.15 Td (. ) Tj ET Q q 0 0 0 rg BT 103.97 414.15 Td (Garden�) Tj ET Q q 0 0 0 rg BT 137.79 414.15 Td (s ) Tj ET Q q 0 0 0 rg BT 145.46 414.15 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 206.20 414.15 Td (to ) Tj ET Q q 0 0 0 rg BT 217.96 414.15 Td (serve ) Tj ET Q q 0 0 0 rg BT 243.70 414.15 Td (on ) Tj ET Q q 0 0 0 rg BT 257.79 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 275.38 414.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 304.63 414.15 Td (include ) Tj ET Q q 0 0 0 rg BT 339.12 414.15 Td (his ) Tj ET Q q 0 0 0 rg BT 354.96 414.15 Td (over ) Tj ET Q q 0 0 0 rg BT 377.21 414.15 Td (25 ) Tj ET Q q 0 0 0 rg BT 391.30 414.15 Td (years ) Tj ET Q q 0 0 0 rg BT 417.04 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 429.38 414.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 478.43 414.15 Td (advising, ) Tj ET Q q 0 0 0 rg BT 520.23 414.15 Td (financing, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.17 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 108.34 401.55 Td (investing ) Tj ET Q q 0 0 0 rg BT 148.85 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 159.03 401.55 Td (companies. ) Tj ET Q q 0 0 0 rg BT 208.57 401.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 220.82 401.55 Td (. ) Tj ET Q q 0 0 0 rg BT 225.46 401.55 Td (Garden ) Tj ET Q q 0 0 0 rg BT 258.37 401.55 Td (has ) Tj ET Q q 0 0 0 rg BT 274.38 401.55 Td (worked ) Tj ET Q q 0 0 0 rg BT 307.89 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 328.57 401.55 Td (management ) Tj ET Q q 0 0 0 rg BT 384.22 401.55 Td (teams ) Tj ET Q q 0 0 0 rg BT 410.73 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 427.90 401.55 Td (boards ) Tj ET Q q 0 0 0 rg BT 457.91 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 468.67 401.55 Td (directors ) Tj ET Q q 0 0 0 rg BT 507.41 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 517.59 401.55 Td (implement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 81.20 388.95 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 124.56 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 135.26 388.95 Td (well ) Tj ET Q q 0 0 0 rg BT 155.29 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 165.99 388.95 Td (operational, ) Tj ET Q q 0 0 0 rg BT 217.80 388.95 Td (strategic ) Tj ET Q q 0 0 0 rg BT 255.32 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 272.43 388.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 314.03 388.95 Td (governance ) Tj ET Q q 0 0 0 rg BT 364.37 388.95 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 429.02 388.95 Td (Mr) Tj ET Q q 0 0 0 rg BT 441.27 388.95 Td (. ) Tj ET Q q 0 0 0 rg BT 445.85 388.95 Td (Garden ) Tj ET Q q 0 0 0 rg BT 478.71 388.95 Td (has ) Tj ET Q q 0 0 0 rg BT 494.65 388.95 Td (strong ) Tj ET Q q 0 0 0 rg BT 522.86 388.95 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (experience, ) Tj ET Q q 0 0 0 rg BT 100.38 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 107.83 376.35 Td (network ) Tj ET Q q 0 0 0 rg BT 145.03 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 156.56 376.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 213.01 376.35 Td (with ) Tj ET Q q 0 0 0 rg BT 234.47 376.35 Td (institutional ) Tj ET Q q 0 0 0 rg BT 287.43 376.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 328.13 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 346.08 376.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 394.95 376.35 Td (banking/capital ) Tj ET Q q 0 0 0 rg BT 462.47 376.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 498.50 376.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 546.75 376.35 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (can ) Tj ET Q q 0 0 0 rg BT 66.70 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 79.23 363.75 Td (utilized ) Tj ET Q q 0 0 0 rg BT 113.35 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 128.22 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.67 363.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 175.45 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.82 363.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 211.02 363.75 Td (Mason.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 85.50 338.55 Td (Michelle ) Tj ET Q q 0 0 0 rg BT 126.02 338.55 Td (J. ) Tj ET Q q 0 0 0 rg BT 136.51 338.55 Td (Goldberg) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.75 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 181.99 338.55 Td (age ) Tj ET Q q 0 0 0 rg BT 199.17 338.55 Td (51) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 209.67 338.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.90 338.55 Td (has ) Tj ET Q q 0 0 0 rg BT 231.51 338.55 Td (been ) Tj ET Q q 0 0 0 rg BT 253.94 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 261.21 338.55 Td (director ) Tj ET Q q 0 0 0 rg BT 296.47 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 307.83 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 332.01 338.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 363.21 338.55 Td (since ) Tj ET Q q 0 0 0 rg BT 387.39 338.55 Td (November ) Tj ET Q q 0 0 0 rg BT 434.32 338.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 457.93 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 475.70 338.55 Td (has ) Tj ET Q q 0 0 0 rg BT 492.31 338.55 Td (been ) Tj ET Q q 0 0 0 rg BT 514.74 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 522.01 338.55 Td (Partner ) Tj ET Q q 0 0 0 rg BT 554.94 338.55 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Ignition ) Tj ET Q q 0 0 0 rg BT 85.29 325.95 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 124.86 325.95 Td (an ) Tj ET Q q 0 0 0 rg BT 137.31 325.95 Td (early ) Tj ET Q q 0 0 0 rg BT 160.83 325.95 Td (stage, ) Tj ET Q q 0 0 0 rg BT 187.57 325.95 Td (technology ) Tj ET Q q 0 0 0 rg BT 236.76 325.95 Td (venture ) Tj ET Q q 0 0 0 rg BT 270.79 325.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 301.31 325.95 Td (firm, ) Tj ET Q q 0 0 0 rg BT 324.55 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 342.25 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 349.26 325.95 Td (V) Tj ET Q q 0 0 0 rg BT 355.68 325.95 Td (enture ) Tj ET Q q 0 0 0 rg BT 384.46 325.95 Td (Partner ) Tj ET Q q 0 0 0 rg BT 417.32 325.95 Td (at ) Tj ET Q q 0 0 0 rg BT 427.43 325.95 Td (SoGal ) Tj ET Q q 0 0 0 rg BT 456.04 325.95 Td (V) Tj ET Q q 0 0 0 rg BT 462.46 325.95 Td (entures, ) Tj ET Q q 0 0 0 rg BT 497.94 325.95 Td (investing ) Tj ET Q q 0 0 0 rg BT 538.98 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 549.69 325.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (next ) Tj ET Q q 0 0 0 rg BT 70.12 313.35 Td (generation�) Tj ET Q q 0 0 0 rg BT 117.35 313.35 Td (s ) Tj ET Q q 0 0 0 rg BT 123.97 313.35 Td (lifestyle ) Tj ET Q q 0 0 0 rg BT 160.33 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 178.03 313.35 Td (health, ) Tj ET Q q 0 0 0 rg BT 208.85 313.35 Td (since ) Tj ET Q q 0 0 0 rg BT 232.97 313.35 Td (May ) Tj ET Q q 0 0 0 rg BT 254.75 313.35 Td (2000. ) Tj ET Q q 0 0 0 rg BT 280.91 313.35 Td (Before ) Tj ET Q q 0 0 0 rg BT 312.02 313.35 Td (joining ) Tj ET Q q 0 0 0 rg BT 344.31 313.35 Td (Ignition, ) Tj ET Q q 0 0 0 rg BT 382.72 313.35 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 401.31 313.35 Td (Goldber) Tj ET Q q 0 0 0 rg BT 435.53 313.35 Td (g ) Tj ET Q q 0 0 0 rg BT 443.31 313.35 Td (was ) Tj ET Q q 0 0 0 rg BT 462.18 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 469.38 313.35 Td (consultant ) Tj ET Q q 0 0 0 rg BT 515.08 313.35 Td (in ) Tj ET Q q 0 0 0 rg BT 525.79 313.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 98.81 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.61 300.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 165.90 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.69 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 196.23 300.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.95 300.75 Td (banker ) Tj ET Q q 0 0 0 rg BT 276.15 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.95 300.75 Td (middle ) Tj ET Q q 0 0 0 rg BT 318.75 300.75 Td (market ) Tj ET Q q 0 0 0 rg BT 350.53 300.75 Td (mer) Tj ET Q q 0 0 0 rg BT 366.67 300.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 386.80 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 404.59 300.75 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 460.01 300.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 478.69 300.75 Td (Goldber) Tj ET Q q 0 0 0 rg BT 512.91 300.75 Td (g ) Tj ET Q q 0 0 0 rg BT 520.80 300.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 549.68 300.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (board ) Tj ET Q q 0 0 0 rg BT 76.30 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 87.73 288.15 Td (T) Tj ET Q q 0 0 0 rg BT 93.41 288.15 Td (aubman ) Tj ET Q q 0 0 0 rg BT 129.54 288.15 Td (Centers, ) Tj ET Q q 0 0 0 rg BT 167.13 288.15 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.05 288.15 Td (on ) Tj ET Q q 0 0 0 rg BT 199.44 288.15 Td (May ) Tj ET Q q 0 0 0 rg BT 221.58 288.15 Td (29, ) Tj ET Q q 0 0 0 rg BT 237.59 288.15 Td (2019. ) Tj ET Q q 0 0 0 rg BT 264.11 288.15 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 283.04 288.15 Td (Goldber) Tj ET Q q 0 0 0 rg BT 317.26 288.15 Td (g ) Tj ET Q q 0 0 0 rg BT 325.40 288.15 Td (has ) Tj ET Q q 0 0 0 rg BT 342.29 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 349.84 288.15 Td (B.A. ) Tj ET Q q 0 0 0 rg BT 372.57 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 382.99 288.15 Td (Asian ) Tj ET Q q 0 0 0 rg BT 410.37 288.15 Td (Studies ) Tj ET Q q 0 0 0 rg BT 444.19 288.15 Td (from ) Tj ET Q q 0 0 0 rg BT 467.49 288.15 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 511.79 288.15 Td (College ) Tj ET Q q 0 0 0 rg BT 547.34 288.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (an ) Tj ET Q q 0 0 0 rg BT 62.04 275.55 Td (M.A. ) Tj ET Q q 0 0 0 rg BT 86.83 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 97.62 275.55 Td (East ) Tj ET Q q 0 0 0 rg BT 117.75 275.55 Td (Asian ) Tj ET Q q 0 0 0 rg BT 144.87 275.55 Td (Studies ) Tj ET Q q 0 0 0 rg BT 178.42 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 201.45 275.55 Td (Harvard ) Tj ET Q q 0 0 0 rg BT 238.47 275.55 Td (University) Tj ET Q q 0 0 0 rg BT 282.12 275.55 Td (. ) Tj ET Q q 0 0 0 rg BT 287.37 275.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 250.35 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 103.44 250.35 Td (Goldber) Tj ET Q q 0 0 0 rg BT 137.66 250.35 Td (g�) Tj ET Q q 0 0 0 rg BT 145.83 250.35 Td (s ) Tj ET Q q 0 0 0 rg BT 151.81 250.35 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 210.86 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 220.92 250.35 Td (serve ) Tj ET Q q 0 0 0 rg BT 244.97 250.35 Td (on ) Tj ET Q q 0 0 0 rg BT 257.37 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 273.26 250.35 Td (Board ) Tj ET Q q 0 0 0 rg BT 300.82 250.35 Td (include ) Tj ET Q q 0 0 0 rg BT 333.62 250.35 Td (her ) Tj ET Q q 0 0 0 rg BT 348.92 250.35 Td (advisory ) Tj ET Q q 0 0 0 rg BT 386.98 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 404.03 250.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 452.01 250.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 499.37 250.35 Td (across ) Tj ET Q q 0 0 0 rg BT 527.50 250.35 Td (multiple ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (industries, ) Tj ET Q q 0 0 0 rg BT 94.85 237.75 Td (including ) Tj ET Q q 0 0 0 rg BT 136.41 237.75 Td (eCommerce ) Tj ET Q q 0 0 0 rg BT 189.03 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 206.09 237.75 Td (digital ) Tj ET Q q 0 0 0 rg BT 234.81 237.75 Td (media, ) Tj ET Q q 0 0 0 rg BT 264.99 237.75 Td (internet ) Tj ET Q q 0 0 0 rg BT 298.95 237.75 Td (analytics ) Tj ET Q q 0 0 0 rg BT 338.17 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 355.22 237.75 Td (mobile ) Tj ET Q q 0 0 0 rg BT 386.28 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 403.34 237.75 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 446.63 237.75 Td (software ) Tj ET Q q 0 0 0 rg BT 484.67 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.73 237.75 Td (her ) Tj ET Q q 0 0 0 rg BT 517.03 237.75 Td (experience ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.32 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 67.06 225.15 Td (consultant ) Tj ET Q q 0 0 0 rg BT 112.29 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 122.53 225.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.33 225.15 Td (institutions ) Tj ET Q q 0 0 0 rg BT 210.09 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 227.32 225.15 Td (technology ) Tj ET Q q 0 0 0 rg BT 276.05 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 293.29 225.15 Td (an ) Tj ET Q q 0 0 0 rg BT 305.27 225.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 353.42 225.15 Td (banker ) Tj ET Q q 0 0 0 rg BT 384.06 225.15 Td (in ) Tj ET Q q 0 0 0 rg BT 394.30 225.15 Td (middle ) Tj ET Q q 0 0 0 rg BT 425.54 225.15 Td (market ) Tj ET Q q 0 0 0 rg BT 456.77 225.15 Td (mer) Tj ET Q q 0 0 0 rg BT 472.90 225.15 Td (gers ) Tj ET Q q 0 0 0 rg BT 492.47 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 509.70 225.15 Td (acquisitions. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.91 212.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.61 212.55 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 119.33 212.55 Td (Goldber) Tj ET Q q 0 0 0 rg BT 153.54 212.55 Td (g ) Tj ET Q q 0 0 0 rg BT 161.46 212.55 Td (has ) Tj ET Q q 0 0 0 rg BT 178.12 212.55 Td (served ) Tj ET Q q 0 0 0 rg BT 208.19 212.55 Td (on ) Tj ET Q q 0 0 0 rg BT 221.35 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 228.68 212.55 Td (number ) Tj ET Q q 0 0 0 rg BT 263.42 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 274.83 212.55 Td (company ) Tj ET Q q 0 0 0 rg BT 315.98 212.55 Td (boards, ) Tj ET Q q 0 0 0 rg BT 349.27 212.55 Td (including ) Tj ET Q q 0 0 0 rg BT 391.59 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 407.09 212.55 Td (board ) Tj ET Q q 0 0 0 rg BT 433.66 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 445.07 212.55 Td (Plum ) Tj ET Q q 0 0 0 rg BT 469.91 212.55 Td (Creek ) Tj ET Q q 0 0 0 rg BT 497.45 212.55 Td (T) Tj ET Q q 0 0 0 rg BT 503.50 212.55 Td (imber ) Tj ET Q q 0 0 0 rg BT 530.65 212.55 Td (until ) Tj ET Q q 0 0 0 rg BT 552.57 212.55 Td (its ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (mer) Tj ET Q q 0 0 0 rg BT 65.64 199.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 81.67 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 102.77 199.95 Td (W) Tj ET Q q 0 0 0 rg BT 111.84 199.95 Td (eyerhaeuser) Tj ET Q q 0 0 0 rg BT 161.55 199.95 Td (, ) Tj ET Q q 0 0 0 rg BT 166.80 199.95 Td (and ) Tj ET Q q 0 0 0 rg BT 184.59 199.95 Td (multiple ) Tj ET Q q 0 0 0 rg BT 222.21 199.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 261.58 199.95 Td (company ) Tj ET Q q 0 0 0 rg BT 302.70 199.95 Td (boards ) Tj ET Q q 0 0 0 rg BT 333.31 199.95 Td (over ) Tj ET Q q 0 0 0 rg BT 354.60 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 370.05 199.95 Td (past ) Tj ET Q q 0 0 0 rg BT 389.59 199.95 Td (two ) Tj ET Q q 0 0 0 rg BT 407.97 199.95 Td (decades.) Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 85.50 174.75 Td (Stephen ) Tj ET Q q 0 0 0 rg BT 123.94 174.75 Td (C. ) Tj ET Q q 0 0 0 rg BT 137.00 174.75 Td (Hooley) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 167.91 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 173.97 174.75 Td (age ) Tj ET Q q 0 0 0 rg BT 192.56 174.75 Td (57, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 209.12 174.75 Td (was ) Tj ET Q q 0 0 0 rg BT 228.88 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 245.14 174.75 Td (Chairman, ) Tj ET Q q 0 0 0 rg BT 292.60 174.75 Td (President ) Tj ET Q q 0 0 0 rg BT 335.12 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.71 174.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 380.47 174.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 425.88 174.75 Td (Of) Tj ET Q q 0 0 0 rg BT 436.77 174.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 459.44 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 471.62 174.75 Td (DST) Tj ET Q q 0 0 0 rg BT 491.26 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 494.70 174.75 Td (Systems, ) Tj ET Q q 0 0 0 rg BT 535.76 174.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 557.85 174.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (provider ) Tj ET Q q 0 0 0 rg BT 86.90 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 97.48 162.15 Td (information ) Tj ET Q q 0 0 0 rg BT 148.88 162.15 Td (processing ) Tj ET Q q 0 0 0 rg BT 195.62 162.15 Td (software ) Tj ET Q q 0 0 0 rg BT 233.60 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 250.60 162.15 Td (services ) Tj ET Q q 0 0 0 rg BT 286.24 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 296.24 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 310.90 162.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 341.90 162.15 Td (fund, ) Tj ET Q q 0 0 0 rg BT 365.60 162.15 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 410.29 162.15 Td (retirement ) Tj ET Q q 0 0 0 rg BT 455.26 162.15 Td (and ) Tj ET Q q 0 0 0 rg BT 472.25 162.15 Td (health ) Tj ET Q q 0 0 0 rg BT 499.74 162.15 Td (care ) Tj ET Q q 0 0 0 rg BT 519.05 162.15 Td (industries, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (from ) Tj ET Q q 0 0 0 rg BT 72.75 149.55 Td (July ) Tj ET Q q 0 0 0 rg BT 93.09 149.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 116.92 149.55 Td (through ) Tj ET Q q 0 0 0 rg BT 151.79 149.55 Td (April ) Tj ET Q q 0 0 0 rg BT 176.79 149.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 203.26 149.55 Td (President ) Tj ET Q q 0 0 0 rg BT 245.17 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 263.17 149.55 Td (Chief ) Tj ET Q q 0 0 0 rg BT 289.33 149.55 Td (Executive ) Tj ET Q q 0 0 0 rg BT 334.15 149.55 Td (Of) Tj ET Q q 0 0 0 rg BT 345.04 149.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 367.10 149.55 Td (from ) Tj ET Q q 0 0 0 rg BT 390.35 149.55 Td (September ) Tj ET Q q 0 0 0 rg BT 438.09 149.55 Td (2012 ) Tj ET Q q 0 0 0 rg BT 461.92 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 472.93 149.55 Td (July ) Tj ET Q q 0 0 0 rg BT 493.27 149.55 Td (2014 ) Tj ET Q q 0 0 0 rg BT 517.10 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 535.10 149.55 Td (served ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 60.85 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.27 136.95 Td (President ) Tj ET Q q 0 0 0 rg BT 117.95 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 135.71 136.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 161.64 136.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 206.23 136.95 Td (Of) Tj ET Q q 0 0 0 rg BT 217.12 136.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 238.95 136.95 Td (from ) Tj ET Q q 0 0 0 rg BT 261.96 136.95 Td (July ) Tj ET Q q 0 0 0 rg BT 282.06 136.95 Td (2009 ) Tj ET Q q 0 0 0 rg BT 305.66 136.95 Td (through ) Tj ET Q q 0 0 0 rg BT 340.93 136.95 Td (September ) Tj ET Q q 0 0 0 rg BT 388.43 136.95 Td (2012. ) Tj ET Q q 0 0 0 rg BT 414.65 136.95 Td (Prior ) Tj ET Q q 0 0 0 rg BT 438.25 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 449.02 136.95 Td (joining ) Tj ET Q q 0 0 0 rg BT 481.37 136.95 Td (DST) Tj ET Q q 0 0 0 rg BT 501.02 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 503.62 136.95 Td (Systems, ) Tj ET Q q 0 0 0 rg BT 543.85 136.95 Td (Inc., ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.75 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 66.42 124.35 Td (Hooley ) Tj ET Q q 0 0 0 rg BT 99.37 124.35 Td (served ) Tj ET Q q 0 0 0 rg BT 128.82 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 139.61 124.35 Td (President ) Tj ET Q q 0 0 0 rg BT 180.73 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 197.93 124.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 223.30 124.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 267.33 124.35 Td (Of) Tj ET Q q 0 0 0 rg BT 278.22 124.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 299.49 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 310.28 124.35 Td (Boston ) Tj ET Q q 0 0 0 rg BT 342.08 124.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 383.19 124.35 Td (Data ) Tj ET Q q 0 0 0 rg BT 405.06 124.35 Td (Services, ) Tj ET Q q 0 0 0 rg BT 445.30 124.35 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 466.00 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 472.70 124.35 Td (joint ) Tj ET Q q 0 0 0 rg BT 493.99 124.35 Td (venture ) Tj ET Q q 0 0 0 rg BT 527.52 124.35 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (DST) Tj ET Q q 0 0 0 rg BT 69.15 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 71.23 111.75 Td (Systems, ) Tj ET Q q 0 0 0 rg BT 110.95 111.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 129.07 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.32 111.75 Td (State ) Tj ET Q q 0 0 0 rg BT 169.40 111.75 Td (Street ) Tj ET Q q 0 0 0 rg BT 195.98 111.75 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 248.81 111.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.06 111.75 Td (held ) Tj ET Q q 0 0 0 rg BT 286.23 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 292.97 111.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 324.21 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 335.05 111.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 377.36 111.75 Td (roles ) Tj ET Q q 0 0 0 rg BT 399.86 111.75 Td (at ) Tj ET Q q 0 0 0 rg BT 409.52 111.75 Td (State ) Tj ET Q q 0 0 0 rg BT 432.61 111.75 Td (Street ) Tj ET Q q 0 0 0 rg BT 459.19 111.75 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 514.64 111.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 526.89 111.75 Td (. ) Tj ET Q q 0 0 0 rg BT 531.61 111.75 Td (Hooley ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (began ) Tj ET Q q 0 0 0 rg BT 77.16 99.15 Td (his ) Tj ET Q q 0 0 0 rg BT 92.00 99.15 Td (career ) Tj ET Q q 0 0 0 rg BT 120.22 99.15 Td (at ) Tj ET Q q 0 0 0 rg BT 130.20 99.15 Td (T) Tj ET Q q 0 0 0 rg BT 135.88 99.15 Td (exas ) Tj ET Q q 0 0 0 rg BT 157.12 99.15 Td (Instruments. ) Tj ET Q q 0 0 0 rg BT 211.91 99.15 Td (Mr) Tj ET Q q 0 0 0 rg BT 224.17 99.15 Td (. ) Tj ET Q q 0 0 0 rg BT 229.38 99.15 Td (Hooley ) Tj ET Q q 0 0 0 rg BT 262.88 99.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 303.36 99.15 Td (serves ) Tj ET Q q 0 0 0 rg BT 332.19 99.15 Td (as ) Tj ET Q q 0 0 0 rg BT 343.52 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 350.77 99.15 Td (director ) Tj ET Q q 0 0 0 rg BT 386.01 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 397.34 99.15 Td (Stericycle, ) Tj ET Q q 0 0 0 rg BT 444.53 99.15 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 465.78 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 473.02 99.15 Td (compliance ) Tj ET Q q 0 0 0 rg BT 524.00 99.15 Td (company ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (that ) Tj ET Q q 0 0 0 rg BT 67.62 86.55 Td (specializes ) Tj ET Q q 0 0 0 rg BT 115.48 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 126.02 86.55 Td (collecting ) Tj ET Q q 0 0 0 rg BT 169.80 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 187.34 86.55 Td (disposing ) Tj ET Q q 0 0 0 rg BT 229.97 86.55 Td (regulated ) Tj ET Q q 0 0 0 rg BT 271.41 86.55 Td (substances ) Tj ET Q q 0 0 0 rg BT 318.70 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 336.23 86.55 Td (providing ) Tj ET Q q 0 0 0 rg BT 379.44 86.55 Td (services ) Tj ET Q q 0 0 0 rg BT 415.64 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 430.26 86.55 Td (recalled ) Tj ET Q q 0 0 0 rg BT 465.86 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 483.39 86.55 Td (expired ) Tj ET Q q 0 0 0 rg BT 517.26 86.55 Td (goods, ) Tj ET Q q 0 0 0 rg BT 547.34 86.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (served ) Tj ET Q q 0 0 0 rg BT 80.37 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 92.58 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 100.70 73.95 Td (director ) Tj ET Q q 0 0 0 rg BT 136.81 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.02 73.95 Td (DST) Tj ET Q q 0 0 0 rg BT 168.67 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 172.14 73.95 Td (Systems, ) Tj ET Q q 0 0 0 rg BT 213.23 73.95 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 232.73 73.95 Td (from ) Tj ET Q q 0 0 0 rg BT 256.60 73.95 Td (September ) Tj ET Q q 0 0 0 rg BT 304.97 73.95 Td (2012 ) Tj ET Q q 0 0 0 rg BT 329.43 73.95 Td (through ) Tj ET Q q 0 0 0 rg BT 364.79 73.95 Td (April ) Tj ET Q q 0 0 0 rg BT 390.42 73.95 Td (2018. ) Tj ET Q q 0 0 0 rg BT 417.51 73.95 Td (He ) Tj ET Q q 0 0 0 rg BT 433.22 73.95 Td (served ) Tj ET Q q 0 0 0 rg BT 464.09 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 476.30 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 484.42 73.95 Td (director ) Tj ET Q q 0 0 0 rg BT 520.53 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 532.74 73.95 Td (Boston ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.20 61.35 Td (Data ) Tj ET Q q 0 0 0 rg BT 113.65 61.35 Td (Services, ) Tj ET Q q 0 0 0 rg BT 154.47 61.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 173.13 61.35 Td (from ) Tj ET Q q 0 0 0 rg BT 196.16 61.35 Td (2009 ) Tj ET Q q 0 0 0 rg BT 219.79 61.35 Td (through ) Tj ET Q q 0 0 0 rg BT 255.08 61.35 Td (2013.) 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Tj ET Q BT /F6 10.50 Tf ET q 0 0 0 rg BT 85.50 678.75 Td (John ) Tj ET Q q 0 0 0 rg BT 109.45 678.75 Td (V) Tj ET Q q 0 0 0 rg BT 115.10 678.75 Td (. ) Tj ET Q q 0 0 0 rg BT 119.49 678.75 Td (Murphy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 154.51 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 158.90 678.75 Td (age ) Tj ET Q q 0 0 0 rg BT 175.24 678.75 Td (70, ) Tj ET Q q 0 0 0 rg BT 190.14 678.75 Td (has ) Tj ET Q q 0 0 0 rg BT 205.91 678.75 Td (been ) Tj ET Q q 0 0 0 rg BT 227.50 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 233.93 678.75 Td (director ) Tj ET Q q 0 0 0 rg BT 268.35 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.86 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 302.21 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 332.56 678.75 Td (since ) Tj ET Q q 0 0 0 rg BT 355.91 678.75 Td (June ) Tj ET Q q 0 0 0 rg BT 376.92 678.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 399.69 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 416.63 678.75 Td (has ) Tj ET Q q 0 0 0 rg BT 432.39 678.75 Td (served ) Tj ET Q q 0 0 0 rg BT 461.57 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BT 297.33 577.95 Td (& ) Tj ET Q q 0 0 0 rg BT 308.12 577.95 Td (Co. ) Tj ET Q q 0 0 0 rg BT 325.62 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 336.42 577.95 Td (1972 ) Tj ET Q q 0 0 0 rg BT 360.04 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 371.41 577.95 Td (an ) Tj ET Q q 0 0 0 rg BT 383.95 577.95 Td (accountant. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 552.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.75 552.75 Td (. ) Tj ET Q q 0 0 0 rg BT 102.42 552.75 Td (Murphy�) Tj ET Q q 0 0 0 rg BT 139.17 552.75 Td (s ) Tj ET Q q 0 0 0 rg BT 145.29 552.75 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 204.49 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 214.69 552.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 238.89 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 251.42 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 267.46 552.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 295.16 552.75 Td (include ) Tj ET Q q 0 0 0 rg BT 328.10 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.97 552.75 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 393.71 552.75 Td (leadership ) Tj 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BT 477.01 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 494.68 540.15 Td (Chief ) Tj ET Q q 0 0 0 rg BT 520.52 540.15 Td (Executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Of) Tj ET Q q 0 0 0 rg BT 60.39 527.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 83.95 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 97.02 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 106.00 527.55 Td (lar) Tj ET Q q 0 0 0 rg BT 116.89 527.55 Td (ge, ) Tj ET Q q 0 0 0 rg BT 133.75 527.55 Td (complex ) Tj ET Q q 0 0 0 rg BT 174.23 527.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 198.96 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 256.93 527.55 Td (or) Tj ET Q q 0 0 0 rg BT 265.49 527.55 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 316.17 527.55 Td (In ) Tj ET Q q 0 0 0 rg BT 329.24 527.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 370.60 527.55 Td (he ) Tj ET Q q 0 0 0 rg BT 384.84 527.55 Td (gained ) Tj ET Q q 0 0 0 rg BT 417.15 527.55 Td (extensive ) Tj ET Q q 0 0 0 rg BT 461.13 527.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 499.87 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 519.35 527.55 Td (leadership ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (experience ) Tj ET Q q 0 0 0 rg BT 96.36 514.95 Td (by ) Tj ET Q q 0 0 0 rg BT 108.25 514.95 Td (serving ) Tj ET Q q 0 0 0 rg BT 140.55 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 150.69 514.95 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 193.49 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 210.04 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 220.18 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 226.24 514.95 Td (member ) Tj ET Q q 0 0 0 rg BT 262.03 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 272.17 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 286.39 514.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 329.76 514.95 Td (Committee ) Tj ET Q q 0 0 0 rg BT 377.82 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 394.37 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 408.59 514.95 Td (Board ) Tj ET Q q 0 0 0 rg BT 435.64 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 445.78 514.95 Td (Governors ) Tj ET Q q 0 0 0 rg BT 491.50 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 501.64 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 515.86 514.95 Td (Investment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.96 502.35 Td (Institute.) Tj ET Q BT /F6 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 477.15 Td (Nelson ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 118.93 477.15 Td (Peltz, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.64 477.15 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.30 477.15 Td (77, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.52 477.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.60 477.15 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.52 477.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.27 477.15 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.01 477.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.84 477.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.51 477.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.18 477.15 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.85 477.15 Td (May ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.18 477.15 Td (2019 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.27 477.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.53 477.15 Td (previously ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.94 477.15 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.44 477.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.28 477.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.03 477.15 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 553.77 477.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 464.55 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 73.56 464.55 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.63 464.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.53 464.55 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.83 464.55 Td (2009 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.32 464.55 Td (until ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.06 464.55 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 254.69 464.55 Td (2014. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.80 464.55 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.05 464.55 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.16 464.55 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 321.65 464.55 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.13 464.55 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.02 464.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.26 464.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.57 464.55 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.39 464.55 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.85 464.55 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.74 464.55 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.46 464.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.11 464.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.26 464.55 Td (Founding ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 451.95 Td (Partner ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.02 451.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.73 451.95 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.78 451.95 Td (rian, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 122.92 451.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.78 451.95 Td (multi-billion ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.06 451.95 Td (dollar ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.75 451.95 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.36 451.95 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.20 451.95 Td (firm ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.48 451.95 Td (specializing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.82 451.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.19 451.95 Td (helping ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 415.88 451.95 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.98 451.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.34 451.95 Td (optimize ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.28 451.95 Td (operational ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 439.35 Td (performance, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.62 439.35 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.64 439.35 Td (2005. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.72 439.35 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.16 439.35 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.42 439.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.49 439.35 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.93 439.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.37 439.35 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.23 439.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.42 439.35 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.52 439.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.53 439.35 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.13 439.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.20 439.35 Td (endy�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.52 439.35 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.06 439.35 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.34 439.35 Td (\(�W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.56 439.35 Td (endy�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.89 439.35 Td (s�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.21 439.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.48 439.35 Td (world�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.90 439.35 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.43 439.35 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.71 439.35 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.59 439.35 Td (gest ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 426.75 Td (quick-service ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.44 426.75 Td (hambur) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.33 426.75 Td (ger ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.12 426.75 Td (company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.93 426.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.94 426.75 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.38 426.75 Td (April ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.93 426.75 Td (1993 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.31 426.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.86 426.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.00 426.75 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.30 426.75 Td (non-executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.17 426.75 Td (Chairman ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.96 426.75 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.92 426.75 Td (June ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.55 426.75 Td (2007. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.57 426.75 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.82 426.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.83 426.75 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 529.21 426.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.60 426.75 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 414.15 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.24 414.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.33 414.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.33 414.15 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.32 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.40 414.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.49 414.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.49 414.15 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.48 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.56 414.15 Td (Sysco ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.99 414.15 Td (Corporation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.07 414.15 Td (\(�Sysco�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.43 414.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.60 414.15 Td (lar) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.49 414.15 Td (gest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.74 414.15 Td (North ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.84 414.15 Td (American ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.57 414.15 Td (distributor ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 512.66 414.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.75 414.15 Td (food ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.33 414.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 401.55 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.20 401.55 Td (products, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 123.13 401.55 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.15 401.55 Td (August ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.62 401.55 Td (2015, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.16 401.55 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.62 401.55 Td (Procter ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.08 401.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.38 401.55 Td (Gamble ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.75 401.55 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.72 401.55 Td (\("P&G"\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.64 401.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.44 401.55 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.82 401.55 Td (consumer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.78 401.55 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.08 401.55 Td (company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 559.89 401.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 388.95 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.79 388.95 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.92 388.95 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.26 388.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.01 388.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.05 388.95 Td (Madison ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 200.52 388.95 Td (Square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.40 388.95 Td (Garden ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.02 388.95 Td (Sports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.58 388.95 Td (Corp. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.92 388.95 Td (\(formerly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.74 388.95 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.79 388.95 Td (Madison ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.26 388.95 Td (Square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.13 388.95 Td (Garden ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.75 388.95 Td (Company\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.42 388.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.80 388.95 Td (sports, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 376.35 Td (entertainment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.28 376.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.49 376.35 Td (media ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.20 376.35 Td (company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.00 376.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.68 376.35 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.30 376.35 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.26 376.35 Td (2015. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.93 376.35 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.19 376.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.86 376.35 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.91 376.35 Td (previously ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.29 376.35 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.75 376.35 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.30 376.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 436.18 376.35 Td (board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 462.13 376.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.93 376.35 Td (directors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.72 376.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 522.51 376.35 Td (Mondelez) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 363.75 Td (International, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.56 363.75 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.38 363.75 Td (\(�) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.54 363.75 Td (Mondelez) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.52 363.75 Td (�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.10 363.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.55 363.75 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.58 363.75 Td (snacking ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.70 363.75 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.97 363.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 322.17 363.75 Td (January ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.62 363.75 Td (2014 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.41 363.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 389.36 363.75 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.56 363.75 Td (2018, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.97 363.75 Td (MSG ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.52 363.75 Td (Networks, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.76 363.75 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.59 363.75 Td (\(�MSG ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 351.15 Td (Networks�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.35 351.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.26 351.15 Td (sports ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.59 351.15 Td (media ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.49 351.15 Td (company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.30 351.15 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 208.17 351.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.82 351.15 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.20 351.15 Td (2014 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 299.45 351.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.86 351.15 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.01 351.15 Td (2015 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.25 351.15 Td (and, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.28 351.15 Td (Ingersoll-Rand ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.51 351.15 Td (plc ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 480.58 351.15 Td (\(�Ingersoll-Rand�\), ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 338.55 Td (an ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.34 338.55 Td (Irish ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.52 338.55 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.69 338.55 Td (diversified ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.52 338.55 Td (industrial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.11 338.55 Td (company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.92 338.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.47 338.55 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 270.17 338.55 Td (August ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.43 338.55 Td (2012 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.36 338.55 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.46 338.55 Td (June ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.63 338.55 Td (2014, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 387.19 338.55 Td (H. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 400.32 338.55 Td (J. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.96 338.55 Td (Heinz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.97 338.55 Td (Company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.73 338.55 Td (\(�Heinz�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.67 338.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.25 338.55 Td (global ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 325.95 Td (packaged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.77 325.95 Td (food ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.64 325.95 Td (manufacturer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.23 325.95 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.27 325.95 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.80 325.95 Td (2006 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.42 325.95 Td (until ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.30 325.95 Td (June ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.17 325.95 Td (2013. ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 300.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 88.53 300.75 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.31 300.75 Td (addition ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.75 300.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.95 300.75 Td (founding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.68 300.75 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.72 300.75 Td (rian, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.70 300.75 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.96 300.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.61 300.75 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 259.64 300.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.67 300.75 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.11 300.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.30 300.75 Td (senior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.00 300.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.67 300.75 Td (positions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 444.63 300.75 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 455.24 300.75 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.18 300.75 Td (companies. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.74 300.75 Td (From ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.15 Td (1993 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 72.40 288.15 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.48 288.15 Td (2007, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.01 288.15 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.82 288.15 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.13 288.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.78 288.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.52 288.15 Td (Chairman ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.83 288.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.89 288.15 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.13 288.15 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.01 288.15 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.90 288.15 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.04 288.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 346.55 288.15 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.60 288.15 Td (riarc ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.73 288.15 Td (Companies, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.51 288.15 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 443.45 288.15 Td (\(now ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.93 288.15 Td (known ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.42 288.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.93 288.15 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.02 288.15 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.09 288.15 Td (endy�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 558.42 288.15 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.55 Td (Company\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.81 275.55 Td (which, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.45 275.55 Td (during ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.21 275.55 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 177.31 275.55 Td (period, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.12 275.55 Td (owned ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.94 275.55 Td (Arby�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.44 275.55 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.88 275.55 Td (Restaurant ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.14 275.55 Td (Group, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.95 275.55 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.33 275.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 384.85 275.55 Td (acquired ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.35 275.55 Td (Snapple ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.53 275.55 Td (Beverage ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.52 275.55 Td (Group, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 533.33 275.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 544.43 275.55 Td (well ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 262.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.49 262.95 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.31 262.95 Td (consumer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 127.37 262.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.78 262.95 Td (industrial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.68 262.95 Td (businesses. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.89 262.95 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.14 262.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.01 262.95 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 276.25 262.95 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.82 262.95 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.98 262.95 Td (Chairman ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.63 262.95 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.04 262.95 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.61 262.95 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 437.83 262.95 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.72 262.95 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.20 262.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.03 262.95 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 487.07 262.95 Td (riangle ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.47 262.95 Td (Industries, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.35 Td (Inc., ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.15 250.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.81 250.35 Td (Fortune ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 111.47 250.35 Td (100 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.21 250.35 Td (industrial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.87 250.35 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 211.36 250.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.51 250.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.34 250.35 Td (parent ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.57 250.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.87 250.35 Td (American ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.26 250.35 Td (National ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.42 250.35 Td (Can ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.33 250.35 Td (Company) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.48 250.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 427.10 250.35 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.50 250.35 Td (1983 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.50 250.35 Td (until ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.75 250.35 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.88 250.35 Td (1988, ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.75 Td (when ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.50 237.75 Td (it ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 82.59 237.75 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 101.17 237.75 Td (acquired ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.57 237.75 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.33 237.75 Td (Pechiney) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.13 237.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.01 237.75 Td (S.A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.94 237.75 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.19 237.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.07 237.75 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.32 237.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.58 237.75 Td (more ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.41 237.75 Td (than ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.74 237.75 Td (40 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 329.49 237.75 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 353.90 237.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 364.90 237.75 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.74 237.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.16 237.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.49 237.75 Td (experience, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.84 237.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.09 237.75 Td (served ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 225.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.74 225.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.05 225.15 Td (chairman ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.61 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.26 225.15 Td (chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.73 225.15 Td (executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.45 225.15 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.00 225.15 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.73 225.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.96 225.15 Td (public ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.70 225.15 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.09 225.15 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.82 225.15 Td (over ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.97 225.15 Td (20 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.96 225.15 Td (years ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.60 225.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.25 225.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.74 225.15 Td (extensive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.88 225.15 Td (public ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.61 225.15 Td (company ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.59 225.15 Td (board ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 212.55 Td (experience--currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.60 212.55 Td (serving ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.25 212.55 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 189.49 212.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.06 212.55 Td (boards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.79 212.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.27 212.55 Td (Sysco, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 277.53 212.55 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.60 212.55 Td (endy�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.93 212.55 Td (s, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.38 212.55 Td (P&G ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.71 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.61 212.55 Td (Madison ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.10 212.55 Td (Square ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.99 212.55 Td (Garden ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 466.63 212.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.53 212.55 Td (previously ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.60 212.55 Td (serving ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 199.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.63 199.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.08 199.95 Td (boards ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.70 199.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 120.07 199.95 Td (Mondelez, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.30 199.95 Td (Heinz, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 197.63 199.95 Td (Ingersoll-Rand, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.86 199.95 Td (MSG ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.25 199.95 Td (Networks ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.70 199.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 352.48 199.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.68 199.95 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 174.75 Td (Throughout ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.91 174.75 Td (his ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 153.00 174.75 Td (professional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.16 174.75 Td (career) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.38 174.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.84 174.75 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.59 174.75 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.42 174.75 Td (developed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.41 174.75 Td (extensive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.90 174.75 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.20 174.75 Td (working ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.03 174.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 463.54 174.75 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.02 174.75 Td (teams ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.35 174.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 162.15 Td (boards, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.46 162.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.55 162.15 Td (well ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.97 162.15 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.05 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.56 162.15 Td (acquiring, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.18 162.15 Td (investing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.02 162.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.53 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.03 162.15 Td (building ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 296.37 162.15 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 344.61 162.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 363.11 162.15 Td (implementing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 424.78 162.15 Td (operational ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.35 162.15 Td (improvements ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.77 162.15 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.69 162.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 149.55 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 95.90 149.55 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.07 149.55 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 143.23 149.55 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.64 149.55 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.13 149.55 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.45 149.55 Td (involved. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.32 149.55 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.58 149.55 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.70 149.55 Td (Peltz ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.19 149.55 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.02 149.55 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.44 149.55 Td (recognized ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.99 149.55 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.99 149.55 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.32 149.55 Td (National ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.64 149.55 Td (Association ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.72 149.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 479.96 149.55 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.45 149.55 Td (Directors ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 136.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 59.78 136.95 Td (2010, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.52 136.95 Td (201) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.88 136.95 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.25 136.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 125.52 136.95 Td (2012 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.64 136.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 159.50 136.95 Td (among ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.19 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.13 136.95 Td (most ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.67 136.95 Td (influential ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 272.94 136.95 Td (people ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.04 136.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 313.33 136.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.27 136.95 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 356.63 136.95 Td (corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 398.39 136.95 Td (governance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.89 136.95 Td (arena. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.89 136.95 Td (As ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 489.68 136.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.45 136.95 Td (result, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.52 136.95 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 536.77 136.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.51 136.95 Td (Peltz ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 124.35 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.37 124.35 Td (developed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.39 124.35 Td (strong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 144.51 124.35 Td (operating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.03 124.35 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.37 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.40 124.35 Td (strategic ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.83 124.35 Td (planning ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 336.45 124.35 Td (skills, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.12 124.35 Td (valuable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.55 124.35 Td (leadership ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.57 124.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.60 124.35 Td (corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.12 124.35 Td (governance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 111.75 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.08 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 114.36 111.75 Td (strong ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 142.72 111.75 Td (relationships ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 198.49 111.75 Td (with ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.28 111.75 Td (institutional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.56 111.75 Td (investors, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.21 111.75 Td (investment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 362.40 111.75 Td (banking/capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 429.25 111.75 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.60 111.75 Td (advisors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.71 111.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 518.99 111.75 Td (others ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 546.76 111.75 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 99.15 Td (we ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 64.37 99.15 Td (believe ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.31 99.15 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.27 99.15 Td (benefit ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.05 99.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.25 99.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.46 99.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 221.24 99.15 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.79 99.15 Td (Board.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 73.95 Td (Alison ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.37 73.95 Td (A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.35 73.95 Td (Quirk) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.03 73.95 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.01 73.95 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 178.94 73.95 Td (58, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.42 73.95 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.77 73.95 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.94 73.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.96 73.95 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.96 73.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.06 73.95 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.99 73.95 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.93 73.95 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.86 73.95 Td (November ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 421.53 73.95 Td (2017 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.89 73.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.40 73.95 Td (is ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 474.76 73.95 Td (currently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 516.01 73.95 Td (engaged ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.35 73.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 61.35 Td (private ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.26 61.35 Td (consulting. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.25 61.35 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.61 61.35 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.13 61.35 Td (2002 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 226.74 61.35 Td (until ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 248.60 61.35 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 278.62 61.35 Td (2017, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.85 61.35 Td (Ms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.51 61.35 Td (Quirk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.62 61.35 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.56 61.35 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 376.83 61.35 Td (member ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.85 61.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.20 61.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.64 61.35 Td (Management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.07 61.35 Td (Committee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.34 61.35 Td (and ) Tj ET 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BT 305.89 48.75 Td (Street ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.63 48.75 Td (Corporation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.25 48.75 Td (Ms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.54 48.75 Td (Quirk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.29 48.75 Td (joined ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.78 48.75 Td (State ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.02 48.75 Td (Street ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.76 48.75 Td (Corporation ) Tj ET Q endstream endobj 303 0 obj <> endobj 304 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (149) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 741.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.14 741.75 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.52 741.75 Td (2002 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.99 741.75 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.22 741.75 Td (senior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.35 741.75 Td (vice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.32 741.75 Td (president, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.90 741.75 Td (Deutsche ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.45 741.75 Td (Global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.50 741.75 Td (Services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.55 741.75 Td (Integration ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.84 741.75 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.52 741.75 Td (eam, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 433.11 741.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 451.74 741.75 Td (subsequently ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 510.05 741.75 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.60 741.75 Td (various ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 729.15 Td (senior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.79 729.15 Td (human ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.99 729.15 Td (resources ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.26 729.15 Td (roles. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.92 729.15 Td (Ms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 195.60 729.15 Td (Quirk ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.72 729.15 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.34 729.15 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.63 729.15 Td (B.A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 269.09 729.15 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 292.12 729.15 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.58 729.15 Td (University ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.53 729.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.90 729.15 Td (New ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 388.35 729.15 Td (Hampshire. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.68 729.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 703.95 Td (Ms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.90 703.95 Td (Quirk�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.31 703.95 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.75 703.95 Td (qualifications ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.26 703.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.78 703.95 Td (serve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.29 703.95 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.14 703.95 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 275.49 703.95 Td (Board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.50 703.95 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.76 703.95 Td (her ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.52 703.95 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.34 703.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 420.86 703.95 Td (human ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.79 703.95 Td (resources, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 500.42 703.95 Td (marketing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.34 703.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (communications ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.69 691.35 Td (focused ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 157.14 691.35 Td (roles ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 180.33 691.35 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.70 691.35 Td (various ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.40 691.35 Td (financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.92 691.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 300.52 691.35 Td (firms. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.10 691.35 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.63 691.35 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.46 691.35 Td (her ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 395.66 691.35 Td (prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 418.85 691.35 Td (board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.55 691.35 Td (experience ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.80 691.35 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.58 691.35 Td (serving ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 678.75 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 62.63 678.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 78.08 678.75 Td (board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 104.61 678.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.98 678.75 Td (Boston ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 148.36 678.75 Td (Financial ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.06 678.75 Td (Data ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.51 678.75 Td (Services, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.33 678.75 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.62 678.75 Td (joint ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.50 678.75 Td (venture ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.61 678.75 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.21 678.75 Td (State ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.83 678.75 Td (Street ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.95 678.75 Td (Corporation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.32 678.75 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.10 678.75 Td (DST) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 495.75 678.75 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.38 678.75 Td (Systems.) Tj ET Q BT /F6 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 653.55 Td (Joseph ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 117.52 653.55 Td (A. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.13 653.55 Td (Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 165.31 653.55 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.92 653.55 Td (age ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.47 653.55 Td (62, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.58 653.55 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 217.56 653.55 Td (been ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.36 653.55 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.00 653.55 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.63 653.55 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.35 653.55 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.91 653.55 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 345.47 653.55 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 369.03 653.55 Td (February ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.91 653.55 Td (2013 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.90 653.55 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.04 653.55 Td (has ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 465.01 653.55 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.40 653.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.13 653.55 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.10 653.55 Td (Chairman ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 640.95 Td (since ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.04 640.95 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.83 640.95 Td (2014. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.42 640.95 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.67 640.95 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.26 640.95 Td (Sullivan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 193.23 640.95 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.53 640.95 Td (elected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 245.22 640.95 Td (President, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.89 640.95 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.18 640.95 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.13 640.95 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.02 640.95 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 394.22 640.95 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.34 640.95 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.97 640.95 Td (member ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.34 640.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.05 640.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.85 640.95 Td (Board ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.47 640.95 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.60 640.95 Td (February ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 628.35 Td (2013. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.45 628.35 Td (Before ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.34 628.35 Td (being ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.00 628.35 Td (appointed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.73 628.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.80 628.35 Td (President ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.20 628.35 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.69 628.35 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 279.34 628.35 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 324.65 628.35 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 335.54 628.35 Td (ficer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 354.35 628.35 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.30 628.35 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.55 628.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.50 628.35 Td (Sullivan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.83 628.35 Td (served ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.56 628.35 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 459.63 628.35 Td (Interim ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 493.86 628.35 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 520.51 628.35 Td (Executive ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 615.75 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 60.39 615.75 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.55 615.75 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 92.22 615.75 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.72 615.75 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.23 615.75 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.57 615.75 Td (October ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.31 615.75 Td (1, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 214.11 615.75 Td (2012 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 237.04 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.13 615.75 Td (February ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 286.97 615.75 Td (1) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.83 615.75 Td (1, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.63 615.75 Td (2013. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.18 615.75 Td (Prior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.10 615.75 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.20 615.75 Td (that, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.50 615.75 Td (Mr) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.75 615.75 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.30 615.75 Td (Sullivan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.23 615.75 Td (oversaw ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.14 615.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 485.90 615.75 Td (global ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.07 615.75 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 603.15 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.27 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.05 603.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.66 603.15 Td (Mason. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 166.90 603.15 Td (He ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.18 603.15 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.54 603.15 Td (elected ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.31 603.15 Td (Senior ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.75 603.15 Td (Executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.55 603.15 Td (V) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.50 603.15 Td (ice ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.77 603.15 Td (President ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.89 603.15 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.67 603.15 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.28 603.15 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 441.89 603.15 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.09 603.15 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.03 603.15 Td (2008 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.07 603.15 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.26 603.15 Td (until ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 590.55 Td (January ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.94 590.55 Td (201) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.30 590.55 Td (1 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 106.33 590.55 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.45 590.55 Td (responsible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.06 590.55 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.08 590.55 Td (overseeing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 235.35 590.55 Td (administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.21 590.55 Td (functions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 338.07 590.55 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.60 590.55 Td (Chief ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.32 590.55 Td (Administrative ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.09 590.55 Td (Of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 448.98 590.55 Td (ficer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 467.64 590.55 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.05 590.55 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.58 590.55 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.51 590.55 Td (2005 ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 577.95 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 61.09 577.95 Td (September ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 109.41 577.95 Td (2008, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.46 577.95 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.79 577.95 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.54 577.95 Td (responsible ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.78 577.95 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.44 577.95 Td (overseeing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 285.35 577.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.60 577.95 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.59 577.95 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.92 577.95 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.32 577.95 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.98 577.95 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.14 577.95 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.31 577.95 Td (Stifel ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 514.47 577.95 Td (Nicolaus, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 557.85 577.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 565.35 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.69 565.35 Td (-dealer) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.26 565.35 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 110.07 565.35 Td (From ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 135.01 565.35 Td (1993 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.20 565.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 168.56 565.35 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 213.88 565.35 Td (2005, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 239.70 565.35 Td (he ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 251.79 565.35 Td (oversaw ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.97 565.35 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.99 565.35 Td (fixed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.75 565.35 Td (income ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.84 565.35 Td (capital ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.02 565.35 Td (markets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.44 565.35 Td (operations ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 472.37 565.35 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.30 565.35 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 507.07 565.35 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 537.68 565.35 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 546.75 565.35 Td (ood ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 552.75 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 58.57 552.75 Td (alker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 79.13 552.75 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 84.38 552.75 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 99.84 552.75 Td (company�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.24 552.75 Td (s ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.96 552.75 Td (broker) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.15 552.75 Td (-dealer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.92 552.75 Td (subsidiary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 252.71 552.75 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 271.08 552.75 Td (was ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 290.03 552.75 Td (sold ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.16 552.75 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.95 552.75 Td (December ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.72 552.75 Td (2005.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.34 552.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 527.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 97.75 527.55 Td (. ) Tj ET Q q 0 0 0 rg BT 102.32 527.55 Td (Sullivan�) Tj ET Q q 0 0 0 rg BT 140.25 527.55 Td (s ) Tj ET Q q 0 0 0 rg BT 146.28 527.55 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 205.38 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 215.49 527.55 Td (serve ) Tj ET Q q 0 0 0 rg BT 239.59 527.55 Td (on ) Tj ET Q q 0 0 0 rg BT 252.03 527.55 Td (our ) Tj ET Q q 0 0 0 rg BT 267.98 527.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 295.58 527.55 Td (include ) Tj ET Q q 0 0 0 rg BT 328.44 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 335.04 527.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 389.48 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 400.17 527.55 Td (his ) Tj ET Q q 0 0 0 rg BT 414.37 527.55 Td (management ) Tj ET Q q 0 0 0 rg BT 469.96 527.55 Td (skills ) Tj ET Q q 0 0 0 rg BT 494.08 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 511.19 527.55 Td (professional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (experience. ) Tj ET Q q 0 0 0 rg BT 99.85 514.95 Td (Mr) Tj ET Q q 0 0 0 rg BT 112.10 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 116.98 514.95 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 154.24 514.95 Td (has ) Tj ET Q q 0 0 0 rg BT 170.49 514.95 Td (more ) Tj ET Q q 0 0 0 rg BT 194.33 514.95 Td (than ) Tj ET Q q 0 0 0 rg BT 214.66 514.95 Td (30 ) Tj ET Q q 0 0 0 rg BT 227.42 514.95 Td (years ) Tj ET Q q 0 0 0 rg BT 251.83 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 262.83 514.95 Td (industry ) Tj ET Q q 0 0 0 rg BT 299.50 514.95 Td (experience, ) Tj ET Q q 0 0 0 rg BT 349.85 514.95 Td (including ) Tj ET Q q 0 0 0 rg BT 391.77 514.95 Td (serving ) Tj ET Q q 0 0 0 rg BT 424.94 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 435.94 514.95 Td (Chief ) Tj ET Q q 0 0 0 rg BT 461.52 514.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 505.76 514.95 Td (Of) Tj ET Q q 0 0 0 rg BT 516.65 514.95 Td (ficer) Tj ET Q q 0 0 0 rg BT 535.46 514.95 Td (, ) Tj ET Q q 0 0 0 rg BT 540.34 514.95 Td (Head ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.38 502.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 93.10 502.35 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 146.98 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 165.28 502.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 191.05 502.35 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 257.18 502.35 Td (Of) Tj ET Q q 0 0 0 rg BT 268.07 502.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 290.44 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 302.32 502.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 327.03 502.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 358.75 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 377.04 502.35 Td (senior ) Tj ET Q q 0 0 0 rg BT 405.84 502.35 Td (roles ) Tj ET Q q 0 0 0 rg BT 429.39 502.35 Td (at ) Tj ET Q q 0 0 0 rg BT 440.10 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 447.90 502.35 Td (number ) Tj ET Q q 0 0 0 rg BT 483.10 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 494.99 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 519.70 502.35 Td (firms. ) Tj ET Q q 0 0 0 rg BT 547.62 502.35 Td (Mr) Tj ET Q q 0 0 0 rg BT 559.88 502.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 87.13 489.75 Td (served ) Tj ET Q q 0 0 0 rg BT 117.16 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 130.28 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.74 489.75 Td (board ) Tj ET Q q 0 0 0 rg BT 172.27 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.64 489.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 223.00 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.37 489.75 Td (Stifel ) Tj ET Q q 0 0 0 rg BT 259.75 489.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 301.45 489.75 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 327.70 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 350.73 489.75 Td (December ) Tj ET Q q 0 0 0 rg BT 396.50 489.75 Td (2005 ) Tj ET Q q 0 0 0 rg BT 420.12 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.91 489.75 Td (September ) Tj ET Q q 0 0 0 rg BT 478.44 489.75 Td (2008.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 464.55 Td (CORPORA) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.80 464.55 Td (TE ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 154.43 464.55 Td (GOVERANCE) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 439.35 Td (Code ) Tj ET Q q 0 0 0 rg BT 111.46 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 122.83 439.35 Td (Conduct) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 414.15 Td (Upon ) Tj ET Q q 0 0 0 rg BT 85.48 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 100.95 414.15 Td (recommendation ) Tj ET Q q 0 0 0 rg BT 174.16 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 185.55 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.02 414.15 Td (Nominating ) Tj ET Q q 0 0 0 rg BT 253.83 414.15 Td (& ) Tj ET Q q 0 0 0 rg BT 264.64 414.15 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 309.28 414.15 Td (Governance ) Tj ET Q q 0 0 0 rg BT 362.64 414.15 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 414.58 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 431.22 414.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 459.52 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 470.92 414.15 Td (Directors ) Tj ET Q q 0 0 0 rg BT 512.63 414.15 Td (has ) Tj ET Q q 0 0 0 rg BT 529.27 414.15 Td (adopted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 57.03 401.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 99.54 401.55 Td (Code ) Tj ET Q q 0 0 0 rg BT 124.57 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 136.18 401.55 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 174.63 401.55 Td (that ) Tj ET Q q 0 0 0 rg BT 193.24 401.55 Td (applies ) Tj ET Q q 0 0 0 rg BT 225.85 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 236.88 401.55 Td (all ) Tj ET Q q 0 0 0 rg BT 250.24 401.55 Td (directors, ) Tj ET Q q 0 0 0 rg BT 292.47 401.55 Td (of) Tj ET Q q 0 0 0 rg BT 301.03 401.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 327.21 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 345.24 401.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 393.01 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 404.62 401.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 429.06 401.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 460.51 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 478.54 401.55 Td (its ) Tj ET Q q 0 0 0 rg BT 491.33 401.55 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 546.19 401.55 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Code ) Tj ET Q q 0 0 0 rg BT 74.29 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 85.66 388.95 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 123.87 388.95 Td (addresses ) Tj ET Q q 0 0 0 rg BT 166.73 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 182.18 388.95 Td (following ) Tj ET Q q 0 0 0 rg BT 225.64 388.95 Td (important ) Tj ET Q q 0 0 0 rg BT 269.09 388.95 Td (topics, ) Tj ET Q q 0 0 0 rg BT 299.42 388.95 Td (among ) Tj ET Q q 0 0 0 rg BT 330.63 388.95 Td (others:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 363.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 363.75 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 134.28 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.65 363.75 Td (interest;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 351.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 351.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 137.77 351.15 Td (opportunities;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 338.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 338.55 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 159.36 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 170.73 338.55 Td (information;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 325.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 325.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.70 325.95 Td (dealing;) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 84.50 313.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 313.35 Td (protection ) Tj ET Q q 0 0 0 rg BT 140.70 313.35 Td (and ) Tj ET Q q 0 0 0 rg BT 158.48 313.35 Td (proper ) Tj ET Q q 0 0 0 rg BT 188.51 313.35 Td (use ) Tj ET Q q 0 0 0 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442.19 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 453.14 514.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 479.83 514.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 519.93 514.95 Td (\(primarily ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 102.20 502.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 130.13 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 140.55 502.35 Td (fixed ) Tj ET Q q 0 0 0 rg BT 163.81 502.35 Td (income\), ) Tj ET Q q 0 0 0 rg BT 202.52 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 217.02 502.35 Td (types ) Tj ET Q q 0 0 0 rg BT 240.87 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 251.30 502.35 Td (products ) Tj ET Q q 0 0 0 rg BT 289.14 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 305.98 502.35 Td (services ) Tj ET Q q 0 0 0 rg BT 341.48 502.35 Td (of) Tj ET Q q 0 0 0 rg BT 350.03 502.35 Td (fered, ) Tj ET Q q 0 0 0 rg BT 375.90 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 390.41 502.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 438.17 502.35 Td (styles ) Tj ET Q q 0 0 0 rg BT 463.77 502.35 Td (utilized, ) Tj ET Q q 0 0 0 rg BT 499.56 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 514.07 502.35 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (channels ) Tj ET Q q 0 0 0 rg BT 89.63 489.75 Td (used, ) Tj ET Q q 0 0 0 rg BT 114.89 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 133.45 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.67 489.75 Td (types ) Tj ET Q q 0 0 0 rg BT 175.22 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 193.78 489.75 Td (geographic ) Tj ET Q q 0 0 0 rg BT 243.82 489.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 285.12 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.26 489.75 Td (its ) Tj ET Q q 0 0 0 rg BT 310.57 489.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 344.00 489.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 368.38 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.52 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 397.91 489.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 445.62 489.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 469.43 489.75 Td (managers ) Tj ET Q q 0 0 0 rg BT 513.05 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 523.45 489.75 Td (generally ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (operated ) Tj ET Q q 0 0 0 rg BT 88.08 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 99.27 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 106.36 477.15 Td (separate ) Tj ET Q q 0 0 0 rg BT 143.19 477.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 169.54 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 187.72 477.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 226.90 477.15 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.58 477.15 Td (its ) Tj ET Q q 0 0 0 rg BT 274.94 477.15 Td (products ) Tj ET Q q 0 0 0 rg BT 313.53 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 331.13 477.15 Td (services ) Tj ET Q q 0 0 0 rg BT 367.39 477.15 Td (under ) Tj ET Q q 0 0 0 rg BT 393.73 477.15 Td (its ) Tj ET Q q 0 0 0 rg BT 406.09 477.15 Td (own ) Tj ET Q q 0 0 0 rg BT 426.61 477.15 Td (brand ) Tj ET Q q 0 0 0 rg BT 452.95 477.15 Td (name. ) Tj ET Q q 0 0 0 rg BT 480.75 477.15 Td (Certain ) Tj ET Q q 0 0 0 rg BT 514.09 477.15 Td (distribution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (functions ) Tj ET Q q 0 0 0 rg BT 91.74 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 107.71 464.55 Td (often ) Tj ET Q q 0 0 0 rg BT 132.45 464.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 172.93 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 186.59 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 202.57 464.55 Td (parent ) Tj ET Q q 0 0 0 rg BT 231.97 464.55 Td (company ) Tj ET Q q 0 0 0 rg BT 273.61 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 291.93 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 316.67 464.55 Td (af) Tj ET Q q 0 0 0 rg BT 324.63 464.55 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 358.99 464.55 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 406.49 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 428.31 464.55 Td (this ) Tj ET Q q 0 0 0 rg BT 446.64 464.55 Td (approach, ) Tj ET Q q 0 0 0 rg BT 490.91 464.55 Td (we ) Tj ET Q q 0 0 0 rg BT 506.31 464.55 Td (have ) Tj ET Q q 0 0 0 rg BT 529.29 464.55 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (sharing ) Tj ET Q q 0 0 0 rg BT 82.67 451.95 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 141.48 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 151.91 451.95 Td (place ) Tj ET Q q 0 0 0 rg BT 176.32 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 197.24 451.95 Td (four ) Tj ET Q q 0 0 0 rg BT 217.00 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 228.00 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 244.26 451.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 266.93 451.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 309.42 451.95 Td (and/or ) Tj ET Q q 0 0 0 rg BT 338.50 451.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 369.32 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 380.33 451.95 Td (their ) Tj ET Q q 0 0 0 rg BT 401.83 451.95 Td (key ) Tj ET Q q 0 0 0 rg BT 419.25 451.95 Td (of) Tj ET Q q 0 0 0 rg BT 427.80 451.95 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 456.00 451.95 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 495.01 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 505.44 451.95 Td (these ) Tj ET Q q 0 0 0 rg BT 529.27 451.95 Td (revenue ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 82.22 439.35 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 143.21 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 149.68 439.35 Td (specified ) Tj ET Q q 0 0 0 rg BT 189.38 439.35 Td (percentage ) Tj ET Q q 0 0 0 rg BT 236.66 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 247.21 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 261.85 439.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 284.06 439.35 Td (manager) Tj ET Q q 0 0 0 rg BT 320.60 439.35 Td (�) Tj ET Q q 0 0 0 rg BT 323.52 439.35 Td (s ) Tj ET Q q 0 0 0 rg BT 329.41 439.35 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 371.16 439.35 Td (net ) Tj ET Q q 0 0 0 rg BT 385.79 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 396.35 439.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 426.72 439.35 Td (third ) Tj ET Q q 0 0 0 rg BT 448.36 439.35 Td (party ) Tj ET Q q 0 0 0 rg BT 471.74 439.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 521.97 439.35 Td (expenses, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 60.00 426.75 Td (required ) Tj ET Q q 0 0 0 rg BT 98.47 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.13 426.75 Td (be ) Tj ET Q q 0 0 0 rg BT 123.53 426.75 Td (distributed ) Tj ET Q q 0 0 0 rg BT 171.94 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.60 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.92 426.75 Td (parent ) Tj ET Q q 0 0 0 rg BT 229.65 426.75 Td (company ) Tj ET Q q 0 0 0 rg BT 271.63 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.28 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.61 426.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 342.16 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 354.40 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.72 426.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 411.53 426.75 Td (\(or ) Tj ET Q q 0 0 0 rg BT 427.26 426.75 Td (net ) Tj ET Q q 0 0 0 rg BT 443.58 426.75 Td (revenues\) ) Tj ET Q q 0 0 0 rg BT 487.89 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 498.38 426.75 Td (retained ) Tj ET Q q 0 0 0 rg BT 535.69 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 547.35 426.75 Td (pay ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.54 414.15 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 132.46 414.15 Td (including ) Tj ET Q q 0 0 0 rg BT 173.51 414.15 Td (salaries ) Tj ET Q q 0 0 0 rg BT 206.38 414.15 Td (and ) Tj ET Q q 0 0 0 rg BT 222.93 414.15 Td (bonuses, ) Tj ET Q q 0 0 0 rg BT 260.78 414.15 Td (but ) Tj ET Q q 0 0 0 rg BT 275.59 414.15 Td (excluding ) Tj ET Q q 0 0 0 rg BT 318.38 414.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 348.33 414.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 387.63 414.15 Td (such ) Tj ET Q q 0 0 0 rg BT 408.26 414.15 Td (as ) Tj ET Q q 0 0 0 rg BT 418.40 414.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 472.85 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 482.98 414.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 520.52 414.15 Td (intangible ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.57 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 94.29 401.55 Td (income ) Tj ET Q q 0 0 0 rg BT 127.77 401.55 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 154.53 401.55 Td (Specific ) Tj ET Q q 0 0 0 rg BT 191.51 401.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 252.39 401.55 Td (allocations ) Tj ET Q q 0 0 0 rg BT 300.45 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 315.83 401.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 365.63 401.55 Td (by ) Tj ET Q q 0 0 0 rg BT 378.70 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 394.10 401.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 417.07 401.55 Td (manager) Tj ET Q q 0 0 0 rg BT 453.61 401.55 Td (�) Tj ET Q q 0 0 0 rg BT 456.53 401.55 Td (s ) Tj ET Q q 0 0 0 rg BT 463.18 401.55 Td (management, ) Tj ET Q q 0 0 0 rg BT 522.02 401.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.33 401.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 92.51 388.95 Td (management ) Tj ET Q q 0 0 0 rg BT 149.53 388.95 Td (approval ) Tj ET Q q 0 0 0 rg BT 189.63 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 201.17 388.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 233.10 388.95 Td (cases. ) Tj ET Q q 0 0 0 rg BT 261.25 388.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 280.95 388.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 304.73 388.95 Td (managers ) Tj ET Q q 0 0 0 rg BT 348.33 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 366.86 388.95 Td (other ) Tj ET Q q 0 0 0 rg BT 391.81 388.95 Td (business ) Tj ET Q q 0 0 0 rg BT 430.77 388.95 Td (units ) Tj ET Q q 0 0 0 rg BT 454.56 388.95 Td (that ) Tj ET Q q 0 0 0 rg BT 473.67 388.95 Td (do ) Tj ET Q q 0 0 0 rg BT 487.54 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 504.33 388.95 Td (operate ) Tj ET Q q 0 0 0 rg BT 538.59 388.95 Td (under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 86.46 376.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 121.11 376.35 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 181.40 376.35 Td (utilize ) Tj ET Q q 0 0 0 rg BT 211.38 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 219.77 376.35 Td (variety ) Tj ET Q q 0 0 0 rg BT 252.66 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 265.14 376.35 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 323.69 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 336.17 376.35 Td (formulaic ) Tj ET Q q 0 0 0 rg BT 380.72 376.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 422.94 376.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 485.00 376.35 Td (determinations. ) Tj ET Q q 0 0 0 rg BT 553.76 376.35 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 88.98 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.25 363.75 Td (management ) Tj ET Q q 0 0 0 rg BT 160.34 363.75 Td (teams ) Tj ET Q q 0 0 0 rg BT 187.28 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.46 363.75 Td (three ) Tj ET Q q 0 0 0 rg BT 221.89 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 233.08 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 249.52 363.75 Td (af) Tj ET Q q 0 0 0 rg BT 257.49 363.75 Td (filiates ) Tj ET Q q 0 0 0 rg BT 288.51 363.75 Td (hold ) Tj ET Q q 0 0 0 rg BT 309.62 363.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 356.38 363.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 385.07 363.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 422.51 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 433.12 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 448.39 363.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 493.98 363.75 Td (company) Tj ET Q q 0 0 0 rg BT 531.79 363.75 Td (, ) Tj ET Q q 0 0 0 rg BT 536.85 363.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (helps ) Tj ET Q q 0 0 0 rg BT 74.00 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 84.50 351.15 Td (align ) Tj ET Q q 0 0 0 rg BT 107.83 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 122.99 351.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 160.31 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.39 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.55 351.15 Td (management ) Tj ET Q q 0 0 0 rg BT 242.53 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 253.61 351.15 Td (those ) Tj ET Q q 0 0 0 rg BT 278.11 351.15 Td (three ) Tj ET Q q 0 0 0 rg BT 301.43 351.15 Td (af) Tj ET Q q 0 0 0 rg BT 309.40 351.15 Td (filiates ) Tj ET Q q 0 0 0 rg BT 340.30 351.15 Td (with ) Tj ET Q q 0 0 0 rg BT 361.30 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 376.47 351.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 413.79 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 424.87 351.15 Td (our ) Tj ET Q q 0 0 0 rg BT 441.20 351.15 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 499.23 351.15 Td (In ) Tj ET Q q 0 0 0 rg BT 510.31 351.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 549.69 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.90 338.55 Td (management ) Tj ET Q q 0 0 0 rg BT 129.54 338.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 166.95 338.55 Td (in ) Tj ET Q q 0 0 0 rg BT 178.10 338.55 Td (which ) Tj ET Q q 0 0 0 rg BT 206.75 338.55 Td (we ) Tj ET Q q 0 0 0 rg BT 221.99 338.55 Td (operate ) Tj ET Q q 0 0 0 rg BT 255.87 338.55 Td (tends ) Tj ET Q q 0 0 0 rg BT 281.03 338.55 Td (to ) Tj ET Q q 0 0 0 rg BT 292.19 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 305.09 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 312.74 338.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 357.14 338.55 Td (business, ) Tj ET Q q 0 0 0 rg BT 398.34 338.55 Td (as ) Tj ET Q q 0 0 0 rg BT 410.08 338.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.14 338.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 515.18 338.55 Td (over ) Tj ET Q q 0 0 0 rg BT 536.83 338.55 Td (multi-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (year ) Tj ET Q q 0 0 0 rg BT 69.55 325.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 102.44 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 111.42 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 118.07 325.95 Td (critical ) Tj ET Q q 0 0 0 rg BT 149.19 325.95 Td (competitive ) Tj ET Q q 0 0 0 rg BT 200.74 325.95 Td (element ) Tj ET Q q 0 0 0 rg BT 235.96 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 246.69 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 261.49 325.95 Td (business. ) Tj ET Q q 0 0 0 rg BT 301.25 325.95 Td (Also, ) Tj ET Q q 0 0 0 rg BT 325.69 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 336.42 325.95 Td (is ) Tj ET Q q 0 0 0 rg BT 345.40 325.95 Td (typical ) Tj ET Q q 0 0 0 rg BT 375.96 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 386.11 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 400.92 325.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 423.31 325.95 Td (management ) Tj ET Q q 0 0 0 rg BT 478.93 325.95 Td (business, ) Tj ET Q q 0 0 0 rg BT 519.13 325.95 Td (and ) Tj ET Q q 0 0 0 rg BT 536.27 325.95 Td (unlike ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 73.72 313.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.10 313.35 Td (services ) Tj ET Q q 0 0 0 rg BT 149.57 313.35 Td (companies, ) Tj ET Q q 0 0 0 rg BT 199.75 313.35 Td (we ) Tj ET Q q 0 0 0 rg BT 214.64 313.35 Td (are ) Tj ET Q q 0 0 0 rg BT 230.11 313.35 Td (not ) Tj ET Q q 0 0 0 rg BT 246.18 313.35 Td (exposed ) Tj ET Q q 0 0 0 rg BT 283.23 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 294.05 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 309.53 313.35 Td (short-term ) Tj ET Q q 0 0 0 rg BT 355.92 313.35 Td (risks ) Tj ET Q q 0 0 0 rg BT 378.40 313.35 Td (arising ) Tj ET Q q 0 0 0 rg BT 409.63 313.35 Td (from ) Tj ET Q q 0 0 0 rg BT 432.69 313.35 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 481.99 313.35 Td (trading ) Tj ET Q q 0 0 0 rg BT 514.38 313.35 Td (because ) Tj ET Q q 0 0 0 rg BT 550.26 313.35 Td (we ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (do ) Tj ET Q q 0 0 0 rg BT 62.63 300.75 Td (not ) Tj ET Q q 0 0 0 rg BT 78.67 300.75 Td (engage ) Tj ET Q q 0 0 0 rg BT 111.02 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 121.82 300.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 171.09 300.75 Td (trading.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 105.84 275.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 150.07 275.55 Td (of) Tj ET Q q 0 0 0 rg BT 158.63 275.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 181.88 275.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 244.21 275.55 Td (program ) Tj ET Q q 0 0 0 rg BT 283.79 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 294.80 275.55 Td (structured ) Tj ET Q q 0 0 0 rg BT 340.80 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 352.98 275.55 Td (a ) Tj ET Q q 0 0 0 rg BT 361.65 275.55 Td (manner ) Tj ET Q q 0 0 0 rg BT 397.15 275.55 Td (intended ) Tj ET Q q 0 0 0 rg BT 437.32 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 449.50 275.55 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 487.92 275.55 Td (against ) Tj ET Q q 0 0 0 rg BT 521.67 275.55 Td (providing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (incentives ) Tj ET Q q 0 0 0 rg BT 93.81 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 107.78 262.95 Td (inappropriate ) Tj ET Q q 0 0 0 rg BT 165.50 262.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.98 262.95 Td (taking. ) Tj ET Q q 0 0 0 rg BT 213.46 262.95 Td (The ) Tj ET Q q 0 0 0 rg BT 231.52 262.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 273.49 262.95 Td (of) Tj ET Q q 0 0 0 rg BT 282.04 262.95 Td (ficers�) Tj ET Q q 0 0 0 rg BT 308.08 262.95 Td ( ) Tj ET Q q 0 0 0 rg BT 309.82 262.95 Td (salaries ) Tj ET Q q 0 0 0 rg BT 343.04 262.95 Td (are ) Tj ET Q q 0 0 0 rg BT 357.59 262.95 Td (fixed ) Tj ET Q q 0 0 0 rg BT 380.90 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 390.80 262.95 Td (amount. ) Tj ET Q q 0 0 0 rg BT 426.66 262.95 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 467.46 262.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 527.51 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 536.25 262.95 Td (linked ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 59.96 250.35 Td (overall ) Tj ET Q q 0 0 0 rg BT 91.41 250.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 133.35 250.35 Td (performance. ) Tj ET Q q 0 0 0 rg BT 191.32 250.35 Td (For ) Tj ET Q q 0 0 0 rg BT 208.20 250.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 233.23 250.35 Td (year ) Tj ET Q q 0 0 0 rg BT 253.59 250.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 279.51 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 286.47 250.35 Td (substantial ) Tj ET Q q 0 0 0 rg BT 333.68 250.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 366.30 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 377.34 250.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 437.96 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 447.26 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 457.72 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 472.84 250.35 Td (form ) Tj ET Q q 0 0 0 rg BT 495.55 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 506.59 250.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 543.85 250.35 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 67.93 237.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 99.76 237.75 Td (due ) Tj ET Q q 0 0 0 rg BT 117.01 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 127.27 237.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 176.02 237.75 Td (under ) Tj ET Q q 0 0 0 rg BT 202.02 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.95 237.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 234.25 237.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 249.29 237.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 298.03 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 310.62 237.75 Td (issuing ) Tj ET Q q 0 0 0 rg BT 342.47 237.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 370.81 237.75 Td (awards. ) Tj ET Q q 0 0 0 rg BT 405.12 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 423.53 237.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 460.60 237.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 481.35 237.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 499.78 237.75 Td (awards, ) Tj ET Q q 0 0 0 rg BT 534.23 237.75 Td (which, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 60.53 225.15 Td (further ) Tj ET Q q 0 0 0 rg BT 91.37 225.15 Td (described ) Tj ET Q q 0 0 0 rg BT 133.88 225.15 Td (below ) Tj ET Q q 0 0 0 rg BT 161.82 225.15 Td (after ) Tj ET Q q 0 0 0 rg BT 183.33 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 198.44 225.15 Td (Summary ) Tj ET Q q 0 0 0 rg BT 241.55 225.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 304.33 225.15 Td (T) Tj ET Q q 0 0 0 rg BT 310.01 225.15 Td (able, ) Tj ET Q q 0 0 0 rg BT 332.40 225.15 Td (vest ) Tj ET Q q 0 0 0 rg BT 351.60 225.15 Td (ratably ) Tj ET Q q 0 0 0 rg BT 383.03 225.15 Td (over ) Tj ET Q q 0 0 0 rg BT 403.96 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 410.90 225.15 Td (four ) Tj ET Q q 0 0 0 rg BT 430.68 225.15 Td (year ) Tj ET Q q 0 0 0 rg BT 451.02 225.15 Td (period, ) Tj ET Q q 0 0 0 rg BT 482.75 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 497.85 225.15 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 547.33 225.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.48 212.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 94.38 212.55 Td (completion ) Tj ET Q q 0 0 0 rg BT 144.52 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 156.16 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 171.89 212.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 189.20 212.55 Td (ger) Tj ET Q q 0 0 0 rg BT 202.18 212.55 Td (, ) Tj ET Q q 0 0 0 rg BT 207.71 212.55 Td (aligning ) Tj ET Q q 0 0 0 rg BT 245.02 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 260.75 212.55 Td (executives�) Tj ET Q q 0 0 0 rg BT 307.78 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 310.68 212.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 348.57 212.55 Td (with ) Tj ET Q q 0 0 0 rg BT 370.14 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 385.86 212.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 423.76 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 435.40 212.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 459.88 212.55 Td (Mason�) Tj ET Q q 0 0 0 rg BT 491.38 212.55 Td (s ) Tj ET Q q 0 0 0 rg BT 498.36 212.55 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 554.34 212.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (complete ) Tj ET Q q 0 0 0 rg BT 91.00 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.83 199.95 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 158.32 199.95 Td (These ) Tj ET Q q 0 0 0 rg BT 186.40 199.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 219.15 199.95 Td (do ) Tj ET Q q 0 0 0 rg BT 232.66 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 249.09 199.95 Td (encourage ) Tj ET Q q 0 0 0 rg BT 295.24 199.95 Td (excessive ) Tj ET Q q 0 0 0 rg BT 338.48 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 350.24 199.95 Td (inappropriate ) Tj ET Q q 0 0 0 rg BT 409.23 199.95 Td (risk ) Tj ET Q q 0 0 0 rg BT 427.99 199.95 Td (taking ) Tj ET Q q 0 0 0 rg BT 457.25 199.95 Td (given ) Tj ET Q q 0 0 0 rg BT 483.58 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 502.34 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 518.18 199.95 Td (executives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (have ) Tj ET Q q 0 0 0 rg BT 72.20 187.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 119.41 187.35 Td (value ) Tj ET Q q 0 0 0 rg BT 145.03 187.35 Td (tied ) Tj ET Q q 0 0 0 rg BT 163.66 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 174.70 187.35 Td (completing ) Tj ET Q q 0 0 0 rg BT 224.83 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 240.54 187.35 Td (Mer) Tj ET Q q 0 0 0 rg BT 257.84 187.35 Td (ger ) Tj ET Q q 0 0 0 rg BT 274.13 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 292.17 187.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 333.54 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 344.59 187.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 380.12 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 404.57 187.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 436.07 187.35 Td (s ) Tj ET Q q 0 0 0 rg BT 443.04 187.35 Td (business ) Tj ET Q q 0 0 0 rg BT 481.51 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 492.56 187.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 543.83 187.35 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (covenants ) Tj ET Q q 0 0 0 rg BT 94.35 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 105.38 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 121.07 174.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 138.38 174.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 154.01 174.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 203.52 174.75 Td (that ) Tj ET Q q 0 0 0 rg BT 222.13 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 237.81 174.75 Td (intended ) Tj ET Q q 0 0 0 rg BT 276.83 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 287.86 174.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 310.57 174.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.18 174.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 352.45 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 363.48 174.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 413.59 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.20 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.89 174.75 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 492.45 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 495.31 174.75 Td (In ) Tj ET Q q 0 0 0 rg BT 506.92 174.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 530.19 174.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 557.83 174.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (substantial ) Tj ET Q q 0 0 0 rg BT 96.61 162.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 129.13 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 140.08 162.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 200.59 162.15 Td (was ) Tj ET Q q 0 0 0 rg BT 219.11 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 229.48 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 244.50 162.15 Td (form ) Tj ET Q q 0 0 0 rg BT 267.10 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 278.04 162.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 321.65 162.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 350.09 162.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 382.02 162.15 Td (that ) Tj ET Q q 0 0 0 rg BT 399.96 162.15 Td (aligned ) Tj ET Q q 0 0 0 rg BT 433.06 162.15 Td (executives�) Tj ET Q q 0 0 0 rg BT 480.09 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 482.28 162.15 Td (interests ) Tj ET Q q 0 0 0 rg BT 519.47 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 540.33 162.15 Td (those ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.61 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 84.55 149.55 Td (Mason�) Tj ET Q q 0 0 0 rg BT 116.05 149.55 Td (s ) Tj ET Q q 0 0 0 rg BT 122.50 149.55 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 180.57 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 187.59 149.55 Td (substantial ) Tj ET Q q 0 0 0 rg BT 234.87 149.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 267.57 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 278.68 149.55 Td (which ) Tj ET Q q 0 0 0 rg BT 306.71 149.55 Td (remain ) Tj ET Q q 0 0 0 rg BT 338.22 149.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 389.59 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 407.11 149.55 Td (unvested. ) Tj ET Q q 0 0 0 rg BT 449.26 149.55 Td (The ) Tj ET Q q 0 0 0 rg BT 467.95 149.55 Td (value ) Tj ET Q q 0 0 0 rg BT 493.05 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 504.16 149.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 532.77 149.55 Td (awards ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 78.20 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 88.82 136.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 111.68 136.95 Td (years ) Tj ET Q q 0 0 0 rg BT 136.29 136.95 Td (lar) Tj ET Q q 0 0 0 rg BT 147.17 136.95 Td (gely ) Tj ET Q q 0 0 0 rg BT 167.70 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 177.15 136.95 Td (tied ) Tj ET Q q 0 0 0 rg BT 195.35 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 205.97 136.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 229.99 136.95 Td (Mason�) Tj ET Q q 0 0 0 rg BT 261.50 136.95 Td (s ) Tj ET Q q 0 0 0 rg BT 268.03 136.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 292.65 136.95 Td (price. ) Tj ET Q q 0 0 0 rg BT 318.53 136.95 Td (These ) Tj ET Q q 0 0 0 rg BT 346.05 136.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 378.24 136.95 Td (do ) Tj ET Q q 0 0 0 rg BT 391.19 136.95 Td (not ) Tj ET Q q 0 0 0 rg BT 407.06 136.95 Td (encourage ) Tj ET Q q 0 0 0 rg BT 452.65 136.95 Td (excessive ) Tj ET Q q 0 0 0 rg BT 495.33 136.95 Td (or ) Tj ET Q q 0 0 0 rg BT 506.53 136.95 Td (inappropriate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.93 124.35 Td (taking ) Tj ET Q q 0 0 0 rg BT 96.85 124.35 Td (given ) Tj ET Q q 0 0 0 rg BT 122.86 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 141.28 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 156.79 124.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 189.21 124.35 Td (are ) Tj ET Q q 0 0 0 rg BT 204.70 124.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 237.13 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 247.97 124.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 292.06 124.35 Td (vesting ) Tj ET Q q 0 0 0 rg BT 325.07 124.35 Td (schedules ) Tj ET Q q 0 0 0 rg BT 368.57 124.35 Td (to ) Tj ET Q q 0 0 0 rg BT 379.41 124.35 Td (help ) Tj ET Q q 0 0 0 rg BT 400.17 124.35 Td (ensure ) Tj ET Q q 0 0 0 rg BT 430.25 124.35 Td (that ) Tj ET Q q 0 0 0 rg BT 448.68 124.35 Td (executives ) Tj ET Q q 0 0 0 rg BT 495.67 124.35 Td (have ) Tj ET Q q 0 0 0 rg BT 518.17 124.35 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (value ) Tj ET Q q 0 0 0 rg BT 74.13 111.75 Td (tied ) Tj ET Q q 0 0 0 rg BT 91.77 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.83 111.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 145.13 111.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 169.19 111.75 Td (price ) Tj ET Q q 0 0 0 rg BT 192.07 111.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 249.63 111.75 Td ( ) Tj ET Q q 0 0 0 rg BT 251.39 111.75 Td (W) Tj ET Q q 0 0 0 rg BT 260.46 111.75 Td (e ) Tj ET Q q 0 0 0 rg BT 267.01 111.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 299.22 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 315.11 111.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 355.49 111.75 Td (award ) Tj ET Q q 0 0 0 rg BT 383.04 111.75 Td (program, ) Tj ET Q q 0 0 0 rg BT 423.12 111.75 Td (coupled ) Tj ET Q q 0 0 0 rg BT 458.26 111.75 Td (with ) Tj ET Q q 0 0 0 rg BT 478.82 111.75 Td (our ) Tj ET Q q 0 0 0 rg BT 494.71 111.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.76 111.75 Td (ownership ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 96.04 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 114.59 99.15 Td (anti-hedging ) Tj ET Q q 0 0 0 rg BT 171.04 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 189.59 99.15 Td (pledging ) Tj ET Q q 0 0 0 rg BT 229.72 99.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 265.76 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 281.39 99.15 Td (executives, ) Tj ET Q q 0 0 0 rg BT 331.71 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 354.92 99.15 Td (created ) Tj ET Q q 0 0 0 rg BT 388.61 99.15 Td (important ) Tj ET Q q 0 0 0 rg BT 432.82 99.15 Td (linkages ) Tj ET Q q 0 0 0 rg BT 471.19 99.15 Td (between ) Tj ET Q q 0 0 0 rg BT 509.56 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 99.15 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (interests ) Tj ET Q q 0 0 0 rg BT 88.24 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 100.74 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 118.48 86.55 Td (executives ) Tj ET Q q 0 0 0 rg BT 166.55 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 185.46 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 202.03 86.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 247.19 86.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.99 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 316.48 86.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 341.81 86.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 374.14 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 393.05 86.55 Td (help ) Tj ET Q q 0 0 0 rg BT 414.88 86.55 Td (to ) Tj ET Q q 0 0 0 rg BT 426.79 86.55 Td (protect ) Tj ET Q q 0 0 0 rg BT 459.69 86.55 Td (against ) Tj ET Q q 0 0 0 rg BT 493.19 86.55 Td (any ) Tj ET Q q 0 0 0 rg BT 512.10 86.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 554.33 86.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (disregard ) Tj ET Q q 0 0 0 rg BT 93.97 73.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 119.20 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 132.77 73.95 Td (return ) Tj ET Q q 0 0 0 rg BT 163.24 73.95 Td (for ) Tj ET Q q 0 0 0 rg BT 180.88 73.95 Td (potential ) Tj ET Q q 0 0 0 rg BT 223.02 73.95 Td (short-term ) Tj ET Q q 0 0 0 rg BT 272.16 73.95 Td (gains. ) Tj ET Q q 0 0 0 rg BT 302.35 73.95 Td (Moreover) Tj ET Q q 0 0 0 rg BT 343.33 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 351.36 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 369.58 73.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 435.65 73.95 Td (Committee ) Tj ET Q q 0 0 0 rg BT 487.71 73.95 Td (considers ) Tj ET Q q 0 0 0 rg BT 532.77 73.95 Td (several ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.23 61.35 Td (metrics ) Tj ET Q q 0 0 0 rg BT 136.82 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 146.67 61.35 Td (establishing ) Tj ET Q q 0 0 0 rg BT 198.51 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 213.02 61.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 254.93 61.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 314.94 61.35 Td (program ) Tj ET Q q 0 0 0 rg BT 352.19 61.35 Td (each ) Tj ET Q q 0 0 0 rg BT 373.10 61.35 Td (year) Tj ET Q q 0 0 0 rg BT 390.75 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 395.06 61.35 Td (so ) Tj ET Q q 0 0 0 rg BT 406.07 61.35 Td (no ) Tj ET Q q 0 0 0 rg BT 418.26 61.35 Td (one ) Tj ET Q q 0 0 0 rg BT 435.10 61.35 Td (metric ) Tj ET Q q 0 0 0 rg BT 463.60 61.35 Td (creates ) Tj ET Q q 0 0 0 rg BT 494.43 61.35 Td (an ) Tj ET Q q 0 0 0 rg BT 506.02 61.35 Td (undue ) Tj ET Q q 0 0 0 rg BT 533.36 61.35 Td (reward ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (that ) Tj ET Q q 0 0 0 rg BT 66.98 48.75 Td (might ) Tj ET Q q 0 0 0 rg BT 93.22 48.75 Td (encourage ) Tj ET Q q 0 0 0 rg BT 138.10 48.75 Td (excessive ) Tj ET Q q 0 0 0 rg BT 180.07 48.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 197.55 48.75 Td (taking. ) Tj ET Q q 0 0 0 rg BT 228.16 48.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 268.97 48.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 301.62 48.75 Td (are ) Tj ET Q q 0 0 0 rg BT 316.17 48.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 356.40 48.75 Td (60%, ) Tj ET Q q 0 0 0 rg BT 380.01 48.75 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 419.06 48.75 Td (and ) Tj ET Q q 0 0 0 rg BT 435.58 48.75 Td (Af) Tj ET Q q 0 0 0 rg BT 446.47 48.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 472.69 48.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 531.60 48.75 Td (metrics ) Tj ET Q endstream endobj 307 0 obj <> endobj 308 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 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716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 157.50 716.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.75 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 216.44 716.55 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 264.28 716.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 320.86 716.55 Td (metrics ) Tj ET Q q 0 0 0 rg BT 355.29 716.55 Td (established ) Tj ET Q q 0 0 0 rg BT 405.47 716.55 Td (by ) Tj ET Q q 0 0 0 rg BT 419.50 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 435.85 716.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 486.04 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 501.80 716.55 Td (use ) Tj ET Q q 0 0 0 rg BT 519.33 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 531.02 716.55 Td (making ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.35 703.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 153.30 703.95 Td (decisions.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 678.75 Td (T) Tj ET Q q 0 0 0 rg BT 91.18 678.75 Td (o ) Tj ET Q q 0 0 0 rg BT 99.63 678.75 Td (further ) Tj ET Q q 0 0 0 rg BT 131.40 678.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 162.00 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.03 678.75 Td (alignment ) Tj ET Q q 0 0 0 rg BT 223.22 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.16 678.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 296.68 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 318.55 678.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 363.16 678.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 422.03 678.75 Td (we ) Tj ET Q q 0 0 0 rg BT 437.47 678.75 Td (have ) Tj ET Q q 0 0 0 rg BT 460.49 678.75 Td (adopted ) Tj ET Q q 0 0 0 rg BT 496.93 678.75 Td (a ) Tj ET Q q 0 0 0 rg BT 504.79 678.75 Td (policy ) Tj ET Q q 0 0 0 rg BT 534.24 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 549.68 678.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (clawback ) Tj ET Q q 0 0 0 rg BT 90.82 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 101.24 666.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 141.39 666.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 201.39 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 223.47 666.15 Td (named ) Tj ET Q q 0 0 0 rg BT 253.13 666.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 295.03 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 303.59 666.15 Td (ficers ) Tj ET Q q 0 0 0 rg BT 328.58 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 338.42 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 352.92 666.15 Td (event ) Tj ET Q q 0 0 0 rg BT 377.33 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 383.67 666.15 Td (named ) Tj ET Q q 0 0 0 rg BT 413.33 666.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 455.23 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 463.79 666.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 483.41 666.15 Td (�) Tj ET Q q 0 0 0 rg BT 486.32 666.15 Td (s ) Tj ET Q q 0 0 0 rg BT 492.08 666.15 Td (acts ) Tj ET Q q 0 0 0 rg BT 510.08 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 520.50 666.15 Td (omissions ) Tj ET Q BT 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) Tj ET Q q 0 0 0 rg BT 490.34 653.55 Td (cause. ) Tj ET Q q 0 0 0 rg BT 517.58 653.55 Td (Additional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (information ) Tj ET Q q 0 0 0 rg BT 104.71 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 120.85 640.95 Td (our ) Tj ET Q q 0 0 0 rg BT 140.48 640.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 186.35 640.95 Td (of) Tj ET Q q 0 0 0 rg BT 194.91 640.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 219.78 640.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.74 640.95 Td (practices ) Tj ET Q q 0 0 0 rg BT 326.69 640.95 Td (is ) Tj ET Q q 0 0 0 rg BT 339.33 640.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 385.21 640.95 Td (below ) Tj ET Q q 0 0 0 rg BT 416.51 640.95 Td (under ) Tj ET Q q 0 0 0 rg BT 446.06 640.95 Td (�Executive ) Tj ET Q q 0 0 0 rg BT 498.34 640.95 Td (Compensation-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 112.79 628.35 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 161.50 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 178.71 628.35 Td (Analysis.�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 603.15 Td (W) Tj ET Q q 0 0 0 rg BT 94.57 603.15 Td (e ) Tj ET Q q 0 0 0 rg BT 101.41 603.15 Td (have ) Tj ET Q q 0 0 0 rg BT 123.40 603.15 Td (considered ) Tj ET Q q 0 0 0 rg BT 171.06 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.06 603.15 Td (risks ) Tj ET Q q 0 0 0 rg BT 208.08 603.15 Td (created ) Tj ET Q q 0 0 0 rg BT 240.56 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 253.23 603.15 Td (our ) Tj ET Q q 0 0 0 rg BT 269.40 603.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 329.90 603.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 364.74 603.15 Td (and ) Tj ET Q q 0 0 0 rg BT 382.07 603.15 Td (practices, ) Tj ET Q q 0 0 0 rg BT 424.18 603.15 Td (including ) Tj ET Q q 0 0 0 rg BT 466.02 603.15 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 511.36 603.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 544.73 603.15 Td (and, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (based ) Tj 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577.95 Td (have ) Tj ET Q q 0 0 0 rg BT 72.92 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 81.17 577.95 Td (material ) Tj ET Q q 0 0 0 rg BT 119.17 577.95 Td (adverse ) Tj ET Q q 0 0 0 rg BT 154.83 577.95 Td (ef) Tj ET Q q 0 0 0 rg BT 162.79 577.95 Td (fect ) Tj ET Q q 0 0 0 rg BT 182.12 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 196.22 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 212.64 577.95 Td (company) Tj ET Q q 0 0 0 rg BT 250.45 577.95 Td (. ) Tj ET Q q 0 0 0 rg BT 256.41 577.95 Td (This ) Tj ET Q q 0 0 0 rg BT 278.67 577.95 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 327.76 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 338.36 577.95 Td (supported ) Tj ET Q q 0 0 0 rg BT 383.37 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 397.46 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.89 577.95 Td (work ) Tj ET Q q 0 0 0 rg BT 439.06 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 451.40 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 459.66 577.95 Td (committee ) Tj ET Q q 0 0 0 rg BT 507.57 577.95 Td (consisting ) Tj ET Q q 0 0 0 rg BT 553.75 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (representatives ) Tj ET Q q 0 0 0 rg BT 116.03 565.35 Td (from ) Tj ET Q q 0 0 0 rg BT 139.99 565.35 Td (our ) Tj ET Q q 0 0 0 rg BT 157.55 565.35 Td (finance, ) Tj ET Q q 0 0 0 rg BT 194.62 565.35 Td (human ) Tj ET Q q 0 0 0 rg BT 226.76 565.35 Td (resources, ) Tj ET Q q 0 0 0 rg BT 272.58 565.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 296.55 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 315.26 565.35 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 360.22 565.35 Td (risk ) Tj ET Q q 0 0 0 rg BT 379.52 565.35 Td (management ) Tj ET Q q 0 0 0 rg BT 436.72 565.35 Td (departments, ) Tj ET Q q 0 0 0 rg BT 494.22 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 523.44 565.35 Td (evaluates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 85.94 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 102.56 552.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 163.51 552.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 198.80 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.58 552.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 256.52 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 271.96 552.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 320.07 552.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 346.61 552.75 Td (to ) Tj ET Q q 0 0 0 rg BT 357.40 552.75 Td (have ) Tj ET Q q 0 0 0 rg BT 379.84 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 387.13 552.75 Td (material ) Tj ET Q q 0 0 0 rg BT 424.15 552.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 458.84 552.75 Td (ef) Tj ET Q q 0 0 0 rg BT 466.81 552.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 485.17 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 498.30 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 522.50 552.75 Td (Mason.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 527.55 Td (1) Tj ET Q q 0 0 0 rg BT 84.80 527.55 Td (1. ) Tj ET Q q 0 0 0 rg BT 95.30 527.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.92 527.55 Td (EXECUTIVE ) Tj ET Q q 0 0 0 rg BT 162.98 527.55 Td (COMPENSA) Tj ET Q q 0 0 0 rg BT 222.29 527.55 Td (TION.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (COMPENSA) Tj ET Q q 0 0 0 rg BT 108.81 502.35 Td (TION ) Tj ET Q q 0 0 0 rg BT 138.27 502.35 Td (DISCUSSION ) Tj ET Q q 0 0 0 rg BT 204.51 502.35 Td (AND ) Tj ET Q q 0 0 0 rg BT 229.30 502.35 Td (ANAL) Tj ET Q q 0 0 0 rg BT 258.09 502.35 Td (YSIS) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Relationship ) Tj ET Q q 0 0 0 rg BT 108.72 477.15 Td (between ) Tj ET Q q 0 0 0 rg BT 148.09 477.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 194.47 477.15 Td (Performance ) Tj ET Q q 0 0 0 rg BT 255.40 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.95 477.15 Td (Executive ) Tj ET Q q 0 0 0 rg BT 321.32 477.15 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.44 464.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 124.09 464.55 Td (assessment ) Tj ET Q q 0 0 0 rg BT 173.36 464.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 222.03 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 239.79 464.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 282.63 464.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 343.55 464.55 Td (program ) Tj ET Q q 0 0 0 rg BT 381.73 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 397.16 464.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 437.09 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 447.86 464.55 Td (link ) Tj ET Q q 0 0 0 rg BT 466.80 464.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 484.57 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 502.33 464.55 Td (performance.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Executive ) Tj ET Q q 0 0 0 rg BT 95.86 439.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 163.25 439.35 Td (Pr) Tj ET Q q 0 0 0 rg BT 174.13 439.35 Td (ogram ) Tj ET Q q 0 0 0 rg BT 205.92 439.35 Td (Design) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.33 426.75 Td (only ) Tj ET Q q 0 0 0 rg BT 93.50 426.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 119.59 426.75 Td (component ) Tj ET Q q 0 0 0 rg BT 170.75 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.00 426.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 246.83 426.75 Td (is ) Tj ET Q q 0 0 0 rg BT 258.34 426.75 Td (base ) Tj ET Q q 0 0 0 rg BT 281.50 426.75 Td (salary) Tj ET Q q 0 0 0 rg BT 305.89 426.75 Td (, ) Tj ET Q q 0 0 0 rg BT 313.02 426.75 Td (which ) Tj ET Q q 0 0 0 rg BT 343.19 426.75 Td (ranges ) Tj ET Q q 0 0 0 rg BT 375.10 426.75 Td (from ) Tj ET Q q 0 0 0 rg BT 400.02 426.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 465.17 426.75 Td (6-27% ) Tj ET Q q 0 0 0 rg BT 497.67 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.93 426.75 Td (total ) Tj ET Q q 0 0 0 rg BT 534.10 426.75 Td (direct ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.45 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 125.31 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 141.94 414.15 Td (named ) Tj ET Q q 0 0 0 rg BT 172.55 414.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 215.40 414.15 Td (of) Tj ET Q q 0 0 0 rg BT 223.96 414.15 Td (ficers.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Annual ) Tj ET Q q 0 0 0 rg BT 82.69 388.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 138.02 388.95 Td (drives ) Tj ET Q q 0 0 0 rg BT 165.97 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 181.08 388.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 219.52 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 230.54 388.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 260.81 388.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 301.58 388.95 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 364.81 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 392.75 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 403.20 388.95 Td (prior ) Tj ET Q q 0 0 0 rg BT 425.89 388.95 Td (years ) Tj ET Q q 0 0 0 rg BT 450.33 388.95 Td (was ) Tj ET Q q 0 0 0 rg BT 468.94 388.95 Td (divided ) Tj ET Q q 0 0 0 rg BT 502.72 388.95 Td (into ) Tj ET Q q 0 0 0 rg BT 521.33 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 528.28 388.95 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.49 376.35 Td (payment, ) Tj ET Q q 0 0 0 rg BT 111.61 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 123.85 376.35 Td (award ) Tj ET Q q 0 0 0 rg BT 151.84 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 162.92 376.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 204.31 376.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.81 376.35 Td (units ) Tj ET Q q 0 0 0 rg BT 251.57 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 269.65 376.35 Td (vest ) Tj ET Q q 0 0 0 rg BT 288.90 376.35 Td (over ) Tj ET Q q 0 0 0 rg BT 309.89 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 316.88 376.35 Td (four ) Tj ET Q q 0 0 0 rg BT 336.71 376.35 Td (year ) Tj ET Q q 0 0 0 rg BT 357.11 376.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 388.90 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 406.39 376.35 Td (an ) Tj ET Q q 0 0 0 rg BT 418.63 376.35 Td (award ) Tj ET Q q 0 0 0 rg BT 446.62 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 457.70 376.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 513.08 376.35 Td (share ) Tj ET Q q 0 0 0 rg BT 537.57 376.35 Td (units ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (that ) Tj ET Q q 0 0 0 rg BT 68.67 363.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 89.01 363.75 Td (at ) Tj ET Q q 0 0 0 rg BT 100.01 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 116.27 363.75 Td (end ) Tj ET Q q 0 0 0 rg BT 134.85 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.02 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 155.11 363.75 Td (three ) Tj ET Q q 0 0 0 rg BT 179.52 363.75 Td (year ) Tj ET Q q 0 0 0 rg BT 201.01 363.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 233.89 363.75 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 282.21 363.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 338.69 363.75 Td (as ) Tj ET Q q 0 0 0 rg BT 350.86 363.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 391.00 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.60 363.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 437.50 363.75 Td (total ) Tj ET Q q 0 0 0 rg BT 459.59 363.75 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 512.00 363.75 Td (return ) Tj ET Q q 0 0 0 rg BT 540.50 363.75 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 83.91 351.15 Td (or) Tj ET Q q 0 0 0 rg BT 92.47 351.15 Td (ganic ) Tj ET Q q 0 0 0 rg BT 118.14 351.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 150.81 351.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 169.48 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 181.16 351.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 224.85 351.15 Td (AUM ) Tj ET Q q 0 0 0 rg BT 252.28 351.15 Td (drives ) Tj ET Q q 0 0 0 rg BT 280.87 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 296.63 351.15 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 333.97 351.15 Td (payout ) Tj ET Q q 0 0 0 rg BT 365.48 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 377.15 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.91 351.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 448.89 351.15 Td (share ) Tj ET Q q 0 0 0 rg BT 473.98 351.15 Td (units ) Tj ET Q q 0 0 0 rg BT 497.33 351.15 Td (issued ) Tj ET Q q 0 0 0 rg BT 526.51 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 537.61 351.15 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (years.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (For ) Tj ET Q q 0 0 0 rg BT 65.65 313.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 89.95 313.35 Td (year ) Tj ET Q q 0 0 0 rg BT 109.58 313.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 134.77 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 149.16 313.35 Td (Mer) Tj ET Q q 0 0 0 rg BT 166.46 313.35 Td (ger ) Tj ET Q q 0 0 0 rg BT 181.09 313.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 229.30 313.35 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 274.02 313.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 297.16 313.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 327.30 313.35 Td (issuing ) Tj ET Q q 0 0 0 rg BT 358.62 313.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 386.43 313.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 417.73 313.35 Td (to ) Tj ET Q q 0 0 0 rg BT 427.46 313.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 476.55 313.35 Td (including ) Tj ET Q q 0 0 0 rg BT 517.78 313.35 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 300.75 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 86.10 300.75 Td (Instead, ) Tj ET Q q 0 0 0 rg BT 121.14 300.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 163.47 300.75 Td (of) Tj ET Q q 0 0 0 rg BT 172.02 300.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 197.44 300.75 Td (received ) Tj ET Q q 0 0 0 rg BT 235.09 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.02 300.75 Td (same ) Tj ET Q q 0 0 0 rg BT 273.69 300.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 306.12 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.96 300.75 Td (their ) Tj ET Q q 0 0 0 rg BT 338.30 300.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 378.88 300.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 410.72 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 428.56 300.75 Td (would ) Tj ET Q q 0 0 0 rg BT 456.91 300.75 Td (have ) Tj ET Q q 0 0 0 rg BT 478.83 300.75 Td (been ) Tj ET Q q 0 0 0 rg BT 500.75 300.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 520.92 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 531.77 300.75 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (in ) Tj ET Q q 0 0 0 rg BT 59.79 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 74.74 288.15 Td (form ) Tj ET Q q 0 0 0 rg BT 97.27 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.13 288.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 145.23 288.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 166.00 288.15 Td (units, ) Tj ET Q q 0 0 0 rg BT 191.17 288.15 Td (which ) Tj ET Q q 0 0 0 rg BT 218.95 288.15 Td (vest ) Tj ET Q q 0 0 0 rg BT 237.99 288.15 Td (ratably ) Tj ET Q q 0 0 0 rg BT 269.26 288.15 Td (over ) Tj ET Q q 0 0 0 rg BT 290.04 288.15 Td (four ) Tj ET Q q 0 0 0 rg BT 309.65 288.15 Td (years, ) Tj ET Q q 0 0 0 rg BT 336.55 288.15 Td (beginning ) Tj ET Q q 0 0 0 rg BT 380.20 288.15 Td (April ) Tj ET Q q 0 0 0 rg BT 404.48 288.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 419.73 288.15 Td (2021 ) Tj ET Q q 0 0 0 rg BT 442.85 288.15 Td (but ) Tj ET Q q 0 0 0 rg BT 458.38 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 473.32 288.15 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 522.65 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 539.93 288.15 Td (paid ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (out ) Tj ET Q q 0 0 0 rg BT 65.81 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 76.88 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 98.43 275.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 122.32 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 138.05 275.55 Td (completion ) Tj ET Q q 0 0 0 rg BT 188.19 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 199.83 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 215.55 275.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 232.85 275.55 Td (ger) Tj ET Q q 0 0 0 rg BT 245.84 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 251.36 275.55 Td (consistent ) Tj ET Q q 0 0 0 rg BT 296.25 275.55 Td (with ) Tj ET Q q 0 0 0 rg BT 317.82 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 333.54 275.55 Td (treatment ) Tj ET Q q 0 0 0 rg BT 376.09 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 387.73 275.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 439.62 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.76 275.55 Td (awards. ) Tj ET Q q 0 0 0 rg BT 503.81 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 523.03 275.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 549.26 275.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 65.11 262.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 102.86 262.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 124.30 262.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 143.41 262.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 175.93 262.95 Td (provide ) Tj ET Q q 0 0 0 rg BT 210.79 262.95 Td (that ) Tj ET Q q 0 0 0 rg BT 229.31 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 244.92 262.95 Td (Committee ) Tj ET Q q 0 0 0 rg BT 294.36 262.95 Td (may ) Tj ET Q q 0 0 0 rg BT 315.22 262.95 Td (elect ) Tj ET Q q 0 0 0 rg BT 337.82 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 348.77 262.95 Td (convert ) Tj ET Q q 0 0 0 rg BT 383.03 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 398.64 262.95 Td (units ) Tj ET Q q 0 0 0 rg BT 421.84 262.95 Td (into ) Tj ET Q q 0 0 0 rg BT 440.96 262.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 469.98 262.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 502.50 262.95 Td (if ) Tj ET Q q 0 0 0 rg BT 511.69 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 527.30 262.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 544.61 262.95 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 250.35 Td (not ) Tj ET Q q 0 0 0 rg BT 75.17 250.35 Td (completed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (Performance ) Tj ET Q q 0 0 0 rg BT 109.85 225.15 Td (Assessment) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 68.47 212.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 131.77 212.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 181.08 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 192.46 212.55 Td (our ) Tj ET Q q 0 0 0 rg BT 209.10 212.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 237.40 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 248.79 212.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 290.50 212.55 Td (\(the ) Tj ET Q q 0 0 0 rg BT 309.47 212.55 Td (�Committee�\) ) Tj ET Q q 0 0 0 rg BT 371.59 212.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 392.32 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 399.62 212.55 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 465.82 212.55 Td (process ) Tj ET Q q 0 0 0 rg BT 499.95 212.55 Td (to ) Tj ET Q q 0 0 0 rg BT 510.76 212.55 Td (continually ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (assess ) Tj ET Q q 0 0 0 rg BT 77.61 199.95 Td (performance, ) Tj ET Q q 0 0 0 rg BT 135.72 199.95 Td (which ) Tj ET Q q 0 0 0 rg BT 163.82 199.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 201.25 199.95 Td (frequent ) Tj ET Q q 0 0 0 rg BT 238.67 199.95 Td (dialogue ) Tj ET Q q 0 0 0 rg BT 277.27 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 298.37 199.95 Td (management ) Tj ET Q q 0 0 0 rg BT 354.46 199.95 Td (about ) Tj ET Q q 0 0 0 rg BT 380.23 199.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.40 199.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 474.88 199.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 508.80 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 519.41 199.95 Td (our ) Tj ET Q q 0 0 0 rg BT 535.85 199.95 Td (goals ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 187.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 101.39 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 112.18 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 127.64 187.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 183.31 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 194.68 187.35 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 249.51 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 267.29 187.35 Td (assessments ) Tj ET Q q 0 0 0 rg BT 320.67 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 332.04 187.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 374.31 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 392.09 187.35 Td (individual ) Tj ET Q q 0 0 0 rg BT 437.30 187.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 480.15 187.35 Td (accomplishments.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 162.15 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 117.86 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 127.41 162.15 Td (consultation ) Tj ET Q q 0 0 0 rg BT 180.11 162.15 Td (with ) Tj ET Q q 0 0 0 rg BT 200.15 162.15 Td (its ) Tj ET Q q 0 0 0 rg BT 211.45 162.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 264.14 162.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 323.84 162.15 Td (consultant, ) Tj ET Q q 0 0 0 rg BT 371.00 162.15 Td (considers ) Tj ET Q q 0 0 0 rg BT 412.03 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 427.40 162.15 Td (pay-for) Tj ET Q q 0 0 0 rg BT 458.09 162.15 Td (-performance ) Tj ET Q q 0 0 0 rg BT 516.02 162.15 Td (alignment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (when ) Tj ET Q q 0 0 0 rg BT 75.38 149.55 Td (making ) Tj ET Q q 0 0 0 rg BT 110.00 149.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 153.37 149.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 214.82 149.55 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 259.43 149.55 Td (This ) Tj ET Q q 0 0 0 rg BT 281.23 149.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 340.93 149.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 379.06 149.55 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 424.17 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 440.14 149.55 Td (relationship ) Tj ET Q q 0 0 0 rg BT 492.84 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 504.72 149.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 529.43 149.55 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 122.96 136.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 165.81 136.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 183.60 136.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 210.72 136.95 Td (as ) Tj ET Q q 0 0 0 rg BT 222.09 136.95 Td (compared ) Tj ET Q q 0 0 0 rg BT 266.11 136.95 Td (to ) Tj ET Q q 0 0 0 rg BT 276.90 136.95 Td (that ) Tj ET Q q 0 0 0 rg BT 295.27 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 306.64 136.95 Td (competitors.) 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Tj ET Q endstream endobj 309 0 obj <> endobj 310 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (152) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Engagement ) Tj ET Q q 0 0 0 rg BT 108.12 741.90 Td (and ) Tj ET Q q 0 0 0 rg BT 127.68 741.90 Td (Responsiveness ) Tj ET Q q 0 0 0 rg BT 199.15 741.90 Td (to ) Tj ET Q q 0 0 0 rg BT 210.52 741.90 Td (Stockholders) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 76.82 729.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 111.16 729.30 Td (regularly ) Tj ET Q q 0 0 0 rg BT 154.81 729.30 Td (engages ) Tj ET Q q 0 0 0 rg BT 194.38 729.30 Td (with ) Tj ET Q q 0 0 0 rg BT 218.79 729.30 Td (key ) Tj ET Q q 0 0 0 rg BT 239.70 729.30 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 298.53 729.30 Td (on ) Tj ET Q q 0 0 0 rg BT 314.78 729.30 Td (governance ) Tj ET Q q 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Q q 0 0 0 rg BT 524.72 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 544.00 716.70 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 103.31 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.06 704.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 181.21 704.10 Td (after ) Tj ET Q q 0 0 0 rg BT 203.52 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 218.85 704.10 Td (file ) Tj ET Q q 0 0 0 rg BT 235.92 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.00 704.10 Td (proxy ) Tj ET Q q 0 0 0 rg BT 280.57 704.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 330.60 704.10 Td (In ) Tj ET Q q 0 0 0 rg BT 342.43 704.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 379.92 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.17 704.10 Td (outreach ) Tj ET Q q 0 0 0 rg BT 430.40 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.64 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.72 704.10 Td (lar) Tj ET Q q 0 0 0 rg BT 469.61 704.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 489.60 704.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 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BT 49.50 678.90 Td (outstanding) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 98.50 678.90 Td ( ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 100.03 678.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 114.39 678.90 Td (measur) Tj ET Q q 0 0 0 rg BT 144.91 678.90 Td (ed ) Tj ET Q q 0 0 0 rg BT 156.35 678.90 Td (at ) Tj ET Q q 0 0 0 rg BT 166.04 678.90 Td (September ) Tj ET Q q 0 0 0 rg BT 211.89 678.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 226.54 678.90 Td (2019\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.04 678.90 Td (. ) Tj ET Q q 0 0 0 rg BT 255.19 678.90 Td (Of ) Tj ET Q q 0 0 0 rg BT 267.79 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.15 678.90 Td (17 ) Tj ET Q q 0 0 0 rg BT 294.17 678.90 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 348.78 678.90 Td (contacted, ) Tj ET Q q 0 0 0 rg BT 393.16 678.90 Td (7 ) Tj ET Q q 0 0 0 rg BT 399.93 678.90 Td (responded ) Tj ET Q q 0 0 0 rg BT 444.61 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 461.30 678.90 Td (5 ) Tj ET Q q 0 0 0 rg BT 468.08 678.90 Td (accepted ) Tj ET Q q 0 0 0 rg BT 506.32 678.90 Td (an ) Tj ET Q q 0 0 0 rg BT 517.76 678.90 Td (invitation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (for ) Tj ET Q q 0 0 0 rg BT 64.61 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 72.14 666.30 Td (call. ) Tj ET Q q 0 0 0 rg BT 92.58 666.30 Td (W) Tj ET Q q 0 0 0 rg BT 101.65 666.30 Td (e ) Tj ET Q q 0 0 0 rg BT 109.18 666.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 152.29 666.30 Td (board ) Tj ET Q q 0 0 0 rg BT 179.07 666.30 Td (composition, ) Tj ET Q q 0 0 0 rg BT 236.48 666.30 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 299.41 666.30 Td (director ) Tj ET Q q 0 0 0 rg BT 334.92 666.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 396.11 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 414.14 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 429.83 666.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 454.28 666.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 485.73 666.30 Td (Board�) Tj ET Q q 0 0 0 rg BT 514.31 666.30 Td (s ) Tj ET Q q 0 0 0 rg BT 521.26 666.30 Td (response ) Tj ET Q BT /F1 10.50 Tf ET q 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) Tj ET Q q 0 0 0 rg BT 531.76 590.70 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 74.28 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 90.90 578.10 Td (stockholders�) Tj ET Q q 0 0 0 rg BT 146.69 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.32 578.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 193.35 578.10 Td (interests.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (What ) Tj ET Q q 0 0 0 rg BT 77.02 552.90 Td (W) Tj ET Q q 0 0 0 rg BT 86.94 552.90 Td (e ) Tj ET Q q 0 0 0 rg BT 94.23 552.90 Td (Do ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Pay ) Tj ET Q q 0 0 0 rg BT 67.95 527.70 Td (for) Tj ET Q q 0 0 0 rg BT 81.17 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 82.71 527.70 Td (Performance. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 145.18 527.70 Td (W) Tj ET Q q 0 0 0 rg BT 154.25 527.70 Td (e ) Tj ET Q q 0 0 0 rg BT 160.45 527.70 Td (tie ) Tj ET Q q 0 0 0 rg BT 172.49 527.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 202.01 527.70 Td (pay ) Tj ET Q q 0 0 0 rg BT 218.72 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 228.42 527.70 Td (objective ) Tj ET Q q 0 0 0 rg BT 268.45 527.70 Td (absolute ) Tj ET Q q 0 0 0 rg BT 304.98 527.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 359.57 527.70 Td (metrics: ) Tj ET Q q 0 0 0 rg BT 394.94 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 410.47 527.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 434.75 527.70 Td (year ) Tj ET Q q 0 0 0 rg BT 454.36 527.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 476.56 527.70 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 516.02 527.70 Td (Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 66.80 515.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 85.55 515.10 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 125.57 515.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 181.92 515.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 201.53 515.10 Td (savings, ) Tj ET Q q 0 0 0 rg BT 238.35 515.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 256.21 515.10 Td (Revenue, ) Tj ET Q q 0 0 0 rg BT 297.68 515.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 338.29 515.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 376.21 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.91 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.17 515.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 436.79 515.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 476.81 515.10 Td (per ) Tj ET Q q 0 0 0 rg BT 492.92 515.10 Td (Share. ) Tj ET Q q 0 0 0 rg BT 522.15 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.65 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 533.72 515.10 Td (e ) Tj ET Q q 0 0 0 rg BT 541.08 515.10 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (may ) Tj ET Q q 0 0 0 rg BT 70.31 502.50 Td (consider ) Tj ET Q q 0 0 0 rg BT 108.62 502.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 142.84 502.50 Td (total ) Tj ET Q q 0 0 0 rg BT 164.24 502.50 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 215.96 502.50 Td (return, ) Tj ET Q q 0 0 0 rg BT 246.40 502.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 280.61 502.50 Td (or) Tj ET Q q 0 0 0 rg BT 289.17 502.50 Td (ganic ) Tj ET Q q 0 0 0 rg BT 314.65 502.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 347.13 502.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 365.60 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 377.08 502.50 Td (long-term ) Tj ET Q q 0 0 0 rg BT 420.62 502.50 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 450.49 502.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 484.71 502.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 527.09 502.50 Td (income ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 82.69 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 101.30 489.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 136.22 489.90 Td (net ) Tj ET Q q 0 0 0 rg BT 152.49 489.90 Td (income ) Tj ET Q q 0 0 0 rg BT 186.84 489.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 220.03 489.90 Td (when ) Tj ET Q q 0 0 0 rg BT 246.22 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 262.49 489.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 312.60 489.90 Td (believes ) Tj ET Q q 0 0 0 rg BT 350.45 489.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 395.88 489.90 Td (data ) Tj ET Q q 0 0 0 rg BT 416.81 489.90 Td (points ) Tj ET Q q 0 0 0 rg BT 445.93 489.90 Td (would ) Tj ET Q q 0 0 0 rg BT 475.62 489.90 Td (be ) Tj ET Q q 0 0 0 rg BT 488.98 489.90 Td (useful. ) Tj ET Q q 0 0 0 rg BT 520.71 489.90 Td ( ) Tj ET Q q 0 0 0 rg BT 523.90 489.90 Td (W) Tj ET Q q 0 0 0 rg BT 532.97 489.90 Td (e ) Tj ET Q q 0 0 0 rg BT 541.08 489.90 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 88.36 477.30 Td (metrics ) Tj ET Q q 0 0 0 rg BT 123.16 477.30 Td (related ) Tj ET Q q 0 0 0 rg BT 155.61 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 167.66 477.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 207.11 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 226.16 477.30 Td (af) Tj ET Q q 0 0 0 rg BT 234.13 477.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 262.50 477.30 Td (relationships ) Tj ET Q q 0 0 0 rg BT 320.05 477.30 Td (and ) Tj ET Q q 0 0 0 rg BT 339.10 477.30 Td (or) Tj ET Q q 0 0 0 rg BT 347.65 477.30 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 402.85 477.30 Td (health. ) Tj ET Q q 0 0 0 rg BT 435.02 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 438.05 477.30 Td (A) Tj ET Q q 0 0 0 rg BT 445.05 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 448.94 477.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 497.15 477.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 531.37 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 544.00 477.30 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (executives�) Tj ET Q q 0 0 0 rg BT 96.53 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 98.80 464.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 137.80 464.70 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 201.01 464.70 Td (ranging ) Tj ET Q q 0 0 0 rg BT 235.35 464.70 Td (from ) Tj ET Q q 0 0 0 rg BT 258.03 464.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 320.94 464.70 Td (73-94% ) Tj ET Q q 0 0 0 rg BT 356.45 464.70 Td (depending ) Tj ET Q q 0 0 0 rg BT 402.45 464.70 Td (on ) Tj ET Q q 0 0 0 rg BT 415.22 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 430.31 464.70 Td (named ) Tj ET Q q 0 0 0 rg BT 460.56 464.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 503.05 464.70 Td (of) Tj ET Q q 0 0 0 rg BT 511.61 464.70 Td (ficer) Tj ET Q q 0 0 0 rg BT 530.42 464.70 Td (, ) Tj ET Q q 0 0 0 rg BT 535.31 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 544.58 464.70 Td (not ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 96.94 452.10 Td (but ) Tj ET Q q 0 0 0 rg BT 111.75 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 120.14 452.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 137.27 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.82 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.94 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.48 452.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 251.86 452.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 308.82 452.10 Td (The ) Tj ET Q q 0 0 0 rg BT 326.53 452.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 374.58 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.12 452.10 Td (its ) Tj ET Q q 0 0 0 rg BT 402.43 452.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 455.13 452.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 514.84 452.10 Td (consultant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 88.48 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 105.30 439.50 Td (alignment ) Tj ET Q q 0 0 0 rg BT 151.29 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 164.03 439.50 Td (pay ) Tj ET Q q 0 0 0 rg BT 183.19 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 202.35 439.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 259.40 439.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 294.88 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 307.04 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 325.04 439.50 Td (peer ) Tj ET Q q 0 0 0 rg BT 347.10 439.50 Td (group, ) Tj ET Q q 0 0 0 rg BT 378.22 439.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 402.63 439.50 Td (to ) Tj ET Q q 0 0 0 rg BT 414.79 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 431.62 439.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 482.28 439.50 Td (making ) Tj ET Q q 0 0 0 rg BT 517.77 439.50 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.45 426.90 Td (determinations.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (Linkage ) Tj ET Q q 0 0 0 rg BT 88.15 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 98.78 401.70 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 152.84 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 154.73 401.70 Td (Performance. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 217.54 401.70 Td (Linking ) Tj ET Q q 0 0 0 rg BT 252.67 401.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 294.79 401.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 354.99 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 365.05 401.70 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 415.92 401.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 470.85 401.70 Td (is ) Tj ET Q q 0 0 0 rg BT 479.74 401.70 Td (important. ) Tj ET Q q 0 0 0 rg BT 525.08 401.70 Td ( ) Tj ET Q q 0 0 0 rg BT 526.97 401.70 Td (In ) Tj ET Q q 0 0 0 rg BT 537.60 401.70 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 76.42 389.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 110.04 389.10 Td (total ) Tj ET Q q 0 0 0 rg BT 130.85 389.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 181.98 389.10 Td (return ) Tj ET Q q 0 0 0 rg BT 209.19 389.10 Td (has ) Tj ET Q q 0 0 0 rg BT 225.32 389.10 Td (been ) Tj ET Q q 0 0 0 rg BT 247.29 389.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 294.91 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.22 389.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 358.10 389.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 388.23 389.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 428.85 389.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 463.35 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.65 389.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 535.85 389.10 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.85 376.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 102.19 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 120.36 376.50 Td (payouts. ) Tj ET Q q 0 0 0 rg BT 158.66 376.50 Td (Relative ) Tj ET Q q 0 0 0 rg BT 196.66 376.50 Td (or) Tj ET Q q 0 0 0 rg BT 205.22 376.50 Td (ganic ) Tj ET Q q 0 0 0 rg BT 230.97 376.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 263.72 376.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 282.47 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 294.23 376.50 Td (long-term ) Tj ET Q q 0 0 0 rg BT 337.98 376.50 Td (AUM ) Tj ET Q q 0 0 0 rg BT 365.49 376.50 Td (was ) Tj ET Q q 0 0 0 rg BT 384.83 376.50 Td (a ) Tj ET Q q 0 0 0 rg BT 392.50 376.50 Td (second ) Tj ET Q q 0 0 0 rg BT 424.67 376.50 Td (metric ) Tj ET Q q 0 0 0 rg BT 454.50 376.50 Td (we ) Tj ET Q q 0 0 0 rg BT 469.76 376.50 Td (used ) Tj ET Q q 0 0 0 rg BT 492.02 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 507.27 376.50 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.77 363.90 Td (share ) Tj ET Q q 0 0 0 rg BT 129.14 363.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 147.70 363.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 180.25 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 197.63 363.90 Td (payouts. ) Tj ET Q q 0 0 0 rg BT 235.14 363.90 Td (Further) Tj ET Q q 0 0 0 rg BT 265.63 363.90 Td (, ) Tj ET Q q 0 0 0 rg BT 270.48 363.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 311.76 363.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 336.15 363.90 Td (units ) Tj ET Q q 0 0 0 rg BT 358.79 363.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 390.75 363.90 Td (made ) Tj ET Q q 0 0 0 rg BT 415.71 363.90 Td (annually ) Tj ET Q q 0 0 0 rg BT 454.08 363.90 Td (in ) Tj ET Q q 0 0 0 rg BT 464.47 363.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 487.10 363.90 Td (years ) Tj ET Q q 0 0 0 rg BT 511.48 363.90 Td (were ) Tj ET Q q 0 0 0 rg BT 534.10 363.90 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 62.09 351.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 117.22 351.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 139.72 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 149.98 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 164.89 351.30 Td (award, ) Tj ET Q q 0 0 0 rg BT 195.25 351.30 Td (with ) Tj ET Q q 0 0 0 rg BT 216.01 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 230.92 351.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 266.23 351.30 Td (value ) Tj ET Q q 0 0 0 rg BT 291.06 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 301.89 351.30 Td (those ) Tj ET Q q 0 0 0 rg BT 326.15 351.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 357.97 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 368.22 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 383.14 351.30 Td (executives ) Tj ET Q q 0 0 0 rg BT 429.54 351.30 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 474.20 351.30 Td (based ) Tj ET Q q 0 0 0 rg BT 500.20 351.30 Td (on ) Tj ET Q q 0 0 0 rg BT 512.78 351.30 Td (share ) Tj ET Q q 0 0 0 rg BT 537.03 351.30 Td (price ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 338.70 Td (during ) Tj ET Q q 0 0 0 rg BT 135.21 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.67 338.70 Td (vesting ) Tj ET Q q 0 0 0 rg BT 183.62 338.70 Td (period ) Tj ET Q q 0 0 0 rg BT 213.07 338.70 Td (after ) Tj ET Q q 0 0 0 rg BT 234.93 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 250.38 338.70 Td (award ) Tj ET Q q 0 0 0 rg BT 278.66 338.70 Td (was ) Tj ET Q q 0 0 0 rg BT 297.61 338.70 Td (made. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (Executive ) Tj ET Q q 0 0 0 rg BT 96.35 313.50 Td (Stock ) Tj ET Q q 0 0 0 rg BT 124.55 313.50 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 177.25 313.50 Td (Guidelines. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 230.84 313.50 Td (Executives ) Tj ET Q q 0 0 0 rg BT 280.02 313.50 Td (are ) Tj ET Q q 0 0 0 rg BT 295.94 313.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 336.36 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 347.64 313.50 Td (own ) Tj ET Q q 0 0 0 rg BT 368.84 313.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 398.19 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 410.05 313.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 434.73 313.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 466.43 313.50 Td (common ) Tj ET Q q 0 0 0 rg BT 506.28 313.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 531.56 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 553.34 313.50 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (value ) Tj ET Q q 0 0 0 rg BT 74.86 300.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 100.23 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 111.02 300.90 Td (at ) Tj ET Q q 0 0 0 rg BT 121.22 300.90 Td (least ) Tj ET Q q 0 0 0 rg BT 143.09 300.90 Td (two ) Tj ET Q q 0 0 0 rg BT 161.47 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 172.26 300.90 Td (eight ) Tj ET Q q 0 0 0 rg BT 195.88 300.90 Td (times ) Tj ET Q q 0 0 0 rg BT 221.25 300.90 Td (base ) Tj ET Q q 0 0 0 rg BT 242.54 300.90 Td (salary) Tj ET Q q 0 0 0 rg BT 266.93 300.90 Td (, ) Tj ET Q q 0 0 0 rg BT 272.18 300.90 Td (depending ) Tj ET Q q 0 0 0 rg BT 318.54 300.90 Td (on ) Tj ET Q q 0 0 0 rg BT 331.67 300.90 Td (position.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 81.64 275.70 Td (A) Tj ET Q q 0 0 0 rg BT 88.44 275.70 Td (ward ) Tj ET Q q 0 0 0 rg BT 114.08 275.70 Td (Retention ) Tj ET Q q 0 0 0 rg BT 160.13 275.70 Td (Policy) Tj ET Q q 0 0 0 rg BT 186.96 275.70 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 191.89 275.70 Td (Executives ) Tj ET Q q 0 0 0 rg BT 240.25 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 255.38 275.70 Td (required ) Tj ET Q q 0 0 0 rg BT 292.66 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 303.13 275.70 Td (retain ) Tj ET Q q 0 0 0 rg BT 329.33 275.70 Td (50% ) Tj ET Q q 0 0 0 rg BT 350.88 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 361.93 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 377.06 275.70 Td (net ) Tj ET Q q 0 0 0 rg BT 392.19 275.70 Td (after) Tj ET Q q 0 0 0 rg BT 411.21 275.70 Td (-tax ) Tj ET Q q 0 0 0 rg BT 429.84 275.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 458.38 275.70 Td (received ) Tj ET Q q 0 0 0 rg BT 496.24 275.70 Td (from ) Tj ET Q q 0 0 0 rg BT 518.96 275.70 Td (all ) Tj ET Q q 0 0 0 rg BT 531.75 275.70 Td (equity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 81.86 263.10 Td (until ) Tj ET Q q 0 0 0 rg BT 103.74 263.10 Td (they ) Tj ET Q q 0 0 0 rg BT 124.44 263.10 Td (have ) Tj ET Q q 0 0 0 rg BT 146.89 263.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 182.15 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.61 263.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 243.98 263.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 271.09 263.10 Td (set ) Tj ET Q q 0 0 0 rg BT 285.38 263.10 Td (out ) Tj ET Q q 0 0 0 rg BT 301.43 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.22 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.67 263.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 352.46 263.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 398.83 263.10 Td (guidelines.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (V) Tj ET Q q 0 0 0 rg BT 56.12 237.90 Td (esting ) Tj ET Q q 0 0 0 rg BT 83.99 237.90 Td (Period ) Tj ET Q q 0 0 0 rg BT 115.35 237.90 Td (on ) Tj ET Q q 0 0 0 rg BT 128.06 237.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 159.67 237.90 Td (A) Tj ET Q q 0 0 0 rg BT 166.47 237.90 Td (wards. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.13 237.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 242.32 237.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 266.11 237.90 Td (units ) Tj ET Q q 0 0 0 rg BT 288.15 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 304.93 237.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 328.71 237.90 Td (options ) Tj ET Q q 0 0 0 rg BT 361.25 237.90 Td (granted ) Tj ET Q q 0 0 0 rg BT 394.35 237.90 Td (in ) Tj ET Q q 0 0 0 rg BT 404.14 237.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 426.17 237.90 Td (years ) Tj ET Q q 0 0 0 rg BT 449.94 237.90 Td (under ) Tj ET Q q 0 0 0 rg BT 475.47 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 489.92 237.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 519.52 237.90 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 70.20 225.30 Td (have ) Tj ET Q q 0 0 0 rg BT 92.65 225.30 Td (four) Tj ET Q q 0 0 0 rg BT 109.93 225.30 Td (-year ) Tj ET Q q 0 0 0 rg BT 134.12 225.30 Td (ratable ) Tj ET Q q 0 0 0 rg BT 165.31 225.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 198.27 225.30 Td (periods. ) Tj ET Q q 0 0 0 rg BT 234.43 225.30 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Clawback ) Tj ET Q q 0 0 0 rg BT 96.76 200.10 Td (Policy) Tj ET Q q 0 0 0 rg BT 123.59 200.10 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 128.55 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.62 200.10 Td (e ) Tj ET Q q 0 0 0 rg BT 144.61 200.10 Td (can ) Tj ET Q q 0 0 0 rg BT 161.51 200.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 195.32 200.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 236.14 200.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 296.79 200.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 334.69 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.19 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.18 200.10 Td (named ) Tj ET Q q 0 0 0 rg BT 382.50 200.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 425.06 200.10 Td (of) Tj ET Q q 0 0 0 rg BT 433.62 200.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 455.19 200.10 Td (where ) Tj ET Q q 0 0 0 rg BT 483.17 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.33 200.10 Td (of) Tj ET Q q 0 0 0 rg BT 506.89 200.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 526.51 200.10 Td (�) Tj ET Q q 0 0 0 rg BT 529.43 200.10 Td (s ) Tj ET Q q 0 0 0 rg BT 535.85 200.10 Td (fraud ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 187.50 Td (willful ) Tj ET Q q 0 0 0 rg BT 91.50 187.50 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 142.53 187.50 Td (led ) Tj ET Q q 0 0 0 rg BT 157.98 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 168.78 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 176.06 187.50 Td (material ) Tj ET Q q 0 0 0 rg BT 213.09 187.50 Td (restatement ) Tj ET Q q 0 0 0 rg BT 264.11 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 275.48 187.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 314.83 187.50 Td (results ) Tj ET Q q 0 0 0 rg BT 344.87 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 356.25 187.50 Td (if ) Tj ET Q q 0 0 0 rg BT 365.28 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 380.74 187.50 Td (executive ) Tj ET Q q 0 0 0 rg BT 423.59 187.50 Td (is ) Tj ET Q q 0 0 0 rg BT 433.22 187.50 Td (terminated ) Tj ET Q q 0 0 0 rg BT 480.74 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 495.61 187.50 Td (cause.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (Review ) Tj ET Q q 0 0 0 rg BT 83.67 162.30 Td (T) Tj ET Q q 0 0 0 rg BT 89.71 162.30 Td (ally ) Tj ET Q q 0 0 0 rg BT 107.67 162.30 Td (Sheets. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 140.52 162.30 Td (W) Tj ET Q q 0 0 0 rg BT 149.59 162.30 Td (e ) Tj ET Q q 0 0 0 rg BT 155.88 162.30 Td (review ) Tj ET Q q 0 0 0 rg BT 186.08 162.30 Td (tally ) Tj ET Q q 0 0 0 rg BT 206.37 162.30 Td (sheets ) Tj ET Q q 0 0 0 rg BT 233.67 162.30 Td (which ) Tj ET Q q 0 0 0 rg BT 260.96 162.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 294.67 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 300.96 162.30 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 366.15 162.30 Td (view ) Tj ET Q q 0 0 0 rg BT 388.19 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 398.57 162.30 Td (an ) Tj ET Q q 0 0 0 rg BT 410.11 162.30 Td (executive�) Tj ET Q q 0 0 0 rg BT 453.26 162.30 Td (s ) Tj ET Q q 0 0 0 rg BT 458.98 162.30 Td (historical ) Tj ET Q q 0 0 0 rg BT 499.68 162.30 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 149.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 96.16 149.70 Td (holdings ) Tj ET Q q 0 0 0 rg BT 134.95 149.70 Td (for ) Tj ET Q q 0 0 0 rg BT 149.82 149.70 Td (each ) Tj ET Q q 0 0 0 rg BT 171.68 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 183.05 149.70 Td (our ) Tj ET Q q 0 0 0 rg BT 199.67 149.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 242.52 149.70 Td (of) Tj ET Q q 0 0 0 rg BT 251.08 149.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 277.02 149.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 300.06 149.70 Td (to ) Tj ET Q q 0 0 0 rg BT 310.85 149.70 Td (making ) Tj ET Q q 0 0 0 rg BT 344.97 149.70 Td (annual ) Tj ET Q q 0 0 0 rg BT 375.59 149.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 418.44 149.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 479.38 149.70 Td (decisions.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 103.57 124.50 Td ( ) Tj ET Q q 0 0 0 rg BT 105.66 124.50 Td (Engagement. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 166.38 124.50 Td (W) Tj ET Q q 0 0 0 rg BT 175.45 124.50 Td (e ) Tj ET Q q 0 0 0 rg BT 182.21 124.50 Td (engage ) Tj ET Q q 0 0 0 rg BT 214.04 124.50 Td (with ) Tj ET Q q 0 0 0 rg BT 234.80 124.50 Td (our ) Tj ET Q q 0 0 0 rg BT 250.90 124.50 Td (top ) Tj ET Q q 0 0 0 rg BT 266.41 124.50 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 321.59 124.50 Td (outside ) Tj ET Q q 0 0 0 rg BT 354.01 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 364.86 124.50 Td (proxy ) Tj ET Q q 0 0 0 rg BT 391.45 124.50 Td (season ) Tj ET Q q 0 0 0 rg BT 421.54 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 431.81 124.50 Td (gain ) Tj ET Q q 0 0 0 rg BT 451.98 124.50 Td (insights ) Tj ET Q q 0 0 0 rg BT 486.76 124.50 Td (about ) Tj ET Q q 0 0 0 rg BT 512.18 124.50 Td (their ) Tj ET Q q 0 0 0 rg BT 533.52 124.50 Td (views ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (on ) Tj ET Q q 0 0 0 rg BT 63.28 111.90 Td (helpful ) Tj ET Q q 0 0 0 rg BT 96.30 111.90 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 146.24 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 164.68 111.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 208.19 111.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 269.79 111.90 Td (generally) Tj ET Q q 0 0 0 rg BT 308.17 111.90 Td (, ) Tj ET Q q 0 0 0 rg BT 314.08 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 332.52 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 349.80 111.90 Td (practices ) Tj ET Q q 0 0 0 rg BT 390.39 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 408.83 111.90 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 452.35 111.90 Td (specifically) Tj ET Q q 0 0 0 rg BT 500.06 111.90 Td (, ) Tj ET Q q 0 0 0 rg BT 505.97 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 524.41 111.90 Td (to ) Tj ET Q q 0 0 0 rg BT 535.85 111.90 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (information ) Tj ET Q q 0 0 0 rg BT 100.67 99.30 Td (that ) Tj ET Q q 0 0 0 rg BT 118.01 99.30 Td (we ) Tj ET Q q 0 0 0 rg BT 131.85 99.30 Td (think ) Tj ET Q q 0 0 0 rg BT 155.03 99.30 Td (might ) Tj ET Q q 0 0 0 rg BT 181.12 99.30 Td (be ) Tj ET Q q 0 0 0 rg BT 192.63 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 202.97 99.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.47 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 245.23 99.30 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 299.90 99.30 Td (about ) Tj ET Q q 0 0 0 rg BT 324.83 99.30 Td (our ) Tj ET Q q 0 0 0 rg BT 340.42 99.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 400.33 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 417.09 99.30 Td (governance ) Tj ET Q q 0 0 0 rg BT 467.07 99.30 Td (practices ) Tj ET Q q 0 0 0 rg BT 505.98 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 522.73 99.30 Td (policies.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.38 74.10 Td (ohibit ) Tj ET Q q 0 0 0 rg BT 89.45 74.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 130.17 74.10 Td (or) Tj ET Q q 0 0 0 rg BT 139.90 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.70 74.10 Td (Pledging. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 187.21 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 196.28 74.10 Td (e ) Tj ET Q q 0 0 0 rg BT 203.75 74.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 239.80 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.59 74.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 299.62 74.10 Td (of) Tj ET Q q 0 0 0 rg BT 308.18 74.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 334.30 74.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.85 74.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 385.39 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.35 74.10 Td (their ) Tj ET Q q 0 0 0 rg BT 425.39 74.10 Td (related ) Tj ET Q q 0 0 0 rg BT 456.76 74.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 496.30 74.10 Td (from ) Tj ET Q q 0 0 0 rg BT 519.51 74.10 Td (engaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.32 61.50 Td (pledging ) Tj ET Q q 0 0 0 rg BT 97.72 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 108.12 61.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 159.92 61.50 Td (that ) Tj ET Q q 0 0 0 rg BT 177.32 61.50 Td (have ) Tj ET Q q 0 0 0 rg BT 198.79 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 213.27 61.50 Td (ef) Tj ET Q q 0 0 0 rg BT 221.24 61.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 238.63 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 249.03 61.50 Td (hedging ) Tj ET Q q 0 0 0 rg BT 284.51 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 298.99 61.50 Td (market ) Tj ET Q q 0 0 0 rg BT 329.80 61.50 Td (value ) Tj ET Q q 0 0 0 rg BT 354.19 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 364.59 61.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 387.81 61.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 418.05 61.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.35 61.50 Td (without ) Tj ET Q q 0 0 0 rg BT 493.09 61.50 Td (board ) Tj ET Q q 0 0 0 rg BT 518.65 61.50 Td (approval.) Tj ET Q endstream endobj 311 0 obj <> endobj 312 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (153) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (What ) Tj ET Q q 0 0 0 rg BT 77.02 741.90 Td (W) Tj ET Q q 0 0 0 rg BT 86.94 741.90 Td (e ) Tj ET Q q 0 0 0 rg BT 94.23 741.90 Td (Don�t ) Tj ET Q q 0 0 0 rg BT 122.52 741.90 Td (Do) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (No ) Tj ET Q q 0 0 0 rg BT 66.86 716.70 Td (Repricings. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.42 716.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 143.27 716.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 169.96 716.70 Td (incentive ) Tj ET Q q 0 0 0 rg BT 212.96 716.70 Td (plans ) Tj ET Q q 0 0 0 rg BT 239.65 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 259.33 716.70 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 291.28 716.70 Td (Listing ) Tj ET Q q 0 0 0 rg BT 325.55 716.70 Td (Standards ) Tj ET Q q 0 0 0 rg BT 371.49 716.70 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 409.26 716.70 Td (us ) Tj ET Q q 0 0 0 rg BT 423.12 716.70 Td (from ) Tj ET Q q 0 0 0 rg BT 448.05 716.70 Td (repricing ) Tj ET Q q 0 0 0 rg BT 490.47 716.70 Td (options ) Tj ET Q q 0 0 0 rg BT 525.92 716.70 Td (without ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 101.11 704.10 Td (approval.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (No ) Tj ET Q q 0 0 0 rg BT 64.83 678.90 Td (Income ) Tj ET Q q 0 0 0 rg BT 100.40 678.90 Td (T) Tj ET Q q 0 0 0 rg BT 106.44 678.90 Td (ax ) Tj ET Q q 0 0 0 rg BT 119.43 678.90 Td (Gr) Tj ET Q q 0 0 0 rg BT 132.07 678.90 Td (oss-ups. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 169.88 678.90 Td (W) Tj ET Q q 0 0 0 rg BT 178.95 678.90 Td (e ) Tj ET Q q 0 0 0 rg BT 186.11 678.90 Td (do ) Tj ET Q q 0 0 0 rg BT 199.11 678.90 Td (not ) Tj ET Q q 0 0 0 rg BT 215.03 678.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 249.60 678.90 Td (income ) Tj ET Q q 0 0 0 rg BT 283.01 678.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 298.34 678.90 Td (gross-ups ) Tj ET Q q 0 0 0 rg BT 341.09 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 355.83 678.90 Td (personal ) Tj ET Q q 0 0 0 rg BT 393.90 678.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 429.64 678.90 Td (other ) Tj ET Q q 0 0 0 rg BT 453.72 678.90 Td (than ) Tj ET Q q 0 0 0 rg BT 474.29 678.90 Td (relocation ) Tj ET Q q 0 0 0 rg BT 518.77 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 536.43 678.90 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (broad-based ) Tj ET Q q 0 0 0 rg BT 103.44 666.30 Td (benefits.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (No ) Tj ET Q q 0 0 0 rg BT 64.96 641.10 Td (Excise ) Tj ET Q q 0 0 0 rg BT 95.97 641.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.01 641.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 115.14 641.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 127.77 641.10 Td (oss-ups. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 165.71 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.78 641.10 Td (e ) Tj ET Q q 0 0 0 rg BT 182.07 641.10 Td (do ) Tj ET Q q 0 0 0 rg BT 195.19 641.10 Td (not ) Tj ET Q q 0 0 0 rg BT 211.23 641.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 245.93 641.10 Td (excise ) Tj ET Q q 0 0 0 rg BT 274.79 641.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 290.25 641.10 Td (gross-ups ) Tj ET Q q 0 0 0 rg BT 333.12 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.99 641.10 Td (change ) Tj ET Q q 0 0 0 rg BT 380.35 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.14 641.10 Td (control ) Tj ET Q q 0 0 0 rg BT 423.51 641.10 Td (benefits.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (No ) Tj ET Q q 0 0 0 rg BT 65.19 615.90 Td (Established ) Tj ET Q q 0 0 0 rg BT 119.98 615.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 130.87 615.90 Td (ogram ) Tj ET Q q 0 0 0 rg BT 162.88 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 174.49 615.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 221.08 615.90 Td (Per) Tj ET Q q 0 0 0 rg BT 236.63 615.90 Td (quisites. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 275.96 615.90 Td (W) Tj ET Q q 0 0 0 rg BT 285.03 615.90 Td (e ) Tj ET Q q 0 0 0 rg BT 292.54 615.90 Td (have ) Tj ET Q q 0 0 0 rg BT 315.22 615.90 Td (no ) Tj ET Q q 0 0 0 rg BT 328.58 615.90 Td (established ) Tj ET Q q 0 0 0 rg BT 378.09 615.90 Td (program ) Tj ET Q q 0 0 0 rg BT 416.52 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 428.12 615.90 Td (perquisites ) Tj ET Q q 0 0 0 rg BT 476.47 615.90 Td (to ) Tj ET Q q 0 0 0 rg BT 487.50 615.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 522.43 615.90 Td (personal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 85.36 603.30 Td (to ) Tj ET Q q 0 0 0 rg BT 96.16 603.30 Td (our ) Tj ET Q q 0 0 0 rg BT 112.78 603.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 155.63 603.30 Td (of) Tj ET Q q 0 0 0 rg BT 164.19 603.30 Td (ficers.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 95.86 578.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 163.25 578.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 174.13 578.10 Td (ogram ) Tj ET Q q 0 0 0 rg BT 205.92 578.10 Td (Objectives) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (Overall) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.03 540.30 Td (named ) Tj ET Q q 0 0 0 rg BT 100.23 540.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 143.66 540.30 Td (of) Tj ET Q q 0 0 0 rg BT 152.22 540.30 Td (ficer ) Tj ET Q q 0 0 0 rg BT 174.65 540.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 236.18 540.30 Td (programs ) Tj ET Q q 0 0 0 rg BT 279.04 540.30 Td (are ) Tj ET Q q 0 0 0 rg BT 295.06 540.30 Td (designed ) Tj ET Q q 0 0 0 rg BT 335.59 540.30 Td (to ) Tj ET Q q 0 0 0 rg BT 346.97 540.30 Td (attract, ) Tj ET Q q 0 0 0 rg BT 379.03 540.30 Td (incent, ) Tj ET Q q 0 0 0 rg BT 410.51 540.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 437.62 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 455.98 540.30 Td (reward ) Tj ET Q q 0 0 0 rg BT 488.34 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 504.37 540.30 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (talent ) Tj ET Q q 0 0 0 rg BT 75.46 527.70 Td (that ) Tj ET Q q 0 0 0 rg BT 93.84 527.70 Td (we ) Tj ET Q q 0 0 0 rg BT 108.73 527.70 Td (need ) Tj ET Q q 0 0 0 rg BT 131.19 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 141.99 527.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 181.37 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 199.17 527.70 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 245.54 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 262.18 527.70 Td (position ) Tj ET Q q 0 0 0 rg BT 298.66 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 309.46 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 324.93 527.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 347.98 527.70 Td (management ) Tj ET Q q 0 0 0 rg BT 404.26 527.70 Td (business ) Tj ET Q q 0 0 0 rg BT 442.48 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 460.28 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 471.09 527.70 Td (achieve ) Tj ET Q q 0 0 0 rg BT 505.78 527.70 Td (our ) Tj ET Q q 0 0 0 rg BT 522.42 527.70 Td (business ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (objectives.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (V) Tj ET Q q 0 0 0 rg BT 56.12 489.90 Td (ariable ) Tj ET Q q 0 0 0 rg BT 90.24 489.90 Td (Pay) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (A) Tj ET Q q 0 0 0 rg BT 56.50 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 58.88 477.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 105.58 477.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 138.29 477.30 Td (- ) Tj ET Q q 0 0 0 rg BT 144.17 477.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 207.19 477.30 Td (73-94% ) Tj ET Q q 0 0 0 rg BT 242.81 477.30 Td (depending ) Tj ET Q q 0 0 0 rg BT 288.93 477.30 Td (on ) Tj ET Q q 0 0 0 rg BT 301.81 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 317.01 477.30 Td (named ) Tj ET Q q 0 0 0 rg BT 347.38 477.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 389.98 477.30 Td (of) Tj ET Q q 0 0 0 rg BT 398.54 477.30 Td (ficer ) Tj ET Q q 0 0 0 rg BT 420.15 477.30 Td (- ) Tj ET Q q 0 0 0 rg BT 426.02 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 437.15 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 452.35 477.30 Td (total ) Tj ET Q q 0 0 0 rg BT 473.39 477.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 499.67 477.30 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (delivered ) Tj ET Q q 0 0 0 rg BT 91.38 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 102.36 464.70 Td (our ) Tj ET Q q 0 0 0 rg BT 119.17 464.70 Td (named ) Tj ET Q q 0 0 0 rg BT 149.98 464.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 193.02 464.70 Td (of) Tj ET Q q 0 0 0 rg BT 201.58 464.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 227.71 464.70 Td (is ) Tj ET Q q 0 0 0 rg BT 237.53 464.70 Td (variable, ) Tj ET Q q 0 0 0 rg BT 276.78 464.70 Td (which ) Tj ET Q q 0 0 0 rg BT 305.26 464.70 Td (directly ) Tj ET Q q 0 0 0 rg BT 340.14 464.70 Td (ties ) Tj ET Q q 0 0 0 rg BT 357.54 464.70 Td (their ) Tj ET Q q 0 0 0 rg BT 379.60 464.70 Td (pay ) Tj ET Q q 0 0 0 rg BT 397.57 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 408.55 464.70 Td (their ) Tj ET Q q 0 0 0 rg BT 430.61 464.70 Td (individual ) Tj ET Q q 0 0 0 rg BT 476.01 464.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 531.87 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 549.85 464.70 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 452.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 120.63 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.00 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.62 452.10 Td (company) Tj ET Q q 0 0 0 rg BT 186.43 452.10 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (Our) Tj ET Q q 0 0 0 rg BT 67.98 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 70.60 426.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 137.99 426.90 Td (Principles) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.45 401.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 129.40 401.70 Td (programs ) Tj ET Q q 0 0 0 rg BT 171.68 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 186.55 401.70 Td (named ) Tj ET Q q 0 0 0 rg BT 217.17 401.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 260.02 401.70 Td (of) Tj ET Q q 0 0 0 rg BT 268.57 401.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 294.52 401.70 Td (are ) Tj ET Q q 0 0 0 rg BT 309.96 401.70 Td (guided ) Tj ET Q q 0 0 0 rg BT 341.16 401.70 Td (by ) Tj ET Q q 0 0 0 rg BT 354.29 401.70 Td (three ) Tj ET Q q 0 0 0 rg BT 377.90 401.70 Td (basic ) Tj ET Q q 0 0 0 rg BT 402.10 401.70 Td (principles:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (Link ) Tj ET Q q 0 0 0 rg BT 72.44 376.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 135.63 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 145.71 376.50 Td (performance. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 207.41 376.50 Td (W) Tj ET Q q 0 0 0 rg BT 216.48 376.50 Td (e ) Tj ET Q q 0 0 0 rg BT 222.48 376.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 254.14 376.50 Td (that ) Tj ET Q q 0 0 0 rg BT 271.23 376.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 330.90 376.50 Td (levels ) Tj ET Q q 0 0 0 rg BT 356.73 376.50 Td (should ) Tj ET Q q 0 0 0 rg BT 386.08 376.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 414.23 376.50 Td (performance-both ) Tj ET Q q 0 0 0 rg BT 490.79 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 504.96 376.50 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 363.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 85.07 363.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 116.28 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 134.07 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 149.52 363.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 205.19 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 216.56 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 232.02 363.90 Td (recipient.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (Align ) Tj ET Q q 0 0 0 rg BT 76.80 338.70 Td (management�) Tj ET Q q 0 0 0 rg BT 137.65 338.70 Td (s ) Tj ET Q q 0 0 0 rg BT 144.53 338.70 Td (inter) Tj ET Q q 0 0 0 rg BT 165.91 338.70 Td (ests ) Tj ET Q q 0 0 0 rg BT 185.04 338.70 Td (with ) Tj ET Q q 0 0 0 rg BT 207.67 338.70 Td (those ) Tj ET Q q 0 0 0 rg BT 233.79 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 245.33 338.70 Td (stockholders. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 307.34 338.70 Td (W) Tj ET Q q 0 0 0 rg BT 316.41 338.70 Td (e ) Tj ET Q q 0 0 0 rg BT 323.86 338.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 345.31 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 356.27 338.70 Td (implement ) Tj ET Q q 0 0 0 rg BT 403.97 338.70 Td (programs ) Tj ET Q q 0 0 0 rg BT 446.43 338.70 Td (that ) Tj ET Q q 0 0 0 rg BT 464.96 338.70 Td (will ) Tj ET Q q 0 0 0 rg BT 484.09 338.70 Td (encourage ) Tj ET Q q 0 0 0 rg BT 530.02 338.70 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.29 326.10 Td (of) Tj ET Q q 0 0 0 rg BT 100.84 326.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 126.72 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.45 326.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 169.16 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 190.38 326.10 Td (us ) Tj ET Q q 0 0 0 rg BT 202.28 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.00 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.72 326.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 267.68 326.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 311.64 326.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 363.19 326.10 Td (value ) Tj ET Q q 0 0 0 rg BT 388.49 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 401.54 326.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 444.94 326.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 497.06 326.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 560.63 326.10 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (Although ) Tj ET Q q 0 0 0 rg BT 92.37 313.50 Td (prevented ) Tj ET Q q 0 0 0 rg BT 136.96 313.50 Td (by ) Tj ET Q q 0 0 0 rg BT 150.66 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 166.68 313.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 183.99 313.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 199.89 313.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 249.73 313.50 Td (this ) Tj ET Q q 0 0 0 rg BT 268.10 313.50 Td (year) Tj ET Q q 0 0 0 rg BT 285.75 313.50 Td (, ) Tj ET Q q 0 0 0 rg BT 291.57 313.50 Td (we ) Tj ET Q q 0 0 0 rg BT 307.01 313.50 Td (also ) Tj ET Q q 0 0 0 rg BT 327.12 313.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 361.81 313.50 Td (long-term ) Tj ET Q q 0 0 0 rg BT 406.41 313.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 435.85 313.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 477.54 313.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 510.47 313.50 Td (annually ) Tj ET Q q 0 0 0 rg BT 549.83 313.50 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.54 300.90 Td (years.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (Maintain ) Tj ET Q q 0 0 0 rg BT 93.34 275.70 Td (competitive ) Tj ET Q q 0 0 0 rg BT 147.66 275.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 211.91 275.70 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.45 275.70 Td (W) Tj ET Q q 0 0 0 rg BT 250.52 275.70 Td (e ) Tj ET Q q 0 0 0 rg BT 257.60 275.70 Td (strive ) Tj ET Q q 0 0 0 rg BT 283.34 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 293.93 275.70 Td (of) Tj ET Q q 0 0 0 rg BT 302.49 275.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 316.56 275.70 Td (programs ) Tj ET Q q 0 0 0 rg BT 358.64 275.70 Td (and ) Tj ET Q q 0 0 0 rg BT 376.21 275.70 Td (levels ) Tj ET Q q 0 0 0 rg BT 403.13 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 414.29 275.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 475.03 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 493.19 275.70 Td (are ) Tj ET Q q 0 0 0 rg BT 508.43 275.70 Td (competitive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (with ) Tj ET Q q 0 0 0 rg BT 71.44 263.10 Td (those ) Tj ET Q q 0 0 0 rg BT 96.87 263.10 Td (of) Tj ET Q q 0 0 0 rg BT 105.43 263.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 130.26 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 144.03 263.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 196.27 263.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 244.44 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.88 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.14 263.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 310.83 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.27 263.10 Td (order ) Tj ET Q q 0 0 0 rg BT 347.69 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.13 263.10 Td (attract, ) Tj ET Q q 0 0 0 rg BT 391.25 263.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 418.42 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.85 263.10 Td (reward ) Tj ET Q q 0 0 0 rg BT 469.27 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.53 263.10 Td (named ) Tj ET Q q 0 0 0 rg BT 517.79 263.10 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 250.50 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 86.63 250.50 Td (but ) Tj ET Q q 0 0 0 rg BT 102.67 250.50 Td (always ) Tj ET Q q 0 0 0 rg BT 134.45 250.50 Td (framed ) Tj ET Q q 0 0 0 rg BT 166.81 250.50 Td (in ) Tj ET Q q 0 0 0 rg BT 177.60 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 193.05 250.50 Td (context ) Tj ET Q q 0 0 0 rg BT 226.58 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 237.96 250.50 Td (performance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (Pay ) Tj ET Q q 0 0 0 rg BT 69.04 225.30 Td (For) Tj ET Q q 0 0 0 rg BT 85.17 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 87.80 225.30 Td (Performance) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (Linking ) Tj ET Q q 0 0 0 rg BT 86.98 212.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.53 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 161.93 212.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.21 212.70 Td (is ) Tj ET Q q 0 0 0 rg BT 230.45 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 239.34 212.70 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 296.06 212.70 Td (value ) Tj ET Q q 0 0 0 rg BT 323.03 212.70 Td (underlying ) Tj ET Q q 0 0 0 rg BT 372.75 212.70 Td (our ) Tj ET Q q 0 0 0 rg BT 390.98 212.70 Td (named ) Tj ET Q q 0 0 0 rg BT 423.20 212.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 467.66 212.70 Td (of) Tj ET Q q 0 0 0 rg BT 476.22 212.70 Td (ficer ) Tj ET Q q 0 0 0 rg BT 499.68 212.70 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (practices. ) Tj ET Q q 0 0 0 rg BT 92.29 200.10 Td (The ) Tj ET Q q 0 0 0 rg BT 111.69 200.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 142.76 200.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 188.40 200.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 234.64 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.54 200.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 288.59 200.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 310.32 200.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 343.14 200.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 377.70 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 393.02 200.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 418.83 200.10 Td (2020\) ) Tj ET Q q 0 0 0 rg BT 446.41 200.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 467.56 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.80 200.10 Td (each ) Tj ET Q q 0 0 0 rg BT 501.11 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.94 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.01 200.10 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.79 187.50 Td (of) Tj ET Q q 0 0 0 rg BT 101.35 187.50 Td (ficers ) Tj ET Q q 0 0 0 rg BT 127.73 187.50 Td (vary ) Tj ET Q q 0 0 0 rg BT 149.45 187.50 Td (with ) Tj ET Q q 0 0 0 rg BT 171.19 187.50 Td (performance, ) Tj ET Q q 0 0 0 rg BT 229.93 187.50 Td (including ) Tj ET Q q 0 0 0 rg BT 272.65 187.50 Td (our ) Tj ET Q q 0 0 0 rg BT 289.71 187.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 320.77 187.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.56 187.50 Td (results. ) Tj ET Q q 0 0 0 rg BT 393.67 187.50 Td (In ) Tj ET Q q 0 0 0 rg BT 405.48 187.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 445.58 187.50 Td (in ) Tj ET Q q 0 0 0 rg BT 456.81 187.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 480.29 187.50 Td (years, ) Tj ET Q q 0 0 0 rg BT 508.13 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 515.86 187.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 549.25 187.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (those ) Tj ET Q q 0 0 0 rg BT 74.71 174.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 104.00 174.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 136.78 174.90 Td (was ) Tj ET Q q 0 0 0 rg BT 156.15 174.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 177.27 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 188.48 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 204.35 174.90 Td (form ) Tj ET Q q 0 0 0 rg BT 227.81 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.60 174.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 295.69 174.90 Td (share ) Tj ET Q q 0 0 0 rg BT 320.89 174.90 Td (units. ) Tj ET Q q 0 0 0 rg BT 346.97 174.90 Td ( ) Tj ET Q q 0 0 0 rg BT 349.80 174.90 Td (The ) Tj ET Q q 0 0 0 rg BT 369.17 174.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 425.26 174.90 Td (share ) Tj ET Q q 0 0 0 rg BT 450.46 174.90 Td (units ) Tj ET Q q 0 0 0 rg BT 473.92 174.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 503.21 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 514.42 174.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 538.47 174.90 Td (vest, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.53 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 83.22 162.30 Td (number ) Tj ET Q q 0 0 0 rg BT 118.17 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 129.78 162.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 158.89 162.30 Td (payable ) Tj ET Q q 0 0 0 rg BT 194.40 162.30 Td (at ) Tj ET Q q 0 0 0 rg BT 204.85 162.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 238.05 162.30 Td (is ) Tj ET Q q 0 0 0 rg BT 247.92 162.30 Td (determined, ) Tj ET Q q 0 0 0 rg BT 300.64 162.30 Td (based ) Tj ET Q q 0 0 0 rg BT 327.42 162.30 Td (on ) Tj ET Q q 0 0 0 rg BT 340.78 162.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 365.23 162.30 Td (Mason�) Tj ET Q q 0 0 0 rg BT 396.73 162.30 Td (s ) Tj ET Q q 0 0 0 rg BT 403.68 162.30 Td 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Tj ET Q endstream endobj 313 0 obj <> endobj 314 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (154) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.78 741.75 Td (total ) Tj ET Q q 0 0 0 rg BT 88.39 741.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 113.08 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 133.10 741.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 156.05 741.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 216.32 741.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 236.35 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 246.47 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 262.41 741.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 287.69 741.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 331.62 741.75 Td (Of) Tj ET Q q 0 0 0 rg BT 342.51 741.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 363.70 741.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 396.54 741.75 Td (our ) Tj ET Q 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0 rg BT 510.02 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 529.42 729.15 Td (payout ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 97.81 716.55 Td (described ) Tj ET Q q 0 0 0 rg BT 140.28 716.55 Td (above. ) Tj ET Q q 0 0 0 rg BT 170.22 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 172.31 716.55 Td (The ) Tj ET Q q 0 0 0 rg BT 190.87 716.55 Td (Committee�) Tj ET Q q 0 0 0 rg BT 240.45 716.55 Td (s ) Tj ET Q q 0 0 0 rg BT 246.78 716.55 Td (decision ) Tj ET Q q 0 0 0 rg BT 284.02 716.55 Td (making ) Tj ET Q q 0 0 0 rg BT 317.76 716.55 Td (also ) Tj ET Q q 0 0 0 rg BT 336.92 716.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 370.06 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 385.13 716.55 Td (comparison ) Tj ET Q q 0 0 0 rg BT 436.37 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 446.78 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 461.85 716.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 522.41 716.55 Td (amounts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (paid ) Tj ET 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666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 105.59 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 130.90 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 189.44 666.15 Td (businesses ) Tj ET Q q 0 0 0 rg BT 238.68 666.15 Td (at ) Tj ET Q q 0 0 0 rg BT 251.15 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 268.88 666.15 Td (eight ) Tj ET Q q 0 0 0 rg BT 294.77 666.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 320.08 666.15 Td (management ) Tj ET Q q 0 0 0 rg BT 378.62 666.15 Td (competitors ) Tj ET Q q 0 0 0 rg BT 433.09 666.15 Td (which ) Tj ET Q q 0 0 0 rg BT 463.65 666.15 Td (had ) Tj ET Q q 0 0 0 rg BT 483.71 666.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 523.02 666.15 Td (reported ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.54 653.55 Td (data ) Tj ET Q q 0 0 0 rg BT 130.74 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 143.96 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 159.51 653.55 Td (time ) Tj ET Q q 0 0 0 rg BT 180.89 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 196.43 653.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 245.81 653.55 Td (made ) Tj ET Q q 0 0 0 rg BT 271.27 653.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 314.21 653.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.25 653.55 Td (determinations ) Tj ET Q q 0 0 0 rg BT 440.37 653.55 Td (at ) Tj ET Q q 0 0 0 rg BT 450.67 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 466.21 653.55 Td (end ) Tj ET Q q 0 0 0 rg BT 484.09 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 495.55 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 512.27 653.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 537.72 653.55 Td (year) Tj ET Q q 0 0 0 rg BT 555.37 653.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (out ) Tj ET Q q 0 0 0 rg BT 66.21 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 78.24 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 94.35 640.95 Td (group ) Tj ET Q q 0 0 0 rg BT 122.14 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 134.17 640.95 Td (twelve ) Tj ET Q q 0 0 0 rg BT 165.45 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 190.31 640.95 Td (peers ) Tj ET Q q 0 0 0 rg BT 215.75 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 231.87 640.95 Td (Committee ) Tj ET Q q 0 0 0 rg BT 281.82 640.95 Td (used ) Tj ET Q q 0 0 0 rg BT 304.35 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 319.89 640.95 Td (CEO ) Tj ET Q q 0 0 0 rg BT 344.17 640.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 405.78 640.95 Td (comparisons, ) Tj ET Q q 0 0 0 rg BT 464.77 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 483.22 640.95 Td (also ) Tj ET Q q 0 0 0 rg BT 503.42 640.95 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 545.19 640.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (three-year ) Tj ET Q q 0 0 0 rg BT 94.67 628.35 Td (total ) Tj ET Q q 0 0 0 rg BT 115.96 628.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 176.91 628.35 Td (history ) Tj ET Q q 0 0 0 rg BT 208.70 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 220.07 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 235.53 628.35 Td (twelve-member ) Tj ET Q q 0 0 0 rg BT 304.04 628.35 Td (peer ) Tj ET Q q 0 0 0 rg BT 324.73 628.35 Td (group ) Tj ET Q q 0 0 0 rg BT 351.85 628.35 Td (as ) Tj ET Q q 0 0 0 rg BT 363.23 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 370.51 628.35 Td (whole.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 69.09 603.15 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 121.65 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 133.08 603.15 Td (consultation ) Tj ET Q q 0 0 0 rg BT 187.68 603.15 Td (with ) Tj ET Q q 0 0 0 rg BT 209.61 603.15 Td (its ) Tj ET Q q 0 0 0 rg BT 222.80 603.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 277.38 603.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 338.97 603.15 Td (consultant, ) Tj ET Q q 0 0 0 rg BT 388.02 603.15 Td (Semler ) Tj ET Q q 0 0 0 rg BT 421.03 603.15 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 453.47 603.15 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 502.83 603.15 Td (Group, ) Tj ET Q q 0 0 0 rg BT 535.55 603.15 Td (LLC, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (considers ) Tj ET Q q 0 0 0 rg BT 90.53 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 104.74 590.55 Td (relationship ) Tj ET Q q 0 0 0 rg BT 155.69 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 172.22 590.55 Td (alignment ) Tj ET Q q 0 0 0 rg BT 215.59 590.55 Td (between ) Tj ET Q q 0 0 0 rg BT 251.95 590.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 293.55 590.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 353.25 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 366.87 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 382.24 590.55 Td (named ) Tj ET Q q 0 0 0 rg BT 411.60 590.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 453.21 590.55 Td (of) Tj ET Q q 0 0 0 rg BT 461.76 590.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 486.46 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 502.99 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 518.36 590.55 Td (corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.73 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 117.07 577.95 Td (reaching ) Tj ET Q q 0 0 0 rg BT 156.40 577.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 199.81 577.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 261.31 577.95 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 305.96 577.95 Td (This ) Tj ET Q q 0 0 0 rg BT 327.81 577.95 Td (assessment ) Tj ET Q q 0 0 0 rg BT 377.65 577.95 Td (involves ) Tj ET Q q 0 0 0 rg BT 416.41 577.95 Td (consideration ) Tj ET Q q 0 0 0 rg BT 476.15 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 488.08 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 504.09 577.95 Td (alignment ) Tj ET Q q 0 0 0 rg BT 549.26 577.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.03 565.35 Td (Mason�) Tj ET Q q 0 0 0 rg BT 105.53 565.35 Td (s ) Tj ET Q q 0 0 0 rg BT 112.57 565.35 Td (proposed ) Tj ET Q q 0 0 0 rg BT 154.02 565.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 197.20 565.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 258.48 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 280.10 565.35 Td (its ) Tj ET Q q 0 0 0 rg BT 292.98 565.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 335.57 565.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 391.58 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 403.28 565.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 447.63 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 458.75 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 477.45 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 489.15 565.35 Td (competitor ) Tj ET Q q 0 0 0 rg BT 537.60 565.35 Td (asset ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 104.71 552.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 153.81 552.75 Td (In ) Tj ET Q q 0 0 0 rg BT 164.12 552.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 202.72 552.75 Td (Semler ) Tj ET Q q 0 0 0 rg BT 234.03 552.75 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 264.77 552.75 Td (conducts ) Tj ET Q q 0 0 0 rg BT 303.66 552.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 320.39 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 334.20 552.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 388.82 552.75 Td (analyses, ) Tj ET Q q 0 0 0 rg BT 428.58 552.75 Td (at ) Tj ET Q q 0 0 0 rg BT 437.72 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 452.12 552.75 Td (request ) Tj ET Q q 0 0 0 rg BT 484.01 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 494.32 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.71 552.75 Td (Committee, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 83.31 540.15 Td (used ) Tj ET Q q 0 0 0 rg BT 105.19 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 116.56 540.15 Td (one ) Tj ET Q q 0 0 0 rg BT 134.34 540.15 Td (input ) Tj ET Q q 0 0 0 rg BT 158.55 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 173.42 540.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 216.27 540.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 277.22 540.15 Td (decisions.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (Determining ) Tj ET Q q 0 0 0 rg BT 108.70 514.95 Td (Executive ) Tj ET Q q 0 0 0 rg BT 155.06 514.95 Td (Compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.63 489.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 137.01 489.75 Td (Committee�) Tj ET Q q 0 0 0 rg BT 189.68 489.75 Td (s ) Tj ET Q q 0 0 0 rg BT 196.20 489.75 Td (T) Tj ET Q q 0 0 0 rg BT 203.02 489.75 Td (imeline) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.71 477.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 130.25 477.15 Td (Committee�) Tj ET Q q 0 0 0 rg BT 179.83 477.15 Td (s ) Tj ET Q q 0 0 0 rg BT 185.80 477.15 Td (process ) Tj ET Q q 0 0 0 rg BT 219.18 477.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 256.05 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 262.60 477.15 Td (review ) Tj ET Q q 0 0 0 rg BT 293.05 477.15 Td (every ) Tj ET Q q 0 0 0 rg BT 318.25 477.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 349.86 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 360.49 477.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 402.02 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 419.06 477.15 Td (peers�) Tj ET Q q 0 0 0 rg BT 443.93 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 445.81 477.15 Td (performance. ) Tj ET Q q 0 0 0 rg BT 503.37 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 505.25 477.15 Td (In ) Tj ET Q q 0 0 0 rg BT 515.88 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 530.60 477.15 Td (course ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 61.33 464.55 Td (several ) Tj ET Q q 0 0 0 rg BT 94.14 464.55 Td (meetings ) Tj ET Q q 0 0 0 rg BT 135.13 464.55 Td (during ) Tj ET Q q 0 0 0 rg BT 165.62 464.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 191.44 464.55 Td (year ) Tj ET Q q 0 0 0 rg BT 212.59 464.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 239.30 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 255.20 464.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 304.95 464.55 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 346.51 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 364.75 464.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 408.07 464.55 Td (an ) Tj ET Q q 0 0 0 rg BT 421.06 464.55 Td (updated ) Tj ET Q q 0 0 0 rg BT 457.38 464.55 Td (process ) Tj ET Q q 0 0 0 rg BT 491.95 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 507.28 464.55 Td (determining ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.84 451.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 154.27 451.95 Td (and, ) Tj ET Q q 0 0 0 rg BT 175.17 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 186.44 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 202.38 451.95 Td (third ) Tj ET Q q 0 0 0 rg BT 225.33 451.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 258.17 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 270.03 451.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 295.88 451.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 322.61 451.95 Td (approved ) Tj ET Q q 0 0 0 rg BT 364.79 451.95 Td (an ) Tj ET Q q 0 0 0 rg BT 377.81 451.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 408.91 451.95 Td (process ) Tj ET Q q 0 0 0 rg BT 443.51 451.95 Td (featuring ) Tj ET Q q 0 0 0 rg BT 484.52 451.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 530.22 451.95 Td (tar) Tj ET Q q 0 0 0 rg BT 541.10 451.95 Td (gets ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 439.35 Td (weighted ) Tj ET Q q 0 0 0 rg BT 108.40 439.35 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 144.56 439.35 Td (as ) Tj ET Q q 0 0 0 rg BT 155.93 439.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 209.87 439.35 Td (below) Tj ET Q q 0 0 0 rg BT 234.85 439.35 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Q1:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 401.55 Td (Establish ) Tj ET Q q 0 0 0 rg BT 104.13 401.55 Td (peer ) Tj ET Q q 0 0 0 rg BT 124.82 401.55 Td (group) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 388.95 Td (Establish ) Tj ET Q q 0 0 0 rg BT 104.13 388.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 145.23 388.95 Td (tar) Tj ET Q q 0 0 0 rg BT 156.12 388.95 Td (get ) Tj ET Q q 0 0 0 rg BT 171.57 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 184.70 388.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 227.55 388.95 Td (based ) Tj ET Q q 0 0 0 rg BT 254.08 388.95 Td (on ) Tj ET Q q 0 0 0 rg BT 267.21 388.95 Td (peer ) Tj ET Q q 0 0 0 rg BT 287.90 388.95 Td (\(market\) ) Tj ET Q q 0 0 0 rg BT 326.67 388.95 Td (median, ) Tj ET Q q 0 0 0 rg BT 362.83 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 374.20 388.95 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 424.63 388.95 Td (market ) Tj ET Q q 0 0 0 rg BT 456.41 388.95 Td (point) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 376.35 Td (Establish ) Tj ET Q q 0 0 0 rg BT 104.13 376.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 121.91 376.35 Td (mix ) Tj ET Q q 0 0 0 rg BT 140.87 376.35 Td (and ) Tj ET Q q 0 0 0 rg BT 158.66 376.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 187.53 376.35 Td (vehicles) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 363.75 Td (Establish ) Tj ET Q q 0 0 0 rg BT 104.13 363.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 159.80 363.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 193.33 363.75 Td (under ) Tj ET Q q 0 0 0 rg BT 219.86 363.75 Td (three ) Tj ET Q q 0 0 0 rg BT 243.47 363.75 Td (categories ) Tj ET Q q 0 0 0 rg BT 288.66 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 306.45 363.75 Td (weightings:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 351.15 Td (Financial ) Tj ET Q q 0 0 0 rg BT 104.70 351.15 Td (Performance ) Tj ET Q q 0 0 0 rg BT 160.96 351.15 Td (\(60%\) ) Tj ET Q q 0 0 0 rg BT 189.83 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 192.45 351.15 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 232.40 351.15 Td (& ) Tj ET Q q 0 0 0 rg BT 242.61 351.15 Td (Af) Tj ET Q q 0 0 0 rg BT 253.50 351.15 Td (filiate ) Tj ET Q q 0 0 0 rg BT 280.62 351.15 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 340.41 351.15 Td (\(30%\) ) Tj ET Q q 0 0 0 rg BT 369.27 351.15 Td (Or) Tj ET Q q 0 0 0 rg BT 380.16 351.15 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 434.10 351.15 Td (Health ) Tj ET Q q 0 0 0 rg BT 464.71 351.15 Td (\(10%\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (Q1, ) Tj ET Q q 0 0 0 rg BT 68.17 325.95 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 84.21 325.95 Td (andQ3:) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 313.35 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 105.86 313.35 Td (review ) Tj ET Q q 0 0 0 rg BT 137.05 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 148.42 313.35 Td (corporate ) Tj ET Q q 0 0 0 rg BT 190.69 313.35 Td (performance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (Q4:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 275.55 Td (Assess ) Tj ET Q q 0 0 0 rg BT 94.21 275.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 149.89 275.55 Td (against ) Tj ET Q q 0 0 0 rg BT 182.26 275.55 Td (metrics ) Tj ET Q q 0 0 0 rg BT 215.79 275.55 Td (and ) Tj ET Q q 0 0 0 rg BT 233.57 275.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 278.18 275.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 321.03 275.55 Td (total ) Tj ET Q q 0 0 0 rg BT 342.32 275.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 383.43 275.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 415.79 275.55 Td (ranging ) Tj ET Q q 0 0 0 rg BT 450.49 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 473.53 275.55 Td (0) Tj ET Q /GS0 gs q 3.82 0 0 10.55 478.78 273.28 cm /I43 Do Q q 0 0 0 rg BT 482.60 275.55 Td (150% ) Tj ET Q q 0 0 0 rg BT 509.72 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 521.09 275.55 Td (tar) Tj ET Q q 0 0 0 rg BT 531.98 275.55 Td (gets.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 63.00 262.95 Td (Developed ) Tj ET Q q 0 0 0 rg BT 111.11 262.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 158.04 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 168.83 262.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 197.70 262.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 230.07 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 240.86 262.95 Td (light ) Tj ET Q q 0 0 0 rg BT 262.74 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 274.11 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 289.56 262.95 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 338.84 262.95 Td (in ) Tj ET Q q 0 0 0 rg BT 349.64 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 365.09 262.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 382.39 262.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 397.85 262.95 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 447.12 262.95 Td (on ) Tj ET Q q 0 0 0 rg BT 460.24 262.95 Td (issuing ) Tj ET Q q 0 0 0 rg BT 492.63 262.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 521.50 262.95 Td (awards.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.32 237.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 117.47 237.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 138.05 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 145.20 237.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 206.01 237.75 Td (program ) Tj ET Q q 0 0 0 rg BT 244.07 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 254.73 237.75 Td (determine ) Tj ET Q q 0 0 0 rg BT 299.21 237.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 326.76 237.75 Td (named ) Tj ET Q q 0 0 0 rg BT 357.24 237.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 399.96 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 408.52 237.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 430.24 237.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 491.06 237.75 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 531.76 237.75 Td (Under ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 66.86 225.15 Td (program, ) Tj ET Q q 0 0 0 rg BT 106.67 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 112.94 225.15 Td 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ET Q q 0 0 0 rg BT 180.91 653.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 198.77 653.55 Td (decisions ) Tj ET Q q 0 0 0 rg BT 240.54 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 255.48 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 279.75 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 311.03 653.55 Td (executives. ) Tj ET Q q 0 0 0 rg BT 360.47 653.55 Td (The ) Tj ET Q q 0 0 0 rg BT 379.49 653.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 428.85 653.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 449.63 653.55 Td (market ) Tj ET Q q 0 0 0 rg BT 481.47 653.55 Td (data ) Tj ET Q q 0 0 0 rg BT 501.66 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 519.51 653.55 Td (weighted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.25 640.95 Td (metrics ) Tj ET Q q 0 0 0 rg BT 136.87 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 146.74 640.95 Td (establish ) Tj ET Q q 0 0 0 rg BT 185.19 640.95 Td (tar) Tj ET Q q 0 0 0 rg BT 196.07 640.95 Td (get ) Tj ET Q q 0 0 0 rg BT 210.61 640.95 Td (pools ) Tj ET Q q 0 0 0 rg BT 235.07 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 249.01 640.95 Td (incentive ) Tj ET Q q 0 0 0 rg BT 289.20 640.95 Td (awards, ) Tj ET Q q 0 0 0 rg BT 323.27 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 340.13 640.95 Td (applies ) Tj ET Q q 0 0 0 rg BT 371.58 640.95 Td (its ) Tj ET Q q 0 0 0 rg BT 383.21 640.95 Td (judgment ) Tj ET Q q 0 0 0 rg BT 424.58 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 434.45 640.95 Td (make ) Tj ET Q q 0 0 0 rg BT 458.89 640.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 518.92 640.95 Td (decisions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 64.25 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 79.58 628.35 Td (named ) Tj ET Q q 0 0 0 rg BT 110.07 628.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 152.80 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 161.35 628.35 Td (ficers ) Tj ET Q q 0 0 0 rg BT 187.17 628.35 Td (after ) Tj ET Q q 0 0 0 rg BT 208.91 628.35 Td (conducting ) Tj ET Q q 0 0 0 rg BT 258.06 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 270.48 628.35 Td (in-depth ) Tj ET Q q 0 0 0 rg BT 307.97 628.35 Td (review ) Tj ET Q q 0 0 0 rg BT 339.04 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 350.29 628.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 408.47 628.35 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 454.70 628.35 Td (peer ) Tj ET Q q 0 0 0 rg BT 475.27 628.35 Td (group ) Tj ET Q q 0 0 0 rg BT 502.27 628.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 519.93 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 537.60 628.35 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (years�) Tj ET Q q 0 0 0 rg BT 74.37 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.35 615.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 103.39 615.75 Td (total ) Tj ET Q q 0 0 0 rg BT 124.03 615.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 149.91 615.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 210.21 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 227.35 615.75 Td (assessing ) Tj ET Q q 0 0 0 rg BT 268.41 615.75 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 314.70 615.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 347.59 615.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 381.63 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 391.78 615.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 429.32 615.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 470.95 615.75 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 513.46 615.75 Td (rather ) Tj ET Q q 0 0 0 rg BT 539.92 615.75 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (relying ) Tj ET Q q 0 0 0 rg BT 83.21 603.15 Td (solely ) Tj ET Q q 0 0 0 rg BT 112.25 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 126.72 603.15 Td (formulaic ) Tj ET Q q 0 0 0 rg BT 171.50 603.15 Td (results ) Tj ET Q q 0 0 0 rg BT 202.88 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 215.01 603.15 Td (calculate ) Tj ET Q q 0 0 0 rg BT 256.28 603.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 288.23 603.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 330.68 603.15 Td (award ) Tj ET Q q 0 0 0 rg BT 360.29 603.15 Td (payouts. ) Tj ET Q q 0 0 0 rg BT 399.26 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 419.55 603.15 Td (Committee ) Tj ET Q q 0 0 0 rg BT 470.17 603.15 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 513.20 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 529.99 603.15 Td (CEO�) Tj ET Q q 0 0 0 rg BT 553.91 603.15 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 127.49 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 143.07 590.55 Td (other ) Tj ET Q q 0 0 0 rg BT 167.98 590.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 211.55 590.55 Td (of) Tj ET Q q 0 0 0 rg BT 220.11 590.55 Td (ficers�) Tj ET Q q 0 0 0 rg BT 246.15 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 249.49 590.55 Td (pay) Tj ET Q q 0 0 0 rg BT 263.96 590.55 Td (, ) Tj ET Q q 0 0 0 rg BT 269.93 590.55 Td (taking ) Tj ET Q q 0 0 0 rg BT 299.52 590.55 Td (into ) Tj ET Q q 0 0 0 rg BT 319.19 590.55 Td (account ) Tj ET Q q 0 0 0 rg BT 355.18 590.55 Td (peer ) Tj ET Q q 0 0 0 rg BT 376.59 590.55 Td (group ) Tj ET Q q 0 0 0 rg BT 404.43 590.55 Td (data ) Tj ET Q q 0 0 0 rg BT 425.25 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 443.76 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 459.92 590.55 Td (CEO�) Tj ET Q q 0 0 0 rg BT 483.84 590.55 Td (s ) Tj ET Q q 0 0 0 rg BT 491.27 590.55 Td (views ) Tj ET Q q 0 0 0 rg BT 519.11 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 532.95 590.55 Td (actual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.04 577.95 Td (against ) Tj ET Q q 0 0 0 rg BT 139.28 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 155.61 577.95 Td (company�) Tj ET Q q 0 0 0 rg BT 197.01 577.95 Td (s ) Tj ET Q q 0 0 0 rg BT 204.59 577.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 226.17 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 238.41 577.95 Td (well ) Tj ET Q q 0 0 0 rg BT 259.98 577.95 Td (as ) Tj ET Q q 0 0 0 rg BT 272.23 577.95 Td (his ) Tj ET Q q 0 0 0 rg BT 287.97 577.95 Td (views ) Tj ET Q q 0 0 0 rg BT 315.97 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 329.96 577.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 376.04 577.95 Td (performance. ) Tj ET Q q 0 0 0 rg BT 434.96 577.95 Td (The ) Tj ET Q q 0 0 0 rg BT 454.78 577.95 Td (Committee ) Tj ET Q q 0 0 0 rg BT 504.93 577.95 Td (believes ) Tj ET Q q 0 0 0 rg BT 542.83 577.95 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (process ) Tj ET Q q 0 0 0 rg BT 83.13 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 92.27 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 104.32 565.35 Td (ef) Tj ET Q q 0 0 0 rg BT 112.29 565.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 142.99 565.35 Td (way ) Tj ET Q q 0 0 0 rg BT 162.62 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 172.93 565.35 Td (assess ) Tj ET Q q 0 0 0 rg BT 200.73 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 215.70 565.35 Td (quality ) Tj ET Q q 0 0 0 rg BT 247.00 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 257.88 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 565.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 328.04 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 345.34 565.35 Td (leadership ) Tj ET Q q 0 0 0 rg BT 390.63 565.35 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 449.33 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 461.97 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 476.94 565.35 Td (CEO ) Tj ET Q q 0 0 0 rg BT 500.07 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 517.37 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 532.34 565.35 Td (senior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 105.77 552.75 Td (team.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (The ) Tj ET Q q 0 0 0 rg BT 67.99 527.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 130.82 527.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 179.65 527.55 Td (reviews ) Tj ET Q q 0 0 0 rg BT 214.47 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 221.30 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 276.51 527.55 Td (assessment ) Tj ET Q q 0 0 0 rg BT 325.34 527.55 Td (scorecard ) Tj ET Q q 0 0 0 rg BT 367.73 527.55 Td (detailing ) Tj ET Q q 0 0 0 rg BT 406.64 527.55 Td (actual ) Tj ET Q q 0 0 0 rg BT 433.87 527.55 Td (results ) Tj ET Q q 0 0 0 rg BT 463.45 527.55 Td (versus ) Tj ET Q q 0 0 0 rg BT 492.45 527.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 512.69 527.55 Td (for ) Tj ET Q q 0 0 0 rg BT 527.10 527.55 Td (metrics ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 68.54 514.95 Td (are ) Tj ET Q q 0 0 0 rg BT 84.66 514.95 Td (linked ) Tj ET Q q 0 0 0 rg BT 114.20 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 125.67 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 142.96 514.95 Td (strategy) Tj ET Q q 0 0 0 rg BT 175.52 514.95 Td (. ) Tj ET Q q 0 0 0 rg BT 181.21 514.95 Td (The ) Tj ET Q q 0 0 0 rg BT 200.83 514.95 Td (set ) Tj ET Q q 0 0 0 rg BT 215.79 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 227.83 514.95 Td (metrics ) Tj ET Q q 0 0 0 rg BT 262.04 514.95 Td (includes ) Tj ET Q q 0 0 0 rg BT 300.33 514.95 Td (metrics ) Tj ET Q q 0 0 0 rg BT 334.53 514.95 Td (that ) Tj ET Q q 0 0 0 rg BT 353.58 514.95 Td (reflect ) Tj ET Q q 0 0 0 rg BT 383.69 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 399.81 514.95 Td (actions ) Tj ET Q q 0 0 0 rg BT 432.85 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 444.90 514.95 Td (our ) Tj ET Q q 0 0 0 rg BT 462.19 514.95 Td (management ) Tj ET Q q 0 0 0 rg BT 519.13 514.95 Td (team ) Tj ET Q q 0 0 0 rg BT 542.84 514.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (employees, ) Tj ET Q q 0 0 0 rg BT 99.71 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 121.64 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 133.07 502.35 Td (net ) Tj ET Q q 0 0 0 rg BT 148.59 502.35 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 191.02 502.35 Td (The ) Tj ET Q q 0 0 0 rg BT 210.03 502.35 Td (Committee ) Tj ET Q q 0 0 0 rg BT 259.37 502.35 Td (also ) Tj ET Q q 0 0 0 rg BT 278.97 502.35 Td (defines ) Tj ET Q q 0 0 0 rg BT 311.98 502.35 Td (strategic ) Tj ET Q q 0 0 0 rg BT 350.23 502.35 Td (goals ) Tj ET Q q 0 0 0 rg BT 375.08 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 390.00 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 405.52 502.35 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 445.52 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 462.77 502.35 Td (Af) Tj ET Q q 0 0 0 rg BT 473.66 502.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 500.84 502.35 Td (Relationships ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 489.75 Td (Or) Tj ET Q q 0 0 0 rg BT 78.18 489.75 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 132.12 489.75 Td (Health ) Tj ET Q q 0 0 0 rg BT 162.73 489.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 196.27 489.75 Td (categories, ) Tj ET Q q 0 0 0 rg BT 244.08 489.75 Td (linked ) Tj ET Q q 0 0 0 rg BT 272.95 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.74 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 300.37 489.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.65 489.75 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 385.81 489.75 Td (at ) Tj ET Q q 0 0 0 rg BT 396.01 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.47 489.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 456.09 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 467.46 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 482.92 489.75 Td (year) Tj ET Q q 0 0 0 rg BT 500.56 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 505.81 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 523.60 489.75 Td (assesses ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 92.49 477.15 Td (against ) Tj ET Q q 0 0 0 rg BT 124.99 477.15 Td (those ) Tj ET Q q 0 0 0 rg BT 149.91 477.15 Td (goals ) Tj ET Q q 0 0 0 rg BT 174.82 477.15 Td (when ) Tj ET Q q 0 0 0 rg BT 200.32 477.15 Td (making ) Tj ET Q q 0 0 0 rg BT 234.57 477.15 Td (end ) Tj ET Q q 0 0 0 rg BT 252.48 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.98 477.15 Td (year ) Tj ET Q q 0 0 0 rg BT 284.80 477.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 345.87 477.15 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 390.13 477.15 Td (The ) Tj ET Q q 0 0 0 rg BT 409.20 477.15 Td (Committee ) Tj ET Q q 0 0 0 rg BT 458.62 477.15 Td (believes ) Tj ET Q q 0 0 0 rg BT 495.77 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 514.27 477.15 Td (evaluating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 104.90 464.55 Td (against ) Tj ET Q q 0 0 0 rg BT 136.99 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 143.99 464.55 Td (weighted ) Tj ET Q q 0 0 0 rg BT 184.83 464.55 Td (combination ) Tj ET Q q 0 0 0 rg BT 239.67 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 250.76 464.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.84 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.35 464.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 345.26 464.55 Td (metrics ) Tj ET Q q 0 0 0 rg BT 378.51 464.55 Td (most ) Tj ET Q q 0 0 0 rg BT 401.28 464.55 Td (ef) Tj ET Q q 0 0 0 rg BT 409.25 464.55 Td (fectively ) Tj ET Q q 0 0 0 rg BT 448.33 464.55 Td (drives ) Tj ET Q q 0 0 0 rg BT 476.33 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 491.51 464.55 Td (behavior ) Tj ET Q q 0 0 0 rg BT 530.59 464.55 Td (for ) Tj ET Q q 0 0 0 rg BT 545.18 464.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (long ) Tj ET Q q 0 0 0 rg BT 71.87 451.95 Td (term ) Tj ET Q q 0 0 0 rg BT 94.82 451.95 Td (results ) Tj ET Q q 0 0 0 rg BT 125.94 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 145.39 451.95 Td (we ) Tj ET Q q 0 0 0 rg BT 161.34 451.95 Td (want ) Tj ET Q q 0 0 0 rg BT 185.46 451.95 Td (our ) Tj ET Q q 0 0 0 rg BT 203.16 451.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 247.09 451.95 Td (team ) Tj ET Q q 0 0 0 rg BT 271.21 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 283.08 451.95 Td (strive ) Tj ET Q q 0 0 0 rg BT 310.11 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 326.06 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 344.93 451.95 Td (produce, ) Tj ET Q q 0 0 0 rg BT 385.08 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 397.53 451.95 Td (well ) Tj ET Q q 0 0 0 rg BT 419.31 451.95 Td (as ) Tj ET Q q 0 0 0 rg BT 431.77 451.95 Td (tightly ) Tj ET Q q 0 0 0 rg BT 462.89 451.95 Td (links ) Tj ET Q q 0 0 0 rg BT 487.02 451.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 505.88 451.95 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 549.83 451.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (performance.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Elements ) Tj ET Q q 0 0 0 rg BT 93.54 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 104.91 414.15 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (In ) Tj ET Q q 0 0 0 rg BT 60.87 401.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 86.24 401.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 112.49 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 127.94 401.55 Td (components ) Tj ET Q q 0 0 0 rg BT 181.31 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 192.68 401.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 235.53 401.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 296.48 401.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 335.82 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 351.28 401.55 Td (pending ) Tj ET Q q 0 0 0 rg BT 387.73 401.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 405.03 401.55 Td (ger) Tj ET Q q 0 0 0 rg BT 417.86 401.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 374.950341796875 m 99.361328125 374.950341796875 l s q 0 0 0 rg BT 49.50 376.35 Td (Base ) Tj ET Q q 0 0 0 rg BT 72.54 376.35 Td (Salary) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (Base ) Tj ET Q q 0 0 0 rg BT 73.18 363.75 Td (salary ) Tj ET Q q 0 0 0 rg BT 101.52 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 111.79 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.88 363.75 Td (smallest ) Tj ET Q q 0 0 0 rg BT 165.56 363.75 Td (component ) Tj ET Q q 0 0 0 rg BT 215.49 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 227.50 363.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 271.00 363.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 332.58 363.75 Td (\(6% ) Tj ET Q q 0 0 0 rg BT 353.34 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 365.36 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 382.62 363.75 Td (CEO�) Tj ET Q q 0 0 0 rg BT 406.54 363.75 Td (s ) Tj ET Q q 0 0 0 rg BT 413.89 363.75 Td (pay\), ) Tj ET Q q 0 0 0 rg BT 438.44 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.87 363.75 Td (is ) Tj ET Q q 0 0 0 rg BT 467.14 363.75 Td (intended ) Tj ET Q q 0 0 0 rg BT 506.56 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 518.00 363.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 553.34 363.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (stable, ) Tj ET Q q 0 0 0 rg BT 79.19 351.15 Td (reliable ) Tj ET Q q 0 0 0 rg BT 113.24 351.15 Td (monthly ) Tj ET Q q 0 0 0 rg BT 150.82 351.15 Td (income. ) Tj ET Q q 0 0 0 rg BT 186.92 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.49 351.15 Td (Base ) Tj ET Q q 0 0 0 rg BT 212.48 351.15 Td (salaries ) Tj ET Q q 0 0 0 rg BT 246.54 351.15 Td (are ) Tj ET Q q 0 0 0 rg BT 261.93 351.15 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 302.98 351.15 Td (periodically ) Tj ET Q q 0 0 0 rg BT 355.70 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 366.44 351.15 Td (light ) Tj ET Q q 0 0 0 rg BT 388.26 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 399.58 351.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 455.20 351.15 Td (factors, ) Tj ET Q q 0 0 0 rg BT 488.97 351.15 Td (market ) Tj ET Q q 0 0 0 rg BT 520.69 351.15 Td (practices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 338.55 Td (advice ) Tj ET Q q 0 0 0 rg BT 97.31 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.68 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 124.13 338.55 Td (Committee�) Tj ET Q q 0 0 0 rg BT 173.71 338.55 Td (s ) Tj ET Q q 0 0 0 rg BT 180.43 338.55 Td (independent ) Tj ET Q q 0 0 0 rg BT 234.37 338.55 Td (consultant.) Tj ET Q BT /F1 10.50 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 49.5 311.950341796875 m 185.38818359375 311.950341796875 l s q 0 0 0 rg BT 49.50 313.35 Td (Annual ) Tj ET Q q 0 0 0 rg BT 83.04 313.35 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 124.72 313.35 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 83.14 300.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 124.36 300.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 156.83 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 172.38 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.28 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 195.93 300.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 216.74 300.75 Td (70% ) Tj ET Q q 0 0 0 rg BT 238.72 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 249.62 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 278.60 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.49 300.75 Td (30% ) Tj ET Q q 0 0 0 rg BT 318.47 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 329.37 300.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 350.76 300.75 Td (for ) Tj ET Q q 0 0 0 rg BT 365.74 300.75 Td (our ) Tj ET Q q 0 0 0 rg BT 382.47 300.75 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 408.82 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 426.72 300.75 Td (55% ) Tj ET Q q 0 0 0 rg BT 448.70 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 459.60 300.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 488.58 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 506.47 300.75 Td (45% ) Tj ET Q q 0 0 0 rg BT 528.45 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 539.35 300.75 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.26 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.61 288.15 Td (other ) Tj ET Q q 0 0 0 rg BT 103.70 288.15 Td (named ) Tj ET Q q 0 0 0 rg BT 134.21 288.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 176.96 288.15 Td (of) Tj ET Q q 0 0 0 rg BT 185.51 288.15 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 213.97 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 216.49 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 227.76 288.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 253.02 288.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 279.16 288.15 Td (no ) Tj ET Q q 0 0 0 rg BT 292.18 288.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 320.94 288.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 353.20 288.15 Td (were ) Tj ET Q q 0 0 0 rg BT 376.12 288.15 Td (granted ) Tj ET Q q 0 0 0 rg BT 410.12 288.15 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 448.80 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 459.49 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 474.83 288.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 500.68 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 511.95 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 527.29 288.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 544.60 288.15 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 101.40 275.55 Td (Instead ) Tj ET Q q 0 0 0 rg BT 134.34 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 145.71 275.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 174.59 275.55 Td (awards, ) Tj ET Q q 0 0 0 rg BT 209.57 275.55 Td (our ) Tj ET Q q 0 0 0 rg BT 226.19 275.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 269.05 275.55 Td (of) Tj ET Q q 0 0 0 rg BT 277.60 275.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 303.55 275.55 Td (received ) Tj ET Q q 0 0 0 rg BT 341.73 275.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 379.33 275.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 400.61 275.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 419.57 275.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 451.93 275.55 Td (described ) Tj ET Q q 0 0 0 rg BT 494.79 275.55 Td (below) Tj ET Q q 0 0 0 rg BT 519.77 275.55 Td (.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Cash) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.30 237.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 87.43 237.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 127.39 237.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 158.60 237.75 Td (\(28% ) Tj ET Q q 0 0 0 rg BT 182.82 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 193.04 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 208.52 237.75 Td (CEO�) Tj ET Q q 0 0 0 rg BT 232.43 237.75 Td (s ) Tj ET Q q 0 0 0 rg BT 238.00 237.75 Td (pay\) ) Tj ET Q q 0 0 0 rg BT 258.13 237.75 Td (are ) Tj ET Q q 0 0 0 rg BT 272.42 237.75 Td (intended ) Tj ET Q q 0 0 0 rg BT 310.05 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 319.69 237.75 Td (reward ) Tj ET Q q 0 0 0 rg BT 350.32 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.62 237.75 Td (achievement ) Tj ET Q q 0 0 0 rg BT 419.15 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.37 237.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 458.84 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 497.04 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.68 237.75 Td (qualitative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 107.12 225.15 Td (goals ) Tj ET Q q 0 0 0 rg BT 133.85 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 153.59 225.15 Td (individual ) Tj ET Q q 0 0 0 rg BT 200.74 225.15 Td (performance. ) Tj ET Q q 0 0 0 rg BT 260.98 225.15 Td ( ) Tj ET Q q 0 0 0 rg BT 265.55 225.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 291.12 225.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 334.18 225.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 374.33 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 391.72 225.15 Td (variable ) Tj ET Q q 0 0 0 rg BT 430.10 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 449.83 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 467.22 225.15 Td (determined ) Tj ET Q q 0 0 0 rg BT 519.02 225.15 Td (based ) Tj ET Q q 0 0 0 rg BT 547.50 225.15 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.29 212.55 Td (against ) Tj ET Q q 0 0 0 rg BT 137.77 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 153.33 212.55 Td (key ) Tj ET Q q 0 0 0 rg BT 171.23 212.55 Td (metrics ) Tj ET Q q 0 0 0 rg BT 204.88 212.55 Td (assessed ) Tj ET Q q 0 0 0 rg BT 243.19 212.55 Td (by ) Tj ET Q q 0 0 0 rg BT 256.43 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 272.00 212.55 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 324.02 212.55 Td (as ) Tj ET Q q 0 0 0 rg BT 335.51 212.55 Td (described ) Tj ET Q q 0 0 0 rg BT 378.48 212.55 Td (below) Tj ET Q q 0 0 0 rg BT 403.46 212.55 Td (. ) Tj ET Q q 0 0 0 rg BT 408.82 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 411.56 212.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 435.29 212.55 Td (incentives ) Tj ET Q q 0 0 0 rg BT 480.60 212.55 Td (link ) Tj ET Q q 0 0 0 rg BT 499.68 212.55 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 199.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 115.97 199.95 Td (since ) Tj ET Q q 0 0 0 rg BT 140.17 199.95 Td (award ) Tj ET Q q 0 0 0 rg BT 168.44 199.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 206.65 199.95 Td (are ) Tj ET Q q 0 0 0 rg BT 222.09 199.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 271.95 199.95 Td (at ) Tj ET Q q 0 0 0 rg BT 282.15 199.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 307.52 199.95 Td (year ) Tj ET Q q 0 0 0 rg BT 328.21 199.95 Td (end ) Tj ET Q q 0 0 0 rg BT 346.00 199.95 Td (based ) Tj ET Q q 0 0 0 rg BT 372.53 199.95 Td (on ) Tj ET Q q 0 0 0 rg BT 385.65 199.95 Td (year ) Tj ET Q q 0 0 0 rg BT 406.35 199.95 Td (end ) Tj ET Q q 0 0 0 rg BT 424.13 199.95 Td (results.) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Deferr) Tj ET Q q 0 0 0 rg BT 77.10 174.75 Td (ed ) Tj ET Q q 0 0 0 rg BT 89.64 174.75 Td (Cash ) Tj ET Q q 0 0 0 rg BT 113.86 174.75 Td (Units) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.54 162.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 106.22 162.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.59 162.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 146.64 162.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 179.09 162.15 Td (\(66% ) Tj ET Q q 0 0 0 rg BT 204.54 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.00 162.15 Td (our ) Tj ET Q q 0 0 0 rg BT 232.71 162.15 Td (CEO�) Tj ET Q q 0 0 0 rg BT 256.63 162.15 Td (s ) Tj ET Q q 0 0 0 rg BT 263.43 162.15 Td (pay\) ) Tj ET Q q 0 0 0 rg BT 284.80 162.15 Td (are ) Tj ET Q q 0 0 0 rg BT 300.33 162.15 Td (intended ) Tj ET Q q 0 0 0 rg BT 339.20 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 350.08 162.15 Td (mirror ) Tj ET Q q 0 0 0 rg BT 379.61 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 395.15 162.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 421.20 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 432.65 162.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 474.43 162.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 499.31 162.15 Td (units ) Tj ET Q q 0 0 0 rg BT 522.44 162.15 Td (awarded ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (by ) Tj ET Q q 0 0 0 rg BT 62.61 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 78.05 149.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 127.33 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 138.11 149.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 161.13 149.55 Td (years, ) Tj ET Q q 0 0 0 rg BT 188.53 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 206.30 149.55 Td (vest ) Tj ET Q q 0 0 0 rg BT 225.83 149.55 Td (ratably ) Tj ET Q q 0 0 0 rg BT 257.60 149.55 Td (over ) Tj ET Q q 0 0 0 rg BT 278.87 149.55 Td (a ) Tj ET Q q 0 0 0 rg BT 286.14 149.55 Td (four ) Tj ET Q q 0 0 0 rg BT 306.25 149.55 Td (year ) Tj ET Q q 0 0 0 rg BT 326.93 149.55 Td (period ) Tj ET Q q 0 0 0 rg BT 356.37 149.55 Td (but ) Tj ET Q q 0 0 0 rg BT 372.40 149.55 Td (will ) Tj ET Q q 0 0 0 rg BT 391.34 149.55 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 435.91 149.55 Td (and ) Tj ET Q q 0 0 0 rg BT 453.69 149.55 Td (be ) Tj ET Q q 0 0 0 rg BT 466.21 149.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 486.90 149.55 Td (out ) Tj ET Q q 0 0 0 rg BT 502.93 149.55 Td (in ) Tj ET Q q 0 0 0 rg BT 513.71 149.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 534.99 149.55 Td (at ) Tj ET Q q 0 0 0 rg BT 545.18 149.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (time ) Tj ET Q q 0 0 0 rg BT 71.00 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 82.58 136.95 Td (completion ) Tj ET Q q 0 0 0 rg BT 132.66 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 144.24 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 159.90 136.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 177.21 136.95 Td (ger) Tj ET Q q 0 0 0 rg BT 190.04 136.95 Td (. ) Tj ET Q q 0 0 0 rg BT 195.50 136.95 Td ( ) Tj ET Q q 0 0 0 rg BT 198.13 136.95 Td (The ) Tj ET Q q 0 0 0 rg BT 217.29 136.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 255.70 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 267.29 136.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 305.09 136.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 326.59 136.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 345.76 136.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 378.33 136.95 Td (also ) Tj ET Q q 0 0 0 rg BT 398.08 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 413.73 136.95 Td (variable ) Tj ET Q q 0 0 0 rg BT 450.38 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 468.38 136.95 Td (are ) Tj ET Q q 0 0 0 rg BT 484.03 136.95 Td (determined ) Tj ET Q q 0 0 0 rg BT 534.10 136.95 Td (based ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (on ) Tj ET Q q 0 0 0 rg BT 62.99 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 119.04 124.35 Td (against ) Tj ET Q q 0 0 0 rg BT 151.77 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 167.60 124.35 Td (key ) Tj ET Q q 0 0 0 rg BT 185.75 124.35 Td (metrics ) Tj ET Q q 0 0 0 rg BT 219.65 124.35 Td (assessed ) Tj ET Q q 0 0 0 rg BT 258.22 124.35 Td (by ) Tj ET Q q 0 0 0 rg BT 271.72 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 287.54 124.35 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 339.82 124.35 Td (as ) Tj ET Q q 0 0 0 rg BT 351.56 124.35 Td (described ) Tj ET Q q 0 0 0 rg BT 394.79 124.35 Td (below) Tj ET Q q 0 0 0 rg BT 419.77 124.35 Td (. ) Tj ET Q q 0 0 0 rg BT 425.39 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 428.17 124.35 Td (The ) Tj ET Q q 0 0 0 rg BT 447.48 124.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 473.81 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 485.55 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 501.37 124.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 539.34 124.35 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 68.60 111.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 101.10 111.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 135.94 111.75 Td (that ) Tj ET Q q 0 0 0 rg BT 154.45 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 170.04 111.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 219.46 111.75 Td (may ) Tj ET Q q 0 0 0 rg BT 240.31 111.75 Td (elect ) Tj ET Q q 0 0 0 rg BT 262.89 111.75 Td (to ) Tj ET Q q 0 0 0 rg BT 273.82 111.75 Td (convert ) Tj ET Q q 0 0 0 rg BT 308.07 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.66 111.75 Td (units ) Tj ET Q q 0 0 0 rg BT 346.84 111.75 Td (into ) Tj ET Q q 0 0 0 rg BT 365.94 111.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 394.95 111.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 427.45 111.75 Td (if ) Tj ET Q q 0 0 0 rg BT 436.63 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 452.22 111.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 469.53 111.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 485.70 111.75 Td (is ) Tj ET Q q 0 0 0 rg BT 495.47 111.75 Td (not ) Tj ET Q q 0 0 0 rg BT 511.65 111.75 Td (completed. ) Tj ET Q q 0 0 0 rg BT 560.63 111.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (The ) Tj ET Q q 0 0 0 rg BT 68.74 99.15 Td (Committee ) Tj ET Q q 0 0 0 rg BT 118.32 99.15 Td (believes ) Tj ET Q q 0 0 0 rg BT 155.64 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 174.31 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 190.05 99.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 227.94 99.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 249.52 99.15 Td (units ) Tj ET Q q 0 0 0 rg BT 272.85 99.15 Td (have ) Tj ET Q q 0 0 0 rg BT 295.59 99.15 Td (a ) Tj ET Q q 0 0 0 rg BT 303.17 99.15 Td (value ) Tj ET Q q 0 0 0 rg BT 328.83 99.15 Td (comparable ) Tj ET Q q 0 0 0 rg BT 380.72 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 391.80 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.55 99.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 436.71 99.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 469.37 99.15 Td (that ) Tj ET Q q 0 0 0 rg BT 488.03 99.15 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 531.77 99.15 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (have ) Tj ET Q q 0 0 0 rg BT 71.95 86.55 Td (been ) Tj ET Q q 0 0 0 rg BT 94.39 86.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 123.27 86.55 Td (if ) Tj ET Q q 0 0 0 rg BT 132.31 86.55 Td (not ) Tj ET Q q 0 0 0 rg BT 148.35 86.55 Td (for ) Tj ET Q q 0 0 0 rg BT 163.22 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 178.67 86.55 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 227.95 86.55 Td (under ) Tj ET Q q 0 0 0 rg BT 254.49 86.55 Td (the ) Tj ET Q q 0 0 0 rg BT 269.94 86.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 287.24 86.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 302.70 86.55 Td (Agreement.) 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rg BT 323.00 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 347.32 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 378.65 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 439.72 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 457.63 729.15 Td (benefit ) Tj ET Q q 0 0 0 rg BT 489.52 729.15 Td (programs ) Tj ET Q q 0 0 0 rg BT 531.93 729.15 Td (on ) Tj ET Q q 0 0 0 rg BT 545.17 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (same ) Tj ET Q q 0 0 0 rg BT 73.66 716.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 99.58 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 110.91 716.55 Td (other ) Tj ET Q q 0 0 0 rg BT 135.07 716.55 Td (employees, ) Tj ET Q q 0 0 0 rg BT 185.19 716.55 Td (such ) Tj ET Q q 0 0 0 rg BT 207.02 716.55 Td (as ) Tj ET Q q 0 0 0 rg BT 218.35 716.55 Td (health ) Tj ET Q q 0 0 0 rg BT 246.60 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 264.34 716.55 Td (welfare ) Tj ET Q q 0 0 0 rg BT 298.40 716.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 330.14 716.55 Td (plans ) Tj ET Q q 0 0 0 rg BT 354.90 716.55 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(compensation ) Tj ET Q q 0 0 0 rg BT 110.45 666.15 Td (levels.) 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rg BT 142.91 552.75 Td (peers, ) Tj ET Q q 0 0 0 rg BT 171.23 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 189.92 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.28 552.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 230.23 552.75 Td (management ) Tj ET Q q 0 0 0 rg BT 287.41 552.75 Td (businesses ) Tj ET Q q 0 0 0 rg BT 335.27 552.75 Td (within ) Tj ET Q q 0 0 0 rg BT 365.64 552.75 Td (three ) Tj ET Q q 0 0 0 rg BT 390.16 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 415.27 552.75 Td (public ) Tj ET Q q 0 0 0 rg BT 445.05 552.75 Td (companies, ) Tj ET Q q 0 0 0 rg BT 496.11 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 508.39 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 524.76 552.75 Td (primary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (comparisons. ) Tj ET Q q 0 0 0 rg BT 107.64 540.15 Td (The ) Tj ET Q q 0 0 0 rg BT 126.59 540.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 174.11 540.15 Td (in ) Tj ET Q q 0 0 0 rg BT 184.91 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 200.36 540.15 Td (group ) Tj ET Q q 0 0 0 rg BT 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BT 107.72 489.75 Td (Y) Tj ET Q q 0 0 0 rg BT 114.25 489.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 130.88 489.75 Td (Mellon* ) Tj ET Q q 0 0 0 rg BT 193.50 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.13 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.75 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.38 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 204.00 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 206.63 489.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (BlackRock) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (Eaton ) Tj ET Q q 0 0 0 rg BT 76.43 464.55 Td (V) Tj ET Q q 0 0 0 rg BT 82.85 464.55 Td (ance ) Tj ET Q q 0 0 0 rg BT 121.50 464.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (Federated ) Tj ET Q q 0 0 0 rg BT 93.52 451.95 Td (Investors ) Tj ET Q q 0 0 0 rg BT 157.50 451.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 87.71 439.35 Td (Resources ) Tj ET Q q 0 0 0 rg BT 157.50 439.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (Janus ) Tj ET Q q 0 0 0 rg BT 75.46 426.75 Td (Henderson) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Invesco ) Tj ET Q q 0 0 0 rg BT 85.50 414.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Mor) Tj ET Q q 0 0 0 rg BT 67.39 401.55 Td (gan ) Tj ET Q q 0 0 0 rg BT 85.18 401.55 Td (Stanley* ) Tj ET Q q 0 0 0 rg BT 157.50 401.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (State ) Tj ET Q q 0 0 0 rg BT 73.12 388.95 Td (Street ) Tj ET Q q 0 0 0 rg BT 100.24 388.95 Td (Corp* ) Tj ET Q q 0 0 0 rg BT 157.50 388.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (T) Tj ET Q q 0 0 0 rg BT 55.13 376.35 Td (. ) Tj ET Q q 0 0 0 rg BT 60.38 376.35 Td (Rowe ) Tj ET Q q 0 0 0 rg BT 87.51 376.35 Td (Price) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 351.15 Td (* ) Tj ET Q q 0 0 0 rg BT 93.52 351.15 Td (For ) Tj ET Q q 0 0 0 rg BT 110.89 351.15 Td (this ) Tj ET Q q 0 0 0 rg BT 128.83 351.15 Td (company) Tj ET Q q 0 0 0 rg BT 166.64 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 172.04 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 351.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 248.74 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 260.26 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 275.86 351.15 Td (head ) Tj ET Q q 0 0 0 rg BT 298.46 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 309.98 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 325.58 351.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.77 351.15 Td (management ) Tj ET Q q 0 0 0 rg BT 405.19 351.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 446.18 351.15 Td (rather ) Tj ET Q q 0 0 0 rg BT 473.43 351.15 Td (than ) Tj ET Q q 0 0 0 rg BT 494.29 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 509.89 351.15 Td (CEO ) Tj ET Q q 0 0 0 rg BT 533.67 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 545.19 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (company) Tj ET Q q 0 0 0 rg BT 87.31 338.55 Td (, ) Tj ET Q q 0 0 0 rg BT 92.56 338.55 Td (was ) Tj ET Q q 0 0 0 rg BT 111.51 338.55 Td (used ) Tj ET Q q 0 0 0 rg BT 133.38 338.55 Td (for ) Tj ET Q q 0 0 0 rg BT 148.25 338.55 Td (comparison.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 106.49 313.35 Td (also ) Tj ET Q q 0 0 0 rg BT 125.58 313.35 Td (retains ) Tj ET Q q 0 0 0 rg BT 155.74 313.35 Td (McLagan ) Tj ET Q q 0 0 0 rg BT 198.15 313.35 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 237.35 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 244.19 313.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 304.68 313.35 Td (specialist ) Tj ET Q q 0 0 0 rg BT 345.93 313.35 Td (af) Tj ET Q q 0 0 0 rg BT 353.90 313.35 Td (filiate ) Tj ET Q q 0 0 0 rg BT 380.56 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 391.00 313.35 Td (Aon ) Tj ET Q q 0 0 0 rg BT 411.26 313.35 Td (Hewitt ) Tj ET Q q 0 0 0 rg BT 442.01 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 459.93 313.35 Td (focuses ) Tj ET Q q 0 0 0 rg BT 493.59 313.35 Td (on ) Tj ET Q q 0 0 0 rg BT 506.27 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 521.27 313.35 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (services ) Tj ET Q q 0 0 0 rg BT 86.02 300.75 Td (industry) Tj ET Q q 0 0 0 rg BT 119.76 300.75 Td (, ) Tj ET Q q 0 0 0 rg BT 125.08 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 135.95 300.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 170.73 300.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 231.75 300.75 Td (information ) Tj ET Q q 0 0 0 rg BT 284.03 300.75 Td (about ) Tj ET Q q 0 0 0 rg BT 310.06 300.75 Td (other ) Tj ET Q q 0 0 0 rg BT 334.34 300.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 357.45 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 413.80 300.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 466.07 300.75 Td (including ) Tj ET Q q 0 0 0 rg BT 508.44 300.75 Td (competitors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 67.62 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 82.82 288.15 Td (not ) Tj ET Q q 0 0 0 rg BT 98.61 288.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 135.40 288.15 Td (traded, ) Tj ET Q q 0 0 0 rg BT 166.64 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 177.76 288.15 Td (are ) Tj ET Q q 0 0 0 rg BT 192.95 288.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 244.91 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 256.03 288.15 Td (lar) Tj ET Q q 0 0 0 rg BT 266.92 288.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 282.70 288.15 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 334.38 288.15 Td (that ) Tj ET Q q 0 0 0 rg BT 352.50 288.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 393.94 288.15 Td (do ) Tj ET Q q 0 0 0 rg BT 406.82 288.15 Td (not ) Tj ET Q q 0 0 0 rg BT 422.61 288.15 Td (make ) Tj ET Q q 0 0 0 rg BT 447.73 288.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 508.43 288.15 Td (information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (about ) Tj ET Q q 0 0 0 rg BT 76.02 275.55 Td (their ) Tj ET Q q 0 0 0 rg BT 98.46 275.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 141.89 275.55 Td (of) Tj ET Q q 0 0 0 rg BT 150.45 275.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 176.96 275.55 Td (publicly ) Tj ET Q q 0 0 0 rg BT 214.57 275.55 Td (available. ) Tj ET Q q 0 0 0 rg BT 258.06 275.55 Td (The ) Tj ET Q q 0 0 0 rg BT 277.58 275.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 327.44 275.55 Td (uses ) Tj ET Q q 0 0 0 rg BT 348.72 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 364.74 275.55 Td (analysis ) Tj ET Q q 0 0 0 rg BT 401.77 275.55 Td (from ) Tj ET Q q 0 0 0 rg BT 425.38 275.55 Td (McLagan ) Tj ET Q q 0 0 0 rg BT 468.80 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 480.17 275.55 Td (compare ) Tj ET Q q 0 0 0 rg BT 519.51 275.55 Td (proposed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 91.91 262.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 152.41 262.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 179.09 262.95 Td (for ) Tj ET Q q 0 0 0 rg BT 193.51 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 208.52 262.95 Td (named ) Tj ET Q q 0 0 0 rg BT 238.69 262.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 281.10 262.95 Td (of) Tj ET Q q 0 0 0 rg BT 289.66 262.95 Td (ficers ) Tj ET Q q 0 0 0 rg BT 315.16 262.95 Td (other ) Tj ET Q q 0 0 0 rg BT 338.91 262.95 Td (than ) Tj ET Q q 0 0 0 rg BT 359.17 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 374.18 262.95 Td (CEO ) Tj ET Q q 0 0 0 rg BT 397.37 262.95 Td (with ) Tj ET Q q 0 0 0 rg BT 418.21 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 433.22 262.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 493.73 262.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 513.99 262.95 Td (by ) Tj ET Q q 0 0 0 rg BT 526.67 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 533.51 262.95 Td (group ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 61.12 250.35 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 116.19 250.35 Td (Peer ) Tj ET Q q 0 0 0 rg BT 137.72 250.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 198.91 250.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 226.27 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 244.30 250.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 300.23 250.35 Td (are ) Tj ET Q q 0 0 0 rg BT 315.91 250.35 Td (also ) Tj ET Q q 0 0 0 rg BT 335.70 250.35 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 377.05 250.35 Td (when ) Tj ET Q q 0 0 0 rg BT 402.66 250.35 Td (both ) Tj ET Q q 0 0 0 rg BT 424.20 250.35 Td (establishing ) Tj ET Q q 0 0 0 rg BT 477.24 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 492.94 250.35 Td (tar) Tj ET Q q 0 0 0 rg BT 503.82 250.35 Td (get ) Tj ET Q q 0 0 0 rg BT 519.52 250.35 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (pool ) Tj ET Q q 0 0 0 rg BT 72.44 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.88 237.75 Td (allocating ) Tj ET Q q 0 0 0 rg BT 137.55 237.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 180.31 237.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 214.33 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.77 237.75 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 280.03 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 300.63 237.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 351.56 237.75 Td (reviews ) Tj ET Q q 0 0 0 rg BT 388.49 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 397.43 237.75 Td (group ) Tj ET Q q 0 0 0 rg BT 426.20 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.22 237.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 493.07 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 523.01 237.75 Td (includes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (companies ) Tj ET Q q 0 0 0 rg BT 97.71 225.15 Td (that ) Tj ET Q q 0 0 0 rg BT 116.76 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 132.88 225.15 Td (not ) Tj ET Q q 0 0 0 rg BT 149.61 225.15 Td (publicly ) Tj ET Q q 0 0 0 rg BT 187.33 225.15 Td (traded ) Tj ET Q q 0 0 0 rg BT 216.87 225.15 Td (because ) Tj ET Q q 0 0 0 rg BT 253.40 225.15 Td (insuf) Tj ET Q q 0 0 0 rg BT 274.21 225.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 304.34 225.15 Td (data ) Tj ET Q q 0 0 0 rg BT 325.13 225.15 Td (is ) Tj ET Q q 0 0 0 rg BT 335.44 225.15 Td (available ) Tj ET Q q 0 0 0 rg BT 376.64 225.15 Td (from ) Tj ET Q q 0 0 0 rg BT 400.36 225.15 Td (public ) Tj ET Q q 0 0 0 rg BT 429.91 225.15 Td (company ) Tj ET Q q 0 0 0 rg BT 471.71 225.15 Td (peers ) Tj ET Q q 0 0 0 rg BT 497.17 225.15 Td (for ) Tj ET Q q 0 0 0 rg BT 512.71 225.15 Td (our ) Tj ET Q q 0 0 0 rg BT 530.02 225.15 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.35 212.55 Td (of) Tj ET Q q 0 0 0 rg BT 100.91 212.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 122.77 212.55 Td (positions ) Tj ET Q q 0 0 0 rg BT 163.32 212.55 Td (other ) Tj ET Q q 0 0 0 rg BT 187.52 212.55 Td (than ) Tj ET Q q 0 0 0 rg BT 208.22 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 223.67 212.55 Td (CEO. ) Tj ET Q q 0 0 0 rg BT 249.73 212.55 Td (The ) Tj ET Q q 0 0 0 rg BT 268.68 212.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 313.30 212.55 Td (competitor ) Tj ET Q q 0 0 0 rg BT 361.41 212.55 Td (firms ) Tj ET Q q 0 0 0 rg BT 386.20 212.55 Td (in ) Tj ET Q q 0 0 0 rg BT 396.99 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 412.45 212.55 Td (McLagan ) Tj ET Q q 0 0 0 rg BT 455.31 212.55 Td (analysis ) Tj ET Q q 0 0 0 rg BT 491.76 212.55 Td (are:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Allianz ) Tj ET Q q 0 0 0 rg BT 83.03 187.35 Td (Global ) Tj ET Q q 0 0 0 rg BT 114.24 187.35 Td (Investors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (Ameriprise ) Tj ET Q q 0 0 0 rg BT 99.36 174.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 148.64 174.75 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (BrightSphere ) Tj ET Q q 0 0 0 rg BT 121.50 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 124.13 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 126.75 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 129.38 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 132.00 162.15 Td ( ) Tj ET Q q 0 0 0 rg BT 134.63 162.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (DWS) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (Fidelity ) Tj ET Q q 0 0 0 rg BT 84.80 136.95 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (Goldman ) Tj ET Q q 0 0 0 rg BT 91.20 124.35 Td (Sachs ) Tj ET Q q 0 0 0 rg BT 117.75 124.35 Td (Asset ) Tj ET Q q 0 0 0 rg BT 143.71 124.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 229.50 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 232.13 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 234.75 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 237.38 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 240.00 124.35 Td ( ) Tj ET Q q 0 0 0 rg BT 242.63 124.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (JPMor) Tj ET Q q 0 0 0 rg BT 77.32 111.75 Td (gan ) Tj ET Q q 0 0 0 rg BT 94.53 111.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 120.49 111.75 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (MFS ) Tj ET Q q 0 0 0 rg BT 73.14 99.15 Td (Investment ) Tj ET Q q 0 0 0 rg BT 122.42 99.15 Td (Management ) Tj ET Q q 0 0 0 rg BT 193.50 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 196.13 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 198.75 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 201.38 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 204.00 99.15 Td ( ) Tj ET Q q 0 0 0 rg BT 206.63 99.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Mor) Tj ET Q q 0 0 0 rg BT 67.39 86.55 Td (gan ) Tj ET Q q 0 0 0 rg BT 85.18 86.55 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 119.30 86.55 Td (Inv) Tj ET Q q 0 0 0 rg BT 132.62 86.55 Td (. ) Tj ET Q q 0 0 0 rg BT 137.87 86.55 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (Natixis ) Tj ET Q q 0 0 0 rg BT 82.46 73.95 Td (Global ) Tj ET Q q 0 0 0 rg BT 113.08 73.95 Td (Asset ) Tj ET Q q 0 0 0 rg BT 139.04 73.95 Td (Management ) Tj ET Q q 0 0 0 rg BT 229.50 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 232.13 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 234.75 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 237.38 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 240.00 73.95 Td ( ) Tj ET Q q 0 0 0 rg BT 242.63 73.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Nuveen ) Tj ET Q q 0 0 0 rg BT 84.78 61.35 Td (Investments) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.75 Td (PIMCO) Tj ET Q endstream endobj 319 0 obj <> endobj 320 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (157) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 77.98 741.90 Td (Y) Tj ET Q q 0 0 0 rg BT 84.40 741.90 Td (ear) Tj ET Q q 0 0 0 rg BT 98.78 741.90 Td ( ) Tj ET Q q 0 0 0 rg BT 101.41 741.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 125.03 741.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 192.42 741.90 Td (Decisions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 103.57 716.70 Td ( ) Tj ET Q q 0 0 0 rg BT 105.61 716.70 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 148.88 716.70 Td (V) Tj ET Q q 0 0 0 rg BT 155.50 716.70 Td (ote ) Tj ET Q q 0 0 0 rg BT 171.54 716.70 Td (and ) Tj ET Q q 0 0 0 rg BT 191.09 716.70 Td (Engagement ) Tj ET Q q 0 0 0 rg BT 249.71 716.70 Td (Feedback ) Tj ET Q q 0 0 0 rg BT 295.50 716.70 Td (Support ) Tj ET Q q 0 0 0 rg BT 334.90 716.70 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 402.28 716.70 Td (Decisions) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 704.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 116.35 704.10 Td (made ) Tj ET Q q 0 0 0 rg BT 141.02 704.10 Td (its ) Tj ET Q q 0 0 0 rg BT 152.87 704.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 177.54 704.10 Td (year ) Tj ET Q q 0 0 0 rg BT 197.54 704.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 220.48 704.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 280.73 704.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 321.74 704.10 Td (mindful ) Tj ET Q q 0 0 0 rg BT 356.92 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.60 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.36 704.10 Td (results ) Tj ET Q q 0 0 0 rg BT 411.70 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.38 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.14 704.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 475.23 704.10 Td (vote ) Tj ET Q q 0 0 0 rg BT 495.24 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.92 704.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 529.43 704.10 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 104.66 691.50 Td (at ) Tj ET Q q 0 0 0 rg BT 114.33 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 129.24 691.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 151.87 691.50 Td (Annual ) Tj ET Q q 0 0 0 rg BT 184.87 691.50 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 221.95 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 232.78 691.50 Td (Stockholders, ) Tj ET Q q 0 0 0 rg BT 292.32 691.50 Td (indicating ) Tj ET Q q 0 0 0 rg BT 336.40 691.50 Td (over ) Tj ET Q q 0 0 0 rg BT 357.14 691.50 Td (95% ) Tj ET Q q 0 0 0 rg BT 378.48 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 389.31 691.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 417.64 691.50 Td (voted ) Tj ET Q q 0 0 0 rg BT 443.05 691.50 Td (approving ) Tj ET Q q 0 0 0 rg BT 487.71 691.50 Td (named ) Tj ET Q q 0 0 0 rg BT 517.79 691.50 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 678.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 81.52 678.90 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 146.70 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 166.09 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 179.06 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 196.12 678.90 Td (support ) Tj ET Q q 0 0 0 rg BT 231.85 678.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 275.15 678.90 Td (expressed ) Tj ET Q q 0 0 0 rg BT 320.78 678.90 Td (by ) Tj ET Q q 0 0 0 rg BT 335.51 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 353.74 678.90 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 411.04 678.90 Td (for ) Tj ET Q q 0 0 0 rg BT 427.52 678.90 Td (our ) Tj ET Q q 0 0 0 rg BT 445.74 678.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 508.29 678.90 Td (practices ) Tj ET Q q 0 0 0 rg BT 549.84 678.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 101.11 666.30 Td (outreach ) Tj ET Q q 0 0 0 rg BT 139.89 666.30 Td (conversations ) Tj ET Q q 0 0 0 rg BT 200.25 666.30 Td (over ) Tj ET Q q 0 0 0 rg BT 221.53 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.98 666.30 Td (last ) Tj ET Q q 0 0 0 rg BT 254.19 666.30 Td (several ) Tj ET Q q 0 0 0 rg BT 286.55 666.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 311.91 666.30 Td (years.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Linking ) Tj ET Q q 0 0 0 rg BT 87.73 641.10 Td (Metrics ) Tj ET Q q 0 0 0 rg BT 124.75 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.12 641.10 Td (Strategy ) Tj ET Q q 0 0 0 rg BT 176.65 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.21 641.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 244.91 641.10 Td (Priorities) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.96 628.50 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 130.76 628.50 Td (Committee�) Tj ET Q q 0 0 0 rg BT 180.34 628.50 Td (s ) Tj ET Q q 0 0 0 rg BT 186.57 628.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 241.76 628.50 Td (metrics ) Tj ET Q q 0 0 0 rg BT 274.80 628.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.18 628.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 314.06 628.50 Td (year ) Tj ET Q q 0 0 0 rg BT 334.27 628.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 357.40 628.50 Td (align ) Tj ET Q q 0 0 0 rg BT 380.54 628.50 Td (with ) Tj ET Q q 0 0 0 rg BT 401.34 628.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 439.05 628.50 Td (goals ) Tj ET Q q 0 0 0 rg BT 463.35 628.50 Td (and ) Tj ET Q q 0 0 0 rg BT 480.65 628.50 Td (drive ) Tj ET Q q 0 0 0 rg BT 504.36 628.50 Td (management ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (focus ) Tj ET Q q 0 0 0 rg BT 74.87 615.90 Td (in ) Tj ET Q q 0 0 0 rg BT 85.66 615.90 Td (the ) Tj ET Q q 0 0 0 rg BT 101.11 615.90 Td (following ) Tj ET Q q 0 0 0 rg BT 144.57 615.90 Td (areas:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.50 603.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 603.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 137.20 603.30 Td (results ) Tj ET Q q 0 0 0 rg BT 167.24 603.30 Td (tar) Tj ET Q q 0 0 0 rg BT 178.12 603.30 Td (geted ) Tj ET Q q 0 0 0 rg BT 203.49 603.30 Td (in ) Tj ET Q q 0 0 0 rg BT 214.28 603.30 Td (our ) Tj ET Q q 0 0 0 rg BT 230.90 603.30 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 277.26 603.30 Td (plan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 77.50 590.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 95.50 590.70 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 135.45 590.70 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 179.48 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 190.28 590.70 Td (diversify ) Tj ET Q q 0 0 0 rg BT 230.23 590.70 Td (our ) Tj ET Q q 0 0 0 rg BT 246.85 590.70 Td (business ) Tj ET Q q 0 0 0 rg BT 285.06 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 302.85 590.70 Td (expand ) Tj ET Q q 0 0 0 rg BT 335.79 590.70 Td (investor ) Tj ET Q q 0 0 0 rg BT 372.25 590.70 Td (choice) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (Pending ) Tj ET Q q 0 0 0 rg BT 88.89 565.50 Td (Merger) Tj ET Q q 0 0 0 rg BT 122.50 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 124.94 565.50 Td (T) Tj ET Q q 0 0 0 rg BT 131.16 565.50 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 181.04 565.50 Td (Dr) Tj ET Q q 0 0 0 rg BT 193.09 565.50 Td (ove ) Tj ET Q q 0 0 0 rg BT 210.88 565.50 Td (Form ) Tj ET Q q 0 0 0 rg BT 238.57 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 249.94 565.50 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 293.98 565.50 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (The ) Tj ET Q q 0 0 0 rg BT 69.21 552.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 119.27 552.90 Td (made ) Tj ET Q q 0 0 0 rg BT 145.40 552.90 Td (its ) Tj ET Q q 0 0 0 rg BT 158.71 552.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 184.84 552.90 Td (year ) Tj ET Q q 0 0 0 rg BT 206.29 552.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 230.69 552.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 292.40 552.90 Td (decisions ) Tj ET Q q 0 0 0 rg BT 334.87 552.90 Td (under ) Tj ET Q q 0 0 0 rg BT 362.16 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 378.38 552.90 Td (framework ) Tj ET Q q 0 0 0 rg BT 427.83 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.97 552.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 466.69 552.90 Td (agreed ) Tj ET Q q 0 0 0 rg BT 498.06 552.90 Td (between ) Tj ET Q q 0 0 0 rg BT 536.43 552.90 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 80.74 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 98.56 540.30 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 136.80 540.30 Td (in ) Tj ET Q q 0 0 0 rg BT 147.63 540.30 Td (the ) Tj ET Q q 0 0 0 rg BT 163.11 540.30 Td (Mer) Tj ET Q q 0 0 0 rg BT 180.42 540.30 Td (ger ) Tj ET Q q 0 0 0 rg BT 195.90 540.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 247.83 540.30 Td (In ) Tj ET Q q 0 0 0 rg BT 259.23 540.30 Td (particular) Tj ET Q q 0 0 0 rg BT 299.04 540.30 Td (, ) Tj ET Q q 0 0 0 rg BT 304.32 540.30 Td (no ) Tj ET Q q 0 0 0 rg BT 317.48 540.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 346.38 540.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 378.78 540.30 Td (were ) Tj ET Q q 0 0 0 rg BT 401.84 540.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 430.75 540.30 Td (for ) Tj ET Q q 0 0 0 rg BT 445.65 540.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 471.05 540.30 Td (year ) Tj ET Q q 0 0 0 rg BT 491.77 540.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 515.43 540.30 Td (incentives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (due ) Tj ET Q q 0 0 0 rg BT 66.52 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 76.55 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 91.24 527.70 Td (prohibition ) Tj ET Q q 0 0 0 rg BT 139.77 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 149.80 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 164.49 527.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 181.80 527.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 196.66 527.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 245.16 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 257.53 527.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 285.63 527.70 Td (issuances ) Tj ET Q q 0 0 0 rg BT 327.16 527.70 Td (pending ) Tj ET Q q 0 0 0 rg BT 362.85 527.70 Td (completion ) Tj ET Q q 0 0 0 rg BT 411.95 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 422.56 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 437.25 527.70 Td (proposed ) Tj ET Q q 0 0 0 rg BT 477.60 527.70 Td (mer) Tj ET Q q 0 0 0 rg BT 493.74 527.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 509.01 527.70 Td (transaction; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (however) Tj ET Q q 0 0 0 rg BT 85.23 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.61 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.18 515.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 155.60 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 176.43 515.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 198.99 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.91 515.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 244.15 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.73 515.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 297.45 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 318.86 515.10 Td (units ) Tj ET Q q 0 0 0 rg BT 342.03 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 360.52 515.10 Td (were ) Tj ET Q q 0 0 0 rg BT 383.68 515.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 421.99 515.10 Td (into ) Tj ET Q q 0 0 0 rg BT 441.07 515.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 470.07 515.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 502.56 515.10 Td (if ) Tj ET Q q 0 0 0 rg BT 511.72 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.30 515.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 544.60 515.10 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 502.50 Td (not ) Tj ET Q q 0 0 0 rg BT 75.17 502.50 Td (completed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (Determination ) Tj ET Q q 0 0 0 rg BT 117.44 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 128.82 477.30 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 157.30 477.30 Td (Y) Tj ET Q q 0 0 0 rg BT 163.72 477.30 Td (ear) Tj ET Q q 0 0 0 rg BT 178.10 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 180.72 477.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 204.35 477.30 Td (Base ) Tj ET Q q 0 0 0 rg BT 227.97 477.30 Td (Salaries) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.70 Td (At ) Tj ET Q q 0 0 0 rg BT 63.42 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.66 464.70 Td (beginning ) Tj ET Q q 0 0 0 rg BT 125.08 464.70 Td (of ) Tj ET Q q 0 0 0 rg BT 137.24 464.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 163.40 464.70 Td (year ) Tj ET Q q 0 0 0 rg BT 184.88 464.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 209.30 464.70 Td (when ) Tj ET Q q 0 0 0 rg BT 235.46 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 251.70 464.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 301.78 464.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 352.43 464.70 Td (salaries, ) Tj ET Q q 0 0 0 rg BT 389.96 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 406.20 464.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 456.28 464.70 Td (did ) Tj ET Q q 0 0 0 rg BT 473.12 464.70 Td (not ) Tj ET Q q 0 0 0 rg BT 489.95 464.70 Td (change ) Tj ET Q q 0 0 0 rg BT 523.10 464.70 Td (the ) Tj ET Q q 0 0 0 rg BT 539.35 464.70 Td (base ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (salaries ) Tj ET Q q 0 0 0 rg BT 83.61 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.98 452.10 Td (any ) Tj ET Q q 0 0 0 rg BT 112.77 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.14 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.59 452.10 Td (named ) Tj ET Q q 0 0 0 rg BT 170.21 452.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 213.06 452.10 Td (of) Tj ET Q q 0 0 0 rg BT 221.62 452.10 Td (ficers.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (Determination ) Tj ET Q q 0 0 0 rg BT 117.44 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 128.82 426.90 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 157.30 426.90 Td (Y) Tj ET Q q 0 0 0 rg BT 163.72 426.90 Td (ear) Tj ET Q q 0 0 0 rg BT 178.10 426.90 Td ( ) Tj ET Q q 0 0 0 rg BT 180.72 426.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 204.35 426.90 Td (Bonus ) Tj ET Q q 0 0 0 rg BT 234.99 426.90 Td (Pool) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.62 414.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 91.89 414.30 Td (year ) Tj ET Q q 0 0 0 rg BT 112.50 414.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 138.66 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.02 414.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 203.21 414.30 Td (approved ) Tj ET Q q 0 0 0 rg BT 244.82 414.30 Td (tar) Tj ET Q q 0 0 0 rg BT 255.70 414.30 Td (get ) Tj ET Q q 0 0 0 rg BT 271.06 414.30 Td (incentives ) Tj ET Q q 0 0 0 rg BT 316.17 414.30 Td (for ) Tj ET Q q 0 0 0 rg BT 330.95 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 346.31 414.30 Td (five ) Tj ET Q q 0 0 0 rg BT 365.17 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 376.45 414.30 Td (eight ) Tj ET Q q 0 0 0 rg BT 399.98 414.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 442.74 414.30 Td (of) Tj ET Q q 0 0 0 rg BT 451.30 414.30 Td (ficers ) Tj ET Q q 0 0 0 rg BT 477.15 414.30 Td (who ) Tj ET Q q 0 0 0 rg BT 497.77 414.30 Td (were ) Tj ET Q q 0 0 0 rg BT 520.70 414.30 Td (expected ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (to ) Tj ET Q q 0 0 0 rg BT 59.08 401.70 Td (remain ) Tj ET Q q 0 0 0 rg BT 89.65 401.70 Td (with ) Tj ET Q q 0 0 0 rg BT 109.73 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.97 401.70 Td (company ) Tj ET Q q 0 0 0 rg BT 163.87 401.70 Td (after ) Tj ET Q q 0 0 0 rg BT 184.52 401.70 Td (January ) Tj ET Q q 0 0 0 rg BT 218.59 401.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 227.88 401.70 Td (2020. ) Tj ET Q q 0 0 0 rg BT 252.91 401.70 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 298.08 401.70 Td (in ) Tj ET Q q 0 0 0 rg BT 307.66 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 321.90 401.70 Td (first ) Tj ET Q q 0 0 0 rg BT 340.23 401.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 371.37 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 381.53 401.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 405.69 401.70 Td (year ) Tj ET Q q 0 0 0 rg BT 425.17 401.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 450.21 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 464.45 401.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 512.52 401.70 Td (considered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.48 389.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 119.68 389.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 152.73 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.04 389.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 207.76 389.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 254.23 389.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 287.28 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.60 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 309.66 389.10 Td (used ) Tj ET Q q 0 0 0 rg BT 331.06 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.38 389.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 389.59 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.41 389.10 Td (making ) Tj ET Q q 0 0 0 rg BT 444.05 389.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 504.52 389.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 545.75 389.10 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.31 376.50 Td (year ) Tj ET Q q 0 0 0 rg BT 94.45 376.50 Td (2020. ) Tj ET Q q 0 0 0 rg BT 119.99 376.50 Td (The ) Tj ET Q q 0 0 0 rg BT 138.39 376.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 187.12 376.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 234.67 376.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 270.56 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 285.46 376.50 Td (existing ) Tj ET Q q 0 0 0 rg BT 320.78 376.50 Td (metrics ) Tj ET Q q 0 0 0 rg BT 353.75 376.50 Td (adequately ) Tj ET Q q 0 0 0 rg BT 401.30 376.50 Td (linked ) Tj ET Q q 0 0 0 rg BT 429.62 376.50 Td (to ) Tj ET Q q 0 0 0 rg BT 439.85 376.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 481.57 376.50 Td (strategy ) Tj ET Q q 0 0 0 rg BT 516.87 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 534.10 376.50 Td (drove ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 101.08 363.90 Td (incentives ) Tj ET Q q 0 0 0 rg BT 147.43 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 166.36 363.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 203.95 363.90 Td (any ) Tj ET Q q 0 0 0 rg BT 222.89 363.90 Td (other ) Tj ET Q q 0 0 0 rg BT 248.24 363.90 Td (metrics ) Tj ET Q q 0 0 0 rg BT 282.92 363.90 Td (would ) Tj ET Q q 0 0 0 rg BT 312.94 363.90 Td (be ) Tj ET Q q 0 0 0 rg BT 326.62 363.90 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 378.21 363.90 Td (to ) Tj ET Q q 0 0 0 rg BT 390.15 363.90 Td (add. ) Tj ET Q q 0 0 0 rg BT 411.71 363.90 Td (In ) Tj ET Q q 0 0 0 rg BT 424.23 363.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 448.41 363.90 Td (years, ) Tj ET Q q 0 0 0 rg BT 476.96 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 493.57 363.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 544.00 363.90 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.48 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 117.98 351.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 159.81 351.30 Td (should ) Tj ET Q q 0 0 0 rg BT 190.56 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 203.23 351.30 Td (added ) Tj ET Q q 0 0 0 rg BT 231.05 351.30 Td (only ) Tj ET Q q 0 0 0 rg BT 252.47 351.30 Td (if ) Tj ET Q q 0 0 0 rg BT 261.64 351.30 Td (they ) Tj ET Q q 0 0 0 rg BT 282.47 351.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 317.30 351.30 Td (new ) Tj ET Q q 0 0 0 rg BT 337.55 351.30 Td (information ) Tj ET Q q 0 0 0 rg BT 389.87 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 407.79 351.30 Td (can ) Tj ET Q q 0 0 0 rg BT 425.11 351.30 Td (be ) Tj ET Q q 0 0 0 rg BT 437.78 351.30 Td (influenced ) Tj ET Q q 0 0 0 rg BT 484.84 351.30 Td (by ) Tj ET Q q 0 0 0 rg BT 498.10 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 522.43 351.30 Td (Mason�) Tj ET Q q 0 0 0 rg BT 553.93 351.30 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.35 338.70 Td (of) Tj ET Q q 0 0 0 rg BT 100.91 338.70 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 129.29 338.70 Td (They ) Tj ET Q q 0 0 0 rg BT 153.49 338.70 Td (also ) Tj ET Q q 0 0 0 rg BT 173.03 338.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 221.14 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 236.59 338.70 Td (perspective ) Tj ET Q q 0 0 0 rg BT 287.02 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 298.40 338.70 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 354.10 338.70 Td (in ) Tj ET Q q 0 0 0 rg BT 364.89 338.70 Td (assessing ) Tj ET Q q 0 0 0 rg BT 406.60 338.70 Td (company ) Tj ET Q q 0 0 0 rg BT 447.71 338.70 Td (performance.) Tj ET Q endstream endobj 321 0 obj <> endobj 322 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (158) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.08 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.75 741.75 Td (course ) Tj ET Q q 0 0 0 rg BT 106.99 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.57 741.75 Td (several ) Tj ET Q q 0 0 0 rg BT 151.14 741.75 Td (meetings ) Tj ET Q q 0 0 0 rg BT 191.88 741.75 Td (during ) Tj ET Q q 0 0 0 rg BT 222.13 741.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 247.71 741.75 Td (year ) Tj ET Q q 0 0 0 rg BT 268.61 741.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 295.07 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.73 741.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 360.23 741.75 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 401.54 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 419.54 741.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 462.62 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 475.37 741.75 Td (updated ) Tj ET Q q 0 0 0 rg BT 511.44 741.75 Td (process ) Tj ET Q q 0 0 0 rg BT 545.77 741.75 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (determining ) Tj ET Q q 0 0 0 rg BT 104.10 729.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 148.18 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 210.36 729.15 Td (and, ) Tj ET Q q 0 0 0 rg BT 232.00 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 244.03 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 260.71 729.15 Td (third ) Tj ET Q q 0 0 0 rg BT 284.40 729.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 317.99 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 330.60 729.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 357.20 729.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 384.68 729.15 Td (after ) Tj ET Q q 0 0 0 rg BT 407.77 729.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 455.38 729.15 Td (with ) Tj ET Q q 0 0 0 rg BT 477.91 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 494.59 729.15 Td (full ) Tj ET Q q 0 0 0 rg BT 513.03 729.15 Td (Board, ) Tj ET Q q 0 0 0 rg BT 545.18 729.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 98.48 716.55 Td (adopted ) Tj ET Q q 0 0 0 rg BT 134.03 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 141.01 716.55 Td (new ) Tj ET Q q 0 0 0 rg BT 160.82 716.55 Td (framework ) Tj ET Q q 0 0 0 rg BT 209.20 716.55 Td (for ) Tj ET Q q 0 0 0 rg BT 223.76 716.55 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 269.81 716.55 Td (performance, ) Tj ET Q q 0 0 0 rg BT 327.80 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 338.28 716.55 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 384.33 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 399.48 716.55 Td (linkage ) Tj ET Q q 0 0 0 rg BT 432.70 716.55 Td (between ) Tj ET Q q 0 0 0 rg BT 470.00 716.55 Td (pay ) Tj ET Q q 0 0 0 rg BT 487.48 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 504.95 716.55 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 78.13 703.95 Td (enhance ) Tj ET Q q 0 0 0 rg BT 115.18 703.95 Td (individual ) Tj ET Q q 0 0 0 rg BT 160.41 703.95 Td (accountability ) Tj ET Q q 0 0 0 rg BT 222.54 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 237.44 703.95 Td (performance. ) Tj ET Q q 0 0 0 rg BT 295.76 703.95 Td ( ) Tj ET Q q 0 0 0 rg BT 298.22 703.95 Td (The ) Tj ET Q q 0 0 0 rg BT 317.20 703.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 353.67 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 364.49 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 379.97 703.95 Td (framework ) Tj ET Q q 0 0 0 rg BT 428.68 703.95 Td (from ) Tj ET Q q 0 0 0 rg BT 451.74 703.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 477.14 703.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 500.79 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 511.61 703.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 537.00 703.95 Td (2020 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (are ) Tj ET Q q 0 0 0 rg BT 64.94 691.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 118.89 691.35 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 680.85 m 50 665.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 680.85 m 147 680.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 147 680.85 m 303 680.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 559 680.85 m 559 665.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 303 680.85 m 559 680.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 665.85 m 50 618.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 665.85 m 147 665.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 147 665.85 m 303 665.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 559 665.85 m 559 618.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 303 665.85 m 559 665.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 618.85 m 50 548.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 618.85 m 147 618.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 147 618.85 m 303 618.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 559 618.85 m 559 548.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 303 618.85 m 559 618.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 548.85 m 50 470.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 548.85 m 147 548.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 147 548.85 m 303 548.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 559 548.85 m 559 470.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 303 548.85 m 559 548.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 470.85 m 50 355.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 470.85 m 147 470.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 50 355.85 m 147 355.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 147 470.85 m 303 470.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 147 355.85 m 303 355.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 559 470.85 m 559 355.85 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 303 470.85 m 559 470.85 l 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Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 609.24 Td (Performance) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 598.74 Td (Metrics) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 609.07 Td (Quantitative and qualitative ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 598.57 Td (metrics considered when ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 588.07 Td (determining awards by executives.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 609.07 Td (Metrics divided into three categories and weighted - ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 598.57 Td (financial performance \(60%\), strategy & af) Tj ET Q q 0 0 0 rg BT 486.65 598.57 Td (filiate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 588.07 Td (relationships \(30%\) and or) Tj ET Q q 0 0 0 rg BT 416.99 588.07 Td (ganizational health \(10%\). ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 577.57 Td (Performance evaluated in each category at the end of Q4 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 567.07 Td (and payment determined calculated based on payout scale ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 556.57 Td (\(0-150%\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 539.24 Td (Incentive Mix) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 539.07 Td (CEO: 40% Cash and 60% Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 522.57 Td (NEOs: 50% Cash and 50% Equity) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 305.50 539.06 Td (Incr) Tj ET Q q 0 0 0 rg BT 322.60 539.06 Td (eased equity*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 522.57 Td (CEO: 30% Cash and 70% Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 506.07 Td (NEOs: 45% Cash and 55% Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 489.57 Td (* No equity ultimately was issued for fiscal 2020 due to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 479.07 Td (proposed Mer) Tj ET Q q 0 0 0 rg BT 363.92 479.07 Td (ger) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 52.50 461.24 Td (Equity Mix) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 461.07 Td (CEO: ) Tj ET Q q 0 0 0 rg BT 176.04 461.07 Td (50% ) Tj ET Q q 0 0 0 rg BT 197.91 461.07 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 223.89 461.07 Td (and ) Tj ET Q q 0 0 0 rg BT 241.67 461.07 Td (50% ) Tj ET Q q 0 0 0 rg BT 263.55 461.07 Td (RSUs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 444.57 Td (NEOs: ) Tj ET Q q 0 0 0 rg BT 180.71 444.57 Td (50% ) Tj ET Q q 0 0 0 rg BT 202.58 444.57 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 228.55 444.57 Td (and ) Tj ET Q q 0 0 0 rg BT 246.34 444.57 Td (50% ) Tj ET Q q 0 0 0 rg BT 268.21 444.57 Td (RSUs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 428.07 Td (PSU ) Tj ET Q q 0 0 0 rg BT 170.40 428.07 Td (awards ) Tj ET Q q 0 0 0 rg BT 201.77 428.07 Td (include ) Tj ET Q q 0 0 0 rg BT 234.31 428.07 Td (relative ) Tj ET Q q 0 0 0 rg BT 267.42 428.07 Td (ranking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 417.57 Td (of ) Tj ET Q q 0 0 0 rg BT 160.01 417.57 Td (TSR ) Tj ET Q q 0 0 0 rg BT 181.16 417.57 Td ( ) Tj ET Q q 0 0 0 rg BT 183.06 417.57 Td (and ) Tj ET Q q 0 0 0 rg BT 200.12 417.57 Td (Or) Tj ET Q q 0 0 0 rg BT 211.01 417.57 Td (ganic ) Tj ET Q q 0 0 0 rg BT 235.64 417.57 Td (Growth ) Tj ET Q q 0 0 0 rg BT 269.62 417.57 Td (Rate ) Tj ET Q q 0 0 0 rg BT 290.76 417.57 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 149.50 407.07 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 196.45 407.07 Td (AUM) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 305.50 461.06 Td (Incr) Tj ET Q q 0 0 0 rg BT 322.60 461.06 Td (eased pr) Tj ET Q q 0 0 0 rg BT 358.08 461.06 Td (oportion of PSUs for CEO*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 444.57 Td (CEO: 70% PSUs and 30% RSUs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 428.07 Td (NEOs: 50% PSUs and 50% RSUs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 411.57 Td (PSU plan redesigned to include ) Tj ET Q q 0 0 0 rg BT 439.94 411.57 Td (Adjusted Operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 401.07 Td (Mar) Tj ET Q q 0 0 0 rg BT 322.80 401.07 Td (gin vs. goal and Relative Or) Tj ET Q q 0 0 0 rg BT 440.42 401.07 Td (ganic Growth Rate of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 390.57 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 352.45 390.57 Td (AUM with Relative ) Tj ET Q q 0 0 0 rg BT 438.29 390.57 Td (TSR as a modifier) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 374.07 Td (*No equity ultimately was issued for fiscal 2020 due to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.50 363.57 Td (proposed Mer) Tj ET Q q 0 0 0 rg BT 363.92 363.57 Td (ger) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 331.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.76 331.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 120.36 331.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 171.53 331.75 Td (that ) Tj ET Q q 0 0 0 rg BT 191.21 331.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.98 331.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.65 331.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 283.49 331.75 Td (below ) Tj ET Q q 0 0 0 rg BT 313.09 331.75 Td (are ) Tj ET Q q 0 0 0 rg BT 329.85 331.75 Td (the ) Tj ET Q q 0 0 0 rg BT 346.61 331.75 Td (most ) Tj ET Q q 0 0 0 rg BT 370.97 331.75 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 422.73 331.75 Td (drivers ) Tj ET Q q 0 0 0 rg BT 455.82 331.75 Td (of ) Tj ET Q q 0 0 0 rg BT 468.51 331.75 Td (behavior ) Tj ET Q q 0 0 0 rg BT 509.18 331.75 Td (that ) Tj ET Q q 0 0 0 rg BT 528.86 331.75 Td (creates ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 319.15 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 101.11 319.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 129.10 319.15 Td (with ) Tj ET Q q 0 0 0 rg BT 150.40 319.15 Td (absolute ) Tj ET Q q 0 0 0 rg BT 188.01 319.15 Td (metrics ) Tj ET Q q 0 0 0 rg BT 221.55 319.15 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 264.40 319.15 Td (against ) Tj ET Q q 0 0 0 rg BT 296.77 319.15 Td (a ) Tj ET Q q 0 0 0 rg BT 304.05 319.15 Td (multi) Tj ET Q /GS0 gs q 3.82 0 0 10.55 326.22 316.88 cm /I44 Do Q q 0 0 0 rg BT 330.04 319.15 Td (year ) Tj ET Q q 0 0 0 rg BT 350.73 319.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 371.44 319.15 Td (approved ) Tj ET Q q 0 0 0 rg BT 413.13 319.15 Td (by ) Tj ET Q q 0 0 0 rg BT 426.25 319.15 Td (the ) Tj ET Q q 0 0 0 rg BT 441.71 319.15 Td (Board:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 293.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 293.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 108.04 293.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 152.65 293.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 169.96 293.95 Td (gin) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 183.37 298.71 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 281.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 281.35 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 107.45 281.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 163.72 281.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 183.26 281.35 Td (savings) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 214.76 286.11 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 268.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 268.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 85.29 268.75 Td (Revenue) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 256.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 256.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 108.04 256.15 Td (EBITDA) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 146.53 260.91 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 243.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 243.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 108.04 243.55 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 147.99 243.55 Td (per ) Tj ET Q q 0 0 0 rg BT 164.02 243.55 Td (Share) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 187.93 248.31 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 218.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.79 218.35 Td (Committee ) Tj ET Q q 0 0 0 rg BT 116.42 218.35 Td (selected ) Tj ET Q q 0 0 0 rg BT 152.20 218.35 Td (the ) Tj ET Q q 0 0 0 rg BT 166.99 218.35 Td (following ) Tj ET Q q 0 0 0 rg BT 209.79 218.35 Td (as ) Tj ET Q q 0 0 0 rg BT 220.50 218.35 Td (a ) Tj ET Q q 0 0 0 rg BT 227.12 218.35 Td (second ) Tj ET Q q 0 0 0 rg BT 258.25 218.35 Td (tier ) Tj ET Q q 0 0 0 rg BT 274.20 218.35 Td (of ) Tj ET Q q 0 0 0 rg BT 284.91 218.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 318.36 218.35 Td (metrics ) Tj ET Q q 0 0 0 rg BT 351.23 218.35 Td (which ) Tj ET Q q 0 0 0 rg BT 378.86 218.35 Td (may ) Tj ET Q q 0 0 0 rg BT 398.90 218.35 Td (be ) Tj ET Q q 0 0 0 rg BT 410.78 218.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 458.22 218.35 Td (as ) Tj ET Q q 0 0 0 rg BT 468.93 218.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.89 218.35 Td (data ) Tj ET Q q 0 0 0 rg BT 532.34 218.35 Td (points ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 205.75 Td (during ) Tj ET Q q 0 0 0 rg BT 79.54 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.99 205.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 123.28 205.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 155.63 205.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.01 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.46 205.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 207.82 205.75 Td (year ) Tj ET Q q 0 0 0 rg BT 228.52 205.75 Td (if ) Tj ET Q q 0 0 0 rg BT 237.56 205.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.01 205.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 302.30 205.75 Td (deems ) Tj ET Q q 0 0 0 rg BT 331.75 205.75 Td (necessary:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 180.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 180.55 Td (Relative ) Tj ET Q q 0 0 0 rg BT 104.92 180.55 Td (T) Tj ET Q q 0 0 0 rg BT 110.60 180.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 128.97 180.55 Td (Stockholder ) Tj ET Q q 0 0 0 rg BT 182.34 180.55 Td (Return) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 210.92 185.31 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 167.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 167.95 Td (Relative ) Tj ET Q q 0 0 0 rg BT 105.11 167.95 Td (Or) Tj ET Q q 0 0 0 rg BT 116.00 167.95 Td (ganic ) Tj ET Q q 0 0 0 rg BT 141.37 167.95 Td (Growth ) Tj ET Q q 0 0 0 rg BT 176.07 167.95 Td (Rate ) Tj ET Q q 0 0 0 rg BT 197.94 167.95 Td (of ) Tj ET Q q 0 0 0 rg BT 209.31 167.95 Td (Long ) Tj ET Q q 0 0 0 rg BT 233.91 167.95 Td (T) Tj ET Q q 0 0 0 rg BT 239.59 167.95 Td (erm ) Tj ET Q q 0 0 0 rg BT 257.96 167.95 Td (AUM) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 282.46 172.71 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 155.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 155.35 Td (Relative ) Tj ET Q q 0 0 0 rg BT 105.11 155.35 Td (Operating ) Tj ET Q q 0 0 0 rg BT 149.72 155.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 183.83 155.35 Td (Growth) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 142.75 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 142.75 Td (Relative ) Tj ET Q q 0 0 0 rg BT 105.11 142.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 122.90 142.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 157.01 142.75 Td (Growth) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 122.31 Td (\(1\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 117.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 108.33 117.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 153.23 117.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 170.53 117.55 Td (gin ) Tj ET Q q 0 0 0 rg BT 186.86 117.55 Td (refers ) Tj ET Q q 0 0 0 rg BT 213.67 117.55 Td (to ) Tj ET Q q 0 0 0 rg BT 224.75 117.55 Td (dividing ) Tj ET Q q 0 0 0 rg BT 262.66 117.55 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 275.49 117.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 318.05 117.55 Td (income, ) Tj ET Q q 0 0 0 rg BT 354.49 117.55 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 392.40 117.55 Td (to ) Tj ET Q q 0 0 0 rg BT 403.48 117.55 Td (exclude ) Tj ET Q q 0 0 0 rg BT 439.04 117.55 Td (the ) Tj ET Q q 0 0 0 rg BT 454.78 117.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 486.27 117.55 Td (on ) Tj ET Q q 0 0 0 rg BT 499.68 117.55 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 104.95 Td (expense ) Tj ET Q q 0 0 0 rg BT 104.62 104.95 Td (of ) Tj ET Q q 0 0 0 rg BT 116.67 104.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 142.13 104.95 Td (or ) Tj ET Q q 0 0 0 rg BT 154.18 104.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 182.57 104.95 Td (on ) Tj ET Q q 0 0 0 rg BT 196.37 104.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 249.84 104.95 Td (made ) Tj ET Q q 0 0 0 rg BT 275.88 104.95 Td (to ) Tj ET Q q 0 0 0 rg BT 287.35 104.95 Td (fund ) Tj ET Q q 0 0 0 rg BT 309.90 104.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 348.17 104.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 409.79 104.95 Td (plans, ) Tj ET Q q 0 0 0 rg BT 437.89 104.95 Td (the ) Tj ET Q q 0 0 0 rg BT 454.02 104.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 485.89 104.95 Td (on ) Tj ET Q q 0 0 0 rg BT 499.69 104.95 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 92.35 Td (expense ) Tj ET Q q 0 0 0 rg BT 102.77 92.35 Td (of ) Tj ET Q q 0 0 0 rg BT 112.98 92.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 136.60 92.35 Td (or ) Tj ET Q q 0 0 0 rg BT 146.80 92.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 173.34 92.35 Td (on ) Tj ET Q q 0 0 0 rg BT 185.30 92.35 Td (seed ) Tj ET Q q 0 0 0 rg BT 205.41 92.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 234.85 92.35 Td (investments ) Tj ET Q q 0 0 0 rg BT 286.47 92.35 Td (by ) Tj ET Q q 0 0 0 rg BT 298.43 92.35 Td (our ) Tj ET Q q 0 0 0 rg BT 313.88 92.35 Td (af) Tj ET Q q 0 0 0 rg BT 321.85 92.35 Td (filiates ) Tj ET Q q 0 0 0 rg BT 351.88 92.35 Td (under ) Tj ET Q q 0 0 0 rg BT 377.24 92.35 Td (revenue ) Tj ET Q q 0 0 0 rg BT 411.93 92.35 Td (sharing ) Tj ET Q q 0 0 0 rg BT 444.30 92.35 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 504.93 92.35 Td (amortization ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 79.75 Td (related ) Tj ET Q q 0 0 0 rg BT 99.17 79.75 Td (to ) Tj ET Q q 0 0 0 rg BT 110.44 79.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 155.53 79.75 Td (assets, ) Tj ET Q q 0 0 0 rg BT 185.75 79.75 Td (income ) Tj ET Q q 0 0 0 rg BT 219.76 79.75 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 246.20 79.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.05 79.75 Td (CIVs, ) Tj ET Q q 0 0 0 rg BT 285.94 79.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.87 79.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 333.55 79.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.40 79.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 363.07 79.75 Td (value ) Tj ET Q q 0 0 0 rg BT 388.91 79.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 442.18 79.75 Td (of ) Tj ET Q q 0 0 0 rg BT 454.03 79.75 Td (contingent ) Tj ET Q q 0 0 0 rg BT 501.45 79.75 Td (consideration ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 67.15 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 111.66 67.15 Td (if ) Tj ET Q q 0 0 0 rg BT 120.54 67.15 Td (any) Tj ET Q q 0 0 0 rg BT 135.02 67.15 Td (, ) Tj ET Q q 0 0 0 rg BT 140.10 67.15 Td (unusual ) Tj ET Q q 0 0 0 rg BT 175.22 67.15 Td (and ) Tj ET Q q 0 0 0 rg BT 192.84 67.15 Td (other ) Tj ET Q q 0 0 0 rg BT 216.87 67.15 Td (non-core ) Tj ET Q q 0 0 0 rg BT 256.65 67.15 Td (char) Tj ET Q q 0 0 0 rg BT 274.53 67.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 290.98 67.15 Td (and ) Tj ET Q q 0 0 0 rg BT 308.60 67.15 Td (impairment ) Tj ET Q q 0 0 0 rg BT 359.46 67.15 Td (char) Tj ET Q q 0 0 0 rg BT 377.34 67.15 Td (ges ) Tj ET Q q 0 0 0 rg BT 393.80 67.15 Td (by ) Tj ET Q q 0 0 0 rg BT 406.76 67.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 422.04 67.15 Td (our ) Tj ET Q q 0 0 0 rg BT 438.50 67.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 480.61 67.15 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 523.01 67.15 Td (adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 54.55 Td (to ) Tj ET Q q 0 0 0 rg BT 78.49 54.55 Td (add ) Tj ET Q q 0 0 0 rg BT 96.47 54.55 Td (back ) Tj ET Q q 0 0 0 rg BT 119.11 54.55 Td (net ) Tj ET Q q 0 0 0 rg BT 134.76 54.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 183.65 54.55 Td (advisory ) Tj ET Q q 0 0 0 rg BT 222.64 54.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 242.36 54.55 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 289.50 54.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 313.32 54.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 372.72 54.55 Td (of ) Tj ET Q q 0 0 0 rg BT 384.28 54.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 433.18 54.55 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 473.03 54.55 Td (less ) Tj ET Q q 0 0 0 rg BT 491.60 54.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 542.84 54.55 Td (and ) Tj ET Q endstream endobj 323 0 obj <> endobj 324 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (159) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 741.75 Td (servicing ) Tj ET Q q 0 0 0 rg BT 108.60 741.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.12 741.75 Td (which ) Tj ET Q q 0 0 0 rg BT 177.40 741.75 Td (we ) Tj ET Q q 0 0 0 rg BT 192.25 741.75 Td (use ) Tj ET Q q 0 0 0 rg BT 208.86 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 220.22 741.75 Td (an ) Tj ET Q q 0 0 0 rg BT 232.75 741.75 Td (approximate ) Tj ET Q q 0 0 0 rg BT 287.84 741.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 325.44 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.80 741.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 376.72 741.75 Td (that ) Tj ET Q q 0 0 0 rg BT 395.08 741.75 Td (are ) Tj ET Q q 0 0 0 rg BT 410.51 741.75 Td (passed ) Tj ET Q q 0 0 0 rg BT 441.12 741.75 Td (through ) Tj ET Q q 0 0 0 rg BT 476.40 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 487.18 741.75 Td (third ) Tj ET Q q 0 0 0 rg BT 509.63 741.75 Td (parties, ) Tj ET Q q 0 0 0 rg BT 542.85 741.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 729.15 Td (less ) Tj ET Q q 0 0 0 rg BT 84.57 729.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 138.93 729.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 157.15 729.15 Td (that ) Tj ET Q q 0 0 0 rg BT 174.22 729.15 Td (are ) Tj ET Q q 0 0 0 rg BT 188.35 729.15 Td (passed ) Tj ET Q q 0 0 0 rg BT 217.66 729.15 Td (through ) Tj ET Q q 0 0 0 rg BT 251.64 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 261.71 729.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 321.34 729.15 Td (expense ) Tj ET Q q 0 0 0 rg BT 356.48 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 366.54 729.15 Td (net ) Tj ET Q q 0 0 0 rg BT 380.68 729.15 Td (income ) Tj ET Q q 0 0 0 rg BT 412.91 729.15 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 437.56 729.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 486.69 729.15 Td (to ) Tj ET Q q 0 0 0 rg BT 496.17 729.15 Td (noncontrolling ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 716.55 Td (interest. ) Tj ET Q q 0 0 0 rg BT 103.17 716.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 143.84 716.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 188.57 716.55 Td (Mar) Tj ET Q q 0 0 0 rg BT 205.87 716.55 Td (gin ) Tj ET Q q 0 0 0 rg BT 222.04 716.55 Td (is ) Tj ET Q q 0 0 0 rg BT 231.79 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 239.20 716.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 286.65 716.55 Td ( ) Tj ET Q q 0 0 0 rg BT 289.39 716.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 327.73 716.55 Td (measure. ) Tj ET Q q 0 0 0 rg BT 368.09 716.55 Td (Please ) Tj ET Q q 0 0 0 rg BT 397.66 716.55 Td (refer ) Tj ET Q q 0 0 0 rg BT 420.22 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 431.13 716.55 Td (page ) Tj ET Q q 0 0 0 rg BT 453.70 716.55 Td (59 ) Tj ET Q q 0 0 0 rg BT 466.95 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 478.45 716.55 Td (this ) Tj ET Q q 0 0 0 rg BT 495.76 716.55 Td (Annual ) Tj ET Q q 0 0 0 rg BT 529.42 716.55 Td (Report ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 80.63 703.95 Td (Form ) Tj ET Q q 0 0 0 rg BT 106.00 703.95 Td (10-K ) Tj ET Q q 0 0 0 rg BT 130.21 703.95 Td (for ) Tj ET Q q 0 0 0 rg BT 145.08 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 152.36 703.95 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 212.71 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 223.51 703.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 264.05 703.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 308.66 703.95 Td (Mar) Tj ET Q q 0 0 0 rg BT 325.96 703.95 Td (gin ) Tj ET Q q 0 0 0 rg BT 342.00 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 352.80 703.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 395.07 703.95 Td (revenues.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 696.11 Td (\(2\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 691.35 Td (W) Tj ET Q q 0 0 0 rg BT 76.57 691.35 Td (e ) Tj ET Q q 0 0 0 rg BT 83.25 691.35 Td (define ) Tj ET Q q 0 0 0 rg BT 111.51 691.35 Td (�Strategic ) Tj ET Q q 0 0 0 rg BT 155.52 691.35 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 211.19 691.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 230.13 691.35 Td (savings� ) Tj ET Q q 0 0 0 rg BT 268.32 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 279.09 691.35 Td (savings ) Tj ET Q q 0 0 0 rg BT 312.61 691.35 Td (on ) Tj ET Q q 0 0 0 rg BT 325.14 691.35 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 388.11 691.35 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 435.02 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 452.21 691.35 Td (other ) Tj ET Q q 0 0 0 rg BT 475.81 691.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 498.83 691.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 537.60 691.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 84.12 678.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 122.31 678.75 Td (restructuring.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 670.91 Td (\(3\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 666.15 Td (W) Tj ET Q q 0 0 0 rg BT 76.57 666.15 Td (e ) Tj ET Q q 0 0 0 rg BT 84.19 666.15 Td (define ) Tj ET Q q 0 0 0 rg BT 113.38 666.15 Td (�Adjusted ) Tj ET Q q 0 0 0 rg BT 158.91 666.15 Td (EBITDA� ) Tj ET Q q 0 0 0 rg BT 205.01 666.15 Td (as ) Tj ET Q q 0 0 0 rg BT 216.72 666.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 238.33 666.15 Td (provided ) Tj ET Q q 0 0 0 rg BT 278.61 666.15 Td (by ) Tj ET Q q 0 0 0 rg BT 292.06 666.15 Td (\(used ) Tj ET Q q 0 0 0 rg BT 317.76 666.15 Td (in\) ) Tj ET Q q 0 0 0 rg BT 332.38 666.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 374.99 666.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 415.85 666.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 436.31 666.15 Td (\(minus\) ) Tj ET Q q 0 0 0 rg BT 471.92 666.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 505.79 666.15 Td (expense, ) Tj ET Q q 0 0 0 rg BT 545.18 666.15 Td (net ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 78.55 653.55 Td (accretion ) Tj ET Q q 0 0 0 rg BT 119.33 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 136.80 653.55 Td (amortization ) Tj ET Q q 0 0 0 rg BT 192.17 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 203.22 653.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 223.60 653.55 Td (discounts ) Tj ET Q q 0 0 0 rg BT 265.57 653.55 Td (and ) Tj ET Q q 0 0 0 rg BT 283.04 653.55 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 329.96 653.55 Td (current ) Tj ET Q q 0 0 0 rg BT 362.00 653.55 Td (income ) Tj ET Q q 0 0 0 rg BT 395.21 653.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 410.34 653.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 446.47 653.55 Td (\(benefit\), ) Tj ET Q q 0 0 0 rg BT 487.54 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 502.68 653.55 Td (net ) Tj ET Q q 0 0 0 rg BT 517.81 653.55 Td (change ) Tj ET Q q 0 0 0 rg BT 549.85 653.55 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 640.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 96.00 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 115.16 640.95 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 160.86 640.95 Td (net ) Tj ET Q q 0 0 0 rg BT 177.69 640.95 Td (\(income\) ) Tj ET Q q 0 0 0 rg BT 219.59 640.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 239.93 640.95 Td (attributable ) Tj ET Q q 0 0 0 rg BT 291.74 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 303.91 640.95 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 369.74 640.95 Td (interests, ) Tj ET Q q 0 0 0 rg BT 411.36 640.95 Td (net ) Tj ET Q q 0 0 0 rg BT 428.18 640.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 454.35 640.95 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 490.43 640.95 Td (on ) Tj ET Q q 0 0 0 rg BT 504.93 640.95 Td (consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 628.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 116.43 628.35 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 156.30 628.35 Td (net ) Tj ET Q q 0 0 0 rg BT 171.98 628.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 196.99 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 215.00 628.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 253.42 628.35 Td (on ) Tj ET Q q 0 0 0 rg BT 266.77 628.35 Td (investments, ) Tj ET Q q 0 0 0 rg BT 322.41 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 340.41 628.35 Td (other) Tj ET Q q 0 0 0 rg BT 361.57 628.35 Td (, ) Tj ET Q q 0 0 0 rg BT 367.04 628.35 Td (which ) Tj ET Q q 0 0 0 rg BT 395.55 628.35 Td (is ) Tj ET Q q 0 0 0 rg BT 405.40 628.35 Td (principally ) Tj ET Q q 0 0 0 rg BT 453.74 628.35 Td (comprised ) Tj ET Q q 0 0 0 rg BT 500.33 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 511.92 628.35 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 84.35 615.75 Td (transition-related ) Tj ET Q q 0 0 0 rg BT 157.77 615.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 182.96 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 200.97 615.75 Td (net ) Tj ET Q q 0 0 0 rg BT 215.49 615.75 Td (change ) Tj ET Q q 0 0 0 rg BT 246.92 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 256.77 615.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 282.96 615.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.81 615.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 340.58 615.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 388.35 615.75 Td (aligns ) Tj ET Q q 0 0 0 rg BT 415.12 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 435.48 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.00 615.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 478.20 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 479.89 615.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 502.58 615.75 Td (Consolidated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 603.15 Td (Statements ) Tj ET Q q 0 0 0 rg BT 115.21 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.59 603.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 148.23 603.15 Td (Flows. ) Tj ET Q q 0 0 0 rg BT 177.80 603.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 217.35 603.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 255.27 603.15 Td ( ) Tj ET Q q 0 0 0 rg BT 256.90 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 265.54 603.15 Td (not ) Tj ET Q q 0 0 0 rg BT 280.59 603.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 315.45 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 327.59 603.15 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 382.87 603.15 Td (compensation ) Tj ET Q q 0 0 0 rg BT 442.83 603.15 Td (expense. ) Tj ET Q q 0 0 0 rg BT 480.55 603.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 520.09 603.15 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 558.01 603.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 77.11 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 84.37 590.55 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 131.81 590.55 Td ( ) Tj ET Q q 0 0 0 rg BT 134.42 590.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 172.61 590.55 Td (measure. ) Tj ET Q q 0 0 0 rg BT 212.82 590.55 Td (Please ) Tj ET Q q 0 0 0 rg BT 242.24 590.55 Td (refer ) Tj ET Q q 0 0 0 rg BT 264.66 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 275.43 590.55 Td (page ) Tj ET Q q 0 0 0 rg BT 297.85 590.55 Td (60 ) Tj ET Q q 0 0 0 rg BT 310.95 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 322.30 590.55 Td (this ) Tj ET Q q 0 0 0 rg BT 339.50 590.55 Td (Annual ) Tj ET Q q 0 0 0 rg BT 373.01 590.55 Td (Report ) Tj ET Q q 0 0 0 rg BT 404.19 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 417.29 590.55 Td (Form ) Tj ET Q q 0 0 0 rg BT 442.65 590.55 Td (10-K ) Tj ET Q q 0 0 0 rg BT 466.83 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 481.68 590.55 Td (a ) Tj ET Q q 0 0 0 rg BT 488.94 590.55 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 549.27 590.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 577.95 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 108.04 577.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 145.95 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 148.58 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 159.37 577.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 180.65 577.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 220.60 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 233.73 577.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 276.01 577.95 Td (activities.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 570.11 Td (\(4\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 565.35 Td (In ) Tj ET Q q 0 0 0 rg BT 80.73 565.35 Td (calculating ) Tj ET Q q 0 0 0 rg BT 130.28 565.35 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 172.68 565.35 Td (EPS, ) Tj ET Q q 0 0 0 rg BT 197.88 565.35 Td (we ) Tj ET Q q 0 0 0 rg BT 214.60 565.35 Td (adjust ) Tj ET Q q 0 0 0 rg BT 244.17 565.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 263.81 565.35 Td (Income ) Tj ET Q q 0 0 0 rg BT 299.78 565.35 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 331.09 565.35 Td (per ) Tj ET Q q 0 0 0 rg BT 348.98 565.35 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 384.96 565.35 Td (Share ) Tj ET Q q 0 0 0 rg BT 412.36 565.35 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 467.58 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 480.22 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 506.28 565.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 541.97 565.35 Td (Inc. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 552.75 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 126.19 552.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 177.29 552.75 Td (under ) Tj ET Q q 0 0 0 rg BT 205.07 552.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 233.27 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 237.13 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 253.25 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.95 552.75 Td (per ) Tj ET Q q 0 0 0 rg BT 287.22 552.75 Td (share ) Tj ET Q q 0 0 0 rg BT 313.25 552.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 345.69 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.31 552.75 Td (each ) Tj ET Q q 0 0 0 rg BT 381.41 552.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 431.35 552.75 Td (\(net ) Tj ET Q q 0 0 0 rg BT 451.55 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.17 552.75 Td (taxes\) ) Tj ET Q q 0 0 0 rg BT 493.11 552.75 Td (included ) Tj ET Q q 0 0 0 rg BT 533.13 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 545.17 552.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 540.15 Td (calculation ) Tj ET Q q 0 0 0 rg BT 116.29 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 127.15 540.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 167.79 540.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 185.67 540.15 Td (Income. ) Tj ET Q q 0 0 0 rg BT 222.51 540.15 Td (Please ) Tj ET Q q 0 0 0 rg BT 252.06 540.15 Td (refer ) Tj ET Q q 0 0 0 rg BT 274.59 540.15 Td (to ) Tj ET Q q 0 0 0 rg BT 285.48 540.15 Td (page ) Tj ET Q q 0 0 0 rg BT 308.02 540.15 Td (57 ) Tj ET Q q 0 0 0 rg BT 321.25 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 332.72 540.15 Td (this ) Tj ET Q q 0 0 0 rg BT 350.01 540.15 Td (Annual ) Tj ET Q q 0 0 0 rg BT 383.64 540.15 Td (Report ) Tj ET Q q 0 0 0 rg BT 414.94 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 428.17 540.15 Td (Form ) Tj ET Q q 0 0 0 rg BT 453.64 540.15 Td (10-K ) Tj ET Q q 0 0 0 rg BT 477.94 540.15 Td (for ) Tj ET Q q 0 0 0 rg BT 492.91 540.15 Td (a ) Tj ET Q q 0 0 0 rg BT 500.29 540.15 Td (reconciliation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 78.29 527.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 118.83 527.55 Td (EPS ) Tj ET Q q 0 0 0 rg BT 139.55 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 150.34 527.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 168.13 527.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 202.24 527.55 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 231.70 527.55 Td (per ) Tj ET Q q 0 0 0 rg BT 247.73 527.55 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 281.85 527.55 Td (Share ) Tj ET Q q 0 0 0 rg BT 307.80 527.55 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 361.17 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 371.96 527.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 396.16 527.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 429.99 527.55 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 448.65 527.55 Td (Shareholders.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 519.71 Td (\(5\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 514.95 Td (For ) Tj ET Q q 0 0 0 rg BT 84.71 514.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 118.82 514.95 Td (total ) Tj ET Q q 0 0 0 rg BT 140.11 514.95 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 191.73 514.95 Td (return, ) Tj ET Q q 0 0 0 rg BT 222.05 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 237.50 514.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 262.29 514.95 Td (price ) Tj ET Q q 0 0 0 rg BT 285.91 514.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 322.35 514.95 Td (plus ) Tj ET Q q 0 0 0 rg BT 342.48 514.95 Td (dividends ) Tj ET Q q 0 0 0 rg BT 385.94 514.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 406.64 514.95 Td (on ) Tj ET Q q 0 0 0 rg BT 419.77 514.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 443.97 514.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 475.18 514.95 Td (common ) Tj ET Q q 0 0 0 rg BT 514.55 514.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 539.34 514.95 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 83.22 502.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 108.85 502.35 Td (year ) Tj ET Q q 0 0 0 rg BT 129.80 502.35 Td (are ) Tj ET Q q 0 0 0 rg BT 145.51 502.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 189.79 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 200.85 502.35 Td (data ) Tj ET Q q 0 0 0 rg BT 221.23 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 236.36 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 243.91 502.35 Td (group ) Tj ET Q q 0 0 0 rg BT 271.30 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 289.93 502.35 Td (includes ) Tj ET Q q 0 0 0 rg BT 327.81 502.35 Td (eight ) Tj ET Q q 0 0 0 rg BT 351.70 502.35 Td (other ) Tj ET Q q 0 0 0 rg BT 376.16 502.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 399.46 502.35 Td (management ) Tj ET Q q 0 0 0 rg BT 456.00 502.35 Td (companies ) Tj ET Q q 0 0 0 rg BT 503.79 502.35 Td (consisting ) Tj ET Q q 0 0 0 rg BT 549.27 502.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 489.75 Td (Franklin ) Tj ET Q q 0 0 0 rg BT 106.09 489.75 Td (Resources, ) Tj ET Q q 0 0 0 rg BT 154.88 489.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 176.55 489.75 Td (Eaton ) Tj ET Q q 0 0 0 rg BT 203.84 489.75 Td (V) Tj ET Q q 0 0 0 rg BT 210.26 489.75 Td (ance ) Tj ET Q q 0 0 0 rg BT 232.50 489.75 Td (Corp, ) Tj ET Q q 0 0 0 rg BT 258.92 489.75 Td (T) Tj ET Q q 0 0 0 rg BT 264.55 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 270.19 489.75 Td (Rowe ) Tj ET Q q 0 0 0 rg BT 297.70 489.75 Td (Price ) Tj ET Q q 0 0 0 rg BT 322.28 489.75 Td (Group, ) Tj ET Q q 0 0 0 rg BT 354.75 489.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 375.75 489.75 Td (AllianceBernstein ) Tj ET Q q 0 0 0 rg BT 454.57 489.75 Td (Holding ) Tj ET Q q 0 0 0 rg BT 492.00 489.75 Td (LP) Tj ET Q q 0 0 0 rg BT 503.09 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 508.73 489.75 Td (BlackRock, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 477.15 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 88.20 477.15 Td (Af) Tj ET Q q 0 0 0 rg BT 99.09 477.15 Td (filiated ) Tj ET Q q 0 0 0 rg BT 131.46 477.15 Td (Managers ) Tj ET Q q 0 0 0 rg BT 175.48 477.15 Td (Group, ) Tj ET Q q 0 0 0 rg BT 207.56 477.15 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 228.84 477.15 Td (Invesco ) Tj ET Q q 0 0 0 rg BT 264.12 477.15 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 283.96 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 301.74 477.15 Td (Federated ) Tj ET Q q 0 0 0 rg BT 345.76 477.15 Td (Investors ) Tj ET Q q 0 0 0 rg BT 386.88 477.15 Td (Inc.) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 469.31 Td (\(6\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 464.55 Td (Relative ) Tj ET Q q 0 0 0 rg BT 105.00 464.55 Td (or) Tj ET Q q 0 0 0 rg BT 113.56 464.55 Td (ganic ) Tj ET Q q 0 0 0 rg BT 138.82 464.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 171.08 464.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 189.33 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 200.59 464.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 243.96 464.55 Td (AUM ) Tj ET Q q 0 0 0 rg BT 270.98 464.55 Td (is ) Tj ET Q q 0 0 0 rg BT 280.50 464.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 314.50 464.55 Td (as ) Tj ET Q q 0 0 0 rg BT 325.76 464.55 Td (trailing ) Tj ET Q q 0 0 0 rg BT 358.61 464.55 Td (twelve ) Tj ET Q q 0 0 0 rg BT 389.11 464.55 Td (month ) Tj ET Q q 0 0 0 rg BT 418.46 464.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 462.39 464.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 485.31 464.55 Td (net ) Tj ET Q q 0 0 0 rg BT 500.66 464.55 Td (flows ) Tj ET Q q 0 0 0 rg BT 526.51 464.55 Td (divided ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 451.95 Td (by ) Tj ET Q q 0 0 0 rg BT 80.63 451.95 Td (beginning ) Tj ET Q q 0 0 0 rg BT 125.25 451.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 169.28 451.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 196.40 451.95 Td (under ) Tj ET Q q 0 0 0 rg BT 222.93 451.95 Td (management.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 426.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 116.97 426.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 159.45 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.52 426.75 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 221.08 426.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 251.89 426.75 Td (related ) Tj ET Q q 0 0 0 rg BT 282.70 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 293.10 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 316.92 426.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 348.42 426.75 Td (s ) Tj ET Q q 0 0 0 rg BT 354.75 426.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 392.56 426.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 434.45 426.75 Td (priorities ) Tj ET Q q 0 0 0 rg BT 474.61 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 489.09 426.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 514.07 426.75 Td (year ) Tj ET Q q 0 0 0 rg BT 534.38 426.75 Td (2020. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (These ) Tj ET Q q 0 0 0 rg BT 78.18 414.15 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 126.10 414.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 158.28 414.15 Td (further ) Tj ET Q q 0 0 0 rg BT 190.45 414.15 Td (support ) Tj ET Q q 0 0 0 rg BT 225.56 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 250.74 414.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 282.24 414.15 Td (s ) Tj ET Q q 0 0 0 rg BT 289.93 414.15 Td (strategy ) Tj ET Q q 0 0 0 rg BT 326.77 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 339.13 414.15 Td (providing ) Tj ET Q q 0 0 0 rg BT 383.56 414.15 Td (global ) Tj ET Q q 0 0 0 rg BT 413.41 414.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 454.93 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 477.21 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 485.47 414.15 Td (diversified ) Tj ET Q q 0 0 0 rg BT 533.98 414.15 Td (set ) Tj ET Q q 0 0 0 rg BT 549.25 414.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (choices ) Tj ET Q q 0 0 0 rg BT 85.80 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 99.37 401.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 150.27 401.55 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 197.36 401.55 Td (products, ) Tj ET Q q 0 0 0 rg BT 240.97 401.55 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 280.19 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 300.17 401.55 Td (distribution ) Tj ET Q q 0 0 0 rg BT 353.41 401.55 Td (channels ) Tj ET Q q 0 0 0 rg BT 394.96 401.55 Td (while ) Tj ET Q q 0 0 0 rg BT 423.11 401.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 467.58 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 491.06 401.55 Td (a ) Tj ET Q q 0 0 0 rg BT 500.54 401.55 Td (high ) Tj ET Q q 0 0 0 rg BT 524.03 401.55 Td (level ) Tj ET Q q 0 0 0 rg BT 549.25 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 388.95 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 106.74 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 124.53 388.95 Td (ef) Tj ET Q q 0 0 0 rg BT 132.49 388.95 Td (ficiency:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.50 363.75 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 233.45 363.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.65 363.75 Td (Af) Tj ET Q q 0 0 0 rg BT 261.54 363.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 288.66 363.75 Td (Relationships ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.50 351.15 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.50 351.15 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 266.88 351.15 Td (Ef) Tj ET Q q 0 0 0 rg BT 276.60 351.15 Td (fectiveness) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.50 338.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.50 338.55 Td (Create ) Tj ET Q q 0 0 0 rg BT 243.52 338.55 Td (& ) Tj ET Q q 0 0 0 rg BT 254.32 338.55 Td (Support ) Tj ET Q q 0 0 0 rg BT 290.20 338.55 Td (Dif) Tj ET Q q 0 0 0 rg BT 304.00 338.55 Td (ferentiated ) Tj ET Q q 0 0 0 rg BT 351.52 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 369.30 338.55 Td (Excellent ) Tj ET Q q 0 0 0 rg BT 411.58 338.55 Td (Client ) Tj ET Q q 0 0 0 rg BT 439.87 338.55 Td (Experience) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.50 325.95 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.50 325.95 Td (Fuel ) Tj ET Q q 0 0 0 rg BT 234.79 325.95 Td (Growth ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.50 313.35 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.50 313.35 Td (Create ) Tj ET Q q 0 0 0 rg BT 242.95 313.35 Td (Alignment ) Tj ET Q q 0 0 0 rg BT 289.90 313.35 Td (Across ) Tj ET Q q 0 0 0 rg BT 321.69 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 337.15 313.35 Td (Or) Tj ET Q q 0 0 0 rg BT 348.04 313.35 Td (ganization) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 193.50 288.15 Td (Or) Tj ET Q q 0 0 0 rg BT 204.39 288.15 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 258.33 288.15 Td (Health ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 199.50 275.55 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 213.50 275.55 Td (Drive ) Tj ET Q q 0 0 0 rg BT 240.03 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 254.90 275.55 Td (Diversity ) Tj ET Q q 0 0 0 rg BT 296.60 275.55 Td (& ) Tj ET Q q 0 0 0 rg BT 307.40 275.55 Td (Inclusion ) Tj ET Q q 0 0 0 rg BT 349.10 275.55 Td (as ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 485.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.23 485.35 Td (Committee ) Tj ET Q q 0 0 0 rg BT 117.31 485.35 Td (did ) Tj ET Q q 0 0 0 rg BT 133.13 485.35 Td (not ) Tj ET Q q 0 0 0 rg BT 148.96 485.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 186.94 485.35 Td (the ) Tj ET Q q 0 0 0 rg BT 202.18 485.35 Td (second ) Tj ET Q q 0 0 0 rg BT 233.75 485.35 Td (tier ) Tj ET Q q 0 0 0 rg BT 250.15 485.35 Td (relative ) Tj ET Q q 0 0 0 rg BT 284.04 485.35 Td (metrics ) Tj ET Q q 0 0 0 rg BT 317.36 485.35 Td (for ) Tj ET Q q 0 0 0 rg BT 332.01 485.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 357.16 485.35 Td (year ) Tj ET Q q 0 0 0 rg BT 377.64 485.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 401.04 485.35 Td (incentive ) Tj ET Q q 0 0 0 rg BT 441.94 485.35 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 486.05 485.35 Td (due ) Tj ET Q q 0 0 0 rg BT 503.62 485.35 Td (to ) Tj ET Q q 0 0 0 rg BT 514.20 485.35 Td (the ) Tj ET Q q 0 0 0 rg BT 529.44 485.35 Td (impact ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 472.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 472.75 Td (proposed ) Tj ET Q q 0 0 0 rg BT 117.44 472.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 134.75 472.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 150.78 472.75 Td (on ) Tj ET Q q 0 0 0 rg BT 163.90 472.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 188.10 472.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 219.61 472.75 Td (s ) Tj ET Q q 0 0 0 rg BT 226.32 472.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 251.11 472.75 Td (price ) Tj ET Q q 0 0 0 rg BT 274.72 472.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.50 472.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.96 472.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 339.15 472.75 Td (of ) Tj ET Q q 0 0 0 rg BT 350.53 472.75 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 400.40 472.75 Td (on ) Tj ET Q q 0 0 0 rg BT 413.52 472.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 447.63 472.75 Td (performance.) Tj ET Q endstream endobj 327 0 obj <> endobj 328 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (161) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.23 741.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 117.29 741.75 Td (also ) Tj ET Q q 0 0 0 rg BT 136.61 741.75 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 179.24 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.47 741.75 Td (following ) Tj ET Q q 0 0 0 rg BT 237.71 741.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 275.68 741.75 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 322.40 741.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 356.00 741.75 Td (with ) Tj ET Q q 0 0 0 rg BT 377.07 741.75 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 416.79 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.83 741.75 Td (Af) Tj ET Q q 0 0 0 rg BT 444.72 741.75 Td (filiate ) Tj ET Q q 0 0 0 rg BT 471.61 741.75 Td (Relationship ) Tj ET Q q 0 0 0 rg BT 527.09 741.75 Td (metrics ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (weighted ) Tj ET Q q 0 0 0 rg BT 90.61 729.15 Td (30%, ) Tj ET Q q 0 0 0 rg BT 115.11 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 132.90 729.15 Td (Or) Tj ET Q q 0 0 0 rg BT 143.79 729.15 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 197.72 729.15 Td (Health ) Tj ET Q q 0 0 0 rg BT 228.34 729.15 Td (metrics ) Tj ET Q q 0 0 0 rg BT 261.87 729.15 Td (weighted ) Tj ET Q q 0 0 0 rg BT 302.98 729.15 Td (10%:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 718.65 m 50 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 718.65 m 171 718.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171 718.65 m 182 718.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530 718.65 m 530 693.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182 718.65 m 530 718.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 693.65 m 50 678.65 l s 0 0 0 RG /GS0 gs 1.00 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Td (Established and implemented compliance plans for Brexit and for ) Tj ET Q q 0 0 0 rg BT 462.78 407.72 Td (The Senior Managers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 184.50 397.22 Td (and Certification Regime in the U.K.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 366.80 Td (The ) Tj ET Q q 0 0 0 rg BT 68.82 366.80 Td (Committee ) Tj ET Q q 0 0 0 rg BT 118.49 366.80 Td (considered ) Tj ET Q q 0 0 0 rg BT 166.97 366.80 Td (the ) Tj ET Q q 0 0 0 rg BT 182.80 366.80 Td (information ) Tj ET Q q 0 0 0 rg BT 235.37 366.80 Td (which ) Tj ET Q q 0 0 0 rg BT 264.03 366.80 Td (showed ) Tj ET Q q 0 0 0 rg BT 299.11 366.80 Td (Legg ) Tj ET Q q 0 0 0 rg BT 323.68 366.80 Td (Mason�) Tj ET Q q 0 0 0 rg BT 355.18 366.80 Td (s ) Tj ET Q q 0 0 0 rg BT 362.27 366.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 388.01 366.80 Td (year ) Tj ET Q q 0 0 0 rg BT 409.08 366.80 Td (2020 ) Tj ET Q q 0 0 0 rg BT 433.08 366.80 Td (overall ) Tj ET Q q 0 0 0 rg BT 465.23 366.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 504.96 366.80 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 354.20 Td (relatively ) Tj ET Q q 0 0 0 rg BT 92.77 354.20 Td (flat ) Tj ET Q q 0 0 0 rg BT 110.39 354.20 Td (on ) Tj ET Q q 0 0 0 rg BT 124.52 354.20 Td (an ) Tj ET Q q 0 0 0 rg BT 138.06 354.20 Td (absolute ) Tj ET Q q 0 0 0 rg BT 176.67 354.20 Td (basis, ) Tj ET Q q 0 0 0 rg BT 203.93 354.20 Td (and ) Tj ET Q q 0 0 0 rg BT 222.71 354.20 Td (on ) Tj ET Q q 0 0 0 rg BT 236.84 354.20 Td (plan, ) Tj ET Q q 0 0 0 rg BT 261.17 354.20 Td (and ) Tj ET Q q 0 0 0 rg BT 279.95 354.20 Td (determined ) Tj ET Q q 0 0 0 rg BT 330.81 354.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.17 354.20 Td (goals ) Tj ET Q q 0 0 0 rg BT 396.96 354.20 Td (were ) Tj ET Q q 0 0 0 rg BT 420.99 354.20 Td (met ) Tj ET Q q 0 0 0 rg BT 440.36 354.20 Td (100%. ) Tj ET Q q 0 0 0 rg BT 470.84 354.20 Td (The ) Tj ET Q q 0 0 0 rg BT 490.79 354.20 Td (Committee ) Tj ET Q q 0 0 0 rg BT 541.08 354.20 Td (also ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 341.60 Td (assessed ) Tj ET Q q 0 0 0 rg BT 88.23 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 341.60 Td (accomplishments ) Tj ET Q q 0 0 0 rg BT 180.26 341.60 Td (that ) Tj ET Q q 0 0 0 rg BT 199.15 341.60 Td (management ) Tj ET Q q 0 0 0 rg BT 255.95 341.60 Td (achieved ) Tj ET Q q 0 0 0 rg BT 296.41 341.60 Td (during ) Tj ET Q q 0 0 0 rg BT 326.97 341.60 Td (the ) Tj ET Q q 0 0 0 rg BT 342.95 341.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 368.84 341.60 Td (year ) Tj ET Q q 0 0 0 rg BT 390.05 341.60 Td (in ) Tj ET Q q 0 0 0 rg BT 401.37 341.60 Td (executing ) Tj ET Q q 0 0 0 rg BT 445.34 341.60 Td (on ) Tj ET Q q 0 0 0 rg BT 458.99 341.60 Td (Legg ) Tj ET Q q 0 0 0 rg BT 483.71 341.60 Td (Mason�) Tj ET Q q 0 0 0 rg BT 515.21 341.60 Td (s ) Tj ET Q q 0 0 0 rg BT 522.45 341.60 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 329.00 Td (priorities ) Tj ET Q q 0 0 0 rg BT 90.53 329.00 Td (established ) Tj ET Q q 0 0 0 rg BT 140.30 329.00 Td (under ) Tj ET Q q 0 0 0 rg BT 167.33 329.00 Td (the ) Tj ET Q q 0 0 0 rg BT 183.27 329.00 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 223.71 329.00 Td (and ) Tj ET Q q 0 0 0 rg BT 241.30 329.00 Td (Af) Tj ET Q q 0 0 0 rg BT 252.19 329.00 Td (filiate ) Tj ET Q q 0 0 0 rg BT 279.79 329.00 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 340.08 329.00 Td (category ) Tj ET Q q 0 0 0 rg BT 379.34 329.00 Td (and ) Tj ET Q q 0 0 0 rg BT 397.62 329.00 Td (the ) Tj ET Q q 0 0 0 rg BT 413.57 329.00 Td (Or) Tj ET Q q 0 0 0 rg BT 424.46 329.00 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 478.89 329.00 Td (Health ) Tj ET Q q 0 0 0 rg BT 509.99 329.00 Td (category ) Tj ET Q q 0 0 0 rg BT 549.26 329.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 316.40 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 85.13 316.40 Td (giving ) Tj ET Q q 0 0 0 rg BT 114.06 316.40 Td (consideration ) Tj ET Q q 0 0 0 rg BT 172.72 316.40 Td (to ) Tj ET Q q 0 0 0 rg BT 182.98 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 197.90 316.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 228.57 316.40 Td (that ) Tj ET Q q 0 0 0 rg BT 246.41 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 261.33 316.40 Td (pending ) Tj ET Q q 0 0 0 rg BT 297.25 316.40 Td (Mer) Tj ET Q q 0 0 0 rg BT 314.56 316.40 Td (ger ) Tj ET Q q 0 0 0 rg BT 330.06 316.40 Td (had ) Tj ET Q q 0 0 0 rg BT 347.31 316.40 Td (on ) Tj ET Q q 0 0 0 rg BT 359.91 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 374.83 316.40 Td (degree ) Tj ET Q q 0 0 0 rg BT 404.90 316.40 Td (of ) Tj ET Q q 0 0 0 rg BT 415.74 316.40 Td (progress ) Tj ET Q q 0 0 0 rg BT 453.42 316.40 Td (on ) Tj ET Q q 0 0 0 rg BT 466.01 316.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.67 316.40 Td (of ) Tj ET Q q 0 0 0 rg BT 507.51 316.40 Td (the ) Tj ET Q q 0 0 0 rg BT 522.43 316.40 Td (strategic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 303.80 Td (priorities. ) Tj ET Q q 0 0 0 rg BT 92.68 303.80 Td (The ) Tj ET Q q 0 0 0 rg BT 111.87 303.80 Td (Committee ) Tj ET Q q 0 0 0 rg BT 161.38 303.80 Td (also ) Tj ET Q q 0 0 0 rg BT 181.15 303.80 Td (discussed ) Tj ET Q q 0 0 0 rg BT 224.26 303.80 Td (market ) Tj ET Q q 0 0 0 rg BT 256.27 303.80 Td (pay ) Tj ET Q q 0 0 0 rg BT 274.28 303.80 Td (information, ) Tj ET Q q 0 0 0 rg BT 329.34 303.80 Td (the ) Tj ET Q q 0 0 0 rg BT 345.02 303.80 Td (feedback ) Tj ET Q q 0 0 0 rg BT 385.77 303.80 Td (the ) Tj ET Q q 0 0 0 rg BT 401.45 303.80 Td (Chair ) Tj ET Q q 0 0 0 rg BT 427.64 303.80 Td (of ) Tj ET Q q 0 0 0 rg BT 439.24 303.80 Td (the ) Tj ET Q q 0 0 0 rg BT 454.92 303.80 Td (Committee ) Tj ET Q q 0 0 0 rg BT 504.44 303.80 Td (had ) Tj ET Q q 0 0 0 rg BT 522.46 303.80 Td (received ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 291.20 Td (in ) Tj ET Q q 0 0 0 rg BT 61.25 291.20 Td (discussing ) Tj ET Q q 0 0 0 rg BT 108.59 291.20 Td (CEO ) Tj ET Q q 0 0 0 rg BT 133.17 291.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 195.07 291.20 Td (with ) Tj ET Q q 0 0 0 rg BT 217.32 291.20 Td (the ) Tj ET Q q 0 0 0 rg BT 233.73 291.20 Td (independent ) Tj ET Q q 0 0 0 rg BT 288.63 291.20 Td (directors ) Tj ET Q q 0 0 0 rg BT 328.95 291.20 Td (who ) Tj ET Q q 0 0 0 rg BT 350.62 291.20 Td (are ) Tj ET Q q 0 0 0 rg BT 367.02 291.20 Td (not ) Tj ET Q q 0 0 0 rg BT 384.02 291.20 Td (members ) Tj ET Q q 0 0 0 rg BT 426.09 291.20 Td (of ) Tj ET Q q 0 0 0 rg BT 438.42 291.20 Td (the ) Tj ET Q q 0 0 0 rg BT 454.83 291.20 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 507.70 291.20 Td (and ) Tj ET Q q 0 0 0 rg BT 526.44 291.20 Td (the ) Tj ET Q q 0 0 0 rg BT 542.85 291.20 Td (pay ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 278.60 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 126.39 278.60 Td (for ) Tj ET Q q 0 0 0 rg BT 140.87 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 155.94 278.60 Td (other ) Tj ET Q q 0 0 0 rg BT 179.76 278.60 Td (executives.� ) Tj ET Q q 0 0 0 rg BT 231.07 278.60 Td (As ) Tj ET Q q 0 0 0 rg BT 244.98 278.60 Td (a ) Tj ET Q q 0 0 0 rg BT 251.88 278.60 Td (result ) Tj ET Q q 0 0 0 rg BT 277.45 278.60 Td (of ) Tj ET Q q 0 0 0 rg BT 288.44 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.51 278.60 Td (discussion, ) Tj ET Q q 0 0 0 rg BT 352.13 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 367.20 278.60 Td (Committee ) Tj ET Q q 0 0 0 rg BT 416.11 278.60 Td (agreed ) Tj ET Q q 0 0 0 rg BT 446.33 278.60 Td (that ) Tj ET Q q 0 0 0 rg BT 464.31 278.60 Td (the ) Tj ET Q q 0 0 0 rg BT 479.38 278.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 534.68 278.60 Td (result ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 266.00 Td (achieved ) Tj ET Q q 0 0 0 rg BT 89.42 266.00 Td (for ) Tj ET Q q 0 0 0 rg BT 104.27 266.00 Td (the ) Tj ET Q q 0 0 0 rg BT 119.71 266.00 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 145.06 266.00 Td (year ) Tj ET Q q 0 0 0 rg BT 165.74 266.00 Td (based ) Tj ET Q q 0 0 0 rg BT 192.26 266.00 Td (on ) Tj ET Q q 0 0 0 rg BT 205.37 266.00 Td (the ) Tj ET Q q 0 0 0 rg BT 220.80 266.00 Td (achievements ) Tj ET Q q 0 0 0 rg BT 280.56 266.00 Td (under ) Tj ET Q q 0 0 0 rg BT 307.07 266.00 Td (the ) Tj ET Q q 0 0 0 rg BT 322.51 266.00 Td (non-financial ) Tj ET Q q 0 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253.40 Td (for ) Tj ET Q q 0 0 0 rg BT 396.86 253.40 Td (approval ) Tj ET Q q 0 0 0 rg BT 435.28 253.40 Td (by ) Tj ET Q q 0 0 0 rg BT 447.47 253.40 Td (the ) Tj ET Q q 0 0 0 rg BT 461.98 253.40 Td (Board ) Tj ET Q q 0 0 0 rg BT 489.32 253.40 Td (a ) Tj ET Q q 0 0 0 rg BT 495.67 253.40 Td (gross ) Tj ET Q q 0 0 0 rg BT 519.52 253.40 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.80 Td (for ) Tj ET Q q 0 0 0 rg BT 64.76 240.80 Td (the ) Tj ET Q q 0 0 0 rg BT 80.61 240.80 Td (CEO ) Tj ET Q q 0 0 0 rg BT 104.62 240.80 Td (of ) Tj ET Q q 0 0 0 rg BT 116.39 240.80 Td ($8,300,000, ) Tj ET Q q 0 0 0 rg BT 169.28 240.80 Td (below ) Tj ET Q q 0 0 0 rg BT 197.96 240.80 Td (the ) Tj ET Q q 0 0 0 rg BT 213.80 240.80 Td (tar) Tj ET Q q 0 0 0 rg BT 224.69 240.80 Td (get ) Tj ET Q q 0 0 0 rg BT 240.53 240.80 Td (of ) Tj ET Q q 0 0 0 rg BT 252.30 240.80 Td ($9,500,000. ) Tj ET Q q 0 0 0 rg BT 305.19 240.80 Td (For ) Tj ET Q q 0 0 0 rg BT 322.79 240.80 Td (the ) Tj ET Q q 0 0 0 rg BT 338.64 240.80 Td (four ) Tj ET Q q 0 0 0 rg BT 359.15 240.80 Td (other ) Tj ET Q q 0 0 0 rg BT 383.74 240.80 Td (named ) Tj ET Q q 0 0 0 rg BT 414.75 240.80 Td (executive ) Tj ET Q q 0 0 0 rg BT 457.99 240.80 Td (of) Tj ET Q q 0 0 0 rg BT 466.55 240.80 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 495.51 240.80 Td (the ) Tj ET Q q 0 0 0 rg BT 511.35 240.80 Td (Committee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 228.20 Td (approved ) Tj ET Q q 0 0 0 rg BT 91.79 228.20 Td (a ) Tj ET Q q 0 0 0 rg BT 99.68 228.20 Td (gross ) Tj ET Q q 0 0 0 rg BT 125.07 228.20 Td (incentive ) Tj ET Q q 0 0 0 rg BT 166.78 228.20 Td (at ) Tj ET Q q 0 0 0 rg BT 177.58 228.20 Td (tar) Tj ET Q q 0 0 0 rg BT 188.46 228.20 Td (get ) Tj ET Q q 0 0 0 rg BT 204.52 228.20 Td (for ) Tj ET Q q 0 0 0 rg BT 219.98 228.20 Td (all ) Tj ET Q q 0 0 0 rg BT 233.70 228.20 Td (but ) Tj ET Q q 0 0 0 rg BT 250.34 228.20 Td (one, ) Tj ET Q q 0 0 0 rg BT 271.35 228.20 Td (whose ) Tj ET Q q 0 0 0 rg BT 301.41 228.20 Td (approved ) 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215.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.66 215.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 443.94 215.60 Td (and ) Tj ET Q q 0 0 0 rg BT 462.33 215.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 498.79 215.60 Td (in ) Tj ET Q q 0 0 0 rg BT 510.19 215.60 Td (appropriate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 203.00 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.56 203.00 Td (of ) Tj ET Q q 0 0 0 rg BT 122.05 203.00 Td (Legg ) Tj ET Q q 0 0 0 rg BT 146.37 203.00 Td (Mason�) Tj ET Q q 0 0 0 rg BT 177.87 203.00 Td (s ) Tj ET Q q 0 0 0 rg BT 184.70 203.00 Td (executive ) Tj ET Q q 0 0 0 rg BT 227.67 203.00 Td (of) Tj ET Q q 0 0 0 rg BT 236.22 203.00 Td (ficers ) Tj ET Q q 0 0 0 rg BT 262.28 203.00 Td (relative ) Tj ET Q q 0 0 0 rg BT 296.51 203.00 Td (to ) Tj ET Q q 0 0 0 rg BT 307.41 203.00 Td (compensation ) Tj ET Q q 0 0 0 rg BT 368.48 203.00 Td (paid ) Tj ET Q q 0 0 0 rg BT 389.30 203.00 Td (by ) Tj ET Q q 0 0 0 rg BT 402.54 203.00 Td (peers. ) Tj ET Q q 0 0 0 rg BT 430.06 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Nachtwey) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.60 644.97 Td (350,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.75 644.97 Td (1,406,250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.75 644.97 Td (1,718,750) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.75 644.97 Td (3,125,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.75 644.97 Td (3,475,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 629.97 Td (T) Tj ET Q q 0 0 0 rg BT 56.93 629.97 Td (erence ) Tj ET Q q 0 0 0 rg BT 86.37 629.97 Td (A. Johnson) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 133.62 634.73 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.60 629.97 Td (285,975) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 280.75 629.97 Td (1,200,870) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.75 629.97 Td (1,467,730) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.75 629.97 Td (2,668,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.75 629.97 Td (2,954,575) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 614.97 Td (Patricia Lattin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.60 614.97 Td (350,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.60 614.97 Td (416,250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.60 614.97 Td (508,750) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.60 614.97 Td (925,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.75 614.97 Td (1,275,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 599.97 Td (Thomas C. Merchant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 215.60 599.97 Td (350,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 288.60 599.97 Td (810,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.60 599.97 Td (990,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 436.75 599.97 Td (1,800,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.75 599.97 Td (2,150,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 587.86 Td (\(1\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 583.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.18 583.10 Td (otal incentive award is the sum of cash incentive payment and deferred cash unit award. ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 49.50 575.26 Td (\(2\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 570.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 79.75 570.50 Td (. Johnson�) Tj ET Q q 0 0 0 rg BT 122.34 570.50 Td (s salary of U.S. $350,000, as determined based on the GBP) Tj ET Q q 0 0 0 rg BT 370.42 570.50 Td ( exchange rate in ef) Tj ET Q q 0 0 0 rg BT 452.44 570.50 Td (fect on the day he ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 557.90 Td (became an executive of) Tj ET Q q 0 0 0 rg BT 166.13 557.90 Td (ficer in 2013, is paid in GBP) Tj ET Q q 0 0 0 rg BT 285.42 557.90 Td (. Using an average conversion rate of 1.271 for fiscal year 2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 545.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 79.75 545.30 Td (. Johnson received U.S. $285,975 in base salary) Tj ET Q q 0 0 0 rg BT 280.00 545.30 Td (. His incentive award was converted from GBP) Tj ET Q q 0 0 0 rg BT 477.89 545.30 Td ( to USD using the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 532.70 Td (conversion rate on the award date, May 15, 2020, which was 1.213.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 507.50 Td (Determination ) Tj ET Q q 0 0 0 rg BT 117.44 507.50 Td (of ) Tj ET Q q 0 0 0 rg BT 128.82 507.50 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 157.30 507.50 Td (Y) Tj ET Q q 0 0 0 rg BT 163.72 507.50 Td (ear) Tj ET Q q 0 0 0 rg BT 178.10 507.50 Td ( ) Tj ET Q q 0 0 0 rg BT 180.72 507.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 204.35 507.50 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 247.81 507.50 Td (A) Tj ET Q q 0 0 0 rg BT 254.61 507.50 Td (wards ) Tj ET Q q 0 0 0 rg BT 284.65 507.50 Td (for) Tj ET Q q 0 0 0 rg BT 297.87 507.50 Td ( ) Tj ET Q q 0 0 0 rg BT 300.50 507.50 Td (Executives) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 494.90 Td (For ) Tj ET Q q 0 0 0 rg BT 66.96 494.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 92.57 494.90 Td (year ) Tj ET Q q 0 0 0 rg BT 113.51 494.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 140.01 494.90 Td (all ) Tj ET Q q 0 0 0 rg BT 153.38 494.90 Td (incentive ) Tj ET Q q 0 0 0 rg BT 194.74 494.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 227.35 494.90 Td (that ) Tj ET Q q 0 0 0 rg BT 245.97 494.90 Td (would ) Tj ET Q q 0 0 0 rg BT 275.09 494.90 Td (have ) Tj ET Q q 0 0 0 rg BT 297.79 494.90 Td (been ) Tj ET Q q 0 0 0 rg BT 320.48 494.90 Td (granted ) Tj ET Q q 0 0 0 rg BT 354.84 494.90 Td (as ) Tj ET Q q 0 0 0 rg BT 366.46 494.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 395.58 494.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 428.19 494.90 Td (in ) Tj ET Q q 0 0 0 rg BT 439.23 494.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 462.52 494.90 Td (years ) Tj ET Q q 0 0 0 rg BT 487.55 494.90 Td (were ) Tj ET Q q 0 0 0 rg BT 510.82 494.90 Td (awarded ) Tj ET Q q 0 0 0 rg BT 549.26 494.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 482.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.51 482.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.20 482.30 Td (units. ) Tj ET Q q 0 0 0 rg BT 135.29 482.30 Td (In ) Tj ET Q q 0 0 0 rg BT 147.07 482.30 Td (approving ) Tj ET Q q 0 0 0 rg BT 192.69 482.30 Td (these ) Tj ET Q q 0 0 0 rg BT 217.30 482.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 258.82 482.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 291.59 482.30 Td (\(and ) Tj ET Q q 0 0 0 rg BT 313.29 482.30 Td (determining ) Tj ET Q q 0 0 0 rg BT 367.06 482.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.93 482.30 Td (split ) Tj ET Q q 0 0 0 rg BT 404.06 482.30 Td (between ) Tj ET Q q 0 0 0 rg BT 442.08 482.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.77 482.30 Td (and ) Tj ET Q q 0 0 0 rg BT 481.97 482.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 519.98 482.30 Td (cash\) ) Tj ET Q q 0 0 0 rg BT 545.17 482.30 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 469.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 100.42 469.70 Td (led ) Tj ET Q q 0 0 0 rg BT 117.51 469.70 Td (the ) Tj ET Q q 0 0 0 rg BT 134.60 469.70 Td (full ) Tj ET Q q 0 0 0 rg BT 153.45 469.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 183.37 469.70 Td (in ) Tj ET Q q 0 0 0 rg BT 195.80 469.70 Td (its ) Tj ET Q q 0 0 0 rg BT 209.98 469.70 Td (review ) Tj ET Q q 0 0 0 rg BT 242.82 469.70 Td (of ) Tj ET Q q 0 0 0 rg BT 255.82 469.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 268.08 469.70 Td (. ) Tj ET Q q 0 0 0 rg BT 274.97 469.70 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 314.23 469.70 Td (in ) Tj ET Q q 0 0 0 rg BT 326.66 469.70 Td (his ) Tj ET Q q 0 0 0 rg BT 343.18 469.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 400.49 469.70 Td (as ) Tj ET Q q 0 0 0 rg BT 413.50 469.70 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 441.39 469.70 Td (giving ) Tj ET Q q 0 0 0 rg BT 472.48 469.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 533.31 469.70 Td (to ) Tj ET Q q 0 0 0 rg BT 545.74 469.70 Td (his ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (responsibilities, ) Tj ET Q q 0 0 0 rg BT 118.80 457.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 177.31 457.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.57 457.10 Td (achievements ) Tj ET Q q 0 0 0 rg BT 255.81 457.10 Td (during ) Tj ET Q q 0 0 0 rg BT 286.32 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.25 457.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 328.08 457.10 Td (year ) Tj ET Q q 0 0 0 rg BT 349.25 457.10 Td (as ) Tj ET Q q 0 0 0 rg BT 361.09 457.10 Td (well ) Tj ET Q q 0 0 0 rg BT 382.27 457.10 Td (as ) Tj ET Q q 0 0 0 rg BT 394.11 457.10 Td (market ) Tj ET Q q 0 0 0 rg BT 426.36 457.10 Td (practices. ) Tj ET Q q 0 0 0 rg BT 469.39 457.10 Td (In ) Tj ET Q q 0 0 0 rg BT 481.23 457.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 521.37 457.10 Td (with ) Tj ET Q q 0 0 0 rg BT 543.13 457.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 555.39 457.10 Td (. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 444.50 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 87.13 444.50 Td (present, ) Tj ET Q q 0 0 0 rg BT 122.70 444.50 Td (the ) Tj ET Q q 0 0 0 rg BT 138.15 444.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 187.44 444.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 235.55 444.50 Td (the ) Tj ET Q q 0 0 0 rg BT 251.00 444.50 Td (following ) Tj ET Q q 0 0 0 rg BT 294.46 444.50 Td (with ) Tj ET Q q 0 0 0 rg BT 315.75 444.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 348.11 444.50 Td (to ) Tj ET Q q 0 0 0 rg BT 358.90 444.50 Td (the ) Tj ET Q q 0 0 0 rg BT 374.35 444.50 Td (other ) Tj ET Q q 0 0 0 rg BT 398.55 444.50 Td (named ) Tj ET Q q 0 0 0 rg BT 429.17 444.50 Td (executive ) Tj ET Q q 0 0 0 rg BT 472.02 444.50 Td (of) Tj ET Q q 0 0 0 rg BT 480.58 444.50 Td (ficers:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 419.30 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 419.30 Td (Their ) Tj ET Q q 0 0 0 rg BT 84.86 419.30 Td (individual ) Tj ET Q q 0 0 0 rg BT 130.07 419.30 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 196.28 419.30 Td (and ) Tj ET Q q 0 0 0 rg BT 214.06 419.30 Td (achievements ) Tj ET Q q 0 0 0 rg BT 273.83 419.30 Td (during ) Tj ET Q q 0 0 0 rg BT 303.87 419.30 Td (the ) Tj ET Q q 0 0 0 rg BT 319.32 419.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 344.69 419.30 Td (year) Tj ET Q q 0 0 0 rg BT 362.33 419.30 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 406.70 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 406.70 Td (Market ) Tj ET Q q 0 0 0 rg BT 92.45 406.70 Td (practices,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 394.10 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 394.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 71.75 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 76.66 394.10 Td (Sullivan�) Tj ET Q q 0 0 0 rg BT 114.58 394.10 Td (s ) Tj ET Q q 0 0 0 rg BT 120.96 394.10 Td (views ) Tj ET Q q 0 0 0 rg BT 147.74 394.10 Td (as ) Tj ET Q q 0 0 0 rg BT 158.77 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.22 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.34 394.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 229.20 394.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 284.54 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.98 394.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 359.68 394.10 Td (by ) Tj ET Q q 0 0 0 rg BT 372.47 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.58 394.10 Td (named ) Tj ET Q q 0 0 0 rg BT 417.85 394.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 460.37 394.10 Td (of) Tj ET Q q 0 0 0 rg BT 468.92 394.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 490.44 394.10 Td (during ) Tj ET Q q 0 0 0 rg BT 520.14 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.25 394.10 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 381.50 Td (year) Tj ET Q q 0 0 0 rg BT 77.15 381.50 Td (, ) Tj ET Q q 0 0 0 rg BT 82.40 381.50 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 368.90 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 368.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 71.75 368.90 Td (. ) Tj ET Q q 0 0 0 rg BT 77.00 368.90 Td (Sullivan�) Tj ET Q q 0 0 0 rg BT 114.92 368.90 Td (s ) Tj ET Q q 0 0 0 rg BT 121.64 368.90 Td (views ) Tj ET Q q 0 0 0 rg BT 148.76 368.90 Td (of ) Tj ET Q q 0 0 0 rg BT 160.13 368.90 Td (the ) Tj ET Q q 0 0 0 rg BT 175.58 368.90 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 218.16 368.90 Td (business ) Tj ET Q q 0 0 0 rg BT 256.37 368.90 Td (judgment ) Tj ET Q q 0 0 0 rg BT 298.66 368.90 Td (and ) Tj ET Q q 0 0 0 rg BT 316.44 368.90 Td (management ) Tj ET Q q 0 0 0 rg BT 372.71 368.90 Td (skills ) Tj ET Q q 0 0 0 rg BT 397.52 368.90 Td (of ) Tj ET Q q 0 0 0 rg BT 408.89 368.90 Td (the ) Tj ET Q q 0 0 0 rg BT 424.34 368.90 Td (named ) Tj ET Q q 0 0 0 rg BT 454.95 368.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 497.81 368.90 Td (of) Tj ET Q q 0 0 0 rg BT 506.36 368.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 525.02 368.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 343.70 Td (The Committee approved incentive awards are summarized in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 297.20000000000005 m 250.25 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.25 297.20000000000005 m 332.25 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.25 297.20000000000005 m 414.25 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.25 297.20000000000005 m 486.25 297.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 297.20000000000005 m 557.25 297.20000000000005 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.75 301.99 Td (Name) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.35 322.99 Td (T) Tj ET Q q 0 0 0 rg BT 305.39 322.99 Td (arget) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 287.30 312.49 Td (Incentive) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 294.50 301.99 Td (A) Tj ET Q q 0 0 0 rg BT 301.30 301.99 Td (wards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 387.75 322.99 Td (T) Tj ET Q q 0 0 0 rg BT 393.79 322.99 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 369.30 312.49 Td (Incentive) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 380.60 301.99 Td (A) Tj ET Q q 0 0 0 rg BT 387.40 301.99 Td (ward) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.80 312.49 Td (% Paid in ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 459.95 301.99 Td (Cash) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 508.80 322.99 Td (% Paid in) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 513.70 312.49 Td (Deferr) Tj ET Q q 0 0 0 rg BT 543.23 312.49 Td (ed) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 504.40 301.99 Td (Cash Units) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 286.97 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 82.67 286.97 Td (A. Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 252.75 286.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.25 286.97 Td (9,500,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.75 286.97 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.25 286.97 Td (8,300,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 286.97 Td (30) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.00 286.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 286.97 Td (70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 286.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 271.97 Td (Peter H. Nachtwey) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.25 271.97 Td (3,125,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.25 271.97 Td (3,125,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 271.97 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.00 271.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 271.97 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 271.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 256.97 Td (T) Tj ET Q q 0 0 0 rg BT 57.80 256.97 Td (erence ) Tj ET Q q 0 0 0 rg BT 87.16 256.97 Td (A. Johnson) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.25 256.97 Td (3,285,573) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.25 256.97 Td (2,668,600) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 256.97 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.00 256.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 256.97 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 256.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 241.97 Td (Patricia Lattin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 294.10 241.97 Td (925,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.10 241.97 Td (925,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 241.97 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.00 241.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 241.97 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 241.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 226.97 Td (Thomas C. Merchant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 286.25 226.97 Td (1,800,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.25 226.97 Td (1,800,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.50 226.97 Td (45) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.00 226.97 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 537.50 226.97 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.00 226.97 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 333 0 obj <> endobj 334 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (164) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Determination of Individual Named Executive Officers�) Tj ET Q q 0 0 0 rg BT 286.23 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.55 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 294.30 742.25 Td (otal Dir) Tj ET Q q 0 0 0 rg BT 327.17 742.25 Td (ect Compensation for) Tj ET Q q 0 0 0 rg BT 418.64 742.25 Td ( Fiscal ) Tj ET Q q 0 0 0 rg BT 448.26 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 454.37 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 468.07 742.25 Td (�2020 ) Tj ET Q 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 710.75 m 217.75 710.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 217.75 710.75 m 557.75 710.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 615.75 m 217.75 615.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 217.75 615.75 m 557.75 615.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 540.75 m 217.75 540.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 217.75 540.75 m 557.75 540.75 l s 0.7607843137254902 0.7607843137254902 0.7607843137254902 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 465.75 m 217.75 465.75 l s 0.7607843137254902 0.7607843137254902 0.7607843137254902 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.75 465.75 m 557.75 465.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 390.75 m 217.75 390.75 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 217.75 390.75 m 557.75 390.75 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.25 715.54 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 84.51 715.54 Td (A. 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Nachtwey�����) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 220.25 620.54 Td (Chief Financial Officer) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 605.97 Td (Mr) Tj ET Q q 0 0 0 rg BT 63.79 605.97 Td (. ) Tj ET Q q 0 0 0 rg BT 67.77 605.97 Td (Nachtwey�) Tj ET Q q 0 0 0 rg BT 113.54 605.97 Td (s ) Tj ET Q q 0 0 0 rg BT 118.97 605.97 Td (total ) Tj ET Q q 0 0 0 rg BT 139.28 605.97 Td (direct ) Tj ET Q q 0 0 0 rg BT 164.82 605.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 224.78 605.97 Td (for ) Tj ET Q q 0 0 0 rg BT 238.66 605.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 263.03 605.97 Td (year ) Tj ET Q q 0 0 0 rg BT 282.74 605.97 Td (2020 ) Tj ET Q q 0 0 0 rg BT 305.38 605.97 Td (included ) Tj ET Q q 0 0 0 rg BT 343.17 605.97 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 354.72 605.97 Td (a ) Tj ET Q q 0 0 0 rg BT 361.02 605.97 Td ($3,125,000 ) Tj ET Q q 0 0 0 rg BT 409.91 605.97 Td (incentive ) Tj ET Q q 0 0 0 rg BT 450.03 605.97 Td (award ) Tj ET Q q 0 0 0 rg BT 477.32 605.97 Td (and ) Tj ET Q q 0 0 0 rg BT 494.12 605.97 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 508.59 605.97 Td (a ) Tj ET Q q 0 0 0 rg BT 514.88 605.97 Td ($350,000 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 595.47 Td (salary) Tj ET Q q 0 0 0 rg BT 75.98 595.47 Td (. ) Tj ET Q q 0 0 0 rg BT 81.14 595.47 Td (Mr) Tj ET Q q 0 0 0 rg BT 93.68 595.47 Td (. ) Tj ET Q q 0 0 0 rg BT 98.89 595.47 Td (Nachtwey�) Tj ET Q q 0 0 0 rg BT 144.67 595.47 Td (s ) Tj ET Q q 0 0 0 rg BT 151.34 595.47 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 176.95 595.47 Td (year ) Tj ET Q q 0 0 0 rg BT 197.90 595.47 Td (2020 ) Tj ET Q q 0 0 0 rg BT 221.77 595.47 Td (compensation ) Tj ET Q q 0 0 0 rg BT 282.97 595.47 Td (\(salary ) Tj ET Q q 0 0 0 rg BT 314.41 595.47 Td (plus ) Tj ET Q q 0 0 0 rg BT 334.79 595.47 Td (incentive ) Tj ET Q q 0 0 0 rg BT 376.15 595.47 Td (award\) ) Tj ET Q q 0 0 0 rg BT 408.17 595.47 Td (is ) Tj ET Q q 0 0 0 rg BT 418.05 595.47 Td (up ) Tj ET Q q 0 0 0 rg BT 431.42 595.47 Td (3% ) Tj ET Q q 0 0 0 rg BT 448.30 595.47 Td (from ) Tj ET Q q 0 0 0 rg BT 471.58 595.47 Td (his ) Tj ET Q q 0 0 0 rg BT 486.71 595.47 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 512.32 595.47 Td (year ) Tj ET Q q 0 0 0 rg BT 533.27 595.47 Td (2019 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 584.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 112.74 584.97 Td (and ) Tj ET Q q 0 0 0 rg BT 131.07 584.97 Td (at ) Tj ET Q q 0 0 0 rg BT 141.81 584.97 Td (tar) Tj ET Q q 0 0 0 rg BT 152.79 584.97 Td (get ) Tj ET Q q 0 0 0 rg BT 168.69 584.97 Td (for ) Tj ET Q q 0 0 0 rg BT 184.10 584.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 210.01 584.97 Td (year ) Tj ET Q q 0 0 0 rg BT 231.24 584.97 Td (2020. ) Tj ET Q q 0 0 0 rg BT 257.90 584.97 Td (The ) Tj ET Q q 0 0 0 rg BT 277.30 584.97 Td (Committee ) Tj ET Q q 0 0 0 rg BT 327.13 584.97 Td (determined ) Tj ET Q q 0 0 0 rg BT 377.52 584.97 Td (that ) Tj ET Q q 0 0 0 rg BT 396.44 584.97 Td (this ) Tj ET Q q 0 0 0 rg BT 414.78 584.97 Td (result ) Tj ET Q q 0 0 0 rg BT 441.27 584.97 Td (was ) Tj ET Q q 0 0 0 rg BT 460.77 584.97 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 511.75 584.97 Td (in ) Tj ET Q q 0 0 0 rg BT 523.08 584.97 Td (light ) Tj ET Q q 0 0 0 rg BT 545.50 584.97 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 574.47 Td (Legg ) Tj ET Q q 0 0 0 rg BT 74.20 574.47 Td (Mason�) Tj ET Q q 0 0 0 rg BT 105.99 574.47 Td (s ) Tj ET Q q 0 0 0 rg BT 111.17 574.47 Td (financial ) Tj ET Q q 0 0 0 rg BT 149.28 574.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 203.70 574.47 Td (and ) Tj ET Q q 0 0 0 rg BT 220.24 574.47 Td (Mr) Tj ET Q q 0 0 0 rg BT 232.79 574.47 Td (. ) Tj ET Q q 0 0 0 rg BT 236.50 574.47 Td (Nachtwey�) Tj ET Q q 0 0 0 rg BT 282.27 574.47 Td (s ) Tj ET Q q 0 0 0 rg BT 287.45 574.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 341.88 574.47 Td (against ) Tj ET Q q 0 0 0 rg BT 373.00 574.47 Td (the ) Tj ET Q q 0 0 0 rg BT 387.20 574.47 Td (goals ) Tj ET Q q 0 0 0 rg BT 410.74 574.47 Td (established ) Tj ET Q q 0 0 0 rg BT 458.78 574.47 Td (under ) Tj ET Q q 0 0 0 rg BT 484.06 574.47 Td (the ) Tj ET Q q 0 0 0 rg BT 498.27 574.47 Td (non-financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 563.97 Td (performance ) Tj ET Q q 0 0 0 rg BT 106.92 563.97 Td (metrics.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.25 545.54 Td (T) Tj ET Q q 0 0 0 rg BT 57.77 545.54 Td (er) Tj ET Q q 0 0 0 rg BT 66.52 545.54 Td (ence ) Tj ET Q q 0 0 0 rg BT 88.58 545.54 Td (A. Johnson) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 220.25 545.54 Td (Head of Global Distribution) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 530.97 Td (Mr) Tj ET Q q 0 0 0 rg BT 63.79 530.97 Td (. ) Tj ET Q q 0 0 0 rg BT 68.22 530.97 Td (Johnson�) Tj ET Q q 0 0 0 rg BT 105.85 530.97 Td (s ) Tj ET Q q 0 0 0 rg BT 111.74 530.97 Td (total ) Tj ET Q q 0 0 0 rg BT 132.49 530.97 Td (direct ) Tj ET Q q 0 0 0 rg BT 158.48 530.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 218.89 530.97 Td (for ) Tj ET Q q 0 0 0 rg BT 233.23 530.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 258.06 530.97 Td (year ) Tj ET Q q 0 0 0 rg BT 278.22 530.97 Td (2020 ) Tj ET Q q 0 0 0 rg BT 301.31 530.97 Td (included ) Tj ET Q q 0 0 0 rg BT 339.55 530.97 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 351.55 530.97 Td (a ) Tj ET Q q 0 0 0 rg BT 358.30 530.97 Td ($2,668,600 ) Tj ET Q q 0 0 0 rg BT 407.64 530.97 Td (incentive ) Tj ET Q q 0 0 0 rg BT 448.22 530.97 Td (award ) Tj ET Q q 0 0 0 rg BT 475.96 530.97 Td (and ) Tj ET Q q 0 0 0 rg BT 493.21 530.97 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 508.13 530.97 Td (a ) Tj ET Q q 0 0 0 rg BT 514.88 530.97 Td ($350,000 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 520.47 Td (salary) Tj ET Q q 0 0 0 rg BT 75.98 520.47 Td (. ) Tj ET Q q 0 0 0 rg BT 80.42 520.47 Td (Mr) Tj ET Q q 0 0 0 rg BT 92.96 520.47 Td (. ) Tj ET Q q 0 0 0 rg BT 97.45 520.47 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 134.02 520.47 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 158.91 520.47 Td (year ) Tj ET Q q 0 0 0 rg BT 179.13 520.47 Td (2020 ) Tj ET Q q 0 0 0 rg BT 202.29 520.47 Td (compensation ) Tj ET Q q 0 0 0 rg BT 262.76 520.47 Td (\(salary ) Tj ET Q q 0 0 0 rg BT 293.48 520.47 Td (plus ) Tj ET Q q 0 0 0 rg BT 313.13 520.47 Td (incentive ) Tj ET Q q 0 0 0 rg BT 353.77 520.47 Td (award\) ) Tj ET Q q 0 0 0 rg BT 385.07 520.47 Td (represents ) Tj ET Q q 0 0 0 rg BT 429.79 520.47 Td (a ) Tj ET Q q 0 0 0 rg BT 436.60 520.47 Td (14% ) Tj ET Q q 0 0 0 rg BT 458.00 520.47 Td (increase ) Tj ET Q q 0 0 0 rg BT 494.54 520.47 Td (from ) Tj ET Q q 0 0 0 rg BT 517.10 520.47 Td (his ) Tj ET Q q 0 0 0 rg BT 531.51 520.47 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 509.97 Td (year ) Tj ET Q q 0 0 0 rg BT 73.47 509.97 Td (2019 ) Tj ET Q q 0 0 0 rg BT 98.61 509.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 161.08 509.97 Td (and ) Tj ET Q q 0 0 0 rg BT 180.39 509.97 Td (85% ) Tj ET Q q 0 0 0 rg BT 203.78 509.97 Td (of ) Tj ET Q q 0 0 0 rg BT 216.68 509.97 Td (tar) Tj ET Q q 0 0 0 rg BT 227.66 509.97 Td (get ) Tj ET Q q 0 0 0 rg BT 244.54 509.97 Td (for ) Tj ET Q q 0 0 0 rg BT 260.93 509.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 287.82 509.97 Td (year ) Tj ET Q q 0 0 0 rg BT 310.03 509.97 Td (2020. ) Tj ET Q q 0 0 0 rg BT 337.60 509.97 Td (The ) Tj ET Q q 0 0 0 rg BT 357.98 509.97 Td (Committee ) Tj ET Q q 0 0 0 rg BT 408.79 509.97 Td (determined ) Tj ET Q q 0 0 0 rg BT 460.16 509.97 Td (that ) Tj ET Q q 0 0 0 rg BT 480.06 509.97 Td (this ) Tj ET Q q 0 0 0 rg BT 499.38 509.97 Td (increase ) Tj ET Q q 0 0 0 rg BT 537.92 509.97 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 499.47 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 101.47 499.47 Td (in ) Tj ET Q q 0 0 0 rg BT 112.05 499.47 Td (light ) Tj ET Q q 0 0 0 rg BT 133.72 499.47 Td (of ) Tj ET Q q 0 0 0 rg BT 144.88 499.47 Td (Legg ) Tj ET Q q 0 0 0 rg BT 168.86 499.47 Td (Mason�) Tj ET Q q 0 0 0 rg BT 200.65 499.47 Td (s ) Tj ET Q q 0 0 0 rg BT 206.86 499.47 Td (financial ) Tj ET Q q 0 0 0 rg BT 246.00 499.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 301.47 499.47 Td (and ) Tj ET Q q 0 0 0 rg BT 319.04 499.47 Td (Mr) Tj ET Q q 0 0 0 rg BT 331.58 499.47 Td (. ) Tj ET Q q 0 0 0 rg BT 336.33 499.47 Td (Johnson�) Tj ET Q q 0 0 0 rg BT 373.96 499.47 Td (s ) Tj ET Q q 0 0 0 rg BT 380.17 499.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 435.63 499.47 Td (against ) Tj ET Q q 0 0 0 rg BT 467.79 499.47 Td (the ) Tj ET Q q 0 0 0 rg BT 483.03 499.47 Td (goals ) Tj ET Q q 0 0 0 rg BT 507.60 499.47 Td (established ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 488.97 Td (under ) Tj ET Q q 0 0 0 rg BT 77.78 488.97 Td (the ) Tj ET Q q 0 0 0 rg BT 93.24 488.97 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 151.84 488.97 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.51 488.97 Td (metrics.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.25 470.54 Td (Thomas C. Mer) Tj ET Q q 0 0 0 rg BT 122.02 470.54 Td (chant�����) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 220.25 470.54 Td (General Counsel) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 455.97 Td (Mr) Tj ET Q q 0 0 0 rg BT 63.79 455.97 Td (. ) Tj ET Q q 0 0 0 rg BT 67.90 455.97 Td (Merchant�) Tj ET Q q 0 0 0 rg BT 111.34 455.97 Td (s ) Tj ET Q q 0 0 0 rg BT 116.90 455.97 Td (total ) Tj ET Q q 0 0 0 rg BT 137.33 455.97 Td (direct ) Tj ET Q q 0 0 0 rg BT 163.00 455.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 223.09 455.97 Td (for ) Tj ET Q q 0 0 0 rg BT 237.10 455.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 261.61 455.97 Td (year ) Tj ET Q q 0 0 0 rg BT 281.44 455.97 Td (2020 ) Tj ET Q q 0 0 0 rg BT 304.21 455.97 Td (included ) Tj ET Q q 0 0 0 rg BT 342.13 455.97 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 353.81 455.97 Td (a ) Tj ET Q q 0 0 0 rg BT 360.24 455.97 Td ($1,800,000 ) Tj ET Q q 0 0 0 rg BT 409.26 455.97 Td (incentive ) Tj ET Q q 0 0 0 rg BT 449.51 455.97 Td (award ) Tj ET Q q 0 0 0 rg BT 476.93 455.97 Td (and ) Tj ET Q q 0 0 0 rg BT 493.86 455.97 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 508.45 455.97 Td (a ) Tj ET Q q 0 0 0 rg BT 514.88 455.97 Td ($350,000 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 445.47 Td (salary) Tj ET Q q 0 0 0 rg BT 75.98 445.47 Td (. ) Tj ET Q q 0 0 0 rg BT 81.50 445.47 Td (Mr) Tj ET Q q 0 0 0 rg BT 94.04 445.47 Td (. ) Tj ET Q q 0 0 0 rg BT 99.61 445.47 Td (Merchant�) Tj ET Q q 0 0 0 rg BT 143.05 445.47 Td (s ) Tj ET Q q 0 0 0 rg BT 150.09 445.47 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 176.06 445.47 Td (year ) Tj ET Q q 0 0 0 rg BT 197.36 445.47 Td (2020 ) Tj ET Q q 0 0 0 rg BT 221.60 445.47 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.16 445.47 Td (\(salary ) Tj ET Q q 0 0 0 rg BT 314.96 445.47 Td (plus ) Tj ET Q q 0 0 0 rg BT 335.70 445.47 Td (incentive ) Tj ET Q q 0 0 0 rg BT 377.42 445.47 Td (award\) ) Tj ET Q q 0 0 0 rg BT 409.80 445.47 Td (represents ) Tj ET Q q 0 0 0 rg BT 455.60 445.47 Td (a ) Tj ET Q q 0 0 0 rg BT 463.50 445.47 Td (4% ) Tj ET Q q 0 0 0 rg BT 480.73 445.47 Td (increase ) Tj ET Q q 0 0 0 rg BT 518.36 445.47 Td (from ) Tj ET Q q 0 0 0 rg BT 542.00 445.47 Td (his ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 434.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 77.39 434.97 Td (year ) Tj ET Q q 0 0 0 rg BT 98.85 434.97 Td (2019 ) Tj ET Q q 0 0 0 rg BT 123.25 434.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 184.96 434.97 Td (and ) Tj ET Q q 0 0 0 rg BT 203.52 434.97 Td (is ) Tj ET Q q 0 0 0 rg BT 213.92 434.97 Td (at ) Tj ET Q q 0 0 0 rg BT 224.90 434.97 Td (tar) Tj ET Q q 0 0 0 rg BT 235.88 434.97 Td (get ) Tj ET Q q 0 0 0 rg BT 252.01 434.97 Td (for ) Tj ET Q q 0 0 0 rg BT 267.65 434.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 293.78 434.97 Td (year ) Tj ET Q q 0 0 0 rg BT 315.25 434.97 Td (2020. ) Tj ET Q q 0 0 0 rg BT 342.12 434.97 Td (The ) Tj ET Q q 0 0 0 rg BT 361.74 434.97 Td (Committee ) Tj ET Q q 0 0 0 rg BT 411.80 434.97 Td (determined ) Tj ET Q q 0 0 0 rg BT 462.43 434.97 Td (that ) Tj ET Q q 0 0 0 rg BT 481.57 434.97 Td (this ) Tj ET Q q 0 0 0 rg BT 500.14 434.97 Td (increase ) Tj ET Q q 0 0 0 rg BT 537.93 434.97 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 424.47 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 101.08 424.47 Td (in ) Tj ET Q q 0 0 0 rg BT 111.28 424.47 Td (light ) Tj ET Q q 0 0 0 rg BT 132.55 424.47 Td (of ) Tj ET Q q 0 0 0 rg BT 143.32 424.47 Td (Legg ) Tj ET Q q 0 0 0 rg BT 166.92 424.47 Td (Mason�) Tj ET Q q 0 0 0 rg BT 198.71 424.47 Td (s ) Tj ET Q q 0 0 0 rg BT 204.53 424.47 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.29 424.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 298.36 424.47 Td (and ) Tj ET Q q 0 0 0 rg BT 315.55 424.47 Td (Mr) Tj ET Q q 0 0 0 rg BT 328.09 424.47 Td (. ) Tj ET Q q 0 0 0 rg BT 332.45 424.47 Td (Merchant�) Tj ET Q q 0 0 0 rg BT 375.89 424.47 Td (s ) Tj ET Q q 0 0 0 rg BT 381.71 424.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 436.78 424.47 Td (against ) Tj ET Q q 0 0 0 rg BT 468.55 424.47 Td (the ) Tj ET Q q 0 0 0 rg BT 483.40 424.47 Td (goals ) Tj ET Q q 0 0 0 rg BT 507.59 424.47 Td (established ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 413.97 Td (under ) Tj ET Q q 0 0 0 rg BT 77.78 413.97 Td (the ) Tj ET Q q 0 0 0 rg BT 93.24 413.97 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 151.84 413.97 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.51 413.97 Td (metrics.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.25 395.54 Td (Patricia Lattin���) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 220.25 395.54 Td (Chief Human Resour) Tj ET Q q 0 0 0 rg BT 315.73 395.54 Td (ces Officer) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 380.97 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 70.28 380.97 Td (Lattin�) Tj ET Q q 0 0 0 rg BT 98.27 380.97 Td (s ) Tj ET Q q 0 0 0 rg BT 105.34 380.97 Td (total ) Tj ET Q q 0 0 0 rg BT 126.99 380.97 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.87 380.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 215.18 380.97 Td (for ) Tj ET Q q 0 0 0 rg BT 230.40 380.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 256.13 380.97 Td (year ) Tj ET Q q 0 0 0 rg BT 277.18 380.97 Td (2020 ) Tj ET Q q 0 0 0 rg BT 301.16 380.97 Td (included ) Tj ET Q q 0 0 0 rg BT 340.30 380.97 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 353.19 380.97 Td (a ) Tj ET Q q 0 0 0 rg BT 360.83 380.97 Td ($925,000 ) Tj ET Q q 0 0 0 rg BT 403.19 380.97 Td (incentive ) Tj ET Q q 0 0 0 rg BT 444.66 380.97 Td (award ) Tj ET Q q 0 0 0 rg BT 473.29 380.97 Td (and ) Tj ET Q q 0 0 0 rg BT 491.43 380.97 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 507.24 380.97 Td (a ) Tj ET Q q 0 0 0 rg BT 514.89 380.97 Td ($350,000 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 370.47 Td (salary) Tj ET Q q 0 0 0 rg BT 75.64 370.47 Td (. ) Tj ET Q q 0 0 0 rg BT 80.73 370.47 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 99.24 370.47 Td (Lattin�) Tj ET Q q 0 0 0 rg BT 127.23 370.47 Td (s ) Tj ET Q q 0 0 0 rg BT 133.78 370.47 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 158.98 370.47 Td (year ) Tj ET Q q 0 0 0 rg BT 179.51 370.47 Td (2020 ) Tj ET Q q 0 0 0 rg BT 202.98 370.47 Td (compensation ) Tj ET Q q 0 0 0 rg BT 263.76 370.47 Td (\(salary ) Tj ET Q q 0 0 0 rg BT 294.79 370.47 Td (plus ) Tj ET Q q 0 0 0 rg BT 314.76 370.47 Td (incentive ) Tj ET Q q 0 0 0 rg BT 355.70 370.47 Td (award\) ) Tj ET Q q 0 0 0 rg BT 387.31 370.47 Td (represents ) Tj ET Q q 0 0 0 rg BT 432.34 370.47 Td (a ) Tj ET Q q 0 0 0 rg BT 439.46 370.47 Td (6% ) Tj ET Q q 0 0 0 rg BT 455.92 370.47 Td (increase ) Tj ET Q q 0 0 0 rg BT 492.78 370.47 Td (from ) Tj ET Q q 0 0 0 rg BT 515.65 370.47 Td (her ) Tj ET Q q 0 0 0 rg BT 531.52 370.47 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 359.97 Td (year ) Tj ET Q q 0 0 0 rg BT 71.32 359.97 Td (2019 ) Tj ET Q q 0 0 0 rg BT 94.31 359.97 Td (compensation ) Tj ET Q q 0 0 0 rg BT 154.63 359.97 Td (and ) Tj ET Q q 0 0 0 rg BT 171.79 359.97 Td (is ) Tj ET Q q 0 0 0 rg BT 180.79 359.97 Td (at ) Tj ET Q q 0 0 0 rg BT 190.37 359.97 Td (tar) Tj ET Q q 0 0 0 rg BT 201.25 359.97 Td (get ) Tj ET Q q 0 0 0 rg BT 216.08 359.97 Td (for ) Tj ET Q q 0 0 0 rg BT 230.32 359.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 255.06 359.97 Td (year ) Tj ET Q q 0 0 0 rg BT 275.13 359.97 Td (2020. ) Tj ET Q q 0 0 0 rg BT 300.60 359.97 Td (The ) Tj ET Q q 0 0 0 rg BT 318.93 359.97 Td (Committee ) Tj ET Q q 0 0 0 rg BT 367.59 359.97 Td (determined ) Tj ET Q q 0 0 0 rg BT 416.82 359.97 Td (that ) Tj ET Q q 0 0 0 rg BT 434.56 359.97 Td (this ) Tj ET Q q 0 0 0 rg BT 451.73 359.97 Td (increase ) Tj ET Q q 0 0 0 rg BT 488.12 359.97 Td (was ) Tj ET Q q 0 0 0 rg BT 506.45 359.97 Td (appropriate ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 349.47 Td (in ) Tj ET Q q 0 0 0 rg BT 61.55 349.47 Td (light ) Tj ET Q q 0 0 0 rg BT 82.93 349.47 Td (of ) Tj ET Q q 0 0 0 rg BT 93.80 349.47 Td (Legg ) Tj ET Q q 0 0 0 rg BT 117.51 349.47 Td (Mason�) Tj ET Q q 0 0 0 rg BT 149.01 349.47 Td (s ) Tj ET Q q 0 0 0 rg BT 155.22 349.47 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.08 349.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 249.26 349.47 Td (and ) Tj ET Q q 0 0 0 rg BT 266.55 349.47 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 284.73 349.47 Td (Lattin�) Tj ET Q q 0 0 0 rg BT 312.72 349.47 Td (s ) Tj ET Q q 0 0 0 rg BT 318.94 349.47 Td (performance ) Tj ET Q q 0 0 0 rg BT 374.12 349.47 Td (against ) Tj ET Q q 0 0 0 rg BT 405.99 349.47 Td (the ) Tj ET Q q 0 0 0 rg BT 420.95 349.47 Td (goals ) Tj ET Q q 0 0 0 rg BT 445.24 349.47 Td (established ) Tj ET Q q 0 0 0 rg BT 494.02 349.47 Td (under ) Tj ET Q q 0 0 0 rg BT 520.06 349.47 Td (the ) Tj ET Q q 0 0 0 rg BT 535.02 349.47 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 338.97 Td (financial ) Tj ET Q q 0 0 0 rg BT 90.61 338.97 Td (performance ) Tj ET Q q 0 0 0 rg BT 146.28 338.97 Td (metrics.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 311.65 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 116.89 311.65 Td (Governance, ) Tj ET Q q 0 0 0 rg BT 176.38 311.65 Td (Pr) Tj ET Q q 0 0 0 rg BT 187.26 311.65 Td (ocess ) Tj ET Q q 0 0 0 rg BT 212.63 311.65 Td (and ) Tj ET Q q 0 0 0 rg BT 232.18 311.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 276.22 311.65 Td (Decisions) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 286.45 Td (Role ) Tj ET Q q 0 0 0 rg BT 72.54 286.45 Td (of ) Tj ET Q q 0 0 0 rg BT 83.91 286.45 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 151.29 286.45 Td (Committee ) Tj ET Q q 0 0 0 rg BT 203.48 286.45 Td (and ) Tj ET Q q 0 0 0 rg BT 223.03 286.45 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 292.15 286.45 Td (Dir) Tj ET Q q 0 0 0 rg BT 307.13 286.45 Td (ectors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 273.85 Td (The ) Tj ET Q q 0 0 0 rg BT 68.16 273.85 Td (Committee ) Tj ET Q q 0 0 0 rg BT 117.16 273.85 Td (is ) Tj ET Q q 0 0 0 rg BT 126.50 273.85 Td (responsible ) Tj ET Q q 0 0 0 rg BT 176.66 273.85 Td (for ) Tj ET Q q 0 0 0 rg BT 191.24 273.85 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 239.06 273.85 Td (and ) Tj ET Q q 0 0 0 rg BT 256.56 273.85 Td (implementing ) Tj ET Q q 0 0 0 rg BT 317.22 273.85 Td (our ) Tj ET Q q 0 0 0 rg BT 333.55 273.85 Td (named ) Tj ET Q q 0 0 0 rg BT 363.88 273.85 Td (executive ) Tj ET Q q 0 0 0 rg BT 406.44 273.85 Td (of) Tj ET Q q 0 0 0 rg BT 415.00 273.85 Td (ficer ) Tj ET Q q 0 0 0 rg BT 436.57 273.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 497.23 273.85 Td (programs. ) Tj ET Q q 0 0 0 rg BT 541.68 273.85 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 261.25 Td (Committee�) Tj ET Q q 0 0 0 rg BT 99.08 261.25 Td (s ) Tj ET Q q 0 0 0 rg BT 105.79 261.25 Td (role ) Tj ET Q q 0 0 0 rg BT 124.74 261.25 Td (includes:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 236.05 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 236.05 Td (Determining ) Tj ET Q q 0 0 0 rg BT 117.96 236.05 Td (the ) Tj ET Q q 0 0 0 rg BT 136.17 236.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 181.20 236.05 Td (goals ) Tj ET Q q 0 0 0 rg BT 208.75 236.05 Td (and ) Tj ET Q q 0 0 0 rg BT 229.30 236.05 Td (objectives ) Tj ET Q q 0 0 0 rg BT 277.26 236.05 Td (relevant ) Tj ET Q q 0 0 0 rg BT 316.46 236.05 Td (to ) Tj ET Q q 0 0 0 rg BT 330.01 236.05 Td (the ) Tj ET Q q 0 0 0 rg BT 348.23 236.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 411.93 236.05 Td (of ) Tj ET Q q 0 0 0 rg BT 426.07 236.05 Td (our ) Tj ET Q q 0 0 0 rg BT 445.45 236.05 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 474.46 236.05 Td (including ) Tj ET Q q 0 0 0 rg BT 519.51 236.05 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 223.45 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 123.07 223.45 Td (and ) Tj ET Q q 0 0 0 rg BT 140.86 223.45 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 187.22 223.45 Td (the ) Tj ET Q q 0 0 0 rg BT 202.67 223.45 Td (CEO�) Tj ET Q q 0 0 0 rg BT 226.59 223.45 Td (s ) Tj ET Q q 0 0 0 rg BT 233.30 223.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.97 223.45 Td (relative ) Tj ET Q q 0 0 0 rg BT 323.08 223.45 Td (to ) Tj ET Q q 0 0 0 rg BT 333.87 223.45 Td (those ) Tj ET Q q 0 0 0 rg BT 358.66 223.45 Td (goals,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 210.85 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 210.85 Td (Determining ) Tj ET Q q 0 0 0 rg BT 115.20 210.85 Td (the ) Tj ET Q q 0 0 0 rg BT 130.65 210.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 191.59 210.85 Td (of ) Tj ET Q q 0 0 0 rg BT 202.97 210.85 Td (our ) Tj ET Q q 0 0 0 rg BT 219.59 210.85 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 245.84 210.85 Td (including ) Tj ET Q q 0 0 0 rg BT 288.13 210.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 329.24 210.85 Td (compensation,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 198.25 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 198.25 Td (Establishing ) Tj ET Q q 0 0 0 rg BT 113.52 198.25 Td (and ) Tj ET Q q 0 0 0 rg BT 130.79 198.25 Td (approving ) Tj ET Q q 0 0 0 rg BT 175.47 198.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 235.89 198.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 260.16 198.25 Td (for ) Tj ET Q q 0 0 0 rg BT 274.51 198.25 Td (named ) Tj ET Q q 0 0 0 rg BT 304.60 198.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 346.93 198.25 Td (of) Tj ET Q q 0 0 0 rg BT 355.49 198.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 380.91 198.25 Td (based ) Tj ET Q q 0 0 0 rg BT 406.93 198.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.53 198.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.46 198.25 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 511.21 198.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.06 198.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.00 198.25 Td (CEO ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 185.65 Td (and ) Tj ET Q q 0 0 0 rg BT 77.29 185.65 Td (the ) Tj ET Q q 0 0 0 rg BT 92.74 185.65 Td (Committee�) Tj ET Q q 0 0 0 rg BT 142.32 185.65 Td (s ) Tj ET Q q 0 0 0 rg BT 149.03 185.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 209.98 185.65 Td (consultant,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 173.05 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 173.05 Td (Annually ) Tj ET Q q 0 0 0 rg BT 101.20 173.05 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 145.81 173.05 Td (and, ) Tj ET Q q 0 0 0 rg BT 166.22 173.05 Td (where ) Tj ET Q q 0 0 0 rg BT 194.50 173.05 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 247.56 173.05 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 288.69 173.05 Td (the ) Tj ET Q q 0 0 0 rg BT 304.14 173.05 Td (base ) Tj ET Q q 0 0 0 rg BT 325.42 173.05 Td (salaries ) Tj ET Q q 0 0 0 rg BT 359.53 173.05 Td (of ) Tj ET Q q 0 0 0 rg BT 370.90 173.05 Td (our ) Tj ET Q q 0 0 0 rg BT 387.53 173.05 Td (named ) Tj ET Q q 0 0 0 rg BT 418.14 173.05 Td (executive ) Tj ET Q q 0 0 0 rg BT 460.99 173.05 Td (of) Tj ET Q q 0 0 0 rg BT 469.55 173.05 Td (ficers,) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 160.45 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 160.45 Td (Approving ) Tj ET Q q 0 0 0 rg BT 107.24 160.45 Td (the ) Tj ET Q q 0 0 0 rg BT 122.31 160.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 163.04 160.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 223.60 160.45 Td (of ) Tj ET Q q 0 0 0 rg BT 234.59 160.45 Td (named ) Tj ET Q q 0 0 0 rg BT 264.82 160.45 Td (executive ) Tj ET Q q 0 0 0 rg BT 307.29 160.45 Td (of) Tj ET Q q 0 0 0 rg BT 315.85 160.45 Td (ficers ) Tj ET Q q 0 0 0 rg BT 341.41 160.45 Td (and ) Tj ET Q q 0 0 0 rg BT 358.82 160.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 390.80 160.45 Td (under ) Tj ET Q q 0 0 0 rg BT 416.95 160.45 Td (our ) Tj ET Q q 0 0 0 rg BT 433.19 160.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 473.92 160.45 Td (plans ) Tj ET Q q 0 0 0 rg BT 498.32 160.45 Td (and ) Tj ET Q q 0 0 0 rg BT 515.73 160.45 Td (programs, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 147.85 Td (and) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.50 135.25 Td (� ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 59.50 135.25 Td (Overseeing ) Tj ET Q q 0 0 0 rg BT 109.94 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.39 135.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 147.85 135.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 179.06 135.25 Td (from ) Tj ET Q q 0 0 0 rg BT 202.09 135.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.72 135.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 261.57 135.25 Td (of) Tj ET Q q 0 0 0 rg BT 270.13 135.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 291.98 135.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 352.93 135.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 388.21 135.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.00 135.25 Td (practices.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 110.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.45 110.05 Td (independent ) Tj ET Q q 0 0 0 rg BT 122.40 110.05 Td (directors ) Tj ET Q q 0 0 0 rg BT 161.76 110.05 Td (must ) Tj ET Q q 0 0 0 rg BT 184.80 110.05 Td (approve ) Tj ET Q q 0 0 0 rg BT 221.25 110.05 Td (the ) Tj ET Q q 0 0 0 rg BT 236.70 110.05 Td (Committee�) Tj ET Q q 0 0 0 rg BT 286.28 110.05 Td (s ) Tj ET Q q 0 0 0 rg BT 292.99 110.05 Td (determinations ) Tj ET Q q 0 0 0 rg BT 358.02 110.05 Td (in ) Tj ET Q q 0 0 0 rg BT 368.81 110.05 Td (order ) Tj ET Q q 0 0 0 rg BT 393.59 110.05 Td (to ) Tj ET Q q 0 0 0 rg BT 404.38 110.05 Td (set ) Tj ET Q q 0 0 0 rg BT 418.67 110.05 Td (CEO ) Tj ET Q q 0 0 0 rg BT 442.30 110.05 Td (compensation.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 84.85 Td (In ) Tj ET Q q 0 0 0 rg BT 61.45 84.85 Td (implementing ) Tj ET Q q 0 0 0 rg BT 122.98 84.85 Td (its ) Tj ET Q q 0 0 0 rg BT 136.10 84.85 Td (role ) Tj ET Q q 0 0 0 rg BT 155.63 84.85 Td (in ) Tj ET Q q 0 0 0 rg BT 166.99 84.85 Td (the ) Tj ET Q q 0 0 0 rg BT 183.02 84.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 244.55 84.85 Td (program, ) Tj ET Q q 0 0 0 rg BT 285.94 84.85 Td (the ) Tj ET Q q 0 0 0 rg BT 301.97 84.85 Td (Committee ) Tj ET Q q 0 0 0 rg BT 351.84 84.85 Td (uses ) Tj ET Q q 0 0 0 rg BT 373.12 84.85 Td (information ) Tj ET Q q 0 0 0 rg BT 425.90 84.85 Td (from ) Tj ET Q q 0 0 0 rg BT 449.51 84.85 Td (a ) Tj ET Q q 0 0 0 rg BT 457.37 84.85 Td (number ) Tj ET Q q 0 0 0 rg BT 492.65 84.85 Td (of ) Tj ET Q q 0 0 0 rg BT 504.60 84.85 Td (sources. ) Tj ET Q q 0 0 0 rg BT 541.68 84.85 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (information ) Tj ET Q q 0 0 0 rg BT 101.34 72.25 Td (utilized ) Tj ET Q q 0 0 0 rg BT 135.10 72.25 Td (by ) Tj ET Q q 0 0 0 rg BT 147.87 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.96 72.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 211.89 72.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 249.15 72.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 278.82 72.25 Td (from ) Tj ET Q q 0 0 0 rg BT 301.50 72.25 Td (its ) Tj ET Q q 0 0 0 rg BT 313.69 72.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 374.28 72.25 Td (consultant, ) Tj ET Q q 0 0 0 rg BT 422.33 72.25 Td (data ) Tj ET Q q 0 0 0 rg BT 442.08 72.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 484.58 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.68 72.25 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 59.65 Td (practices ) Tj ET Q q 0 0 0 rg BT 88.22 59.65 Td (of ) Tj ET Q q 0 0 0 rg BT 98.37 59.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.18 59.65 Td (management ) Tj ET Q q 0 0 0 rg BT 175.23 59.65 Td (competitors ) Tj ET Q q 0 0 0 rg BT 226.21 59.65 Td (that ) Tj ET Q q 0 0 0 rg BT 243.36 59.65 Td (is ) Tj ET Q q 0 0 0 rg BT 251.77 59.65 Td (discussed ) Tj ET Q q 0 0 0 rg BT 293.42 59.65 Td (in ) Tj ET Q q 0 0 0 rg BT 303.00 59.65 Td (more ) Tj ET Q q 0 0 0 rg BT 325.98 59.65 Td (detail ) Tj ET Q q 0 0 0 rg BT 350.70 59.65 Td (above ) Tj ET Q q 0 0 0 rg BT 377.18 59.65 Td (and ) Tj ET Q q 0 0 0 rg BT 393.75 59.65 Td (tally ) Tj ET Q q 0 0 0 rg BT 413.81 59.65 Td (sheets ) Tj ET Q q 0 0 0 rg BT 440.88 59.65 Td (showing ) Tj ET Q q 0 0 0 rg BT 477.87 59.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 499.69 59.65 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 47.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 81.86 47.05 Td (to, ) Tj ET Q q 0 0 0 rg BT 95.28 47.05 Td (and ) Tj ET Q q 0 0 0 rg BT 113.07 47.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 164.69 47.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.56 47.05 Td (holdings ) Tj ET Q q 0 0 0 rg BT 232.36 47.05 Td (of, ) Tj ET Q q 0 0 0 rg BT 246.35 47.05 Td (named ) Tj ET Q q 0 0 0 rg BT 276.97 47.05 Td (executive ) Tj ET Q q 0 0 0 rg BT 319.82 47.05 Td (of) Tj ET Q q 0 0 0 rg BT 328.38 47.05 Td (ficers.) Tj ET Q endstream endobj 335 0 obj <> endobj 336 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (165) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (Role ) Tj ET Q q 0 0 0 rg BT 72.54 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 83.91 729.30 Td (Management) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.05 716.70 Td (management, ) Tj ET Q q 0 0 0 rg BT 128.54 716.70 Td (under ) Tj ET Q q 0 0 0 rg BT 155.67 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 171.72 716.70 Td (leadership ) Tj ET Q q 0 0 0 rg BT 218.10 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 230.06 716.70 Td (our ) Tj ET Q q 0 0 0 rg BT 247.28 716.70 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 274.13 716.70 Td (plays ) Tj ET Q q 0 0 0 rg BT 299.52 716.70 Td (an ) Tj ET Q q 0 0 0 rg BT 312.65 716.70 Td (important ) Tj ET Q q 0 0 0 rg BT 356.70 716.70 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704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.17 704.10 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 101.94 691.50 Td (implementing ) Tj ET Q q 0 0 0 rg BT 163.43 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 179.41 691.50 Td (Committee�) Tj ET Q q 0 0 0 rg BT 228.99 691.50 Td (s ) Tj ET Q q 0 0 0 rg BT 236.23 691.50 Td (decisions ) Tj ET Q q 0 0 0 rg BT 278.47 691.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 321.86 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 337.84 691.50 Td (plans ) Tj ET Q q 0 0 0 rg BT 363.17 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 381.48 691.50 Td (programs ) Tj ET Q q 0 0 0 rg BT 424.30 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 442.61 691.50 Td (assisting ) Tj ET Q q 0 0 0 rg BT 481.94 691.50 Td (and ) Tj ET Q q 0 0 0 rg BT 500.26 691.50 Td (administering ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 74.21 678.90 Td (in ) Tj ET Q q 0 0 0 rg BT 84.91 678.90 Td (support ) Tj ET Q q 0 0 0 rg BT 118.95 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 130.24 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 145.61 678.90 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 197.44 678.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 216.31 678.90 Td (CEO ) Tj ET Q q 0 0 0 rg BT 239.85 678.90 Td (also ) Tj ET Q q 0 0 0 rg BT 259.30 678.90 Td (provides ) Tj ET Q q 0 0 0 rg BT 298.01 678.90 Td (information ) Tj ET Q q 0 0 0 rg BT 350.12 678.90 Td (on ) Tj ET Q q 0 0 0 rg BT 363.16 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 378.53 678.90 Td (individual ) Tj ET Q q 0 0 0 rg BT 423.65 678.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 479.24 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 490.53 678.90 Td (the ) Tj ET Q q 0 0 0 rg BT 505.90 678.90 Td (other ) Tj ET Q q 0 0 0 rg BT 530.01 678.90 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 93.63 666.30 Td (of) Tj ET Q q 0 0 0 rg BT 102.19 666.30 Td (ficers ) Tj ET Q q 0 0 0 rg BT 129.40 666.30 Td (and ) Tj ET Q q 0 0 0 rg BT 148.46 666.30 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Tj ET Q q 0 0 0 rg BT 246.50 653.70 Td (authority ) Tj ET Q q 0 0 0 rg BT 286.38 653.70 Td (from ) Tj ET Q q 0 0 0 rg BT 308.76 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 323.56 653.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 372.19 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 382.33 653.70 Td (issue ) Tj ET Q q 0 0 0 rg BT 405.30 653.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 435.84 653.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 464.05 653.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 495.76 653.70 Td (under ) Tj ET Q q 0 0 0 rg BT 521.64 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 536.44 653.70 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 83.84 641.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 103.01 641.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 127.15 641.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 158.28 641.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 200.48 641.10 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 224.91 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.79 641.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 280.45 641.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 313.33 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.63 641.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 351.09 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.39 641.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 417.44 641.10 Td (established ) Tj ET Q q 0 0 0 rg BT 467.24 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 480.87 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.84 641.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 549.26 641.10 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.50 Td (permitted ) Tj ET Q q 0 0 0 rg BT 92.36 628.50 Td (under ) Tj ET Q q 0 0 0 rg BT 118.90 628.50 Td (that ) Tj ET Q q 0 0 0 rg BT 137.27 628.50 Td (plan.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (Role ) Tj ET Q q 0 0 0 rg BT 72.54 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 83.91 603.30 Td (Committee�) Tj ET Q q 0 0 0 rg BT 136.57 603.30 Td (s ) Tj ET Q q 0 0 0 rg BT 143.28 603.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 210.67 603.30 Td (Consultant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.19 590.70 Td (Committee�) Tj ET Q q 0 0 0 rg BT 117.77 590.70 Td (s ) Tj ET Q q 0 0 0 rg BT 124.22 590.70 Td (charter ) Tj ET Q q 0 0 0 rg BT 155.73 590.70 Td (gives ) Tj ET Q q 0 0 0 rg BT 180.26 590.70 Td (it ) Tj ET Q q 0 0 0 rg BT 188.46 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 203.66 590.70 Td (authority ) Tj ET Q q 0 0 0 rg BT 243.93 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 254.47 590.70 Td (retain ) Tj ET Q q 0 0 0 rg BT 280.74 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 298.26 590.70 Td (approve ) Tj ET Q q 0 0 0 rg BT 334.45 590.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 353.72 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 371.25 590.70 Td (other ) Tj ET Q q 0 0 0 rg BT 395.19 590.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 420.88 590.70 Td (of ) Tj ET Q q 0 0 0 rg BT 431.99 590.70 Td (engagement ) Tj ET Q q 0 0 0 rg BT 485.09 590.70 Td (for ) Tj ET Q q 0 0 0 rg BT 499.70 590.70 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (consultants ) Tj ET Q q 0 0 0 rg BT 99.95 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.32 578.10 Td (other ) Tj ET Q q 0 0 0 rg BT 143.10 578.10 Td (advisors ) Tj ET Q q 0 0 0 rg BT 181.30 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.67 578.10 Td (assist ) Tj ET Q q 0 0 0 rg BT 218.63 578.10 Td (it ) Tj ET Q q 0 0 0 rg BT 227.67 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.04 578.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 289.48 578.10 Td (its ) Tj ET Q q 0 0 0 rg BT 302.61 578.10 Td (duties. ) Tj ET Q q 0 0 0 rg BT 333.52 578.10 Td (For ) Tj ET Q q 0 0 0 rg BT 351.31 578.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 377.25 578.10 Td (year ) Tj ET Q q 0 0 0 rg BT 398.53 578.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 425.36 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.39 578.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 491.25 578.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 528.27 578.10 Td (Semler ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 81.35 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 92.78 565.50 Td (its ) Tj ET Q q 0 0 0 rg BT 105.37 565.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 159.37 565.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 220.37 565.50 Td (consultant. ) Tj ET Q q 0 0 0 rg BT 268.83 565.50 Td (Semler ) Tj ET Q q 0 0 0 rg BT 301.25 565.50 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 333.10 565.50 Td (reports ) Tj ET Q q 0 0 0 rg BT 364.94 565.50 Td (directly ) Tj ET Q q 0 0 0 rg BT 399.69 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 410.53 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 426.04 565.50 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 478.00 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 495.84 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 511.35 565.50 Td (Committee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (annually ) Tj ET Q q 0 0 0 rg BT 88.28 552.90 Td (reviews ) Tj ET Q q 0 0 0 rg BT 123.56 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 139.01 552.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 194.69 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 206.06 552.90 Td (Semler ) Tj ET Q q 0 0 0 rg BT 238.43 552.90 Td (Brossy) Tj ET Q q 0 0 0 rg BT 266.92 552.90 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.18 527.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 119.20 527.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 168.04 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 184.23 527.70 Td (independence ) Tj ET Q q 0 0 0 rg BT 245.31 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 257.42 527.70 Td (Semler ) Tj ET Q q 0 0 0 rg BT 290.52 527.70 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 323.05 527.70 Td (in ) Tj ET Q q 0 0 0 rg BT 334.57 527.70 Td (light ) Tj ET Q q 0 0 0 rg BT 357.18 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 369.29 527.70 Td (SEC ) Tj ET Q q 0 0 0 rg BT 391.90 527.70 Td (rules ) Tj ET Q q 0 0 0 rg BT 415.67 527.70 Td (and ) Tj ET Q q 0 0 0 rg BT 434.19 527.70 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 464.97 527.70 Td (Listing ) Tj ET Q q 0 0 0 rg BT 498.08 527.70 Td (Standards ) Tj ET Q q 0 0 0 rg BT 542.85 527.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.05 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.12 515.10 Td (Semler ) Tj ET Q q 0 0 0 rg BT 149.19 515.10 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 180.68 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 190.01 515.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 243.65 515.10 Td (under ) Tj ET Q q 0 0 0 rg BT 269.88 515.10 Td (those ) Tj ET Q q 0 0 0 rg BT 294.37 515.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 317.10 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.58 515.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 379.02 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 397.67 515.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 446.65 515.10 Td (also ) Tj ET Q q 0 0 0 rg BT 465.89 515.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 503.79 515.10 Td (any ) Tj ET Q q 0 0 0 rg BT 521.28 515.10 Td (potential ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 88.01 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 99.12 502.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 132.38 502.50 Td (arising ) Tj ET Q q 0 0 0 rg BT 163.31 502.50 Td (out ) Tj ET Q q 0 0 0 rg BT 179.09 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 190.19 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 205.37 502.50 Td (consultant�) Tj ET Q q 0 0 0 rg BT 251.45 502.50 Td (s ) Tj ET Q q 0 0 0 rg BT 257.89 502.50 Td (work ) Tj ET Q q 0 0 0 rg BT 281.83 502.50 Td (on ) Tj ET Q q 0 0 0 rg BT 294.68 502.50 Td (behalf ) Tj ET Q q 0 0 0 rg BT 323.28 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 334.38 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 349.56 502.50 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 401.04 502.50 Td (The ) Tj ET Q q 0 0 0 rg BT 419.72 502.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 468.73 502.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 511.34 502.50 Td (all ) Tj ET Q q 0 0 0 rg BT 524.19 502.50 Td (relevant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (factors, ) Tj ET Q q 0 0 0 rg BT 84.13 489.90 Td (including ) Tj ET Q q 0 0 0 rg BT 127.23 489.90 Td (those ) Tj ET Q q 0 0 0 rg BT 152.84 489.90 Td (cited ) Tj ET Q q 0 0 0 rg BT 176.68 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 188.29 489.90 Td (SEC ) Tj ET Q q 0 0 0 rg BT 210.99 489.90 Td (rules, ) Tj ET Q q 0 0 0 rg BT 237.46 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 256.06 489.90 Td (concluded ) Tj ET Q q 0 0 0 rg BT 302.65 489.90 Td (that ) Tj ET Q q 0 0 0 rg BT 321.83 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.10 489.90 Td (work ) Tj ET Q q 0 0 0 rg BT 363.12 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 375.30 489.90 Td (the ) Tj ET Q q 0 0 0 rg BT 391.57 489.90 Td (consultant ) Tj ET Q q 0 0 0 rg BT 438.17 489.90 Td (did ) Tj ET Q q 0 0 0 rg BT 455.03 489.90 Td (not ) Tj ET Q q 0 0 0 rg BT 471.88 489.90 Td (raise ) Tj ET Q q 0 0 0 rg BT 495.14 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 513.74 489.90 Td (conflict ) Tj ET Q q 0 0 0 rg BT 549.25 489.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (interest.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 452.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 115.24 452.10 Td (has ) Tj ET Q q 0 0 0 rg BT 130.61 452.10 Td (instructed ) Tj ET Q q 0 0 0 rg BT 173.40 452.10 Td (Semler ) Tj ET Q q 0 0 0 rg BT 204.52 452.10 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 235.06 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.61 452.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 278.06 452.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 306.84 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.37 452.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 362.65 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 374.53 452.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 434.22 452.10 Td (proposals, ) Tj ET Q q 0 0 0 rg BT 478.47 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 519.51 452.10 Td (proposed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.93 439.50 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 152.24 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 168.18 439.50 Td (design ) Tj ET Q q 0 0 0 rg BT 198.70 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 210.56 439.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 252.15 439.50 Td (plans, ) Tj ET Q q 0 0 0 rg BT 280.05 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 295.99 439.50 Td (setting ) Tj ET Q q 0 0 0 rg BT 327.09 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 338.95 439.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 395.11 439.50 Td (goals ) Tj ET Q q 0 0 0 rg BT 420.38 439.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.65 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 454.59 439.50 Td (design ) Tj ET Q q 0 0 0 rg BT 485.11 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 496.96 439.50 Td (other ) Tj ET Q q 0 0 0 rg BT 521.65 439.50 Td (forms ) Tj ET Q q 0 0 0 rg BT 549.25 439.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 110.24 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 127.82 426.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 163.48 426.90 Td (programs, ) Tj ET Q q 0 0 0 rg BT 208.18 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 219.34 426.90 Td (well ) Tj ET Q q 0 0 0 rg BT 239.84 426.90 Td (as ) Tj ET Q q 0 0 0 rg BT 251.01 426.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 287.24 426.90 Td (information ) Tj ET Q q 0 0 0 rg BT 339.23 426.90 Td (about ) Tj ET Q q 0 0 0 rg BT 364.98 426.90 Td (market ) Tj ET Q q 0 0 0 rg BT 396.55 426.90 Td (practices ) Tj ET Q q 0 0 0 rg BT 436.28 426.90 Td (and ) Tj ET Q q 0 0 0 rg BT 453.86 426.90 Td (trends. ) Tj ET Q q 0 0 0 rg BT 484.39 426.90 Td (T) Tj ET Q q 0 0 0 rg BT 490.07 426.90 Td (ypically) Tj ET Q q 0 0 0 rg BT 523.21 426.90 Td (, ) Tj ET Q q 0 0 0 rg BT 528.25 426.90 Td (Semler ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (Brossy ) Tj ET Q q 0 0 0 rg BT 80.44 414.30 Td (attends ) Tj ET Q q 0 0 0 rg BT 111.95 414.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 160.38 414.30 Td (meetings, ) Tj ET Q q 0 0 0 rg BT 202.68 414.30 Td (reviews ) Tj ET Q q 0 0 0 rg BT 237.10 414.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 272.11 414.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 332.20 414.30 Td (programs ) Tj ET Q q 0 0 0 rg BT 373.62 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 383.56 414.30 Td (ensure ) Tj ET Q q 0 0 0 rg BT 412.73 414.30 Td (consistency ) Tj ET Q q 0 0 0 rg BT 463.48 414.30 Td (with ) Tj ET Q q 0 0 0 rg BT 483.92 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 499.68 414.30 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (philosophy ) Tj ET Q q 0 0 0 rg BT 97.74 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 114.47 401.70 Td (current ) Tj ET Q q 0 0 0 rg BT 145.77 401.70 Td (market ) Tj ET Q q 0 0 0 rg BT 176.49 401.70 Td (practices ) Tj ET Q q 0 0 0 rg BT 215.36 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 232.09 401.70 Td (reviews ) Tj ET Q q 0 0 0 rg BT 266.31 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 280.71 401.70 Td (comparative ) Tj ET Q q 0 0 0 rg BT 334.17 401.70 Td (information ) Tj ET Q q 0 0 0 rg BT 385.31 401.70 Td (derived ) Tj ET Q q 0 0 0 rg BT 418.36 401.70 Td (from ) Tj ET Q q 0 0 0 rg BT 440.34 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 454.74 401.70 Td (peer ) Tj ET Q q 0 0 0 rg BT 474.37 401.70 Td (group ) Tj ET Q q 0 0 0 rg BT 500.44 401.70 Td (and ) Tj ET Q q 0 0 0 rg BT 517.16 401.70 Td (published ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (survey ) Tj ET Q q 0 0 0 rg BT 80.12 389.10 Td (data ) Tj ET Q q 0 0 0 rg BT 100.23 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 118.60 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.06 389.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 183.34 389.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 204.05 389.10 Td (when ) Tj ET Q q 0 0 0 rg BT 229.42 389.10 Td (setting ) Tj ET Q q 0 0 0 rg BT 260.04 389.10 Td (compensation.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (Other) Tj ET Q q 0 0 0 rg BT 76.14 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 78.76 363.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 146.15 363.90 Td (Policies ) Tj ET Q q 0 0 0 rg BT 182.59 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 202.15 363.90 Td (Practices) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.54 338.70 Td (ax ) Tj ET Q q 0 0 0 rg BT 68.66 338.70 Td (Deductibility ) Tj ET Q q 0 0 0 rg BT 129.63 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 140.42 338.70 Td (Annual ) Tj ET Q q 0 0 0 rg BT 176.31 338.70 Td (Compensation) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Until ) Tj ET Q q 0 0 0 rg BT 73.79 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.32 326.10 Td (enactment ) Tj ET Q q 0 0 0 rg BT 135.17 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.62 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.16 326.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 185.67 326.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.35 326.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 203.36 326.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 223.86 326.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 258.06 326.10 Td (162\(m\) ) Tj ET Q q 0 0 0 rg BT 291.67 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.12 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.66 326.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 354.01 326.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 393.45 326.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 418.32 326.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 450.77 326.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 466.30 326.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 514.50 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 529.45 326.10 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 80.58 313.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 142.00 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 153.26 313.50 Td (excess ) Tj ET Q q 0 0 0 rg BT 183.76 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 195.60 313.50 Td ($1,000,000 ) Tj ET Q q 0 0 0 rg BT 245.95 313.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 267.12 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 278.39 313.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 310.04 313.50 Td (individuals ) Tj ET Q q 0 0 0 rg BT 359.81 313.50 Td (named ) Tj ET Q q 0 0 0 rg BT 390.89 313.50 Td (in ) Tj ET Q q 0 0 0 rg BT 402.15 313.50 Td (the ) Tj ET Q q 0 0 0 rg BT 418.08 313.50 Td (summary ) Tj ET Q q 0 0 0 rg BT 460.25 313.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 521.67 313.50 Td (tables ) Tj ET Q q 0 0 0 rg BT 549.25 313.50 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (public ) Tj ET Q q 0 0 0 rg BT 78.47 300.90 Td (company ) Tj ET Q q 0 0 0 rg BT 119.69 300.90 Td (proxy ) Tj ET Q q 0 0 0 rg BT 146.92 300.90 Td (statements. ) Tj ET Q q 0 0 0 rg BT 196.60 300.90 Td (Prior ) Tj ET Q q 0 0 0 rg BT 220.33 300.90 Td (to ) Tj ET Q q 0 0 0 rg BT 231.22 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 246.78 300.90 Td (ef) Tj ET Q q 0 0 0 rg BT 254.75 300.90 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 304.12 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 315.60 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 331.16 300.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 354.69 300.90 Td (T) Tj ET Q q 0 0 0 rg BT 360.37 300.90 Td (ax ) Tj ET Q q 0 0 0 rg BT 372.41 300.90 Td (Act, ) Tj ET Q q 0 0 0 rg BT 392.92 300.90 Td (it ) Tj ET Q q 0 0 0 rg BT 401.49 300.90 Td (had ) Tj ET Q q 0 0 0 rg BT 419.38 300.90 Td (been ) Tj ET Q q 0 0 0 rg BT 441.93 300.90 Td (the ) Tj ET Q q 0 0 0 rg BT 457.48 300.90 Td (Committee�) Tj ET Q q 0 0 0 rg BT 507.06 300.90 Td (s ) Tj ET Q q 0 0 0 rg BT 513.88 300.90 Td (practice ) Tj ET Q q 0 0 0 rg BT 549.83 300.90 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (pursue ) Tj ET Q q 0 0 0 rg BT 80.10 288.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 141.02 288.30 Td (programs ) Tj ET Q q 0 0 0 rg BT 183.29 288.30 Td (that ) Tj ET Q q 0 0 0 rg BT 201.64 288.30 Td (were ) Tj ET Q q 0 0 0 rg BT 224.64 288.30 Td (designed ) Tj ET Q q 0 0 0 rg BT 264.57 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 275.34 288.30 Td (be ) Tj ET Q q 0 0 0 rg BT 287.86 288.30 Td (fully ) Tj ET Q q 0 0 0 rg BT 310.29 288.30 Td (deductible, ) Tj ET Q q 0 0 0 rg BT 359.26 288.30 Td (while ) Tj ET Q q 0 0 0 rg BT 385.19 288.30 Td (retaining ) Tj ET Q q 0 0 0 rg BT 425.12 288.30 Td (the ) Tj ET Q q 0 0 0 rg BT 440.55 288.30 Td (discretion ) Tj ET Q q 0 0 0 rg BT 484.56 288.30 Td (to ) Tj ET Q q 0 0 0 rg BT 495.33 288.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 519.51 288.30 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 81.08 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 91.08 275.70 Td (named ) Tj ET Q q 0 0 0 rg BT 120.91 275.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 162.97 275.70 Td (of) Tj ET Q q 0 0 0 rg BT 171.53 275.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 196.69 275.70 Td (that ) Tj ET Q q 0 0 0 rg BT 214.27 275.70 Td (were ) Tj ET Q q 0 0 0 rg BT 236.51 275.70 Td (not ) Tj ET Q q 0 0 0 rg BT 251.76 275.70 Td (fully ) Tj ET Q q 0 0 0 rg BT 273.43 275.70 Td (deductible ) Tj ET Q q 0 0 0 rg BT 319.01 275.70 Td (under ) Tj ET Q q 0 0 0 rg BT 344.75 275.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 378.08 275.70 Td (162\(m\) ) Tj ET Q q 0 0 0 rg BT 410.83 275.70 Td (in ) Tj ET Q q 0 0 0 rg BT 420.84 275.70 Td (order ) Tj ET Q q 0 0 0 rg BT 444.83 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 454.84 275.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 488.73 275.70 Td (the ) Tj ET Q q 0 0 0 rg BT 503.40 275.70 Td (ef) Tj ET Q q 0 0 0 rg BT 511.37 275.70 Td (fectiveness ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.50 263.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 102.99 263.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 163.57 263.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 187.99 263.10 Td (with ) Tj ET Q q 0 0 0 rg BT 208.92 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.01 263.10 Td (materiality ) Tj ET Q q 0 0 0 rg BT 271.75 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.75 263.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 318.24 263.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 333.33 263.10 Td (deductions. ) Tj ET Q q 0 0 0 rg BT 383.70 263.10 Td (In ) Tj ET Q q 0 0 0 rg BT 394.71 263.10 Td (making ) Tj ET Q q 0 0 0 rg BT 428.46 263.10 Td (these ) Tj ET Q q 0 0 0 rg BT 452.29 263.10 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 496.26 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.34 263.10 Td (Committee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (was ) Tj ET Q q 0 0 0 rg BT 68.14 250.50 Td (aware ) Tj ET Q q 0 0 0 rg BT 95.52 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 106.58 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 121.72 250.50 Td (ef) Tj ET Q q 0 0 0 rg BT 129.68 250.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 147.73 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 158.79 250.50 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 214.16 250.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 229.30 250.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 256.70 250.50 Td (and ) Tj ET Q q 0 0 0 rg BT 274.17 250.50 Td (the ) Tj ET Q q 0 0 0 rg BT 289.31 250.50 Td (amortization ) Tj ET Q q 0 0 0 rg BT 344.69 250.50 Td (of ) Tj ET Q q 0 0 0 rg BT 355.75 250.50 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 395.40 250.50 Td (for ) Tj ET Q q 0 0 0 rg BT 409.95 250.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 425.10 250.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 464.74 250.50 Td (on ) Tj ET Q q 0 0 0 rg BT 477.55 250.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 501.44 250.50 Td (Mason�) Tj ET Q q 0 0 0 rg BT 532.94 250.50 Td (s ) Tj ET Q q 0 0 0 rg BT 539.34 250.50 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.90 Td (federal ) Tj ET Q q 0 0 0 rg BT 81.56 237.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.31 237.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 136.39 237.90 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 188.39 237.90 Td (W) Tj ET Q q 0 0 0 rg BT 197.88 237.90 Td (ith ) Tj ET Q q 0 0 0 rg BT 211.89 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 227.64 237.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 264.38 237.90 Td (implemented ) Tj ET Q q 0 0 0 rg BT 322.12 237.90 Td (under ) Tj ET Q q 0 0 0 rg BT 348.94 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 364.69 237.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 388.40 237.90 Td (T) Tj ET Q q 0 0 0 rg BT 394.08 237.90 Td (ax ) Tj ET Q q 0 0 0 rg BT 406.27 237.90 Td (Act, ) Tj ET Q q 0 0 0 rg BT 426.98 237.90 Td (ef) Tj ET Q q 0 0 0 rg BT 434.95 237.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 466.43 237.90 Td (for ) Tj ET Q q 0 0 0 rg BT 481.60 237.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 506.09 237.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 537.60 237.90 Td (as ) Tj ET Q q 0 0 0 rg BT 549.26 237.90 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (April ) Tj ET Q q 0 0 0 rg BT 73.72 225.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 83.65 225.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 109.34 225.30 Td (any ) Tj ET Q q 0 0 0 rg BT 126.55 225.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 186.93 225.30 Td (\(including ) Tj ET Q q 0 0 0 rg BT 232.15 225.30 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 314.66 225.30 Td (compensation\) ) Tj ET Q q 0 0 0 rg BT 378.53 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 388.76 225.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 418.22 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 429.02 225.30 Td ($1 ) Tj ET Q q 0 0 0 rg BT 441.58 225.30 Td (million ) Tj ET Q q 0 0 0 rg BT 473.98 225.30 Td (that ) Tj ET Q q 0 0 0 rg BT 491.78 225.30 Td (is ) Tj ET Q q 0 0 0 rg BT 500.84 225.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 520.98 225.30 Td (for ) Tj ET Q q 0 0 0 rg BT 535.28 225.30 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (year ) Tj ET Q q 0 0 0 rg BT 70.29 212.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 94.01 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.90 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 112.29 212.70 Td (covered ) Tj ET Q q 0 0 0 rg BT 148.24 212.70 Td (employee ) Tj ET Q q 0 0 0 rg BT 191.78 212.70 Td (will ) Tj ET Q q 0 0 0 rg BT 210.84 212.70 Td (be ) Tj ET Q q 0 0 0 rg BT 223.47 212.70 Td (non-deductible. ) Tj ET Q q 0 0 0 rg BT 291.80 212.70 Td (However) Tj ET Q q 0 0 0 rg BT 329.86 212.70 Td (, ) Tj ET Q q 0 0 0 rg BT 335.21 212.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 396.25 212.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 436.30 212.70 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 475.18 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 486.07 212.70 Td (a ) Tj ET Q q 0 0 0 rg BT 493.46 212.70 Td (written ) Tj ET Q q 0 0 0 rg BT 525.92 212.70 Td (binding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 86.07 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.00 200.10 Td (ef) Tj ET Q q 0 0 0 rg BT 104.97 200.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 123.46 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 134.97 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.48 200.10 Td (November ) Tj ET Q q 0 0 0 rg BT 193.55 200.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 204.19 200.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 230.57 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 259.00 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 268.76 200.10 Td (not ) Tj ET Q q 0 0 0 rg BT 284.94 200.10 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 327.91 200.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 368.58 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.51 200.10 Td (any ) Tj ET Q q 0 0 0 rg BT 397.43 200.10 Td (material ) Tj ET Q q 0 0 0 rg BT 434.59 200.10 Td (respect, ) Tj ET Q q 0 0 0 rg BT 469.71 200.10 Td (can ) Tj ET Q q 0 0 0 rg BT 487.04 200.10 Td (be ) Tj ET Q q 0 0 0 rg BT 499.71 200.10 Td (grandfathered ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (under ) Tj ET Q q 0 0 0 rg BT 76.73 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 92.88 187.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 116.97 187.50 Td (T) Tj ET Q q 0 0 0 rg BT 122.65 187.50 Td (ax ) Tj ET Q q 0 0 0 rg BT 135.15 187.50 Td (Act ) Tj ET Q q 0 0 0 rg BT 153.64 187.50 Td (and ) Tj ET Q q 0 0 0 rg BT 172.12 187.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 211.60 187.50 Td (to ) Tj ET Q q 0 0 0 rg BT 223.10 187.50 Td (be ) Tj ET Q q 0 0 0 rg BT 236.33 187.50 Td (deductible ) Tj ET Q q 0 0 0 rg BT 283.39 187.50 Td (\(assuming ) Tj ET Q q 0 0 0 rg BT 329.88 187.50 Td (compliance ) Tj ET Q q 0 0 0 rg BT 381.60 187.50 Td (with ) Tj ET Q q 0 0 0 rg BT 403.59 187.50 Td (other ) Tj ET Q q 0 0 0 rg BT 428.49 187.50 Td (relevant ) Tj ET Q q 0 0 0 rg BT 465.63 187.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 523.77 187.50 Td (of ) Tj ET Q q 0 0 0 rg BT 535.84 187.50 Td (Code ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 83.24 174.90 Td (162\(m\) ) Tj ET Q q 0 0 0 rg BT 116.40 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 127.39 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 137.80 174.90 Td (ef) Tj ET Q q 0 0 0 rg BT 145.77 174.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 163.75 174.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 186.41 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 196.82 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 211.90 174.90 Td (ef) Tj ET Q q 0 0 0 rg BT 219.86 174.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 250.67 174.90 Td (date ) Tj ET Q q 0 0 0 rg BT 270.41 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 281.40 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 296.47 174.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 319.56 174.90 Td (T) Tj ET Q q 0 0 0 rg BT 325.24 174.90 Td (ax ) Tj ET Q q 0 0 0 rg BT 336.90 174.90 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 360.26 174.90 Td (The ) Tj ET Q q 0 0 0 rg BT 378.83 174.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 427.74 174.90 Td (has ) Tj ET Q q 0 0 0 rg BT 443.98 174.90 Td (considered ) Tj ET Q q 0 0 0 rg BT 491.71 174.90 Td (guidance ) Tj ET Q q 0 0 0 rg BT 531.86 174.90 Td (as ) Tj ET Q q 0 0 0 rg BT 542.85 174.90 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (when ) Tj ET Q q 0 0 0 rg BT 75.87 162.30 Td (it ) Tj ET Q q 0 0 0 rg BT 85.33 162.30 Td (became ) Tj ET Q q 0 0 0 rg BT 121.02 162.30 Td (available ) Tj ET Q q 0 0 0 rg BT 162.54 162.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 206.40 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 222.85 162.30 Td (continued ) Tj ET Q q 0 0 0 rg BT 267.88 162.30 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 324.58 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 336.96 162.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 398.90 162.30 Td (awarded ) Tj ET Q q 0 0 0 rg BT 438.09 162.30 Td (under ) Tj ET Q q 0 0 0 rg BT 465.62 162.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 525.81 162.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 549.84 162.30 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (November ) Tj ET Q q 0 0 0 rg BT 97.05 149.70 Td (2, ) Tj ET Q q 0 0 0 rg BT 108.15 149.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 132.38 149.70 Td (but ) Tj ET Q q 0 0 0 rg BT 149.02 149.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 170.33 149.70 Td (after ) Tj ET Q q 0 0 0 rg BT 192.08 149.70 Td (April ) Tj ET Q q 0 0 0 rg BT 217.47 149.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 228.58 149.70 Td (2018. ) Tj ET Q q 0 0 0 rg BT 255.43 149.70 Td (None ) Tj ET Q q 0 0 0 rg BT 281.40 149.70 Td (of ) Tj ET Q q 0 0 0 rg BT 293.38 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 309.43 149.70 Td (determinations ) Tj ET Q q 0 0 0 rg BT 375.06 149.70 Td (that ) Tj ET Q q 0 0 0 rg BT 394.04 149.70 Td (the ) Tj ET Q q 0 0 0 rg BT 410.10 149.70 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 473.99 149.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 523.88 149.70 Td (made ) Tj ET Q q 0 0 0 rg BT 549.85 149.70 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.96 137.10 Td (year ) Tj ET Q q 0 0 0 rg BT 95.75 137.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 119.48 137.10 Td (were ) Tj ET Q q 0 0 0 rg BT 142.60 137.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 181.48 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.37 137.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 225.42 137.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.89 137.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 280.44 137.10 Td (af) Tj ET Q q 0 0 0 rg BT 288.40 137.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 306.86 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.75 137.10 Td (any ) Tj ET Q q 0 0 0 rg BT 335.64 137.10 Td (material ) Tj ET Q q 0 0 0 rg BT 372.76 137.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 405.21 137.10 Td (any ) Tj ET Q q 0 0 0 rg BT 423.09 137.10 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 481.79 137.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 521.84 137.10 Td (pursuant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 124.50 Td (a ) Tj ET Q q 0 0 0 rg BT 67.58 124.50 Td (written ) Tj ET Q q 0 0 0 rg BT 99.95 124.50 Td (binding ) Tj ET Q q 0 0 0 rg BT 134.66 124.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 171.09 124.50 Td (in ) Tj ET Q q 0 0 0 rg BT 181.89 124.50 Td (ef) Tj ET Q q 0 0 0 rg BT 189.85 124.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 208.21 124.50 Td (as ) Tj ET Q q 0 0 0 rg BT 219.59 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 230.96 124.50 Td (November ) Tj ET Q q 0 0 0 rg BT 277.90 124.50 Td (2, ) Tj ET Q q 0 0 0 rg BT 288.40 124.50 Td (2017. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (Equity ) Tj ET Q q 0 0 0 rg BT 82.47 99.30 Td (Grant ) Tj ET Q q 0 0 0 rg BT 112.51 99.30 Td (Practices) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 86.70 Td (e ) Tj ET Q q 0 0 0 rg BT 65.95 86.70 Td (do ) Tj ET Q q 0 0 0 rg BT 79.17 86.70 Td (not ) Tj ET Q q 0 0 0 rg BT 95.31 86.70 Td (have ) Tj ET Q q 0 0 0 rg BT 117.85 86.70 Td (any ) Tj ET Q q 0 0 0 rg BT 135.73 86.70 Td (program, ) Tj ET Q q 0 0 0 rg BT 176.64 86.70 Td (plan ) Tj ET Q q 0 0 0 rg BT 197.44 86.70 Td (or ) Tj ET Q q 0 0 0 rg BT 208.91 86.70 Td (practice ) Tj ET Q q 0 0 0 rg BT 244.85 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 255.74 86.70 Td (time ) Tj ET Q q 0 0 0 rg BT 277.12 86.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 306.09 86.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 338.54 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 349.43 86.70 Td (our ) Tj ET Q q 0 0 0 rg BT 366.15 86.70 Td (employees ) Tj ET Q q 0 0 0 rg BT 413.77 86.70 Td (in ) Tj ET Q q 0 0 0 rg BT 424.66 86.70 Td (coordination ) Tj ET Q q 0 0 0 rg BT 480.45 86.70 Td (with ) Tj ET Q q 0 0 0 rg BT 501.84 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 517.38 86.70 Td (release ) Tj ET Q q 0 0 0 rg BT 549.25 86.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (material ) Tj ET Q q 0 0 0 rg BT 85.84 74.10 Td (non-public ) Tj ET Q q 0 0 0 rg BT 133.28 74.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 187.28 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 196.35 74.10 Td (e ) Tj ET Q q 0 0 0 rg BT 202.96 74.10 Td (do ) Tj ET Q q 0 0 0 rg BT 215.40 74.10 Td (not ) Tj ET Q q 0 0 0 rg BT 230.76 74.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 254.28 74.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.47 74.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 314.15 74.10 Td (based ) Tj ET Q q 0 0 0 rg BT 340.01 74.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.45 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.39 74.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 392.50 74.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 418.05 74.10 Td (If ) Tj ET Q q 0 0 0 rg BT 426.99 74.10 Td (we ) Tj ET Q q 0 0 0 rg BT 441.18 74.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.94 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.05 74.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 512.92 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.61 74.10 Td (material ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (non-public ) Tj ET Q q 0 0 0 rg BT 98.07 61.50 Td (information, ) Tj ET Q q 0 0 0 rg BT 153.35 61.50 Td (either ) Tj ET Q q 0 0 0 rg BT 180.33 61.50 Td (favorable ) Tj ET Q q 0 0 0 rg BT 223.06 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 234.88 61.50 Td (unfavorable, ) Tj ET Q q 0 0 0 rg BT 290.73 61.50 Td (when ) Tj ET Q q 0 0 0 rg BT 316.55 61.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 345.88 61.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 378.70 61.50 Td (are ) Tj ET Q q 0 0 0 rg BT 394.60 61.50 Td (made, ) Tj ET Q q 0 0 0 rg BT 423.04 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 438.95 61.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 488.69 61.50 Td (will ) Tj ET Q q 0 0 0 rg BT 508.11 61.50 Td (not ) Tj ET Q q 0 0 0 rg BT 524.60 61.50 Td (take ) Tj ET Q q 0 0 0 rg BT 545.17 61.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 48.90 Td (information ) Tj ET Q q 0 0 0 rg BT 100.90 48.90 Td (into ) Tj ET Q q 0 0 0 rg BT 119.06 48.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 177.45 48.90 Td (in ) Tj ET Q q 0 0 0 rg BT 187.44 48.90 Td (determining ) Tj ET Q q 0 0 0 rg BT 240.00 48.90 Td (award ) Tj ET Q q 0 0 0 rg BT 267.47 48.90 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 307.37 48.90 Td (The ) Tj ET Q q 0 0 0 rg BT 325.52 48.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 374.01 48.90 Td (customarily ) Tj ET Q q 0 0 0 rg BT 425.41 48.90 Td (authorizes ) Tj ET Q q 0 0 0 rg BT 470.38 48.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 500.19 48.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.26 48.90 Td (awards ) Tj ET Q endstream endobj 337 0 obj <> endobj 338 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (166) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.78 741.75 Td (named ) Tj ET Q q 0 0 0 rg BT 91.88 741.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 135.22 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 143.78 741.75 Td (ficers ) 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179.93 552.75 Td (embezzlement ) Tj ET Q q 0 0 0 rg BT 243.19 552.75 Td (or ) Tj ET Q q 0 0 0 rg BT 254.56 552.75 Td (fraud.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (This ) Tj ET Q q 0 0 0 rg BT 71.12 527.55 Td (clawback ) Tj ET Q q 0 0 0 rg BT 113.71 527.55 Td (provision ) Tj ET Q q 0 0 0 rg BT 156.33 527.55 Td (is ) Tj ET Q q 0 0 0 rg BT 166.29 527.55 Td (intended ) Tj ET Q q 0 0 0 rg BT 205.40 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 216.52 527.55 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 253.88 527.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 272.58 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 290.69 527.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 325.72 527.55 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 368.31 527.55 Td (safeguards ) Tj ET Q q 0 0 0 rg BT 416.16 527.55 Td (against ) Tj ET Q q 0 0 0 rg BT 448.86 527.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 480.37 527.55 Td (types ) Tj ET Q q 0 0 0 rg BT 505.49 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 517.19 527.55 Td (employee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 100.54 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 118.32 514.95 Td (allows ) Tj ET Q q 0 0 0 rg BT 148.36 514.95 Td (for ) Tj ET Q q 0 0 0 rg BT 163.23 514.95 Td (recovery ) Tj ET Q q 0 0 0 rg BT 202.58 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 213.95 514.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 260.90 514.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 321.85 514.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 342.55 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 353.34 514.95 Td (an ) Tj ET Q q 0 0 0 rg BT 365.88 514.95 Td (employee ) Tj ET Q q 0 0 0 rg BT 409.32 514.95 Td (who ) Tj ET Q q 0 0 0 rg BT 430.03 514.95 Td (engages ) Tj ET Q q 0 0 0 rg BT 466.47 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 477.26 514.95 Td (such ) Tj ET Q q 0 0 0 rg BT 499.13 514.95 Td (misconduct.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 77.21 489.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 129.43 489.75 Td (Guidelines) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.53 477.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 96.89 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 108.33 477.15 Td (Directors ) Tj ET Q q 0 0 0 rg BT 150.10 477.15 Td (has ) Tj ET Q q 0 0 0 rg BT 166.80 477.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 202.74 477.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 227.60 477.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 274.04 477.15 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 319.90 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 334.85 477.15 Td (directors ) Tj ET Q q 0 0 0 rg BT 374.28 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 392.14 477.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 435.07 477.15 Td (of) Tj ET Q q 0 0 0 rg BT 443.62 477.15 Td (ficers ) Tj ET Q q 0 0 0 rg BT 469.64 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 481.09 477.15 Td (shown ) Tj ET Q q 0 0 0 rg BT 511.21 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 522.07 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 537.60 477.15 Td (table ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (below) Tj ET Q q 0 0 0 rg BT 74.48 464.55 Td (. ) Tj ET Q q 0 0 0 rg BT 80.75 464.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 123.47 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 142.28 464.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 186.16 464.55 Td (of) Tj ET Q q 0 0 0 rg BT 194.71 464.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 221.68 464.55 Td (are ) Tj ET Q q 0 0 0 rg BT 238.15 464.55 Td (permitted ) Tj ET Q q 0 0 0 rg BT 282.03 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 290.34 464.55 Td (five-year ) Tj ET Q q 0 0 0 rg BT 331.88 464.55 Td (grace ) Tj ET Q q 0 0 0 rg BT 358.26 464.55 Td (period ) Tj ET Q q 0 0 0 rg BT 388.73 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 400.55 464.55 Td (reach ) Tj ET Q q 0 0 0 rg BT 426.93 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.40 464.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 490.20 464.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 537.59 464.55 Td (level ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (established ) Tj ET Q q 0 0 0 rg BT 98.56 451.95 Td (under ) Tj ET Q q 0 0 0 rg BT 124.86 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 140.09 451.95 Td (guidelines. ) Tj ET Q q 0 0 0 rg BT 188.27 451.95 Td (Our ) Tj ET Q q 0 0 0 rg BT 207.00 451.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 235.64 451.95 Td (award ) Tj ET Q q 0 0 0 rg BT 263.69 451.95 Td (retention ) Tj ET Q q 0 0 0 rg BT 303.41 451.95 Td (policy ) Tj ET Q q 0 0 0 rg BT 332.05 451.95 Td (requires ) Tj ET Q q 0 0 0 rg BT 368.27 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 386.41 451.95 Td (executives ) Tj ET Q q 0 0 0 rg BT 433.12 451.95 Td (retain ) Tj ET Q q 0 0 0 rg BT 459.42 451.95 Td (50% ) Tj ET Q q 0 0 0 rg BT 481.07 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 492.21 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 507.44 451.95 Td (net ) Tj ET Q q 0 0 0 rg BT 522.67 451.95 Td (after) Tj ET Q q 0 0 0 rg BT 541.69 451.95 Td (-tax ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.02 439.35 Td (received ) Tj ET Q q 0 0 0 rg BT 115.87 439.35 Td (from ) Tj ET Q q 0 0 0 rg BT 138.56 439.35 Td (all ) Tj ET Q q 0 0 0 rg BT 151.34 439.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.87 439.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 211.89 439.35 Td (until ) Tj ET Q q 0 0 0 rg BT 233.43 439.35 Td (they ) Tj ET Q q 0 0 0 rg BT 253.79 439.35 Td (have ) Tj ET Q q 0 0 0 rg BT 275.90 439.35 Td (reached ) Tj ET Q q 0 0 0 rg BT 310.82 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 325.93 439.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 371.96 439.35 Td (level ) Tj ET Q q 0 0 0 rg BT 394.65 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 405.10 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 420.21 439.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 466.24 439.35 Td (guidelines. ) Tj ET Q q 0 0 0 rg BT 514.31 439.35 Td (From ) Tj ET Q q 0 0 0 rg BT 539.35 439.35 Td (time ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 426.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 84.21 426.75 Td (our ) Tj ET Q q 0 0 0 rg BT 100.83 426.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 143.68 426.75 Td (of) Tj ET Q q 0 0 0 rg BT 152.24 426.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 178.18 426.75 Td (may ) Tj ET Q q 0 0 0 rg BT 198.88 426.75 Td (implement ) Tj ET Q q 0 0 0 rg BT 246.42 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 253.70 426.75 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 286.07 426.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 306.78 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 321.65 426.75 Td (individual ) Tj ET Q q 0 0 0 rg BT 366.85 426.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.21 426.75 Td (planning ) Tj ET Q q 0 0 0 rg BT 445.58 426.75 Td (purposes.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Executive ) Tj ET Q q 0 0 0 rg BT 93.55 401.55 Td (of) Tj ET Q q 0 0 0 rg BT 102.11 401.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 127.50 401.55 Td (are ) Tj ET Q q 0 0 0 rg BT 142.38 401.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 181.76 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 192.00 401.55 Td (own ) Tj ET Q q 0 0 0 rg BT 212.15 401.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 240.46 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 251.28 401.55 Td (common ) Tj ET Q q 0 0 0 rg BT 290.10 401.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 316.96 401.55 Td (including ) Tj ET Q q 0 0 0 rg BT 358.69 401.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 399.82 401.55 Td (stock, ) Tj ET Q q 0 0 0 rg BT 426.68 401.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 467.82 401.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 492.05 401.55 Td (units ) Tj ET Q q 0 0 0 rg BT 514.54 401.55 Td (and ) Tj ET Q q 0 0 0 rg BT 531.77 401.55 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 388.95 Td (phantom ) Tj ET Q q 0 0 0 rg BT 100.24 388.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 125.03 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 136.40 388.95 Td (shown ) Tj ET Q q 0 0 0 rg BT 166.45 388.95 Td (below) Tj ET Q q 0 0 0 rg BT 191.43 388.95 Td (. ) Tj ET Q q 0 0 0 rg BT 196.10 388.95 Td (As ) Tj ET Q q 0 0 0 rg BT 210.39 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 221.76 388.95 Td (May ) Tj ET Q q 0 0 0 rg BT 243.64 388.95 Td (15, ) Tj ET Q q 0 0 0 rg BT 259.39 388.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 285.64 388.95 Td (all ) Tj ET Q q 0 0 0 rg BT 298.76 388.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 341.61 388.95 Td (of) Tj ET Q q 0 0 0 rg BT 350.17 388.95 Td (ficers ) Tj ET Q q 0 0 0 rg BT 376.11 388.95 Td (were ) Tj ET Q q 0 0 0 rg BT 399.14 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 409.93 388.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 460.95 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 482.24 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 497.69 388.95 Td (guidelines.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 363.45 m 207.75 363.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.75 363.45 m 557.75 363.45 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.25 368.24 Td (T) Tj ET Q q 0 0 0 rg BT 58.16 368.24 Td (itle) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 210.25 368.24 Td (Guideline Shar) Tj ET Q q 0 0 0 rg BT 278.04 368.24 Td (es) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 353.22 Td (Directors) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.25 353.22 Td (Required to own shares with value at least equal to 5x annual cash retainer) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 338.22 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 132.79 338.22 Td (ficer) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.25 338.22 Td (Required to own shares with value at least equal to 8x base salary) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 323.22 Td (Senior Executive ) Tj ET Q q 0 0 0 rg BT 125.80 323.22 Td (V) Tj ET Q q 0 0 0 rg BT 132.97 323.22 Td (ice Presidents) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.25 323.22 Td (Required to own shares with value at least equal to 5x base salary) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.25 308.22 Td (Other Executive Of) Tj ET Q q 0 0 0 rg BT 133.37 308.22 Td (ficers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.25 308.22 Td (Required to own shares with value at least equal to 2x base salary) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 278.75 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 90.05 278.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.60 278.75 Td (Pledging ) Tj ET Q q 0 0 0 rg BT 151.32 278.75 Td (Policies) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 266.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.14 266.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 96.12 266.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.17 266.15 Td (Directors ) Tj ET Q q 0 0 0 rg BT 148.56 266.15 Td (has ) Tj ET Q q 0 0 0 rg BT 164.87 266.15 Td (adopted ) Tj ET Q q 0 0 0 rg BT 200.42 266.15 Td (a ) Tj ET Q q 0 0 0 rg BT 207.39 266.15 Td (policy ) Tj ET Q q 0 0 0 rg BT 235.95 266.15 Td (regarding ) Tj ET Q q 0 0 0 rg BT 278.49 266.15 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 330.97 266.15 Td (and ) Tj ET Q q 0 0 0 rg BT 348.44 266.15 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 400.93 266.15 Td (of ) Tj ET Q q 0 0 0 rg BT 411.99 266.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 435.88 266.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 466.78 266.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 508.74 266.15 Td (that, ) Tj ET Q q 0 0 0 rg BT 529.43 266.15 Td (among ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 253.55 Td (other ) Tj ET Q q 0 0 0 rg BT 73.82 253.55 Td (things ) Tj ET Q q 0 0 0 rg BT 102.24 253.55 Td (and ) Tj ET Q q 0 0 0 rg BT 120.15 253.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 152.64 253.55 Td (to ) Tj ET Q q 0 0 0 rg BT 163.56 253.55 Td (certain ) Tj ET Q q 0 0 0 rg BT 194.87 253.55 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 245.15 253.55 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 285.23 253.55 Td (directors ) Tj ET Q q 0 0 0 rg BT 324.71 253.55 Td (or ) Tj ET Q q 0 0 0 rg BT 336.21 253.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 379.18 253.55 Td (of) Tj ET Q q 0 0 0 rg BT 387.74 253.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 413.81 253.55 Td (from ) Tj ET Q q 0 0 0 rg BT 436.96 253.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 469.46 253.55 Td (in ) Tj ET Q q 0 0 0 rg BT 480.37 253.55 Td (listed ) Tj ET Q q 0 0 0 rg BT 505.87 253.55 Td (and ) Tj ET Q q 0 0 0 rg BT 523.78 253.55 Td (over ) Tj ET Q q 0 0 0 rg BT 545.18 253.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.95 Td (counter ) Tj ET Q q 0 0 0 rg BT 84.76 240.95 Td (options ) Tj ET Q q 0 0 0 rg BT 119.45 240.95 Td (and ) Tj ET Q q 0 0 0 rg BT 138.38 240.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 188.22 240.95 Td (that ) Tj ET Q q 0 0 0 rg BT 207.74 240.95 Td (relate ) Tj ET Q q 0 0 0 rg BT 234.83 240.95 Td (specifically ) Tj ET Q q 0 0 0 rg BT 286.99 240.95 Td (to ) Tj ET Q q 0 0 0 rg BT 298.93 240.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 342.36 240.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 372.38 240.95 Td (by ) Tj ET Q q 0 0 0 rg BT 386.65 240.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.00 240.95 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 446.98 240.95 Td (Over ) Tj ET Q q 0 0 0 rg BT 471.74 240.95 Td (time, ) Tj ET Q q 0 0 0 rg BT 496.80 240.95 Td (our ) Tj ET Q q 0 0 0 rg BT 514.57 240.95 Td (Board ) Tj ET Q q 0 0 0 rg BT 544.00 240.95 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 228.35 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 105.55 228.35 Td (our ) Tj ET Q q 0 0 0 rg BT 121.95 228.35 Td (policies ) Tj ET Q q 0 0 0 rg BT 157.01 228.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 191.48 228.35 Td (to ) Tj ET Q q 0 0 0 rg BT 202.05 228.35 Td (hedging ) Tj ET Q q 0 0 0 rg BT 238.28 228.35 Td (and ) Tj ET Q q 0 0 0 rg BT 255.84 228.35 Td (pledging ) Tj ET Q q 0 0 0 rg BT 294.99 228.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 337.64 228.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 361.61 228.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 392.60 228.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 437.28 228.35 Td (to ) Tj ET Q q 0 0 0 rg BT 447.85 228.35 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 483.50 228.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 526.13 228.35 Td (of) Tj ET Q q 0 0 0 rg BT 534.68 228.35 Td (ficers ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 215.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.04 215.75 Td (directors, ) Tj ET Q q 0 0 0 rg BT 106.79 215.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.33 215.75 Td (their ) Tj ET Q q 0 0 0 rg BT 143.96 215.75 Td (related ) Tj ET Q q 0 0 0 rg BT 173.91 215.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 214.65 215.75 Td (from ) Tj ET Q q 0 0 0 rg BT 236.45 215.75 Td (pledging ) Tj ET Q q 0 0 0 rg BT 274.58 215.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 297.54 215.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 327.51 215.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 368.54 215.75 Td (or ) Tj ET Q q 0 0 0 rg BT 378.67 215.75 Td (engaging ) Tj ET Q q 0 0 0 rg BT 418.55 215.75 Td (in ) Tj ET Q q 0 0 0 rg BT 428.10 215.75 Td (any ) Tj ET Q q 0 0 0 rg BT 444.64 215.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 496.18 215.75 Td (that ) Tj ET Q q 0 0 0 rg BT 513.31 215.75 Td (ef) Tj ET Q q 0 0 0 rg BT 521.28 215.75 Td (fectively ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 203.15 Td (hedge ) Tj ET Q q 0 0 0 rg BT 76.84 203.15 Td (the ) Tj ET Q q 0 0 0 rg BT 91.93 203.15 Td (value ) Tj ET Q q 0 0 0 rg BT 116.93 203.15 Td (of ) Tj ET Q q 0 0 0 rg BT 127.94 203.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 151.78 203.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 182.63 203.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 227.01 203.15 Td (The ) Tj ET Q q 0 0 0 rg BT 245.60 203.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 273.53 203.15 Td (has, ) Tj ET Q q 0 0 0 rg BT 292.41 203.15 Td (however) Tj ET Q q 0 0 0 rg BT 328.14 203.15 Td (, ) Tj ET Q q 0 0 0 rg BT 333.03 203.15 Td (authorized ) Tj ET Q q 0 0 0 rg BT 379.45 203.15 Td (T) Tj ET Q q 0 0 0 rg BT 385.49 203.15 Td (rian, ) Tj ET Q q 0 0 0 rg BT 406.71 203.15 Td (an ) Tj ET Q q 0 0 0 rg BT 418.88 203.15 Td (institutional ) Tj ET Q q 0 0 0 rg BT 471.32 203.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 519.66 203.15 Td (manager) Tj ET Q q 0 0 0 rg BT 555.38 203.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 190.55 Td (and ) Tj ET Q q 0 0 0 rg BT 67.18 190.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 93.04 190.55 Td (managed ) Tj ET Q q 0 0 0 rg BT 133.46 190.55 Td (by ) Tj ET Q q 0 0 0 rg BT 146.30 190.55 Td (T) Tj ET Q q 0 0 0 rg BT 152.35 190.55 Td (rian ) Tj ET Q q 0 0 0 rg BT 171.19 190.55 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 222.99 190.55 Td (, ) Tj ET Q q 0 0 0 rg BT 228.14 190.55 Td (�T) Tj ET Q q 0 0 0 rg BT 238.84 190.55 Td (rian ) Tj ET Q q 0 0 0 rg BT 257.69 190.55 Td (Funds�\), ) Tj ET Q q 0 0 0 rg BT 296.67 190.55 Td (af) Tj ET Q q 0 0 0 rg BT 304.64 190.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 336.90 190.55 Td (with ) Tj ET Q q 0 0 0 rg BT 358.09 190.55 Td (our ) Tj ET Q q 0 0 0 rg BT 374.61 190.55 Td (directors, ) Tj ET Q q 0 0 0 rg BT 416.49 190.55 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 451.39 190.55 Td (Peltz ) Tj ET Q q 0 0 0 rg BT 474.91 190.55 Td (and ) Tj ET Q q 0 0 0 rg BT 492.59 190.55 Td (Garden, ) Tj ET Q q 0 0 0 rg BT 528.64 190.55 Td (to ) Tj ET Q q 0 0 0 rg BT 539.33 190.55 Td (hold ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.62 177.95 Td (of ) Tj ET Q q 0 0 0 rg BT 90.24 177.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 114.69 177.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 146.16 177.95 Td (common ) Tj ET Q q 0 0 0 rg BT 185.78 177.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 210.82 177.95 Td (along ) Tj ET Q q 0 0 0 rg BT 237.03 177.95 Td (with ) Tj ET Q q 0 0 0 rg BT 258.57 177.95 Td (other ) Tj ET Q q 0 0 0 rg BT 283.02 177.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 331.98 177.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 374.51 177.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 405.38 177.95 Td (by ) Tj ET Q q 0 0 0 rg BT 418.76 177.95 Td (such ) Tj ET Q q 0 0 0 rg BT 440.68 177.95 Td (T) Tj ET Q q 0 0 0 rg 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BT 420.68 489.70 Td (made ) Tj ET Q q 0 0 0 rg BT 445.92 489.70 Td (in ) Tj ET Q q 0 0 0 rg BT 456.59 489.70 Td (May ) Tj ET Q q 0 0 0 rg BT 478.34 489.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 501.84 489.70 Td (\(during ) Tj ET Q q 0 0 0 rg BT 535.25 489.70 Td (fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.10 Td (year ) Tj ET Q q 0 0 0 rg BT 70.19 477.10 Td (2021\) ) Tj ET Q q 0 0 0 rg BT 97.31 477.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.69 477.10 Td (are ) Tj ET Q q 0 0 0 rg BT 131.13 477.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 166.99 477.10 Td (part ) Tj ET Q q 0 0 0 rg BT 185.94 477.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.31 477.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 222.67 477.10 Td (year ) Tj ET Q q 0 0 0 rg BT 243.37 477.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 266.99 477.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 308.10 477.10 Td (compensation.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 425.6 m 162.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 425.6 m 204.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 425.6 m 258.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 425.6 m 315.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 425.6 m 376.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 425.6 m 435.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 425.6 m 504.25 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 425.6 m 557.25 425.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 410.6 m 204.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 395.6 m 204.25 395.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 410.6 m 258.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 395.6 m 258.25 395.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 410.6 m 315.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 395.6 m 315.25 395.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 410.6 m 376.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 395.6 m 376.25 395.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 410.6 m 435.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 395.6 m 435.25 395.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 410.6 m 504.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 395.6 m 504.25 395.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 410.6 m 557.25 410.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 395.6 m 557.25 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 380.6 m 162.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 380.6 m 204.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 380.6 m 258.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 380.6 m 315.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 380.6 m 376.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 380.6 m 435.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 380.6 m 504.25 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 380.6 m 557.25 380.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 365.6 m 204.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 350.6 m 204.25 350.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 365.6 m 258.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 350.6 m 258.25 350.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 365.6 m 315.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 350.6 m 315.25 350.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 365.6 m 376.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 350.6 m 376.25 350.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 365.6 m 435.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 350.6 m 435.25 350.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 365.6 m 504.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 350.6 m 504.25 350.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 365.6 m 557.25 365.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 350.6 m 557.25 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 335.6 m 162.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 335.6 m 204.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 335.6 m 258.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 335.6 m 315.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 335.6 m 376.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 335.6 m 435.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 335.6 m 504.25 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 335.6 m 557.25 335.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 320.6 m 204.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 305.6 m 204.25 305.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 320.6 m 258.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 305.6 m 258.25 305.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 320.6 m 315.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 305.6 m 315.25 305.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 320.6 m 376.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 305.6 m 376.25 305.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 320.6 m 435.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 305.6 m 435.25 305.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 320.6 m 504.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 305.6 m 504.25 305.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 320.6 m 557.25 320.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 305.6 m 557.25 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 290.6 m 162.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 290.6 m 204.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 290.6 m 258.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 290.6 m 315.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 290.6 m 376.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 290.6 m 435.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 290.6 m 504.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 290.6 m 557.25 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 251.60000000000002 m 162.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 251.60000000000002 m 204.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 251.60000000000002 m 258.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 251.60000000000002 m 315.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 251.60000000000002 m 376.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 251.60000000000002 m 435.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 251.60000000000002 m 504.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 251.60000000000002 m 557.25 251.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 236.60000000000002 m 204.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 236.60000000000002 m 258.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 236.60000000000002 m 315.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 236.60000000000002 m 376.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 236.60000000000002 m 435.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 236.60000000000002 m 504.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 236.60000000000002 m 557.25 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 206.60000000000002 m 162.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 221.60000000000002 m 204.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 206.60000000000002 m 204.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 221.60000000000002 m 258.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 206.60000000000002 m 258.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 221.60000000000002 m 315.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 206.60000000000002 m 315.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 221.60000000000002 m 376.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 206.60000000000002 m 376.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 221.60000000000002 m 435.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 206.60000000000002 m 435.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 221.60000000000002 m 504.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 206.60000000000002 m 504.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 221.60000000000002 m 557.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 206.60000000000002 m 557.25 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 176.60000000000002 m 162.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 191.60000000000002 m 204.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 176.60000000000002 m 204.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 191.60000000000002 m 258.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 176.60000000000002 m 258.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 191.60000000000002 m 315.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 176.60000000000002 m 315.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 191.60000000000002 m 376.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 176.60000000000002 m 376.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 191.60000000000002 m 435.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 176.60000000000002 m 435.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 191.60000000000002 m 504.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 176.60000000000002 m 504.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 191.60000000000002 m 557.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 176.60000000000002 m 557.25 176.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 161.60000000000002 m 204.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 161.60000000000002 m 258.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 161.60000000000002 m 315.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 161.60000000000002 m 376.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 161.60000000000002 m 435.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 161.60000000000002 m 504.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 161.60000000000002 m 557.25 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 131.60000000000002 m 162.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 162.25 146.60000000000002 m 204.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.25 131.60000000000002 m 204.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 204.25 146.60000000000002 m 258.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 131.60000000000002 m 258.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 258.25 146.60000000000002 m 315.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.25 131.60000000000002 m 315.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 315.25 146.60000000000002 m 376.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 131.60000000000002 m 376.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 376.25 146.60000000000002 m 435.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 131.60000000000002 m 435.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 435.25 146.60000000000002 m 504.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 131.60000000000002 m 504.25 131.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 504.25 146.60000000000002 m 557.25 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 131.60000000000002 m 557.25 131.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 440.28 Td (Name and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 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(2019 ) Tj ET Q q 0 0 0 rg BT 247.00 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.80 742.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 281.05 742.10 Td (See ) Tj ET Q q 0 0 0 rg BT 294.86 742.10 Td (�Compensation ) Tj ET Q q 0 0 0 rg BT 346.88 742.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 384.24 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.54 742.10 Td (Analysis-Determination ) Tj ET Q q 0 0 0 rg BT 476.66 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.58 742.10 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 506.60 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 511.58 742.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 523.60 742.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 541.68 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 546.01 742.10 Td (otal ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 732.50 Td (Direct ) Tj ET Q q 0 0 0 rg BT 89.49 732.50 Td (Compensation� ) Tj ET Q q 0 0 0 rg BT 141.26 732.50 Td (for ) Tj ET Q q 0 0 0 rg BT 152.59 732.50 Td (discussion ) Tj ET Q q 0 0 0 rg BT 187.92 732.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 220.57 732.50 Td (the ) Tj ET Q q 0 0 0 rg BT 232.35 732.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 251.67 732.50 Td (year ) Tj ET Q q 0 0 0 rg BT 267.44 732.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 285.44 732.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 316.76 732.50 Td (awards.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 720.50 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 720.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 720.50 Td (Does ) Tj ET Q q 0 0 0 rg BT 86.32 720.50 Td (not ) Tj ET Q q 0 0 0 rg BT 98.91 720.50 Td (include ) Tj ET Q q 0 0 0 rg BT 124.84 720.50 Td ($5,810,000, ) Tj ET Q q 0 0 0 rg BT 165.21 720.50 Td ($1,718,750, ) Tj ET Q q 0 0 0 rg BT 205.59 720.50 Td ($1,467,730, ) Tj ET Q q 0 0 0 rg BT 245.96 720.50 Td ($990,000, ) Tj ET Q q 0 0 0 rg BT 280.34 720.50 Td (and ) Tj ET Q q 0 0 0 rg BT 294.26 720.50 Td ($508,750 ) Tj ET Q q 0 0 0 rg BT 326.64 720.50 Td (awarded ) Tj ET Q q 0 0 0 rg BT 356.11 720.50 Td (as ) Tj ET Q q 0 0 0 rg BT 365.14 720.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 396.84 720.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 443.65 720.50 Td (for ) Tj ET Q q 0 0 0 rg BT 455.35 720.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 475.05 720.50 Td (year ) Tj ET Q q 0 0 0 rg BT 491.19 720.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 509.57 720.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.49 720.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 539.64 720.50 Td (in ) Tj ET Q q 0 0 0 rg BT 548.24 720.50 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 710.90 Td (form ) Tj ET Q q 0 0 0 rg BT 85.05 710.90 Td (of ) Tj ET Q q 0 0 0 rg BT 93.71 710.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 122.36 710.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 138.57 710.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 153.02 710.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 177.68 710.90 Td (to ) Tj ET Q q 0 0 0 rg BT 185.90 710.90 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 212.57 710.90 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 243.23 710.90 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 275.14 710.90 Td (, ) Tj ET Q q 0 0 0 rg BT 279.14 710.90 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 307.37 710.90 Td (and ) Tj ET Q q 0 0 0 rg BT 320.92 710.90 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 355.57 710.90 Td (and ) Tj ET Q q 0 0 0 rg BT 369.13 710.90 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 383.35 710.90 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 404.46 710.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 442.59 710.90 Td (, ) Tj ET Q q 0 0 0 rg BT 446.59 710.90 Td (on ) Tj ET Q q 0 0 0 rg BT 456.59 710.90 Td (May ) Tj ET Q q 0 0 0 rg BT 473.25 710.90 Td (15, ) Tj ET Q q 0 0 0 rg BT 485.25 710.90 Td (2020. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 698.90 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 698.90 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 698.90 Td (Represents ) Tj ET Q q 0 0 0 rg BT 103.77 698.90 Td (the ) Tj ET Q q 0 0 0 rg BT 114.71 698.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 146.97 698.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 159.23 698.90 Td (value ) Tj ET Q q 0 0 0 rg BT 177.73 698.90 Td (of ) Tj ET Q q 0 0 0 rg BT 185.56 698.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 216.49 698.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 234.54 698.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 248.15 698.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 271.97 698.90 Td (and ) Tj ET Q q 0 0 0 rg BT 284.69 698.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 326.28 698.90 Td (share ) Tj ET Q q 0 0 0 rg BT 344.32 698.90 Td (unit ) Tj ET Q q 0 0 0 rg BT 357.94 698.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 381.76 698.90 Td (made ) Tj ET Q q 0 0 0 rg BT 400.25 698.90 Td (during ) Tj ET Q q 0 0 0 rg BT 422.30 698.90 Td (each ) Tj ET Q q 0 0 0 rg BT 438.12 698.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 456.61 698.90 Td (year) Tj ET Q q 0 0 0 rg BT 470.06 698.90 Td (, ) Tj ET Q q 0 0 0 rg BT 473.23 698.90 Td (as ) Tj ET Q q 0 0 0 rg BT 481.06 698.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 514.65 698.90 Td (in ) Tj ET Q q 0 0 0 rg BT 522.04 698.90 Td (accordance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 689.30 Td (with ) Tj ET Q q 0 0 0 rg BT 83.87 689.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 121.12 689.30 Td (guidance ) Tj ET Q q 0 0 0 rg BT 152.14 689.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 187.16 689.30 Td (for ) Tj ET Q q 0 0 0 rg BT 198.64 689.30 Td (the ) Tj ET Q q 0 0 0 rg BT 210.56 689.30 Td (type ) Tj ET Q q 0 0 0 rg BT 226.48 689.30 Td (of ) Tj ET Q q 0 0 0 rg BT 235.29 689.30 Td (award. ) Tj ET Q q 0 0 0 rg BT 258.98 689.30 Td (For ) Tj ET Q q 0 0 0 rg BT 272.25 689.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 304.16 689.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 323.19 689.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 337.79 689.30 Td (awards, ) Tj ET Q q 0 0 0 rg BT 364.59 689.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 383.18 689.30 Td (Mason�) Tj ET Q q 0 0 0 rg BT 407.18 689.30 Td (s ) Tj ET Q q 0 0 0 rg BT 412.44 689.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.47 689.30 Td (price ) Tj ET Q q 0 0 0 rg BT 449.61 689.30 Td (is ) Tj ET Q q 0 0 0 rg BT 457.09 689.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 491.66 689.30 Td (as ) Tj ET Q q 0 0 0 rg BT 500.48 689.30 Td (the ) Tj ET Q q 0 0 0 rg BT 512.40 689.30 Td (average ) Tj ET Q q 0 0 0 rg BT 539.41 689.30 Td (of ) Tj ET Q q 0 0 0 rg BT 548.23 689.30 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 679.70 Td (high ) Tj ET Q q 0 0 0 rg BT 83.49 679.70 Td (and ) Tj ET Q q 0 0 0 rg BT 96.81 679.70 Td (low ) Tj ET Q q 0 0 0 rg BT 110.58 679.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 135.01 679.70 Td (prices ) Tj ET Q q 0 0 0 rg BT 155.88 679.70 Td (of ) Tj ET Q q 0 0 0 rg BT 164.31 679.70 Td (our ) Tj ET Q q 0 0 0 rg BT 176.74 679.70 Td (common ) Tj ET Q q 0 0 0 rg BT 206.51 679.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.16 679.70 Td (on ) Tj ET Q q 0 0 0 rg BT 234.93 679.70 Td (the ) Tj ET Q q 0 0 0 rg BT 246.47 679.70 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 269.13 679.70 Td (on ) Tj ET Q q 0 0 0 rg BT 278.90 679.70 Td (the ) Tj ET Q q 0 0 0 rg BT 290.44 679.70 Td (grant ) Tj ET Q q 0 0 0 rg BT 308.65 679.70 Td (date. ) Tj ET Q q 0 0 0 rg BT 325.74 679.70 Td (Performance ) Tj ET Q q 0 0 0 rg BT 368.38 679.70 Td (share ) Tj ET Q q 0 0 0 rg BT 387.03 679.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 401.24 679.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 425.66 679.70 Td (are ) Tj ET Q q 0 0 0 rg BT 437.20 679.70 Td (valued ) Tj ET Q q 0 0 0 rg BT 460.29 679.70 Td (for ) Tj ET Q q 0 0 0 rg BT 471.39 679.70 Td (purposes ) Tj ET Q q 0 0 0 rg BT 501.60 679.70 Td (of ) Tj ET Q q 0 0 0 rg BT 510.03 679.70 Td (this ) Tj ET Q q 0 0 0 rg BT 523.36 679.70 Td (table ) Tj ET Q q 0 0 0 rg BT 540.67 679.70 Td (using ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.00 670.10 Td (Monte-Carlo ) Tj ET Q q 0 0 0 rg BT 116.27 670.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 152.00 670.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 176.61 670.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 200.41 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.80 670.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 240.75 670.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 269.35 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 280.63 670.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 322.99 670.10 Td (share ) Tj ET Q q 0 0 0 rg BT 341.82 670.10 Td (units ) Tj ET Q q 0 0 0 rg BT 359.33 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.50 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.22 670.10 Td (table ) Tj ET Q q 0 0 0 rg BT 396.72 670.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 431.10 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.82 670.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 461.21 670.10 Td (date ) Tj ET Q q 0 0 0 rg BT 476.48 670.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 489.53 670.10 Td (value ) Tj ET Q q 0 0 0 rg BT 508.80 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 517.42 670.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 551.79 670.10 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 660.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 104.64 660.50 Td (with ) Tj ET Q q 0 0 0 rg BT 120.03 660.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 156.30 660.50 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 188.26 660.50 Td (The ) Tj ET Q q 0 0 0 rg BT 201.86 660.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 231.02 660.50 Td (value ) Tj ET Q q 0 0 0 rg BT 249.52 660.50 Td (of ) Tj ET Q q 0 0 0 rg BT 257.35 660.50 Td (the ) Tj ET Q q 0 0 0 rg BT 268.29 660.50 Td (May ) Tj ET Q q 0 0 0 rg BT 284.12 660.50 Td (15, ) Tj ET Q q 0 0 0 rg BT 295.29 660.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 312.46 660.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 354.05 660.50 Td (share ) Tj ET Q q 0 0 0 rg BT 372.10 660.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 385.71 660.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 409.54 660.50 Td (to ) Tj ET Q q 0 0 0 rg BT 416.93 660.50 Td (be ) Tj ET Q q 0 0 0 rg BT 425.65 660.50 Td (distributed ) Tj ET Q q 0 0 0 rg BT 461.04 660.50 Td (to ) Tj ET Q q 0 0 0 rg BT 468.43 660.50 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 494.26 660.50 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 524.10 660.50 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 556.01 660.50 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 650.90 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 97.12 650.90 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 131.17 650.90 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 153.46 650.90 Td (and ) Tj ET Q q 0 0 0 rg BT 166.41 650.90 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 189.80 650.90 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 210.30 650.90 Td (and ) Tj ET Q q 0 0 0 rg BT 223.25 650.90 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 254.42 650.90 Td (is ) Tj ET Q q 0 0 0 rg BT 261.15 650.90 Td ($3,825,000, ) Tj ET Q q 0 0 0 rg BT 300.55 650.90 Td ($1,134,375, ) Tj ET Q q 0 0 0 rg BT 339.95 650.90 Td ($912,189, ) Tj ET Q q 0 0 0 rg BT 373.34 650.90 Td ($643,125, ) Tj ET Q q 0 0 0 rg BT 406.74 650.90 Td ($896,250, ) Tj ET Q q 0 0 0 rg BT 440.14 650.90 Td ($318,750 ) Tj ET Q q 0 0 0 rg BT 471.53 650.90 Td (and ) Tj ET Q q 0 0 0 rg BT 484.48 650.90 Td ($628,125, ) Tj ET Q q 0 0 0 rg BT 517.88 650.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 556.01 650.90 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 641.30 Td (if ) Tj ET Q q 0 0 0 rg BT 74.14 641.30 Td (the ) Tj ET Q q 0 0 0 rg BT 85.67 641.30 Td (maximum ) Tj ET Q q 0 0 0 rg BT 119.87 641.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 145.63 641.30 Td (is ) Tj ET Q q 0 0 0 rg BT 152.72 641.30 Td (earned. ) Tj ET Q q 0 0 0 rg BT 177.66 641.30 Td (The ) Tj ET Q q 0 0 0 rg BT 191.86 641.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 221.61 641.30 Td (value ) Tj ET Q q 0 0 0 rg BT 240.69 641.30 Td (of ) Tj ET Q q 0 0 0 rg BT 249.11 641.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.64 641.30 Td (May ) Tj ET Q q 0 0 0 rg BT 277.06 641.30 Td (15, ) Tj ET Q q 0 0 0 rg BT 288.82 641.30 Td (2018 ) Tj ET Q q 0 0 0 rg BT 306.57 641.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.75 641.30 Td (share ) Tj ET Q q 0 0 0 rg BT 367.38 641.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 381.59 641.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 406.00 641.30 Td (to ) Tj ET Q q 0 0 0 rg BT 413.98 641.30 Td (be ) Tj ET Q q 0 0 0 rg BT 423.29 641.30 Td (distributed ) Tj ET Q q 0 0 0 rg BT 459.26 641.30 Td (to ) Tj ET Q q 0 0 0 rg BT 467.24 641.30 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 493.67 641.30 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 524.09 641.30 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 556.00 641.30 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 631.70 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 98.00 631.70 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 132.92 631.70 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 156.08 631.70 Td (and ) Tj ET Q q 0 0 0 rg BT 169.90 631.70 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 194.17 631.70 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 215.54 631.70 Td (and ) Tj ET Q q 0 0 0 rg BT 229.36 631.70 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 261.41 631.70 Td (is ) Tj ET Q q 0 0 0 rg BT 269.01 631.70 Td ($4,500,000, ) Tj ET Q q 0 0 0 rg BT 309.28 631.70 Td ($1,218,750, ) Tj ET Q q 0 0 0 rg BT 349.55 631.70 Td ($0, ) Tj ET Q q 0 0 0 rg BT 361.82 631.70 Td ($688,125, ) Tj ET Q q 0 0 0 rg BT 396.09 631.70 Td ($993,750, ) Tj ET Q q 0 0 0 rg BT 430.36 631.70 Td ($341,250 ) Tj ET Q q 0 0 0 rg BT 462.63 631.70 Td (and ) Tj ET Q q 0 0 0 rg BT 476.45 631.70 Td ($690,000, ) Tj ET Q q 0 0 0 rg BT 510.72 631.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 548.85 631.70 Td (, ) Tj ET Q q 0 0 0 rg BT 553.12 631.70 Td (if ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.23 622.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 113.64 622.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 139.59 622.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.89 622.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 172.17 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.99 622.10 Td (The ) Tj ET Q q 0 0 0 rg BT 188.39 622.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 218.34 622.10 Td (value ) Tj ET Q q 0 0 0 rg BT 237.62 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.25 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.98 622.10 Td (May ) Tj ET Q q 0 0 0 rg BT 274.61 622.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 286.57 622.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 304.53 622.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 346.91 622.10 Td (share ) Tj ET Q q 0 0 0 rg BT 365.75 622.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 380.16 622.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 404.77 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.96 622.10 Td (be ) Tj ET Q q 0 0 0 rg BT 422.47 622.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 458.65 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.83 622.10 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 493.46 622.10 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 524.09 622.10 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 556.00 622.10 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 612.50 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 97.49 612.50 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 131.91 612.50 Td (and ) Tj ET Q q 0 0 0 rg BT 145.23 612.50 Td (Hoops, ) Tj ET Q q 0 0 0 rg BT 169.88 612.50 Td (is ) Tj ET Q q 0 0 0 rg BT 176.98 612.50 Td ($2,490,000, ) Tj ET Q q 0 0 0 rg BT 216.75 612.50 Td ($714,000, ) Tj ET Q q 0 0 0 rg BT 250.52 612.50 Td ($833,340, ) Tj ET Q q 0 0 0 rg BT 284.28 612.50 Td ($375,000 ) Tj ET Q q 0 0 0 rg BT 316.05 612.50 Td (and ) Tj ET Q q 0 0 0 rg BT 329.36 612.50 Td ($585,000, ) Tj ET Q q 0 0 0 rg BT 363.13 612.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 401.26 612.50 Td (, ) Tj ET Q q 0 0 0 rg BT 405.02 612.50 Td (if ) Tj ET Q q 0 0 0 rg BT 411.68 612.50 Td (the ) Tj ET Q q 0 0 0 rg BT 423.21 612.50 Td (maximum ) Tj ET Q q 0 0 0 rg BT 457.42 612.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 483.18 612.50 Td (is ) Tj ET Q q 0 0 0 rg BT 490.29 612.50 Td (earned. ) Tj ET Q q 0 0 0 rg BT 515.37 612.50 Td (No ) Tj ET Q q 0 0 0 rg BT 526.91 612.50 Td (assurance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 602.90 Td (can ) Tj ET Q q 0 0 0 rg BT 80.41 602.90 Td (be ) Tj ET Q q 0 0 0 rg BT 89.76 602.90 Td (given ) Tj ET Q q 0 0 0 rg BT 109.34 602.90 Td (of ) Tj ET Q q 0 0 0 rg BT 117.81 602.90 Td (the ) Tj ET Q q 0 0 0 rg BT 129.39 602.90 Td (number ) Tj ET Q q 0 0 0 rg BT 155.63 602.90 Td (of ) Tj ET Q q 0 0 0 rg BT 164.10 602.90 Td (shares, ) Tj ET Q q 0 0 0 rg BT 187.89 602.90 Td (if ) Tj ET Q q 0 0 0 rg BT 194.59 602.90 Td (any) Tj ET Q q 0 0 0 rg BT 205.62 602.90 Td (, ) Tj ET Q q 0 0 0 rg BT 209.42 602.90 Td (that ) Tj ET Q q 0 0 0 rg BT 223.22 602.90 Td (will ) Tj ET Q q 0 0 0 rg BT 237.47 602.90 Td (be ) Tj ET Q q 0 0 0 rg BT 246.83 602.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 269.95 602.90 Td (and ) Tj ET Q q 0 0 0 rg BT 283.30 602.90 Td (distributed ) Tj ET Q q 0 0 0 rg BT 319.33 602.90 Td (at ) Tj ET Q q 0 0 0 rg BT 326.91 602.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.48 602.90 Td (end ) Tj ET Q q 0 0 0 rg BT 351.84 602.90 Td (of ) Tj ET Q q 0 0 0 rg BT 360.31 602.90 Td (a ) Tj ET Q q 0 0 0 rg BT 365.66 602.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 407.89 602.90 Td (period ) Tj ET Q q 0 0 0 rg BT 430.13 602.90 Td (for ) Tj ET Q q 0 0 0 rg BT 441.26 602.90 Td (any ) Tj ET Q q 0 0 0 rg BT 454.62 602.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 496.84 602.90 Td (share ) Tj ET Q q 0 0 0 rg BT 515.52 602.90 Td (units. ) Tj ET Q q 0 0 0 rg BT 534.89 602.90 Td (See ) Tj ET Q q 0 0 0 rg BT 548.24 602.90 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 593.30 Td (�Stock-Based ) Tj ET Q q 0 0 0 rg BT 113.54 593.30 Td (Compensation� ) Tj ET Q q 0 0 0 rg BT 165.36 593.30 Td (footnote ) Tj ET Q q 0 0 0 rg BT 194.07 593.30 Td (to ) Tj ET Q q 0 0 0 rg BT 202.34 593.30 Td (our ) Tj ET Q q 0 0 0 rg BT 215.06 593.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 257.54 593.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.58 593.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 323.40 593.30 Td (included ) Tj ET Q q 0 0 0 rg BT 353.00 593.30 Td (in ) Tj ET Q q 0 0 0 rg BT 361.27 593.30 Td (this ) Tj ET Q q 0 0 0 rg BT 374.43 593.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 400.03 593.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 423.85 593.30 Td (on ) Tj ET Q q 0 0 0 rg BT 433.90 593.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 453.29 593.30 Td (10-K ) Tj ET Q q 0 0 0 rg BT 471.78 593.30 Td (for ) Tj ET Q q 0 0 0 rg BT 483.16 593.30 Td (the ) Tj ET Q q 0 0 0 rg BT 494.98 593.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 514.36 593.30 Td (year ) Tj ET Q q 0 0 0 rg BT 530.18 593.30 Td (in ) Tj ET Q q 0 0 0 rg BT 538.45 593.30 Td (which ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.17 583.70 Td (award ) Tj ET Q q 0 0 0 rg BT 100.60 583.70 Td (was ) Tj ET Q q 0 0 0 rg BT 114.93 583.70 Td (made ) Tj ET Q q 0 0 0 rg BT 134.15 583.70 Td (for ) Tj ET Q q 0 0 0 rg BT 145.37 583.70 Td (a ) Tj ET Q q 0 0 0 rg BT 150.81 583.70 Td (discussion ) Tj ET Q q 0 0 0 rg BT 186.04 583.70 Td (of ) Tj ET Q q 0 0 0 rg BT 194.59 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 206.26 583.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 247.71 583.70 Td (used ) Tj ET Q q 0 0 0 rg BT 264.26 583.70 Td (in ) Tj ET Q q 0 0 0 rg BT 272.38 583.70 Td (estimating ) Tj ET Q q 0 0 0 rg BT 307.60 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 319.26 583.70 Td (value ) Tj ET Q q 0 0 0 rg BT 338.48 583.70 Td (of ) Tj ET Q q 0 0 0 rg BT 347.04 583.70 Td (each ) Tj ET Q q 0 0 0 rg BT 363.58 583.70 Td (award. ) Tj ET Q q 0 0 0 rg BT 386.60 583.70 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 417.82 583.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 446.37 583.70 Td (may ) Tj ET Q q 0 0 0 rg BT 462.03 583.70 Td (not ) Tj ET Q q 0 0 0 rg BT 474.15 583.70 Td (represent ) Tj ET Q q 0 0 0 rg BT 505.35 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 517.02 583.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 546.02 583.70 Td (that ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.42 574.10 Td (named ) Tj ET Q q 0 0 0 rg BT 102.90 574.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 135.70 574.10 Td (of) Tj ET Q q 0 0 0 rg BT 142.22 574.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 162.14 574.10 Td (will ) Tj ET Q q 0 0 0 rg BT 176.73 574.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 204.21 574.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 227.67 574.10 Td (from ) Tj ET Q q 0 0 0 rg BT 245.37 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.30 574.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 283.95 574.10 Td (Whether) Tj ET Q q 0 0 0 rg BT 311.17 574.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.32 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.02 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.39 574.10 Td (what ) Tj ET Q q 0 0 0 rg BT 355.10 574.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 378.79 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.50 574.10 Td (named ) Tj ET Q q 0 0 0 rg BT 407.97 574.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 440.77 574.10 Td (of) Tj ET Q q 0 0 0 rg BT 447.29 574.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 464.10 574.10 Td (realizes ) Tj ET Q q 0 0 0 rg BT 490.67 574.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.15 574.10 Td (will ) Tj ET Q q 0 0 0 rg BT 524.75 574.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 550.00 574.10 Td (on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 564.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 85.94 564.50 Td (Mason�) Tj ET Q q 0 0 0 rg BT 109.94 564.50 Td (s ) Tj ET Q q 0 0 0 rg BT 115.05 564.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 136.15 564.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 168.36 564.50 Td (performance, ) Tj ET Q q 0 0 0 rg BT 212.78 564.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 231.66 564.50 Td (price ) Tj ET Q q 0 0 0 rg BT 249.65 564.50 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 289.42 564.50 Td (and ) Tj ET Q q 0 0 0 rg BT 302.97 564.50 Td (the ) Tj ET Q q 0 0 0 rg BT 314.75 564.50 Td (named ) Tj ET Q q 0 0 0 rg BT 338.07 564.50 Td (executive ) Tj ET Q q 0 0 0 rg BT 370.72 564.50 Td (of) Tj ET Q q 0 0 0 rg BT 377.24 564.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 392.19 564.50 Td (�) Tj ET Q q 0 0 0 rg BT 394.41 564.50 Td (s ) Tj ET Q q 0 0 0 rg BT 399.52 564.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 433.07 564.50 Td (employment.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 552.50 Td ( ) Tj ET Q q 0 0 0 rg BT 51.50 552.50 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 552.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 552.50 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.21 552.50 Td (the ) Tj ET Q q 0 0 0 rg BT 115.59 552.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 148.29 552.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 166.33 552.50 Td (date ) Tj ET Q q 0 0 0 rg BT 181.26 552.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 193.97 552.50 Td (value, ) Tj ET Q q 0 0 0 rg BT 214.90 552.50 Td (as ) Tj ET Q q 0 0 0 rg BT 223.18 552.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 257.21 552.50 Td (in ) Tj ET Q q 0 0 0 rg BT 265.04 552.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 302.61 552.50 Td (with ) Tj ET Q q 0 0 0 rg BT 318.44 552.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 355.15 552.50 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 387.63 552.50 Td (of ) Tj ET Q q 0 0 0 rg BT 395.90 552.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 414.39 552.50 Td (options ) Tj ET Q q 0 0 0 rg BT 439.56 552.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 465.16 552.50 Td (during ) Tj ET Q q 0 0 0 rg BT 487.65 552.50 Td (each ) Tj ET Q q 0 0 0 rg BT 503.91 552.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 522.84 552.50 Td (year) Tj ET Q q 0 0 0 rg BT 536.17 552.50 Td (. ) Tj ET Q q 0 0 0 rg BT 539.77 552.50 Td (Stock ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 542.90 Td (option ) Tj ET Q q 0 0 0 rg BT 89.95 542.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 114.60 542.90 Td (are ) Tj ET Q q 0 0 0 rg BT 126.37 542.90 Td (valued ) Tj ET Q q 0 0 0 rg BT 149.69 542.90 Td (for ) Tj ET Q q 0 0 0 rg BT 161.02 542.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 191.46 542.90 Td (of ) Tj ET Q q 0 0 0 rg BT 200.13 542.90 Td (this ) Tj ET Q q 0 0 0 rg BT 213.68 542.90 Td (table ) Tj ET Q q 0 0 0 rg BT 231.23 542.90 Td (using ) Tj ET Q q 0 0 0 rg BT 250.57 542.90 Td (the ) Tj ET Q q 0 0 0 rg BT 262.34 542.90 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 310.55 542.90 Td (option ) Tj ET Q q 0 0 0 rg BT 333.00 542.90 Td (pricing ) Tj ET Q q 0 0 0 rg BT 357.66 542.90 Td (model.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 530.90 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 530.90 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 530.90 Td (See ) Tj ET Q q 0 0 0 rg BT 80.93 530.90 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 530.90 Td (�Stock-Based ) Tj ET Q q 0 0 0 rg BT 138.44 530.90 Td (Compensation� ) Tj ET Q q 0 0 0 rg BT 190.08 530.90 Td (footnote ) Tj ET Q q 0 0 0 rg BT 218.62 530.90 Td (to ) Tj ET Q q 0 0 0 rg BT 226.71 530.90 Td (our ) Tj ET Q q 0 0 0 rg BT 239.25 530.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 281.56 530.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.42 530.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 347.07 530.90 Td (included ) Tj ET Q q 0 0 0 rg BT 376.49 530.90 Td (in ) Tj ET Q q 0 0 0 rg BT 384.59 530.90 Td (this ) Tj ET Q q 0 0 0 rg BT 397.61 530.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 423.03 530.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 446.68 530.90 Td (on ) Tj ET Q q 0 0 0 rg BT 456.56 530.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 475.77 530.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 494.08 530.90 Td (for ) Tj ET Q q 0 0 0 rg BT 505.29 530.90 Td (the ) Tj ET Q q 0 0 0 rg BT 516.93 530.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 536.13 530.90 Td (year ) Tj ET Q q 0 0 0 rg BT 551.77 530.90 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 521.30 Td (which ) Tj ET Q q 0 0 0 rg BT 88.64 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 100.00 521.30 Td (award ) Tj ET Q q 0 0 0 rg BT 121.13 521.30 Td (was ) Tj ET Q q 0 0 0 rg BT 135.15 521.30 Td (made ) Tj ET Q q 0 0 0 rg BT 154.06 521.30 Td (for ) Tj ET Q q 0 0 0 rg BT 164.98 521.30 Td (a ) Tj ET Q q 0 0 0 rg BT 170.11 521.30 Td (discussion ) Tj ET Q q 0 0 0 rg BT 205.04 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 213.29 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 224.64 521.30 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 265.79 521.30 Td (used ) Tj ET Q q 0 0 0 rg BT 282.04 521.30 Td (in ) Tj ET Q q 0 0 0 rg BT 289.85 521.30 Td (estimating ) Tj ET Q q 0 0 0 rg BT 324.76 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 336.12 521.30 Td (value ) Tj ET Q q 0 0 0 rg BT 355.03 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 363.28 521.30 Td (each ) Tj ET Q q 0 0 0 rg BT 379.52 521.30 Td (award. ) Tj ET Q q 0 0 0 rg BT 402.30 521.30 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 433.22 521.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 461.46 521.30 Td (may ) Tj ET Q q 0 0 0 rg BT 476.82 521.30 Td (not ) Tj ET Q q 0 0 0 rg BT 488.63 521.30 Td (represent ) Tj ET Q q 0 0 0 rg BT 519.53 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 530.89 521.30 Td (amounts ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 511.70 Td (that ) Tj ET Q q 0 0 0 rg BT 81.47 511.70 Td (the ) Tj ET Q q 0 0 0 rg BT 93.22 511.70 Td (named ) Tj ET Q q 0 0 0 rg BT 116.53 511.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 149.15 511.70 Td (of) Tj ET Q q 0 0 0 rg BT 155.67 511.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 175.42 511.70 Td (will ) Tj ET Q q 0 0 0 rg BT 189.84 511.70 Td (actually ) Tj ET Q q 0 0 0 rg BT 217.14 511.70 Td (realize ) Tj ET Q q 0 0 0 rg BT 240.43 511.70 Td (from ) Tj ET Q q 0 0 0 rg BT 257.95 511.70 Td (the ) Tj ET Q q 0 0 0 rg BT 269.71 511.70 Td (awards. ) Tj ET Q q 0 0 0 rg BT 296.20 511.70 Td (Whether) Tj ET Q q 0 0 0 rg BT 323.41 511.70 Td (, ) Tj ET Q q 0 0 0 rg BT 327.39 511.70 Td (and ) Tj ET Q q 0 0 0 rg BT 340.92 511.70 Td (to ) Tj ET Q q 0 0 0 rg BT 349.12 511.70 Td (what ) Tj ET Q q 0 0 0 rg BT 366.65 511.70 Td (extent, ) Tj ET Q q 0 0 0 rg BT 390.17 511.70 Td (a ) Tj ET Q q 0 0 0 rg BT 395.70 511.70 Td (named ) Tj ET Q q 0 0 0 rg BT 419.00 511.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 451.63 511.70 Td (of) Tj ET Q q 0 0 0 rg BT 458.15 511.70 Td (ficer ) Tj ET Q q 0 0 0 rg BT 474.78 511.70 Td (realizes ) Tj ET Q q 0 0 0 rg BT 501.18 511.70 Td (value ) Tj ET Q q 0 0 0 rg BT 520.48 511.70 Td (will ) Tj ET Q q 0 0 0 rg BT 534.91 511.70 Td (depend ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 77.50 502.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 95.94 502.10 Td (Mason�) Tj ET Q q 0 0 0 rg BT 119.94 502.10 Td (s ) Tj ET Q q 0 0 0 rg BT 125.05 502.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 146.15 502.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 178.36 502.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 222.78 502.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 241.66 502.10 Td (price ) Tj ET Q q 0 0 0 rg BT 259.65 502.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 299.42 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.97 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.75 502.10 Td (named ) Tj ET Q q 0 0 0 rg BT 348.07 502.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 380.72 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 387.24 502.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 402.19 502.10 Td (�) Tj ET Q q 0 0 0 rg BT 404.41 502.10 Td (s ) Tj ET Q q 0 0 0 rg BT 409.52 502.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 443.07 502.10 Td (employment.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 490.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.41 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 107.54 490.10 Td (all ) Tj ET Q q 0 0 0 rg BT 117.34 490.10 Td (named ) Tj ET Q q 0 0 0 rg BT 140.46 490.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 172.92 490.10 Td (of) Tj ET Q q 0 0 0 rg BT 179.44 490.10 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 201.01 490.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 220.58 490.10 Td (Life ) Tj ET Q q 0 0 0 rg BT 235.71 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.67 490.10 Td (Accidental ) Tj ET Q q 0 0 0 rg BT 285.12 490.10 Td (Death ) Tj ET Q q 0 0 0 rg BT 306.02 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.38 490.10 Td (Dismemberment ) Tj ET Q q 0 0 0 rg BT 374.50 490.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 406.96 490.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 440.76 490.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 456.34 490.10 Td (by ) Tj ET Q q 0 0 0 rg BT 466.14 490.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 484.38 490.10 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 509.96 490.10 Td (Includes ) Tj ET Q q 0 0 0 rg BT 538.87 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.00 490.10 Td (all ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 480.50 Td (named ) Tj ET Q q 0 0 0 rg BT 90.36 480.50 Td (executive ) Tj ET Q q 0 0 0 rg BT 122.54 480.50 Td (of) Tj ET Q q 0 0 0 rg BT 129.06 480.50 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 150.35 480.50 Td (dividends ) Tj ET Q q 0 0 0 rg BT 183.00 480.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 198.30 480.50 Td (on ) Tj ET Q q 0 0 0 rg BT 207.83 480.50 Td (unvested ) Tj ET Q q 0 0 0 rg BT 237.80 480.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 269.10 480.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.52 480.50 Td (units ) Tj ET Q q 0 0 0 rg BT 304.61 480.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 319.69 480.50 Td (for ) Tj ET Q q 0 0 0 rg BT 330.55 480.50 Td (executives ) Tj ET Q q 0 0 0 rg BT 365.84 480.50 Td (who ) Tj ET Q q 0 0 0 rg BT 381.15 480.50 Td (elected ) Tj ET Q q 0 0 0 rg BT 405.33 480.50 Td (to ) Tj ET Q q 0 0 0 rg BT 413.09 480.50 Td (defer ) Tj ET Q q 0 0 0 rg BT 431.05 480.50 Td (receipt ) Tj ET Q q 0 0 0 rg BT 454.35 480.50 Td (of ) Tj ET Q q 0 0 0 rg BT 462.54 480.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 484.07 480.50 Td (after ) Tj ET Q q 0 0 0 rg BT 500.25 480.50 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 526.89 480.50 Td (dividends ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 470.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 82.44 470.90 Td (on ) Tj ET Q q 0 0 0 rg BT 91.61 470.90 Td (vested ) Tj ET Q q 0 0 0 rg BT 113.21 470.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 141.02 470.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 171.95 470.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 190.00 470.90 Td (units, ) Tj ET Q q 0 0 0 rg BT 208.72 470.90 Td (with ) Tj ET Q q 0 0 0 rg BT 224.11 470.90 Td ($463,718, ) Tj ET Q q 0 0 0 rg BT 257.28 470.90 Td ($92,542, ) Tj ET Q q 0 0 0 rg BT 286.45 470.90 Td ($43,599, ) Tj ET Q q 0 0 0 rg BT 315.61 470.90 Td ($55,874, ) Tj ET Q q 0 0 0 rg BT 344.78 470.90 Td ($41,421, ) Tj ET Q q 0 0 0 rg BT 373.94 470.90 Td ($26,275 ) Tj ET Q q 0 0 0 rg BT 401.11 470.90 Td (and ) Tj ET Q q 0 0 0 rg BT 413.83 470.90 Td ($39,886, ) Tj ET Q q 0 0 0 rg BT 442.99 470.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 457.93 470.90 Td (for ) Tj ET Q q 0 0 0 rg BT 468.43 470.90 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 494.26 470.90 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 524.09 470.90 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 556.00 470.90 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 461.30 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 97.86 461.30 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 130.65 461.30 Td (and ) Tj ET Q q 0 0 0 rg BT 144.33 461.30 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 167.36 461.30 Td (and ) Tj ET Q q 0 0 0 rg BT 181.04 461.30 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 205.17 461.30 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 226.41 461.30 Td (and ) Tj ET Q q 0 0 0 rg BT 240.10 461.30 Td (Cashman, ) Tj ET Q q 0 0 0 rg BT 274.00 461.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 312.13 461.30 Td (. ) Tj ET Q q 0 0 0 rg BT 316.27 461.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 345.50 461.30 Td (contributions ) Tj ET Q q 0 0 0 rg BT 389.86 461.30 Td (made ) Tj ET Q q 0 0 0 rg BT 409.31 461.30 Td (by ) Tj ET Q q 0 0 0 rg BT 419.45 461.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 438.02 461.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 461.93 461.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 491.61 461.30 Td (to ) Tj ET Q q 0 0 0 rg BT 499.97 461.30 Td (our ) Tj ET Q q 0 0 0 rg BT 512.77 461.30 Td (Profit ) Tj ET Q q 0 0 0 rg BT 533.13 461.30 Td (Sharing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 451.70 Td (and ) Tj ET Q q 0 0 0 rg BT 81.60 451.70 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 105.48 451.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 122.25 451.70 Td (and ) Tj ET Q q 0 0 0 rg BT 136.17 451.70 Td (T) Tj ET Q q 0 0 0 rg BT 140.77 451.70 Td (rust, ) Tj ET Q q 0 0 0 rg BT 157.32 451.70 Td (with ) Tj ET Q q 0 0 0 rg BT 174.10 451.70 Td ($16,000, ) Tj ET Q q 0 0 0 rg BT 204.65 451.70 Td ($15,344, ) Tj ET Q q 0 0 0 rg BT 235.19 451.70 Td ($15,409, ) Tj ET Q q 0 0 0 rg BT 265.74 451.70 Td ($12,122, ) Tj ET Q q 0 0 0 rg BT 296.29 451.70 Td ($15,370 ) Tj ET Q q 0 0 0 rg BT 324.84 451.70 Td (and ) Tj ET Q q 0 0 0 rg BT 338.94 451.70 Td ($12,122 ) Tj ET Q q 0 0 0 rg BT 367.49 451.70 Td (contributed ) Tj ET Q q 0 0 0 rg BT 406.48 451.70 Td (for ) Tj ET Q q 0 0 0 rg BT 418.36 451.70 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 445.57 451.70 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 476.79 451.70 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 508.70 451.70 Td (, ) Tj ET Q q 0 0 0 rg BT 513.25 451.70 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 546.45 451.70 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 89.82 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.81 442.10 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 126.24 442.10 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 146.78 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.76 442.10 Td (Cashman, ) Tj ET Q q 0 0 0 rg BT 192.97 442.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 231.10 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.53 442.10 Td (Includes ) Tj ET Q q 0 0 0 rg BT 263.06 442.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 291.60 442.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 320.15 442.10 Td (credited ) Tj ET Q q 0 0 0 rg BT 347.34 442.10 Td (under ) Tj ET Q q 0 0 0 rg BT 366.99 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.08 442.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 408.94 442.10 Td (Compensation/Phantom ) Tj ET Q q 0 0 0 rg BT 487.26 442.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 506.91 442.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 522.57 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 533.33 442.10 Td (Messrs. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 432.50 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 96.36 432.50 Td (and ) Tj ET Q q 0 0 0 rg BT 110.11 432.50 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 142.96 432.50 Td (and ) Tj ET Q q 0 0 0 rg BT 156.71 432.50 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 180.90 432.50 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 202.21 432.50 Td (and ) Tj ET Q q 0 0 0 rg BT 215.95 432.50 Td (Cashman, ) Tj ET Q q 0 0 0 rg BT 249.92 432.50 Td (and ) Tj ET Q q 0 0 0 rg BT 263.67 432.50 Td (matching ) Tj ET Q q 0 0 0 rg BT 295.63 432.50 Td (contributions ) Tj ET Q q 0 0 0 rg BT 340.05 432.50 Td (under ) Tj ET Q q 0 0 0 rg BT 360.46 432.50 Td (the ) Tj ET Q q 0 0 0 rg BT 372.43 432.50 Td (Employee ) Tj ET Q q 0 0 0 rg BT 407.06 432.50 Td (Stock ) Tj ET Q q 0 0 0 rg BT 427.48 432.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 458.55 432.50 Td (Plan ) Tj ET Q q 0 0 0 rg BT 474.97 432.50 Td (for ) Tj ET Q q 0 0 0 rg BT 486.50 432.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 495.83 432.50 Td (. ) Tj ET Q q 0 0 0 rg BT 500.03 432.50 Td (Sullivan. ) Tj ET Q q 0 0 0 rg BT 530.89 432.50 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 422.90 Td (stipend ) Tj ET Q q 0 0 0 rg BT 92.90 422.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 122.29 422.90 Td (of ) Tj ET Q q 0 0 0 rg BT 131.25 422.90 Td ($250 ) Tj ET Q q 0 0 0 rg BT 149.54 422.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 165.60 422.90 Td (to ) Tj ET Q q 0 0 0 rg BT 174.11 422.90 Td (each ) Tj ET Q q 0 0 0 rg BT 191.05 422.90 Td (named ) Tj ET Q q 0 0 0 rg BT 214.66 422.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 247.60 422.90 Td (of) Tj ET Q q 0 0 0 rg BT 254.12 422.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 271.06 422.90 Td (who ) Tj ET Q q 0 0 0 rg BT 287.12 422.90 Td (was ) Tj ET Q q 0 0 0 rg BT 301.85 422.90 Td (employed ) Tj ET Q q 0 0 0 rg BT 335.69 422.90 Td (by ) Tj ET Q q 0 0 0 rg BT 345.97 422.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 364.70 422.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 388.77 422.90 Td (at ) Tj ET Q q 0 0 0 rg BT 396.83 422.90 Td (March ) Tj ET Q q 0 0 0 rg BT 419.99 422.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 432.28 422.90 Td (2020, ) Tj ET Q q 0 0 0 rg BT 452.57 422.90 Td (except ) Tj ET Q q 0 0 0 rg BT 475.73 422.90 Td (for ) Tj ET Q q 0 0 0 rg BT 487.35 422.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 496.69 422.90 Td (. ) Tj ET Q q 0 0 0 rg BT 500.97 422.90 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 529.49 422.90 Td (who ) Tj ET Q q 0 0 0 rg BT 545.55 422.90 Td (was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 413.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 83.45 413.30 Td (the ) Tj ET Q q 0 0 0 rg BT 95.40 413.30 Td (stipend ) Tj ET Q q 0 0 0 rg BT 120.69 413.30 Td (in ) Tj ET Q q 0 0 0 rg BT 129.09 413.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 148.59 413.30 Td (year ) Tj ET Q q 0 0 0 rg BT 164.54 413.30 Td (2021, ) Tj ET Q q 0 0 0 rg BT 184.71 413.30 Td (for ) Tj ET Q q 0 0 0 rg BT 196.22 413.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 225.94 413.30 Td (of ) Tj ET Q q 0 0 0 rg BT 234.79 413.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 268.96 413.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 300.01 413.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 328.84 413.30 Td (as ) Tj ET Q q 0 0 0 rg BT 337.68 413.30 Td (a ) Tj ET Q q 0 0 0 rg BT 343.41 413.30 Td (result ) Tj ET Q q 0 0 0 rg BT 363.36 413.30 Td (of ) Tj ET Q q 0 0 0 rg BT 372.21 413.30 Td (all ) Tj ET Q q 0 0 0 rg BT 382.38 413.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 418.77 413.30 Td (being ) Tj ET Q q 0 0 0 rg BT 438.72 413.30 Td (required ) Tj ET Q q 0 0 0 rg BT 467.55 413.30 Td (to ) Tj ET Q q 0 0 0 rg BT 475.95 413.30 Td (work ) Tj ET Q q 0 0 0 rg BT 494.57 413.30 Td (remotely ) Tj ET Q q 0 0 0 rg BT 525.18 413.30 Td (during ) Tj ET Q q 0 0 0 rg BT 548.24 413.30 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 403.70 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 105.55 403.70 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 140.70 403.70 Td ( ) Tj ET Q q 0 0 0 rg BT 142.75 403.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 171.91 403.70 Td (for ) Tj ET Q q 0 0 0 rg BT 183.29 403.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 192.62 403.70 Td (. ) Tj ET Q q 0 0 0 rg BT 196.68 403.70 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 226.96 403.70 Td (contributions ) Tj ET Q q 0 0 0 rg BT 271.23 403.70 Td (made ) Tj ET Q q 0 0 0 rg BT 290.60 403.70 Td (by ) Tj ET Q q 0 0 0 rg BT 300.66 403.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 319.15 403.70 Td (Mason ) Tj ET Q q 0 0 0 rg BT 342.98 403.70 Td (in ) Tj ET Q q 0 0 0 rg BT 351.25 403.70 Td (the ) Tj ET Q q 0 0 0 rg BT 363.08 403.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 389.13 403.70 Td (of ) Tj ET Q q 0 0 0 rg BT 397.84 403.70 Td ($23,019 ) Tj ET Q q 0 0 0 rg BT 425.90 403.70 Td (to ) Tj ET Q q 0 0 0 rg BT 434.17 403.70 Td (a ) Tj ET Q q 0 0 0 rg BT 439.78 403.70 Td (pension ) Tj ET Q q 0 0 0 rg BT 466.71 403.70 Td (scheme ) Tj ET Q q 0 0 0 rg BT 492.76 403.70 Td (registered ) Tj ET Q q 0 0 0 rg BT 526.35 403.70 Td (in ) Tj ET Q q 0 0 0 rg BT 534.62 403.70 Td (the ) Tj ET Q q 0 0 0 rg BT 546.45 403.70 Td (UK ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.27 394.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 115.48 394.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 131.47 394.10 Td (by ) Tj ET Q q 0 0 0 rg BT 141.68 394.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 160.34 394.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 184.33 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.77 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.76 394.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 230.97 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.85 394.10 Td ($22,189 ) Tj ET Q q 0 0 0 rg BT 268.07 394.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.61 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.38 394.10 Td (health ) Tj ET Q q 0 0 0 rg BT 307.14 394.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 340.01 394.10 Td (program ) Tj ET Q q 0 0 0 rg BT 369.32 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 383.54 394.10 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 419.97 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.74 394.10 Td (perquisite. ) Tj ET Q q 0 0 0 rg BT 461.01 394.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 492.56 394.10 Td (are ) Tj ET Q q 0 0 0 rg BT 504.54 394.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 520.53 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.97 394.10 Td (GBP) Tj ET Q q 0 0 0 rg BT 544.24 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 394.10 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 384.50 Td (converted ) Tj ET Q q 0 0 0 rg BT 101.04 384.50 Td (into ) Tj ET Q q 0 0 0 rg BT 115.48 384.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 131.71 384.50 Td (dollars ) Tj ET Q q 0 0 0 rg BT 155.48 384.50 Td (using ) Tj ET Q q 0 0 0 rg BT 174.82 384.50 Td (the ) Tj ET Q q 0 0 0 rg BT 186.59 384.50 Td (average ) Tj ET Q q 0 0 0 rg BT 213.46 384.50 Td (conversion ) Tj ET Q q 0 0 0 rg BT 250.56 384.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 264.55 384.50 Td (of ) Tj ET Q q 0 0 0 rg BT 273.21 384.50 Td (1.271 ) Tj ET Q q 0 0 0 rg BT 293.21 384.50 Td (for ) Tj ET Q q 0 0 0 rg BT 304.54 384.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 323.87 384.50 Td (year ) Tj ET Q q 0 0 0 rg BT 339.63 384.50 Td (2020.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 372.50 Td ( ) Tj ET Q q 0 0 0 rg BT 51.50 372.50 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 372.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 372.50 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.62 372.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.86 372.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 159.31 372.50 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 196.44 372.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 225.11 372.50 Td (under ) Tj ET Q q 0 0 0 rg BT 245.34 372.50 Td (the ) Tj ET Q q 0 0 0 rg BT 257.14 372.50 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 287.58 372.50 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 335.82 372.50 Td (Fund ) Tj ET Q q 0 0 0 rg BT 354.29 372.50 Td (Plan ) Tj ET Q q 0 0 0 rg BT 370.54 372.50 Td (as ) Tj ET Q q 0 0 0 rg BT 379.22 372.50 Td (follows: ) Tj ET Q q 0 0 0 rg BT 407.47 372.50 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 434.16 372.50 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 462.85 372.50 Td (and ) Tj ET Q q 0 0 0 rg BT 476.42 372.50 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 499.33 372.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 528.00 372.50 Td ($500,000 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 362.90 Td (and ) Tj ET Q q 0 0 0 rg BT 81.17 362.90 Td ($298,750, ) Tj ET Q q 0 0 0 rg BT 115.29 362.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 153.42 362.90 Td (, ) Tj ET Q q 0 0 0 rg BT 157.54 362.90 Td (from ) Tj ET Q q 0 0 0 rg BT 175.21 362.90 Td (their ) Tj ET Q q 0 0 0 rg BT 191.99 362.90 Td (May ) Tj ET Q q 0 0 0 rg BT 208.77 362.90 Td (15, ) Tj ET Q q 0 0 0 rg BT 220.89 362.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 239.01 362.90 Td (bonus, ) Tj ET Q q 0 0 0 rg BT 262.24 362.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.58 362.90 Td (. ) Tj ET Q q 0 0 0 rg BT 275.70 362.90 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 308.47 362.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 337.23 362.90 Td (a ) Tj ET Q q 0 0 0 rg BT 342.90 362.90 Td (total ) Tj ET Q q 0 0 0 rg BT 359.24 362.90 Td (of ) Tj ET Q q 0 0 0 rg BT 368.02 362.90 Td ($1) Tj ET Q q 0 0 0 rg BT 375.72 362.90 Td (19,292 ) Tj ET Q q 0 0 0 rg BT 399.84 362.90 Td (from ) Tj ET Q q 0 0 0 rg BT 417.51 362.90 Td (his ) Tj ET Q q 0 0 0 rg BT 428.97 362.90 Td (salary ) Tj ET Q q 0 0 0 rg BT 450.19 362.90 Td (and ) Tj ET Q q 0 0 0 rg BT 463.86 362.90 Td (May ) Tj ET Q q 0 0 0 rg BT 480.64 362.90 Td (15, ) Tj ET Q q 0 0 0 rg BT 492.76 362.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 510.88 362.90 Td (bonus ) Tj ET Q q 0 0 0 rg BT 532.11 362.90 Td (and ) Tj ET Q q 0 0 0 rg BT 545.78 362.90 Td (Ms. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 353.30 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 88.61 353.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 117.25 353.30 Td (a ) Tj ET Q q 0 0 0 rg BT 122.80 353.30 Td (total ) Tj ET Q q 0 0 0 rg BT 139.02 353.30 Td (of ) Tj ET Q q 0 0 0 rg BT 147.68 353.30 Td ($13,417 ) Tj ET Q q 0 0 0 rg BT 175.68 353.30 Td (from ) Tj ET Q q 0 0 0 rg BT 193.23 353.30 Td (her ) Tj ET Q q 0 0 0 rg BT 205.45 353.30 Td (salary) Tj ET Q q 0 0 0 rg BT 224.03 353.30 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 341.30 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 341.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 341.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 76.84 341.30 Td (. ) Tj ET Q q 0 0 0 rg BT 80.73 341.30 Td (Johnson�) Tj ET Q q 0 0 0 rg BT 109.18 341.30 Td (s ) Tj ET Q q 0 0 0 rg BT 114.19 341.30 Td (salary ) Tj ET Q q 0 0 0 rg BT 135.19 341.30 Td (of ) Tj ET Q q 0 0 0 rg BT 143.75 341.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 159.88 341.30 Td ($350,000, ) Tj ET Q q 0 0 0 rg BT 193.78 341.30 Td (as ) Tj ET Q q 0 0 0 rg BT 202.34 341.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 240.22 341.30 Td (based ) Tj ET Q q 0 0 0 rg BT 260.33 341.30 Td (on ) Tj ET Q q 0 0 0 rg BT 270.23 341.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.90 341.30 Td (GBP) Tj ET Q q 0 0 0 rg BT 297.17 341.30 Td ( ) Tj ET Q q 0 0 0 rg BT 299.06 341.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 331.16 341.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.05 341.30 Td (in ) Tj ET Q q 0 0 0 rg BT 353.17 341.30 Td (ef) Tj ET Q q 0 0 0 rg BT 359.24 341.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 373.13 341.30 Td (on ) Tj ET Q q 0 0 0 rg BT 383.02 341.30 Td (the ) Tj ET Q q 0 0 0 rg BT 394.69 341.30 Td (day ) Tj ET Q q 0 0 0 rg BT 408.14 341.30 Td (he ) Tj ET Q q 0 0 0 rg BT 417.59 341.30 Td (became ) Tj ET Q q 0 0 0 rg BT 443.91 341.30 Td (an ) Tj ET Q q 0 0 0 rg BT 453.36 341.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 485.91 341.30 Td (of) Tj ET Q q 0 0 0 rg BT 492.43 341.30 Td (ficer ) Tj ET Q q 0 0 0 rg BT 508.98 341.30 Td (in ) Tj ET Q q 0 0 0 rg BT 517.10 341.30 Td (2013, ) Tj ET Q q 0 0 0 rg BT 536.99 341.30 Td (is ) Tj ET Q q 0 0 0 rg BT 544.23 341.30 Td (paid ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 331.70 Td (in ) Tj ET Q q 0 0 0 rg BT 76.33 331.70 Td (GBP) Tj ET Q q 0 0 0 rg BT 91.00 331.70 Td (. ) Tj ET Q q 0 0 0 rg BT 95.60 331.70 Td (Using ) Tj ET Q q 0 0 0 rg BT 117.32 331.70 Td (an ) Tj ET Q q 0 0 0 rg BT 127.47 331.70 Td (average ) Tj ET Q q 0 0 0 rg BT 154.94 331.70 Td (conversion ) Tj ET Q q 0 0 0 rg BT 192.65 331.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 207.24 331.70 Td (of ) Tj ET Q q 0 0 0 rg BT 216.50 331.70 Td (1.271 ) Tj ET Q q 0 0 0 rg BT 237.11 331.70 Td (for ) Tj ET Q q 0 0 0 rg BT 249.04 331.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 268.96 331.70 Td (year ) Tj ET Q q 0 0 0 rg BT 285.33 331.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 305.93 331.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 315.27 331.70 Td (. ) Tj ET Q q 0 0 0 rg BT 319.87 331.70 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 348.70 331.70 Td (received ) Tj ET Q q 0 0 0 rg BT 378.39 331.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 395.22 331.70 Td ($285,975 ) Tj ET Q q 0 0 0 rg BT 427.83 331.70 Td (in ) Tj ET Q q 0 0 0 rg BT 436.65 331.70 Td (base ) Tj ET Q q 0 0 0 rg BT 453.47 331.70 Td (salary) Tj ET Q q 0 0 0 rg BT 472.05 331.70 Td (. ) Tj ET Q q 0 0 0 rg BT 476.65 331.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 506.36 331.70 Td ($14,299 ) Tj ET Q q 0 0 0 rg BT 534.96 331.70 Td (in ) Tj ET Q q 0 0 0 rg BT 543.79 331.70 Td (cash ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 322.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 113.93 322.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.16 322.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 154.81 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.03 322.10 Td (which ) Tj ET Q q 0 0 0 rg BT 184.58 322.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 193.92 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.92 322.10 Td (Johnson ) Tj ET Q q 0 0 0 rg BT 226.14 322.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 250.79 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.02 322.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 277.45 322.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 301.21 322.10 Td (under ) Tj ET Q q 0 0 0 rg BT 321.42 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.97 322.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 353.86 322.10 Td (scheme ) Tj ET Q q 0 0 0 rg BT 379.85 322.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 413.39 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.61 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.38 322.10 Td (UK. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 312.50 Td (\(8\) ) Tj ET Q q 0 0 0 rg BT 67.50 312.50 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 81.65 312.50 Td (Cashman�) Tj ET Q q 0 0 0 rg BT 113.65 312.50 Td (s ) Tj ET Q q 0 0 0 rg BT 118.69 312.50 Td (employment ) Tj ET Q q 0 0 0 rg BT 160.61 312.50 Td (terminated ) Tj ET Q q 0 0 0 rg BT 196.74 312.50 Td (ef) Tj ET Q q 0 0 0 rg BT 202.81 312.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 226.50 312.50 Td (as ) Tj ET Q q 0 0 0 rg BT 235.09 312.50 Td (of ) Tj ET Q q 0 0 0 rg BT 243.68 312.50 Td (January ) Tj ET Q q 0 0 0 rg BT 270.48 312.50 Td (1, ) Tj ET Q q 0 0 0 rg BT 278.41 312.50 Td (2020. ) Tj ET Q q 0 0 0 rg BT 297.91 312.50 Td (All ) Tj ET Q q 0 0 0 rg BT 310.06 312.50 Td (other ) Tj ET Q q 0 0 0 rg BT 328.42 312.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 374.78 312.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 403.36 312.50 Td (the ) Tj ET Q q 0 0 0 rg BT 415.06 312.50 Td (following ) Tj ET Q q 0 0 0 rg BT 448.10 312.50 Td (in ) Tj ET Q q 0 0 0 rg BT 456.25 312.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 493.27 312.50 Td (with ) Tj ET Q q 0 0 0 rg BT 509.42 312.50 Td (the ) Tj ET Q q 0 0 0 rg BT 521.12 312.50 Td (termination ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 302.90 Td (of ) Tj ET Q q 0 0 0 rg BT 76.13 302.90 Td (her ) Tj ET Q q 0 0 0 rg BT 88.30 302.90 Td (employment: ) Tj ET Q q 0 0 0 rg BT 132.48 302.90 Td (a ) Tj ET Q q 0 0 0 rg BT 137.99 302.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 154.16 302.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 183.67 302.90 Td (of ) Tj ET Q q 0 0 0 rg BT 192.30 302.90 Td ($2,1) Tj ET Q q 0 0 0 rg BT 206.00 302.90 Td (12,500 ) Tj ET Q q 0 0 0 rg BT 229.96 302.90 Td (representing ) Tj ET Q q 0 0 0 rg BT 271.46 302.90 Td (severance ) Tj ET Q q 0 0 0 rg BT 304.95 302.90 Td (pay) Tj ET Q q 0 0 0 rg BT 315.98 302.90 Td (, ) Tj ET Q q 0 0 0 rg BT 319.95 302.90 Td (post-employment ) Tj ET Q q 0 0 0 rg BT 377.90 302.90 Td (health ) Tj ET Q q 0 0 0 rg BT 399.41 302.90 Td (care ) Tj ET Q q 0 0 0 rg BT 414.68 302.90 Td (subsidy ) Tj ET Q q 0 0 0 rg BT 441.09 302.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.72 302.90 Td ($4,742 ) Tj ET Q q 0 0 0 rg BT 473.68 302.90 Td (and ) Tj ET Q q 0 0 0 rg BT 487.19 302.90 Td (outplacement ) Tj ET Q q 0 0 0 rg BT 532.25 302.90 Td (services ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 293.30 Td (of ) Tj ET Q q 0 0 0 rg BT 76.31 293.30 Td ($5,000. ) Tj ET Q q 0 0 0 rg BT 102.46 293.30 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 116.84 293.30 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 148.77 293.30 Td (also ) Tj ET Q q 0 0 0 rg BT 163.80 293.30 Td (received ) Tj ET Q q 0 0 0 rg BT 193.04 293.30 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 231.16 293.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 256.42 293.30 Td (of ) Tj ET Q q 0 0 0 rg BT 265.23 293.30 Td (all ) Tj ET Q q 0 0 0 rg BT 275.38 293.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 307.29 293.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 326.33 293.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 340.92 293.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 365.73 293.30 Td (that ) Tj ET Q q 0 0 0 rg BT 379.88 293.30 Td (had ) Tj ET Q q 0 0 0 rg BT 393.58 293.30 Td (not ) Tj ET Q q 0 0 0 rg BT 405.95 293.30 Td (vested ) Tj ET Q q 0 0 0 rg BT 428.54 293.30 Td (at ) Tj ET Q q 0 0 0 rg BT 436.46 293.30 Td (the ) Tj ET Q q 0 0 0 rg BT 448.39 293.30 Td (time ) Tj ET Q q 0 0 0 rg BT 464.76 293.30 Td (of ) Tj ET Q q 0 0 0 rg BT 473.57 293.30 Td (her ) Tj ET Q q 0 0 0 rg BT 485.94 293.30 Td (termination. ) Tj ET Q q 0 0 0 rg BT 526.96 293.30 Td (Her ) Tj ET Q q 0 0 0 rg BT 541.11 293.30 Td (stock ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 283.70 Td (option ) Tj ET Q q 0 0 0 rg BT 89.65 283.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 114.01 283.70 Td (and ) Tj ET Q q 0 0 0 rg BT 127.26 283.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 169.38 283.70 Td (share ) Tj ET Q q 0 0 0 rg BT 187.96 283.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 202.11 283.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 226.47 283.70 Td (were ) Tj ET Q q 0 0 0 rg BT 243.71 283.70 Td (modified ) Tj ET Q q 0 0 0 rg BT 274.30 283.70 Td (to ) Tj ET Q q 0 0 0 rg BT 282.22 283.70 Td (allow ) Tj ET Q q 0 0 0 rg BT 301.70 283.70 Td (for ) Tj ET Q q 0 0 0 rg BT 312.73 283.70 Td (continued ) Tj ET Q q 0 0 0 rg BT 345.98 283.70 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 372.41 283.70 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 403.45 283.70 Td (in ) Tj ET Q q 0 0 0 rg BT 411.37 283.70 Td (the ) Tj ET Q q 0 0 0 rg BT 422.85 283.70 Td (Stock ) Tj ET Q q 0 0 0 rg BT 442.40 283.70 Td (A) Tj ET Q q 0 0 0 rg BT 447.44 283.70 Td (wards ) Tj ET Q q 0 0 0 rg BT 468.25 283.70 Td (and ) Tj ET Q q 0 0 0 rg BT 481.50 283.70 Td (Option ) Tj ET Q q 0 0 0 rg BT 505.05 283.70 Td (A) Tj ET Q q 0 0 0 rg BT 510.10 283.70 Td (wards ) Tj ET Q q 0 0 0 rg BT 530.90 283.70 Td (columns ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (include ) Tj ET Q q 0 0 0 rg BT 92.83 274.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 129.71 274.10 Td (char) Tj ET Q q 0 0 0 rg BT 143.33 274.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 155.78 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.23 274.10 Td ($1,202,193 ) Tj ET Q q 0 0 0 rg BT 202.01 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.13 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.91 274.10 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 255.33 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.78 274.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 295.33 274.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 314.00 274.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 333.34 274.10 Td ($703,243 ) Tj ET Q q 0 0 0 rg BT 365.12 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.24 274.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 418.90 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.35 274.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 469.55 274.10 Td (share ) Tj ET Q q 0 0 0 rg BT 488.21 274.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 507.56 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.89 274.10 Td ($88,126 ) Tj ET Q q 0 0 0 rg BT 548.67 274.10 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 264.50 Td (modification ) Tj ET Q q 0 0 0 rg BT 110.38 264.50 Td (of ) Tj ET Q q 0 0 0 rg BT 119.04 264.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 137.93 264.50 Td (options.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 254.90 Td (\(9\) ) Tj ET Q q 0 0 0 rg BT 67.50 254.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 76.84 254.90 Td (. ) Tj ET Q q 0 0 0 rg BT 80.98 254.90 Td (Hoops�) Tj ET Q q 0 0 0 rg BT 103.94 254.90 Td ( ) Tj ET Q q 0 0 0 rg BT 106.08 254.90 Td (employment ) Tj ET Q q 0 0 0 rg BT 148.21 254.90 Td (terminated ) Tj ET Q q 0 0 0 rg BT 184.56 254.90 Td (ef) Tj ET Q q 0 0 0 rg BT 190.63 254.90 Td (fective ) Tj ET Q q 0 0 0 rg BT 214.53 254.90 Td (as ) Tj ET Q q 0 0 0 rg BT 223.34 254.90 Td (of ) Tj ET Q q 0 0 0 rg BT 232.14 254.90 Td (January ) Tj ET Q q 0 0 0 rg BT 259.16 254.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 267.30 254.90 Td (2020. ) Tj ET Q q 0 0 0 rg BT 286.97 254.90 Td (All ) Tj ET Q q 0 0 0 rg BT 299.33 254.90 Td (other ) Tj ET Q q 0 0 0 rg BT 317.91 254.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 364.48 254.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 393.29 254.90 Td (the ) Tj ET Q q 0 0 0 rg BT 405.20 254.90 Td (following ) Tj ET Q q 0 0 0 rg BT 438.45 254.90 Td (in ) Tj ET Q q 0 0 0 rg BT 446.81 254.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 484.05 254.90 Td (with ) Tj ET Q q 0 0 0 rg BT 500.41 254.90 Td (the ) Tj ET Q q 0 0 0 rg BT 512.33 254.90 Td (termination ) Tj ET Q q 0 0 0 rg BT 551.35 254.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 245.30 Td (his ) Tj ET Q q 0 0 0 rg BT 78.79 245.30 Td (employment: ) Tj ET Q q 0 0 0 rg BT 122.97 245.30 Td (a ) Tj ET Q q 0 0 0 rg BT 128.48 245.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 144.65 245.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 174.15 245.30 Td (of ) Tj ET Q q 0 0 0 rg BT 182.78 245.30 Td ($2,598,654 ) Tj ET Q q 0 0 0 rg BT 220.73 245.30 Td (representing ) Tj ET Q q 0 0 0 rg BT 262.23 245.30 Td (severance ) Tj ET Q q 0 0 0 rg BT 295.72 245.30 Td (pay) Tj ET Q q 0 0 0 rg BT 306.75 245.30 Td (, ) Tj ET Q q 0 0 0 rg BT 310.71 245.30 Td (and ) Tj ET Q q 0 0 0 rg BT 324.22 245.30 Td (post-employment ) Tj ET Q q 0 0 0 rg BT 382.17 245.30 Td (health ) Tj ET Q q 0 0 0 rg BT 403.67 245.30 Td (care ) Tj ET Q q 0 0 0 rg BT 418.95 245.30 Td (subsidy ) Tj ET Q q 0 0 0 rg BT 445.35 245.30 Td (of ) Tj ET Q q 0 0 0 rg BT 453.98 245.30 Td ($4,684. ) Tj ET Q q 0 0 0 rg BT 479.93 245.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 489.27 245.30 Td (. ) Tj ET Q q 0 0 0 rg BT 493.23 245.30 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 516.08 245.30 Td (also ) Tj ET Q q 0 0 0 rg BT 530.92 245.30 Td (received ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 235.70 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 105.22 235.70 Td (vesting ) Tj ET Q q 0 0 0 rg BT 130.08 235.70 Td (of ) Tj ET Q q 0 0 0 rg BT 138.49 235.70 Td (all ) Tj ET Q q 0 0 0 rg BT 148.24 235.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 179.75 235.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.39 235.70 Td (unit ) Tj ET Q q 0 0 0 rg BT 212.58 235.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 236.99 235.70 Td (that ) Tj ET Q q 0 0 0 rg BT 250.74 235.70 Td (had ) Tj ET Q q 0 0 0 rg BT 264.04 235.70 Td (not ) Tj ET Q q 0 0 0 rg BT 276.01 235.70 Td (vested ) Tj ET Q q 0 0 0 rg BT 298.20 235.70 Td (at ) Tj ET Q q 0 0 0 rg BT 305.73 235.70 Td (the ) Tj ET Q q 0 0 0 rg BT 317.25 235.70 Td (time ) Tj ET Q q 0 0 0 rg BT 333.22 235.70 Td (of ) Tj ET Q q 0 0 0 rg BT 341.64 235.70 Td (his ) Tj ET Q q 0 0 0 rg BT 352.72 235.70 Td (termination. ) Tj ET Q q 0 0 0 rg BT 393.35 235.70 Td (His ) Tj ET Q q 0 0 0 rg BT 406.22 235.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 424.86 235.70 Td (option ) Tj ET Q q 0 0 0 rg BT 447.05 235.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 471.46 235.70 Td (and ) Tj ET Q q 0 0 0 rg BT 484.76 235.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 526.93 235.70 Td (share ) Tj ET Q q 0 0 0 rg BT 545.56 235.70 Td (unit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 226.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 91.88 226.10 Td (were ) Tj ET Q q 0 0 0 rg BT 109.15 226.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 139.76 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.71 226.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 167.21 226.10 Td (for ) Tj ET Q q 0 0 0 rg BT 178.27 226.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 211.54 226.10 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 237.99 226.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 269.06 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.01 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.51 226.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 308.07 226.10 Td (A) Tj ET Q q 0 0 0 rg BT 313.12 226.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 333.95 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.23 226.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 370.79 226.10 Td (A) Tj ET Q q 0 0 0 rg BT 375.84 226.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 396.67 226.10 Td (columns ) Tj ET Q q 0 0 0 rg BT 425.51 226.10 Td (include ) Tj ET Q q 0 0 0 rg BT 450.78 226.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 487.60 226.10 Td (char) Tj ET Q q 0 0 0 rg BT 501.22 226.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 513.62 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.01 226.10 Td ($1,349,517 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 216.50 Td (for ) Tj ET Q q 0 0 0 rg BT 78.83 216.50 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 119.46 216.50 Td (of ) Tj ET Q q 0 0 0 rg BT 128.13 216.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 159.89 216.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.78 216.50 Td (units, ) Tj ET Q q 0 0 0 rg BT 198.34 216.50 Td ($1,120,177 ) Tj ET Q q 0 0 0 rg BT 236.34 216.50 Td (for ) Tj ET Q q 0 0 0 rg BT 247.66 216.50 Td (modification ) Tj ET Q q 0 0 0 rg BT 290.54 216.50 Td (of ) Tj ET Q q 0 0 0 rg BT 299.21 216.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 341.63 216.50 Td (share ) Tj ET Q q 0 0 0 rg BT 360.50 216.50 Td (units, ) Tj ET Q q 0 0 0 rg BT 380.06 216.50 Td (and ) Tj ET Q q 0 0 0 rg BT 393.61 216.50 Td ($490,822 ) Tj ET Q q 0 0 0 rg BT 425.61 216.50 Td (for ) Tj ET Q q 0 0 0 rg BT 436.94 216.50 Td (modification ) Tj ET Q q 0 0 0 rg BT 479.82 216.50 Td (of ) Tj ET Q q 0 0 0 rg BT 488.48 216.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 507.37 216.50 Td (options.) Tj ET Q endstream endobj 343 0 obj <> endobj 344 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (169) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Grants of Plan-Based ) Tj ET Q q 0 0 0 rg BT 147.80 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 154.61 741.90 Td (wards) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (The following table provides information concerning each plan-based award granted, and awards modified, during the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (fiscal year ended March 31, 2020 to our named executive of) Tj ET Q q 0 0 0 rg BT 302.10 704.10 Td (ficers.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 693.6 m 131.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 693.6 m 169.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 693.6 m 213.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 693.6 m 256.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 693.6 m 302.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 693.6 m 345.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 693.6 m 383.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 693.6 m 423.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 693.6 m 459.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 693.6 m 487.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 693.6 m 531.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 693.6 m 543.75 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 618.6 m 131.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 618.6 m 169.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 618.6 m 213.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 618.6 m 256.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 618.6 m 302.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 618.6 m 345.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 618.6 m 383.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 618.6 m 423.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 618.6 m 459.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 618.6 m 487.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 618.6 m 531.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 618.6 m 543.75 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 594.6 m 131.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 594.6 m 169.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 594.6 m 213.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 594.6 m 256.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 594.6 m 302.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 594.6 m 345.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 594.6 m 383.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 594.6 m 423.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 594.6 m 459.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 594.6 m 487.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 594.6 m 531.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 594.6 m 543.75 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 570.6 m 131.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 570.6 m 169.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 570.6 m 213.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 570.6 m 256.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 570.6 m 302.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 570.6 m 345.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 570.6 m 383.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 570.6 m 423.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 570.6 m 459.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 570.6 m 487.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 570.6 m 531.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 570.6 m 543.75 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 546.6 m 131.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 546.6 m 169.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 546.6 m 213.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 546.6 m 256.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 546.6 m 302.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 546.6 m 345.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 546.6 m 383.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 546.6 m 423.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 546.6 m 459.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 546.6 m 487.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 546.6 m 531.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 546.6 m 543.75 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 522.6 m 131.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 522.6 m 169.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 522.6 m 213.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 522.6 m 256.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 522.6 m 302.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 522.6 m 345.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 522.6 m 383.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 522.6 m 423.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 522.6 m 459.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 522.6 m 487.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 522.6 m 531.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 522.6 m 543.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 498.6 m 131.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 498.6 m 169.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 498.6 m 213.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 498.6 m 256.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 498.6 m 302.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 498.6 m 345.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 498.6 m 383.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 498.6 m 423.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 498.6 m 459.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 498.6 m 487.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 498.6 m 531.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 498.6 m 543.75 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 354.6 m 131.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 354.6 m 169.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 354.6 m 213.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 354.6 m 256.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 354.6 m 302.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 354.6 m 345.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 354.6 m 383.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 354.6 m 423.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 354.6 m 459.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 354.6 m 487.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 354.6 m 531.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 354.6 m 543.75 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.75 222.60000000000002 m 131.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.75 222.60000000000002 m 169.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.75 222.60000000000002 m 213.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.75 222.60000000000002 m 256.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.75 222.60000000000002 m 302.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.75 222.60000000000002 m 345.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 222.60000000000002 m 383.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.75 222.60000000000002 m 423.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 222.60000000000002 m 459.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.75 222.60000000000002 m 487.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.75 222.60000000000002 m 531.75 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.75 222.60000000000002 m 543.75 222.60000000000002 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.25 622.66 Td (Name) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 147.95 629.66 Td (Grant) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 146.95 622.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 160.94 625.83 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.20 636.66 Td (Committee) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.40 629.66 Td (Action) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.25 622.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 222.90 685.66 Td (Estimated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.75 678.66 Td (Futur) Tj ET Q q 0 0 0 rg BT 250.12 678.66 Td (e) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.50 671.66 Td (Payouts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 234.30 664.66 Td (Under) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 233.00 657.66 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.60 650.66 Td (Incentive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.60 643.66 Td (Plan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.40 636.66 Td (A) Tj ET Q q 0 0 0 rg BT 234.94 636.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 222.60 629.66 Td (Thr) Tj ET Q q 0 0 0 rg BT 234.14 629.66 Td (eshold) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.75 622.66 Td (\(#\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 247.91 625.83 Td (\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.90 685.66 Td (Estimated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.75 678.66 Td (Futur) Tj ET Q q 0 0 0 rg BT 296.12 678.66 Td (e) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.50 671.66 Td (Payouts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 280.30 664.66 Td (Under) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.00 657.66 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.60 650.66 Td (Incentive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.60 643.66 Td (Plan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 276.40 636.66 Td (A) Tj ET Q q 0 0 0 rg BT 280.94 636.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.65 629.66 Td (T) Tj ET Q q 0 0 0 rg BT 283.68 629.66 Td (arget) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.75 622.66 Td (\(#\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 293.91 625.83 Td (\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.90 685.66 Td (Estimated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.75 678.66 Td (Futur) Tj ET Q q 0 0 0 rg BT 339.12 678.66 Td (e) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.50 671.66 Td (Payouts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.30 664.66 Td (Under) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.00 657.66 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.60 650.66 Td (Incentive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.60 643.66 Td (Plan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.40 636.66 Td (A) Tj ET Q q 0 0 0 rg BT 323.94 636.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.10 629.66 Td (Maximum) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.75 622.66 Td (\(#\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 336.91 625.83 Td (\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 371.30 678.66 Td (All) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.70 671.66 Td ( Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 363.50 664.66 Td (Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.10 657.66 Td (A) Tj ET Q q 0 0 0 rg BT 359.64 657.66 Td (wards:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.45 650.66 Td (Number) Tj ET Q q 0 0 0 rg BT 380.21 650.66 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 352.55 643.66 Td (of Shar) Tj ET Q q 0 0 0 rg BT 374.40 643.66 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.90 636.66 Td (of Stock ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.30 629.66 Td (Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 366.75 622.66 Td (\(#\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 374.91 625.83 Td (\(3\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.75 664.66 Td (All Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.20 657.66 Td (Option) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 395.10 650.66 Td (A) Tj ET Q q 0 0 0 rg BT 399.90 650.66 Td (wards:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 387.90 643.66 Td (Number) Tj ET Q q 0 0 0 rg BT 412.72 643.66 Td ( of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.05 636.66 Td (Securities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 386.40 629.66 Td (Underlying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 386.60 622.66 Td (Options \(#\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 431.10 657.66 Td (Exer) Tj ET Q q 0 0 0 rg BT 445.36 657.66 Td (cise) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.00 650.66 Td (or) Tj ET Q q 0 0 0 rg BT 440.48 650.66 Td ( Base) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 433.10 643.66 Td (Price of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 435.20 636.66 Td (Option) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 433.40 629.66 Td (A) Tj ET Q q 0 0 0 rg BT 437.94 629.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.35 622.66 Td (\($/Sh\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 465.95 643.66 Td (Grant) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.25 636.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 467.90 629.66 Td (Close) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.70 622.66 Td (Price) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 509.95 657.66 Td (Grant) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.80 650.66 Td (Date Fair) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 503.80 643.66 Td (V) Tj ET Q q 0 0 0 rg BT 508.21 643.66 Td (alue of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.45 636.66 Td (Stock and ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.20 629.66 Td (Option ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 500.10 622.66 Td (A) Tj ET Q q 0 0 0 rg BT 504.64 622.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 522.91 625.83 Td (\(4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 610.65 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 85.86 610.65 Td (A. Sullivan) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 610.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 610.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 610.65 Td (71,669) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 610.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 500.25 610.65 Td (2,550,000) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 612.63 Td (\(5\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 598.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 598.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.65 598.65 Td (17,917) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 598.65 Td (71,669) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 320.15 598.65 Td (107,504) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 598.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 500.85 598.65 Td (2,696,904) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 600.63 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 586.65 Td (Peter H. Nachtwey) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 586.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 586.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 586.65 Td (21,255) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 586.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 586.65 Td (756,250) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 588.63 Td (\(5\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 574.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 574.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 574.65 Td (5,314) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 574.65 Td (21,255) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 574.65 Td (31,883) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 574.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 574.65 Td (799,826) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 576.63 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 562.65 Td (T) Tj ET Q q 0 0 0 rg BT 69.28 562.65 Td (erence ) Tj ET Q q 0 0 0 rg BT 88.85 562.65 Td (A. Johnson) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 562.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 562.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 562.65 Td (17,092) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 562.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 562.65 Td (608,126) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 564.63 Td (\(5\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 550.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 550.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 550.65 Td (4,273) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 550.65 Td (17,092) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 550.65 Td (25,638) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 550.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 550.65 Td (643,172) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 552.63 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 538.65 Td (Patricia Lattin) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 538.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 538.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 365.15 538.65 Td (5,972) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 538.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 538.65 Td (212,500) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 540.63 Td (\(5\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 526.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 526.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 526.65 Td (1,493) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 284.15 526.65 Td (5,972) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.15 526.65 Td (8,958) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 526.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 526.65 Td (224,726) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 528.63 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 514.65 Td (Thomas C. Merchant) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 514.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 514.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 514.65 Td (12,050) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 514.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 514.65 Td (428,750) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 516.63 Td (\(5\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 502.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 502.65 Td (4/29/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 502.65 Td (3,013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 502.65 Td (12,050) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 502.65 Td (18,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 502.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 502.65 Td (453,442) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 504.63 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 491.25 Td (Frances L. Cashman) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 491.25 Td ( 5/16/2012) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 491.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 405.15 491.25 Td (2,1) Tj ET Q q 0 0 0 rg BT 413.90 491.25 Td (12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 491.25 Td (23.72) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 491.25 Td (24.05) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.65 491.25 Td (20,001) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 492.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 479.25 Td ( 5/16/2013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 479.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 405.15 479.25 Td (3,298) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 479.25 Td (35.16) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 479.25 Td (35.28) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.65 479.25 Td (40,005) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 480.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 467.25 Td ( 5/16/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 467.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 405.15 467.25 Td (6,650) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 467.25 Td (47.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 467.25 Td (48.10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.65 467.25 Td (80,000) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 468.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 455.25 Td ( 5/16/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 455.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 405.15 455.25 Td (3,325) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 455.25 Td (47.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 455.25 Td (48.10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.65 455.25 Td (40,000) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 456.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 443.25 Td ( 5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 443.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 443.25 Td (1) Tj ET Q q 0 0 0 rg BT 405.15 443.25 Td (1,754) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 443.25 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 443.25 Td (54.69) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 443.25 Td (131,997) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 444.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 431.25 Td ( 5/02/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 431.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 431.25 Td (13,228) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 431.25 Td (31.57) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 431.25 Td (31.90) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 431.25 Td (100,004) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 432.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 419.25 Td ( 5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 419.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 419.25 Td (19,437) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 419.25 Td (30.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 419.25 Td (607,212) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 420.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 407.25 Td ( 5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 407.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 407.25 Td (17,422) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 407.25 Td (37.79) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 407.25 Td (655,764) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 408.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 395.25 Td ( 5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 395.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 395.25 Td (1) Tj ET Q q 0 0 0 rg BT 365.15 395.25 Td (1,747) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 395.25 Td (38.95) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 395.25 Td (460,013) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 396.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 383.25 Td ( 5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 383.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 383.25 Td (1) Tj ET Q q 0 0 0 rg BT 365.15 383.25 Td (1,769) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 383.25 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 383.25 Td (418,750) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 384.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 371.25 Td ( 5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 371.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 371.25 Td (2,937) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 371.25 Td (1) Tj ET Q q 0 0 0 rg BT 284.15 371.25 Td (1,747) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 371.25 Td (17,621) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 371.25 Td (39.16) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 371.25 Td (419,015) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 372.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 136.10 359.25 Td ( 5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 359.25 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 359.25 Td (2,942) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 359.25 Td (1) Tj ET Q q 0 0 0 rg BT 284.15 359.25 Td (1,769) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 359.25 Td (17,654) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 359.25 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 359.25 Td (442,867) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 360.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 65.25 346.65 Td (Thomas K. Hoops) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 346.65 Td (5/16/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 346.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 405.15 346.65 Td (5,542) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 346.65 Td (47.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 346.65 Td (48.10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.65 346.65 Td (66,670) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 348.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 334.65 Td (5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 334.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 334.65 Td (38,557) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 334.65 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 334.65 Td (54.69) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 334.65 Td (432,995) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 336.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 322.65 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 322.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 322.65 Td (49,745) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 322.65 Td (31.24) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 322.65 Td (30.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 322.65 Td (390,001) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 324.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 310.65 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 310.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 310.65 Td (46,819) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.15 310.65 Td (37.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 310.65 Td (37.79) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 310.65 Td (390,002) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 312.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 298.65 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 298.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 298.65 Td (12,484) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 298.65 Td (30.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 298.65 Td (390,000) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 300.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 286.65 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 286.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 286.65 Td (10,361) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 286.65 Td (37.79) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 286.65 Td (389,988) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 288.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 274.65 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 274.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 274.65 Td (16,918) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 274.65 Td (38.95) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 274.65 Td (662,509) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 276.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 262.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 262.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.65 262.65 Td (16,793) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 262.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 262.65 Td (597,500) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 264.63 Td (\(8\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 250.65 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 250.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 250.65 Td (3,103) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 250.65 Td (12,412) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 250.65 Td (18,619) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 250.65 Td (37.79) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 250.65 Td (389,985) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 252.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 238.65 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 238.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 238.65 Td (4,230) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 238.65 Td (16,918) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 238.65 Td (25,377) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 238.65 Td (39.16) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 238.65 Td (603,465) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 240.63 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 137.85 226.65 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 181.85 226.65 Td (5/20/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 238.15 226.65 Td (4,198) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.65 226.65 Td (16,793) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 323.65 226.65 Td (25,190) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 469.10 226.65 Td (36.29) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.15 226.65 Td (631,921) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 534.25 228.63 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 201.50 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 201.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 201.50 Td (A) Tj ET Q q 0 0 0 rg BT 72.54 201.50 Td (wards ) Tj ET Q q 0 0 0 rg BT 93.65 201.50 Td (granted ) Tj ET Q q 0 0 0 rg BT 119.64 201.50 Td (on ) Tj ET Q q 0 0 0 rg BT 129.64 201.50 Td (May ) Tj ET Q q 0 0 0 rg BT 146.30 201.50 Td (15, ) Tj ET Q q 0 0 0 rg BT 158.30 201.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 176.30 201.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 198.73 201.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 241.14 201.50 Td (for ) Tj ET Q q 0 0 0 rg BT 252.47 201.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 271.80 201.50 Td (year ) Tj ET Q q 0 0 0 rg BT 287.56 201.50 Td (2019. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 189.50 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 189.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 189.50 Td (Performance ) Tj ET Q q 0 0 0 rg BT 110.22 189.50 Td (share ) Tj ET Q q 0 0 0 rg BT 128.95 189.50 Td (units ) Tj ET Q q 0 0 0 rg BT 146.36 189.50 Td (were ) Tj ET Q q 0 0 0 rg BT 163.75 189.50 Td (awarded ) Tj ET Q q 0 0 0 rg BT 192.70 189.50 Td (on ) Tj ET Q q 0 0 0 rg BT 202.55 189.50 Td (May ) Tj ET Q q 0 0 0 rg BT 219.07 189.50 Td (15, ) Tj ET Q q 0 0 0 rg BT 230.92 189.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 248.77 189.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 278.17 189.50 Td (to ) Tj ET Q q 0 0 0 rg BT 286.25 189.50 Td (our ) Tj ET Q q 0 0 0 rg BT 298.76 189.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 316.61 189.50 Td (Equity ) Tj ET Q q 0 0 0 rg BT 339.80 189.50 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 371.41 189.50 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 389.48 189.50 Td (Performance ) Tj ET Q q 0 0 0 rg BT 432.20 189.50 Td (share ) Tj ET Q q 0 0 0 rg BT 450.93 189.50 Td (units ) Tj ET Q q 0 0 0 rg BT 468.34 189.50 Td (may ) Tj ET Q q 0 0 0 rg BT 483.97 189.50 Td (be ) Tj ET Q q 0 0 0 rg BT 493.37 189.50 Td (earned ) Tj ET Q q 0 0 0 rg BT 516.54 189.50 Td (and ) Tj ET Q q 0 0 0 rg BT 529.94 189.50 Td (vested ) Tj ET Q q 0 0 0 rg BT 552.23 189.50 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 179.90 Td (the ) Tj ET Q q 0 0 0 rg BT 79.50 179.90 Td (end ) Tj ET Q q 0 0 0 rg BT 93.28 179.90 Td (of ) Tj ET Q q 0 0 0 rg BT 102.18 179.90 Td (a ) Tj ET Q q 0 0 0 rg BT 107.96 179.90 Td (three ) Tj ET Q q 0 0 0 rg BT 126.17 179.90 Td (year ) Tj ET Q q 0 0 0 rg BT 142.17 179.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 184.82 179.90 Td (period ) Tj ET Q q 0 0 0 rg BT 207.48 179.90 Td (based ) Tj ET Q q 0 0 0 rg BT 227.93 179.90 Td (on ) Tj ET Q q 0 0 0 rg BT 238.16 179.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 256.83 179.90 Td (Mason�) Tj ET Q q 0 0 0 rg BT 280.83 179.90 Td (s ) Tj ET Q q 0 0 0 rg BT 286.17 179.90 Td (or) Tj ET Q q 0 0 0 rg BT 292.69 179.90 Td (ganic ) Tj ET Q q 0 0 0 rg BT 312.24 179.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 337.13 179.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 351.35 179.90 Td (and ) Tj ET Q q 0 0 0 rg BT 365.13 179.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 391.35 179.90 Td (total ) Tj ET Q q 0 0 0 rg BT 407.79 179.90 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 447.35 179.90 Td (return ) Tj ET Q q 0 0 0 rg BT 468.68 179.90 Td (ranked ) Tj ET Q q 0 0 0 rg BT 492.67 179.90 Td (against ) Tj ET Q q 0 0 0 rg BT 517.56 179.90 Td (a ) Tj ET Q q 0 0 0 rg BT 523.34 179.90 Td (peer ) Tj ET Q q 0 0 0 rg BT 539.34 179.90 Td (group ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 170.30 Td (which, ) Tj ET Q q 0 0 0 rg BT 91.16 170.30 Td (as ) Tj ET Q q 0 0 0 rg BT 99.93 170.30 Td (of ) Tj ET Q q 0 0 0 rg BT 108.70 170.30 Td (March ) Tj ET Q q 0 0 0 rg BT 131.68 170.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 143.79 170.30 Td (2020, ) Tj ET Q q 0 0 0 rg BT 163.89 170.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 192.66 170.30 Td (15 ) Tj ET Q q 0 0 0 rg BT 202.76 170.30 Td (other ) Tj ET Q q 0 0 0 rg BT 221.30 170.30 Td (firms. ) Tj ET Q q 0 0 0 rg BT 242.14 170.30 Td (The ) Tj ET Q q 0 0 0 rg BT 256.69 170.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 286.79 170.30 Td (payout ) Tj ET Q q 0 0 0 rg BT 310.66 170.30 Td (ranges ) Tj ET Q q 0 0 0 rg BT 333.65 170.30 Td (from ) Tj ET Q q 0 0 0 rg BT 351.30 170.30 Td (0 ) Tj ET Q q 0 0 0 rg BT 357.41 170.30 Td (- ) Tj ET Q q 0 0 0 rg BT 362.18 170.30 Td (150%. ) Tj ET Q q 0 0 0 rg BT 384.80 170.30 Td (The ) Tj ET Q q 0 0 0 rg BT 399.34 170.30 Td (three ) Tj ET Q q 0 0 0 rg BT 417.43 170.30 Td (year ) Tj ET Q q 0 0 0 rg BT 433.30 170.30 Td (period ) Tj ET Q q 0 0 0 rg BT 455.85 170.30 Td (began ) Tj ET Q q 0 0 0 rg BT 477.05 170.30 Td (on ) Tj ET Q q 0 0 0 rg BT 486.70 170.30 Td (April ) Tj ET Q q 0 0 0 rg BT 505.69 170.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 513.79 170.30 Td (2019 ) Tj ET Q q 0 0 0 rg BT 531.90 170.30 Td (and ) Tj ET Q q 0 0 0 rg BT 545.55 170.30 Td (will ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 160.70 Td (end ) Tj ET Q q 0 0 0 rg BT 81.05 160.70 Td (on ) Tj ET Q q 0 0 0 rg BT 91.05 160.70 Td (March ) Tj ET Q q 0 0 0 rg BT 113.93 160.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.93 160.70 Td (2022. ) Tj ET Q endstream endobj 345 0 obj <> endobj 346 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (170) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 742.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 101.97 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 120.90 742.10 Td (units ) Tj ET Q q 0 0 0 rg BT 138.50 742.10 Td (were ) Tj ET Q q 0 0 0 rg BT 156.09 742.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 185.22 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 195.26 742.10 Td (May ) Tj ET Q q 0 0 0 rg BT 211.97 742.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 224.01 742.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 242.05 742.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 271.64 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.90 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.61 742.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 310.65 742.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 334.02 742.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 365.83 742.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 383.94 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 398.42 742.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 430.22 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 449.15 742.10 Td (units ) Tj ET Q q 0 0 0 rg BT 466.75 742.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 481.68 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.94 742.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 506.65 742.10 Td (increments ) Tj ET Q q 0 0 0 rg BT 543.79 742.10 Td (over ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 732.50 Td (four ) Tj ET Q q 0 0 0 rg BT 82.61 732.50 Td (years ) Tj ET Q q 0 0 0 rg BT 101.28 732.50 Td (on ) Tj ET Q q 0 0 0 rg BT 110.67 732.50 Td (April ) Tj ET Q q 0 0 0 rg BT 129.34 732.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 141.12 732.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 160.51 732.50 Td (April ) Tj ET Q q 0 0 0 rg BT 179.18 732.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 190.97 732.50 Td (2021, ) Tj ET Q q 0 0 0 rg BT 210.36 732.50 Td (April ) Tj ET Q q 0 0 0 rg BT 229.03 732.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 240.81 732.50 Td (2022 ) Tj ET Q q 0 0 0 rg BT 258.60 732.50 Td (and ) Tj ET Q q 0 0 0 rg BT 271.54 732.50 Td (April ) Tj ET Q q 0 0 0 rg BT 290.21 732.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 301.99 732.50 Td (2023. ) Tj ET Q q 0 0 0 rg BT 321.78 732.50 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 356.45 732.50 Td (are ) Tj ET Q q 0 0 0 rg BT 368.00 732.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 383.56 732.50 Td (on ) Tj ET Q q 0 0 0 rg BT 393.34 732.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 415.12 732.50 Td (of ) Tj ET Q q 0 0 0 rg BT 423.56 732.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 455.11 732.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 473.78 732.50 Td (units ) Tj ET Q q 0 0 0 rg BT 491.12 732.50 Td (at ) Tj ET Q q 0 0 0 rg BT 498.68 732.50 Td (the ) Tj ET Q q 0 0 0 rg BT 510.24 732.50 Td (same ) Tj ET Q q 0 0 0 rg BT 528.46 732.50 Td (time, ) Tj ET Q q 0 0 0 rg BT 546.46 732.50 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 722.90 Td (in ) Tj ET Q q 0 0 0 rg BT 75.59 722.90 Td (the ) Tj ET Q q 0 0 0 rg BT 87.24 722.90 Td (same ) Tj ET Q q 0 0 0 rg BT 105.55 722.90 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 136.53 722.90 Td (as ) Tj ET Q q 0 0 0 rg BT 145.07 722.90 Td (dividends ) Tj ET Q q 0 0 0 rg BT 178.05 722.90 Td (are ) Tj ET Q q 0 0 0 rg BT 189.69 722.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 205.33 722.90 Td (on ) Tj ET Q q 0 0 0 rg BT 215.20 722.90 Td (other ) Tj ET Q q 0 0 0 rg BT 233.51 722.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 272.72 722.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 294.58 722.90 Td (of ) Tj ET Q q 0 0 0 rg BT 303.12 722.90 Td (our ) Tj ET Q q 0 0 0 rg BT 315.65 722.90 Td (common ) Tj ET Q q 0 0 0 rg BT 345.52 722.90 Td (stock. ) Tj ET Q q 0 0 0 rg BT 366.28 722.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 400.14 722.90 Td (of) Tj ET Q q 0 0 0 rg BT 406.66 722.90 Td (ficers ) Tj ET Q q 0 0 0 rg BT 426.29 722.90 Td (were ) Tj ET Q q 0 0 0 rg BT 443.71 722.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 476.24 722.90 Td (to ) Tj ET Q q 0 0 0 rg BT 484.33 722.90 Td (elect ) Tj ET Q q 0 0 0 rg BT 501.30 722.90 Td (to ) Tj ET Q q 0 0 0 rg BT 509.40 722.90 Td (defer ) Tj ET Q q 0 0 0 rg BT 527.70 722.90 Td (receipt ) Tj ET Q q 0 0 0 rg BT 551.33 722.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 713.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.09 713.30 Td (after ) Tj ET Q q 0 0 0 rg BT 105.34 713.30 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 132.04 713.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 141.38 713.30 Td (. ) Tj ET Q q 0 0 0 rg BT 144.98 713.30 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 177.23 713.30 Td (made ) Tj ET Q q 0 0 0 rg BT 196.15 713.30 Td (a ) Tj ET Q q 0 0 0 rg BT 201.29 713.30 Td (deferral ) Tj ET Q q 0 0 0 rg BT 227.76 713.30 Td (election ) Tj ET Q q 0 0 0 rg BT 254.67 713.30 Td (with ) Tj ET Q q 0 0 0 rg BT 270.49 713.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 294.74 713.30 Td (to ) Tj ET Q q 0 0 0 rg BT 302.56 713.30 Td (the ) Tj ET Q q 0 0 0 rg BT 313.93 713.30 Td (May ) Tj ET Q q 0 0 0 rg BT 330.19 713.30 Td (2019 ) Tj ET Q q 0 0 0 rg BT 347.79 713.30 Td (award. ) Tj ET Q q 0 0 0 rg BT 370.58 713.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 385.95 713.30 Td (deferral ) Tj ET Q q 0 0 0 rg BT 412.42 713.30 Td (had ) Tj ET Q q 0 0 0 rg BT 425.56 713.30 Td (to ) Tj ET Q q 0 0 0 rg BT 433.38 713.30 Td (have ) Tj ET Q q 0 0 0 rg BT 450.08 713.30 Td (been ) Tj ET Q q 0 0 0 rg BT 466.78 713.30 Td (made ) Tj ET Q q 0 0 0 rg BT 485.70 713.30 Td (in ) Tj ET Q q 0 0 0 rg BT 493.52 713.30 Td (five ) Tj ET Q q 0 0 0 rg BT 507.55 713.30 Td (year ) Tj ET Q q 0 0 0 rg BT 522.92 713.30 Td (increments ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 703.70 Td (from ) Tj ET Q q 0 0 0 rg BT 84.89 703.70 Td (the ) Tj ET Q q 0 0 0 rg BT 96.51 703.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 131.22 703.70 Td (vesting ) Tj ET Q q 0 0 0 rg BT 156.18 703.70 Td (date ) Tj ET Q q 0 0 0 rg BT 171.34 703.70 Td (\(and ) Tj ET Q q 0 0 0 rg BT 187.40 703.70 Td (only ) Tj ET Q q 0 0 0 rg BT 203.47 703.70 Td (one ) Tj ET Q q 0 0 0 rg BT 216.86 703.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 252.91 703.70 Td (deferral ) Tj ET Q q 0 0 0 rg BT 279.62 703.70 Td (date ) Tj ET Q q 0 0 0 rg BT 294.79 703.70 Td (could ) Tj ET Q q 0 0 0 rg BT 314.41 703.70 Td (be ) Tj ET Q q 0 0 0 rg BT 323.80 703.70 Td (elected ) Tj ET Q q 0 0 0 rg BT 348.29 703.70 Td (for ) Tj ET Q q 0 0 0 rg BT 359.46 703.70 Td (any ) Tj ET Q q 0 0 0 rg BT 372.86 703.70 Td (award ) Tj ET Q q 0 0 0 rg BT 394.24 703.70 Td (of ) Tj ET Q q 0 0 0 rg BT 402.75 703.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 434.35 703.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 453.08 703.70 Td (units\). ) Tj ET Q q 0 0 0 rg BT 474.74 703.70 Td (A) Tj ET Q q 0 0 0 rg BT 480.08 703.70 Td ( ) Tj ET Q q 0 0 0 rg BT 481.92 703.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 517.97 703.70 Td (deferral ) Tj ET Q q 0 0 0 rg BT 544.68 703.70 Td (date ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td (will ) Tj ET Q q 0 0 0 rg BT 81.67 694.10 Td (cease ) Tj ET Q q 0 0 0 rg BT 100.71 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.65 694.10 Td (be ) Tj ET Q q 0 0 0 rg BT 117.93 694.10 Td (ef) Tj ET Q q 0 0 0 rg BT 124.00 694.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 147.48 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.75 694.10 Td (any ) Tj ET Q q 0 0 0 rg BT 174.03 694.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 202.39 694.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 233.88 694.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 252.49 694.10 Td (units ) Tj ET Q q 0 0 0 rg BT 269.77 694.10 Td (will ) Tj ET Q q 0 0 0 rg BT 283.94 694.10 Td (be ) Tj ET Q q 0 0 0 rg BT 293.21 694.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 329.15 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.54 694.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 369.92 694.10 Td (under ) Tj ET Q q 0 0 0 rg BT 389.86 694.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 424.45 694.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 435.95 694.10 Td (law ) Tj ET Q q 0 0 0 rg BT 449.22 694.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 466.94 694.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 476.21 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 481.49 694.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 516.09 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 533.36 694.10 Td (service, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 684.50 Td (including ) Tj ET Q q 0 0 0 rg BT 99.94 684.50 Td (a ) Tj ET Q q 0 0 0 rg BT 105.72 684.50 Td (separation ) Tj ET Q q 0 0 0 rg BT 140.82 684.50 Td (from ) Tj ET Q q 0 0 0 rg BT 158.60 684.50 Td (service ) Tj ET Q q 0 0 0 rg BT 183.48 684.50 Td (due ) Tj ET Q q 0 0 0 rg BT 197.25 684.50 Td (to ) Tj ET Q q 0 0 0 rg BT 205.70 684.50 Td (death ) Tj ET Q q 0 0 0 rg BT 225.25 684.50 Td (or ) Tj ET Q q 0 0 0 rg BT 234.14 684.50 Td (disability) Tj ET Q q 0 0 0 rg BT 263.40 684.50 Td (, ) Tj ET Q q 0 0 0 rg BT 267.62 684.50 Td (or ) Tj ET Q q 0 0 0 rg BT 276.51 684.50 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 288.51 684.50 Td (a ) Tj ET Q q 0 0 0 rg BT 294.29 684.50 Td (change ) Tj ET Q q 0 0 0 rg BT 319.17 684.50 Td (of ) Tj ET Q q 0 0 0 rg BT 328.06 684.50 Td (control ) Tj ET Q q 0 0 0 rg BT 352.94 684.50 Td (as ) Tj ET Q q 0 0 0 rg BT 361.83 684.50 Td (defined ) Tj ET Q q 0 0 0 rg BT 388.04 684.50 Td (in ) Tj ET Q q 0 0 0 rg BT 396.49 684.50 Td (the ) Tj ET Q q 0 0 0 rg BT 408.49 684.50 Td (award ) Tj ET Q q 0 0 0 rg BT 430.26 684.50 Td (agreement ) Tj ET Q q 0 0 0 rg BT 465.80 684.50 Td (for ) Tj ET Q q 0 0 0 rg BT 477.35 684.50 Td (the ) Tj ET Q q 0 0 0 rg BT 489.35 684.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 521.34 684.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 540.45 684.50 Td (units. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 672.50 Td (See ) Tj ET Q q 0 0 0 rg BT 81.05 672.50 Td (�Potential ) Tj ET Q q 0 0 0 rg BT 115.04 672.50 Td (Payments ) Tj ET Q q 0 0 0 rg BT 148.15 672.50 Td (on ) Tj ET Q q 0 0 0 rg BT 158.01 672.50 Td (T) Tj ET Q q 0 0 0 rg BT 162.34 672.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 198.99 672.50 Td (or ) Tj ET Q q 0 0 0 rg BT 207.66 672.50 Td (a ) Tj ET Q q 0 0 0 rg BT 213.21 672.50 Td (Change ) Tj ET Q q 0 0 0 rg BT 239.64 672.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.31 672.50 Td (Control,� ) Tj ET Q q 0 0 0 rg BT 280.30 672.50 Td (below) Tj ET Q q 0 0 0 rg BT 299.34 672.50 Td (.�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.34 672.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 660.50 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 660.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 660.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.58 660.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 99.65 660.50 Td (date ) Tj ET Q q 0 0 0 rg BT 114.62 660.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.36 660.50 Td (value ) Tj ET Q q 0 0 0 rg BT 146.32 660.50 Td (is ) Tj ET Q q 0 0 0 rg BT 153.30 660.50 Td (the ) Tj ET Q q 0 0 0 rg BT 164.71 660.50 Td (total ) Tj ET Q q 0 0 0 rg BT 180.57 660.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 206.21 660.50 Td (that ) Tj ET Q q 0 0 0 rg BT 219.84 660.50 Td (we ) Tj ET Q q 0 0 0 rg BT 230.81 660.50 Td (will ) Tj ET Q q 0 0 0 rg BT 244.89 660.50 Td (recognize ) Tj ET Q q 0 0 0 rg BT 277.62 660.50 Td (as ) Tj ET Q q 0 0 0 rg BT 285.93 660.50 Td (an ) Tj ET Q q 0 0 0 rg BT 295.12 660.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 322.52 660.50 Td (over ) Tj ET Q q 0 0 0 rg BT 338.38 660.50 Td (the ) Tj ET Q q 0 0 0 rg BT 349.79 660.50 Td (award�) Tj ET Q q 0 0 0 rg BT 371.56 660.50 Td (s ) Tj ET Q q 0 0 0 rg BT 376.31 660.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 401.06 660.50 Td (period ) Tj ET Q q 0 0 0 rg BT 423.14 660.50 Td (under ) Tj ET Q q 0 0 0 rg BT 442.99 660.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 477.50 660.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 514.24 660.50 Td (requirements. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 650.90 Td (For ) Tj ET Q q 0 0 0 rg BT 80.61 650.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.38 650.90 Td (awards, ) Tj ET Q q 0 0 0 rg BT 131.03 650.90 Td (identified ) Tj ET Q q 0 0 0 rg BT 163.69 650.90 Td (in ) Tj ET Q q 0 0 0 rg BT 171.91 650.90 Td (footnotes ) Tj ET Q q 0 0 0 rg BT 203.68 650.90 Td (below) Tj ET Q q 0 0 0 rg BT 222.71 650.90 Td (, ) Tj ET Q q 0 0 0 rg BT 226.71 650.90 Td (incremental ) Tj ET Q q 0 0 0 rg BT 266.47 650.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 294.24 650.90 Td (resulted ) Tj ET Q q 0 0 0 rg BT 321.56 650.90 Td (from ) Tj ET Q q 0 0 0 rg BT 339.11 650.90 Td (modification ) Tj ET Q q 0 0 0 rg BT 381.99 650.90 Td (of ) Tj ET Q q 0 0 0 rg BT 390.66 650.90 Td (the ) Tj ET Q q 0 0 0 rg BT 402.43 650.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 427.09 650.90 Td (on ) Tj ET Q q 0 0 0 rg BT 437.09 650.90 Td (May ) Tj ET Q q 0 0 0 rg BT 453.75 650.90 Td (20, ) Tj ET Q q 0 0 0 rg BT 465.75 650.90 Td (2019.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 638.90 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 638.90 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 638.90 Td (The ) Tj ET Q q 0 0 0 rg BT 82.16 638.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 114.14 638.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 133.25 638.90 Td (units ) Tj ET Q q 0 0 0 rg BT 151.03 638.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 169.69 638.90 Td (date ) Tj ET Q q 0 0 0 rg BT 185.24 638.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.56 638.90 Td (value ) Tj ET Q q 0 0 0 rg BT 218.11 638.90 Td (was ) Tj ET Q q 0 0 0 rg BT 232.77 638.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 267.41 638.90 Td (by ) Tj ET Q q 0 0 0 rg BT 277.63 638.90 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 317.19 638.90 Td (the ) Tj ET Q q 0 0 0 rg BT 329.19 638.90 Td (number ) Tj ET Q q 0 0 0 rg BT 355.85 638.90 Td (of ) Tj ET Q q 0 0 0 rg BT 364.73 638.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 396.71 638.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 415.82 638.90 Td (units ) Tj ET Q q 0 0 0 rg BT 433.60 638.90 Td (granted ) Tj ET Q q 0 0 0 rg BT 459.81 638.90 Td (by ) Tj ET Q q 0 0 0 rg BT 470.04 638.90 Td (the ) Tj ET Q q 0 0 0 rg BT 482.03 638.90 Td (average ) Tj ET Q q 0 0 0 rg BT 509.12 638.90 Td (of ) Tj ET Q q 0 0 0 rg BT 518.00 638.90 Td (the ) Tj ET Q q 0 0 0 rg BT 530.00 638.90 Td (high ) Tj ET Q q 0 0 0 rg BT 546.44 638.90 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 629.30 Td (low ) Tj ET Q q 0 0 0 rg BT 81.50 629.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 106.16 629.30 Td (prices ) Tj ET Q q 0 0 0 rg BT 127.26 629.30 Td (of ) Tj ET Q q 0 0 0 rg BT 135.93 629.30 Td (our ) Tj ET Q q 0 0 0 rg BT 148.59 629.30 Td (common ) Tj ET Q q 0 0 0 rg BT 178.59 629.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 197.47 629.30 Td (on ) Tj ET Q q 0 0 0 rg BT 207.47 629.30 Td (the ) Tj ET Q q 0 0 0 rg BT 219.25 629.30 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 242.14 629.30 Td (on ) Tj ET Q q 0 0 0 rg BT 252.14 629.30 Td (the ) Tj ET Q q 0 0 0 rg BT 263.91 629.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 282.35 629.30 Td (date. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 617.30 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 617.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 617.30 Td (The ) Tj ET Q q 0 0 0 rg BT 81.93 617.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 124.33 617.30 Td (share ) Tj ET Q q 0 0 0 rg BT 143.20 617.30 Td (units ) Tj ET Q q 0 0 0 rg BT 160.75 617.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 179.17 617.30 Td (date ) Tj ET Q q 0 0 0 rg BT 194.48 617.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 207.57 617.30 Td (value ) Tj ET Q q 0 0 0 rg BT 226.89 617.30 Td (was ) Tj ET Q q 0 0 0 rg BT 241.32 617.30 Td (estimated ) Tj ET Q q 0 0 0 rg BT 273.96 617.30 Td (based ) Tj ET Q q 0 0 0 rg BT 294.16 617.30 Td (on ) Tj ET Q q 0 0 0 rg BT 304.15 617.30 Td (a ) Tj ET Q q 0 0 0 rg BT 309.69 617.30 Td (multiple ) Tj ET Q q 0 0 0 rg BT 338.34 617.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 351.43 617.30 Td (value ) Tj ET Q q 0 0 0 rg BT 370.75 617.30 Td (Monte ) Tj ET Q q 0 0 0 rg BT 393.62 617.30 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 413.38 617.30 Td (pricing ) Tj ET Q q 0 0 0 rg BT 438.03 617.30 Td (model, ) Tj ET Q q 0 0 0 rg BT 462.02 617.30 Td (and ) Tj ET Q q 0 0 0 rg BT 475.55 617.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 509.96 617.30 Td (at ) Tj ET Q q 0 0 0 rg BT 517.73 617.30 Td ($37.63. ) Tj ET Q q 0 0 0 rg BT 543.71 617.30 Td ( ) Tj ET Q q 0 0 0 rg BT 545.56 617.30 Td (The ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 607.70 Td (following ) Tj ET Q q 0 0 0 rg BT 100.61 607.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 142.17 607.70 Td (were ) Tj ET Q q 0 0 0 rg BT 159.71 607.70 Td (made ) Tj ET Q q 0 0 0 rg BT 179.04 607.70 Td (for ) Tj ET Q q 0 0 0 rg BT 190.36 607.70 Td (purposes ) Tj ET Q q 0 0 0 rg BT 220.80 607.70 Td (of ) Tj ET Q q 0 0 0 rg BT 229.47 607.70 Td (the ) Tj ET Q q 0 0 0 rg BT 241.24 607.70 Td (May ) Tj ET Q q 0 0 0 rg BT 257.91 607.70 Td (15, ) Tj ET Q q 0 0 0 rg BT 269.91 607.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 287.91 607.70 Td (calculation:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.75 588.45 Td (Expected Dividend ) Tj ET Q q 0 0 0 rg BT 257.14 588.45 Td (Y) Tj ET Q q 0 0 0 rg BT 262.54 588.45 Td (ield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 588.45 Td (4.41) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.05 588.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.75 575.45 Td (A) Tj ET Q q 0 0 0 rg BT 199.23 575.45 Td (verage Expected Stock Price ) Tj ET Q q 0 0 0 rg BT 292.60 575.45 Td (V) Tj ET Q q 0 0 0 rg BT 297.79 575.45 Td (olatility) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.05 575.45 Td (23.96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.05 575.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.75 562.45 Td (Risk Free Interest Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.05 562.45 Td (2.1) Tj ET Q q 0 0 0 rg BT 404.05 562.45 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.05 562.45 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 549.10 Td (The ) Tj ET Q q 0 0 0 rg BT 81.74 549.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 102.65 549.10 Td (value ) Tj ET Q q 0 0 0 rg BT 121.78 549.10 Td (realized, ) Tj ET Q q 0 0 0 rg BT 150.89 549.10 Td (if ) Tj ET Q q 0 0 0 rg BT 157.59 549.10 Td (any) Tj ET Q q 0 0 0 rg BT 168.62 549.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.42 549.10 Td (will ) Tj ET Q q 0 0 0 rg BT 186.67 549.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.03 549.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 230.71 549.10 Td (on ) Tj ET Q q 0 0 0 rg BT 240.52 549.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 264.53 549.10 Td (market ) Tj ET Q q 0 0 0 rg BT 288.55 549.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 325.69 549.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.16 549.10 Td (future ) Tj ET Q q 0 0 0 rg BT 359.07 549.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 401.29 549.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.65 549.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.22 549.10 Td (future ) Tj ET Q q 0 0 0 rg BT 447.13 549.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 468.04 549.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.51 549.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.98 549.10 Td (common ) Tj ET Q q 0 0 0 rg BT 518.78 549.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 539.34 549.10 Td (There ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 539.50 Td (can ) Tj ET Q q 0 0 0 rg BT 80.60 539.50 Td (be ) Tj ET Q q 0 0 0 rg BT 90.15 539.50 Td (no ) Tj ET Q q 0 0 0 rg BT 100.15 539.50 Td (assurances ) Tj ET Q q 0 0 0 rg BT 136.36 539.50 Td (that ) Tj ET Q q 0 0 0 rg BT 150.36 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 162.13 539.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 183.23 539.50 Td (value ) Tj ET Q q 0 0 0 rg BT 202.55 539.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 229.86 539.50 Td (will ) Tj ET Q q 0 0 0 rg BT 244.31 539.50 Td (approximate ) Tj ET Q q 0 0 0 rg BT 286.29 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 298.07 539.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 324.06 539.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 358.48 539.50 Td (under ) Tj ET Q q 0 0 0 rg BT 378.70 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 390.47 539.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 422.24 539.50 Td (model.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 527.50 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 527.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 527.50 Td (On ) Tj ET Q q 0 0 0 rg BT 79.24 527.50 Td (May ) Tj ET Q q 0 0 0 rg BT 95.86 527.50 Td (20, ) Tj ET Q q 0 0 0 rg BT 107.82 527.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 127.78 527.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 167.07 527.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 185.92 527.50 Td (option ) Tj ET Q q 0 0 0 rg BT 208.33 527.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 232.94 527.50 Td (and ) Tj ET Q q 0 0 0 rg BT 246.45 527.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.83 527.50 Td (share ) Tj ET Q q 0 0 0 rg BT 307.67 527.50 Td (unit ) Tj ET Q q 0 0 0 rg BT 322.07 527.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 346.69 527.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 368.65 527.50 Td (to ) Tj ET Q q 0 0 0 rg BT 376.83 527.50 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 391.02 527.50 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 422.75 527.50 Td (and ) Tj ET Q q 0 0 0 rg BT 436.26 527.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 445.60 527.50 Td (. ) Tj ET Q q 0 0 0 rg BT 449.56 527.50 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 472.41 527.50 Td (were ) Tj ET Q q 0 0 0 rg BT 489.91 527.50 Td (modified ) Tj ET Q q 0 0 0 rg BT 520.76 527.50 Td (to ) Tj ET Q q 0 0 0 rg BT 528.94 527.50 Td (allow ) Tj ET Q q 0 0 0 rg BT 548.67 527.50 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 517.90 Td (continued ) Tj ET Q q 0 0 0 rg BT 101.24 517.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 126.55 517.90 Td (following ) Tj ET Q q 0 0 0 rg BT 159.86 517.90 Td (termination ) Tj ET Q q 0 0 0 rg BT 198.93 517.90 Td (of ) Tj ET Q q 0 0 0 rg BT 207.79 517.90 Td (their ) Tj ET Q q 0 0 0 rg BT 224.65 517.90 Td (employment. ) Tj ET Q q 0 0 0 rg BT 268.68 517.90 Td (The ) Tj ET Q q 0 0 0 rg BT 283.32 517.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 313.07 517.90 Td (of ) Tj ET Q q 0 0 0 rg BT 321.93 517.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 344.12 517.90 Td (and ) Tj ET Q q 0 0 0 rg BT 357.86 517.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 376.50 517.90 Td (date ) Tj ET Q q 0 0 0 rg BT 392.02 517.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 405.32 517.90 Td (value ) Tj ET Q q 0 0 0 rg BT 424.84 517.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 454.15 517.90 Td (represent ) Tj ET Q q 0 0 0 rg BT 485.66 517.90 Td (the ) Tj ET Q q 0 0 0 rg BT 497.63 517.90 Td (original ) Tj ET Q q 0 0 0 rg BT 524.71 517.90 Td (award ) Tj ET Q q 0 0 0 rg BT 546.45 517.90 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 508.30 Td (the ) Tj ET Q q 0 0 0 rg BT 79.39 508.30 Td (original ) Tj ET Q q 0 0 0 rg BT 106.40 508.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 119.62 508.30 Td (value ) Tj ET Q q 0 0 0 rg BT 139.07 508.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 165.18 508.30 Td (on ) Tj ET Q q 0 0 0 rg BT 175.30 508.30 Td (the ) Tj ET Q q 0 0 0 rg BT 187.20 508.30 Td (date ) Tj ET Q q 0 0 0 rg BT 202.64 508.30 Td (of ) Tj ET Q q 0 0 0 rg BT 211.43 508.30 Td (grant. ) Tj ET Q q 0 0 0 rg BT 231.83 508.30 Td (The ) Tj ET Q q 0 0 0 rg BT 246.39 508.30 Td (incremental ) Tj ET Q q 0 0 0 rg BT 286.27 508.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 314.16 508.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 351.37 508.30 Td (as ) Tj ET Q q 0 0 0 rg BT 360.16 508.30 Td (a ) Tj ET Q q 0 0 0 rg BT 365.83 508.30 Td (result ) Tj ET Q q 0 0 0 rg BT 385.72 508.30 Td (of ) Tj ET Q q 0 0 0 rg BT 394.51 508.30 Td (the ) Tj ET Q q 0 0 0 rg BT 406.40 508.30 Td (modification ) Tj ET Q q 0 0 0 rg BT 449.40 508.30 Td (of ) Tj ET Q q 0 0 0 rg BT 458.19 508.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 477.19 508.30 Td (option ) Tj ET Q q 0 0 0 rg BT 499.76 508.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 524.54 508.30 Td (is ) Tj ET Q q 0 0 0 rg BT 532.00 508.30 Td ($88,126 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 498.70 Td (and ) Tj ET Q q 0 0 0 rg BT 80.80 498.70 Td ($490,822, ) Tj ET Q q 0 0 0 rg BT 114.56 498.70 Td (respectively ) Tj ET Q q 0 0 0 rg BT 154.96 498.70 Td (for ) Tj ET Q q 0 0 0 rg BT 166.04 498.70 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 180.02 498.70 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 211.54 498.70 Td (and ) Tj ET Q q 0 0 0 rg BT 224.85 498.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 234.18 498.70 Td (. ) Tj ET Q q 0 0 0 rg BT 237.94 498.70 Td (Hoops. ) Tj ET Q q 0 0 0 rg BT 262.45 498.70 Td (The ) Tj ET Q q 0 0 0 rg BT 276.65 498.70 Td (incremental ) Tj ET Q q 0 0 0 rg BT 316.16 498.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 343.67 498.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 380.52 498.70 Td (as ) Tj ET Q q 0 0 0 rg BT 388.93 498.70 Td (a ) Tj ET Q q 0 0 0 rg BT 394.24 498.70 Td (result ) Tj ET Q q 0 0 0 rg BT 413.76 498.70 Td (of ) Tj ET Q q 0 0 0 rg BT 422.18 498.70 Td (the ) Tj ET Q q 0 0 0 rg BT 433.71 498.70 Td (modification ) Tj ET Q q 0 0 0 rg BT 476.34 498.70 Td (of ) Tj ET Q q 0 0 0 rg BT 484.76 498.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 526.93 498.70 Td (share ) Tj ET Q q 0 0 0 rg BT 545.56 498.70 Td (unit ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 489.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 92.08 489.10 Td (is ) Tj ET Q q 0 0 0 rg BT 99.33 489.10 Td ($703,243 ) Tj ET Q q 0 0 0 rg BT 131.25 489.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.73 489.10 Td ($1,120,177, ) Tj ET Q q 0 0 0 rg BT 184.65 489.10 Td (respectively ) Tj ET Q q 0 0 0 rg BT 225.22 489.10 Td (for ) Tj ET Q q 0 0 0 rg BT 236.47 489.10 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 250.61 489.10 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 282.31 489.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.78 489.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 305.12 489.10 Td (. ) Tj ET Q q 0 0 0 rg BT 309.04 489.10 Td (Hoops. ) Tj ET Q q 0 0 0 rg BT 333.85 489.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.63 489.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.99 489.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 368.80 489.10 Td (option ) Tj ET Q q 0 0 0 rg BT 391.16 489.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 409.52 489.10 Td (date ) Tj ET Q q 0 0 0 rg BT 424.77 489.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 437.79 489.10 Td (value ) Tj ET Q q 0 0 0 rg BT 457.03 489.10 Td (was ) Tj ET Q q 0 0 0 rg BT 471.40 489.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 505.74 489.10 Td (using ) Tj ET Q q 0 0 0 rg BT 525.00 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.69 489.10 Td (Black-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 479.50 Td (Scholes ) Tj ET Q q 0 0 0 rg BT 94.39 479.50 Td (option ) Tj ET Q q 0 0 0 rg BT 116.83 479.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 141.49 479.50 Td (model ) Tj ET Q q 0 0 0 rg BT 163.49 479.50 Td (value ) Tj ET Q q 0 0 0 rg BT 182.81 479.50 Td (on ) Tj ET Q q 0 0 0 rg BT 192.81 479.50 Td (the ) Tj ET Q q 0 0 0 rg BT 204.59 479.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 223.02 479.50 Td (date.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 467.50 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 467.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 467.50 Td (On ) Tj ET Q q 0 0 0 rg BT 79.48 467.50 Td (May ) Tj ET Q q 0 0 0 rg BT 96.34 467.50 Td (20, ) Tj ET Q q 0 0 0 rg BT 108.54 467.50 Td (2019, ) Tj ET Q q 0 0 0 rg BT 128.74 467.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 168.27 467.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 200.24 467.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 219.32 467.50 Td (units ) Tj ET Q q 0 0 0 rg BT 237.08 467.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 259.28 467.50 Td (to ) Tj ET Q q 0 0 0 rg BT 267.71 467.50 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 282.13 467.50 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 314.11 467.50 Td (and ) Tj ET Q q 0 0 0 rg BT 327.86 467.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 337.19 467.50 Td (. ) Tj ET Q q 0 0 0 rg BT 341.39 467.50 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 364.48 467.50 Td (were ) Tj ET Q q 0 0 0 rg BT 382.23 467.50 Td (modified ) Tj ET Q q 0 0 0 rg BT 413.31 467.50 Td (to ) Tj ET Q q 0 0 0 rg BT 421.73 467.50 Td (allow ) Tj ET Q q 0 0 0 rg BT 441.71 467.50 Td (for ) Tj ET Q q 0 0 0 rg BT 453.23 467.50 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 494.07 467.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 512.27 467.50 Td (termination ) Tj ET Q q 0 0 0 rg BT 551.35 467.50 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 457.90 Td (their ) Tj ET Q q 0 0 0 rg BT 84.18 457.90 Td (employment. ) Tj ET Q q 0 0 0 rg BT 128.05 457.90 Td (The ) Tj ET Q q 0 0 0 rg BT 142.52 457.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 172.09 457.90 Td (of ) Tj ET Q q 0 0 0 rg BT 180.78 457.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 202.80 457.90 Td (and ) Tj ET Q q 0 0 0 rg BT 216.37 457.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 234.83 457.90 Td (date ) Tj ET Q q 0 0 0 rg BT 250.18 457.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 263.31 457.90 Td (value ) Tj ET Q q 0 0 0 rg BT 282.66 457.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 311.79 457.90 Td (represent ) Tj ET Q q 0 0 0 rg BT 343.13 457.90 Td (the ) Tj ET Q q 0 0 0 rg BT 354.93 457.90 Td (original ) Tj ET Q q 0 0 0 rg BT 381.84 457.90 Td (award ) Tj ET Q q 0 0 0 rg BT 403.40 457.90 Td (and ) Tj ET Q q 0 0 0 rg BT 416.98 457.90 Td (the ) Tj ET Q q 0 0 0 rg BT 428.78 457.90 Td (original ) Tj ET Q q 0 0 0 rg BT 455.68 457.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.81 457.90 Td (value ) Tj ET Q q 0 0 0 rg BT 488.16 457.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 514.18 457.90 Td (on ) Tj ET Q q 0 0 0 rg BT 524.20 457.90 Td (the ) Tj ET Q q 0 0 0 rg BT 536.00 457.90 Td (date ) Tj ET Q q 0 0 0 rg BT 551.35 457.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 448.30 Td (grant. ) Tj ET Q q 0 0 0 rg BT 88.08 448.30 Td (The ) Tj ET Q q 0 0 0 rg BT 102.84 448.30 Td (incremental ) Tj ET Q q 0 0 0 rg BT 142.91 448.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 170.99 448.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 208.39 448.30 Td (as ) Tj ET Q q 0 0 0 rg BT 217.37 448.30 Td (a ) Tj ET Q q 0 0 0 rg BT 223.24 448.30 Td (result ) Tj ET Q q 0 0 0 rg BT 243.32 448.30 Td (of ) Tj ET Q q 0 0 0 rg BT 252.30 448.30 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 448.30 Td (modification ) Tj ET Q q 0 0 0 rg BT 307.58 448.30 Td (of ) Tj ET Q q 0 0 0 rg BT 316.56 448.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 348.64 448.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 367.84 448.30 Td (unit ) Tj ET Q q 0 0 0 rg BT 382.60 448.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 407.57 448.30 Td (is ) Tj ET Q q 0 0 0 rg BT 415.22 448.30 Td ($1,202,193 ) Tj ET Q q 0 0 0 rg BT 453.54 448.30 Td (and ) Tj ET Q q 0 0 0 rg BT 467.40 448.30 Td ($1,349,517, ) Tj ET Q q 0 0 0 rg BT 507.72 448.30 Td (respectively ) Tj ET Q q 0 0 0 rg BT 548.68 448.30 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 438.70 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 81.73 438.70 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 113.50 438.70 Td (and ) Tj ET Q q 0 0 0 rg BT 127.05 438.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 136.39 438.70 Td (. ) Tj ET Q q 0 0 0 rg BT 140.39 438.70 Td (Hoops. ) Tj ET Q endstream endobj 347 0 obj <> endobj 348 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (171) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Outstanding ) Tj ET Q q 0 0 0 rg BT 108.15 741.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 140.54 741.90 Td (A) Tj ET Q q 0 0 0 rg BT 147.35 741.90 Td (wards ) Tj ET Q q 0 0 0 rg BT 177.39 741.90 Td (at ) Tj ET Q q 0 0 0 rg BT 188.76 741.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 208.39 741.90 Td (ch ) Tj ET Q q 0 0 0 rg BT 221.52 741.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 237.27 741.90 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (The following table provides information as of March 31, 2020 about the outstanding equity awards held by our named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 100.91 704.10 Td (ficers.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 687.6 m 98.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.25 687.6 m 143.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.25 687.6 m 156.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.25 687.6 m 210.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.25 687.6 m 273.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.25 687.6 m 313.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.25 687.6 m 362.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.25 687.6 m 366.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.25 687.6 m 413.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.25 687.6 m 460.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 687.6 m 508.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 687.6 m 557.25 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 585.6 m 98.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.25 585.6 m 143.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.25 585.6 m 156.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.25 585.6 m 210.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.25 585.6 m 273.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.25 585.6 m 313.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.25 585.6 m 362.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.25 585.6 m 366.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.25 585.6 m 413.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.25 585.6 m 460.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 585.6 m 508.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 585.6 m 557.25 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 417.6 m 98.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.25 417.6 m 143.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.25 417.6 m 156.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.25 417.6 m 210.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.25 417.6 m 273.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.25 417.6 m 313.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.25 417.6 m 362.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.25 417.6 m 366.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.25 417.6 m 413.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.25 417.6 m 460.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 417.6 m 508.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 417.6 m 557.25 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 285.6 m 98.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.25 285.6 m 143.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.25 285.6 m 156.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.25 285.6 m 210.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.25 285.6 m 273.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.25 285.6 m 313.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.25 285.6 m 362.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.25 285.6 m 366.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.25 285.6 m 413.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.25 285.6 m 460.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 285.6 m 508.25 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 285.6 m 557.25 285.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 201.85 678.66 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.22 678.66 Td (A) Tj ET Q q 0 0 0 rg BT 228.76 678.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 247.04 681.83 Td (\(1\)\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 440.75 678.66 Td (Stock ) Tj ET Q q 0 0 0 rg BT 458.84 678.66 Td (A) Tj ET Q q 0 0 0 rg BT 463.37 678.66 Td (wards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 51.75 589.66 Td (Name) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 121.45 596.66 Td (Grant) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 125.75 589.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.65 624.66 Td (Number) Tj ET Q q 0 0 0 rg BT 197.41 624.66 Td ( of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.55 617.66 Td (Securities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.90 610.66 Td (Underlying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 170.30 603.66 Td (Unexer) Tj ET Q q 0 0 0 rg BT 191.94 603.66 Td (cised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 173.10 596.66 Td (Options \(#\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.25 589.66 Td (Exer) Tj ET Q q 0 0 0 rg BT 186.51 589.66 Td (cisable) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 235.65 624.66 Td (Number) Tj ET Q q 0 0 0 rg BT 260.41 624.66 Td ( of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 240.55 617.66 Td (Securities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 235.90 610.66 Td (Underlying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 233.30 603.66 Td (Unexer) Tj ET Q q 0 0 0 rg BT 254.94 603.66 Td (cised) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 236.10 596.66 Td (Options \(#\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 227.85 589.66 Td (Unexer) Tj ET Q q 0 0 0 rg BT 249.49 589.66 Td (cisable) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 288.70 610.66 Td (Option) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 284.60 603.66 Td (Exer) Tj ET Q q 0 0 0 rg BT 298.86 603.66 Td (cise) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.20 596.66 Td (Price) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.55 589.66 Td (\($\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 337.70 603.66 Td (Option) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 326.45 596.66 Td (Expiration) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 344.75 589.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 384.95 631.66 Td (Number) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.05 624.66 Td (of Shar) Tj ET Q q 0 0 0 rg BT 403.90 624.66 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.55 617.66 Td (or) Tj ET Q q 0 0 0 rg BT 392.03 617.66 Td ( Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.40 610.66 Td (of Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.05 603.66 Td (That Have) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.65 596.66 Td (Not ) Tj ET Q q 0 0 0 rg BT 390.16 596.66 Td (V) Tj ET Q q 0 0 0 rg BT 394.57 596.66 Td (ested) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.25 589.66 Td (\(#\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 404.41 592.83 Td (\(3\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.20 638.66 Td (Market) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.85 631.66 Td (V) Tj ET Q q 0 0 0 rg BT 444.26 631.66 Td (alue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.05 624.66 Td (of Shar) Tj ET Q q 0 0 0 rg BT 450.90 624.66 Td (es) Tj ET Q BT 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 132.5 m 359.75 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 132.5 m 363.75 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.75 132.5 m 410.75 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.75 132.5 m 457.75 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 132.5 m 505.75 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.75 132.5 m 554.75 132.5 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 202.35 740.56 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.72 740.56 Td (A) Tj ET Q q 0 0 0 rg BT 229.26 740.56 Td (wards) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 247.54 743.73 Td (\(1\)\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.25 740.56 Td (Stock ) Tj ET Q q 0 0 0 rg BT 456.34 740.56 Td (A) Tj ET Q q 0 0 0 rg BT 460.87 740.56 Td (wards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 54.25 651.56 Td (Name) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 125.95 658.56 Td (Grant) 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Q q 0 0 0 rg BT 434.66 658.56 Td (V) Tj ET Q q 0 0 0 rg BT 439.07 658.56 Td (ested) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 440.75 651.56 Td (\(#\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 448.91 654.73 Td (\(3\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 482.00 728.56 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 475.40 721.56 Td (incentive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 463.15 714.56 Td (plan awards:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 472.25 707.56 Td (market or) Tj ET Q q 0 0 0 rg BT 502.25 707.56 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 463.90 700.56 Td (payout value ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.25 693.56 Td (of unearned) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 465.00 686.56 Td (shar) Tj ET Q q 0 0 0 rg BT 478.10 686.56 Td (es, units ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 478.20 679.56 Td (or) Tj ET Q q 0 0 0 rg BT 484.68 679.56 Td ( other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 470.90 672.56 Td (rights that) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.75 665.56 Td (have not) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 483.55 658.56 Td (vested) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.75 651.56 Td (\($\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 496.91 654.73 Td (\(4\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 531.00 728.56 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 524.40 721.56 Td (incentive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.15 714.56 Td (plan awards:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 521.25 707.56 Td (market or) Tj ET Q q 0 0 0 rg BT 551.25 707.56 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.90 700.56 Td (payout value ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 515.25 693.56 Td (of unearned) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 514.00 686.56 Td (shar) Tj ET Q q 0 0 0 rg BT 527.10 686.56 Td (es, units ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 527.20 679.56 Td (or) Tj ET Q q 0 0 0 rg BT 533.68 679.56 Td ( other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 519.90 672.56 Td (rights that) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 525.75 665.56 Td (have not) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.55 658.56 Td (vested) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 537.75 651.56 Td (\($\)) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 545.91 654.73 Td (\(4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 639.55 Td (T) Tj ET Q q 0 0 0 rg BT 58.28 639.55 Td (erence ) Tj ET Q q 0 0 0 rg BT 77.85 639.55 Td (A.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 639.55 Td (5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 185.65 639.55 Td (67,144) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.90 639.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 639.55 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 639.55 Td (5/15/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 627.55 Td (Johnson) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 627.55 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 627.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.65 627.55 Td (19,705) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 627.55 Td (31.24) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 627.55 Td (5/13/2024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 615.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 615.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.65 615.55 Td (33,339) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 615.55 Td (37.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 615.55 Td (5/15/2025) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 603.55 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 603.55 Td (4,945) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 603.55 Td (241,563) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 591.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 591.55 Td (7,378) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 591.55 Td (360,415) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 579.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 388.65 579.55 Td (17,092) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 579.55 Td (834,944) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 567.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 567.55 Td (26,517) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 567.55 Td (1,295,355) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 555.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 555.55 Td (25,638) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 555.55 Td (1,252,416) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 530.55 Td (Patricia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 530.55 Td (5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 189.15 530.55 Td (5,628) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.90 530.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 530.55 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 530.55 Td (5/15/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 518.55 Td (Lattin) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 119.35 518.55 Td (5/2/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 518.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 518.55 Td (3,307) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 518.55 Td (31.57) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.35 518.55 Td (5/2/2024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 506.55 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 506.55 Td (2,425) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 506.55 Td (1) Tj ET Q q 0 0 0 rg BT 435.65 506.55 Td (18,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 494.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 494.55 Td (4,065) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 494.55 Td (198,575) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 482.55 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 482.55 Td (4,357) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 482.55 Td (212,839) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 470.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 470.55 Td (5,972) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 470.55 Td (291,732) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 458.55 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 487.15 458.55 Td (8,714) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 458.55 Td (425,679) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 446.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 487.15 446.55 Td (8,958) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 446.55 Td (437,598) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 421.55 Td (Thomas C.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 421.55 Td (5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 185.65 421.55 Td (21,505) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.90 421.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 421.55 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 421.55 Td (5/15/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 409.55 Td (Merchant) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 409.55 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 409.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 409.55 Td (7,1) Tj ET Q q 0 0 0 rg BT 260.90 409.55 Td (1) Tj ET Q q 0 0 0 rg BT 264.40 409.55 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 409.55 Td (31.24) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 409.55 Td (5/13/2024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 397.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 397.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.65 397.55 Td (15,006) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 397.55 Td (37.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 397.55 Td (5/15/2025) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 385.55 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 385.55 Td (1,793) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 435.65 385.55 Td (87,588) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 373.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 373.55 Td (3,321) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 373.55 Td (162,231) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 361.55 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.15 361.55 Td (8,787) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 361.55 Td (429,245) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 349.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 388.65 349.55 Td (12,050) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.15 349.55 Td (588,643) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 337.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 337.55 Td (1) Tj ET Q q 0 0 0 rg BT 487.15 337.55 Td (1,935) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 337.55 Td (583,025) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 325.55 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 325.55 Td (17,573) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 325.55 Td (858,441) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 313.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 313.55 Td (18,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 313.55 Td (882,964) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 286.55 Td (Frances L.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 286.55 Td (5/16/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 189.15 286.55 Td (9,975) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.90 286.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 286.55 Td (47.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 286.55 Td (5/16/2022) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 274.55 Td (Cashman) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 80.30 277.72 Td ( \(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 274.55 Td (5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 185.65 274.55 Td (1) Tj ET Q q 0 0 0 rg BT 189.15 274.55 Td (1,754) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.90 274.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 274.55 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 274.55 Td (5/15/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 119.35 262.55 Td (5/2/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 262.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 262.55 Td (3,307) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 262.55 Td (31.57) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.35 262.55 Td (5/2/2024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 250.55 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 250.55 Td (17,621) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 250.55 Td (860,786) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 238.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 238.55 Td (17,654) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 238.55 Td (862,373) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 211.55 Td (Thomas K.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 211.55 Td (5/15/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 185.65 211.55 Td (38,557) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.90 211.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 211.55 Td (54.51) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 211.55 Td (5/15/2023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 54.25 199.55 Td (Hoops ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 74.28 202.72 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 199.55 Td (5/13/2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 199.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.65 199.55 Td (12,437) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 199.55 Td (31.24) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 199.55 Td (5/13/2024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 187.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.90 187.55 Td (�) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.65 187.55 Td (23,410) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.15 187.55 Td (37.64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 187.55 Td (5/15/2025) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 175.55 Td (5/15/2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 175.55 Td (18,619) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 529.15 175.55 Td (909,538) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 163.55 Td (5/15/2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 163.55 Td (25,377) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 163.55 Td (1,239,666) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 115.85 151.55 Td (5/15/2019) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 483.65 151.55 Td (25,190) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 151.55 Td (1,230,532) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 121.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 121.00 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 121.00 Td (Option ) Tj ET Q q 0 0 0 rg BT 91.51 121.00 Td (awards ) Tj ET Q q 0 0 0 rg BT 115.96 121.00 Td (were ) Tj ET Q q 0 0 0 rg BT 133.29 121.00 Td (made ) Tj ET Q q 0 0 0 rg BT 152.41 121.00 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 181.75 121.00 Td (to ) Tj ET Q q 0 0 0 rg BT 189.77 121.00 Td (our ) Tj ET Q q 0 0 0 rg BT 202.22 121.00 Td (1996 ) Tj ET Q q 0 0 0 rg BT 220.01 121.00 Td (Equity ) Tj ET Q q 0 0 0 rg BT 243.13 121.00 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 274.69 121.00 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 292.57 121.00 Td (The ) Tj ET Q q 0 0 0 rg BT 306.80 121.00 Td (exercise ) Tj ET Q q 0 0 0 rg BT 334.79 121.00 Td (price ) Tj ET Q q 0 0 0 rg BT 352.57 121.00 Td (of ) Tj ET Q q 0 0 0 rg BT 361.03 121.00 Td (each ) Tj ET Q q 0 0 0 rg BT 377.47 121.00 Td (option ) Tj ET Q q 0 0 0 rg BT 399.71 121.00 Td (is ) Tj ET Q q 0 0 0 rg BT 406.84 121.00 Td (equal ) Tj ET Q q 0 0 0 rg BT 425.95 121.00 Td (to ) Tj ET Q q 0 0 0 rg BT 433.96 121.00 Td (the ) Tj ET Q q 0 0 0 rg BT 445.53 121.00 Td (average ) Tj ET Q q 0 0 0 rg BT 472.19 121.00 Td (of ) Tj ET Q q 0 0 0 rg BT 480.64 121.00 Td (the ) Tj ET Q q 0 0 0 rg BT 492.21 121.00 Td (high ) Tj ET Q q 0 0 0 rg BT 508.22 121.00 Td (and ) Tj ET Q q 0 0 0 rg BT 521.56 121.00 Td (low ) Tj ET Q q 0 0 0 rg BT 535.35 121.00 Td (trading ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 111.40 Td (prices ) Tj ET Q q 0 0 0 rg BT 88.60 111.40 Td (of ) Tj ET Q q 0 0 0 rg BT 97.27 111.40 Td (our ) Tj ET Q q 0 0 0 rg BT 109.93 111.40 Td (common ) Tj ET Q q 0 0 0 rg BT 139.93 111.40 Td (stock ) Tj ET Q q 0 0 0 rg BT 158.81 111.40 Td (on ) Tj ET Q q 0 0 0 rg BT 168.81 111.40 Td (the ) Tj ET Q q 0 0 0 rg BT 180.59 111.40 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 203.48 111.40 Td (on ) Tj ET Q q 0 0 0 rg BT 213.48 111.40 Td (the ) Tj ET Q q 0 0 0 rg BT 225.25 111.40 Td (grant ) Tj ET Q q 0 0 0 rg BT 243.69 111.40 Td (date. ) Tj ET Q q 0 0 0 rg BT 261.01 111.40 Td (Option ) Tj ET Q q 0 0 0 rg BT 285.23 111.40 Td (holders ) Tj ET Q q 0 0 0 rg BT 310.79 111.40 Td (may ) Tj ET Q q 0 0 0 rg BT 326.56 111.40 Td (use ) Tj ET Q q 0 0 0 rg BT 339.22 111.40 Td (previously ) Tj ET Q q 0 0 0 rg BT 375.00 111.40 Td (owned ) Tj ET Q q 0 0 0 rg BT 398.32 111.40 Td (shares ) Tj ET Q q 0 0 0 rg BT 420.32 111.40 Td (to ) Tj ET Q q 0 0 0 rg BT 428.54 111.40 Td (pay ) Tj ET Q q 0 0 0 rg BT 442.09 111.40 Td (all ) Tj ET Q q 0 0 0 rg BT 452.09 111.40 Td (or ) Tj ET Q q 0 0 0 rg BT 460.75 111.40 Td (part ) Tj ET Q q 0 0 0 rg BT 475.19 111.40 Td (of ) Tj ET Q q 0 0 0 rg BT 483.85 111.40 Td (the ) Tj ET Q q 0 0 0 rg BT 495.63 111.40 Td (exercise ) Tj ET Q q 0 0 0 rg BT 523.83 111.40 Td (price.) Tj ET Q endstream endobj 351 0 obj <> endobj 352 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (173) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 742.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Options ) Tj ET Q q 0 0 0 rg BT 94.19 742.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 122.63 742.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 139.54 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.11 742.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 164.47 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 175.58 742.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 192.05 742.10 Td (vested. ) Tj ET Q q 0 0 0 rg BT 215.84 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 223.85 742.10 Td (all ) Tj ET Q q 0 0 0 rg BT 233.20 742.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 253.43 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.56 742.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 301.46 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 316.59 742.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 349.91 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.03 742.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 385.49 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.51 742.10 Td (options. ) Tj ET Q q 0 0 0 rg BT 420.12 742.10 Td (As ) Tj ET Q q 0 0 0 rg BT 430.37 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.38 742.10 Td (March ) Tj ET Q q 0 0 0 rg BT 460.61 742.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.97 742.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 491.32 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 742.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 526.91 742.10 Td (schedules ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 732.50 Td (for ) Tj ET Q q 0 0 0 rg BT 78.83 732.50 Td (the ) Tj ET Q q 0 0 0 rg BT 90.60 732.50 Td (other ) Tj ET Q q 0 0 0 rg BT 109.04 732.50 Td (option ) Tj ET Q q 0 0 0 rg BT 131.48 732.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 156.14 732.50 Td (were ) Tj ET Q q 0 0 0 rg BT 173.68 732.50 Td (as ) Tj ET Q q 0 0 0 rg BT 182.35 732.50 Td (follows:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 82.75 709.23 Td (Grant Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.75 709.23 Td (V) Tj ET Q q 0 0 0 rg BT 173.16 709.23 Td (esting Schedule) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.75 709.23 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 440.94 709.23 Td (V) Tj ET Q q 0 0 0 rg BT 445.98 709.23 Td (esting Dates) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 82.75 695.25 Td (05/13/16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.75 695.25 Td (25% vests each year for four years from date of grant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.75 695.25 Td (05/31/20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 82.75 681.25 Td (05/15/17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.75 681.25 Td (25% vests each year for four years from date of grant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.75 681.25 Td (05/31/20, 05/31/21) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 665.50 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 665.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 665.50 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 98.46 665.50 Td (number ) Tj ET Q q 0 0 0 rg BT 124.54 665.50 Td (of ) Tj ET Q q 0 0 0 rg BT 132.85 665.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.48 665.50 Td (and ) Tj ET Q q 0 0 0 rg BT 167.67 665.50 Td (market ) Tj ET Q q 0 0 0 rg BT 191.52 665.50 Td (value ) Tj ET Q q 0 0 0 rg BT 210.49 665.50 Td (representing ) Tj ET Q q 0 0 0 rg BT 251.67 665.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 283.07 665.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 301.60 665.50 Td (units ) Tj ET Q q 0 0 0 rg BT 318.80 665.50 Td (that ) Tj ET Q q 0 0 0 rg BT 332.43 665.50 Td (would ) Tj ET Q q 0 0 0 rg BT 354.07 665.50 Td (have ) Tj ET Q q 0 0 0 rg BT 370.82 665.50 Td (settled ) Tj ET Q q 0 0 0 rg BT 393.34 665.50 Td (if ) Tj ET Q q 0 0 0 rg BT 399.87 665.50 Td (they ) Tj ET Q q 0 0 0 rg BT 415.28 665.50 Td (had ) Tj ET Q q 0 0 0 rg BT 428.47 665.50 Td (not ) Tj ET Q q 0 0 0 rg BT 440.34 665.50 Td (been ) Tj ET Q q 0 0 0 rg BT 457.08 665.50 Td (deferred. ) Tj ET Q q 0 0 0 rg BT 487.00 665.50 Td (As ) Tj ET Q q 0 0 0 rg BT 497.53 665.50 Td (of ) Tj ET Q q 0 0 0 rg BT 505.84 665.50 Td (March ) Tj ET Q q 0 0 0 rg BT 528.36 665.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.00 665.50 Td (2020, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 651.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 104.38 651.10 Td (schedules ) Tj ET Q q 0 0 0 rg BT 137.48 651.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.81 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.59 651.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 192.35 651.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 211.23 651.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 225.68 651.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 250.34 651.10 Td (were ) Tj ET Q q 0 0 0 rg BT 267.88 651.10 Td (as ) Tj ET Q q 0 0 0 rg BT 276.54 651.10 Td (follows:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 302.77 651.10 Td (�) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.75 627.83 Td (Grant Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 168.75 627.83 Td (V) Tj ET Q q 0 0 0 rg BT 174.16 627.83 Td (esting Schedule) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.75 627.83 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 439.94 627.83 Td (V) Tj ET Q q 0 0 0 rg BT 444.98 627.83 Td (esting Dates) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 84.75 613.85 Td (05/13/16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.75 613.85 Td (25% vests each year for four years from date of grant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 613.85 Td (04/30/20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 84.75 599.85 Td (05/15/17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.75 599.85 Td (25% vests each year for four years from date of grant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 599.85 Td (04/30/20, 04/30/21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 84.75 585.85 Td (05/15/18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.75 585.85 Td (25% vests each year for four years from date of grant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 585.85 Td (04/30/20, 04/30/21, 04/30/22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 84.75 571.85 Td (05/15/19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.75 571.85 Td (25% vests each year for four years from date of grant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 571.85 Td (04/30/20, 04/30/21, 04/30/22, 04/30/23) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 556.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 556.10 Td (For ) Tj ET Q q 0 0 0 rg BT 80.78 556.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 105.60 556.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 127.76 556.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.93 556.10 Td (May ) Tj ET Q q 0 0 0 rg BT 154.76 556.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 166.92 556.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 185.09 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.80 556.10 Td (May ) Tj ET Q q 0 0 0 rg BT 215.63 556.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 227.80 556.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 247.96 556.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 290.55 556.10 Td (share ) Tj ET Q q 0 0 0 rg BT 309.59 556.10 Td (units ) Tj ET Q q 0 0 0 rg BT 327.31 556.10 Td (may ) Tj ET Q q 0 0 0 rg BT 343.25 556.10 Td (be ) Tj ET Q q 0 0 0 rg BT 352.97 556.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 376.45 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.17 556.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 412.77 556.10 Td (at ) Tj ET Q q 0 0 0 rg BT 420.71 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.65 556.10 Td (end ) Tj ET Q q 0 0 0 rg BT 446.36 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.19 556.10 Td (a ) Tj ET Q q 0 0 0 rg BT 460.91 556.10 Td (three ) Tj ET Q q 0 0 0 rg BT 479.06 556.10 Td (year ) Tj ET Q q 0 0 0 rg BT 494.99 556.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 537.57 556.10 Td (period ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 546.50 Td (based ) Tj ET Q q 0 0 0 rg BT 87.84 546.50 Td (on ) Tj ET Q q 0 0 0 rg BT 97.97 546.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 116.53 546.50 Td (Mason�) Tj ET Q q 0 0 0 rg BT 140.53 546.50 Td (s ) Tj ET Q q 0 0 0 rg BT 145.77 546.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 171.73 546.50 Td (TSR ) Tj ET Q q 0 0 0 rg BT 188.53 546.50 Td (and ) Tj ET Q q 0 0 0 rg BT 202.21 546.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 228.32 546.50 Td (or) Tj ET Q q 0 0 0 rg BT 234.84 546.50 Td (ganic ) Tj ET Q q 0 0 0 rg BT 254.29 546.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 279.08 546.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 293.20 546.50 Td (ranked ) Tj ET Q q 0 0 0 rg BT 317.09 546.50 Td (against ) Tj ET Q q 0 0 0 rg BT 341.88 546.50 Td (a ) Tj ET Q q 0 0 0 rg BT 347.55 546.50 Td (peer ) Tj ET Q q 0 0 0 rg BT 363.45 546.50 Td (group ) Tj ET Q q 0 0 0 rg BT 384.24 546.50 Td (which, ) Tj ET Q q 0 0 0 rg BT 407.91 546.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.71 546.50 Td (of ) Tj ET Q q 0 0 0 rg BT 425.50 546.50 Td (March ) Tj ET Q q 0 0 0 rg BT 448.50 546.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 460.63 546.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 480.76 546.50 Td (included ) Tj ET Q q 0 0 0 rg BT 510.43 546.50 Td (15 ) Tj ET Q q 0 0 0 rg BT 520.56 546.50 Td (other ) Tj ET Q q 0 0 0 rg BT 539.12 546.50 Td (firms. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 536.90 Td (For ) Tj ET Q q 0 0 0 rg BT 80.99 536.90 Td (awards ) Tj ET Q q 0 0 0 rg BT 106.02 536.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 128.40 536.90 Td (on ) Tj ET Q q 0 0 0 rg BT 138.78 536.90 Td (May ) Tj ET Q q 0 0 0 rg BT 155.82 536.90 Td (15, ) Tj ET Q q 0 0 0 rg BT 168.20 536.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 188.57 536.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 231.37 536.90 Td (share ) Tj ET Q q 0 0 0 rg BT 250.62 536.90 Td (units ) Tj ET Q q 0 0 0 rg BT 268.56 536.90 Td (may ) Tj ET Q q 0 0 0 rg BT 284.71 536.90 Td (be ) Tj ET Q q 0 0 0 rg BT 294.64 536.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 318.33 536.90 Td (and ) Tj ET Q q 0 0 0 rg BT 332.26 536.90 Td (vested ) Tj ET Q q 0 0 0 rg BT 355.07 536.90 Td (at ) Tj ET Q q 0 0 0 rg BT 363.22 536.90 Td (the ) Tj ET Q q 0 0 0 rg BT 375.37 536.90 Td (end ) Tj ET Q q 0 0 0 rg BT 389.30 536.90 Td (of ) Tj ET Q q 0 0 0 rg BT 398.34 536.90 Td (the ) Tj ET Q q 0 0 0 rg BT 410.49 536.90 Td (three ) Tj ET Q q 0 0 0 rg BT 428.86 536.90 Td (year ) Tj ET Q q 0 0 0 rg BT 445.00 536.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 487.79 536.90 Td (period ) Tj ET Q q 0 0 0 rg BT 510.61 536.90 Td (based ) Tj ET Q q 0 0 0 rg BT 531.20 536.90 Td (on ) Tj ET Q q 0 0 0 rg BT 541.58 536.90 Td (Legg ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 527.30 Td (Mason�) Tj ET Q q 0 0 0 rg BT 91.50 527.30 Td (s ) Tj ET Q q 0 0 0 rg BT 96.49 527.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 122.22 527.30 Td (TSR ) Tj ET Q q 0 0 0 rg BT 138.76 527.30 Td (ranked ) Tj ET Q q 0 0 0 rg BT 162.41 527.30 Td (against ) Tj ET Q q 0 0 0 rg BT 186.94 527.30 Td (a ) Tj ET Q q 0 0 0 rg BT 192.37 527.30 Td (peer ) Tj ET Q q 0 0 0 rg BT 208.01 527.30 Td (group ) Tj ET Q q 0 0 0 rg BT 228.56 527.30 Td (which, ) Tj ET Q q 0 0 0 rg BT 251.98 527.30 Td (as ) Tj ET Q q 0 0 0 rg BT 260.52 527.30 Td (of ) Tj ET Q q 0 0 0 rg BT 269.07 527.30 Td (March ) Tj ET Q q 0 0 0 rg BT 291.82 527.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 303.70 527.30 Td (2020 ) Tj ET Q q 0 0 0 rg BT 321.58 527.30 Td (included ) Tj ET Q q 0 0 0 rg BT 351.00 527.30 Td (14 ) Tj ET Q q 0 0 0 rg BT 360.88 527.30 Td (other ) Tj ET Q q 0 0 0 rg BT 379.19 527.30 Td (firms. ) Tj ET Q q 0 0 0 rg BT 399.82 527.30 Td (The ) Tj ET Q q 0 0 0 rg BT 414.13 527.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 444.00 527.30 Td (payout ) Tj ET Q q 0 0 0 rg BT 467.65 527.30 Td (ranges ) Tj ET Q q 0 0 0 rg BT 490.41 527.30 Td (from ) Tj ET Q q 0 0 0 rg BT 507.84 527.30 Td (0 ) Tj ET Q q 0 0 0 rg BT 513.71 527.30 Td (- ) Tj ET Q q 0 0 0 rg BT 518.25 527.30 Td (150% ) Tj ET Q q 0 0 0 rg BT 538.79 527.30 Td (for ) Tj ET Q q 0 0 0 rg BT 550.00 527.30 Td (all ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 517.70 Td (awards. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 505.10 Td (For ) Tj ET Q q 0 0 0 rg BT 80.78 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.72 505.10 Td (May ) Tj ET Q q 0 0 0 rg BT 109.55 505.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 121.72 505.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 139.89 505.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 163.60 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.54 505.10 Td (three ) Tj ET Q q 0 0 0 rg BT 193.69 505.10 Td (year ) Tj ET Q q 0 0 0 rg BT 209.62 505.10 Td (period ) Tj ET Q q 0 0 0 rg BT 232.23 505.10 Td (began ) Tj ET Q q 0 0 0 rg BT 253.02 505.10 Td (April ) Tj ET Q q 0 0 0 rg BT 272.07 505.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 280.24 505.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 298.41 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.12 505.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 333.39 505.10 Td (on ) Tj ET Q q 0 0 0 rg BT 343.56 505.10 Td (March ) Tj ET Q q 0 0 0 rg BT 366.61 505.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.77 505.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 398.78 505.10 Td (The ) Tj ET Q q 0 0 0 rg BT 413.39 505.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 439.55 505.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 469.69 505.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.08 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.02 505.10 Td (table ) Tj ET Q q 0 0 0 rg BT 507.74 505.10 Td (for ) Tj ET Q q 0 0 0 rg BT 519.23 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.17 505.10 Td (May ) Tj ET Q q 0 0 0 rg BT 548.00 505.10 Td (15, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 495.50 Td (2017 ) Tj ET Q q 0 0 0 rg BT 85.53 495.50 Td (award ) Tj ET Q q 0 0 0 rg BT 107.11 495.50 Td (is ) Tj ET Q q 0 0 0 rg BT 114.48 495.50 Td (based ) Tj ET Q q 0 0 0 rg BT 134.73 495.50 Td (on ) Tj ET Q q 0 0 0 rg BT 144.76 495.50 Td (maximum ) Tj ET Q q 0 0 0 rg BT 179.23 495.50 Td (payout ) Tj ET Q q 0 0 0 rg BT 203.04 495.50 Td (level ) Tj ET Q q 0 0 0 rg BT 220.62 495.50 Td (of ) Tj ET Q q 0 0 0 rg BT 229.32 495.50 Td (performance. ) Tj ET Q q 0 0 0 rg BT 273.32 495.50 Td (At ) Tj ET Q q 0 0 0 rg BT 283.35 495.50 Td (March ) Tj ET Q q 0 0 0 rg BT 306.27 495.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 318.30 495.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 338.33 495.50 Td (our ) Tj ET Q q 0 0 0 rg BT 351.03 495.50 Td (measurement ) Tj ET Q q 0 0 0 rg BT 395.71 495.50 Td (of ) Tj ET Q q 0 0 0 rg BT 404.26 495.50 Td (TSR ) Tj ET Q q 0 0 0 rg BT 420.97 495.50 Td (for ) Tj ET Q q 0 0 0 rg BT 432.33 495.50 Td (the ) Tj ET Q q 0 0 0 rg BT 444.13 495.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 486.59 495.50 Td (period ) Tj ET Q q 0 0 0 rg BT 509.06 495.50 Td (had ) Tj ET Q q 0 0 0 rg BT 522.64 495.50 Td (us ) Tj ET Q q 0 0 0 rg BT 531.79 495.50 Td (tracking ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 485.90 Td (at ) Tj ET Q q 0 0 0 rg BT 75.05 485.90 Td (141% ) Tj ET Q q 0 0 0 rg BT 95.50 485.90 Td (of ) Tj ET Q q 0 0 0 rg BT 103.94 485.90 Td (tar) Tj ET Q q 0 0 0 rg BT 112.24 485.90 Td (get. ) Tj ET Q q 0 0 0 rg BT 125.66 485.90 Td (The ) Tj ET Q q 0 0 0 rg BT 139.88 485.90 Td (actual ) Tj ET Q q 0 0 0 rg BT 160.76 485.90 Td (number ) Tj ET Q q 0 0 0 rg BT 186.97 485.90 Td (of ) Tj ET Q q 0 0 0 rg BT 195.42 485.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 217.19 485.90 Td (was ) Tj ET Q q 0 0 0 rg BT 231.41 485.90 Td (vested ) Tj ET Q q 0 0 0 rg BT 253.63 485.90 Td (and ) Tj ET Q q 0 0 0 rg BT 266.96 485.90 Td (earned ) Tj ET Q q 0 0 0 rg BT 290.06 485.90 Td (following ) Tj ET Q q 0 0 0 rg BT 322.95 485.90 Td (certification ) Tj ET Q q 0 0 0 rg BT 363.37 485.90 Td (of ) Tj ET Q q 0 0 0 rg BT 371.82 485.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 414.02 485.90 Td (results ) Tj ET Q q 0 0 0 rg BT 436.68 485.90 Td (by ) Tj ET Q q 0 0 0 rg BT 446.46 485.90 Td (the ) Tj ET Q q 0 0 0 rg BT 458.02 485.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 506.02 485.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 543.35 485.90 Td (after ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 476.30 Td (March ) Tj ET Q q 0 0 0 rg BT 90.29 476.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 102.20 476.30 Td (2020. ) Tj ET Q q 0 0 0 rg BT 121.97 476.30 Td (The ) Tj ET Q q 0 0 0 rg BT 136.32 476.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 173.78 476.30 Td (exercised ) Tj ET Q q 0 0 0 rg BT 205.89 476.30 Td (its ) Tj ET Q q 0 0 0 rg BT 215.36 476.30 Td (negative ) Tj ET Q q 0 0 0 rg BT 244.37 476.30 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 279.83 476.30 Td (as ) Tj ET Q q 0 0 0 rg BT 288.40 476.30 Td (permitted ) Tj ET Q q 0 0 0 rg BT 320.97 476.30 Td (under ) Tj ET Q q 0 0 0 rg BT 341.09 476.30 Td (the ) Tj ET Q q 0 0 0 rg BT 352.78 476.30 Td (award ) Tj ET Q q 0 0 0 rg BT 374.23 476.30 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 414.56 476.30 Td (to ) Tj ET Q q 0 0 0 rg BT 422.70 476.30 Td (approve ) Tj ET Q q 0 0 0 rg BT 450.37 476.30 Td (a ) Tj ET Q q 0 0 0 rg BT 455.83 476.30 Td (payout ) Tj ET Q q 0 0 0 rg BT 479.52 476.30 Td (at ) Tj ET Q q 0 0 0 rg BT 487.20 476.30 Td (105% ) Tj ET Q q 0 0 0 rg BT 507.78 476.30 Td (of ) Tj ET Q q 0 0 0 rg BT 516.35 476.30 Td (tar) Tj ET Q q 0 0 0 rg BT 524.64 476.30 Td (get, ) Tj ET Q q 0 0 0 rg BT 538.33 476.30 Td (due ) Tj ET Q q 0 0 0 rg BT 551.79 476.30 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 466.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 466.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 103.04 466.70 Td (of ) Tj ET Q q 0 0 0 rg BT 111.71 466.70 Td (the ) Tj ET Q q 0 0 0 rg BT 123.48 466.70 Td (proposed ) Tj ET Q q 0 0 0 rg BT 154.81 466.70 Td (Mer) Tj ET Q q 0 0 0 rg BT 167.99 466.70 Td (ger ) Tj ET Q q 0 0 0 rg BT 180.21 466.70 Td (on ) Tj ET Q q 0 0 0 rg BT 190.21 466.70 Td (Legg ) Tj ET Q q 0 0 0 rg BT 208.64 466.70 Td (Mason�) Tj ET Q q 0 0 0 rg BT 232.64 466.70 Td (s ) Tj ET Q q 0 0 0 rg BT 237.76 466.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 256.64 466.70 Td (price ) Tj ET Q q 0 0 0 rg BT 274.63 466.70 Td (and ) Tj ET Q q 0 0 0 rg BT 288.18 466.70 Td (the ) Tj ET Q q 0 0 0 rg BT 299.96 466.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 323.73 466.70 Td (of ) Tj ET Q q 0 0 0 rg BT 332.39 466.70 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 370.39 466.70 Td (on ) Tj ET Q q 0 0 0 rg BT 380.39 466.70 Td (relative ) Tj ET Q q 0 0 0 rg BT 406.37 466.70 Td (performance.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 454.10 Td (For ) Tj ET Q q 0 0 0 rg BT 80.61 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.38 454.10 Td (May ) Tj ET Q q 0 0 0 rg BT 109.04 454.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 121.04 454.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 139.04 454.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 162.58 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.35 454.10 Td (three ) Tj ET Q q 0 0 0 rg BT 192.33 454.10 Td (year ) Tj ET Q q 0 0 0 rg BT 208.09 454.10 Td (period ) Tj ET Q q 0 0 0 rg BT 230.53 454.10 Td (began ) Tj ET Q q 0 0 0 rg BT 251.63 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.18 454.10 Td (April ) Tj ET Q q 0 0 0 rg BT 280.07 454.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 288.06 454.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 306.06 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.61 454.10 Td (will ) Tj ET Q q 0 0 0 rg BT 334.05 454.10 Td (end ) Tj ET Q q 0 0 0 rg BT 347.60 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.60 454.10 Td (March ) Tj ET Q q 0 0 0 rg BT 380.47 454.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.47 454.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 412.32 454.10 Td (The ) Tj ET Q q 0 0 0 rg BT 426.76 454.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 452.75 454.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 482.72 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.94 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.71 454.10 Td (table ) Tj ET Q q 0 0 0 rg BT 520.26 454.10 Td (for ) Tj ET Q q 0 0 0 rg BT 531.58 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.35 454.10 Td (May ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 444.50 Td (15, ) Tj ET Q q 0 0 0 rg BT 79.57 444.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 97.63 444.50 Td (award ) Tj ET Q q 0 0 0 rg BT 119.25 444.50 Td (is ) Tj ET Q q 0 0 0 rg BT 126.65 444.50 Td (based ) Tj ET Q q 0 0 0 rg BT 146.93 444.50 Td (on ) Tj ET Q q 0 0 0 rg BT 157.00 444.50 Td (maximum ) Tj ET Q q 0 0 0 rg BT 191.51 444.50 Td (payout ) Tj ET Q q 0 0 0 rg BT 215.35 444.50 Td (level ) Tj ET Q q 0 0 0 rg BT 232.96 444.50 Td (of ) Tj ET Q q 0 0 0 rg BT 241.69 444.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 284.18 444.50 Td (as ) Tj ET Q q 0 0 0 rg BT 292.91 444.50 Td (a ) Tj ET Q q 0 0 0 rg BT 298.53 444.50 Td (result ) Tj ET Q q 0 0 0 rg BT 318.37 444.50 Td (of ) Tj ET Q q 0 0 0 rg BT 327.10 444.50 Td (the ) Tj ET Q q 0 0 0 rg BT 338.79 444.50 Td (TSR ) Tj ET Q q 0 0 0 rg BT 355.53 444.50 Td (and ) Tj ET Q q 0 0 0 rg BT 369.15 444.50 Td (or) Tj ET Q q 0 0 0 rg BT 375.67 444.50 Td (ganic ) Tj ET Q q 0 0 0 rg BT 395.06 444.50 Td (growth ) Tj ET Q q 0 0 0 rg BT 419.79 444.50 Td (ranking ) Tj ET Q q 0 0 0 rg BT 446.30 444.50 Td (at ) Tj ET Q q 0 0 0 rg BT 454.14 444.50 Td (March ) Tj ET Q q 0 0 0 rg BT 477.08 444.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 489.15 444.50 Td (2020 ) Tj ET Q q 0 0 0 rg BT 507.22 444.50 Td (which ) Tj ET Q q 0 0 0 rg BT 528.84 444.50 Td (yielded ) Tj ET Q q 0 0 0 rg BT 554.45 444.50 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 434.90 Td (valuation ) Tj ET Q q 0 0 0 rg BT 99.27 434.90 Td (of ) Tj ET Q q 0 0 0 rg BT 107.93 434.90 Td (125% ) Tj ET Q q 0 0 0 rg BT 128.60 434.90 Td (of ) Tj ET Q q 0 0 0 rg BT 137.26 434.90 Td (tar) Tj ET Q q 0 0 0 rg BT 145.55 434.90 Td (get. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 422.30 Td (For ) Tj ET Q q 0 0 0 rg BT 80.59 422.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.33 422.30 Td (May ) Tj ET Q q 0 0 0 rg BT 108.97 422.30 Td (15, ) Tj ET Q q 0 0 0 rg BT 120.95 422.30 Td (2019 ) Tj ET Q q 0 0 0 rg BT 138.92 422.30 Td (award, ) Tj ET Q q 0 0 0 rg BT 162.44 422.30 Td (the ) Tj ET Q q 0 0 0 rg BT 174.18 422.30 Td (three ) Tj ET Q q 0 0 0 rg BT 192.14 422.30 Td (year ) Tj ET Q q 0 0 0 rg BT 207.88 422.30 Td (period ) Tj ET Q q 0 0 0 rg BT 230.29 422.30 Td (began ) Tj ET Q q 0 0 0 rg BT 250.93 422.30 Td (April ) Tj ET Q q 0 0 0 rg BT 269.79 422.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 277.77 422.30 Td (2019 ) Tj ET Q q 0 0 0 rg BT 295.74 422.30 Td (and ) Tj ET Q q 0 0 0 rg BT 309.27 422.30 Td (will ) Tj ET Q q 0 0 0 rg BT 323.69 422.30 Td (end ) Tj ET Q q 0 0 0 rg BT 337.21 422.30 Td (on ) Tj ET Q q 0 0 0 rg BT 347.18 422.30 Td (March ) Tj ET Q q 0 0 0 rg BT 370.04 422.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 382.01 422.30 Td (2022. ) Tj ET Q q 0 0 0 rg BT 401.84 422.30 Td (The ) Tj ET Q q 0 0 0 rg BT 416.25 422.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 442.22 422.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 470.85 422.30 Td (in ) Tj ET Q q 0 0 0 rg BT 479.04 422.30 Td (the ) Tj ET Q q 0 0 0 rg BT 490.79 422.30 Td (table ) Tj ET Q q 0 0 0 rg BT 508.31 422.30 Td (for ) Tj ET Q q 0 0 0 rg BT 519.61 422.30 Td (the ) Tj ET Q q 0 0 0 rg BT 531.36 422.30 Td (May ) Tj ET Q q 0 0 0 rg BT 548.00 422.30 Td (15, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 412.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 85.88 412.70 Td (award ) Tj ET Q q 0 0 0 rg BT 107.80 412.70 Td (is ) Tj ET Q q 0 0 0 rg BT 115.52 412.70 Td (based ) Tj ET Q q 0 0 0 rg BT 136.11 412.70 Td (on ) Tj ET Q q 0 0 0 rg BT 146.49 412.70 Td (maximum ) Tj ET Q q 0 0 0 rg BT 181.31 412.70 Td (payout ) Tj ET Q q 0 0 0 rg BT 205.46 412.70 Td (level ) Tj ET Q q 0 0 0 rg BT 223.39 412.70 Td (of ) Tj ET Q q 0 0 0 rg BT 232.43 412.70 Td (performance, ) Tj ET Q q 0 0 0 rg BT 277.23 412.70 Td (as ) Tj ET Q q 0 0 0 rg BT 286.27 412.70 Td (a ) Tj ET Q q 0 0 0 rg BT 292.20 412.70 Td (result ) Tj ET Q q 0 0 0 rg BT 312.35 412.70 Td (of ) Tj ET Q q 0 0 0 rg BT 321.39 412.70 Td (the ) Tj ET Q q 0 0 0 rg BT 333.38 412.70 Td (TSR ) Tj ET Q q 0 0 0 rg BT 350.43 412.70 Td (and ) Tj ET Q q 0 0 0 rg BT 364.36 412.70 Td (or) Tj ET Q q 0 0 0 rg BT 370.88 412.70 Td (ganic ) Tj ET Q q 0 0 0 rg BT 390.58 412.70 Td (growth ) Tj ET Q q 0 0 0 rg BT 415.62 412.70 Td (ranking ) Tj ET Q q 0 0 0 rg BT 442.44 412.70 Td (at ) Tj ET Q q 0 0 0 rg BT 450.59 412.70 Td (March ) Tj ET Q q 0 0 0 rg BT 473.85 412.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 486.23 412.70 Td (2020, ) Tj ET Q q 0 0 0 rg BT 506.61 412.70 Td (which ) Tj ET Q q 0 0 0 rg BT 528.54 412.70 Td (yielded ) Tj ET Q q 0 0 0 rg BT 554.46 412.70 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 403.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 99.27 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.93 403.10 Td (125% ) Tj ET Q q 0 0 0 rg BT 128.60 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.26 403.10 Td (tar) Tj ET Q q 0 0 0 rg BT 145.55 403.10 Td (get.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 388.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 388.10 Td (Options ) Tj ET Q q 0 0 0 rg BT 94.12 388.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 122.50 388.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.79 388.10 Td (May ) Tj ET Q q 0 0 0 rg BT 147.73 388.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 155.02 388.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 172.30 388.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 202.91 388.10 Td (an ) Tj ET Q q 0 0 0 rg BT 211.74 388.10 Td (award ) Tj ET Q q 0 0 0 rg BT 232.57 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.52 388.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 282.22 388.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.39 388.10 Td (options ) Tj ET Q q 0 0 0 rg BT 325.24 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.75 388.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 342.08 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 345.37 388.10 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 373.32 388.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 390.61 388.10 Td (his ) Tj ET Q q 0 0 0 rg BT 401.23 388.10 Td (promotion ) Tj ET Q q 0 0 0 rg BT 435.84 388.10 Td (as ) Tj ET Q q 0 0 0 rg BT 443.79 388.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 462.85 388.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 496.12 388.10 Td (Of) Tj ET Q q 0 0 0 rg BT 504.42 388.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 518.75 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.04 388.10 Td (exercisable ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 378.50 Td (only ) Tj ET Q q 0 0 0 rg BT 83.77 378.50 Td (if ) Tj ET Q q 0 0 0 rg BT 90.71 378.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 114.52 378.50 Td (time ) Tj ET Q q 0 0 0 rg BT 130.79 378.50 Td (based ) Tj ET Q q 0 0 0 rg BT 151.05 378.50 Td (and ) Tj ET Q q 0 0 0 rg BT 164.65 378.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 183.58 378.50 Td (price ) Tj ET Q q 0 0 0 rg BT 201.62 378.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 237.00 378.50 Td (were ) Tj ET Q q 0 0 0 rg BT 254.59 378.50 Td (met. ) Tj ET Q q 0 0 0 rg BT 270.19 378.50 Td (As ) Tj ET Q q 0 0 0 rg BT 281.13 378.50 Td (of ) Tj ET Q q 0 0 0 rg BT 289.84 378.50 Td (March ) Tj ET Q q 0 0 0 rg BT 312.77 378.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 324.82 378.50 Td (2020, ) Tj ET Q q 0 0 0 rg BT 344.86 378.50 Td (all ) Tj ET Q q 0 0 0 rg BT 354.91 378.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 390.29 378.50 Td (had ) Tj ET Q q 0 0 0 rg BT 403.89 378.50 Td (been ) Tj ET Q q 0 0 0 rg BT 421.04 378.50 Td (satisfied: ) Tj ET Q q 0 0 0 rg BT 451.97 378.50 Td (25% ) Tj ET Q q 0 0 0 rg BT 468.68 378.50 Td (of ) Tj ET Q q 0 0 0 rg BT 477.40 378.50 Td (the ) Tj ET Q q 0 0 0 rg BT 489.22 378.50 Td (award ) Tj ET Q q 0 0 0 rg BT 510.81 378.50 Td (vested ) Tj ET Q q 0 0 0 rg BT 533.30 378.50 Td (on ) Tj ET Q q 0 0 0 rg BT 543.35 378.50 Td (May ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 368.90 Td (2, ) Tj ET Q q 0 0 0 rg BT 75.30 368.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 95.10 368.90 Td (and ) Tj ET Q q 0 0 0 rg BT 108.45 368.90 Td (an ) Tj ET Q q 0 0 0 rg BT 117.80 368.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 151.60 368.90 Td (25% ) Tj ET Q q 0 0 0 rg BT 168.06 368.90 Td (of ) Tj ET Q q 0 0 0 rg BT 176.53 368.90 Td (the ) Tj ET Q q 0 0 0 rg BT 188.10 368.90 Td (award ) Tj ET Q q 0 0 0 rg BT 209.45 368.90 Td (vested ) Tj ET Q q 0 0 0 rg BT 231.68 368.90 Td (on ) Tj ET Q q 0 0 0 rg BT 241.48 368.90 Td (each ) Tj ET Q q 0 0 0 rg BT 257.94 368.90 Td (of ) Tj ET Q q 0 0 0 rg BT 266.40 368.90 Td (May ) Tj ET Q q 0 0 0 rg BT 282.87 368.90 Td (2, ) Tj ET Q q 0 0 0 rg BT 290.67 368.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 310.47 368.90 Td (January ) Tj ET Q q 0 0 0 rg BT 337.15 368.90 Td (15, ) Tj ET Q q 0 0 0 rg BT 348.95 368.90 Td (2014 ) Tj ET Q q 0 0 0 rg BT 366.75 368.90 Td (and ) Tj ET Q q 0 0 0 rg BT 380.10 368.90 Td (June ) Tj ET Q q 0 0 0 rg BT 396.57 368.90 Td (5, ) Tj ET Q q 0 0 0 rg BT 404.37 368.90 Td (2014, ) Tj ET Q q 0 0 0 rg BT 424.17 368.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 441.97 368.90 Td (achievement ) Tj ET Q q 0 0 0 rg BT 484.19 368.90 Td (of ) Tj ET Q q 0 0 0 rg BT 492.66 368.90 Td (specified ) Tj ET Q q 0 0 0 rg BT 523.33 368.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.02 368.90 Td (price ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 359.30 Td (tar) Tj ET Q q 0 0 0 rg BT 75.79 359.30 Td (gets ) Tj ET Q q 0 0 0 rg BT 90.68 359.30 Td (of ) Tj ET Q q 0 0 0 rg BT 99.34 359.30 Td ($36.46, ) Tj ET Q q 0 0 0 rg BT 125.34 359.30 Td ($41.46 ) Tj ET Q q 0 0 0 rg BT 149.34 359.30 Td (and ) Tj ET Q q 0 0 0 rg BT 162.89 359.30 Td ($46.46, ) Tj ET Q q 0 0 0 rg BT 188.89 359.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 227.02 359.30 Td (, ) Tj ET Q q 0 0 0 rg BT 231.02 359.30 Td (for ) Tj ET Q q 0 0 0 rg BT 242.35 359.30 Td (twenty ) Tj ET Q q 0 0 0 rg BT 266.13 359.30 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 305.89 359.30 Td (days ) Tj ET Q q 0 0 0 rg BT 322.55 359.30 Td (as ) Tj ET Q q 0 0 0 rg BT 331.21 359.30 Td (of ) Tj ET Q q 0 0 0 rg BT 339.88 359.30 Td (those ) Tj ET Q q 0 0 0 rg BT 358.77 359.30 Td (dates.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 344.30 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 344.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 344.30 Td (A) Tj ET Q q 0 0 0 rg BT 72.54 344.30 Td (wards ) Tj ET Q q 0 0 0 rg BT 93.73 344.30 Td (in ) Tj ET Q q 0 0 0 rg BT 102.03 344.30 Td (the ) Tj ET Q q 0 0 0 rg BT 113.88 344.30 Td (table ) Tj ET Q q 0 0 0 rg BT 131.50 344.30 Td (represent ) Tj ET Q q 0 0 0 rg BT 162.90 344.30 Td (unvested ) Tj ET Q q 0 0 0 rg BT 193.41 344.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 212.38 344.30 Td (options ) Tj ET Q q 0 0 0 rg BT 238.02 344.30 Td (and ) Tj ET Q q 0 0 0 rg BT 251.64 344.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 294.14 344.30 Td (share ) Tj ET Q q 0 0 0 rg BT 313.10 344.30 Td (units ) Tj ET Q q 0 0 0 rg BT 330.73 344.30 Td (which ) Tj ET Q q 0 0 0 rg BT 352.36 344.30 Td (will ) Tj ET Q q 0 0 0 rg BT 366.89 344.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 396.51 344.30 Td (to ) Tj ET Q q 0 0 0 rg BT 404.81 344.30 Td (vest ) Tj ET Q q 0 0 0 rg BT 419.78 344.30 Td (in ) Tj ET Q q 0 0 0 rg BT 428.08 344.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 465.25 344.30 Td (with ) Tj ET Q q 0 0 0 rg BT 481.55 344.30 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 495.86 344.30 Td (Cashman�) Tj ET Q q 0 0 0 rg BT 527.86 344.30 Td (s ) Tj ET Q q 0 0 0 rg BT 533.05 344.30 Td (and ) Tj ET Q q 0 0 0 rg BT 546.68 344.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 556.01 344.30 Td (. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 334.70 Td (Hoops�) Tj ET Q q 0 0 0 rg BT 90.46 334.70 Td ( ) Tj ET Q q 0 0 0 rg BT 93.26 334.70 Td (separation ) Tj ET Q q 0 0 0 rg BT 128.94 334.70 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 176.22 334.70 Td (All ) Tj ET Q q 0 0 0 rg BT 189.24 334.70 Td (restricted ) Tj ET Q q 0 0 0 rg BT 221.81 334.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 241.50 334.70 Td (units ) Tj ET Q q 0 0 0 rg BT 259.86 334.70 Td (were ) Tj ET Q q 0 0 0 rg BT 278.21 334.70 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 316.98 334.70 Td (and ) Tj ET Q q 0 0 0 rg BT 331.33 334.70 Td (distributed ) Tj ET Q q 0 0 0 rg BT 368.35 334.70 Td (at ) Tj ET Q q 0 0 0 rg BT 376.93 334.70 Td (the ) Tj ET Q q 0 0 0 rg BT 389.51 334.70 Td (time ) Tj ET Q q 0 0 0 rg BT 406.53 334.70 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 421.56 334.70 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 454.14 334.70 Td (and ) Tj ET Q q 0 0 0 rg BT 468.49 334.70 Td (Mr) Tj ET Q q 0 0 0 rg BT 477.83 334.70 Td (. ) Tj ET Q q 0 0 0 rg BT 482.63 334.70 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 506.33 334.70 Td (terminated ) Tj ET Q q 0 0 0 rg BT 543.34 334.70 Td (their ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 325.10 Td (employment, ) Tj ET Q q 0 0 0 rg BT 111.49 325.10 Td (ef) Tj ET Q q 0 0 0 rg BT 117.56 325.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 141.32 325.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.99 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.65 325.10 Td (January ) Tj ET Q q 0 0 0 rg BT 185.53 325.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 193.53 325.10 Td (2020.) Tj ET Q endstream endobj 353 0 obj <> endobj 354 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (174) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Option Exer) Tj ET Q q 0 0 0 rg BT 105.02 741.90 Td (cises and Stock ) Tj ET Q q 0 0 0 rg BT 175.13 741.90 Td (V) Tj ET Q q 0 0 0 rg BT 181.75 741.90 Td (ested ) Tj ET Q q 0 0 0 rg BT 206.93 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 212.97 741.90 Td (able) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 723.30 Td (The ) Tj ET Q q 0 0 0 rg BT 70.23 723.30 Td (following ) Tj ET Q q 0 0 0 rg BT 115.47 723.30 Td (table ) Tj ET Q q 0 0 0 rg BT 140.28 723.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 180.85 723.30 Td (information ) Tj ET Q q 0 0 0 rg BT 234.83 723.30 Td (about ) Tj ET Q q 0 0 0 rg BT 262.57 723.30 Td (exercises ) Tj ET Q q 0 0 0 rg BT 305.46 723.30 Td (of ) Tj ET Q q 0 0 0 rg BT 318.61 723.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.18 723.30 Td (options ) Tj ET Q q 0 0 0 rg BT 380.51 723.30 Td (and ) Tj ET Q q 0 0 0 rg BT 400.08 723.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 434.82 723.30 Td (of ) Tj ET Q q 0 0 0 rg BT 447.97 723.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 491.44 723.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.01 723.30 Td (units ) Tj ET Q q 0 0 0 rg BT 542.84 723.30 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 710.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.17 710.70 Td (share ) Tj ET Q q 0 0 0 rg BT 129.95 710.70 Td (units ) Tj ET Q q 0 0 0 rg BT 153.00 710.70 Td (during ) Tj ET Q q 0 0 0 rg BT 183.04 710.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 208.40 710.70 Td (year ) Tj ET Q q 0 0 0 rg BT 229.10 710.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 252.72 710.70 Td (for ) Tj ET Q q 0 0 0 rg BT 267.59 710.70 Td (our ) Tj ET Q q 0 0 0 rg BT 284.21 710.70 Td (named ) Tj ET Q q 0 0 0 rg BT 314.83 710.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 357.68 710.70 Td (of) Tj ET Q q 0 0 0 rg BT 366.23 710.70 Td (ficers.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.25 679.2 m 339.25 679.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 679.2 m 399.25 679.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.25 679.2 m 467.25 679.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 679.2 m 480.25 679.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.25 679.2 m 540.25 679.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.25 679.2 m 557.25 679.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 618.2 m 269.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.25 618.2 m 339.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 618.2 m 399.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.25 618.2 m 467.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 618.2 m 480.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.25 618.2 m 540.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.25 618.2 m 557.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 618.2 m 269.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.25 618.2 m 339.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.25 618.2 m 399.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.25 618.2 m 467.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 618.2 m 480.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.25 618.2 m 540.25 618.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.25 618.2 m 557.25 618.2 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 299.85 683.99 Td (Option ) Tj ET Q q 0 0 0 rg BT 333.41 683.99 Td (A) Tj ET Q q 0 0 0 rg BT 340.21 683.99 Td (wards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.05 683.99 Td (Stock ) Tj ET Q q 0 0 0 rg BT 476.18 683.99 Td (A) Tj ET Q q 0 0 0 rg BT 482.99 683.99 Td (wards) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.75 622.99 Td (Name) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 287.20 668.69 Td (Number) Tj ET Q q 0 0 0 rg BT 324.34 668.69 Td ( of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 307.35 658.19 Td (shar) Tj ET Q q 0 0 0 rg BT 327.00 658.19 Td (es ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 282.55 647.69 Td (acquir) Tj ET Q q 0 0 0 rg BT 311.53 647.69 Td (ed on ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 300.35 637.19 Td (exer) Tj ET Q q 0 0 0 rg BT 319.39 637.19 Td (cise ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 315.50 622.99 Td (\(#\)) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 327.74 627.75 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 370.45 654.49 Td (V) Tj ET Q q 0 0 0 rg BT 377.07 654.49 Td (alue ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 346.65 643.99 Td (r) Tj ET Q q 0 0 0 rg BT 351.12 643.99 Td (ealized on ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 360.35 633.49 Td (exer) Tj ET Q q 0 0 0 rg BT 379.39 633.49 Td (cise) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.50 622.99 Td (\($\)) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 387.74 627.75 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 415.20 654.49 Td (Number) Tj ET Q q 0 0 0 rg BT 452.34 654.49 Td ( of) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.35 643.99 Td (shar) Tj ET Q q 0 0 0 rg BT 455.00 643.99 Td (es) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.55 633.49 Td (acquir) Tj ET Q q 0 0 0 rg BT 439.53 633.49 Td (ed on) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.00 622.99 Td (vesting\(#\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 511.45 654.49 Td (V) Tj ET Q q 0 0 0 rg BT 518.07 654.49 Td (alue ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 487.65 643.99 Td (r) Tj ET Q q 0 0 0 rg BT 492.12 643.99 Td (ealized on ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 505.20 633.49 Td (vesting) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 508.55 622.99 Td (\($\)) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 520.79 627.75 Td (\(2\)\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 607.97 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 82.67 607.97 Td (A. Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.35 607.97 Td (62,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.10 607.97 Td (931,841) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.35 607.97 Td (74,530) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 469.75 611.54 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.25 607.97 Td (2,480,347) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 592.97 Td (Peter H. Nachtwey) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.10 592.97 Td (171,695) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.25 592.97 Td (2,284,383) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.35 592.97 Td (20,745) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.10 592.97 Td (690,265) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 577.97 Td (T) Tj ET Q q 0 0 0 rg BT 57.80 577.97 Td (erence ) Tj ET Q q 0 0 0 rg BT 87.16 577.97 Td (A. Johnson) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 301.10 577.97 Td (226,779) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.25 577.97 Td (2,635,122) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.35 577.97 Td (20,072) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.10 577.97 Td (666,167) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 562.97 Td (Patricia Lattin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.35 562.97 Td (28,954) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.10 562.97 Td (302,828) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 439.60 562.97 Td (7,070) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.10 562.97 Td (236,986) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 547.97 Td (Thomas C. Merchant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.35 547.97 Td (72,532) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.10 547.97 Td (906,851) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.35 547.97 Td (10,370) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 469.75 551.54 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.10 547.97 Td (345,223) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 532.97 Td (Frances L. Cashman) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.35 532.97 Td (15,331) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.10 532.97 Td (250,739) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.35 532.97 Td (48,724) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 469.75 536.54 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.25 532.97 Td (1,705,799) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 542.75 536.54 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 517.97 Td (Thomas K. Hoops) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.35 517.97 Td (66,259) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.25 517.97 Td (1,031,128) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.35 517.97 Td (54,751) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 469.75 521.54 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.25 517.97 Td (1,91) Tj ET Q q 0 0 0 rg BT 512.63 517.97 Td (1,348) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 542.75 521.54 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 81.57 504.10 Td (value ) Tj ET Q q 0 0 0 rg BT 100.53 504.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 127.48 504.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 145.12 504.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 172.96 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 183.92 504.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 202.44 504.10 Td (options ) Tj ET Q q 0 0 0 rg BT 227.64 504.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.61 504.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 268.67 504.10 Td (by ) Tj ET Q q 0 0 0 rg BT 278.30 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.71 504.10 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 328.68 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.09 504.10 Td (dif) Tj ET Q q 0 0 0 rg BT 348.83 504.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 374.00 504.10 Td (between ) Tj ET Q q 0 0 0 rg BT 402.29 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.70 504.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 427.77 504.10 Td (price ) Tj ET Q q 0 0 0 rg BT 445.40 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.70 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.10 504.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 486.73 504.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 523.03 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.44 504.10 Td (options ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 494.50 Td (and ) Tj ET Q q 0 0 0 rg BT 80.73 494.50 Td (the ) Tj ET Q q 0 0 0 rg BT 92.18 494.50 Td (exercise ) Tj ET Q q 0 0 0 rg BT 120.06 494.50 Td (price ) Tj ET Q q 0 0 0 rg BT 137.73 494.50 Td (of ) Tj ET Q q 0 0 0 rg BT 146.07 494.50 Td (the ) Tj ET Q q 0 0 0 rg BT 157.52 494.50 Td (options ) Tj ET Q q 0 0 0 rg BT 182.76 494.50 Td (by ) Tj ET Q q 0 0 0 rg BT 192.43 494.50 Td (the ) Tj ET Q q 0 0 0 rg BT 203.88 494.50 Td (number ) Tj ET Q q 0 0 0 rg BT 230.00 494.50 Td (of ) Tj ET Q q 0 0 0 rg BT 238.34 494.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.01 494.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 289.23 494.50 Td (on ) Tj ET Q q 0 0 0 rg BT 298.91 494.50 Td (exercise. ) Tj ET Q q 0 0 0 rg BT 328.79 494.50 Td ( ) Tj ET Q q 0 0 0 rg BT 330.46 494.50 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 356.81 494.50 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 387.16 494.50 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 419.07 494.50 Td (, ) Tj ET Q q 0 0 0 rg BT 422.74 494.50 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 452.65 494.50 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 486.98 494.50 Td (and ) Tj ET Q q 0 0 0 rg BT 500.21 494.50 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 522.78 494.50 Td (and ) Tj ET Q q 0 0 0 rg BT 536.00 494.50 Td (Mmes. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 484.90 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 99.49 484.90 Td (and ) Tj ET Q q 0 0 0 rg BT 113.25 484.90 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 134.57 484.90 Td (exercised ) Tj ET Q q 0 0 0 rg BT 166.98 484.90 Td (options ) Tj ET Q q 0 0 0 rg BT 192.75 484.90 Td (for ) Tj ET Q q 0 0 0 rg BT 204.29 484.90 Td (the ) Tj ET Q q 0 0 0 rg BT 216.28 484.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 246.92 484.90 Td (of ) Tj ET Q q 0 0 0 rg BT 255.79 484.90 Td (62,265, ) Tj ET Q q 0 0 0 rg BT 282.01 484.90 Td (171,695, ) Tj ET Q q 0 0 0 rg BT 312.22 484.90 Td (226,779, ) Tj ET Q q 0 0 0 rg BT 342.43 484.90 Td (75,532, ) Tj ET Q q 0 0 0 rg BT 368.64 484.90 Td (66,259, ) Tj ET Q q 0 0 0 rg BT 394.85 484.90 Td (15,331, ) Tj ET Q q 0 0 0 rg BT 421.07 484.90 Td (28,954 ) Tj ET Q q 0 0 0 rg BT 445.28 484.90 Td (shares, ) Tj ET Q q 0 0 0 rg BT 469.48 484.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 507.61 484.90 Td (. ) Tj ET Q q 0 0 0 rg BT 511.82 484.90 Td ( ) Tj ET Q q 0 0 0 rg BT 514.03 484.90 Td (In ) Tj ET Q q 0 0 0 rg BT 522.91 484.90 Td (connection ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 475.30 Td (with ) Tj ET Q q 0 0 0 rg BT 84.17 475.30 Td (the ) Tj ET Q q 0 0 0 rg BT 96.38 475.30 Td (exercise, ) Tj ET Q q 0 0 0 rg BT 127.03 475.30 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 154.14 475.30 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 185.25 475.30 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 217.16 475.30 Td (, ) Tj ET Q q 0 0 0 rg BT 221.61 475.30 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 252.28 475.30 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 287.37 475.30 Td (and ) Tj ET Q q 0 0 0 rg BT 301.37 475.30 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 324.70 475.30 Td (and ) Tj ET Q q 0 0 0 rg BT 338.69 475.30 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 363.14 475.30 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 395.35 475.30 Td (and ) Tj ET Q q 0 0 0 rg BT 409.35 475.30 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 430.90 475.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 446.68 475.30 Td (49,341, ) Tj ET Q q 0 0 0 rg BT 473.12 475.30 Td (144,852, ) Tj ET Q q 0 0 0 rg BT 503.56 475.30 Td (198,261, ) Tj ET Q q 0 0 0 rg BT 534.01 475.30 Td (60,547, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 465.70 Td (66,259, ) Tj ET Q q 0 0 0 rg BT 93.82 465.70 Td (15,331, ) Tj ET Q q 0 0 0 rg BT 120.13 465.70 Td (and ) Tj ET Q q 0 0 0 rg BT 134.00 465.70 Td (24,968 ) Tj ET Q q 0 0 0 rg BT 158.32 465.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 180.63 465.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 218.75 465.70 Td (, ) Tj ET Q q 0 0 0 rg BT 223.07 465.70 Td (for ) Tj ET Q q 0 0 0 rg BT 234.71 465.70 Td (the ) Tj ET Q q 0 0 0 rg BT 246.80 465.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 276.67 465.70 Td (of ) Tj ET Q q 0 0 0 rg BT 285.65 465.70 Td (the ) Tj ET Q q 0 0 0 rg BT 297.74 465.70 Td (option ) Tj ET Q q 0 0 0 rg BT 320.50 465.70 Td (exercises ) Tj ET Q q 0 0 0 rg BT 352.13 465.70 Td (price ) Tj ET Q q 0 0 0 rg BT 370.44 465.70 Td (and ) Tj ET Q q 0 0 0 rg BT 384.30 465.70 Td (related ) Tj ET Q q 0 0 0 rg BT 408.38 465.70 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 429.14 465.70 Td ( ) Tj ET Q q 0 0 0 rg BT 431.29 465.70 Td (They ) Tj ET Q q 0 0 0 rg BT 450.04 465.70 Td (retained ) Tj ET Q q 0 0 0 rg BT 478.12 465.70 Td (the ) Tj ET Q q 0 0 0 rg BT 490.21 465.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 516.95 465.70 Td (of ) Tj ET Q q 0 0 0 rg BT 525.93 465.70 Td (the ) Tj ET Q q 0 0 0 rg BT 538.02 465.70 Td (shares ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 456.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 85.50 456.10 Td (exercise.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 446.50 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 446.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.90 446.50 Td (value ) Tj ET Q q 0 0 0 rg BT 101.19 446.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 128.47 446.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 146.44 446.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 171.51 446.50 Td (of ) Tj ET Q q 0 0 0 rg BT 180.14 446.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 211.87 446.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 230.72 446.50 Td (units ) Tj ET Q q 0 0 0 rg BT 248.25 446.50 Td (is ) Tj ET Q q 0 0 0 rg BT 255.55 446.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 289.94 446.50 Td (by ) Tj ET Q q 0 0 0 rg BT 299.90 446.50 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 339.20 446.50 Td (the ) Tj ET Q q 0 0 0 rg BT 350.94 446.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 364.01 446.50 Td (market ) Tj ET Q q 0 0 0 rg BT 388.19 446.50 Td (value ) Tj ET Q q 0 0 0 rg BT 407.48 446.50 Td (of ) Tj ET Q q 0 0 0 rg BT 416.11 446.50 Td (a ) Tj ET Q q 0 0 0 rg BT 421.62 446.50 Td (share ) Tj ET Q q 0 0 0 rg BT 440.47 446.50 Td (of ) Tj ET Q q 0 0 0 rg BT 449.10 446.50 Td (common ) Tj ET Q q 0 0 0 rg BT 479.06 446.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 497.91 446.50 Td (on ) Tj ET Q q 0 0 0 rg BT 507.88 446.50 Td (the ) Tj ET Q q 0 0 0 rg BT 519.62 446.50 Td (vesting ) Tj ET Q q 0 0 0 rg BT 544.69 446.50 Td (date ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 436.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 82.11 436.90 Td (average ) Tj ET Q q 0 0 0 rg BT 109.14 436.90 Td (of ) Tj ET Q q 0 0 0 rg BT 117.98 436.90 Td (the ) Tj ET Q q 0 0 0 rg BT 129.92 436.90 Td (high ) Tj ET Q q 0 0 0 rg BT 146.31 436.90 Td (and ) Tj ET Q q 0 0 0 rg BT 160.03 436.90 Td (low ) Tj ET Q q 0 0 0 rg BT 174.20 436.90 Td (trading ) Tj ET Q q 0 0 0 rg BT 199.03 436.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 220.30 436.90 Td (of ) Tj ET Q q 0 0 0 rg BT 229.13 436.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 247.74 436.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 271.68 436.90 Td (common ) Tj ET Q q 0 0 0 rg BT 301.85 436.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 320.90 436.90 Td (on ) Tj ET Q q 0 0 0 rg BT 331.07 436.90 Td (the ) Tj ET Q q 0 0 0 rg BT 343.02 436.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 368.29 436.90 Td (date\) ) Tj ET Q q 0 0 0 rg BT 386.45 436.90 Td (by ) Tj ET Q q 0 0 0 rg BT 396.62 436.90 Td (the ) Tj ET Q q 0 0 0 rg BT 408.56 436.90 Td (number ) Tj ET Q q 0 0 0 rg BT 435.17 436.90 Td (of ) Tj ET Q q 0 0 0 rg BT 444.00 436.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 466.16 436.90 Td (vested. ) Tj ET Q q 0 0 0 rg BT 490.77 436.90 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 517.61 436.90 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 546.44 436.90 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 427.30 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 100.20 427.30 Td (had ) Tj ET Q q 0 0 0 rg BT 113.80 427.30 Td (1,800 ) Tj ET Q q 0 0 0 rg BT 133.86 427.30 Td (and ) Tj ET Q q 0 0 0 rg BT 147.46 427.30 Td (1,085 ) Tj ET Q q 0 0 0 rg BT 167.51 427.30 Td (shares, ) Tj ET Q q 0 0 0 rg BT 191.55 427.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 229.68 427.30 Td (, ) Tj ET Q q 0 0 0 rg BT 233.73 427.30 Td (withheld ) Tj ET Q q 0 0 0 rg BT 263.78 427.30 Td (to ) Tj ET Q q 0 0 0 rg BT 272.05 427.30 Td (cover ) Tj ET Q q 0 0 0 rg BT 291.87 427.30 Td (related ) Tj ET Q q 0 0 0 rg BT 315.68 427.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 327.50 427.30 Td (withholding ) Tj ET Q q 0 0 0 rg BT 368.22 427.30 Td (on ) Tj ET Q q 0 0 0 rg BT 378.27 427.30 Td (vested ) Tj ET Q q 0 0 0 rg BT 400.76 427.30 Td (and ) Tj ET Q q 0 0 0 rg BT 414.36 427.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 443.06 427.30 Td (shares. ) Tj ET Q q 0 0 0 rg BT 467.10 427.30 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 493.82 427.30 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 525.73 427.30 Td (, ) Tj ET Q q 0 0 0 rg BT 529.78 427.30 Td (Johnson, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 417.70 Td (and ) Tj ET Q q 0 0 0 rg BT 80.99 417.70 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 103.82 417.70 Td (and ) Tj ET Q q 0 0 0 rg BT 117.31 417.70 Td (Mmes. ) Tj ET Q q 0 0 0 rg BT 141.25 417.70 Td (Lattin ) Tj ET Q q 0 0 0 rg BT 162.29 417.70 Td (and ) Tj ET Q q 0 0 0 rg BT 175.79 417.70 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 207.50 417.70 Td (had ) Tj ET Q q 0 0 0 rg BT 220.99 417.70 Td (4,949, ) Tj ET Q q 0 0 0 rg BT 242.93 417.70 Td (5,685, ) Tj ET Q q 0 0 0 rg BT 264.87 417.70 Td (16,608, ) Tj ET Q q 0 0 0 rg BT 290.81 417.70 Td (3,421, ) Tj ET Q q 0 0 0 rg BT 312.75 417.70 Td (and ) Tj ET Q q 0 0 0 rg BT 326.24 417.70 Td (17,295 ) Tj ET Q q 0 0 0 rg BT 350.18 417.70 Td (shares, ) Tj ET Q q 0 0 0 rg BT 374.11 417.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 412.24 417.70 Td (, ) Tj ET Q q 0 0 0 rg BT 416.18 417.70 Td (withheld ) Tj ET Q q 0 0 0 rg BT 446.11 417.70 Td (to ) Tj ET Q q 0 0 0 rg BT 454.27 417.70 Td (cover ) Tj ET Q q 0 0 0 rg BT 473.98 417.70 Td (related ) Tj ET Q q 0 0 0 rg BT 497.68 417.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.39 417.70 Td (withholding ) Tj ET Q q 0 0 0 rg BT 550.00 417.70 Td (on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 408.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 90.35 408.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 114.75 408.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 131.39 408.10 Td (based ) Tj ET Q q 0 0 0 rg BT 152.02 408.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 185.08 408.10 Td (of) Tj ET Q q 0 0 0 rg BT 191.60 408.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 211.78 408.10 Td (who ) Tj ET Q q 0 0 0 rg BT 227.97 408.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 253.03 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.66 408.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 280.50 408.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 304.68 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.75 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 336.16 408.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 354.57 408.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 380.09 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.17 408.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 421.34 408.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 440.64 408.10 Td (units ) Tj ET Q q 0 0 0 rg BT 458.61 408.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 474.80 408.10 Td (only ) Tj ET Q q 0 0 0 rg BT 491.43 408.10 Td (Medicare ) Tj ET Q q 0 0 0 rg BT 524.05 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.01 408.10 Td (Social ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 398.50 Td (Security ) Tj ET Q q 0 0 0 rg BT 96.16 398.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 114.60 398.50 Td (on ) Tj ET Q q 0 0 0 rg BT 124.60 398.50 Td (the ) Tj ET Q q 0 0 0 rg BT 136.37 398.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 165.02 398.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 187.01 398.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 205.01 398.50 Td (vesting.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 388.90 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 388.90 Td (The ) Tj ET Q q 0 0 0 rg BT 81.66 388.90 Td (value ) Tj ET Q q 0 0 0 rg BT 100.71 388.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 127.75 388.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 145.48 388.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 170.32 388.90 Td (of ) Tj ET Q q 0 0 0 rg BT 178.71 388.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 220.85 388.90 Td (units ) Tj ET Q q 0 0 0 rg BT 238.14 388.90 Td (is ) Tj ET Q q 0 0 0 rg BT 245.20 388.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 279.35 388.90 Td (by ) Tj ET Q q 0 0 0 rg BT 289.07 388.90 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 328.14 388.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.64 388.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 352.46 388.90 Td (market ) Tj ET Q q 0 0 0 rg BT 376.40 388.90 Td (value ) Tj ET Q q 0 0 0 rg BT 395.45 388.90 Td (of ) Tj ET Q q 0 0 0 rg BT 403.84 388.90 Td (a ) Tj ET Q q 0 0 0 rg BT 409.12 388.90 Td (share ) Tj ET Q q 0 0 0 rg BT 427.73 388.90 Td (of ) Tj ET Q q 0 0 0 rg BT 436.12 388.90 Td (common ) Tj ET Q q 0 0 0 rg BT 465.84 388.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 484.45 388.90 Td (on ) Tj ET Q q 0 0 0 rg BT 494.18 388.90 Td (the ) Tj ET Q q 0 0 0 rg BT 505.68 388.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 530.52 388.90 Td (date ) Tj ET Q q 0 0 0 rg BT 545.57 388.90 Td (\(the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 379.30 Td (average ) Tj ET Q q 0 0 0 rg BT 94.34 379.30 Td (of ) Tj ET Q q 0 0 0 rg BT 102.98 379.30 Td (the ) Tj ET Q q 0 0 0 rg BT 114.73 379.30 Td (high ) Tj ET Q q 0 0 0 rg BT 130.92 379.30 Td (and ) Tj ET Q q 0 0 0 rg BT 144.45 379.30 Td (low ) Tj ET Q q 0 0 0 rg BT 158.42 379.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 183.05 379.30 Td (prices ) Tj ET Q q 0 0 0 rg BT 204.13 379.30 Td (of ) Tj ET Q q 0 0 0 rg BT 212.77 379.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 231.18 379.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 254.93 379.30 Td (common ) Tj ET Q q 0 0 0 rg BT 284.90 379.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.76 379.30 Td (on ) Tj ET Q q 0 0 0 rg BT 313.73 379.30 Td (the ) Tj ET Q q 0 0 0 rg BT 325.48 379.30 Td (vesting ) Tj ET Q q 0 0 0 rg BT 350.56 379.30 Td (date\) ) Tj ET Q q 0 0 0 rg BT 368.52 379.30 Td (by ) Tj ET Q q 0 0 0 rg BT 378.50 379.30 Td (the ) Tj ET Q q 0 0 0 rg BT 390.25 379.30 Td (number ) Tj ET Q q 0 0 0 rg BT 416.66 379.30 Td (of ) Tj ET Q q 0 0 0 rg BT 425.29 379.30 Td (units ) Tj ET Q q 0 0 0 rg BT 442.83 379.30 Td (vested. ) Tj ET Q q 0 0 0 rg BT 467.24 379.30 Td (Fractional ) Tj ET Q q 0 0 0 rg BT 501.64 379.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 523.61 379.30 Td (that ) Tj ET Q q 0 0 0 rg BT 537.58 379.30 Td (vested ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 369.70 Td (were ) Tj ET Q q 0 0 0 rg BT 84.62 369.70 Td (distributed ) Tj ET Q q 0 0 0 rg BT 120.42 369.70 Td (in ) Tj ET Q q 0 0 0 rg BT 128.22 369.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 144.01 369.70 Td (and ) Tj ET Q q 0 0 0 rg BT 157.14 369.70 Td (are ) Tj ET Q q 0 0 0 rg BT 168.48 369.70 Td (included ) Tj ET Q q 0 0 0 rg BT 197.60 369.70 Td (in ) Tj ET Q q 0 0 0 rg BT 205.40 369.70 Td (the ) Tj ET Q q 0 0 0 rg BT 216.75 369.70 Td (value ) Tj ET Q q 0 0 0 rg BT 235.65 369.70 Td (realized ) Tj ET Q q 0 0 0 rg BT 262.54 369.70 Td (amount. ) Tj ET Q q 0 0 0 rg BT 290.12 369.70 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 316.36 369.70 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 346.61 369.70 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 378.52 369.70 Td (, ) Tj ET Q q 0 0 0 rg BT 382.09 369.70 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 411.90 369.70 Td (Merchant, ) Tj ET Q q 0 0 0 rg BT 446.13 369.70 Td (and ) Tj ET Q q 0 0 0 rg BT 459.26 369.70 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 481.72 369.70 Td (had ) Tj ET Q q 0 0 0 rg BT 494.85 369.70 Td (7,059, ) Tj ET Q q 0 0 0 rg BT 516.43 369.70 Td (2,050, ) Tj ET Q q 0 0 0 rg BT 538.01 369.70 Td (3,751, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 360.10 Td (980, ) Tj ET Q q 0 0 0 rg BT 83.50 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.05 360.10 Td (1,526 ) Tj ET Q q 0 0 0 rg BT 117.05 360.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 141.04 360.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 179.17 360.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.17 360.10 Td (withheld ) Tj ET Q q 0 0 0 rg BT 213.17 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.39 360.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 241.16 360.10 Td (related ) Tj ET Q q 0 0 0 rg BT 264.92 360.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 276.69 360.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 317.36 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 327.36 360.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 349.80 360.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.21 360.10 Td (shares. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 350.50 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 350.50 Td (Ef) Tj ET Q q 0 0 0 rg BT 74.91 350.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 98.44 350.50 Td (for ) Tj ET Q q 0 0 0 rg BT 109.54 350.50 Td (the ) Tj ET Q q 0 0 0 rg BT 120.70 350.50 Td (April ) Tj ET Q q 0 0 0 rg BT 139.35 350.50 Td (30, ) Tj ET Q q 0 0 0 rg BT 151.13 350.50 Td (2019 ) Tj ET Q q 0 0 0 rg BT 168.90 350.50 Td (vest ) Tj ET Q q 0 0 0 rg BT 183.56 350.50 Td (date, ) Tj ET Q q 0 0 0 rg BT 200.66 350.50 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 227.10 350.50 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 255.54 350.50 Td (and ) Tj ET Q q 0 0 0 rg BT 268.86 350.50 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 301.28 350.50 Td (have ) Tj ET Q q 0 0 0 rg BT 318.16 350.50 Td (elected ) Tj ET Q q 0 0 0 rg BT 342.58 350.50 Td (to ) Tj ET Q q 0 0 0 rg BT 350.57 350.50 Td (defer ) Tj ET Q q 0 0 0 rg BT 368.78 350.50 Td (the ) Tj ET Q q 0 0 0 rg BT 380.32 350.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 418.99 350.50 Td (of ) Tj ET Q q 0 0 0 rg BT 427.42 350.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 449.19 350.50 Td (in ) Tj ET Q q 0 0 0 rg BT 457.18 350.50 Td (the ) Tj ET Q q 0 0 0 rg BT 468.73 350.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 502.93 350.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 531.81 350.50 Td (set ) Tj ET Q q 0 0 0 rg BT 542.47 350.50 Td (forth ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 340.90 Td (below ) Tj ET Q q 0 0 0 rg BT 89.20 340.90 Td (\(before ) Tj ET Q q 0 0 0 rg BT 114.44 340.90 Td (giving ) Tj ET Q q 0 0 0 rg BT 137.04 340.90 Td (ef) Tj ET Q q 0 0 0 rg BT 143.11 340.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 157.25 340.90 Td (to ) Tj ET Q q 0 0 0 rg BT 165.62 340.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 187.76 340.90 Td (withheld ) Tj ET Q q 0 0 0 rg BT 217.91 340.90 Td (for ) Tj ET Q q 0 0 0 rg BT 229.38 340.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 259.08 340.90 Td (of ) Tj ET Q q 0 0 0 rg BT 267.89 340.90 Td (taxes\). ) Tj ET Q q 0 0 0 rg BT 291.14 340.90 Td (In ) Tj ET Q q 0 0 0 rg BT 299.96 340.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 338.08 340.90 Td (with ) Tj ET Q q 0 0 0 rg BT 354.45 340.90 Td (their ) Tj ET Q q 0 0 0 rg BT 371.26 340.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 405.83 340.90 Td (deferral ) Tj ET Q q 0 0 0 rg BT 432.85 340.90 Td (elections, ) Tj ET Q q 0 0 0 rg BT 465.43 340.90 Td (the ) Tj ET Q q 0 0 0 rg BT 477.35 340.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 499.50 340.90 Td (will ) Tj ET Q q 0 0 0 rg BT 514.09 340.90 Td (be ) Tj ET Q q 0 0 0 rg BT 523.79 340.90 Td (distributed ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 331.30 Td (five ) Tj ET Q q 0 0 0 rg BT 81.94 331.30 Td (years ) Tj ET Q q 0 0 0 rg BT 100.82 331.30 Td (after ) Tj ET Q q 0 0 0 rg BT 117.47 331.30 Td (the ) Tj ET Q q 0 0 0 rg BT 129.24 331.30 Td (vest ) Tj ET Q q 0 0 0 rg BT 144.13 331.30 Td (date ) Tj ET Q q 0 0 0 rg BT 159.45 331.30 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 186.78 331.30 Td (to ) Tj ET Q q 0 0 0 rg BT 195.00 331.30 Td (any ) Tj ET Q q 0 0 0 rg BT 208.55 331.30 Td (further ) Tj ET Q q 0 0 0 rg BT 232.32 331.30 Td (deferral ) Tj ET Q q 0 0 0 rg BT 259.18 331.30 Td (elections ) Tj ET Q q 0 0 0 rg BT 289.62 331.30 Td (that ) Tj ET Q q 0 0 0 rg BT 303.61 331.30 Td (an ) Tj ET Q q 0 0 0 rg BT 313.16 331.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 345.81 331.30 Td (of) Tj ET Q q 0 0 0 rg BT 352.33 331.30 Td (ficer ) Tj ET Q q 0 0 0 rg BT 368.98 331.30 Td (may ) Tj ET Q q 0 0 0 rg BT 384.76 331.30 Td (make\).) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 307.79999999999995 m 268.75 307.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.75 307.79999999999995 m 329.75 307.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 307.79999999999995 m 465.75 307.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 143.25 312.03 Td (Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.35 312.03 Td (Grant Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.30 312.03 Td (V) Tj ET Q q 0 0 0 rg BT 362.34 312.03 Td (ested Deferr) Tj ET Q q 0 0 0 rg BT 404.17 312.03 Td (ed Shar) Tj ET Q q 0 0 0 rg BT 430.48 312.03 Td (es) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.25 299.05 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 166.81 299.05 Td (A. 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Merchant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 247.05 Td (05/13/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.25 247.05 Td (1,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.80 234.05 Td (05/15/2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.25 234.05 Td (2,928) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 208.70 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 67.50 208.70 Td (V) Tj ET Q q 0 0 0 rg BT 72.39 208.70 Td (esting of restricted stock unit awards was accelerated when Ms. Cashman�) Tj ET Q q 0 0 0 rg BT 309.87 208.70 Td (s and Mr) Tj ET Q q 0 0 0 rg BT 337.87 208.70 Td (. Hoops�) Tj ET Q q 0 0 0 rg BT 364.83 208.70 Td ( employment ended ef) Tj ET Q q 0 0 0 rg BT 436.00 208.70 Td (fective as of January 1, 2020. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 199.10 Td (Amounts include these accelerated awards.) 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0 rg BT 115.23 136.70 Td (and ) Tj ET Q q 0 0 0 rg BT 132.54 136.70 Td (compensation ) Tj ET Q q 0 0 0 rg BT 193.02 136.70 Td (levels. ) Tj ET Q q 0 0 0 rg BT 222.28 136.70 Td (Deferrals ) Tj ET Q q 0 0 0 rg BT 263.49 136.70 Td (were ) Tj ET Q q 0 0 0 rg BT 286.05 136.70 Td (no ) Tj ET Q q 0 0 0 rg BT 298.70 136.70 Td (longer ) Tj ET Q q 0 0 0 rg BT 327.67 136.70 Td (accepted ) Tj ET Q q 0 0 0 rg BT 366.54 136.70 Td (in ) Tj ET Q q 0 0 0 rg BT 376.86 136.70 Td (the ) Tj ET Q q 0 0 0 rg BT 391.84 136.70 Td (Phantom ) Tj ET Q q 0 0 0 rg BT 431.33 136.70 Td (Stock ) Tj ET Q q 0 0 0 rg BT 457.40 136.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 478.22 136.70 Td (after ) Tj ET Q q 0 0 0 rg BT 499.60 136.70 Td (December ) Tj ET Q q 0 0 0 rg BT 544.89 136.70 Td (31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 75.36 124.10 Td (but ) Tj ET Q q 0 0 0 rg BT 91.01 124.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 134.08 124.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 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q 0 0 0 rg BT 49.50 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.74 741.75 Td (his ) Tj ET Q q 0 0 0 rg BT 75.48 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 86.72 741.75 Td (her ) Tj ET Q q 0 0 0 rg BT 102.62 741.75 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 149.16 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 154.28 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 164.94 741.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.67 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 204.91 741.75 Td (our ) Tj ET Q q 0 0 0 rg BT 221.40 741.75 Td (common ) Tj ET Q q 0 0 0 rg BT 260.63 741.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 285.29 741.75 Td (after ) Tj ET Q q 0 0 0 rg BT 307.01 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.33 741.75 Td (participant�) Tj ET Q q 0 0 0 rg BT 370.15 741.75 Td (s ) Tj ET Q q 0 0 0 rg BT 376.73 741.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 431.71 741.75 Td (has ) Tj ET Q q 0 0 0 rg BT 448.20 741.75 Td (terminated ) Tj ET Q q 0 0 0 rg BT 495.59 741.75 Td (for ) Tj ET Q q 0 0 0 rg BT 510.32 741.75 Td (any ) Tj ET Q q 0 0 0 rg BT 527.98 741.75 Td (reason, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (either ) Tj ET Q q 0 0 0 rg BT 75.39 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 85.55 729.15 Td (lump ) Tj ET Q q 0 0 0 rg BT 109.13 729.15 Td (sum ) Tj ET Q q 0 0 0 rg BT 128.62 729.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 179.03 729.15 Td (or ) Tj ET Q q 0 0 0 rg BT 189.77 729.15 Td (three ) Tj ET Q q 0 0 0 rg BT 212.75 729.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 242.73 729.15 Td (installments, ) Tj ET Q q 0 0 0 rg BT 298.09 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 307.66 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 322.48 729.15 Td (participant�) Tj ET Q q 0 0 0 rg BT 370.29 729.15 Td (s ) Tj ET Q q 0 0 0 rg BT 376.37 729.15 Td (election. ) Tj ET Q q 0 0 0 rg BT 414.22 729.15 Td (In ) Tj ET Q q 0 0 0 rg BT 424.96 729.15 Td (addition, ) Tj ET Q q 0 0 0 rg BT 463.99 729.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 487.55 729.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 518.13 729.15 Td (may ) Tj ET Q q 0 0 0 rg BT 538.20 729.15 Td (elect ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 61.61 716.55 Td (distribute ) Tj ET Q q 0 0 0 rg BT 105.21 716.55 Td (account ) Tj ET Q q 0 0 0 rg BT 141.80 716.55 Td (balances ) Tj ET Q q 0 0 0 rg BT 181.88 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 193.99 716.55 Td (named ) Tj ET Q q 0 0 0 rg BT 225.92 716.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 270.09 716.55 Td (of) Tj ET Q q 0 0 0 rg BT 278.64 716.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 305.90 716.55 Td (in ) Tj ET Q q 0 0 0 rg BT 318.01 716.55 Td (connection ) Tj ET Q q 0 0 0 rg BT 368.02 716.55 Td (with ) Tj ET Q q 0 0 0 rg BT 390.62 716.55 Td (a ) Tj ET Q q 0 0 0 rg BT 399.22 716.55 Td (change ) Tj ET Q q 0 0 0 rg BT 432.89 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 445.58 716.55 Td (control ) Tj ET Q q 0 0 0 rg BT 479.26 716.55 Td (if ) Tj ET Q q 0 0 0 rg BT 489.62 716.55 Td (the ) Tj ET Q q 0 0 0 rg BT 506.38 716.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 528.40 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 547.50 716.55 Td (all ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 106.33 703.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 139.24 703.95 Td (agreements ) Tj ET Q q 0 0 0 rg BT 190.80 703.95 Td (are ) Tj ET Q q 0 0 0 rg BT 207.37 703.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 256.02 703.95 Td (with ) Tj ET Q q 0 0 0 rg BT 278.43 703.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 311.92 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 323.83 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 340.41 703.95 Td (participants ) Tj ET Q q 0 0 0 rg BT 393.14 703.95 Td (af) Tj ET Q q 0 0 0 rg BT 401.11 703.95 Td (fected ) Tj ET Q q 0 0 0 rg BT 430.51 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 444.75 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 461.33 703.95 Td (change ) Tj ET Q q 0 0 0 rg BT 494.81 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.31 703.95 Td (control. ) Tj ET Q q 0 0 0 rg BT 543.42 703.95 Td (For ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (purposes ) Tj ET Q q 0 0 0 rg BT 89.54 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 100.99 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 117.69 691.35 Td (Phantom ) Tj ET Q q 0 0 0 rg BT 157.73 691.35 Td (Stock ) Tj ET Q q 0 0 0 rg BT 184.35 691.35 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 208.35 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 215.72 691.35 Td (�change ) Tj ET Q q 0 0 0 rg BT 252.82 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 264.27 691.35 Td (control� ) Tj ET Q q 0 0 0 rg BT 301.38 691.35 Td (will ) Tj ET Q q 0 0 0 rg BT 320.42 691.35 Td (occur ) Tj ET Q q 0 0 0 rg BT 346.44 691.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 370.15 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 377.51 691.35 Td (change ) Tj ET Q q 0 0 0 rg BT 409.95 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 420.82 691.35 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 435.77 691.35 Td (ownership ) Tj ET Q q 0 0 0 rg BT 482.22 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 493.68 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 517.96 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 549.24 691.35 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.56 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 104.63 678.75 Td (& ) Tj ET Q q 0 0 0 rg BT 115.28 678.75 Td (Co., ) Tj ET Q q 0 0 0 rg BT 135.26 678.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 157.58 678.75 Td (\(�LM&Co.�\), ) Tj ET Q q 0 0 0 rg BT 217.80 678.75 Td (our ) Tj ET Q q 0 0 0 rg BT 234.28 678.75 Td (administrative ) Tj ET Q q 0 0 0 rg BT 296.83 678.75 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 339.32 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 344.43 678.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 359.15 678.75 Td (ef) Tj ET Q q 0 0 0 rg BT 367.12 678.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 398.17 678.75 Td (control ) Tj ET Q q 0 0 0 rg BT 430.39 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.63 678.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 465.68 678.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 496.75 678.75 Td (or ) Tj ET Q q 0 0 0 rg BT 507.98 678.75 Td (LM&Co. ) Tj ET Q q 0 0 0 rg BT 549.26 678.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 65.43 666.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 112.86 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 125.29 666.15 Td (a ) Tj ET Q q 0 0 0 rg BT 133.63 666.15 Td (substantial ) Tj ET Q q 0 0 0 rg BT 182.23 666.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 216.25 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 228.68 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 245.20 666.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 273.38 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 285.81 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 311.07 666.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 343.34 666.15 Td (or ) Tj ET Q q 0 0 0 rg BT 355.77 666.15 Td (LM&Co. ) Tj ET Q q 0 0 0 rg BT 398.25 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 401.94 666.15 Td (On ) Tj ET Q q 0 0 0 rg BT 418.45 666.15 Td (February ) Tj ET Q q 0 0 0 rg BT 460.04 666.15 Td (18, ) Tj ET Q q 0 0 0 rg BT 476.85 666.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 504.16 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 529.42 666.15 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (announced ) Tj ET Q q 0 0 0 rg BT 97.02 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 111.90 653.55 Td (execution ) Tj ET Q q 0 0 0 rg BT 154.76 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.55 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 180.42 653.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 197.72 653.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 212.72 653.55 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 261.41 653.55 Td (with ) Tj ET Q q 0 0 0 rg BT 282.12 653.55 Td (Franklin, ) Tj ET Q q 0 0 0 rg BT 322.37 653.55 Td (which ) Tj ET Q q 0 0 0 rg BT 350.07 653.55 Td (would ) Tj ET Q q 0 0 0 rg BT 378.37 653.55 Td (result ) Tj ET Q q 0 0 0 rg BT 403.74 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 413.95 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 420.65 653.55 Td (change ) Tj ET Q q 0 0 0 rg BT 452.43 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 463.22 653.55 Td (control ) Tj ET Q q 0 0 0 rg BT 495.00 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 505.79 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 529.41 653.55 Td (Mason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.13 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 88.58 640.95 Td (closing ) Tj ET Q q 0 0 0 rg BT 121.54 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 132.91 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 148.36 640.95 Td (transaction.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.63 615.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 93.01 615.75 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 127.02 615.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 145.86 615.75 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 185.97 615.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 249.44 615.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 273.84 615.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 295.31 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 305.12 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 312.59 615.75 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 371.96 615.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 409.74 615.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 470.86 615.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 491.75 615.75 Td (that ) Tj ET Q q 0 0 0 rg BT 510.30 615.75 Td (is ) Tj ET Q q 0 0 0 rg BT 520.11 615.75 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (only ) Tj ET Q q 0 0 0 rg BT 72.88 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 85.76 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 95.14 603.15 Td (select ) Tj ET Q q 0 0 0 rg BT 123.76 603.15 Td (group ) Tj ET Q q 0 0 0 rg BT 152.97 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 166.43 603.15 Td (employees, ) Tj ET Q q 0 0 0 rg BT 218.67 603.15 Td (including ) Tj ET Q q 0 0 0 rg BT 263.05 603.15 Td (U.S.-based ) Tj ET Q q 0 0 0 rg BT 313.84 603.15 Td (named ) Tj ET Q q 0 0 0 rg BT 346.55 603.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 391.49 603.15 Td (of) Tj ET Q q 0 0 0 rg BT 400.05 603.15 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 430.71 603.15 Td (based ) Tj ET Q q 0 0 0 rg BT 459.33 603.15 Td (on ) Tj ET Q q 0 0 0 rg BT 474.54 603.15 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 542.84 603.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (compensation ) Tj ET Q q 0 0 0 rg BT 109.76 590.55 Td (levels. ) Tj ET Q q 0 0 0 rg BT 138.82 590.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 167.00 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 181.76 590.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 207.03 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 217.72 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 232.49 590.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 255.13 590.55 Td (participants ) Tj ET Q q 0 0 0 rg BT 306.05 590.55 Td (may ) Tj ET Q q 0 0 0 rg BT 326.07 590.55 Td (elect ) Tj ET Q q 0 0 0 rg BT 347.83 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 357.93 590.55 Td (defer ) Tj ET Q q 0 0 0 rg BT 381.44 590.55 Td (up ) Tj ET Q q 0 0 0 rg BT 393.88 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 403.98 590.55 Td ($500,000 ) Tj ET Q q 0 0 0 rg BT 445.30 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 455.41 590.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 485.33 590.55 Td (salary ) Tj ET Q q 0 0 0 rg BT 512.35 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 529.45 590.55 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 86.13 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 104.09 577.95 Td (commissions ) Tj ET Q q 0 0 0 rg BT 161.72 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 175.02 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 182.48 577.95 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 215.01 577.95 Td (basis. ) Tj ET Q q 0 0 0 rg BT 240.81 577.95 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 282.11 577.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 319.88 577.95 Td (under ) Tj ET Q q 0 0 0 rg BT 346.59 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 362.21 577.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 383.09 577.95 Td (are ) Tj ET Q q 0 0 0 rg BT 398.70 577.95 Td (deemed ) Tj ET Q q 0 0 0 rg BT 434.15 577.95 Td (invested ) Tj ET Q q 0 0 0 rg BT 471.94 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 482.90 577.95 Td (�phantom� ) Tj ET Q q 0 0 0 rg BT 531.77 577.95 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.30 565.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 83.93 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 114.57 565.35 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 159.21 565.35 Td (mutual ) Tj ET Q q 0 0 0 rg BT 190.43 565.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 215.82 565.35 Td (\(�Legg ) Tj ET Q q 0 0 0 rg BT 247.61 565.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 278.25 565.35 Td (Funds�\). ) Tj ET Q q 0 0 0 rg BT 316.76 565.35 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 356.14 565.35 Td (are ) Tj ET Q q 0 0 0 rg BT 371.02 565.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 405.71 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 416.51 565.35 Td (they ) Tj ET Q q 0 0 0 rg BT 436.65 565.35 Td (would ) Tj ET Q q 0 0 0 rg BT 464.96 565.35 Td (be ) Tj ET Q q 0 0 0 rg BT 476.92 565.35 Td (if ) Tj ET Q q 0 0 0 rg BT 485.39 565.35 Td (investing ) Tj ET Q q 0 0 0 rg BT 525.95 565.35 Td (directly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (in ) Tj ET Q q 0 0 0 rg BT 62.90 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.95 552.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 107.75 552.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 141.56 552.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 172.47 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.86 552.75 Td (include ) Tj ET Q q 0 0 0 rg BT 228.99 552.75 Td (market ) Tj ET Q q 0 0 0 rg BT 263.37 552.75 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 320.49 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 340.88 552.75 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 388.41 552.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 432.14 552.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 472.34 552.75 Td (under ) Tj ET Q q 0 0 0 rg BT 501.47 552.75 Td (our ) Tj ET Q q 0 0 0 rg BT 520.70 552.75 Td (Deferred ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 113.08 540.15 Td (Fund ) Tj ET Q q 0 0 0 rg BT 137.58 540.15 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 161.78 540.15 Td (including ) Tj ET Q q 0 0 0 rg BT 204.36 540.15 Td (any ) Tj ET Q q 0 0 0 rg BT 222.43 540.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 260.91 540.15 Td (on ) Tj ET Q q 0 0 0 rg BT 274.33 540.15 Td (those ) Tj ET Q q 0 0 0 rg BT 299.40 540.15 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 360.35 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 376.08 540.15 Td (fully ) Tj ET Q q 0 0 0 rg BT 398.83 540.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 428.56 540.15 Td (at ) Tj ET Q q 0 0 0 rg BT 439.06 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 452.46 540.15 Td (times ) Tj ET Q q 0 0 0 rg BT 478.12 540.15 Td (and ) Tj ET Q q 0 0 0 rg BT 496.20 540.15 Td (are ) Tj ET Q q 0 0 0 rg BT 511.93 540.15 Td (not ) Tj ET Q q 0 0 0 rg BT 528.26 540.15 Td (subject ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 61.24 527.55 Td (forfeiture. ) Tj ET Q q 0 0 0 rg BT 107.09 527.55 Td (Participants ) Tj ET Q q 0 0 0 rg BT 160.24 527.55 Td (must ) Tj ET Q q 0 0 0 rg BT 184.24 527.55 Td (elect, ) Tj ET Q q 0 0 0 rg BT 210.26 527.55 Td (at ) Tj ET Q q 0 0 0 rg BT 221.41 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 237.82 527.55 Td (time ) Tj ET Q q 0 0 0 rg BT 260.06 527.55 Td (they ) Tj ET Q q 0 0 0 rg BT 281.71 527.55 Td (decide ) Tj ET Q q 0 0 0 rg BT 312.69 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 324.44 527.55 Td (defer ) Tj ET Q q 0 0 0 rg BT 349.58 527.55 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 414.10 527.55 Td (whether: ) Tj ET Q q 0 0 0 rg BT 454.41 527.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 470.23 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 481.98 527.55 Td (take ) Tj ET Q q 0 0 0 rg BT 503.04 527.55 Td (an ) Tj ET Q q 0 0 0 rg BT 516.53 527.55 Td (in ) Tj ET Q q 0 0 0 rg BT 528.28 527.55 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 100.19 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 111.20 514.95 Td (distribution ) Tj ET Q q 0 0 0 rg BT 161.89 514.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 185.16 514.95 Td (termination; ) Tj ET Q q 0 0 0 rg BT 238.75 514.95 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 253.26 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 263.69 514.95 Td (receive ) Tj ET Q q 0 0 0 rg BT 296.27 514.95 Td (their ) Tj ET Q q 0 0 0 rg BT 317.78 514.95 Td (future ) Tj ET Q q 0 0 0 rg BT 345.12 514.95 Td (distributions ) Tj ET Q q 0 0 0 rg BT 399.89 514.95 Td (from ) Tj ET Q q 0 0 0 rg BT 422.57 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 437.67 514.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 458.01 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 468.45 514.95 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 482.37 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 489.30 514.95 Td (single ) Tj ET Q q 0 0 0 rg BT 516.65 514.95 Td (lump ) Tj ET Q q 0 0 0 rg BT 540.50 514.95 Td (sum ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (or ) Tj ET Q q 0 0 0 rg BT 60.86 502.35 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 75.71 502.35 Td (three ) Tj ET Q q 0 0 0 rg BT 99.31 502.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 124.66 502.35 Td (annual ) Tj ET Q q 0 0 0 rg BT 155.26 502.35 Td (installments ) Tj ET Q q 0 0 0 rg BT 208.62 502.35 Td (\(available ) Tj ET Q q 0 0 0 rg BT 252.62 502.35 Td (only ) Tj ET Q q 0 0 0 rg BT 273.90 502.35 Td (if ) Tj ET Q q 0 0 0 rg BT 282.92 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 298.36 502.35 Td (total ) Tj ET Q q 0 0 0 rg BT 319.64 502.35 Td (account ) Tj ET Q q 0 0 0 rg BT 354.90 502.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 389.57 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 399.18 502.35 Td (greater ) Tj ET Q q 0 0 0 rg BT 430.93 502.35 Td (than ) Tj ET Q q 0 0 0 rg BT 451.62 502.35 Td ($17,500\); ) Tj ET Q q 0 0 0 rg BT 494.77 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 512.54 502.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 527.40 502.35 Td (to ) Tj ET Q q 0 0 0 rg BT 538.18 502.35 Td (have ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.52 489.75 Td (distributions ) Tj ET Q q 0 0 0 rg BT 121.21 489.75 Td (begin ) Tj ET Q q 0 0 0 rg BT 147.73 489.75 Td (immediately ) Tj ET Q q 0 0 0 rg BT 203.41 489.75 Td (after ) Tj ET Q q 0 0 0 rg BT 225.83 489.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 277.42 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 289.36 489.75 Td (one ) Tj ET Q q 0 0 0 rg BT 307.71 489.75 Td (year ) Tj ET Q q 0 0 0 rg BT 328.96 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 352.56 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.58 489.75 Td (date ) Tj ET Q q 0 0 0 rg BT 389.26 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 401.19 489.75 Td (termination. ) Tj ET Q q 0 0 0 rg BT 455.41 489.75 Td (Participants ) Tj ET Q q 0 0 0 rg BT 508.18 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 527.70 489.75 Td (receive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (distributions ) Tj ET Q q 0 0 0 rg BT 104.34 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 114.83 477.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 138.44 477.15 Td (except ) Tj ET Q q 0 0 0 rg BT 168.17 477.15 Td (for ) Tj ET Q q 0 0 0 rg BT 182.75 477.15 Td (in-service ) Tj ET Q q 0 0 0 rg BT 226.47 477.15 Td (elections, ) Tj ET Q q 0 0 0 rg BT 268.75 477.15 Td (which ) Tj ET Q q 0 0 0 rg BT 296.74 477.15 Td (distributions ) Tj ET Q q 0 0 0 rg BT 351.57 477.15 Td (may ) Tj ET Q q 0 0 0 rg BT 371.98 477.15 Td (be ) Tj ET Q q 0 0 0 rg BT 384.22 477.15 Td (made, ) Tj ET Q q 0 0 0 rg BT 411.91 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 422.41 477.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 446.31 477.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 477.81 477.15 Td (s ) Tj ET Q q 0 0 0 rg BT 484.23 477.15 Td (sole ) Tj ET Q q 0 0 0 rg BT 503.47 477.15 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 549.83 477.15 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.71 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 88.44 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 111.98 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 142.54 464.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 170.19 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 180.91 464.55 Td (cash. ) Tj ET Q q 0 0 0 rg BT 204.17 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 214.89 464.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 253.90 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 277.45 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 308.01 464.55 Td (will ) Tj ET Q q 0 0 0 rg BT 326.32 464.55 Td (distribute ) Tj ET Q q 0 0 0 rg BT 367.96 464.55 Td (account ) Tj ET Q q 0 0 0 rg BT 402.58 464.55 Td (balances ) Tj ET Q q 0 0 0 rg BT 440.70 464.55 Td (to ) Tj ET Q q 0 0 0 rg BT 450.84 464.55 Td (participants ) Tj ET Q q 0 0 0 rg BT 501.80 464.55 Td (in ) Tj ET Q q 0 0 0 rg BT 511.94 464.55 Td (connection ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 70.69 451.95 Td (a ) Tj ET Q q 0 0 0 rg BT 77.86 451.95 Td (change ) Tj ET Q q 0 0 0 rg BT 110.11 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 121.38 451.95 Td (control ) Tj ET Q q 0 0 0 rg BT 153.64 451.95 Td (if ) Tj ET Q q 0 0 0 rg BT 162.57 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.91 451.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.51 451.95 Td (and ) Tj ET Q q 0 0 0 rg BT 216.19 451.95 Td (all ) Tj ET Q q 0 0 0 rg BT 229.20 451.95 Td (substantially ) Tj ET Q q 0 0 0 rg BT 284.80 451.95 Td (similar ) Tj ET Q q 0 0 0 rg BT 316.48 451.95 Td (agreements ) Tj ET Q q 0 0 0 rg BT 366.81 451.95 Td (are ) Tj ET Q q 0 0 0 rg BT 382.15 451.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 429.56 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 450.75 451.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 483.00 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 493.68 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 509.03 451.95 Td (participants ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (af) Tj ET Q q 0 0 0 rg BT 57.47 439.35 Td (fected ) Tj ET Q q 0 0 0 rg BT 85.46 439.35 Td (by ) Tj ET Q q 0 0 0 rg BT 98.30 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 113.47 439.35 Td (change ) Tj ET Q q 0 0 0 rg BT 145.55 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 156.64 439.35 Td (control. ) Tj ET Q q 0 0 0 rg BT 191.35 439.35 Td (For ) Tj ET Q q 0 0 0 rg BT 208.28 439.35 Td (purposes ) Tj ET Q q 0 0 0 rg BT 247.95 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 259.04 439.35 Td (our ) Tj ET Q q 0 0 0 rg BT 275.38 439.35 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 315.03 439.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 378.03 439.35 Td (Fund ) Tj ET Q q 0 0 0 rg BT 401.97 439.35 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 425.60 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 432.61 439.35 Td (�change ) Tj ET Q q 0 0 0 rg BT 469.34 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 479.85 439.35 Td (control ) Tj ET Q q 0 0 0 rg BT 511.94 439.35 Td (event� ) Tj ET Q q 0 0 0 rg BT 541.68 439.35 Td (will ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (occur ) Tj ET Q q 0 0 0 rg BT 75.82 426.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 99.82 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 107.48 426.75 Td (change ) Tj ET Q q 0 0 0 rg BT 140.21 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 151.38 426.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 166.62 426.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 213.36 426.75 Td (within ) Tj ET Q q 0 0 0 rg BT 243.20 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 259.02 426.75 Td (meaning ) Tj ET Q q 0 0 0 rg BT 298.18 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.93 426.75 Td (�1.409A-3\(i\)\(5\)\(v\) ) Tj ET Q q 0 0 0 rg BT 392.53 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 404.27 426.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 453.93 426.75 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 510.00 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 523.50 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 539.33 426.75 Td (U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Department ) Tj ET Q q 0 0 0 rg BT 102.90 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 115.47 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.86 414.15 Td (T) Tj ET Q q 0 0 0 rg BT 137.90 414.15 Td (reasury) Tj ET Q q 0 0 0 rg BT 168.12 414.15 Td (, ) Tj ET Q q 0 0 0 rg BT 174.58 414.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 190.65 414.15 Td (ef) Tj ET Q q 0 0 0 rg BT 198.62 414.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 231.01 414.15 Td (control ) Tj ET Q q 0 0 0 rg BT 264.59 414.15 Td (within ) Tj ET Q q 0 0 0 rg BT 295.25 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 311.91 414.15 Td (meaning ) Tj ET Q q 0 0 0 rg BT 351.90 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 364.48 414.15 Td (�1.409A-3\(i\)\(5\)\(vi\) ) Tj ET Q q 0 0 0 rg BT 450.83 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 463.40 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 480.06 414.15 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 533.18 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 545.75 414.15 Td (\(3\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (ownership ) Tj ET Q q 0 0 0 rg BT 95.29 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 106.09 401.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.63 401.55 Td (within ) Tj ET Q q 0 0 0 rg BT 161.52 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 176.39 401.55 Td (meaning ) Tj ET Q q 0 0 0 rg BT 214.60 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 225.39 401.55 Td (�1.409A-3\(i\)\(5\)\(vii\) ) Tj ET Q q 0 0 0 rg BT 312.88 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 323.67 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 338.55 401.55 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 389.43 401.55 Td (As ) Tj ET Q q 0 0 0 rg BT 403.15 401.55 Td (noted ) Tj ET Q q 0 0 0 rg BT 428.52 401.55 Td (above, ) Tj ET Q q 0 0 0 rg BT 458.27 401.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 481.89 401.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 512.52 401.55 Td (announced ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 64.86 388.95 Td (execution ) Tj ET Q q 0 0 0 rg BT 108.20 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 119.48 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.83 388.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 152.14 388.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 167.52 388.95 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 216.69 388.95 Td (with ) Tj ET Q q 0 0 0 rg BT 237.89 388.95 Td (Franklin, ) Tj ET Q q 0 0 0 rg BT 278.63 388.95 Td (which ) Tj ET Q q 0 0 0 rg BT 306.82 388.95 Td (would ) Tj ET Q q 0 0 0 rg BT 335.59 388.95 Td (result ) Tj ET Q q 0 0 0 rg BT 361.45 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 372.15 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 379.34 388.95 Td (change ) Tj ET Q q 0 0 0 rg BT 411.60 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 422.87 388.95 Td (control ) Tj ET Q q 0 0 0 rg BT 455.15 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 466.42 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 490.52 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 521.64 388.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 545.17 388.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (closing ) Tj ET Q q 0 0 0 rg BT 82.46 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 93.83 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 109.28 376.35 Td (transaction.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Through ) Tj ET Q q 0 0 0 rg BT 89.00 351.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 115.09 351.15 Td (year ) Tj ET Q q 0 0 0 rg BT 136.50 351.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 163.46 351.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 207.03 351.15 Td (of) Tj ET Q q 0 0 0 rg BT 215.59 351.15 Td (ficers ) Tj ET Q q 0 0 0 rg BT 242.25 351.15 Td (were ) Tj ET Q q 0 0 0 rg BT 266.00 351.15 Td (able ) Tj ET Q q 0 0 0 rg BT 286.83 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 298.34 351.15 Td (make ) Tj ET Q q 0 0 0 rg BT 324.42 351.15 Td (elections ) Tj ET Q q 0 0 0 rg BT 365.08 351.15 Td (to ) Tj ET Q q 0 0 0 rg BT 376.59 351.15 Td (defer ) Tj ET Q q 0 0 0 rg BT 401.50 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 417.67 351.15 Td (receipt ) Tj ET Q q 0 0 0 rg BT 449.58 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 461.67 351.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 491.25 351.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 515.59 351.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 549.27 351.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 91.31 338.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 116.22 338.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 135.30 338.55 Td (awards ) Tj ET Q q 0 0 0 rg BT 167.78 338.55 Td (granted ) Tj ET Q q 0 0 0 rg BT 202.01 338.55 Td (under ) Tj ET Q q 0 0 0 rg BT 228.67 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 252.99 338.55 Td (Mason�) Tj ET Q q 0 0 0 rg BT 284.49 338.55 Td (s ) Tj ET Q q 0 0 0 rg BT 291.32 338.55 Td (1996 ) Tj ET Q q 0 0 0 rg BT 315.07 338.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 345.81 338.55 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 387.62 338.55 Td (Plan ) Tj ET Q q 0 0 0 rg BT 409.03 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 426.94 338.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 450.69 338.55 Td (Equity ) Tj ET Q q 0 0 0 rg BT 481.43 338.55 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 523.24 338.55 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 547.08 338.55 Td (T) Tj ET Q q 0 0 0 rg BT 552.76 338.55 Td (o ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (be ) Tj ET Q q 0 0 0 rg BT 62.80 325.95 Td (ef) Tj ET Q q 0 0 0 rg BT 70.77 325.95 Td (fective, ) Tj ET Q q 0 0 0 rg BT 105.35 325.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 148.97 325.95 Td (of) Tj ET Q q 0 0 0 rg BT 157.53 325.95 Td (ficers ) Tj ET Q q 0 0 0 rg BT 184.24 325.95 Td (had ) Tj ET Q q 0 0 0 rg BT 202.79 325.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.35 325.95 Td (make ) Tj ET Q q 0 0 0 rg BT 240.48 325.95 Td (a ) Tj ET Q q 0 0 0 rg BT 248.54 325.95 Td (deferral ) Tj ET Q q 0 0 0 rg BT 284.57 325.95 Td (election ) Tj ET Q q 0 0 0 rg BT 321.20 325.95 Td (by ) Tj ET Q q 0 0 0 rg BT 335.09 325.95 Td (September ) Tj ET Q q 0 0 0 rg BT 383.39 325.95 Td (30 ) Tj ET Q q 0 0 0 rg BT 397.28 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 409.42 325.95 Td (each ) Tj ET Q q 0 0 0 rg BT 432.04 325.95 Td (calendar ) Tj ET Q q 0 0 0 rg BT 470.99 325.95 Td (year) Tj ET Q q 0 0 0 rg BT 488.64 325.95 Td (, ) Tj ET Q q 0 0 0 rg BT 494.66 325.95 Td (with ) Tj ET Q q 0 0 0 rg BT 516.72 325.95 Td (respect ) Tj ET Q q 0 0 0 rg BT 549.84 325.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 91.12 313.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.84 313.35 Td (units ) Tj ET Q q 0 0 0 rg BT 138.82 313.35 Td (that ) Tj ET Q q 0 0 0 rg BT 157.12 313.35 Td (qualify ) Tj ET Q q 0 0 0 rg BT 189.42 313.35 Td (as ) Tj ET Q q 0 0 0 rg BT 200.72 313.35 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 283.73 313.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 344.60 313.35 Td (under ) Tj ET Q q 0 0 0 rg BT 371.07 313.35 Td (Section ) Tj ET Q q 0 0 0 rg BT 405.12 313.35 Td (409A) Tj ET Q q 0 0 0 rg BT 427.87 313.35 Td ( ) Tj ET Q q 0 0 0 rg BT 430.43 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 441.73 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.11 313.35 Td (Code, ) Tj ET Q q 0 0 0 rg BT 484.46 313.35 Td (for ) Tj ET Q q 0 0 0 rg BT 499.26 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 514.64 313.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 539.94 313.35 Td (year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (ending ) Tj ET Q q 0 0 0 rg BT 80.85 300.75 Td (on ) Tj ET Q q 0 0 0 rg BT 94.13 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 109.73 300.75 Td (following ) Tj ET Q q 0 0 0 rg BT 153.33 300.75 Td (March ) Tj ET Q q 0 0 0 rg BT 183.51 300.75 Td (31. ) Tj ET Q q 0 0 0 rg BT 198.80 300.75 Td (A) Tj ET Q q 0 0 0 rg BT 205.80 300.75 Td ( ) Tj ET Q q 0 0 0 rg BT 208.58 300.75 Td (deferral ) Tj ET Q q 0 0 0 rg BT 243.99 300.75 Td (election ) Tj ET Q q 0 0 0 rg BT 280.00 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 289.78 300.75 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 339.77 300.75 Td (once ) Tj ET Q q 0 0 0 rg BT 362.37 300.75 Td (made, ) Tj ET Q q 0 0 0 rg BT 390.50 300.75 Td (except ) Tj ET Q q 0 0 0 rg BT 420.68 300.75 Td (as ) Tj ET Q q 0 0 0 rg BT 432.20 300.75 Td (may ) Tj ET Q q 0 0 0 rg BT 453.05 300.75 Td (be ) Tj ET Q q 0 0 0 rg BT 465.73 300.75 Td (described ) Tj ET Q q 0 0 0 rg BT 508.74 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 519.68 300.75 Td (an ) Tj ET Q q 0 0 0 rg BT 532.37 300.75 Td (award ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 98.22 288.15 Td (In ) Tj ET Q q 0 0 0 rg BT 109.34 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 124.54 288.15 Td (event ) Tj ET Q q 0 0 0 rg BT 149.65 288.15 Td (an ) Tj ET Q q 0 0 0 rg BT 161.94 288.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 204.54 288.15 Td (of) Tj ET Q q 0 0 0 rg BT 213.09 288.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 234.70 288.15 Td (made ) Tj ET Q q 0 0 0 rg BT 259.81 288.15 Td (a ) Tj ET Q q 0 0 0 rg BT 266.84 288.15 Td (deferral ) Tj ET Q q 0 0 0 rg BT 301.85 288.15 Td (election ) Tj ET Q q 0 0 0 rg BT 337.46 288.15 Td (with ) Tj ET Q q 0 0 0 rg BT 358.50 288.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 390.61 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 401.15 288.15 Td (any ) Tj ET Q q 0 0 0 rg BT 418.68 288.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 451.38 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 462.50 288.15 Td (an ) Tj ET Q q 0 0 0 rg BT 474.79 288.15 Td (award, ) Tj ET Q q 0 0 0 rg BT 505.43 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 520.64 288.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 549.25 288.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (common ) Tj ET Q q 0 0 0 rg BT 88.92 275.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.76 275.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 161.92 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 177.43 275.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 215.07 275.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 256.81 275.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 281.65 275.55 Td (units ) Tj ET Q q 0 0 0 rg BT 304.74 275.55 Td (would ) Tj ET Q q 0 0 0 rg BT 333.67 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 349.76 275.55 Td (be ) Tj ET Q q 0 0 0 rg BT 362.34 275.55 Td (distributed ) Tj ET Q q 0 0 0 rg BT 409.93 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 420.77 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 436.27 275.55 Td (recipient ) Tj ET Q q 0 0 0 rg BT 475.68 275.55 Td 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0 J 0 j 3 M 149.75 476.65 m 299.75 476.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.75 476.65 m 370.75 476.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 476.65 m 441.75 476.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.75 476.65 m 497.75 476.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 476.65 m 557.75 476.65 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 661.33 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.25 661.33 Td (Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.90 702.93 Td (Executive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.70 689.23 Td (Contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.15 675.53 Td (in Last FY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.85 661.83 Td ( \($\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 338.01 666.36 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.90 702.38 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.70 692.38 Td (Contributions) 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(\($\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 529.26 666.91 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 646.32 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 80.70 646.32 Td (A. 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Merchant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 556.32 Td (Phantom Stock Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.75 556.32 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.25 556.32 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.50 556.32 Td (35,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 556.32 Td (76,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 541.32 Td (Deferred Compensation Fund Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 541.32 Td (1) Tj ET Q q 0 0 0 rg BT 323.50 541.32 Td (19,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 541.32 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 541.32 Td (\(93,382\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 541.32 Td (588,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 526.32 Td (Deferred Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 526.32 Td (152,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 526.32 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 526.32 Td (256,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 526.32 Td (603,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 511.32 Td (Frances L. Cashman ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 135.67 515.85 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 511.32 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 512.22 Td (Phantom Stock Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.75 512.22 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.25 512.22 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.50 512.22 Td (35,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 512.22 Td (75,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 496.32 Td (Deferred Compensation Fund Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.75 496.32 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 496.32 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 496.32 Td (\(28,760\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 496.32 Td (171,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 481.32 Td (Thomas K. Hoops ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 126.80 485.85 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 481.32 Td (Deferred Compensation Fund Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 481.32 Td (298,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.75 481.32 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 481.32 Td (\(90,186\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.25 481.32 Td (1,589,414) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 465.15 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 465.15 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 465.15 Td (Executive ) Tj ET Q q 0 0 0 rg BT 101.82 465.15 Td (of) Tj ET Q q 0 0 0 rg BT 108.34 465.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 125.34 465.15 Td (contributions ) Tj ET Q q 0 0 0 rg BT 169.89 465.15 Td (include ) Tj ET Q q 0 0 0 rg BT 195.78 465.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 225.23 465.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 254.21 465.15 Td (under ) Tj ET Q q 0 0 0 rg BT 274.77 465.15 Td (the ) Tj ET Q q 0 0 0 rg BT 286.88 465.15 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 317.64 465.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 366.20 465.15 Td (Fund ) Tj ET Q q 0 0 0 rg BT 384.99 465.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 401.55 465.15 Td (and ) Tj ET Q q 0 0 0 rg BT 415.45 465.15 Td (the ) Tj ET Q q 0 0 0 rg BT 427.56 465.15 Td (value ) Tj ET Q q 0 0 0 rg BT 447.22 465.15 Td (of ) Tj ET Q q 0 0 0 rg BT 456.23 465.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 478.56 465.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 507.54 465.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 525.88 465.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 551.33 465.15 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 455.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 99.15 455.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 117.93 455.55 Td (units ) Tj ET Q q 0 0 0 rg BT 135.38 455.55 Td (during ) Tj ET Q q 0 0 0 rg BT 158.15 455.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 177.37 455.55 Td (year ) Tj ET Q q 0 0 0 rg BT 193.02 455.55 Td (2020. ) Tj ET Q q 0 0 0 rg BT 212.77 455.55 Td (The ) Tj ET Q q 0 0 0 rg BT 227.10 455.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 257.41 455.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 305.52 455.55 Td (Fund ) Tj ET Q q 0 0 0 rg BT 323.86 455.55 Td (Plan ) Tj ET Q q 0 0 0 rg BT 339.97 455.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 368.97 455.55 Td (are ) Tj ET Q q 0 0 0 rg BT 380.63 455.55 Td (included ) Tj ET Q q 0 0 0 rg BT 410.06 455.55 Td (in ) Tj ET Q q 0 0 0 rg BT 418.18 455.55 Td (the ) Tj ET Q q 0 0 0 rg BT 429.84 455.55 Td (Summary ) Tj ET Q q 0 0 0 rg BT 462.84 455.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 510.81 455.55 Td (T) Tj ET Q q 0 0 0 rg BT 515.14 455.55 Td (able ) Tj ET Q q 0 0 0 rg BT 530.35 455.55 Td (as ) Tj ET Q q 0 0 0 rg BT 538.91 455.55 Td (salary ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 445.95 Td (and/or ) Tj ET Q q 0 0 0 rg BT 89.77 445.95 Td (bonus. ) Tj ET Q q 0 0 0 rg BT 112.59 445.95 Td (The ) Tj ET Q q 0 0 0 rg BT 126.86 445.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 155.34 445.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 186.94 445.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 205.66 445.95 Td (units ) Tj ET Q q 0 0 0 rg BT 223.06 445.95 Td (are ) Tj ET Q q 0 0 0 rg BT 234.66 445.95 Td (included ) Tj ET Q q 0 0 0 rg BT 264.04 445.95 Td (in ) Tj ET Q q 0 0 0 rg BT 272.10 445.95 Td (the ) Tj ET Q q 0 0 0 rg BT 283.71 445.95 Td (Summary ) Tj ET Q q 0 0 0 rg BT 316.66 445.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 364.58 445.95 Td (T) Tj ET Q q 0 0 0 rg BT 368.91 445.95 Td (able ) Tj ET Q q 0 0 0 rg BT 384.07 445.95 Td (as ) Tj ET Q q 0 0 0 rg BT 392.57 445.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 411.29 445.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 435.78 445.95 Td (in ) Tj ET Q q 0 0 0 rg BT 443.84 445.95 Td (the ) Tj ET Q q 0 0 0 rg BT 455.45 445.95 Td (year ) Tj ET Q q 0 0 0 rg BT 471.05 445.95 Td (that ) Tj ET Q q 0 0 0 rg BT 484.88 445.95 Td (they ) Tj ET Q q 0 0 0 rg BT 500.49 445.95 Td (were ) Tj ET Q q 0 0 0 rg BT 517.87 445.95 Td (granted. ) Tj ET Q q 0 0 0 rg BT 545.56 445.95 Td (The ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 436.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.05 436.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 117.25 436.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 134.80 436.35 Td (vesting ) Tj ET Q q 0 0 0 rg BT 159.46 436.35 Td (of ) Tj ET Q q 0 0 0 rg BT 167.68 436.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 199.00 436.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 217.44 436.35 Td (units ) Tj ET Q q 0 0 0 rg BT 234.55 436.35 Td (are ) Tj ET Q q 0 0 0 rg BT 245.88 436.35 Td (valued ) Tj ET Q q 0 0 0 rg BT 268.75 436.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 286.31 436.35 Td (vesting ) Tj ET Q q 0 0 0 rg BT 310.97 436.35 Td (by ) Tj ET Q q 0 0 0 rg BT 320.53 436.35 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 359.42 436.35 Td (the ) Tj ET Q q 0 0 0 rg BT 370.75 436.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 383.40 436.35 Td (market ) Tj ET Q q 0 0 0 rg BT 407.17 436.35 Td (value ) Tj ET Q q 0 0 0 rg BT 426.05 436.35 Td (of ) Tj ET Q q 0 0 0 rg BT 434.27 436.35 Td (a ) Tj ET Q q 0 0 0 rg BT 439.37 436.35 Td (share ) Tj ET Q q 0 0 0 rg BT 457.80 436.35 Td (of ) Tj ET Q q 0 0 0 rg BT 466.02 436.35 Td (common ) Tj ET Q q 0 0 0 rg BT 495.57 436.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 514.02 436.35 Td (on ) Tj ET Q q 0 0 0 rg BT 523.57 436.35 Td (the ) Tj ET Q q 0 0 0 rg BT 534.90 436.35 Td (vesting ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 426.75 Td (date ) Tj ET Q q 0 0 0 rg BT 82.91 426.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 97.44 426.75 Td (average ) Tj ET Q q 0 0 0 rg BT 124.39 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.14 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.01 426.75 Td (high ) Tj ET Q q 0 0 0 rg BT 161.32 426.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.96 426.75 Td (low ) Tj ET Q q 0 0 0 rg BT 189.04 426.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 213.79 426.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 234.98 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 243.73 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 262.26 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 286.12 426.75 Td (common ) Tj ET Q q 0 0 0 rg BT 316.21 426.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 335.18 426.75 Td (on ) Tj ET Q q 0 0 0 rg BT 345.27 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 357.13 426.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 382.33 426.75 Td (date\) ) Tj ET Q q 0 0 0 rg BT 400.40 426.75 Td (by ) Tj ET Q q 0 0 0 rg BT 410.49 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 422.35 426.75 Td (number ) Tj ET Q q 0 0 0 rg BT 448.88 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 457.63 426.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 479.71 426.75 Td (deferred. ) Tj ET Q q 0 0 0 rg BT 510.29 426.75 Td (The ) Tj ET Q q 0 0 0 rg BT 524.82 426.75 Td (number ) Tj ET Q q 0 0 0 rg BT 551.34 426.75 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 417.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.46 417.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 118.08 417.15 Td (in ) Tj ET Q q 0 0 0 rg BT 126.28 417.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 145.57 417.15 Td (year ) Tj ET Q q 0 0 0 rg BT 161.31 417.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 179.29 417.15 Td (for ) Tj ET Q q 0 0 0 rg BT 190.59 417.15 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 217.23 417.15 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 245.87 417.15 Td (and ) Tj ET Q q 0 0 0 rg BT 259.39 417.15 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 292.02 417.15 Td (are ) Tj ET Q q 0 0 0 rg BT 303.75 417.15 Td (53,094 ) Tj ET Q q 0 0 0 rg BT 327.73 417.15 Td (and ) Tj ET Q q 0 0 0 rg BT 341.25 417.15 Td (4,720 ) Tj ET Q q 0 0 0 rg BT 361.22 417.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 399.35 417.15 Td (. ) Tj ET Q q 0 0 0 rg BT 403.18 417.15 Td (These ) Tj ET Q q 0 0 0 rg BT 424.26 417.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 452.87 417.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 474.84 417.15 Td (are ) Tj ET Q q 0 0 0 rg BT 486.58 417.15 Td (a ) Tj ET Q q 0 0 0 rg BT 492.10 417.15 Td (portion ) Tj ET Q q 0 0 0 rg BT 517.18 417.15 Td (of ) Tj ET Q q 0 0 0 rg BT 525.82 417.15 Td (the ) Tj ET Q q 0 0 0 rg BT 537.56 417.15 Td (vested ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 407.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.61 407.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 119.71 407.55 Td (in ) Tj ET Q q 0 0 0 rg BT 128.06 407.55 Td (the ) Tj ET Q q 0 0 0 rg BT 139.95 407.55 Td (Option ) Tj ET Q q 0 0 0 rg BT 164.30 407.55 Td (Exercises ) Tj ET Q q 0 0 0 rg BT 197.07 407.55 Td (and ) Tj ET Q q 0 0 0 rg BT 210.75 407.55 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.94 407.55 Td (V) Tj ET Q q 0 0 0 rg BT 235.83 407.55 Td (ested ) Tj ET Q q 0 0 0 rg BT 254.23 407.55 Td (T) Tj ET Q q 0 0 0 rg BT 258.56 407.55 Td (able. ) Tj ET Q q 0 0 0 rg BT 276.01 407.55 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 292.36 407.55 Td (based ) Tj ET Q q 0 0 0 rg BT 312.69 407.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 345.46 407.55 Td (of) Tj ET Q q 0 0 0 rg BT 351.98 407.55 Td (ficers ) Tj ET Q q 0 0 0 rg BT 371.87 407.55 Td (who ) Tj ET Q q 0 0 0 rg BT 387.77 407.55 Td (elected ) Tj ET Q q 0 0 0 rg BT 412.54 407.55 Td (to ) Tj ET Q q 0 0 0 rg BT 420.89 407.55 Td (defer ) Tj ET Q q 0 0 0 rg BT 439.44 407.55 Td (receipt ) Tj ET Q q 0 0 0 rg BT 463.32 407.55 Td (of ) Tj ET Q q 0 0 0 rg BT 472.11 407.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 494.22 407.55 Td (had ) Tj ET Q q 0 0 0 rg BT 507.89 407.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 530.01 407.55 Td (withheld ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 397.95 Td (to ) Tj ET Q q 0 0 0 rg BT 75.58 397.95 Td (pay ) Tj ET Q q 0 0 0 rg BT 88.98 397.95 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 397.95 Td (Medicare ) Tj ET Q q 0 0 0 rg BT 132.22 397.95 Td (and ) Tj ET Q q 0 0 0 rg BT 145.62 397.95 Td (Social ) Tj ET Q q 0 0 0 rg BT 167.47 397.95 Td (Security ) Tj ET Q q 0 0 0 rg BT 195.99 397.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 214.28 397.95 Td (due ) Tj ET Q q 0 0 0 rg BT 227.68 397.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 245.54 397.95 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 272.36 397.95 Td (The ) Tj ET Q q 0 0 0 rg BT 286.66 397.95 Td (number ) Tj ET Q q 0 0 0 rg BT 312.95 397.95 Td (of ) Tj ET Q q 0 0 0 rg BT 321.46 397.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 343.31 397.95 Td (withheld ) Tj ET Q q 0 0 0 rg BT 373.16 397.95 Td (for ) Tj ET Q q 0 0 0 rg BT 384.34 397.95 Td (these ) Tj ET Q q 0 0 0 rg BT 402.63 397.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 414.26 397.95 Td (payments ) Tj ET Q q 0 0 0 rg BT 446.77 397.95 Td (during ) Tj ET Q q 0 0 0 rg BT 469.51 397.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 488.69 397.95 Td (year ) Tj ET Q q 0 0 0 rg BT 504.31 397.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 522.16 397.95 Td (for ) Tj ET Q q 0 0 0 rg BT 533.34 397.95 Td (Messrs. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 388.35 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 96.44 388.35 Td (and ) Tj ET Q q 0 0 0 rg BT 110.26 388.35 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 143.19 388.35 Td (are ) Tj ET Q q 0 0 0 rg BT 155.22 388.35 Td (1,800 ) Tj ET Q q 0 0 0 rg BT 175.49 388.35 Td (and ) Tj ET Q q 0 0 0 rg BT 189.32 388.35 Td (161 ) Tj ET Q q 0 0 0 rg BT 203.59 388.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 241.72 388.35 Td (. ) Tj ET Q q 0 0 0 rg BT 245.82 388.35 Td (The ) Tj ET Q q 0 0 0 rg BT 260.53 388.35 Td (amounts ) Tj ET Q q 0 0 0 rg BT 289.91 388.35 Td (shown ) Tj ET Q q 0 0 0 rg BT 313.08 388.35 Td (in ) Tj ET Q q 0 0 0 rg BT 321.57 388.35 Td (the ) Tj ET Q q 0 0 0 rg BT 333.62 388.35 Td (table ) Tj ET Q q 0 0 0 rg BT 351.43 388.35 Td (for ) Tj ET Q q 0 0 0 rg BT 363.03 388.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 391.95 388.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 423.98 388.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 443.14 388.35 Td (units ) Tj ET Q q 0 0 0 rg BT 460.97 388.35 Td (reflect ) Tj ET Q q 0 0 0 rg BT 483.67 388.35 Td (the ) Tj ET Q q 0 0 0 rg BT 495.71 388.35 Td (number ) Tj ET Q q 0 0 0 rg BT 522.42 388.35 Td (of ) Tj ET Q q 0 0 0 rg BT 531.36 388.35 Td (deferred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 378.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 89.49 378.75 Td (minus ) Tj ET Q q 0 0 0 rg BT 111.05 378.75 Td (the ) Tj ET Q q 0 0 0 rg BT 122.82 378.75 Td (number ) Tj ET Q q 0 0 0 rg BT 149.26 378.75 Td (of ) Tj ET Q q 0 0 0 rg BT 157.93 378.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 179.92 378.75 Td (withheld ) Tj ET Q q 0 0 0 rg BT 209.91 378.75 Td (for ) Tj ET Q q 0 0 0 rg BT 221.24 378.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.02 378.75 Td (payment.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 366.75 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 366.75 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 366.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 85.82 366.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 109.49 366.75 Td (contributions ) Tj ET Q q 0 0 0 rg BT 153.59 366.75 Td (are ) Tj ET Q q 0 0 0 rg BT 165.24 366.75 Td (included ) Tj ET Q q 0 0 0 rg BT 194.67 366.75 Td (in ) Tj ET Q q 0 0 0 rg BT 202.78 366.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.03 366.75 Td (All ) Tj ET Q q 0 0 0 rg BT 226.13 366.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 246.24 366.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 294.34 366.75 Td (column ) Tj ET Q q 0 0 0 rg BT 320.22 366.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.77 366.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.43 366.75 Td (Summary ) Tj ET Q q 0 0 0 rg BT 373.43 366.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 421.39 366.75 Td (T) Tj ET Q q 0 0 0 rg BT 425.72 366.75 Td (able ) Tj ET Q q 0 0 0 rg BT 440.93 366.75 Td (and ) Tj ET Q q 0 0 0 rg BT 454.37 366.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 478.48 366.75 Td (of ) Tj ET Q q 0 0 0 rg BT 487.03 366.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.69 366.75 Td (contribution ) Tj ET Q q 0 0 0 rg BT 539.68 366.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.23 366.75 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 357.15 Td (5% ) Tj ET Q q 0 0 0 rg BT 80.16 357.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 109.27 357.15 Td (to ) Tj ET Q q 0 0 0 rg BT 117.50 357.15 Td (the ) Tj ET Q q 0 0 0 rg BT 129.27 357.15 Td (market ) Tj ET Q q 0 0 0 rg BT 153.48 357.15 Td (price ) Tj ET Q q 0 0 0 rg BT 171.47 357.15 Td (of ) Tj ET Q q 0 0 0 rg BT 180.13 357.15 Td (a ) Tj ET Q q 0 0 0 rg BT 185.68 357.15 Td (share ) Tj ET Q q 0 0 0 rg BT 204.56 357.15 Td (of ) Tj ET Q q 0 0 0 rg BT 213.23 357.15 Td (common ) Tj ET Q q 0 0 0 rg BT 243.22 357.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 262.11 357.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 280.11 357.15 Td (the ) Tj ET Q q 0 0 0 rg BT 291.88 357.15 Td (crediting ) Tj ET Q q 0 0 0 rg BT 322.32 357.15 Td (of ) Tj ET Q q 0 0 0 rg BT 330.98 357.15 Td (dividends ) Tj ET Q q 0 0 0 rg BT 364.09 357.15 Td (to ) Tj ET Q q 0 0 0 rg BT 372.31 357.15 Td (phantom ) Tj ET Q q 0 0 0 rg BT 402.31 357.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 421.20 357.15 Td (during ) Tj ET Q q 0 0 0 rg BT 444.08 357.15 Td (the ) Tj ET Q q 0 0 0 rg BT 455.86 357.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 475.18 357.15 Td (year) Tj ET Q q 0 0 0 rg BT 488.50 357.15 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 345.15 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 345.15 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 345.15 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 102.43 345.15 Td (earnings ) Tj ET Q q 0 0 0 rg BT 131.14 345.15 Td (are ) Tj ET Q q 0 0 0 rg BT 142.51 345.15 Td (calculated ) Tj ET Q q 0 0 0 rg BT 176.54 345.15 Td (by ) Tj ET Q q 0 0 0 rg BT 186.15 345.15 Td (subtracting ) Tj ET Q q 0 0 0 rg BT 223.31 345.15 Td (the ) Tj ET Q q 0 0 0 rg BT 234.69 345.15 Td (value ) Tj ET Q q 0 0 0 rg BT 253.63 345.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.90 345.15 Td (the ) Tj ET Q q 0 0 0 rg BT 273.28 345.15 Td (named ) Tj ET Q q 0 0 0 rg BT 296.21 345.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 328.47 345.15 Td (of) Tj ET Q q 0 0 0 rg BT 334.99 345.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 349.94 345.15 Td (�) Tj ET Q q 0 0 0 rg BT 352.16 345.15 Td (s ) Tj ET Q q 0 0 0 rg BT 356.89 345.15 Td (account ) Tj ET Q q 0 0 0 rg BT 383.37 345.15 Td (balances ) Tj ET Q q 0 0 0 rg BT 412.52 345.15 Td (at ) Tj ET Q q 0 0 0 rg BT 419.90 345.15 Td (March ) Tj ET Q q 0 0 0 rg BT 442.39 345.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 454.00 345.15 Td (2019 ) Tj ET Q q 0 0 0 rg BT 471.61 345.15 Td (and ) Tj ET Q q 0 0 0 rg BT 484.77 345.15 Td (the ) Tj ET Q q 0 0 0 rg BT 496.15 345.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 528.41 345.15 Td (and ) Tj ET Q q 0 0 0 rg BT 541.57 345.15 Td (Legg ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 335.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 91.66 335.55 Td (contributions ) Tj ET Q q 0 0 0 rg BT 136.26 335.55 Td (made ) Tj ET Q q 0 0 0 rg BT 155.96 335.55 Td (during ) Tj ET Q q 0 0 0 rg BT 179.23 335.55 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 198.94 335.55 Td (year ) Tj ET Q q 0 0 0 rg BT 215.08 335.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 233.46 335.55 Td (from ) Tj ET Q q 0 0 0 rg BT 251.39 335.55 Td (the ) Tj ET Q q 0 0 0 rg BT 263.55 335.55 Td (value ) Tj ET Q q 0 0 0 rg BT 283.25 335.55 Td (of ) Tj ET Q q 0 0 0 rg BT 292.30 335.55 Td (the ) Tj ET Q q 0 0 0 rg BT 304.45 335.55 Td (of) Tj ET Q q 0 0 0 rg BT 310.97 335.55 Td (ficer) Tj ET Q q 0 0 0 rg BT 325.92 335.55 Td (�) Tj ET Q q 0 0 0 rg BT 328.14 335.55 Td (s ) Tj ET Q q 0 0 0 rg BT 333.64 335.55 Td (account ) Tj ET Q q 0 0 0 rg BT 360.89 335.55 Td (balances ) Tj ET Q q 0 0 0 rg BT 390.81 335.55 Td (at ) Tj ET Q q 0 0 0 rg BT 398.97 335.55 Td (March ) Tj ET Q q 0 0 0 rg BT 422.23 335.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 434.61 335.55 Td (2020. ) Tj ET Q q 0 0 0 rg BT 454.46 335.55 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 490.16 335.55 Td (earnings ) Tj ET Q q 0 0 0 rg BT 519.64 335.55 Td (for ) Tj ET Q q 0 0 0 rg BT 531.35 335.55 Td (deferred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 325.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 99.29 325.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 118.21 325.95 Td (units ) Tj ET Q q 0 0 0 rg BT 135.79 325.95 Td (include ) Tj ET Q q 0 0 0 rg BT 161.37 325.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 190.50 325.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 206.31 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 214.56 325.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.80 325.95 Td (for ) Tj ET Q q 0 0 0 rg BT 242.16 325.95 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 277.29 325.95 Td (Dividend ) Tj ET Q q 0 0 0 rg BT 309.10 325.95 Td (amounts ) Tj ET Q q 0 0 0 rg BT 338.23 325.95 Td (are ) Tj ET Q q 0 0 0 rg BT 350.03 325.95 Td (reflected ) Tj ET Q q 0 0 0 rg BT 380.03 325.95 Td (in ) Tj ET Q q 0 0 0 rg BT 388.28 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 399.64 325.95 Td (All ) Tj ET Q q 0 0 0 rg BT 411.89 325.95 Td (Other ) Tj ET Q q 0 0 0 rg BT 432.13 325.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 480.38 325.95 Td (column ) Tj ET Q q 0 0 0 rg BT 506.40 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 515.10 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 526.90 325.95 Td (Summary ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 316.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 115.57 316.35 Td (T) Tj ET Q q 0 0 0 rg BT 119.90 316.35 Td (able.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 304.35 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 304.35 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 304.35 Td (The ) Tj ET Q q 0 0 0 rg BT 82.32 304.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 115.79 304.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 142.60 304.35 Td (under ) Tj ET Q q 0 0 0 rg BT 163.20 304.35 Td (the ) Tj ET Q q 0 0 0 rg BT 175.36 304.35 Td (Phantom ) Tj ET Q q 0 0 0 rg BT 206.19 304.35 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.80 304.35 Td (Plan ) Tj ET Q q 0 0 0 rg BT 243.40 304.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.34 304.35 Td (the ) Tj ET Q q 0 0 0 rg BT 269.49 304.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 298.52 304.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 330.67 304.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 349.94 304.35 Td (units ) Tj ET Q q 0 0 0 rg BT 367.88 304.35 Td (is ) Tj ET Q q 0 0 0 rg BT 375.60 304.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 410.41 304.35 Td (by ) Tj ET Q q 0 0 0 rg BT 420.79 304.35 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 460.51 304.35 Td (the ) Tj ET Q q 0 0 0 rg BT 472.67 304.35 Td (phantom ) Tj ET Q q 0 0 0 rg BT 503.05 304.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 522.32 304.35 Td (or ) Tj ET Q q 0 0 0 rg BT 531.37 304.35 Td (deferred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 294.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 99.29 294.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 118.21 294.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 132.69 294.75 Td (account ) Tj ET Q q 0 0 0 rg BT 159.60 294.75 Td (share ) Tj ET Q q 0 0 0 rg BT 178.51 294.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 204.97 294.75 Td (by ) Tj ET Q q 0 0 0 rg BT 215.01 294.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.81 294.75 Td (closing ) Tj ET Q q 0 0 0 rg BT 251.96 294.75 Td (price ) Tj ET Q q 0 0 0 rg BT 269.98 294.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.67 294.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 297.14 294.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 321.14 294.75 Td (s ) Tj ET Q q 0 0 0 rg BT 326.29 294.75 Td (common ) Tj ET Q q 0 0 0 rg BT 356.32 294.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 375.24 294.75 Td (on ) Tj ET Q q 0 0 0 rg BT 385.27 294.75 Td (March ) Tj ET Q q 0 0 0 rg BT 408.19 294.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 420.22 294.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 440.25 294.75 Td (which ) Tj ET Q q 0 0 0 rg BT 461.84 294.75 Td (was ) Tj ET Q q 0 0 0 rg BT 476.31 294.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.12 294.75 Td (last ) Tj ET Q q 0 0 0 rg BT 501.26 294.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 525.95 294.75 Td (day ) Tj ET Q q 0 0 0 rg BT 539.54 294.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.23 294.75 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 285.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 86.36 285.15 Td (year) Tj ET Q q 0 0 0 rg BT 99.69 285.15 Td (. ) Tj ET Q q 0 0 0 rg BT 103.23 285.15 Td (Phantom ) Tj ET Q q 0 0 0 rg BT 133.21 285.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 151.64 285.15 Td (and ) Tj ET Q q 0 0 0 rg BT 164.73 285.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 192.91 285.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 224.21 285.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.64 285.15 Td (unit ) Tj ET Q q 0 0 0 rg BT 256.62 285.15 Td (distributions ) Tj ET Q q 0 0 0 rg BT 298.16 285.15 Td (are ) Tj ET Q q 0 0 0 rg BT 309.47 285.15 Td (made ) Tj ET Q q 0 0 0 rg BT 328.33 285.15 Td (in ) Tj ET Q q 0 0 0 rg BT 336.09 285.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 357.63 285.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.83 285.15 Td (common ) Tj ET Q q 0 0 0 rg BT 395.36 285.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.79 285.15 Td (on ) Tj ET Q q 0 0 0 rg BT 423.33 285.15 Td (a ) Tj ET Q q 0 0 0 rg BT 428.42 285.15 Td (one-for) Tj ET Q q 0 0 0 rg BT 451.80 285.15 Td (-one ) Tj ET Q q 0 0 0 rg BT 467.55 285.15 Td (basis. ) Tj ET Q q 0 0 0 rg BT 486.98 285.15 Td (The ) Tj ET Q q 0 0 0 rg BT 500.96 285.15 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 533.59 285.15 Td (balance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 275.55 Td (under ) Tj ET Q q 0 0 0 rg BT 88.19 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 100.43 275.55 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 131.33 275.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 180.02 275.55 Td (Fund ) Tj ET Q q 0 0 0 rg BT 198.94 275.55 Td (Plan ) Tj ET Q q 0 0 0 rg BT 215.64 275.55 Td (is ) Tj ET Q q 0 0 0 rg BT 223.45 275.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 258.34 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 268.81 275.55 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 308.62 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 320.87 275.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 349.98 275.55 Td (fund ) Tj ET Q q 0 0 0 rg BT 367.12 275.55 Td (share ) Tj ET Q q 0 0 0 rg BT 386.47 275.55 Td (account ) Tj ET Q q 0 0 0 rg BT 413.82 275.55 Td (balance ) Tj ET Q q 0 0 0 rg BT 440.72 275.55 Td (by ) Tj ET Q q 0 0 0 rg BT 451.19 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 463.44 275.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 489.02 275.55 Td (net ) Tj ET Q q 0 0 0 rg BT 501.27 275.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 519.29 275.55 Td (value ) Tj ET Q q 0 0 0 rg BT 539.09 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 548.22 275.55 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 265.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 102.77 265.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 121.60 265.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 145.77 265.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 167.73 265.95 Td (on ) Tj ET Q q 0 0 0 rg BT 178.12 265.95 Td (March ) Tj ET Q q 0 0 0 rg BT 201.39 265.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 213.79 265.95 Td (2020. ) Tj ET Q q 0 0 0 rg BT 234.18 265.95 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 278.36 265.95 Td (from ) Tj ET Q q 0 0 0 rg BT 296.30 265.95 Td (the ) Tj ET Q q 0 0 0 rg BT 308.47 265.95 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 339.29 265.95 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 387.90 265.95 Td (Fund ) Tj ET Q q 0 0 0 rg BT 406.75 265.95 Td (Plan ) Tj ET Q q 0 0 0 rg BT 423.36 265.95 Td (are ) Tj ET Q q 0 0 0 rg BT 435.52 265.95 Td (made ) Tj ET Q q 0 0 0 rg BT 455.24 265.95 Td (in ) Tj ET Q q 0 0 0 rg BT 463.86 265.95 Td (either ) Tj ET Q q 0 0 0 rg BT 484.46 265.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 501.07 265.95 Td (or ) Tj ET Q q 0 0 0 rg BT 510.13 265.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 532.52 265.95 Td (of ) Tj ET Q q 0 0 0 rg BT 541.58 265.95 Td (Legg ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 256.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 91.28 256.35 Td (Funds. ) Tj ET Q q 0 0 0 rg BT 114.84 256.35 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 244.35 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 244.35 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 244.35 Td (A) Tj ET Q q 0 0 0 rg BT 72.84 244.35 Td ( ) Tj ET Q q 0 0 0 rg BT 74.64 244.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 113.34 244.35 Td (under ) Tj ET Q q 0 0 0 rg BT 133.36 244.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.93 244.35 Td (Phantom ) Tj ET Q q 0 0 0 rg BT 175.18 244.35 Td (Stock ) Tj ET Q q 0 0 0 rg BT 195.21 244.35 Td (Plan ) Tj ET Q q 0 0 0 rg BT 211.24 244.35 Td (is ) Tj ET Q q 0 0 0 rg BT 218.38 244.35 Td (due ) Tj ET Q q 0 0 0 rg BT 231.73 244.35 Td (to ) Tj ET Q q 0 0 0 rg BT 239.76 244.35 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 253.79 244.35 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 285.37 244.35 Td (in ) Tj ET Q q 0 0 0 rg BT 293.40 244.35 Td (a ) Tj ET Q q 0 0 0 rg BT 298.75 244.35 Td (lump ) Tj ET Q q 0 0 0 rg BT 317.00 244.35 Td (sum ) Tj ET Q q 0 0 0 rg BT 332.14 244.35 Td (as ) Tj ET Q q 0 0 0 rg BT 340.61 244.35 Td (a ) Tj ET Q q 0 0 0 rg BT 345.97 244.35 Td (result ) Tj ET Q q 0 0 0 rg BT 365.55 244.35 Td (of ) Tj ET Q q 0 0 0 rg BT 374.02 244.35 Td (the ) Tj ET Q q 0 0 0 rg BT 385.59 244.35 Td (termination ) Tj ET Q q 0 0 0 rg BT 424.28 244.35 Td (of ) Tj ET Q q 0 0 0 rg BT 432.75 244.35 Td (her ) Tj ET Q q 0 0 0 rg BT 444.77 244.35 Td (employment ) Tj ET Q q 0 0 0 rg BT 486.56 244.35 Td (ef) Tj ET Q q 0 0 0 rg BT 492.63 244.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 516.20 244.35 Td (as ) Tj ET Q q 0 0 0 rg BT 524.67 244.35 Td (of ) Tj ET Q q 0 0 0 rg BT 533.14 244.35 Td (January ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 234.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 75.12 234.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 94.63 234.75 Td (This ) Tj ET Q q 0 0 0 rg BT 110.47 234.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 139.64 234.75 Td (is ) Tj ET Q q 0 0 0 rg BT 146.60 234.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 170.89 234.75 Td (to ) Tj ET Q q 0 0 0 rg BT 178.73 234.75 Td (a ) Tj ET Q q 0 0 0 rg BT 183.91 234.75 Td (six ) Tj ET Q q 0 0 0 rg BT 194.87 234.75 Td (month ) Tj ET Q q 0 0 0 rg BT 216.93 234.75 Td (hold ) Tj ET Q q 0 0 0 rg BT 232.78 234.75 Td (in ) Tj ET Q q 0 0 0 rg BT 240.63 234.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 278.22 234.75 Td (with ) Tj ET Q q 0 0 0 rg BT 294.06 234.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 319.68 234.75 Td (409A) Tj ET Q q 0 0 0 rg BT 337.02 234.75 Td ( ) Tj ET Q q 0 0 0 rg BT 338.64 234.75 Td (and ) Tj ET Q q 0 0 0 rg BT 351.81 234.75 Td (will ) Tj ET Q q 0 0 0 rg BT 365.88 234.75 Td (be ) Tj ET Q q 0 0 0 rg BT 375.06 234.75 Td (distributed ) Tj ET Q q 0 0 0 rg BT 410.90 234.75 Td (in ) Tj ET Q q 0 0 0 rg BT 418.74 234.75 Td (July ) Tj ET Q q 0 0 0 rg BT 433.70 234.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 453.33 234.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.95 234.75 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 498.35 234.75 Td (under ) Tj ET Q q 0 0 0 rg BT 518.19 234.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.59 234.75 Td (Deferred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 225.15 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 115.72 225.15 Td (Fund ) Tj ET Q q 0 0 0 rg BT 134.17 225.15 Td (Plan ) Tj ET Q q 0 0 0 rg BT 150.40 225.15 Td (are ) Tj ET Q q 0 0 0 rg BT 162.17 225.15 Td (due ) Tj ET Q q 0 0 0 rg BT 175.72 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 183.95 225.15 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 198.18 225.15 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 229.95 225.15 Td (and ) Tj ET Q q 0 0 0 rg BT 243.51 225.15 Td (Mr) Tj ET Q q 0 0 0 rg BT 252.84 225.15 Td (. ) Tj ET Q q 0 0 0 rg BT 256.85 225.15 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 279.74 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 288.41 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 293.96 225.15 Td (result ) Tj ET Q q 0 0 0 rg BT 313.74 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 322.40 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 334.18 225.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 373.06 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 381.73 225.15 Td (their ) Tj ET Q q 0 0 0 rg BT 398.39 225.15 Td (employment ) Tj ET Q q 0 0 0 rg BT 440.39 225.15 Td (ef) Tj ET Q q 0 0 0 rg BT 446.46 225.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 470.22 225.15 Td (as ) Tj ET Q q 0 0 0 rg BT 478.89 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 487.56 225.15 Td (January ) Tj ET Q q 0 0 0 rg BT 514.44 225.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 522.44 225.15 Td (2020. ) Tj ET Q q 0 0 0 rg BT 542.44 225.15 Td (Both ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 215.55 Td (will ) Tj ET Q q 0 0 0 rg BT 81.95 215.55 Td (receive ) Tj ET Q q 0 0 0 rg BT 107.04 215.55 Td (a ) Tj ET Q q 0 0 0 rg BT 112.59 215.55 Td (lump ) Tj ET Q q 0 0 0 rg BT 131.03 215.55 Td (sum ) Tj ET Q q 0 0 0 rg BT 146.37 215.55 Td (payment. ) Tj ET Q q 0 0 0 rg BT 177.91 215.55 Td ( ) Tj ET Q q 0 0 0 rg BT 179.77 215.55 Td (This ) Tj ET Q q 0 0 0 rg BT 195.99 215.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 225.54 215.55 Td (is ) Tj ET Q q 0 0 0 rg BT 232.88 215.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 257.54 215.55 Td (to ) Tj ET Q q 0 0 0 rg BT 265.76 215.55 Td (a ) Tj ET Q q 0 0 0 rg BT 271.31 215.55 Td (six ) Tj ET Q q 0 0 0 rg BT 282.64 215.55 Td (month ) Tj ET Q q 0 0 0 rg BT 305.09 215.55 Td (hold ) Tj ET Q q 0 0 0 rg BT 321.31 215.55 Td (in ) Tj ET Q q 0 0 0 rg BT 329.54 215.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 367.50 215.55 Td (with ) Tj ET Q q 0 0 0 rg BT 383.73 215.55 Td (Section ) Tj ET Q q 0 0 0 rg BT 409.72 215.55 Td (409A) Tj ET Q q 0 0 0 rg BT 427.06 215.55 Td ( ) Tj ET Q q 0 0 0 rg BT 429.06 215.55 Td (and ) Tj ET Q q 0 0 0 rg BT 442.61 215.55 Td (will ) Tj ET Q q 0 0 0 rg BT 457.05 215.55 Td (be ) Tj ET Q q 0 0 0 rg BT 466.61 215.55 Td (distributed ) Tj ET Q q 0 0 0 rg BT 502.82 215.55 Td (in ) Tj ET Q q 0 0 0 rg BT 511.05 215.55 Td (July ) Tj ET Q q 0 0 0 rg BT 526.38 215.55 Td (2020.) 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Tj ET Q endstream endobj 359 0 obj <> endobj 360 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (177) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Stock ) Tj ET Q q 0 0 0 rg BT 77.21 741.90 Td (Options) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (For ) Tj ET Q q 0 0 0 rg BT 67.52 729.30 Td (a ) Tj ET Q q 0 0 0 rg BT 75.61 729.30 Td (description ) Tj ET Q q 0 0 0 rg BT 125.70 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 137.88 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.14 729.30 Td (treatment ) Tj ET Q q 0 0 0 rg BT 197.22 729.30 Td (of ) Tj ET Q q 0 0 0 rg BT 209.40 729.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 261.83 729.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.43 729.30 Td (options ) Tj ET Q q 0 0 0 rg BT 321.79 729.30 Td (under ) Tj ET Q q 0 0 0 rg BT 349.13 729.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.39 729.30 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BT 369.91 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 381.03 716.70 Td (the ) Tj ET Q q 0 0 0 rg BT 396.24 716.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 421.94 716.70 Td (of ) Tj ET Q q 0 0 0 rg BT 433.06 716.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 484.43 716.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 508.97 716.70 Td (options ) Tj ET Q q 0 0 0 rg BT 542.27 716.70 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 83.38 704.10 Td (here ) Tj ET Q q 0 0 0 rg BT 103.83 704.10 Td (covers ) Tj ET Q q 0 0 0 rg BT 133.61 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.82 704.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 174.53 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.66 704.10 Td (award ) Tj ET Q q 0 0 0 rg BT 213.69 704.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 263.88 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 278.50 704.10 Td (such ) Tj ET Q q 0 0 0 rg BT 300.13 704.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 324.68 704.10 Td (options. ) Tj ET Q q 0 0 0 rg BT 360.60 704.10 Td ( 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ET Q q 0 0 0 rg BT 439.21 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 454.04 691.50 Td (termination ) Tj ET Q q 0 0 0 rg BT 504.44 691.50 Td (of ) Tj ET Q q 0 0 0 rg BT 515.19 691.50 Td (the ) Tj ET Q q 0 0 0 rg BT 530.02 691.50 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 91.71 678.90 Td (of) Tj ET Q q 0 0 0 rg BT 100.27 678.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 119.89 678.90 Td (�) Tj ET Q q 0 0 0 rg BT 122.81 678.90 Td (s ) Tj ET Q q 0 0 0 rg BT 128.88 678.90 Td (employment ) Tj ET Q q 0 0 0 rg BT 183.36 678.90 Td (as ) Tj ET Q q 0 0 0 rg BT 194.09 678.90 Td (a ) Tj ET Q q 0 0 0 rg BT 200.74 678.90 Td (result ) Tj ET Q q 0 0 0 rg BT 226.05 678.90 Td (of ) Tj ET Q q 0 0 0 rg BT 236.78 678.90 Td (his ) Tj ET Q q 0 0 0 rg BT 251.02 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 261.75 678.90 Td (her ) Tj ET Q q 0 0 0 rg BT 277.15 678.90 Td (death ) Tj ET Q q 0 0 0 rg BT 301.87 678.90 Td (or ) Tj ET Q q 0 0 0 rg BT 312.60 678.90 Td (disability) Tj ET Q q 0 0 0 rg BT 351.00 678.90 Td (. ) Tj ET Q q 0 0 0 rg BT 355.61 678.90 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 397.26 678.90 Td (options ) Tj ET Q q 0 0 0 rg BT 430.17 678.90 Td (automatically ) Tj ET Q q 0 0 0 rg BT 489.30 678.90 Td (vest ) Tj ET Q q 0 0 0 rg BT 508.20 678.90 Td (and ) Tj ET Q q 0 0 0 rg BT 525.34 678.90 Td (become ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 99.39 666.30 Td (if ) Tj ET Q q 0 0 0 rg BT 108.47 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 666.30 Td (named ) Tj ET Q q 0 0 0 rg BT 154.62 666.30 Td (executive ) Tj ET Q q 0 0 0 rg BT 197.51 666.30 Td (of) Tj ET Q q 0 0 0 rg BT 206.07 666.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 225.69 666.30 Td (�) Tj ET Q q 0 0 0 rg BT 228.61 666.30 Td (s ) Tj ET Q q 0 0 0 rg BT 235.36 666.30 Td (employment ) Tj ET Q q 0 0 0 rg BT 290.52 666.30 Td (terminates ) Tj ET Q q 0 0 0 rg BT 336.92 666.30 Td (within ) Tj ET Q q 0 0 0 rg BT 366.42 666.30 Td (one ) Tj ET Q q 0 0 0 rg BT 384.24 666.30 Td (year ) Tj ET Q q 0 0 0 rg BT 404.98 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 416.39 666.30 Td (a ) Tj ET Q q 0 0 0 rg BT 423.72 666.30 Td (change ) Tj ET Q q 0 0 0 rg BT 456.12 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 467.53 666.30 Td (control ) Tj ET Q q 0 0 0 rg BT 499.94 666.30 Td (without ) Tj ET Q q 0 0 0 rg BT 534.69 666.30 Td (cause ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.70 Td (or ) Tj ET Q q 0 0 0 rg BT 60.34 653.70 Td (due ) Tj ET Q q 0 0 0 rg BT 77.60 653.70 Td (to ) Tj ET Q q 0 0 0 rg BT 87.87 653.70 Td (good ) Tj ET Q q 0 0 0 rg BT 110.96 653.70 Td (reason. ) Tj ET Q q 0 0 0 rg BT 143.09 653.70 Td (Options ) Tj ET Q q 0 0 0 rg BT 178.44 653.70 Td (automatically ) Tj ET Q q 0 0 0 rg BT 237.69 653.70 Td (vest ) Tj ET Q q 0 0 0 rg BT 256.70 653.70 Td (if ) Tj ET Q q 0 0 0 rg BT 265.21 653.70 Td (the ) Tj ET Q q 0 0 0 rg BT 280.13 653.70 Td (named ) Tj ET Q q 0 0 0 rg BT 310.22 653.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 352.54 653.70 Td (of) Tj ET Q q 0 0 0 rg BT 361.10 653.70 Td (ficer) Tj ET Q q 0 0 0 rg BT 380.72 653.70 Td (�) Tj ET Q q 0 0 0 rg BT 383.64 653.70 Td (s ) Tj ET Q q 0 0 0 rg BT 389.82 653.70 Td (employment ) Tj ET Q q 0 0 0 rg BT 444.41 653.70 Td (is ) Tj ET Q q 0 0 0 rg BT 453.51 653.70 Td (terminated ) Tj ET Q q 0 0 0 rg BT 500.51 653.70 Td (without ) Tj ET Q q 0 0 0 rg BT 534.69 653.70 Td (cause ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (due ) Tj ET Q q 0 0 0 rg BT 67.29 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.08 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.36 641.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 127.64 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.43 641.10 Td (workforce.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.90 Td (If ) Tj ET Q q 0 0 0 rg BT 59.46 615.90 Td (a ) Tj ET Q q 0 0 0 rg BT 67.09 615.90 Td (named ) Tj ET Q q 0 0 0 rg BT 98.04 615.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 141.23 615.90 Td (of) Tj ET Q q 0 0 0 rg BT 149.79 615.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 169.41 615.90 Td (�) Tj ET Q q 0 0 0 rg BT 172.33 615.90 Td (s ) Tj ET Q q 0 0 0 rg BT 179.38 615.90 Td (employment ) Tj ET Q q 0 0 0 rg BT 234.84 615.90 Td (ends ) Tj ET Q q 0 0 0 rg BT 257.05 615.90 Td (for ) Tj ET Q q 0 0 0 rg BT 272.26 615.90 Td (any ) Tj ET Q q 0 0 0 rg BT 290.39 615.90 Td (reason ) Tj ET Q q 0 0 0 rg BT 320.76 615.90 Td (other ) Tj ET Q q 0 0 0 rg BT 345.30 615.90 Td (than ) Tj ET Q q 0 0 0 rg BT 366.34 615.90 Td (those ) Tj ET Q q 0 0 0 rg BT 391.47 615.90 Td (described ) Tj ET Q q 0 0 0 rg BT 434.67 615.90 Td (above ) Tj ET Q q 0 0 0 rg BT 462.71 615.90 Td (before ) Tj ET Q q 0 0 0 rg BT 492.49 615.90 Td (all ) Tj ET Q q 0 0 0 rg BT 505.95 615.90 Td (of ) Tj ET Q q 0 0 0 rg BT 517.66 615.90 Td (his ) Tj ET Q q 0 0 0 rg BT 532.88 615.90 Td (or ) Tj ET Q q 0 0 0 rg BT 544.59 615.90 Td (her ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.10 603.30 Td (options ) Tj ET Q q 0 0 0 rg BT 105.46 603.30 Td (have ) Tj ET Q q 0 0 0 rg BT 126.72 603.30 Td (vested, ) Tj ET Q q 0 0 0 rg BT 157.61 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 171.88 603.30 Td (unvested ) Tj ET Q q 0 0 0 rg BT 210.64 603.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 234.24 603.30 Td (options ) Tj ET Q q 0 0 0 rg BT 266.60 603.30 Td (are ) Tj ET Q q 0 0 0 rg BT 280.86 603.30 Td (automatically ) Tj ET Q q 0 0 0 rg BT 339.44 603.30 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 377.03 603.30 Td (except ) Tj ET Q q 0 0 0 rg BT 405.86 603.30 Td (that ) Tj ET Q q 0 0 0 rg BT 423.05 603.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 445.48 603.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 495.33 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 505.51 603.30 Td (employment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.70 Td (without ) Tj ET Q q 0 0 0 rg BT 84.28 590.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 110.29 590.70 Td (and ) Tj ET Q q 0 0 0 rg BT 128.14 590.70 Td (due ) Tj ET Q q 0 0 0 rg BT 145.99 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 156.85 590.70 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 205.31 590.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 230.17 590.70 Td (options ) Tj ET Q q 0 0 0 rg BT 263.78 590.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 292.73 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 305.92 590.70 Td (or ) Tj ET Q q 0 0 0 rg BT 317.36 590.70 Td (after ) Tj ET Q q 0 0 0 rg BT 339.28 590.70 Td (May ) Tj ET Q q 0 0 0 rg BT 361.22 590.70 Td (15, ) Tj ET Q q 0 0 0 rg BT 377.04 590.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 400.73 590.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 439.58 590.70 Td (to ) Tj ET Q q 0 0 0 rg BT 450.44 590.70 Td (vest ) Tj ET Q q 0 0 0 rg BT 470.04 590.70 Td (based ) Tj ET Q q 0 0 0 rg BT 496.64 590.70 Td (on ) Tj ET Q q 0 0 0 rg BT 509.83 590.70 Td (the ) Tj ET Q q 0 0 0 rg BT 525.35 590.70 Td (original ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 82.93 578.10 Td (schedule. ) Tj ET Q q 0 0 0 rg BT 125.16 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.58 578.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 194.34 578.10 Td (has ) Tj ET Q q 0 0 0 rg BT 211.43 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.35 578.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 268.36 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.62 578.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 324.67 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.60 578.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 374.02 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.86 578.10 Td (any ) Tj ET Q q 0 0 0 rg BT 404.12 578.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 429.38 578.10 Td (options ) Tj ET Q q 0 0 0 rg BT 463.40 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.66 578.10 Td (its ) Tj ET Q q 0 0 0 rg BT 487.68 578.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 532.18 578.10 Td (at ) Tj ET Q q 0 0 0 rg BT 542.85 578.10 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.50 Td (time. ) Tj ET Q q 0 0 0 rg BT 72.59 565.50 Td (A) Tj ET Q q 0 0 0 rg BT 79.60 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 81.92 565.50 Td (named ) Tj ET Q q 0 0 0 rg BT 112.22 565.50 Td (executive ) Tj ET Q q 0 0 0 rg BT 154.77 565.50 Td (of) Tj ET Q q 0 0 0 rg BT 163.32 565.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 182.13 565.50 Td (, ) Tj ET Q q 0 0 0 rg BT 187.08 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 198.14 565.50 Td (his ) Tj ET Q q 0 0 0 rg BT 212.71 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 223.78 565.50 Td (her ) Tj ET Q q 0 0 0 rg BT 239.50 565.50 Td (beneficiaries, ) Tj ET Q q 0 0 0 rg BT 298.08 565.50 Td (must ) Tj ET Q q 0 0 0 rg BT 320.82 565.50 Td (exercise ) Tj ET Q q 0 0 0 rg BT 357.53 565.50 Td (all ) Tj ET Q q 0 0 0 rg BT 370.34 565.50 Td (vested ) Tj ET Q q 0 0 0 rg BT 399.48 565.50 Td (options ) Tj ET Q q 0 0 0 rg BT 432.72 565.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 447.28 565.50 Td (within ) Tj ET Q q 0 0 0 rg BT 476.44 565.50 Td (one ) Tj ET Q q 0 0 0 rg BT 493.91 565.50 Td (year ) Tj ET Q q 0 0 0 rg BT 514.30 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.36 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 540.51 565.50 Td (date ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 62.20 552.90 Td (which ) Tj ET Q q 0 0 0 rg BT 90.07 552.90 Td (his ) Tj ET Q q 0 0 0 rg BT 104.53 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 115.48 552.90 Td (her ) Tj ET Q q 0 0 0 rg BT 131.09 552.90 Td (employment ) Tj ET Q q 0 0 0 rg BT 185.79 552.90 Td (terminates ) Tj ET Q q 0 0 0 rg BT 231.73 552.90 Td (as ) Tj ET Q q 0 0 0 rg BT 242.68 552.90 Td (a ) Tj ET Q q 0 0 0 rg BT 249.54 552.90 Td (result ) Tj ET Q q 0 0 0 rg BT 275.08 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 286.03 552.90 Td (death ) Tj ET Q q 0 0 0 rg BT 310.97 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 321.92 552.90 Td (disability ) Tj ET Q q 0 0 0 rg BT 363.21 552.90 Td (or ) Tj ET Q q 0 0 0 rg BT 374.16 552.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 388.61 552.90 Td (within ) Tj ET Q q 0 0 0 rg BT 417.65 552.90 Td (three ) Tj ET Q q 0 0 0 rg BT 440.84 552.90 Td (months ) Tj ET Q q 0 0 0 rg BT 473.97 552.90 Td (of ) Tj ET Q q 0 0 0 rg BT 484.92 552.90 Td (the ) Tj ET Q q 0 0 0 rg BT 499.95 552.90 Td (date ) Tj ET Q q 0 0 0 rg BT 519.64 552.90 Td (on ) Tj ET Q q 0 0 0 rg BT 532.35 552.90 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.30 Td (his ) Tj ET Q q 0 0 0 rg BT 63.94 540.30 Td (or ) Tj ET Q q 0 0 0 rg BT 74.87 540.30 Td (her ) Tj ET Q q 0 0 0 rg BT 90.47 540.30 Td (employment ) Tj ET Q q 0 0 0 rg BT 145.15 540.30 Td (terminates ) Tj ET Q q 0 0 0 rg BT 191.07 540.30 Td (for ) Tj ET Q q 0 0 0 rg BT 205.50 540.30 Td (any ) Tj ET Q q 0 0 0 rg BT 222.84 540.30 Td (other ) Tj ET Q q 0 0 0 rg BT 246.60 540.30 Td (reason, ) Tj ET Q q 0 0 0 rg BT 278.82 540.30 Td (except ) Tj ET Q q 0 0 0 rg BT 308.41 540.30 Td (that ) Tj ET Q q 0 0 0 rg BT 326.34 540.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 349.52 540.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 400.12 540.30 Td (of ) Tj ET Q q 0 0 0 rg BT 411.05 540.30 Td (employment ) Tj ET Q q 0 0 0 rg BT 465.73 540.30 Td (without ) Tj ET Q q 0 0 0 rg BT 500.00 540.30 Td (cause ) Tj ET Q q 0 0 0 rg BT 525.50 540.30 Td (and ) Tj ET Q q 0 0 0 rg BT 542.85 540.30 Td (due ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.30 527.70 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 108.71 527.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 133.51 527.70 Td (options ) Tj ET Q q 0 0 0 rg BT 167.07 527.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 195.96 527.70 Td (on ) Tj ET Q q 0 0 0 rg BT 209.09 527.70 Td (or ) Tj ET Q q 0 0 0 rg BT 220.48 527.70 Td (after ) Tj ET Q q 0 0 0 rg BT 242.35 527.70 Td (May ) Tj ET Q q 0 0 0 rg BT 264.23 527.70 Td (15, ) Tj ET Q q 0 0 0 rg BT 279.99 527.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 303.63 527.70 Td (will ) Tj ET Q q 0 0 0 rg BT 322.60 527.70 Td (expire ) Tj ET Q q 0 0 0 rg BT 351.47 527.70 Td (three ) Tj ET Q q 0 0 0 rg BT 375.10 527.70 Td (months ) Tj ET Q q 0 0 0 rg BT 408.65 527.70 Td (after ) Tj ET Q q 0 0 0 rg BT 430.52 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.99 527.70 Td (last ) Tj ET Q q 0 0 0 rg BT 463.21 527.70 Td (vest ) Tj ET Q q 0 0 0 rg BT 482.76 527.70 Td (date ) Tj ET Q q 0 0 0 rg BT 502.88 527.70 Td (of ) Tj ET Q q 0 0 0 rg BT 514.27 527.70 Td (the ) Tj ET Q q 0 0 0 rg BT 529.73 527.70 Td (award. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.12 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.81 515.10 Td (event ) Tj ET Q q 0 0 0 rg BT 99.42 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.04 515.10 Td (death ) Tj ET Q q 0 0 0 rg BT 134.65 515.10 Td (during ) Tj ET Q q 0 0 0 rg BT 163.93 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.63 515.10 Td (period ) Tj ET Q q 0 0 0 rg BT 207.33 515.10 Td (when ) Tj ET Q q 0 0 0 rg BT 231.94 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.47 515.10 Td (retired ) Tj ET Q q 0 0 0 rg BT 267.74 515.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 309.84 515.10 Td (of) Tj ET Q q 0 0 0 rg BT 318.40 515.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 338.02 515.10 Td (�) Tj ET Q q 0 0 0 rg BT 340.93 515.10 Td (s ) Tj ET Q q 0 0 0 rg BT 346.89 515.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 370.93 515.10 Td (options ) Tj ET Q q 0 0 0 rg BT 403.72 515.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 441.74 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.78 515.10 Td (vest, ) Tj ET Q q 0 0 0 rg BT 473.19 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.89 515.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 527.08 515.10 Td (options ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (become ) Tj ET Q q 0 0 0 rg BT 84.69 502.50 Td (vested ) Tj ET Q q 0 0 0 rg BT 114.06 502.50 Td (and ) Tj ET Q q 0 0 0 rg BT 131.76 502.50 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 181.53 502.50 Td (on ) Tj ET Q q 0 0 0 rg BT 194.57 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 209.94 502.50 Td (date ) Tj ET Q q 0 0 0 rg BT 229.97 502.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 254.09 502.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 285.22 502.50 Td (becomes ) Tj ET Q q 0 0 0 rg BT 324.50 502.50 Td (aware ) Tj ET Q q 0 0 0 rg BT 352.10 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 363.39 502.50 Td (the ) Tj ET Q q 0 0 0 rg BT 378.76 502.50 Td (death. ) Tj ET Q q 0 0 0 rg BT 406.67 502.50 Td (In ) Tj ET Q q 0 0 0 rg BT 417.96 502.50 Td (order ) Tj ET Q q 0 0 0 rg BT 442.66 502.50 Td (to ) Tj ET Q q 0 0 0 rg BT 453.37 502.50 Td (retire ) Tj ET Q q 0 0 0 rg BT 478.06 502.50 Td (for ) Tj ET Q q 0 0 0 rg BT 492.84 502.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 532.72 502.50 Td (of ) Tj ET Q q 0 0 0 rg BT 544.01 502.50 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.14 489.90 Td (options, ) Tj ET Q q 0 0 0 rg BT 110.16 489.90 Td (a ) Tj ET Q q 0 0 0 rg BT 117.30 489.90 Td (named ) Tj ET Q q 0 0 0 rg BT 147.76 489.90 Td (executive ) Tj ET Q q 0 0 0 rg BT 190.46 489.90 Td (of) Tj ET Q q 0 0 0 rg BT 199.02 489.90 Td (ficer ) Tj ET Q q 0 0 0 rg BT 220.73 489.90 Td (must ) Tj ET Q q 0 0 0 rg BT 243.62 489.90 Td (be ) Tj ET Q q 0 0 0 rg BT 256.01 489.90 Td (at ) Tj ET Q q 0 0 0 rg BT 266.06 489.90 Td (least ) Tj ET Q q 0 0 0 rg BT 287.78 489.90 Td (62 ) Tj ET Q q 0 0 0 rg BT 300.76 489.90 Td (years ) Tj ET Q q 0 0 0 rg BT 325.39 489.90 Td (old ) Tj ET Q q 0 0 0 rg BT 341.28 489.90 Td (and ) Tj ET Q q 0 0 0 rg BT 358.91 489.90 Td (may ) Tj ET Q q 0 0 0 rg BT 379.47 489.90 Td (not ) Tj ET Q q 0 0 0 rg BT 395.36 489.90 Td (represent, ) Tj ET Q q 0 0 0 rg BT 438.94 489.90 Td (in ) Tj ET Q q 0 0 0 rg BT 449.58 489.90 Td (any ) Tj ET Q q 0 0 0 rg BT 467.22 489.90 Td (capacity ) Tj ET Q q 0 0 0 rg BT 504.67 489.90 Td (other ) Tj ET Q q 0 0 0 rg BT 528.72 489.90 Td (than ) Tj ET Q q 0 0 0 rg BT 549.27 489.90 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (an ) Tj ET Q q 0 0 0 rg BT 62.04 477.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 115.98 477.30 Td (director) Tj ET Q q 0 0 0 rg BT 148.21 477.30 Td (, ) Tj ET Q q 0 0 0 rg BT 153.46 477.30 Td (any ) Tj ET Q q 0 0 0 rg BT 171.24 477.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.60 477.30 Td (services ) Tj ET Q q 0 0 0 rg BT 247.04 477.30 Td (company ) Tj ET Q q 0 0 0 rg BT 288.16 477.30 Td (that ) Tj ET Q q 0 0 0 rg BT 306.53 477.30 Td (the ) Tj ET Q q 0 0 0 rg BT 321.98 477.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 371.27 477.30 Td (deems ) Tj ET Q q 0 0 0 rg BT 400.72 477.30 Td (a ) Tj ET Q q 0 0 0 rg BT 408.00 477.30 Td (competitor ) Tj ET Q q 0 0 0 rg BT 456.12 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 467.49 477.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 491.69 477.30 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.42 452.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 106.08 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.16 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.49 452.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 157.98 452.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 193.86 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.85 452.10 Td (�change ) Tj ET Q q 0 0 0 rg BT 237.58 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.65 452.10 Td (control� ) Tj ET Q q 0 0 0 rg BT 285.39 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.47 452.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 320.37 452.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 351.29 452.10 Td (will ) Tj ET Q q 0 0 0 rg BT 369.96 452.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 395.60 452.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 418.94 452.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 433.51 452.10 Td (any ) Tj ET Q q 0 0 0 rg BT 451.00 452.10 Td (person ) Tj ET Q q 0 0 0 rg BT 481.33 452.10 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 525.94 452.10 Td (directly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 59.83 439.50 Td (indirectly) Tj ET Q q 0 0 0 rg BT 99.39 439.50 Td (, ) Tj ET Q q 0 0 0 rg BT 103.59 439.50 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 146.57 439.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 191.90 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 202.23 439.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 243.46 439.50 Td (representing ) Tj ET Q q 0 0 0 rg BT 296.94 439.50 Td (50.1% ) Tj ET Q q 0 0 0 rg BT 325.65 439.50 Td (or ) Tj ET Q q 0 0 0 rg BT 335.98 439.50 Td (more ) Tj ET Q q 0 0 0 rg BT 359.13 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 369.46 439.50 Td (the ) Tj ET Q q 0 0 0 rg BT 383.87 439.50 Td (combined ) Tj ET Q q 0 0 0 rg BT 426.86 439.50 Td (voting ) Tj ET Q q 0 0 0 rg BT 455.28 439.50 Td (power ) Tj ET Q q 0 0 0 rg BT 483.10 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 493.43 439.50 Td (our ) Tj ET Q q 0 0 0 rg BT 509.01 439.50 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.90 Td (stock; ) Tj ET Q q 0 0 0 rg BT 76.62 426.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 90.89 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 105.76 426.90 Td (closing ) Tj ET Q q 0 0 0 rg BT 138.12 426.90 Td (of ) Tj ET Q q 0 0 0 rg BT 148.90 426.90 Td (any ) Tj ET Q q 0 0 0 rg BT 166.10 426.90 Td (mer) Tj ET Q q 0 0 0 rg BT 182.23 426.90 Td (ger) Tj ET Q q 0 0 0 rg BT 195.22 426.90 Td (, ) Tj ET Q q 0 0 0 rg BT 199.88 426.90 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 258.49 426.90 Td (or ) Tj ET Q q 0 0 0 rg BT 269.27 426.90 Td (other ) Tj ET Q q 0 0 0 rg BT 292.88 426.90 Td (reor) Tj ET Q q 0 0 0 rg BT 309.59 426.90 Td (ganization ) Tj ET Q q 0 0 0 rg BT 355.36 426.90 Td (involving ) Tj ET Q q 0 0 0 rg BT 397.65 426.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 421.26 426.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 451.88 426.90 Td (whereby ) Tj ET Q q 0 0 0 rg BT 490.06 426.90 Td (the ) Tj ET Q q 0 0 0 rg BT 504.92 426.90 Td (stockholders ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 414.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 83.90 414.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 114.52 414.30 Td (immediately ) Tj ET Q q 0 0 0 rg BT 169.05 414.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 191.50 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 201.70 414.30 Td (such ) Tj ET Q q 0 0 0 rg BT 222.99 414.30 Td (reor) Tj ET Q q 0 0 0 rg BT 239.70 414.30 Td (ganization ) Tj ET Q q 0 0 0 rg BT 285.48 414.30 Td (do ) Tj ET Q q 0 0 0 rg BT 298.02 414.30 Td (not ) Tj ET Q q 0 0 0 rg BT 313.47 414.30 Td (hold, ) Tj ET Q q 0 0 0 rg BT 336.81 414.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 370.91 414.30 Td (or ) Tj ET Q q 0 0 0 rg BT 381.70 414.30 Td (indirectly) Tj ET Q q 0 0 0 rg BT 421.26 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 425.92 414.30 Td (more ) Tj ET Q q 0 0 0 rg BT 449.53 414.30 Td (than ) Tj ET Q q 0 0 0 rg BT 469.65 414.30 Td (50% ) Tj ET Q q 0 0 0 rg BT 490.94 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 501.72 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 516.59 414.30 Td (combined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (voting ) Tj ET Q q 0 0 0 rg BT 79.35 401.70 Td (power ) Tj ET Q q 0 0 0 rg BT 108.61 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 120.37 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 136.21 401.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.23 401.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 213.41 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 225.17 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 241.02 401.70 Td (successor ) Tj ET Q q 0 0 0 rg BT 284.27 401.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 311.20 401.70 Td (immediately ) Tj ET Q q 0 0 0 rg BT 366.70 401.70 Td (following ) Tj ET Q q 0 0 0 rg BT 410.55 401.70 Td (such ) Tj ET Q q 0 0 0 rg BT 432.81 401.70 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 484.82 401.70 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 500.08 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 515.92 401.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 549.27 401.70 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 67.71 389.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 116.82 389.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 160.12 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.83 389.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 187.21 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.00 389.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 226.55 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.34 389.10 Td (Legg ) Tj ET Q q 0 0 0 rg BT 262.96 389.10 Td (Mason ) Tj ET Q q 0 0 0 rg BT 294.59 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 313.39 389.10 Td (have ) Tj ET Q q 0 0 0 rg BT 336.26 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.97 389.10 Td (total ) Tj ET Q q 0 0 0 rg BT 365.68 389.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 390.89 389.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 408.51 389.10 Td (market ) Tj ET Q q 0 0 0 rg BT 440.71 389.10 Td (value ) Tj ET Q q 0 0 0 rg BT 466.50 389.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 492.29 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.50 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.30 389.10 Td (more ) Tj ET Q q 0 0 0 rg BT 539.92 389.10 Td (than ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (90% ) Tj ET Q q 0 0 0 rg BT 71.97 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 83.93 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 99.98 376.50 Td (total ) Tj ET Q q 0 0 0 rg BT 121.86 376.50 Td (gross ) Tj ET Q q 0 0 0 rg BT 147.25 376.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.04 376.50 Td (market ) Tj ET Q q 0 0 0 rg BT 197.42 376.50 Td (value ) Tj ET Q q 0 0 0 rg BT 223.37 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 235.34 376.50 Td (all ) Tj ET Q q 0 0 0 rg BT 249.06 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 261.02 376.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 285.82 376.50 Td (Mason�) Tj ET Q q 0 0 0 rg BT 317.32 376.50 Td (s ) Tj ET Q q 0 0 0 rg BT 324.62 376.50 Td (assets; ) Tj ET Q q 0 0 0 rg BT 355.26 376.50 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 370.72 376.50 Td (the ) Tj ET Q q 0 0 0 rg BT 386.77 376.50 Td (adoption ) Tj ET Q q 0 0 0 rg BT 426.74 376.50 Td (of ) Tj ET Q q 0 0 0 rg BT 438.70 376.50 Td (any ) Tj ET Q q 0 0 0 rg BT 457.08 376.50 Td (plan ) Tj ET Q q 0 0 0 rg BT 478.38 376.50 Td (or ) Tj ET Q q 0 0 0 rg BT 490.35 376.50 Td (proposal ) Tj ET Q q 0 0 0 rg BT 529.73 376.50 Td (for ) Tj ET Q q 0 0 0 rg BT 545.19 376.50 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 97.41 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 108.57 363.90 Td (dissolution ) Tj ET Q q 0 0 0 rg BT 157.07 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 168.23 363.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 192.22 363.90 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 226.13 363.90 Td (or ) Tj ET Q q 0 0 0 rg BT 237.29 363.90 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 251.95 363.90 Td (within ) Tj ET Q q 0 0 0 rg BT 281.19 363.90 Td (any ) Tj ET Q q 0 0 0 rg BT 298.77 363.90 Td (12-month ) Tj ET Q q 0 0 0 rg BT 342.01 363.90 Td (period, ) Tj ET Q q 0 0 0 rg BT 373.87 363.90 Td (individuals ) Tj ET Q q 0 0 0 rg BT 422.95 363.90 Td (who, ) Tj ET Q q 0 0 0 rg BT 446.07 363.90 Td (as ) Tj ET Q q 0 0 0 rg BT 457.23 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 468.39 363.90 Td (May ) Tj ET Q q 0 0 0 rg BT 490.05 363.90 Td (15 ) Tj ET Q q 0 0 0 rg BT 502.96 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 514.12 363.90 Td (the ) Tj ET Q q 0 0 0 rg BT 529.36 363.90 Td (year ) Tj ET Q q 0 0 0 rg BT 549.84 363.90 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (which ) Tj ET Q q 0 0 0 rg BT 77.45 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.57 351.30 Td (award ) Tj ET Q q 0 0 0 rg BT 120.51 351.30 Td (is ) Tj ET Q q 0 0 0 rg BT 129.80 351.30 Td (made, ) Tj ET Q q 0 0 0 rg BT 157.45 351.30 Td (constitute ) Tj ET Q q 0 0 0 rg BT 200.57 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 215.69 351.30 Td (Board ) Tj ET Q q 0 0 0 rg BT 243.64 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 254.67 351.30 Td (Directors ) Tj ET Q q 0 0 0 rg BT 296.03 351.30 Td (of ) Tj ET Q q 0 0 0 rg BT 307.07 351.30 Td (Legg ) Tj ET Q q 0 0 0 rg BT 330.93 351.30 Td (Mason ) Tj ET Q q 0 0 0 rg BT 361.80 351.30 Td (or ) Tj ET Q q 0 0 0 rg BT 372.84 351.30 Td (who ) Tj ET Q q 0 0 0 rg BT 393.21 351.30 Td (are ) Tj ET Q q 0 0 0 rg BT 408.32 351.30 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 450.82 351.30 Td (nominated ) Tj ET Q q 0 0 0 rg BT 497.44 351.30 Td (as ) Tj ET Q q 0 0 0 rg BT 508.47 351.30 Td (directors ) Tj ET Q q 0 0 0 rg BT 547.50 351.30 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.79 338.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 94.99 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 106.36 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 121.81 338.70 Td (Board ) Tj ET Q q 0 0 0 rg BT 150.10 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 161.47 338.70 Td (Directors ) Tj ET Q q 0 0 0 rg BT 203.16 338.70 Td (cease ) Tj ET Q q 0 0 0 rg BT 228.52 338.70 Td (for ) Tj ET Q q 0 0 0 rg BT 243.39 338.70 Td (any ) Tj ET Q q 0 0 0 rg BT 261.17 338.70 Td (reason ) Tj ET Q q 0 0 0 rg BT 291.20 338.70 Td (to ) Tj ET Q q 0 0 0 rg BT 301.99 338.70 Td (constitute ) Tj ET Q q 0 0 0 rg BT 345.45 338.70 Td (at ) Tj ET Q q 0 0 0 rg BT 355.65 338.70 Td (least ) Tj ET Q q 0 0 0 rg BT 377.52 338.70 Td (a ) Tj ET Q q 0 0 0 rg BT 384.80 338.70 Td (majority ) Tj ET Q q 0 0 0 rg BT 423.00 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 434.38 338.70 Td (the ) Tj ET Q q 0 0 0 rg BT 449.83 338.70 Td (Board. ) Tj ET Q q 0 0 0 rg BT 480.74 338.70 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.29 326.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 105.82 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.77 326.10 Td (our ) Tj ET Q q 0 0 0 rg BT 132.96 326.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 157.33 326.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 193.07 326.10 Td (�cause� ) Tj ET Q q 0 0 0 rg BT 227.92 326.10 Td (means ) Tj ET Q q 0 0 0 rg BT 256.94 326.10 Td (any ) Tj ET Q q 0 0 0 rg BT 274.30 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.25 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.28 326.10 Td (following ) Tj ET Q q 0 0 0 rg BT 343.31 326.10 Td (behavior ) Tj ET Q q 0 0 0 rg BT 382.25 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.95 326.10 Td (an ) Tj ET Q q 0 0 0 rg BT 407.06 326.10 Td (option ) Tj ET Q q 0 0 0 rg BT 436.09 326.10 Td (recipient ) Tj ET Q q 0 0 0 rg BT 475.03 326.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 489.47 326.10 Td (any ) Tj ET Q q 0 0 0 rg BT 506.83 326.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 542.27 326.10 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.50 Td (competes ) Tj ET Q q 0 0 0 rg BT 91.73 313.50 Td (with ) Tj ET Q q 0 0 0 rg BT 112.97 313.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 137.12 313.50 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 170.90 313.50 Td (breaches ) Tj ET Q q 0 0 0 rg BT 210.20 313.50 Td (any ) Tj ET Q q 0 0 0 rg BT 227.93 313.50 Td (obligation ) Tj ET Q q 0 0 0 rg BT 273.09 313.50 Td (or ) Tj ET Q q 0 0 0 rg BT 284.41 313.50 Td (duty ) Tj ET Q q 0 0 0 rg BT 305.65 313.50 Td (of ) Tj ET Q q 0 0 0 rg BT 316.97 313.50 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 348.71 313.50 Td (to ) Tj ET Q q 0 0 0 rg BT 359.45 313.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 383.60 313.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 414.75 313.50 Td (or ) Tj ET Q q 0 0 0 rg BT 426.07 313.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 471.21 313.50 Td (injures ) Tj ET Q q 0 0 0 rg BT 502.37 313.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 526.51 313.50 Td (Mason; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 64.01 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 70.94 300.90 Td (material ) Tj ET Q q 0 0 0 rg BT 107.61 300.90 Td (violation ) Tj ET Q q 0 0 0 rg BT 147.21 300.90 Td (of ) Tj ET Q q 0 0 0 rg BT 158.22 300.90 Td (any ) Tj ET Q q 0 0 0 rg BT 175.65 300.90 Td (law) Tj ET Q q 0 0 0 rg BT 190.13 300.90 Td (, ) Tj ET Q q 0 0 0 rg BT 195.02 300.90 Td (regulation ) Tj ET Q q 0 0 0 rg BT 239.86 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 250.88 300.90 Td (Legg ) Tj ET Q q 0 0 0 rg BT 274.72 300.90 Td (Mason ) Tj ET Q q 0 0 0 rg BT 305.57 300.90 Td (policy; ) Tj ET Q q 0 0 0 rg BT 337.00 300.90 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 351.52 300.90 Td (a ) Tj ET Q q 0 0 0 rg BT 358.45 300.90 Td (court ) Tj ET Q q 0 0 0 rg BT 382.29 300.90 Td (or ) Tj ET Q q 0 0 0 rg BT 393.30 300.90 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 438.72 300.90 Td (order ) Tj ET Q q 0 0 0 rg BT 463.14 300.90 Td (that ) Tj ET Q q 0 0 0 rg BT 481.16 300.90 Td (prevents ) Tj ET Q q 0 0 0 rg BT 519.00 300.90 Td (an ) Tj ET Q q 0 0 0 rg BT 531.18 300.90 Td (option ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.30 Td (recipient ) Tj ET Q q 0 0 0 rg BT 89.97 288.30 Td (from ) Tj ET Q q 0 0 0 rg BT 114.11 288.30 Td (performing ) Tj ET Q q 0 0 0 rg BT 165.09 288.30 Td (his ) Tj ET Q q 0 0 0 rg BT 181.08 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 193.56 288.30 Td (her ) Tj ET Q q 0 0 0 rg BT 210.70 288.30 Td (duties ) Tj ET Q q 0 0 0 rg BT 239.52 288.30 Td (or ) Tj ET Q q 0 0 0 rg BT 252.00 288.30 Td (being ) Tj ET Q q 0 0 0 rg BT 279.07 288.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 325.96 288.30 Td (with ) Tj ET Q q 0 0 0 rg BT 348.36 288.30 Td (an ) Tj ET Q q 0 0 0 rg BT 362.01 288.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 411.82 288.30 Td (advisor; ) Tj ET Q q 0 0 0 rg BT 449.39 288.30 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 465.36 288.30 Td (material ) Tj ET Q q 0 0 0 rg BT 503.50 288.30 Td (malfeasance, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.70 Td (disloyalty ) Tj ET Q q 0 0 0 rg BT 92.91 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 103.65 275.70 Td (dishonesty; ) Tj ET Q q 0 0 0 rg BT 153.47 275.70 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 167.71 275.70 Td (conviction ) Tj ET Q q 0 0 0 rg BT 214.02 275.70 Td (of ) Tj ET Q q 0 0 0 rg BT 224.76 275.70 Td (a ) Tj ET Q q 0 0 0 rg BT 231.41 275.70 Td (felony; ) Tj ET Q q 0 0 0 rg BT 263.14 275.70 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 277.38 275.70 Td (any ) Tj ET Q q 0 0 0 rg BT 294.53 275.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 323.92 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 334.08 275.70 Td (devote ) Tj ET Q q 0 0 0 rg BT 364.05 275.70 Td (suf) Tj ET Q q 0 0 0 rg BT 376.70 275.70 Td (ficient ) Tj ET Q q 0 0 0 rg BT 405.51 275.70 Td (professional ) Tj ET Q q 0 0 0 rg BT 458.82 275.70 Td (time ) Tj ET Q q 0 0 0 rg BT 479.48 275.70 Td (to ) Tj ET Q q 0 0 0 rg BT 489.63 275.70 Td (his ) Tj ET Q q 0 0 0 rg BT 503.88 275.70 Td (or ) Tj ET Q q 0 0 0 rg BT 514.62 275.70 Td (her ) Tj ET Q q 0 0 0 rg BT 530.01 275.70 Td (duties; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (\(7\) ) Tj ET Q q 0 0 0 rg BT 64.93 263.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 95.52 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.88 263.10 Td (satisfactorily ) Tj ET Q q 0 0 0 rg BT 164.31 263.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 201.32 263.10 Td (duties, ) Tj ET Q q 0 0 0 rg BT 232.21 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 244.15 263.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 269.51 263.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 321.11 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 333.05 263.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 358.41 263.10 Td (negligence ) Tj ET Q q 0 0 0 rg BT 407.08 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.43 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.45 263.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 490.69 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.63 263.10 Td (duties; ) Tj ET Q q 0 0 0 rg BT 533.82 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 545.76 263.10 Td (\(8\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.50 Td (failure ) Tj ET Q q 0 0 0 rg BT 79.52 250.50 Td (to ) Tj ET Q q 0 0 0 rg BT 90.32 250.50 Td (maintain ) Tj ET Q q 0 0 0 rg BT 129.68 250.50 Td (any ) Tj ET Q q 0 0 0 rg BT 147.47 250.50 Td (required ) Tj ET Q q 0 0 0 rg BT 185.08 250.50 Td (licenses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.59 225.30 Td (purposes ) Tj ET Q q 0 0 0 rg BT 106.42 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 117.66 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 134.16 225.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 158.82 225.30 Td (options, ) Tj ET Q q 0 0 0 rg BT 194.87 225.30 Td (�good ) Tj ET Q q 0 0 0 rg BT 223.03 225.30 Td (reason� ) Tj ET Q q 0 0 0 rg BT 257.59 225.30 Td (means ) Tj ET Q q 0 0 0 rg BT 286.92 225.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 301.66 225.30 Td (a ) Tj ET Q q 0 0 0 rg BT 308.82 225.30 Td (material ) Tj ET Q q 0 0 0 rg BT 345.72 225.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 380.28 225.30 Td (change ) Tj ET Q q 0 0 0 rg BT 412.51 225.30 Td (in ) Tj ET Q q 0 0 0 rg BT 423.18 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 438.51 225.30 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 504.59 225.30 Td (of ) Tj ET Q q 0 0 0 rg BT 515.84 225.30 Td (the ) Tj ET Q q 0 0 0 rg BT 531.16 225.30 Td (option ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.70 Td (recipient ) Tj ET Q q 0 0 0 rg BT 89.37 212.70 Td (from ) Tj ET Q q 0 0 0 rg BT 112.92 212.70 Td (those ) Tj ET Q q 0 0 0 rg BT 138.23 212.70 Td (in ) Tj ET Q q 0 0 0 rg BT 149.54 212.70 Td (ef) Tj ET Q q 0 0 0 rg BT 157.51 212.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 176.38 212.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 199.94 212.70 Td (to ) Tj ET Q q 0 0 0 rg BT 211.25 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 227.22 212.70 Td (change ) Tj ET Q q 0 0 0 rg BT 260.09 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 271.98 212.70 Td (control; ) Tj ET Q q 0 0 0 rg BT 307.78 212.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 323.16 212.70 Td (the ) Tj ET Q q 0 0 0 rg BT 339.13 212.70 Td (recipient�) Tj ET Q q 0 0 0 rg BT 378.78 212.70 Td (s ) Tj ET Q q 0 0 0 rg BT 386.01 212.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 426.47 212.70 Td (place ) Tj ET Q q 0 0 0 rg BT 451.76 212.70 Td (of ) Tj ET Q q 0 0 0 rg BT 463.65 212.70 Td (employment ) Tj ET Q q 0 0 0 rg BT 519.28 212.70 Td (is ) Tj ET Q q 0 0 0 rg BT 529.43 212.70 Td (moved ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (more ) Tj ET Q q 0 0 0 rg BT 72.65 200.10 Td (than ) Tj ET Q q 0 0 0 rg BT 92.30 200.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 104.38 200.10 Td (miles ) Tj ET Q q 0 0 0 rg BT 128.70 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 150.68 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.09 200.10 Td (location ) Tj ET Q q 0 0 0 rg BT 200.48 200.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 254.55 200.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 276.53 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.27 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.67 200.10 Td (change ) Tj ET Q q 0 0 0 rg BT 331.98 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.30 200.10 Td (control; ) Tj ET Q q 0 0 0 rg BT 376.54 200.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 390.35 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.75 200.10 Td (recipient�) Tj ET Q q 0 0 0 rg BT 444.40 200.10 Td (s ) Tj ET Q q 0 0 0 rg BT 450.06 200.10 Td (base ) Tj ET Q q 0 0 0 rg BT 470.30 200.10 Td (salary ) Tj ET Q q 0 0 0 rg BT 496.94 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 505.52 200.10 Td (significantly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.50 Td (reduced; ) Tj ET Q q 0 0 0 rg BT 89.21 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 101.52 187.50 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 117.33 187.50 Td (the ) Tj ET Q q 0 0 0 rg BT 133.73 187.50 Td (recipient�) Tj ET Q q 0 0 0 rg BT 173.38 187.50 Td (s ) Tj ET Q q 0 0 0 rg BT 181.03 187.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 223.08 187.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 284.97 187.50 Td (for ) Tj ET Q q 0 0 0 rg BT 300.77 187.50 Td (a ) Tj ET Q q 0 0 0 rg BT 309.00 187.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 335.31 187.50 Td (year ) Tj ET Q q 0 0 0 rg BT 356.94 187.50 Td (is ) Tj ET Q q 0 0 0 rg BT 367.51 187.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 413.64 187.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 450.44 187.50 Td (from ) Tj ET Q q 0 0 0 rg BT 474.41 187.50 Td (his ) Tj ET Q q 0 0 0 rg BT 490.23 187.50 Td (or ) Tj ET Q q 0 0 0 rg BT 502.54 187.50 Td (her ) Tj ET Q q 0 0 0 rg BT 519.52 187.50 Td (incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 109.88 174.90 Td (for ) Tj ET Q q 0 0 0 rg BT 124.19 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 139.08 174.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 161.55 174.90 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 186.35 174.90 Td (year) Tj ET Q q 0 0 0 rg BT 204.00 174.90 Td (, ) Tj ET Q q 0 0 0 rg BT 208.69 174.90 Td (and ) Tj ET Q q 0 0 0 rg BT 225.91 174.90 Td (such ) Tj ET Q q 0 0 0 rg BT 247.22 174.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 288.94 174.90 Td (is ) Tj ET Q q 0 0 0 rg BT 298.00 174.90 Td (not ) Tj ET Q q 0 0 0 rg BT 313.48 174.90 Td (related ) Tj ET Q q 0 0 0 rg BT 344.11 174.90 Td (to ) Tj ET Q q 0 0 0 rg BT 354.34 174.90 Td (a ) Tj ET Q q 0 0 0 rg BT 361.06 174.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 402.78 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 413.01 174.90 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 478.65 174.90 Td (or ) Tj ET Q q 0 0 0 rg BT 489.46 174.90 Td (either ) Tj ET Q q 0 0 0 rg BT 515.43 174.90 Td (individual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (or ) Tj ET Q q 0 0 0 rg BT 60.87 162.30 Td (corporate ) Tj ET Q q 0 0 0 rg BT 103.14 162.30 Td (performance.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 98.19 137.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 125.90 137.10 Td (Units) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (For ) Tj ET Q q 0 0 0 rg BT 66.38 124.50 Td (a ) Tj ET Q q 0 0 0 rg BT 73.33 124.50 Td (description ) Tj ET Q q 0 0 0 rg BT 122.28 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 133.31 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 148.43 124.50 Td (treatment ) Tj ET Q q 0 0 0 rg BT 190.37 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 201.41 124.50 Td (unvested ) Tj ET Q q 0 0 0 rg BT 241.02 124.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 282.38 124.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 306.83 124.50 Td (units ) Tj ET Q q 0 0 0 rg BT 329.54 124.50 Td (under ) Tj ET Q q 0 0 0 rg BT 355.74 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 370.86 124.50 Td (Mer) Tj ET Q q 0 0 0 rg BT 388.17 124.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 403.36 124.50 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 454.92 124.50 Td (please ) Tj ET Q q 0 0 0 rg BT 483.45 124.50 Td (see ) Tj ET Q q 0 0 0 rg BT 499.14 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 514.26 124.50 Td (discussion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.90 Td (below ) Tj ET Q q 0 0 0 rg BT 78.63 111.90 Td (under ) Tj ET Q q 0 0 0 rg BT 106.00 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.29 111.90 Td (caption ) Tj ET Q q 0 0 0 rg BT 156.67 111.90 Td (�Ef) Tj ET Q q 0 0 0 rg BT 171.05 111.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 190.25 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 202.46 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 218.76 111.90 Td (Mer) Tj ET Q q 0 0 0 rg BT 236.06 111.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 252.17 111.90 Td (Agreement.� ) Tj ET Q q 0 0 0 rg BT 309.57 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 312.78 111.90 Td (The ) Tj ET Q q 0 0 0 rg BT 332.57 111.90 Td (description ) Tj ET Q q 0 0 0 rg BT 382.69 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 394.91 111.90 Td (the ) Tj ET Q q 0 0 0 rg BT 411.20 111.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 438.00 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 450.21 111.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 492.74 111.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.37 111.90 Td (units ) Tj ET Q q 0 0 0 rg BT 542.26 111.90 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.30 Td (follows ) Tj ET Q q 0 0 0 rg BT 84.70 99.30 Td (here ) Tj ET Q q 0 0 0 rg BT 106.46 99.30 Td (covers ) Tj ET Q q 0 0 0 rg BT 137.57 99.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.09 99.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 181.12 99.30 Td (of ) Tj ET Q q 0 0 0 rg BT 193.56 99.30 Td (award ) Tj ET Q q 0 0 0 rg BT 222.91 99.30 Td (agreements ) Tj ET Q q 0 0 0 rg BT 274.42 99.30 Td (for ) Tj ET Q q 0 0 0 rg BT 290.36 99.30 Td (such ) Tj ET Q q 0 0 0 rg BT 313.31 99.30 Td (units. ) Tj ET Q q 0 0 0 rg BT 340.05 99.30 Td ( ) Tj ET Q q 0 0 0 rg BT 343.75 99.30 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 387.10 99.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 429.87 99.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 455.73 99.30 Td (units ) Tj ET Q q 0 0 0 rg BT 479.85 99.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 509.80 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 521.66 99.30 Td (a ) Tj ET Q q 0 0 0 rg BT 530.02 99.30 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.21 86.70 Td (of) Tj ET Q q 0 0 0 rg BT 100.77 86.70 Td (ficer ) Tj ET Q q 0 0 0 rg BT 122.48 86.70 Td (will, ) Tj ET Q q 0 0 0 rg BT 143.92 86.70 Td (under ) Tj ET Q q 0 0 0 rg BT 170.31 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 185.62 86.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 211.43 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 222.66 86.70 Td (the ) Tj ET Q q 0 0 0 rg BT 237.97 86.70 Td (award ) Tj ET Q q 0 0 0 rg BT 266.10 86.70 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 319.02 86.70 Td (automatically ) Tj ET Q q 0 0 0 rg BT 378.65 86.70 Td (vest ) Tj ET Q q 0 0 0 rg BT 398.04 86.70 Td (and ) Tj ET Q q 0 0 0 rg BT 415.68 86.70 Td (all ) Tj ET Q q 0 0 0 rg BT 428.66 86.70 Td (vested ) Tj ET Q q 0 0 0 rg BT 457.97 86.70 Td (but ) Tj ET Q q 0 0 0 rg BT 473.87 86.70 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 531.76 86.70 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.01 74.10 Td (be ) Tj ET Q q 0 0 0 rg BT 80.09 74.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 127.18 74.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 150.35 74.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 164.76 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.77 74.10 Td (named ) Tj ET Q q 0 0 0 rg BT 209.93 74.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 252.33 74.10 Td (of) Tj ET Q q 0 0 0 rg BT 260.88 74.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 280.50 74.10 Td (�) Tj ET Q q 0 0 0 rg BT 283.42 74.10 Td (s ) Tj ET Q q 0 0 0 rg BT 289.68 74.10 Td (death; ) Tj ET Q q 0 0 0 rg BT 317.51 74.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 331.93 74.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 377.25 74.10 Td (from ) Tj ET Q q 0 0 0 rg BT 399.83 74.10 Td (service ) Tj ET Q q 0 0 0 rg BT 431.74 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.65 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.65 74.10 Td (named ) Tj ET Q q 0 0 0 rg BT 487.82 74.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 530.22 74.10 Td (of) Tj ET Q q 0 0 0 rg BT 538.77 74.10 Td (ficer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.50 Td (due ) Tj ET Q q 0 0 0 rg BT 67.29 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 78.08 61.50 Td (disability; ) Tj ET Q q 0 0 0 rg BT 122.71 61.50 Td (or ) Tj ET Q q 0 0 0 rg BT 134.08 61.50 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 148.94 61.50 Td (separation ) Tj ET Q q 0 0 0 rg BT 194.72 61.50 Td (from ) Tj ET Q q 0 0 0 rg BT 217.76 61.50 Td (service ) Tj ET Q q 0 0 0 rg BT 250.11 61.50 Td (following ) Tj ET Q q 0 0 0 rg BT 293.57 61.50 Td (a ) Tj ET Q q 0 0 0 rg BT 300.86 61.50 Td (change ) Tj ET Q q 0 0 0 rg BT 333.21 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 344.58 61.50 Td (control ) Tj ET Q q 0 0 0 rg BT 376.95 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 388.32 61.50 Td (Legg ) Tj ET Q q 0 0 0 rg BT 412.52 61.50 Td (Mason ) Tj ET Q q 0 0 0 rg BT 443.73 61.50 Td (as ) Tj ET Q q 0 0 0 rg BT 455.10 61.50 Td (discussed ) Tj ET Q q 0 0 0 rg BT 497.98 61.50 Td (below) Tj ET Q q 0 0 0 rg BT 522.96 61.50 Td (. ) Tj ET Q endstream endobj 361 0 obj <> endobj 362 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (178) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (If ) Tj ET Q q 0 0 0 rg BT 58.98 741.75 Td (a ) Tj ET Q q 0 0 0 rg BT 66.12 741.75 Td (named ) Tj ET Q q 0 0 0 rg BT 96.59 741.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 139.30 741.75 Td (of) Tj ET Q q 0 0 0 rg BT 147.86 741.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 167.48 741.75 Td (�) Tj ET Q q 0 0 0 rg BT 170.40 741.75 Td (s ) Tj ET Q q 0 0 0 rg BT 176.97 741.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 231.94 741.75 Td (terminates ) Tj ET Q q 0 0 0 rg BT 278.16 741.75 Td (due ) Tj ET Q q 0 0 0 rg BT 295.80 741.75 Td (to ) Tj ET Q q 0 0 0 rg BT 306.45 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 321.76 741.75 Td (elimination ) Tj ET Q q 0 0 0 rg BT 372.07 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.30 741.75 Td (his ) Tj ET Q q 0 0 0 rg BT 398.04 741.75 Td (or ) Tj ET Q q 0 0 0 rg BT 409.27 741.75 Td (her ) Tj ET Q q 0 0 0 rg BT 425.16 741.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 480.13 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 490.78 741.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 539.33 741.75 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (a ) Tj ET Q q 0 0 0 rg BT 56.63 729.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 98.75 729.15 Td (in ) Tj ET Q q 0 0 0 rg BT 109.39 729.15 Td (workforce ) Tj ET Q q 0 0 0 rg BT 155.00 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 172.63 729.15 Td (such ) Tj ET Q q 0 0 0 rg BT 194.35 729.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 245.23 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 256.44 729.15 Td (employment ) Tj ET Q q 0 0 0 rg BT 311.40 729.15 Td (is ) Tj ET Q q 0 0 0 rg BT 320.88 729.15 Td (without ) Tj ET Q q 0 0 0 rg BT 355.43 729.15 Td (�cause�, ) Tj ET Q q 0 0 0 rg BT 393.17 729.15 Td (then, ) Tj ET Q q 0 0 0 rg BT 416.34 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 427.56 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 438.77 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 454.07 729.15 Td (date ) Tj ET Q q 0 0 0 rg BT 474.03 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 485.25 729.15 Td (such ) Tj ET Q q 0 0 0 rg BT 506.96 729.15 Td (termination, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (his ) Tj ET Q q 0 0 0 rg BT 63.52 716.55 Td (or ) Tj ET Q q 0 0 0 rg BT 74.04 716.55 Td (her ) Tj ET Q q 0 0 0 rg BT 89.21 716.55 Td (unvested ) Tj ET Q q 0 0 0 rg BT 128.31 716.55 Td (award ) Tj ET Q q 0 0 0 rg BT 155.73 716.55 Td (will ) Tj ET Q q 0 0 0 rg BT 173.83 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 185.51 716.55 Td (100% ) Tj ET Q q 0 0 0 rg BT 211.78 716.55 Td (vested ) Tj ET Q q 0 0 0 rg BT 240.37 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 257.30 716.55 Td (all ) Tj ET Q q 0 0 0 rg BT 269.57 716.55 Td (vested ) Tj ET Q q 0 0 0 rg BT 298.16 716.55 Td (but ) Tj ET Q q 0 0 0 rg BT 313.35 716.55 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 370.53 716.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 398.54 716.55 Td (will ) Tj ET Q q 0 0 0 rg BT 416.65 716.55 Td (be ) Tj ET Q q 0 0 0 rg BT 428.32 716.55 Td (distributed; ) Tj ET Q q 0 0 0 rg BT 477.92 716.55 Td (provided, ) Tj ET Q q 0 0 0 rg BT 519.64 716.55 Td (however) Tj ET Q q 0 0 0 rg BT 555.37 716.55 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 67.47 703.95 Td (in ) Tj ET Q q 0 0 0 rg BT 77.86 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 92.91 703.95 Td (event ) Tj ET Q q 0 0 0 rg BT 117.87 703.95 Td (that ) Tj ET Q q 0 0 0 rg BT 135.84 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 150.89 703.95 Td (named ) Tj ET Q q 0 0 0 rg BT 181.10 703.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 223.55 703.95 Td (of) Tj ET Q q 0 0 0 rg BT 232.11 703.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 253.56 703.95 Td (fails ) Tj ET Q q 0 0 0 rg BT 273.86 703.95 Td (to ) Tj ET Q q 0 0 0 rg BT 284.25 703.95 Td (sign ) Tj ET Q q 0 0 0 rg BT 303.98 703.95 Td (a ) Tj ET Q q 0 0 0 rg BT 310.86 703.95 Td (general ) Tj ET Q q 0 0 0 rg BT 343.98 703.95 Td (release ) Tj ET Q q 0 0 0 rg BT 375.35 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 386.32 703.95 Td (claims ) Tj ET Q q 0 0 0 rg BT 415.95 703.95 Td (provided ) Tj ET Q q 0 0 0 rg BT 455.50 703.95 Td (by ) Tj ET Q q 0 0 0 rg BT 468.22 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 492.02 703.95 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 525.45 703.95 Td (or ) Tj ET Q q 0 0 0 rg BT 536.42 703.95 Td (signs ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (and ) Tj ET Q q 0 0 0 rg BT 67.62 691.35 Td (revokes ) Tj ET Q q 0 0 0 rg BT 103.23 691.35 Td (such ) Tj ET Q q 0 0 0 rg BT 125.44 691.35 Td (release ) Tj ET Q q 0 0 0 rg BT 157.54 691.35 Td (within ) Tj ET Q q 0 0 0 rg BT 187.34 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 203.13 691.35 Td (time ) Tj ET Q q 0 0 0 rg BT 224.75 691.35 Td (permitted ) Tj ET Q q 0 0 0 rg BT 267.95 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 281.40 691.35 Td (law ) Tj ET Q q 0 0 0 rg BT 299.53 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 310.65 691.35 Td (revoke ) Tj ET Q q 0 0 0 rg BT 342.18 691.35 Td (such ) Tj ET Q q 0 0 0 rg BT 364.39 691.35 Td (release, ) Tj ET Q q 0 0 0 rg BT 399.11 691.35 Td (then ) Tj ET Q q 0 0 0 rg BT 420.15 691.35 Td (any ) Tj ET Q q 0 0 0 rg BT 438.27 691.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 467.47 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 479.18 691.35 Td (our ) Tj ET Q q 0 0 0 rg BT 496.13 691.35 Td (common ) Tj ET Q q 0 0 0 rg BT 535.84 691.35 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (received ) Tj ET Q q 0 0 0 rg BT 87.91 678.75 Td (in ) Tj ET Q q 0 0 0 rg BT 98.93 678.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 147.84 678.75 Td (with ) Tj ET Q q 0 0 0 rg BT 169.36 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.04 678.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 226.95 678.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 251.97 678.75 Td (units ) Tj ET Q q 0 0 0 rg BT 275.24 678.75 Td (that ) Tj ET Q q 0 0 0 rg BT 293.84 678.75 Td (became ) Tj ET Q q 0 0 0 rg BT 328.75 678.75 Td (vested ) Tj ET Q q 0 0 0 rg BT 358.42 678.75 Td (on ) Tj ET Q q 0 0 0 rg BT 371.77 678.75 Td (such ) Tj ET Q q 0 0 0 rg BT 393.87 678.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 445.13 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 464.31 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 477.08 678.75 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 519.56 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 537.58 678.75 Td (must ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 61.85 666.15 Td (returned ) Tj ET Q q 0 0 0 rg BT 99.27 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 109.88 666.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 133.89 666.15 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 167.54 666.15 Td (Upon ) Tj ET Q q 0 0 0 rg BT 193.31 666.15 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 228.71 666.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 270.21 666.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 294.81 666.15 Td (units ) Tj ET Q q 0 0 0 rg BT 317.67 666.15 Td (cease ) Tj ET Q q 0 0 0 rg BT 342.84 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 353.45 666.15 Td (be ) Tj ET Q q 0 0 0 rg BT 365.80 666.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 397.98 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 408.58 666.15 Td (forfeiture. ) Tj ET Q q 0 0 0 rg BT 453.29 666.15 Td (Subject ) Tj ET Q q 0 0 0 rg BT 487.23 666.15 Td (to ) Tj ET Q q 0 0 0 rg BT 497.83 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 513.10 666.15 Td (exceptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (discussed ) Tj ET Q q 0 0 0 rg BT 92.66 653.55 Td (herein, ) Tj ET Q q 0 0 0 rg BT 124.44 653.55 Td (in ) Tj ET Q q 0 0 0 rg BT 135.52 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 151.26 653.55 Td (event ) Tj ET Q q 0 0 0 rg BT 176.91 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 184.48 653.55 Td (named ) Tj ET Q q 0 0 0 rg BT 215.39 653.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 258.53 653.55 Td (of) Tj ET Q q 0 0 0 rg BT 267.09 653.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 289.23 653.55 Td (has ) Tj ET Q q 0 0 0 rg BT 306.14 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 313.72 653.55 Td (separation ) Tj ET Q q 0 0 0 rg BT 359.78 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 383.10 653.55 Td (service ) Tj ET Q q 0 0 0 rg BT 415.75 653.55 Td (for ) Tj ET Q q 0 0 0 rg BT 430.91 653.55 Td (any ) Tj ET Q q 0 0 0 rg BT 448.98 653.55 Td (reason ) Tj ET Q q 0 0 0 rg BT 479.30 653.55 Td (before ) Tj ET Q q 0 0 0 rg BT 509.03 653.55 Td (all ) Tj ET Q q 0 0 0 rg BT 522.44 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 534.10 653.55 Td (his ) Tj ET Q q 0 0 0 rg BT 549.26 653.55 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (her ) Tj ET Q q 0 0 0 rg BT 65.72 640.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 107.60 640.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 132.58 640.95 Td (units ) Tj ET Q q 0 0 0 rg BT 155.82 640.95 Td (have ) Tj ET Q q 0 0 0 rg BT 178.45 640.95 Td (vested, ) Tj ET Q q 0 0 0 rg BT 210.72 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 226.36 640.95 Td (unvested ) Tj ET Q q 0 0 0 rg BT 266.50 640.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 308.38 640.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 333.36 640.95 Td (units ) Tj ET Q q 0 0 0 rg BT 356.60 640.95 Td (will ) Tj ET Q q 0 0 0 rg BT 375.75 640.95 Td (automatically ) Tj ET Q q 0 0 0 rg BT 435.71 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 448.43 640.95 Td (forfeited, ) Tj ET Q q 0 0 0 rg BT 490.02 640.95 Td (however) Tj ET Q q 0 0 0 rg BT 525.75 640.95 Td (, ) Tj ET Q q 0 0 0 rg BT 531.19 640.95 Td (vested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (but ) Tj ET Q q 0 0 0 rg BT 66.20 628.35 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 124.90 628.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.42 628.35 Td (will ) Tj ET Q q 0 0 0 rg BT 174.04 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 187.23 628.35 Td (distributed. ) Tj ET Q q 0 0 0 rg BT 238.05 628.35 Td (If ) Tj ET Q q 0 0 0 rg BT 248.33 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 256.27 628.35 Td (named ) Tj ET Q q 0 0 0 rg BT 287.54 628.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 331.05 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 339.61 628.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 362.13 628.35 Td (retires ) Tj ET Q q 0 0 0 rg BT 391.64 628.35 Td (from ) Tj ET Q q 0 0 0 rg BT 415.34 628.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 440.19 628.35 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 474.69 628.35 Td (his ) Tj ET Q q 0 0 0 rg BT 490.22 628.35 Td (or ) Tj ET Q q 0 0 0 rg BT 502.25 628.35 Td (her ) Tj ET Q q 0 0 0 rg BT 518.94 628.35 Td (restricted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.00 615.75 Td (units ) Tj ET Q q 0 0 0 rg BT 96.75 615.75 Td (will ) Tj ET Q q 0 0 0 rg BT 115.42 615.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 153.90 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 164.40 615.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 183.65 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 194.15 615.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 243.69 615.75 Td (with ) Tj ET Q q 0 0 0 rg BT 264.69 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 279.85 615.75 Td (original ) Tj ET Q q 0 0 0 rg BT 314.84 615.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 347.50 615.75 Td (schedule ) Tj ET Q q 0 0 0 rg BT 386.57 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 397.65 615.75 Td (long ) Tj ET Q q 0 0 0 rg BT 418.65 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 429.73 615.75 Td (he ) Tj ET Q q 0 0 0 rg BT 441.97 615.75 Td (or ) Tj ET Q q 0 0 0 rg BT 453.05 615.75 Td (she ) Tj ET Q q 0 0 0 rg BT 469.38 615.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 511.95 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 522.45 615.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 545.19 615.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (definition ) Tj ET Q q 0 0 0 rg BT 92.76 603.15 Td (of ) Tj ET Q q 0 0 0 rg BT 103.94 603.15 Td (retirement. ) Tj ET Q q 0 0 0 rg BT 152.14 603.15 Td (If ) Tj ET Q q 0 0 0 rg BT 161.56 603.15 Td (a ) Tj ET Q q 0 0 0 rg BT 168.66 603.15 Td (retired ) Tj ET Q q 0 0 0 rg BT 198.49 603.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 241.15 603.15 Td (of) Tj ET Q q 0 0 0 rg BT 249.70 603.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 271.37 603.15 Td (dies ) Tj ET Q q 0 0 0 rg BT 290.71 603.15 Td (during ) Tj ET Q q 0 0 0 rg BT 320.56 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 335.82 603.15 Td (period ) Tj ET Q q 0 0 0 rg BT 365.07 603.15 Td (that ) Tj ET Q q 0 0 0 rg BT 383.25 603.15 Td (awards ) Tj ET Q q 0 0 0 rg BT 415.42 603.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 454.01 603.15 Td (to ) Tj ET Q q 0 0 0 rg BT 464.61 603.15 Td (vest, ) Tj ET Q q 0 0 0 rg BT 486.58 603.15 Td (his ) Tj ET Q q 0 0 0 rg BT 501.26 603.15 Td (or ) Tj ET Q q 0 0 0 rg BT 512.44 603.15 Td (her ) Tj ET Q q 0 0 0 rg BT 528.28 603.15 Td (awards ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (become ) Tj ET Q q 0 0 0 rg BT 84.69 590.55 Td (vested ) Tj ET Q q 0 0 0 rg BT 114.06 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 131.76 590.55 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 181.53 590.55 Td (on ) Tj ET Q q 0 0 0 rg BT 194.57 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.94 590.55 Td (date ) Tj ET Q q 0 0 0 rg BT 229.97 590.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 254.09 590.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 285.22 590.55 Td (becomes ) Tj ET Q q 0 0 0 rg BT 324.50 590.55 Td (aware ) Tj ET Q q 0 0 0 rg BT 352.10 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 363.39 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 378.76 590.55 Td (death. ) Tj ET Q q 0 0 0 rg BT 406.67 590.55 Td (In ) Tj ET Q q 0 0 0 rg BT 417.96 590.55 Td (order ) Tj ET Q q 0 0 0 rg BT 442.66 590.55 Td (to ) Tj ET Q q 0 0 0 rg BT 453.37 590.55 Td (retire ) Tj ET Q q 0 0 0 rg BT 478.06 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 492.84 590.55 Td (purposes ) Tj ET Q q 0 0 0 rg BT 532.72 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 544.01 590.55 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 91.07 577.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.75 577.95 Td (unit ) Tj ET Q q 0 0 0 rg BT 134.59 577.95 Td (grants, ) Tj ET Q q 0 0 0 rg BT 165.39 577.95 Td (a ) Tj ET Q q 0 0 0 rg BT 172.56 577.95 Td (named ) Tj ET Q q 0 0 0 rg BT 203.06 577.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 245.79 577.95 Td (of) Tj ET Q q 0 0 0 rg BT 254.35 577.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 276.09 577.95 Td (must ) Tj ET Q q 0 0 0 rg BT 299.02 577.95 Td (be ) Tj ET Q q 0 0 0 rg BT 311.45 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 321.53 577.95 Td (least ) Tj ET Q q 0 0 0 rg BT 343.29 577.95 Td (62 ) Tj ET Q q 0 0 0 rg BT 356.30 577.95 Td (years ) Tj ET Q q 0 0 0 rg BT 380.96 577.95 Td (old ) Tj ET Q q 0 0 0 rg BT 396.89 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 414.56 577.95 Td (may ) Tj ET Q q 0 0 0 rg BT 435.15 577.95 Td (not ) Tj ET Q q 0 0 0 rg BT 451.07 577.95 Td (represent, ) Tj ET Q q 0 0 0 rg BT 494.69 577.95 Td (in ) Tj ET Q q 0 0 0 rg BT 505.36 577.95 Td (any ) Tj ET Q q 0 0 0 rg BT 523.03 577.95 Td (capacity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (other ) Tj ET Q q 0 0 0 rg BT 74.44 565.35 Td (than ) Tj ET Q q 0 0 0 rg BT 95.89 565.35 Td (as ) Tj ET Q q 0 0 0 rg BT 108.01 565.35 Td (an ) Tj ET Q q 0 0 0 rg BT 121.29 565.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 175.98 565.35 Td (director) Tj ET Q q 0 0 0 rg BT 208.20 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 214.20 565.35 Td (any ) Tj ET Q q 0 0 0 rg BT 232.73 565.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.83 565.35 Td (services ) Tj ET Q q 0 0 0 rg BT 310.02 565.35 Td (company ) Tj ET Q q 0 0 0 rg BT 351.88 565.35 Td (that ) Tj ET Q q 0 0 0 rg BT 370.99 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 387.19 565.35 Td (Committee ) Tj ET Q q 0 0 0 rg BT 437.22 565.35 Td (deems ) Tj ET Q q 0 0 0 rg BT 467.42 565.35 Td (a ) Tj ET Q q 0 0 0 rg BT 475.45 565.35 Td (competitor ) Tj ET Q q 0 0 0 rg BT 524.30 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 536.42 565.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.28 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 93.64 527.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 119.50 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 130.78 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 146.15 527.55 Td (award ) Tj ET Q q 0 0 0 rg BT 174.33 527.55 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 227.30 527.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 268.90 527.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 293.60 527.55 Td (units ) Tj ET Q q 0 0 0 rg BT 316.56 527.55 Td (vest ) Tj ET Q q 0 0 0 rg BT 336.01 527.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 359.54 527.55 Td (a ) Tj ET Q q 0 0 0 rg BT 366.74 527.55 Td (�change ) Tj ET Q q 0 0 0 rg BT 403.67 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 414.95 527.55 Td (control� ) Tj ET Q q 0 0 0 rg BT 451.89 527.55 Td (only ) Tj ET Q q 0 0 0 rg BT 473.09 527.55 Td (if, ) Tj ET Q q 0 0 0 rg BT 484.66 527.55 Td (within ) Tj ET Q q 0 0 0 rg BT 514.04 527.55 Td (12 ) Tj ET Q q 0 0 0 rg BT 527.07 527.55 Td (months ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 60.79 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 76.16 514.95 Td (change ) Tj ET Q q 0 0 0 rg BT 108.44 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 119.73 514.95 Td (control, ) Tj ET Q q 0 0 0 rg BT 154.64 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 170.01 514.95 Td (named ) Tj ET Q q 0 0 0 rg BT 200.54 514.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 243.31 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 251.87 514.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 273.64 514.95 Td (is ) Tj ET Q q 0 0 0 rg BT 283.19 514.95 Td (terminated ) Tj ET Q q 0 0 0 rg BT 330.63 514.95 Td (without ) Tj ET Q q 0 0 0 rg BT 365.26 514.95 Td (cause ) Tj ET Q q 0 0 0 rg BT 391.12 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 402.41 514.95 Td (terminates ) Tj ET Q q 0 0 0 rg BT 448.69 514.95 Td (his ) Tj ET Q q 0 0 0 rg BT 463.48 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 474.77 514.95 Td (her ) Tj ET Q q 0 0 0 rg BT 490.72 514.95 Td (employment ) Tj ET Q q 0 0 0 rg BT 545.76 514.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (good ) Tj ET Q q 0 0 0 rg BT 72.61 502.35 Td (reason. ) Tj ET Q q 0 0 0 rg BT 104.75 502.35 Td (See ) Tj ET Q q 0 0 0 rg BT 122.03 502.35 Td (�Stock ) Tj ET Q q 0 0 0 rg BT 152.72 502.35 Td (Options� ) Tj ET Q q 0 0 0 rg BT 192.75 502.35 Td (above ) Tj ET Q q 0 0 0 rg BT 219.93 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 234.28 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 249.23 502.35 Td (definitions ) Tj ET Q q 0 0 0 rg BT 296.25 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 307.11 502.35 Td (�cause� ) Tj ET Q q 0 0 0 rg BT 341.86 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 359.13 502.35 Td (�good ) Tj ET Q q 0 0 0 rg BT 386.91 502.35 Td (reason� ) Tj ET Q q 0 0 0 rg BT 421.08 502.35 Td (used ) Tj ET Q q 0 0 0 rg BT 442.44 502.35 Td (for ) Tj ET Q q 0 0 0 rg BT 456.80 502.35 Td (these ) Tj ET Q q 0 0 0 rg BT 480.49 502.35 Td (awards. ) Tj ET Q q 0 0 0 rg BT 514.50 502.35 Td (A) Tj ET Q q 0 0 0 rg BT 521.50 502.35 Td ( ) Tj ET Q q 0 0 0 rg BT 523.61 502.35 Td (�change ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.00 489.75 Td (control� ) Tj ET Q q 0 0 0 rg BT 96.16 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.66 489.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 129.99 489.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 160.33 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 178.42 489.75 Td (occur ) Tj ET Q q 0 0 0 rg BT 203.49 489.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 226.25 489.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 240.24 489.75 Td (any ) Tj ET Q q 0 0 0 rg BT 257.16 489.75 Td (person ) Tj ET Q q 0 0 0 rg BT 286.91 489.75 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 330.94 489.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 364.77 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 375.27 489.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 414.82 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 419.20 489.75 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 462.35 489.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 507.85 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.35 489.75 Td (securities ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (representing ) Tj ET Q q 0 0 0 rg BT 105.58 477.15 Td (50.1% ) Tj ET Q q 0 0 0 rg BT 136.88 477.15 Td (or ) Tj ET Q q 0 0 0 rg BT 149.80 477.15 Td (more ) Tj ET Q q 0 0 0 rg BT 175.56 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 188.48 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 205.49 477.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 251.07 477.15 Td (voting ) Tj ET Q q 0 0 0 rg BT 282.09 477.15 Td (power ) Tj ET Q q 0 0 0 rg BT 312.51 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 325.43 477.15 Td (our ) Tj ET Q q 0 0 0 rg BT 343.61 477.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 396.79 477.15 Td (stock; ) Tj ET Q q 0 0 0 rg BT 426.05 477.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 442.47 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 459.48 477.15 Td (closing ) Tj ET Q q 0 0 0 rg BT 493.99 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 506.92 477.15 Td (any ) Tj ET Q q 0 0 0 rg BT 526.26 477.15 Td (mer) Tj ET Q q 0 0 0 rg BT 542.39 477.15 Td (ger) Tj ET Q q 0 0 0 rg BT 555.38 477.15 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 108.71 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 120.09 464.55 Td (other ) Tj ET Q q 0 0 0 rg BT 144.30 464.55 Td (reor) Tj ET Q q 0 0 0 rg BT 161.02 464.55 Td (ganization ) Tj ET Q q 0 0 0 rg BT 207.39 464.55 Td (involving ) Tj ET Q q 0 0 0 rg BT 250.28 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 274.49 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 305.71 464.55 Td (whereby ) Tj ET Q q 0 0 0 rg BT 344.49 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 359.95 464.55 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 415.67 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 427.05 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 451.26 464.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 482.48 464.55 Td (immediately ) Tj ET Q q 0 0 0 rg BT 537.60 464.55 Td (prior ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 451.95 Td (such ) Tj ET Q q 0 0 0 rg BT 81.85 451.95 Td (reor) Tj ET Q q 0 0 0 rg BT 98.57 451.95 Td (ganization ) Tj ET Q q 0 0 0 rg BT 144.77 451.95 Td (do ) Tj ET Q q 0 0 0 rg BT 157.74 451.95 Td (not ) Tj ET Q q 0 0 0 rg BT 173.62 451.95 Td (hold, ) Tj ET Q q 0 0 0 rg BT 197.39 451.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 231.92 451.95 Td (or ) Tj ET Q q 0 0 0 rg BT 243.14 451.95 Td (indirectly) Tj ET Q q 0 0 0 rg BT 282.70 451.95 Td (, ) Tj ET Q q 0 0 0 rg BT 287.79 451.95 Td (more ) Tj ET Q q 0 0 0 rg BT 311.83 451.95 Td (than ) Tj ET Q q 0 0 0 rg BT 332.38 451.95 Td (50% ) Tj ET Q q 0 0 0 rg BT 354.10 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 365.31 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 380.61 451.95 Td (combined ) Tj ET Q q 0 0 0 rg BT 424.48 451.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 453.79 451.95 Td (power ) Tj ET Q q 0 0 0 rg BT 482.50 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 493.71 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 509.01 451.95 Td (outstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.09 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 85.27 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 100.52 439.35 Td (successor ) Tj ET Q q 0 0 0 rg BT 143.19 439.35 Td (entity ) Tj ET Q q 0 0 0 rg BT 169.53 439.35 Td (immediately ) Tj ET Q q 0 0 0 rg BT 224.44 439.35 Td (following ) Tj ET Q q 0 0 0 rg BT 267.70 439.35 Td (such ) Tj ET Q q 0 0 0 rg BT 289.38 439.35 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 340.79 439.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 355.46 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 370.72 439.35 Td (closing ) Tj ET Q q 0 0 0 rg BT 403.48 439.35 Td (of ) Tj ET Q q 0 0 0 rg BT 414.65 439.35 Td (any ) Tj ET Q q 0 0 0 rg BT 432.24 439.35 Td (transaction ) Tj ET Q q 0 0 0 rg BT 480.73 439.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 523.42 439.35 Td (a ) Tj ET Q q 0 0 0 rg BT 530.50 439.35 Td (sale ) Tj ET Q q 0 0 0 rg BT 549.26 439.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.09 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 86.93 426.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 110.59 426.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 141.26 426.75 Td (that ) Tj ET Q q 0 0 0 rg BT 159.10 426.75 Td (have ) Tj ET Q q 0 0 0 rg BT 181.01 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 187.76 426.75 Td (total ) Tj ET Q q 0 0 0 rg BT 208.52 426.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 232.78 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 249.44 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 280.68 426.75 Td (value ) Tj ET Q q 0 0 0 rg BT 305.51 426.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 330.34 426.75 Td (to ) Tj ET Q q 0 0 0 rg BT 340.60 426.75 Td (or ) Tj ET Q q 0 0 0 rg BT 351.43 426.75 Td (more ) Tj ET Q q 0 0 0 rg BT 375.10 426.75 Td (than ) Tj ET Q q 0 0 0 rg BT 395.27 426.75 Td (90% ) Tj ET Q q 0 0 0 rg BT 416.60 426.75 Td (of ) Tj ET Q q 0 0 0 rg BT 427.44 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.36 426.75 Td (total ) Tj ET Q q 0 0 0 rg BT 463.11 426.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 487.37 426.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 504.03 426.75 Td (market ) Tj ET Q q 0 0 0 rg BT 535.28 426.75 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.10 414.15 Td (all ) Tj ET Q q 0 0 0 rg BT 74.46 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 86.06 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 110.49 414.15 Td (Mason�) Tj ET Q q 0 0 0 rg BT 141.99 414.15 Td (s ) Tj ET Q q 0 0 0 rg BT 148.94 414.15 Td (assets; ) Tj ET Q q 0 0 0 rg BT 179.21 414.15 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 194.31 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.99 414.15 Td (adoption ) Tj ET Q q 0 0 0 rg BT 249.60 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.20 414.15 Td (any ) Tj ET Q q 0 0 0 rg BT 279.22 414.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 300.15 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 311.76 414.15 Td (proposal ) Tj ET Q q 0 0 0 rg BT 350.77 414.15 Td (for ) Tj ET Q q 0 0 0 rg BT 365.87 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 381.56 414.15 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 429.91 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 441.52 414.15 Td (dissolution ) Tj ET Q q 0 0 0 rg BT 490.47 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 502.07 414.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 526.50 414.15 Td (Mason; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 61.17 401.55 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 76.33 401.55 Td (within ) Tj ET Q q 0 0 0 rg BT 106.08 401.55 Td (any ) Tj ET Q q 0 0 0 rg BT 124.17 401.55 Td (12-month ) Tj ET Q q 0 0 0 rg BT 167.92 401.55 Td (period, ) Tj ET Q q 0 0 0 rg BT 200.29 401.55 Td (individuals ) Tj ET Q q 0 0 0 rg BT 249.87 401.55 Td (who, ) Tj ET Q q 0 0 0 rg BT 273.50 401.55 Td (as ) Tj ET Q q 0 0 0 rg BT 285.17 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 296.83 401.55 Td (May ) Tj ET Q q 0 0 0 rg BT 319.00 401.55 Td (15 ) Tj ET Q q 0 0 0 rg BT 332.42 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 344.09 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 359.84 401.55 Td (grant ) Tj ET Q q 0 0 0 rg BT 384.33 401.55 Td (year) Tj ET Q q 0 0 0 rg BT 401.98 401.55 Td (, ) Tj ET Q q 0 0 0 rg BT 407.52 401.55 Td (constitute ) Tj ET Q q 0 0 0 rg BT 451.27 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 467.02 401.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 495.60 401.55 Td (of ) Tj ET Q q 0 0 0 rg BT 507.27 401.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 549.25 401.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 73.80 388.95 Td (Mason ) Tj ET Q q 0 0 0 rg BT 105.10 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 116.57 388.95 Td (who ) Tj ET Q q 0 0 0 rg BT 137.38 388.95 Td (are ) Tj ET Q q 0 0 0 rg BT 152.92 388.95 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 195.86 388.95 Td (nominated ) Tj ET Q q 0 0 0 rg BT 242.91 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 254.38 388.95 Td (directors ) Tj ET Q q 0 0 0 rg BT 293.83 388.95 Td (by ) Tj ET Q q 0 0 0 rg BT 307.06 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 314.44 388.95 Td (majority ) Tj ET Q q 0 0 0 rg BT 352.74 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 364.21 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 379.76 388.95 Td (Board ) Tj ET Q q 0 0 0 rg BT 408.14 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 419.61 388.95 Td (Directors ) Tj ET Q q 0 0 0 rg BT 461.40 388.95 Td (cease ) Tj ET Q q 0 0 0 rg BT 486.85 388.95 Td (for ) Tj ET Q q 0 0 0 rg BT 501.82 388.95 Td (any ) Tj ET Q q 0 0 0 rg BT 519.70 388.95 Td (reason ) Tj ET Q q 0 0 0 rg BT 549.83 388.95 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (constitute ) Tj ET Q q 0 0 0 rg BT 92.72 376.35 Td (at ) Tj ET Q q 0 0 0 rg BT 102.69 376.35 Td (least ) Tj ET Q q 0 0 0 rg BT 124.33 376.35 Td (a ) Tj ET Q q 0 0 0 rg BT 131.38 376.35 Td (majority ) Tj ET Q q 0 0 0 rg BT 169.35 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 180.49 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 195.71 376.35 Td (Board. ) Tj ET Q q 0 0 0 rg BT 226.39 376.35 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 298.78 376.35 Td (anything ) Tj ET Q q 0 0 0 rg BT 337.92 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 348.48 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 363.71 376.35 Td (contrary) Tj ET Q q 0 0 0 rg BT 398.01 376.35 Td (, ) Tj ET Q q 0 0 0 rg BT 403.02 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 413.58 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 428.81 376.35 Td (extent ) Tj ET Q q 0 0 0 rg BT 456.85 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 474.99 376.35 Td (Section ) Tj ET Q q 0 0 0 rg BT 508.88 376.35 Td (409A) Tj ET Q q 0 0 0 rg BT 531.64 376.35 Td ( ) Tj ET Q q 0 0 0 rg BT 534.03 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 545.17 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (Code, ) Tj ET Q q 0 0 0 rg BT 76.18 363.75 Td (applies ) Tj ET Q q 0 0 0 rg BT 107.82 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 117.89 363.75 Td (an ) Tj ET Q q 0 0 0 rg BT 129.69 363.75 Td (award ) Tj ET Q q 0 0 0 rg BT 157.24 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.88 363.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 208.84 363.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 232.90 363.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 257.84 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.57 363.75 Td (definition ) Tj ET Q q 0 0 0 rg BT 315.29 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.93 363.75 Td (�change ) Tj ET Q q 0 0 0 rg BT 362.22 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 372.28 363.75 Td (control� ) Tj ET Q q 0 0 0 rg BT 408.58 363.75 Td (in ) Tj ET Q q 0 0 0 rg BT 418.64 363.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.37 363.75 Td (award ) Tj ET Q q 0 0 0 rg BT 460.91 363.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 506.53 363.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 528.26 363.75 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (for ) Tj ET Q q 0 0 0 rg BT 64.64 351.15 Td (purposes ) Tj ET Q q 0 0 0 rg BT 104.87 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 116.52 351.15 Td (vesting ) Tj ET Q q 0 0 0 rg BT 149.75 351.15 Td (an ) Tj ET Q q 0 0 0 rg BT 162.56 351.15 Td (award, ) Tj ET Q q 0 0 0 rg BT 193.73 351.15 Td (but ) Tj ET Q q 0 0 0 rg BT 210.05 351.15 Td (shall ) Tj ET Q q 0 0 0 rg BT 232.78 351.15 Td (not ) Tj ET Q q 0 0 0 rg BT 249.10 351.15 Td (trigger ) Tj ET Q q 0 0 0 rg BT 279.99 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 287.55 351.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 338.87 351.15 Td (unless ) Tj ET Q q 0 0 0 rg BT 368.02 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 383.75 351.15 Td (event ) Tj ET Q q 0 0 0 rg BT 409.38 351.15 Td (also ) Tj ET Q q 0 0 0 rg BT 429.20 351.15 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 477.01 351.15 Td (a ) Tj ET Q q 0 0 0 rg BT 484.57 351.15 Td (change ) Tj ET Q q 0 0 0 rg BT 517.20 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 528.27 351.15 Td (control ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (within ) Tj ET Q q 0 0 0 rg BT 78.96 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 94.41 338.55 Td (meaning ) Tj ET Q q 0 0 0 rg BT 133.19 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 144.57 338.55 Td (Section ) Tj ET Q q 0 0 0 rg BT 178.69 338.55 Td (409A\(a\)\(2\)\(A\)\(v\) ) Tj ET Q q 0 0 0 rg BT 255.36 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 266.73 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 282.19 338.55 Td (Code.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Performance ) Tj ET Q q 0 0 0 rg BT 110.43 313.35 Td (Shar) Tj ET Q q 0 0 0 rg BT 131.83 313.35 Td (e ) Tj ET Q q 0 0 0 rg BT 139.11 313.35 Td (Units) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (For ) Tj ET Q q 0 0 0 rg BT 65.59 300.75 Td (a ) Tj ET Q q 0 0 0 rg BT 71.75 300.75 Td (description ) Tj ET Q q 0 0 0 rg BT 119.91 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.16 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 144.50 300.75 Td (treatment ) Tj ET Q q 0 0 0 rg BT 185.65 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 195.90 300.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 234.73 300.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 289.28 300.75 Td (share ) Tj ET Q q 0 0 0 rg BT 312.94 300.75 Td (units ) Tj ET Q q 0 0 0 rg BT 334.86 300.75 Td (under ) Tj ET Q q 0 0 0 rg BT 360.27 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.60 300.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 391.91 300.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 406.49 300.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 457.26 300.75 Td (please ) Tj ET Q q 0 0 0 rg BT 485.00 300.75 Td (see ) Tj ET Q q 0 0 0 rg BT 499.91 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 514.24 300.75 Td (discussion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (below ) Tj ET Q q 0 0 0 rg BT 77.88 288.15 Td (under ) Tj ET Q q 0 0 0 rg BT 104.51 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 120.05 288.15 Td (caption ) Tj ET Q q 0 0 0 rg BT 153.68 288.15 Td (�Ef) Tj ET Q q 0 0 0 rg BT 168.06 288.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.51 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.98 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 213.53 288.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 230.83 288.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 246.36 288.15 Td (Agreement.� ) Tj ET Q q 0 0 0 rg BT 303.01 288.15 Td ( ) Tj ET Q q 0 0 0 rg BT 305.53 288.15 Td (The ) Tj ET Q q 0 0 0 rg BT 324.57 288.15 Td (description ) Tj ET Q q 0 0 0 rg BT 373.95 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 385.41 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 400.96 288.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 427.01 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 438.47 288.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 494.24 288.15 Td (share ) Tj ET Q q 0 0 0 rg BT 519.11 288.15 Td (units ) Tj ET Q q 0 0 0 rg BT 542.25 288.15 Td (that ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (follows ) Tj ET Q q 0 0 0 rg BT 83.46 275.55 Td (here ) Tj ET Q q 0 0 0 rg BT 103.99 275.55 Td (covers ) Tj ET Q q 0 0 0 rg BT 133.85 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 149.14 275.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 174.92 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 186.13 275.55 Td (award ) Tj ET Q q 0 0 0 rg BT 214.24 275.55 Td (agreements ) Tj ET Q q 0 0 0 rg BT 264.51 275.55 Td (for ) Tj ET Q q 0 0 0 rg BT 279.21 275.55 Td (such ) Tj ET Q q 0 0 0 rg BT 300.91 275.55 Td (units. ) Tj ET Q q 0 0 0 rg BT 326.42 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 328.88 275.55 Td (Performance ) Tj ET Q q 0 0 0 rg BT 384.97 275.55 Td (share ) Tj ET Q q 0 0 0 rg BT 409.59 275.55 Td (units ) Tj ET Q q 0 0 0 rg BT 432.47 275.55 Td (are ) Tj ET Q q 0 0 0 rg BT 447.74 275.55 Td (designed ) Tj ET Q q 0 0 0 rg BT 487.53 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 498.15 275.55 Td (vest ) Tj ET Q q 0 0 0 rg BT 517.53 275.55 Td (at ) Tj ET Q q 0 0 0 rg BT 527.56 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 542.85 275.55 Td (end ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 62.40 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 71.21 262.95 Td (three ) Tj ET Q q 0 0 0 rg BT 96.35 262.95 Td (year ) Tj ET Q q 0 0 0 rg BT 118.57 262.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 175.77 262.95 Td (period, ) Tj ET Q q 0 0 0 rg BT 209.37 262.95 Td (if ) Tj ET Q q 0 0 0 rg BT 219.93 262.95 Td (at ) Tj ET Q q 0 0 0 rg BT 231.66 262.95 Td (all, ) Tj ET Q q 0 0 0 rg BT 248.94 262.95 Td (subject ) Tj ET Q q 0 0 0 rg BT 282.83 262.95 Td (to ) Tj ET Q q 0 0 0 rg BT 295.15 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 312.13 262.95 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 364.10 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 377.00 262.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 412.63 262.95 Td (relative ) Tj ET Q q 0 0 0 rg BT 448.27 262.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 505.47 262.95 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 541.67 262.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 112.85 250.35 Td (Committee ) Tj ET Q q 0 0 0 rg BT 162.20 250.35 Td (has ) Tj ET Q q 0 0 0 rg BT 178.88 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 194.39 250.35 Td (discretion ) Tj ET Q q 0 0 0 rg BT 238.48 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 249.34 250.35 Td (reduce ) Tj ET Q q 0 0 0 rg BT 280.00 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 287.34 250.35 Td (payout. ) Tj ET Q q 0 0 0 rg BT 320.64 250.35 Td (A) Tj ET Q q 0 0 0 rg BT 327.64 250.35 Td ( ) Tj ET Q q 0 0 0 rg BT 330.33 250.35 Td (pro ) Tj ET Q q 0 0 0 rg BT 347.01 250.35 Td (rata ) Tj ET Q q 0 0 0 rg BT 365.43 250.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 398.45 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 409.88 250.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 465.61 250.35 Td (share ) Tj ET Q q 0 0 0 rg BT 490.45 250.35 Td (units ) Tj ET Q q 0 0 0 rg BT 513.56 250.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 542.50 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 553.35 250.35 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (named ) Tj ET Q q 0 0 0 rg BT 79.65 237.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 122.04 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 130.60 237.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 151.99 237.75 Td (will ) Tj ET Q q 0 0 0 rg BT 170.49 237.75 Td (automatically ) Tj ET Q q 0 0 0 rg BT 229.80 237.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 248.88 237.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 272.04 237.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 286.44 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.43 237.75 Td (named ) Tj ET Q q 0 0 0 rg BT 331.58 237.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 373.97 237.75 Td (of) Tj ET Q q 0 0 0 rg BT 382.53 237.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 402.15 237.75 Td (�) Tj ET Q q 0 0 0 rg BT 405.07 237.75 Td (s ) Tj ET Q q 0 0 0 rg BT 411.32 237.75 Td (death; ) Tj ET Q q 0 0 0 rg BT 439.14 237.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 453.54 237.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 504.11 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 515.02 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.01 237.75 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 92.10 225.15 Td (of) Tj ET Q q 0 0 0 rg BT 100.65 225.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 120.27 225.15 Td (�) Tj ET Q q 0 0 0 rg BT 123.19 225.15 Td (s ) Tj ET Q q 0 0 0 rg BT 129.65 225.15 Td (employment ) Tj ET Q q 0 0 0 rg BT 184.51 225.15 Td (due ) Tj ET Q q 0 0 0 rg BT 202.04 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 212.57 225.15 Td (disability; ) Tj ET Q q 0 0 0 rg BT 256.94 225.15 Td (or ) Tj ET Q q 0 0 0 rg BT 268.06 225.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 282.67 225.15 Td (termination ) Tj ET Q q 0 0 0 rg BT 333.44 225.15 Td (following ) Tj ET Q q 0 0 0 rg BT 376.65 225.15 Td (a ) Tj ET Q q 0 0 0 rg BT 383.67 225.15 Td (change ) Tj ET Q q 0 0 0 rg BT 415.77 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 426.89 225.15 Td (control ) Tj ET Q q 0 0 0 rg BT 459.00 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 470.12 225.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 494.06 225.15 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 527.64 225.15 Td (See ) Tj ET Q q 0 0 0 rg BT 545.17 225.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (definition ) Tj ET Q q 0 0 0 rg BT 92.38 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 103.18 212.55 Td (�change ) Tj ET Q q 0 0 0 rg BT 139.62 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 150.42 212.55 Td (control� ) Tj ET Q q 0 0 0 rg BT 186.87 212.55 Td (above ) Tj ET Q q 0 0 0 rg BT 213.99 212.55 Td (under ) Tj ET Q q 0 0 0 rg BT 239.95 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 254.83 212.55 Td (caption ) Tj ET Q q 0 0 0 rg BT 287.79 212.55 Td (�Restricted ) Tj ET Q q 0 0 0 rg BT 337.07 212.55 Td (Stock ) Tj ET Q q 0 0 0 rg BT 363.04 212.55 Td (Units.� ) Tj ET Q q 0 0 0 rg BT 394.67 212.55 Td (A) Tj ET Q q 0 0 0 rg BT 401.68 212.55 Td ( ) Tj ET Q q 0 0 0 rg BT 403.73 212.55 Td (pro ) Tj ET Q q 0 0 0 rg BT 419.78 212.55 Td (rata ) Tj ET Q q 0 0 0 rg BT 437.56 212.55 Td (portion ) Tj ET Q q 0 0 0 rg BT 469.94 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 480.74 212.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 535.84 212.55 Td (share ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (units ) Tj ET Q q 0 0 0 rg BT 72.62 199.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 101.58 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 112.45 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 119.81 199.95 Td (named ) Tj ET Q q 0 0 0 rg BT 150.50 199.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 193.43 199.95 Td (of) Tj ET Q q 0 0 0 rg BT 201.99 199.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 223.92 199.95 Td (will ) Tj ET Q q 0 0 0 rg BT 242.96 199.95 Td (vest ) Tj ET Q q 0 0 0 rg BT 262.58 199.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 286.28 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 293.64 199.95 Td (termination ) Tj ET Q q 0 0 0 rg BT 344.75 199.95 Td (that ) Tj ET Q q 0 0 0 rg BT 363.20 199.95 Td (is ) Tj ET Q q 0 0 0 rg BT 372.90 199.95 Td (not ) Tj ET Q q 0 0 0 rg BT 389.02 199.95 Td (for ) Tj ET Q q 0 0 0 rg BT 403.97 199.95 Td (cause ) Tj ET Q q 0 0 0 rg BT 429.99 199.95 Td (in ) Tj ET Q q 0 0 0 rg BT 440.86 199.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 489.63 199.95 Td (with ) Tj ET Q q 0 0 0 rg BT 511.00 199.95 Td (a ) Tj ET Q q 0 0 0 rg BT 518.36 199.95 Td (reduction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (in ) Tj ET Q q 0 0 0 rg BT 59.58 187.35 Td (workforce. ) Tj ET Q q 0 0 0 rg BT 107.27 187.35 Td (In ) Tj ET Q q 0 0 0 rg BT 117.94 187.35 Td (such ) Tj ET Q q 0 0 0 rg BT 139.10 187.35 Td (case, ) Tj ET Q q 0 0 0 rg BT 161.71 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 176.46 187.35 Td (payout ) Tj ET Q q 0 0 0 rg BT 206.95 187.35 Td (will ) Tj ET Q q 0 0 0 rg BT 225.21 187.35 Td (be ) Tj ET Q q 0 0 0 rg BT 237.03 187.35 Td (made ) Tj ET Q q 0 0 0 rg BT 261.69 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 271.19 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 285.93 187.35 Td (end ) Tj ET Q q 0 0 0 rg BT 303.01 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 313.67 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 328.42 187.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 383.39 187.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 414.75 187.35 Td (at ) Tj ET Q q 0 0 0 rg BT 424.25 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 438.99 187.35 Td (lesser ) Tj ET Q q 0 0 0 rg BT 464.82 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 475.48 187.35 Td (tar) Tj ET Q q 0 0 0 rg BT 486.37 187.35 Td (get ) Tj ET Q q 0 0 0 rg BT 501.11 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 511.78 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 526.52 187.35 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 99.63 174.75 Td (based ) Tj ET Q q 0 0 0 rg BT 126.45 174.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 150.35 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 174.75 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 216.80 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.45 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.19 174.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 278.57 174.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 334.52 174.75 Td (criteria ) Tj ET Q q 0 0 0 rg BT 367.15 174.75 Td (at ) Tj ET Q q 0 0 0 rg BT 377.64 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.37 174.75 Td (end ) Tj ET Q q 0 0 0 rg BT 411.43 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 423.08 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.81 174.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 494.77 174.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 527.12 174.75 Td (See ) Tj ET Q q 0 0 0 rg BT 545.18 174.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (definition ) Tj ET Q q 0 0 0 rg BT 93.08 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 104.58 162.15 Td (�cause� ) Tj ET Q q 0 0 0 rg BT 139.97 162.15 Td (above ) Tj ET Q q 0 0 0 rg BT 167.80 162.15 Td (under ) Tj ET Q q 0 0 0 rg BT 194.46 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 210.04 162.15 Td (caption ) Tj ET Q q 0 0 0 rg BT 243.70 162.15 Td (�Stock ) Tj ET Q q 0 0 0 rg BT 275.03 162.15 Td (Options.� ) Tj ET Q q 0 0 0 rg BT 318.33 162.15 Td (Subject ) Tj ET Q q 0 0 0 rg BT 352.58 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 363.50 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 379.08 162.15 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 426.73 162.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 469.74 162.15 Td (herein, ) Tj ET Q q 0 0 0 rg BT 501.35 162.15 Td (in ) Tj ET Q q 0 0 0 rg BT 512.27 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 527.85 162.15 Td (event ) Tj ET Q q 0 0 0 rg BT 553.34 162.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (named ) Tj ET Q q 0 0 0 rg BT 81.83 149.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 126.41 149.55 Td (of) Tj ET Q q 0 0 0 rg BT 134.96 149.55 Td (ficer) Tj ET Q q 0 0 0 rg BT 154.59 149.55 Td (�) Tj ET Q q 0 0 0 rg BT 157.50 149.55 Td (s ) Tj ET Q q 0 0 0 rg BT 165.93 149.55 Td (employment ) Tj ET Q q 0 0 0 rg BT 222.77 149.55 Td (ends ) Tj ET Q q 0 0 0 rg BT 246.36 149.55 Td (for ) Tj ET Q q 0 0 0 rg BT 262.95 149.55 Td (any ) Tj ET Q q 0 0 0 rg BT 282.46 149.55 Td (reason ) Tj ET Q q 0 0 0 rg BT 314.21 149.55 Td (before ) Tj ET Q q 0 0 0 rg BT 345.37 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 362.54 149.55 Td (end ) Tj ET Q q 0 0 0 rg BT 382.05 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 395.14 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 412.31 149.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 469.71 149.55 Td (period, ) Tj ET Q q 0 0 0 rg BT 503.50 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 520.67 149.55 Td (unvested ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 105.11 136.95 Td (share ) Tj ET Q q 0 0 0 rg BT 129.82 136.95 Td (units ) Tj ET Q q 0 0 0 rg BT 152.80 136.95 Td (will ) Tj ET Q q 0 0 0 rg BT 171.70 136.95 Td (automatically ) Tj ET Q q 0 0 0 rg BT 231.41 136.95 Td (be ) Tj ET Q q 0 0 0 rg BT 243.88 136.95 Td (forfeited. ) Tj ET Q q 0 0 0 rg BT 285.21 136.95 Td (If ) Tj ET Q q 0 0 0 rg BT 294.76 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 310.15 136.95 Td (named ) Tj ET Q q 0 0 0 rg BT 340.70 136.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 383.48 136.95 Td (of) Tj ET Q q 0 0 0 rg BT 392.04 136.95 Td (ficer) Tj ET Q q 0 0 0 rg BT 411.66 136.95 Td (�) Tj ET Q q 0 0 0 rg BT 414.58 136.95 Td (s ) Tj ET Q q 0 0 0 rg BT 421.23 136.95 Td (employment ) Tj ET Q q 0 0 0 rg BT 476.28 136.95 Td (ends ) Tj ET Q q 0 0 0 rg BT 498.08 136.95 Td (before ) Tj ET Q q 0 0 0 rg BT 527.46 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 542.84 136.95 Td (end ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.95 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 76.48 124.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 132.23 124.35 Td (period ) Tj ET Q q 0 0 0 rg BT 161.76 124.35 Td (by ) Tj ET Q q 0 0 0 rg BT 174.96 124.35 Td (reason ) Tj ET Q q 0 0 0 rg BT 205.07 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 216.52 124.35 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 265.00 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 280.53 124.35 Td (entire ) Tj ET Q q 0 0 0 rg BT 307.13 124.35 Td (value ) Tj ET Q q 0 0 0 rg BT 332.57 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 344.02 124.35 Td (an ) Tj ET Q q 0 0 0 rg BT 356.64 124.35 Td (earned ) Tj ET Q q 0 0 0 rg BT 387.32 124.35 Td (award ) Tj ET Q q 0 0 0 rg BT 415.67 124.35 Td (will ) Tj ET Q q 0 0 0 rg BT 434.71 124.35 Td (vest ) Tj ET Q q 0 0 0 rg BT 454.33 124.35 Td (and ) Tj ET Q q 0 0 0 rg BT 472.19 124.35 Td (be ) Tj ET Q q 0 0 0 rg BT 484.81 124.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 505.59 124.35 Td (at ) Tj ET Q q 0 0 0 rg BT 515.87 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 531.40 124.35 Td (end ) Tj ET Q q 0 0 0 rg BT 549.26 124.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.15 111.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 119.02 111.75 Td (period, ) Tj ET Q q 0 0 0 rg BT 150.30 111.75 Td (if ) Tj ET Q q 0 0 0 rg BT 158.53 111.75 Td (a ) Tj ET Q q 0 0 0 rg BT 165.02 111.75 Td (named ) Tj ET Q q 0 0 0 rg BT 194.83 111.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 236.88 111.75 Td (of) Tj ET Q q 0 0 0 rg BT 245.44 111.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 265.06 111.75 Td (�) Tj ET Q q 0 0 0 rg BT 267.97 111.75 Td (s ) Tj ET Q q 0 0 0 rg BT 273.88 111.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 328.20 111.75 Td (ends ) Tj ET Q q 0 0 0 rg BT 349.27 111.75 Td (before ) Tj ET Q q 0 0 0 rg BT 377.90 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.56 111.75 Td (end ) Tj ET Q q 0 0 0 rg BT 409.54 111.75 Td (of ) Tj ET Q q 0 0 0 rg BT 420.11 111.75 Td (the ) Tj ET Q q 0 0 0 rg BT 434.76 111.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 489.63 111.75 Td (period ) Tj ET Q q 0 0 0 rg BT 518.28 111.75 Td (by ) Tj ET Q q 0 0 0 rg BT 530.60 111.75 Td (reason ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.61 99.15 Td (retirement ) Tj ET Q q 0 0 0 rg BT 106.11 99.15 Td (and ) Tj ET Q q 0 0 0 rg BT 123.63 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 138.82 99.15 Td (named ) Tj ET Q q 0 0 0 rg BT 169.17 99.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 211.76 99.15 Td (of) Tj ET Q q 0 0 0 rg BT 220.31 99.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 241.90 99.15 Td (continues ) Tj ET Q q 0 0 0 rg BT 284.51 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 295.03 99.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 317.80 99.15 Td (the ) Tj ET Q q 0 0 0 rg BT 332.99 99.15 Td (definition ) Tj ET Q q 0 0 0 rg BT 376.18 99.15 Td (of ) Tj ET Q q 0 0 0 rg BT 387.28 99.15 Td (retirement. ) Tj ET Q q 0 0 0 rg BT 435.41 99.15 Td (In ) Tj ET Q q 0 0 0 rg BT 446.52 99.15 Td (order ) Tj ET Q q 0 0 0 rg BT 471.03 99.15 Td (to ) Tj ET Q q 0 0 0 rg BT 481.56 99.15 Td (retire ) Tj ET Q q 0 0 0 rg BT 506.07 99.15 Td (for ) Tj ET Q q 0 0 0 rg BT 520.67 99.15 Td (purposes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (of ) Tj ET Q q 0 0 0 rg BT 60.56 86.55 Td (our ) Tj ET Q q 0 0 0 rg BT 76.88 86.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 132.24 86.55 Td (share ) Tj ET Q q 0 0 0 rg BT 156.71 86.55 Td (unit ) Tj ET Q q 0 0 0 rg BT 175.36 86.55 Td (grants, ) Tj ET Q q 0 0 0 rg BT 205.96 86.55 Td (a ) Tj ET Q q 0 0 0 rg BT 212.94 86.55 Td (named ) Tj ET Q q 0 0 0 rg BT 243.25 86.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 285.79 86.55 Td (of) Tj ET Q q 0 0 0 rg BT 294.35 86.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 315.89 86.55 Td (must ) Tj ET Q q 0 0 0 rg BT 338.63 86.55 Td (be ) Tj ET Q q 0 0 0 rg BT 350.86 86.55 Td (at ) Tj ET Q q 0 0 0 rg BT 360.75 86.55 Td (least ) Tj ET Q q 0 0 0 rg BT 382.31 86.55 Td (62 ) Tj ET Q q 0 0 0 rg BT 395.13 86.55 Td (years ) Tj ET Q q 0 0 0 rg BT 419.60 86.55 Td (old ) Tj ET Q q 0 0 0 rg BT 435.33 86.55 Td (and ) Tj ET Q q 0 0 0 rg BT 452.81 86.55 Td (may ) Tj ET Q q 0 0 0 rg BT 473.20 86.55 Td (not ) Tj ET Q q 0 0 0 rg BT 488.93 86.55 Td (represent, ) Tj ET Q q 0 0 0 rg BT 532.35 86.55 Td (in ) Tj ET Q q 0 0 0 rg BT 542.84 86.55 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (capacity ) Tj ET Q q 0 0 0 rg BT 87.06 73.95 Td (other ) Tj ET Q q 0 0 0 rg BT 111.22 73.95 Td (than ) Tj ET Q q 0 0 0 rg BT 131.88 73.95 Td (as ) Tj ET Q q 0 0 0 rg BT 143.20 73.95 Td (an ) Tj ET Q q 0 0 0 rg BT 155.70 73.95 Td (independent ) Tj ET Q q 0 0 0 rg BT 209.59 73.95 Td (director) Tj ET Q q 0 0 0 rg BT 241.82 73.95 Td (, ) Tj ET Q q 0 0 0 rg BT 247.03 73.95 Td (any ) Tj ET Q q 0 0 0 rg BT 264.77 73.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.08 73.95 Td (services ) Tj ET Q q 0 0 0 rg BT 340.48 73.95 Td (company ) Tj ET Q q 0 0 0 rg BT 381.56 73.95 Td (that ) Tj ET Q q 0 0 0 rg BT 399.88 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 415.29 73.95 Td (Committee ) Tj ET Q q 0 0 0 rg BT 464.54 73.95 Td (deems ) Tj ET Q q 0 0 0 rg BT 493.94 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 501.18 73.95 Td (competitor ) Tj ET Q q 0 0 0 rg BT 549.25 73.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 72.90 61.35 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 105.94 61.35 Td (If ) Tj ET Q q 0 0 0 rg BT 114.76 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 129.41 61.35 Td (named ) Tj ET Q q 0 0 0 rg BT 159.23 61.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 201.28 61.35 Td (of) Tj ET Q q 0 0 0 rg BT 209.84 61.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 230.90 61.35 Td (does ) Tj ET Q q 0 0 0 rg BT 251.97 61.35 Td (not ) Tj ET Q q 0 0 0 rg BT 267.21 61.35 Td (engage ) Tj ET Q q 0 0 0 rg BT 298.77 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 308.77 61.35 Td (competitive ) Tj ET Q q 0 0 0 rg BT 360.16 61.35 Td (activity) Tj ET Q q 0 0 0 rg BT 390.97 61.35 Td (, ) Tj ET Q q 0 0 0 rg BT 395.42 61.35 Td (the ) Tj ET Q q 0 0 0 rg BT 410.08 61.35 Td (number ) Tj ET Q q 0 0 0 rg BT 443.98 61.35 Td (of ) Tj ET Q q 0 0 0 rg BT 454.55 61.35 Td (shares ) Tj ET Q q 0 0 0 rg BT 482.62 61.35 Td (issuable ) Tj ET Q q 0 0 0 rg BT 518.28 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 528.27 61.35 Td (respect ) Tj ET Q endstream endobj 363 0 obj <> endobj 364 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (179) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.71 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.99 741.75 Td (vested ) Tj ET Q q 0 0 0 rg BT 105.28 741.75 Td (pro ) Tj ET Q q 0 0 0 rg BT 121.73 741.75 Td (rata ) Tj ET Q q 0 0 0 rg BT 139.92 741.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 172.71 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.92 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.21 741.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 226.73 741.75 Td (award ) Tj ET Q q 0 0 0 rg BT 254.84 741.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 269.54 741.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 319.23 741.75 Td (based ) Tj ET Q q 0 0 0 rg BT 345.60 741.75 Td (on ) Tj ET Q q 0 0 0 rg BT 358.56 741.75 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 408.84 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 420.04 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 435.33 741.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 469.27 741.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 524.78 741.75 Td (criteria\) ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 68.46 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 81.00 729.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 101.70 729.15 Td (at ) Tj ET Q q 0 0 0 rg BT 111.90 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.36 729.15 Td (end ) Tj ET Q q 0 0 0 rg BT 145.14 729.15 Td (of ) Tj ET Q q 0 0 0 rg BT 156.51 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 171.97 729.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 227.64 729.15 Td (period ) Tj ET Q q 0 0 0 rg BT 257.09 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 274.88 729.15 Td (any ) Tj ET Q q 0 0 0 rg BT 292.66 729.15 Td (remaining ) Tj ET Q q 0 0 0 rg BT 337.86 729.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 393.53 729.15 Td (share ) Tj ET Q q 0 0 0 rg BT 418.31 729.15 Td (units ) Tj ET Q q 0 0 0 rg BT 441.36 729.15 Td (will ) Tj ET Q q 0 0 0 rg BT 460.32 729.15 Td (be ) Tj ET Q q 0 0 0 rg BT 472.85 729.15 Td (forfeited.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (Deferr) Tj ET Q q 0 0 0 rg BT 79.03 703.95 Td (ed ) Tj ET Q q 0 0 0 rg BT 92.16 703.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 117.54 703.95 Td (Units) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 91.69 691.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 129.19 691.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 150.38 691.35 Td (units ) Tj ET Q q 0 0 0 rg BT 173.33 691.35 Td (issued ) Tj ET Q q 0 0 0 rg BT 202.12 691.35 Td (to ) Tj ET Q q 0 0 0 rg BT 212.81 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 220.01 691.35 Td (named ) Tj ET Q q 0 0 0 rg BT 250.53 691.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 293.29 691.35 Td (of) Tj ET Q q 0 0 0 rg BT 301.84 691.35 Td (ficer ) Tj ET Q q 0 0 0 rg BT 323.61 691.35 Td (employed ) Tj ET Q q 0 0 0 rg BT 367.54 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 380.57 691.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 404.68 691.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 435.80 691.35 Td (at ) Tj ET Q q 0 0 0 rg BT 445.90 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 461.26 691.35 Td (end ) Tj ET Q q 0 0 0 rg BT 478.96 691.35 Td (of ) Tj ET Q q 0 0 0 rg BT 490.23 691.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 515.50 691.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 539.04 691.35 Td (will, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (under ) Tj ET Q q 0 0 0 rg BT 74.97 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.36 678.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 114.25 678.75 Td (of ) Tj ET Q q 0 0 0 rg BT 124.55 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 138.94 678.75 Td (award ) Tj ET Q q 0 0 0 rg BT 166.16 678.75 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 218.15 678.75 Td (automatically ) Tj ET Q q 0 0 0 rg BT 276.86 678.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 295.34 678.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.06 678.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.28 678.75 Td (represented ) Tj ET Q q 0 0 0 rg BT 382.23 678.75 Td (by ) Tj ET Q q 0 0 0 rg BT 394.29 678.75 Td (such ) Tj ET Q q 0 0 0 rg BT 415.10 678.75 Td (will ) Tj ET Q q 0 0 0 rg BT 432.99 678.75 Td (be ) Tj ET Q q 0 0 0 rg BT 444.46 678.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 464.10 678.75 Td (to ) Tj ET Q q 0 0 0 rg BT 473.83 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.22 678.75 Td (named ) Tj ET Q q 0 0 0 rg BT 517.77 678.75 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 666.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 79.97 666.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 103.65 666.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 118.58 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 134.09 666.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 184.01 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 195.44 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 210.95 666.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 228.26 666.15 Td (ger; ) Tj ET Q q 0 0 0 rg BT 247.27 666.15 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 262.19 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 277.70 666.15 Td (named ) Tj ET Q q 0 0 0 rg BT 308.37 666.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 351.28 666.15 Td (of) Tj ET Q q 0 0 0 rg BT 359.84 666.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 379.46 666.15 Td (�) Tj ET Q q 0 0 0 rg BT 382.38 666.15 Td (s ) Tj ET Q q 0 0 0 rg BT 389.15 666.15 Td (death; ) Tj ET Q q 0 0 0 rg BT 417.49 666.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 432.41 666.15 Td (separation ) Tj ET Q q 0 0 0 rg BT 478.25 666.15 Td (from ) Tj ET Q q 0 0 0 rg BT 501.34 666.15 Td (service ) Tj ET Q q 0 0 0 rg BT 533.75 666.15 Td (of ) Tj ET Q q 0 0 0 rg BT 545.18 666.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (named ) Tj ET Q q 0 0 0 rg BT 79.53 653.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 121.79 653.55 Td (of) Tj ET Q q 0 0 0 rg BT 130.35 653.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 151.62 653.55 Td (due ) Tj ET Q q 0 0 0 rg BT 168.81 653.55 Td (to ) Tj ET Q q 0 0 0 rg BT 179.02 653.55 Td (disability; ) Tj ET Q q 0 0 0 rg BT 223.06 653.55 Td (or ) Tj ET Q q 0 0 0 rg BT 233.84 653.55 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 248.12 653.55 Td (separation ) Tj ET Q q 0 0 0 rg BT 293.30 653.55 Td (from ) Tj ET Q q 0 0 0 rg BT 315.75 653.55 Td (service ) Tj ET Q q 0 0 0 rg BT 347.52 653.55 Td (following ) Tj ET Q q 0 0 0 rg BT 390.39 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 397.09 653.55 Td (change ) Tj ET Q q 0 0 0 rg BT 428.86 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 439.64 653.55 Td (control ) Tj ET Q q 0 0 0 rg BT 471.42 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 482.20 653.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 505.81 653.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 536.43 653.55 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (than ) Tj ET Q q 0 0 0 rg BT 69.93 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 85.11 640.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 102.42 640.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 118.18 640.95 Td (as ) Tj ET Q q 0 0 0 rg BT 129.28 640.95 Td (discussed ) Tj ET Q q 0 0 0 rg BT 171.88 640.95 Td (below) Tj ET Q q 0 0 0 rg BT 196.86 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 201.84 640.95 Td (Cash ) Tj ET Q q 0 0 0 rg BT 225.19 640.95 Td (will ) Tj ET Q q 0 0 0 rg BT 243.88 640.95 Td (be ) Tj ET Q q 0 0 0 rg BT 256.15 640.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 276.58 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 287.10 640.95 Td (a ) Tj ET Q q 0 0 0 rg BT 294.11 640.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 315.14 640.95 Td (named ) Tj ET Q q 0 0 0 rg BT 345.48 640.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 388.06 640.95 Td (of) Tj ET Q q 0 0 0 rg BT 396.62 640.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 418.20 640.95 Td (in ) Tj ET Q q 0 0 0 rg BT 428.73 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.91 640.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 477.76 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 488.86 640.95 Td ($1.00 ) Tj ET Q q 0 0 0 rg BT 514.83 640.95 Td (multiplied ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 62.86 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 78.54 628.35 Td (number ) Tj ET Q q 0 0 0 rg BT 113.47 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 125.08 628.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 162.91 628.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 184.42 628.35 Td (units ) Tj ET Q q 0 0 0 rg BT 207.70 628.35 Td (held ) Tj ET Q q 0 0 0 rg BT 228.63 628.35 Td (by ) Tj ET Q q 0 0 0 rg BT 241.99 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 257.68 628.35 Td (named ) Tj ET Q q 0 0 0 rg BT 288.52 628.35 Td (executive ) Tj ET Q q 0 0 0 rg BT 331.61 628.35 Td (of) Tj ET Q q 0 0 0 rg BT 340.16 628.35 Td (ficer) Tj ET Q q 0 0 0 rg BT 358.82 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 364.30 628.35 Td ( ) Tj ET Q q 0 0 0 rg BT 367.15 628.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 391.01 628.35 Td (will ) Tj ET Q q 0 0 0 rg BT 410.20 628.35 Td (be ) Tj ET Q q 0 0 0 rg BT 422.97 628.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 443.91 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 454.93 628.35 Td (Mr) Tj ET Q q 0 0 0 rg BT 467.19 628.35 Td (. ) Tj ET Q q 0 0 0 rg BT 472.67 628.35 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 512.57 628.35 Td (a ) Tj ET Q q 0 0 0 rg BT 520.09 628.35 Td (non-U.S. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (named ) Tj ET Q q 0 0 0 rg BT 81.07 615.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 124.88 615.75 Td (of) Tj ET Q q 0 0 0 rg BT 133.44 615.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 152.25 615.75 Td (, ) Tj ET Q q 0 0 0 rg BT 158.45 615.75 Td (in ) Tj ET Q q 0 0 0 rg BT 170.20 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 186.61 615.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 221.69 615.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.02 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.42 615.75 Td (US ) Tj ET Q q 0 0 0 rg BT 267.43 615.75 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 297.83 615.75 Td (Equivalent ) Tj ET Q q 0 0 0 rg BT 346.90 615.75 Td (\(defined ) Tj ET Q q 0 0 0 rg BT 385.47 615.75 Td (as ) Tj ET Q q 0 0 0 rg BT 397.79 615.75 Td (follows\) ) Tj ET Q q 0 0 0 rg BT 436.37 615.75 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 483.12 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 497.20 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 513.61 615.75 Td (number ) Tj ET Q q 0 0 0 rg BT 549.27 615.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 86.59 603.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 107.36 603.15 Td (units ) Tj ET Q q 0 0 0 rg BT 129.90 603.15 Td (held ) Tj ET Q q 0 0 0 rg BT 150.09 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 162.71 603.15 Td (him. ) Tj ET Q q 0 0 0 rg BT 183.63 603.15 Td (The ) Tj ET Q q 0 0 0 rg BT 202.07 603.15 Td (�US ) Tj ET Q q 0 0 0 rg BT 222.27 603.15 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 251.22 603.15 Td (Equivalent� ) Tj ET Q q 0 0 0 rg BT 303.48 603.15 Td (is ) Tj ET Q q 0 0 0 rg BT 312.60 603.15 Td (an ) Tj ET Q q 0 0 0 rg BT 324.63 603.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 358.24 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 368.52 603.15 Td (GBP) Tj ET Q q 0 0 0 rg BT 387.78 603.15 Td (, ) Tj ET Q q 0 0 0 rg BT 392.53 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.47 603.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 446.31 603.15 Td (in ) Tj ET Q q 0 0 0 rg BT 456.60 603.15 Td (which ) Tj ET Q q 0 0 0 rg BT 484.37 603.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 508.06 603.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 538.76 603.15 Td (pays ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.75 590.55 Td (. ) Tj ET Q q 0 0 0 rg BT 67.08 590.55 Td (Johnson�) Tj ET Q q 0 0 0 rg BT 104.42 590.55 Td (s ) Tj ET Q q 0 0 0 rg BT 111.22 590.55 Td (base ) Tj ET Q q 0 0 0 rg BT 132.58 590.55 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 196.23 590.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 246.17 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 259.37 590.55 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 311.08 590.55 Td (one ) Tj ET Q q 0 0 0 rg BT 328.95 590.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 343.90 590.55 Td (United ) Tj ET Q q 0 0 0 rg BT 375.18 590.55 Td (States ) Tj ET Q q 0 0 0 rg BT 402.97 590.55 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 432.50 590.55 Td (by ) Tj ET Q q 0 0 0 rg BT 445.71 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 461.24 590.55 Td (United ) Tj ET Q q 0 0 0 rg BT 492.53 590.55 Td (States ) Tj ET Q q 0 0 0 rg BT 520.31 590.55 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 549.84 590.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.95 Td (GBP) Tj ET Q q 0 0 0 rg BT 69.54 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 72.06 577.95 Td (exchange ) Tj ET Q q 0 0 0 rg BT 114.22 577.95 Td (rate ) Tj ET Q q 0 0 0 rg BT 132.47 577.95 Td (quoted ) Tj ET Q q 0 0 0 rg BT 163.57 577.95 Td (by ) Tj ET Q q 0 0 0 rg BT 176.59 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 191.94 577.95 Td (Reuters ) Tj ET Q q 0 0 0 rg BT 226.35 577.95 Td (W) Tj ET Q q 0 0 0 rg BT 235.42 577.95 Td (orld ) Tj ET Q q 0 0 0 rg BT 254.86 577.95 Td (Currency ) Tj ET Q q 0 0 0 rg BT 296.45 577.95 Td (Page ) Tj ET Q q 0 0 0 rg BT 319.38 577.95 Td (for ) Tj ET Q q 0 0 0 rg BT 334.14 577.95 Td (GBP) Tj ET Q q 0 0 0 rg BT 354.18 577.95 Td ( ) Tj ET Q q 0 0 0 rg BT 356.70 577.95 Td (at ) Tj ET Q q 0 0 0 rg BT 366.79 577.95 Td (1) Tj ET Q q 0 0 0 rg BT 371.66 577.95 Td (1:00 ) Tj ET Q q 0 0 0 rg BT 392.84 577.95 Td (a.m. ) Tj ET Q q 0 0 0 rg BT 413.44 577.95 Td (\(London ) Tj ET Q q 0 0 0 rg BT 452.12 577.95 Td (time\) ) Tj ET Q q 0 0 0 rg BT 476.80 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 489.82 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 505.17 577.95 Td (date ) Tj ET Q q 0 0 0 rg BT 525.18 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 536.44 577.95 Td (grant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 60.78 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 76.14 565.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 113.64 565.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 134.83 565.35 Td (units ) Tj ET Q q 0 0 0 rg BT 157.79 565.35 Td (\(or) Tj ET Q q 0 0 0 rg BT 169.61 565.35 Td (, ) Tj ET Q q 0 0 0 rg BT 174.77 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 185.47 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 200.83 565.35 Td (event ) Tj ET Q q 0 0 0 rg BT 226.10 565.35 Td (such ) Tj ET Q q 0 0 0 rg BT 247.88 565.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 266.15 565.35 Td (does ) Tj ET Q q 0 0 0 rg BT 287.93 565.35 Td (not ) Tj ET Q q 0 0 0 rg BT 303.88 565.35 Td (appear ) Tj ET Q q 0 0 0 rg BT 334.39 565.35 Td (on ) Tj ET Q q 0 0 0 rg BT 347.42 565.35 Td (any ) Tj ET Q q 0 0 0 rg BT 365.12 565.35 Td (Reuters ) Tj ET Q q 0 0 0 rg BT 399.54 565.35 Td (W) Tj ET Q q 0 0 0 rg BT 408.61 565.35 Td (orld ) Tj ET Q q 0 0 0 rg BT 428.06 565.35 Td (Currency ) Tj ET Q q 0 0 0 rg BT 469.66 565.35 Td (Page, ) Tj ET Q q 0 0 0 rg BT 495.23 565.35 Td (by ) Tj ET Q q 0 0 0 rg BT 508.26 565.35 Td (reference ) Tj ET Q q 0 0 0 rg BT 549.84 565.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (such ) Tj ET Q q 0 0 0 rg BT 71.12 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 95.06 552.75 Td (publicly ) Tj ET Q q 0 0 0 rg BT 131.84 552.75 Td (available ) Tj ET Q q 0 0 0 rg BT 172.10 552.75 Td (service ) Tj ET Q q 0 0 0 rg BT 204.21 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.82 552.75 Td (displaying ) Tj ET Q q 0 0 0 rg BT 264.94 552.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 306.95 552.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 329.14 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 340.25 552.75 Td (may ) Tj ET Q q 0 0 0 rg BT 360.70 552.75 Td (be ) Tj ET Q q 0 0 0 rg BT 372.98 552.75 Td (designated ) Tj ET Q q 0 0 0 rg BT 420.25 552.75 Td (by ) Tj ET Q q 0 0 0 rg BT 433.12 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 448.32 552.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 511.35 552.75 Td (Committee ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 76.32 540.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 100.52 540.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 131.73 540.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 160.02 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.39 540.15 Td (Directors.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (If ) Tj ET Q q 0 0 0 rg BT 58.98 514.95 Td (a ) Tj ET Q q 0 0 0 rg BT 66.12 514.95 Td (named ) Tj ET Q q 0 0 0 rg BT 96.59 514.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 139.30 514.95 Td (of) Tj ET Q q 0 0 0 rg BT 147.86 514.95 Td (ficer) Tj ET Q q 0 0 0 rg BT 167.48 514.95 Td (�) Tj ET Q q 0 0 0 rg BT 170.40 514.95 Td (s ) Tj ET Q q 0 0 0 rg BT 176.97 514.95 Td (employment ) Tj ET Q q 0 0 0 rg BT 231.94 514.95 Td (terminates ) Tj ET Q q 0 0 0 rg BT 278.16 514.95 Td (due ) Tj ET Q q 0 0 0 rg BT 295.80 514.95 Td (to ) Tj ET Q q 0 0 0 rg BT 306.45 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 321.76 514.95 Td (elimination ) Tj ET Q q 0 0 0 rg BT 372.07 514.95 Td (of ) Tj ET Q q 0 0 0 rg BT 383.30 514.95 Td (his ) Tj ET Q q 0 0 0 rg BT 398.04 514.95 Td (or ) Tj ET Q q 0 0 0 rg BT 409.27 514.95 Td (her ) Tj ET Q q 0 0 0 rg BT 425.16 514.95 Td (employment ) Tj ET Q q 0 0 0 rg BT 480.13 514.95 Td (in ) Tj ET Q q 0 0 0 rg BT 490.78 514.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 539.33 514.95 Td (with ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (a ) Tj ET Q q 0 0 0 rg BT 56.63 502.35 Td (reduction ) Tj ET Q q 0 0 0 rg BT 98.75 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 109.39 502.35 Td (workforce ) Tj ET Q q 0 0 0 rg BT 155.00 502.35 Td (and ) Tj ET Q q 0 0 0 rg BT 172.63 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 194.35 502.35 Td (termination ) Tj ET Q q 0 0 0 rg BT 245.23 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 256.44 502.35 Td (employment ) Tj ET Q q 0 0 0 rg BT 311.40 502.35 Td (is ) Tj ET Q q 0 0 0 rg BT 320.88 502.35 Td (without ) Tj ET Q q 0 0 0 rg BT 355.43 502.35 Td (�cause�, ) Tj ET Q q 0 0 0 rg BT 393.17 502.35 Td (then, ) Tj ET Q q 0 0 0 rg BT 416.34 502.35 Td (as ) Tj ET Q q 0 0 0 rg BT 427.56 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 438.77 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 454.07 502.35 Td (date ) Tj ET Q q 0 0 0 rg BT 474.03 502.35 Td (of ) Tj ET Q q 0 0 0 rg BT 485.25 502.35 Td (such ) Tj ET Q q 0 0 0 rg BT 506.96 502.35 Td (termination, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (his ) Tj ET Q q 0 0 0 rg BT 64.98 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 76.94 489.75 Td (her ) Tj ET Q q 0 0 0 rg BT 93.57 489.75 Td (unvested ) Tj ET Q q 0 0 0 rg BT 134.12 489.75 Td (award ) Tj ET Q q 0 0 0 rg BT 162.99 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 182.55 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 195.68 489.75 Td (100% ) Tj ET Q q 0 0 0 rg BT 223.40 489.75 Td (vested ) Tj ET Q q 0 0 0 rg BT 253.44 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.82 489.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 293.70 489.75 Td (represented ) Tj ET Q q 0 0 0 rg BT 345.31 489.75 Td (by ) Tj ET Q q 0 0 0 rg BT 359.04 489.75 Td (such ) Tj ET Q q 0 0 0 rg BT 381.50 489.75 Td (units ) Tj ET Q q 0 0 0 rg BT 405.15 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 424.70 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 437.83 489.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 459.13 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 470.52 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 486.57 489.75 Td (named ) Tj ET Q q 0 0 0 rg BT 517.78 489.75 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 477.15 Td (ficer) Tj ET Q q 0 0 0 rg BT 76.87 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 82.03 477.15 Td (calculated ) Tj ET Q q 0 0 0 rg BT 127.13 477.15 Td (as ) Tj ET Q q 0 0 0 rg BT 138.41 477.15 Td (described ) Tj ET Q q 0 0 0 rg BT 181.18 477.15 Td (above; ) Tj ET Q q 0 0 0 rg BT 211.71 477.15 Td (provided, ) Tj ET Q q 0 0 0 rg BT 254.20 477.15 Td (however) Tj ET Q q 0 0 0 rg BT 289.93 477.15 Td (, ) Tj ET Q q 0 0 0 rg BT 295.09 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 313.37 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 324.08 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 339.44 477.15 Td (event ) Tj ET Q q 0 0 0 rg BT 364.72 477.15 Td (that ) Tj ET Q q 0 0 0 rg BT 383.01 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 398.37 477.15 Td (named ) Tj ET Q q 0 0 0 rg BT 428.90 477.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 471.66 477.15 Td (of) Tj ET Q q 0 0 0 rg BT 480.22 477.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 501.99 477.15 Td (fails ) Tj ET Q q 0 0 0 rg BT 522.61 477.15 Td (to ) Tj ET Q q 0 0 0 rg BT 533.31 477.15 Td (sign ) Tj ET Q q 0 0 0 rg BT 553.36 477.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (general ) Tj ET Q q 0 0 0 rg BT 83.03 464.55 Td (release ) Tj ET Q q 0 0 0 rg BT 114.81 464.55 Td (of ) Tj ET Q q 0 0 0 rg BT 126.20 464.55 Td (claims ) Tj ET Q q 0 0 0 rg BT 156.25 464.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 196.21 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 209.35 464.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 233.56 464.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 267.41 464.55 Td (or ) Tj ET Q q 0 0 0 rg BT 278.79 464.55 Td (signs ) Tj ET Q q 0 0 0 rg BT 303.02 464.55 Td (and ) Tj ET Q q 0 0 0 rg BT 320.82 464.55 Td (revokes ) Tj ET Q q 0 0 0 rg BT 356.11 464.55 Td (such ) Tj ET Q q 0 0 0 rg BT 377.99 464.55 Td (release ) Tj ET Q q 0 0 0 rg BT 409.77 464.55 Td (within ) Tj ET Q q 0 0 0 rg BT 439.25 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 454.71 464.55 Td (time ) Tj ET Q q 0 0 0 rg BT 476.01 464.55 Td (permitted ) Tj ET Q q 0 0 0 rg BT 518.89 464.55 Td (by ) Tj ET Q q 0 0 0 rg BT 532.03 464.55 Td (law ) Tj ET Q q 0 0 0 rg BT 549.83 464.55 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (revoke ) Tj ET Q q 0 0 0 rg BT 79.59 451.95 Td (such ) Tj ET Q q 0 0 0 rg BT 100.36 451.95 Td (release, ) Tj ET Q q 0 0 0 rg BT 133.65 451.95 Td (then ) Tj ET Q q 0 0 0 rg BT 153.25 451.95 Td (any ) Tj ET Q q 0 0 0 rg BT 169.93 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 190.11 451.95 Td (received ) Tj ET Q q 0 0 0 rg BT 227.19 451.95 Td (in ) Tj ET Q q 0 0 0 rg BT 236.88 451.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 284.46 451.95 Td (with ) Tj ET Q q 0 0 0 rg BT 304.65 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 319.00 451.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 355.50 451.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 375.68 451.95 Td (units ) Tj ET Q q 0 0 0 rg BT 397.62 451.95 Td (that ) Tj ET Q q 0 0 0 rg BT 414.89 451.95 Td (became ) Tj ET Q q 0 0 0 rg BT 448.47 451.95 Td (vested ) Tj ET Q q 0 0 0 rg BT 476.81 451.95 Td (on ) Tj ET Q q 0 0 0 rg BT 488.83 451.95 Td (such ) Tj ET Q q 0 0 0 rg BT 509.60 451.95 Td (termination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (must ) Tj ET Q q 0 0 0 rg BT 73.70 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 87.38 439.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 109.23 439.35 Td (back ) Tj ET Q q 0 0 0 rg BT 132.83 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 144.77 439.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 170.12 439.35 Td (Mason. ) Tj ET Q q 0 0 0 rg BT 205.11 439.35 Td (Upon ) Tj ET Q q 0 0 0 rg BT 232.21 439.35 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 268.95 439.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 307.69 439.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 330.13 439.35 Td (units ) Tj ET Q q 0 0 0 rg BT 354.32 439.35 Td (cease ) Tj ET Q q 0 0 0 rg BT 380.83 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 392.77 439.35 Td (be ) Tj ET Q q 0 0 0 rg BT 406.45 439.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 439.97 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 451.91 439.35 Td (forfeiture. ) Tj ET Q q 0 0 0 rg BT 497.96 439.35 Td (Subject ) Tj ET Q q 0 0 0 rg BT 533.23 439.35 Td (to ) Tj ET Q q 0 0 0 rg BT 545.17 439.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 426.75 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 96.83 426.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 139.50 426.75 Td (herein, ) Tj ET Q q 0 0 0 rg BT 170.78 426.75 Td (in ) Tj ET Q q 0 0 0 rg BT 181.37 426.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.62 426.75 Td (event ) Tj ET Q q 0 0 0 rg BT 221.78 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 228.86 426.75 Td (named ) Tj ET Q q 0 0 0 rg BT 259.27 426.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 301.92 426.75 Td (of) Tj ET Q q 0 0 0 rg BT 310.48 426.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 332.14 426.75 Td (has ) Tj ET Q q 0 0 0 rg BT 348.56 426.75 Td (a ) Tj ET Q q 0 0 0 rg BT 355.64 426.75 Td (separation ) Tj ET Q q 0 0 0 rg BT 401.21 426.75 Td (from ) Tj ET Q q 0 0 0 rg BT 424.04 426.75 Td (service ) Tj ET Q q 0 0 0 rg BT 456.20 426.75 Td (for ) Tj ET Q q 0 0 0 rg BT 470.86 426.75 Td (any ) Tj ET Q q 0 0 0 rg BT 488.45 426.75 Td (reason ) Tj ET Q q 0 0 0 rg BT 518.27 426.75 Td (before ) Tj ET Q q 0 0 0 rg BT 547.51 426.75 Td (all ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 61.05 414.15 Td (his ) Tj ET Q q 0 0 0 rg BT 76.10 414.15 Td (or ) Tj ET Q q 0 0 0 rg BT 87.65 414.15 Td (her ) Tj ET Q q 0 0 0 rg BT 103.86 414.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 141.63 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 163.09 414.15 Td (units ) Tj ET Q q 0 0 0 rg BT 186.31 414.15 Td (have ) Tj ET Q q 0 0 0 rg BT 208.93 414.15 Td (vested, ) Tj ET Q q 0 0 0 rg BT 241.18 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 256.81 414.15 Td (unvested ) Tj ET Q q 0 0 0 rg BT 296.94 414.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 334.71 414.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 356.17 414.15 Td (units ) Tj ET Q q 0 0 0 rg BT 379.39 414.15 Td (will ) Tj ET Q q 0 0 0 rg BT 398.53 414.15 Td (automatically ) Tj ET Q q 0 0 0 rg BT 458.48 414.15 Td (be ) Tj ET Q q 0 0 0 rg BT 471.19 414.15 Td (forfeited. ) Tj ET Q q 0 0 0 rg BT 512.76 414.15 Td (If ) Tj ET Q q 0 0 0 rg BT 522.55 414.15 Td (a ) Tj ET Q q 0 0 0 rg BT 530.01 414.15 Td (named ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 91.50 401.55 Td (of) Tj ET Q q 0 0 0 rg BT 100.06 401.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 121.07 401.55 Td (retires ) Tj ET Q q 0 0 0 rg BT 149.08 401.55 Td (from ) Tj ET Q q 0 0 0 rg BT 171.26 401.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 194.61 401.55 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 227.60 401.55 Td (his ) Tj ET Q q 0 0 0 rg BT 241.63 401.55 Td (or ) Tj ET Q q 0 0 0 rg BT 252.15 401.55 Td (her ) Tj ET Q q 0 0 0 rg BT 267.33 401.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 304.08 401.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 324.51 401.55 Td (units ) Tj ET Q q 0 0 0 rg BT 346.71 401.55 Td (will ) Tj ET Q q 0 0 0 rg BT 364.82 401.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 402.75 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 412.69 401.55 Td (vest ) Tj ET Q q 0 0 0 rg BT 431.38 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 441.33 401.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 490.31 401.55 Td (with ) Tj ET Q q 0 0 0 rg BT 510.76 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 525.36 401.55 Td (original ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 81.94 388.95 Td (schedule ) Tj ET Q q 0 0 0 rg BT 120.78 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 131.63 388.95 Td (long ) Tj ET Q q 0 0 0 rg BT 152.41 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 163.26 388.95 Td (he ) Tj ET Q q 0 0 0 rg BT 175.28 388.95 Td (or ) Tj ET Q q 0 0 0 rg BT 186.13 388.95 Td (she ) Tj ET Q q 0 0 0 rg BT 202.23 388.95 Td (continues ) Tj ET Q q 0 0 0 rg BT 244.58 388.95 Td (to ) Tj ET Q q 0 0 0 rg BT 254.85 388.95 Td (meet ) Tj ET Q q 0 0 0 rg BT 277.37 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 292.30 388.95 Td (definition ) Tj ET Q q 0 0 0 rg BT 335.23 388.95 Td (of ) Tj ET Q q 0 0 0 rg BT 346.09 388.95 Td (retirement. ) Tj ET Q q 0 0 0 rg BT 393.96 388.95 Td (If ) Tj ET Q q 0 0 0 rg BT 403.06 388.95 Td (a ) Tj ET Q q 0 0 0 rg BT 409.83 388.95 Td (retired ) Tj ET Q q 0 0 0 rg BT 439.33 388.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 481.67 388.95 Td (of) Tj ET Q q 0 0 0 rg BT 490.22 388.95 Td (ficer ) Tj ET Q q 0 0 0 rg BT 511.56 388.95 Td (dies ) Tj ET Q q 0 0 0 rg BT 530.58 388.95 Td (during ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.26 376.35 Td (period ) Tj ET Q q 0 0 0 rg BT 95.01 376.35 Td (that ) Tj ET Q q 0 0 0 rg BT 113.69 376.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 146.36 376.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 185.44 376.35 Td (to ) Tj ET Q q 0 0 0 rg BT 196.54 376.35 Td (vest, ) Tj ET Q q 0 0 0 rg BT 219.01 376.35 Td (his ) Tj ET Q q 0 0 0 rg BT 234.19 376.35 Td (or ) Tj ET Q q 0 0 0 rg BT 245.87 376.35 Td (her ) Tj ET Q q 0 0 0 rg BT 262.21 376.35 Td (awards ) Tj ET Q q 0 0 0 rg BT 294.88 376.35 Td (become ) Tj ET Q q 0 0 0 rg BT 330.46 376.35 Td (vested ) Tj ET Q q 0 0 0 rg BT 360.21 376.35 Td (on ) Tj ET Q q 0 0 0 rg BT 373.64 376.35 Td (the ) Tj ET Q q 0 0 0 rg BT 389.40 376.35 Td (date ) Tj ET Q q 0 0 0 rg BT 409.82 376.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 434.32 376.35 Td (Mason ) Tj ET Q q 0 0 0 rg BT 465.84 376.35 Td (becomes ) Tj ET Q q 0 0 0 rg BT 505.50 376.35 Td (aware ) Tj ET Q q 0 0 0 rg BT 533.49 376.35 Td (of ) Tj ET Q q 0 0 0 rg BT 545.17 376.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.75 Td (death. ) Tj ET Q q 0 0 0 rg BT 77.63 363.75 Td (In ) Tj ET Q q 0 0 0 rg BT 89.14 363.75 Td (order ) Tj ET Q q 0 0 0 rg BT 114.07 363.75 Td (to ) Tj ET Q q 0 0 0 rg BT 125.00 363.75 Td (retire ) Tj ET Q q 0 0 0 rg BT 149.92 363.75 Td (for ) Tj ET Q q 0 0 0 rg BT 164.93 363.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 205.02 363.75 Td (of ) Tj ET Q q 0 0 0 rg BT 216.54 363.75 Td (our ) Tj ET Q q 0 0 0 rg BT 233.30 363.75 Td (deferred ) Tj ET Q q 0 0 0 rg BT 271.04 363.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 292.46 363.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 311.57 363.75 Td (grants, ) Tj ET Q q 0 0 0 rg BT 342.62 363.75 Td (a ) Tj ET Q q 0 0 0 rg BT 350.05 363.75 Td (named ) Tj ET Q q 0 0 0 rg BT 380.80 363.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 423.80 363.75 Td (of) Tj ET Q q 0 0 0 rg BT 432.36 363.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 454.35 363.75 Td (must ) Tj ET Q q 0 0 0 rg BT 477.54 363.75 Td (be ) Tj ET Q q 0 0 0 rg BT 490.22 363.75 Td (at ) Tj ET Q q 0 0 0 rg BT 500.57 363.75 Td (least ) Tj ET Q q 0 0 0 rg BT 522.58 363.75 Td (62 ) Tj ET Q q 0 0 0 rg BT 535.84 363.75 Td (years ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (old ) Tj ET Q q 0 0 0 rg BT 65.64 351.15 Td (and ) Tj ET Q q 0 0 0 rg BT 83.53 351.15 Td (may ) Tj ET Q q 0 0 0 rg BT 104.33 351.15 Td (not ) Tj ET Q q 0 0 0 rg BT 120.47 351.15 Td (represent, ) Tj ET Q q 0 0 0 rg BT 164.30 351.15 Td (in ) Tj ET Q q 0 0 0 rg BT 175.20 351.15 Td (any ) Tj ET Q q 0 0 0 rg BT 193.08 351.15 Td (capacity ) Tj ET Q q 0 0 0 rg BT 230.78 351.15 Td (other ) Tj ET Q q 0 0 0 rg BT 255.08 351.15 Td (than ) Tj ET Q q 0 0 0 rg BT 275.89 351.15 Td (as ) Tj ET Q q 0 0 0 rg BT 287.36 351.15 Td (an ) Tj ET Q q 0 0 0 rg BT 300.00 351.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 354.04 351.15 Td (director) Tj ET Q q 0 0 0 rg BT 386.27 351.15 Td (, ) Tj ET Q q 0 0 0 rg BT 391.62 351.15 Td (any ) Tj ET Q q 0 0 0 rg BT 409.50 351.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.96 351.15 Td (services ) Tj ET Q q 0 0 0 rg BT 485.50 351.15 Td (company ) Tj ET Q q 0 0 0 rg BT 526.72 351.15 Td (that ) Tj ET Q q 0 0 0 rg BT 545.19 351.15 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Committee ) Tj ET Q q 0 0 0 rg BT 98.79 338.55 Td (deems ) Tj ET Q q 0 0 0 rg BT 128.24 338.55 Td (a ) Tj ET Q q 0 0 0 rg BT 135.52 338.55 Td (competitor ) Tj ET Q q 0 0 0 rg BT 183.64 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 195.01 338.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 219.21 338.55 Td (Mason.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.35 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.36 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 93.81 313.35 Td (terms ) Tj ET Q q 0 0 0 rg BT 119.76 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 131.13 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.58 313.35 Td (award ) Tj ET Q q 0 0 0 rg BT 174.85 313.35 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 227.91 313.35 Td (deferred ) Tj ET Q q 0 0 0 rg BT 265.50 313.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 286.78 313.35 Td (units ) Tj ET Q q 0 0 0 rg BT 309.82 313.35 Td (vest ) Tj ET Q q 0 0 0 rg BT 329.36 313.35 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.98 313.35 Td (a ) Tj ET Q q 0 0 0 rg BT 360.26 313.35 Td (�change ) Tj ET Q q 0 0 0 rg BT 397.27 313.35 Td (of ) Tj ET Q q 0 0 0 rg BT 408.64 313.35 Td (control� ) Tj ET Q q 0 0 0 rg BT 445.66 313.35 Td (other ) Tj ET Q q 0 0 0 rg BT 469.86 313.35 Td (than ) Tj ET Q q 0 0 0 rg BT 490.56 313.35 Td (the ) Tj ET Q q 0 0 0 rg BT 506.01 313.35 Td (Mer) Tj ET Q q 0 0 0 rg BT 523.31 313.35 Td (ger ) Tj ET Q q 0 0 0 rg BT 539.34 313.35 Td (only ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (if, ) Tj ET Q q 0 0 0 rg BT 61.00 300.75 Td (within ) Tj ET Q q 0 0 0 rg BT 90.29 300.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 103.25 300.75 Td (months ) Tj ET Q q 0 0 0 rg BT 136.63 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.83 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.12 300.75 Td (change ) Tj ET Q q 0 0 0 rg BT 195.31 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.52 300.75 Td (control, ) Tj ET Q q 0 0 0 rg BT 241.34 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.63 300.75 Td (named ) Tj ET Q q 0 0 0 rg BT 287.08 300.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 329.76 300.75 Td (of) Tj ET Q q 0 0 0 rg BT 338.32 300.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 360.01 300.75 Td (is ) Tj ET Q q 0 0 0 rg BT 369.47 300.75 Td (terminated ) Tj ET Q q 0 0 0 rg BT 416.83 300.75 Td (without ) Tj ET Q q 0 0 0 rg BT 451.37 300.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 477.15 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 488.36 300.75 Td (terminates ) Tj ET Q q 0 0 0 rg BT 534.55 300.75 Td (his ) Tj ET Q q 0 0 0 rg BT 549.26 300.75 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (her ) Tj ET Q q 0 0 0 rg BT 66.07 288.15 Td (employment ) Tj ET Q q 0 0 0 rg BT 121.72 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 137.12 288.15 Td (good ) Tj ET Q q 0 0 0 rg BT 161.28 288.15 Td (reason. ) Tj ET Q q 0 0 0 rg BT 194.47 288.15 Td (See ) Tj ET Q q 0 0 0 rg BT 212.79 288.15 Td (�Stock ) Tj ET Q q 0 0 0 rg BT 244.53 288.15 Td (Options� ) Tj ET Q q 0 0 0 rg BT 285.60 288.15 Td (above ) Tj ET Q q 0 0 0 rg BT 313.83 288.15 Td (for ) Tj ET Q q 0 0 0 rg BT 329.24 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 345.22 288.15 Td (definitions ) Tj ET Q q 0 0 0 rg BT 393.30 288.15 Td (of ) Tj ET Q q 0 0 0 rg BT 405.20 288.15 Td (�cause� ) Tj ET Q q 0 0 0 rg BT 441.00 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 459.32 288.15 Td (�good ) Tj ET Q q 0 0 0 rg BT 488.14 288.15 Td (reason� ) Tj ET Q q 0 0 0 rg BT 523.37 288.15 Td (used ) Tj ET Q q 0 0 0 rg BT 545.78 288.15 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (these ) Tj ET Q q 0 0 0 rg BT 74.08 275.55 Td (awards. ) Tj ET Q q 0 0 0 rg BT 108.79 275.55 Td (A) Tj ET Q q 0 0 0 rg BT 115.79 275.55 Td ( ) Tj ET Q q 0 0 0 rg BT 118.80 275.55 Td (�change ) Tj ET Q q 0 0 0 rg BT 156.20 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 167.96 275.55 Td (control� ) Tj ET Q q 0 0 0 rg BT 205.37 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 217.12 275.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 241.71 275.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 273.30 275.55 Td (does ) Tj ET Q q 0 0 0 rg BT 295.55 275.55 Td (not ) Tj ET Q q 0 0 0 rg BT 311.98 275.55 Td (include ) Tj ET Q q 0 0 0 rg BT 345.89 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 361.73 275.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 379.04 275.55 Td (ger) Tj ET Q q 0 0 0 rg BT 392.02 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 397.66 275.55 Td (but ) Tj ET Q q 0 0 0 rg BT 414.08 275.55 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 457.91 275.55 Td (will ) Tj ET Q q 0 0 0 rg BT 477.26 275.55 Td (occur ) Tj ET Q q 0 0 0 rg BT 503.58 275.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 527.59 275.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 542.84 275.55 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (person ) Tj ET Q q 0 0 0 rg BT 80.79 262.95 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 126.35 262.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 161.72 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 173.75 262.95 Td (indirectly) Tj ET Q q 0 0 0 rg BT 213.31 262.95 Td (, ) Tj ET Q q 0 0 0 rg BT 219.23 262.95 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 263.91 262.95 Td (ownership ) Tj ET Q q 0 0 0 rg BT 310.95 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 322.98 262.95 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.93 262.95 Td (representing ) Tj ET Q q 0 0 0 rg BT 421.12 262.95 Td (50.1% ) Tj ET Q q 0 0 0 rg BT 451.53 262.95 Td (or ) Tj ET Q q 0 0 0 rg BT 463.57 262.95 Td (more ) Tj ET Q q 0 0 0 rg BT 488.43 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 500.47 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 516.59 262.95 Td (combined ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 78.59 250.35 Td (power ) Tj ET Q q 0 0 0 rg BT 107.09 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 118.09 250.35 Td (our ) Tj ET Q q 0 0 0 rg BT 134.35 250.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 185.60 250.35 Td (stock; ) Tj ET Q q 0 0 0 rg BT 212.94 250.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 227.44 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 242.53 250.35 Td (closing ) Tj ET Q q 0 0 0 rg BT 275.12 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 286.12 250.35 Td (any ) Tj ET Q q 0 0 0 rg BT 303.54 250.35 Td (mer) Tj ET Q q 0 0 0 rg BT 319.68 250.35 Td (ger) Tj ET Q q 0 0 0 rg BT 332.66 250.35 Td (, ) Tj ET Q q 0 0 0 rg BT 337.55 250.35 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 396.38 250.35 Td (or ) Tj ET Q q 0 0 0 rg BT 407.38 250.35 Td (other ) Tj ET Q q 0 0 0 rg BT 431.22 250.35 Td (reor) Tj ET Q q 0 0 0 rg BT 447.93 250.35 Td (ganization ) Tj ET Q q 0 0 0 rg BT 493.92 250.35 Td (involving ) Tj ET Q q 0 0 0 rg BT 536.43 250.35 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 79.85 237.75 Td (whereby ) Tj ET Q q 0 0 0 rg BT 117.76 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.36 237.75 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 187.20 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.71 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 221.05 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 251.40 237.75 Td (immediately ) Tj ET Q q 0 0 0 rg BT 305.65 237.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 327.83 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 337.76 237.75 Td (such ) Tj ET Q q 0 0 0 rg BT 358.77 237.75 Td (reor) Tj ET Q q 0 0 0 rg BT 375.49 237.75 Td (ganization ) Tj ET Q q 0 0 0 rg BT 420.99 237.75 Td (do ) Tj ET Q q 0 0 0 rg BT 433.25 237.75 Td (not ) Tj ET Q q 0 0 0 rg BT 448.43 237.75 Td (hold, ) Tj ET Q q 0 0 0 rg BT 471.49 237.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 505.33 237.75 Td (or ) Tj ET Q q 0 0 0 rg BT 515.84 237.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 555.39 237.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (more ) Tj ET Q q 0 0 0 rg BT 73.44 225.15 Td (than ) Tj ET Q q 0 0 0 rg BT 93.88 225.15 Td (50% ) Tj ET Q q 0 0 0 rg BT 115.49 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 126.60 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 141.79 225.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 185.55 225.15 Td (voting ) Tj ET Q q 0 0 0 rg BT 214.75 225.15 Td (power ) Tj ET Q q 0 0 0 rg BT 243.35 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 254.46 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 269.65 225.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 321.02 225.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.54 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 356.65 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 371.84 225.15 Td (successor ) Tj ET Q q 0 0 0 rg BT 414.44 225.15 Td (entity ) Tj ET Q q 0 0 0 rg BT 440.72 225.15 Td (immediately ) Tj ET Q q 0 0 0 rg BT 495.57 225.15 Td (following ) Tj ET Q q 0 0 0 rg BT 538.76 225.15 Td (such ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 101.15 212.55 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 116.06 212.55 Td (the ) Tj ET Q q 0 0 0 rg BT 131.55 212.55 Td (closing ) Tj ET Q q 0 0 0 rg BT 164.55 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 175.96 212.55 Td (any ) Tj ET Q q 0 0 0 rg BT 193.78 212.55 Td (transaction ) Tj ET Q q 0 0 0 rg BT 242.51 212.55 Td (involving ) Tj ET Q q 0 0 0 rg BT 285.43 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 292.76 212.55 Td (sale ) Tj ET Q q 0 0 0 rg BT 311.75 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 323.16 212.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 350.32 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 361.73 212.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 385.97 212.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 417.22 212.55 Td (that ) Tj ET Q q 0 0 0 rg BT 435.63 212.55 Td (have ) Tj ET Q q 0 0 0 rg BT 458.11 212.55 Td (a ) Tj ET Q q 0 0 0 rg BT 465.44 212.55 Td (total ) Tj ET Q q 0 0 0 rg BT 486.77 212.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 511.60 212.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 528.84 212.55 Td (market ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 74.74 199.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 99.98 199.95 Td (to ) Tj ET Q q 0 0 0 rg BT 110.65 199.95 Td (or ) Tj ET Q q 0 0 0 rg BT 121.90 199.95 Td (more ) Tj ET Q q 0 0 0 rg BT 145.98 199.95 Td (than ) Tj ET Q q 0 0 0 rg BT 166.56 199.95 Td (90% ) Tj ET Q q 0 0 0 rg BT 188.30 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 199.55 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 214.88 199.95 Td (total ) Tj ET Q q 0 0 0 rg BT 236.05 199.95 Td (gross ) Tj ET Q q 0 0 0 rg BT 260.72 199.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.79 199.95 Td (market ) Tj ET Q q 0 0 0 rg BT 309.45 199.95 Td (value ) Tj ET Q q 0 0 0 rg BT 334.69 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 345.94 199.95 Td (all ) Tj ET Q q 0 0 0 rg BT 358.93 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 370.18 199.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 394.26 199.95 Td (Mason�) Tj ET Q q 0 0 0 rg BT 425.76 199.95 Td (s ) Tj ET Q q 0 0 0 rg BT 432.35 199.95 Td (assets; ) Tj ET Q q 0 0 0 rg BT 462.27 199.95 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 477.01 199.95 Td (the ) Tj ET Q q 0 0 0 rg BT 492.34 199.95 Td (adoption ) Tj ET Q q 0 0 0 rg BT 531.59 199.95 Td (of ) Tj ET Q q 0 0 0 rg BT 542.84 199.95 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 70.15 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 81.47 187.35 Td (proposal ) Tj ET Q q 0 0 0 rg BT 120.21 187.35 Td (for ) Tj ET Q q 0 0 0 rg BT 135.02 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 150.43 187.35 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 198.50 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 209.82 187.35 Td (dissolution ) Tj ET Q q 0 0 0 rg BT 258.48 187.35 Td (of ) Tj ET Q q 0 0 0 rg BT 269.80 187.35 Td (Legg ) Tj ET Q q 0 0 0 rg BT 293.95 187.35 Td (Mason; ) Tj ET Q q 0 0 0 rg BT 328.03 187.35 Td (or ) Tj ET Q q 0 0 0 rg BT 339.35 187.35 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 354.17 187.35 Td (within ) Tj ET Q q 0 0 0 rg BT 383.57 187.35 Td (any ) Tj ET Q q 0 0 0 rg BT 401.31 187.35 Td (12-month ) Tj ET Q q 0 0 0 rg BT 444.71 187.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 476.74 187.35 Td (individuals ) Tj ET Q q 0 0 0 rg BT 525.98 187.35 Td (who, ) Tj ET Q q 0 0 0 rg BT 549.26 187.35 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.67 174.75 Td (May ) Tj ET Q q 0 0 0 rg BT 82.34 174.75 Td (15 ) Tj ET Q q 0 0 0 rg BT 95.26 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.43 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 121.68 174.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 145.68 174.75 Td (year) Tj ET Q q 0 0 0 rg BT 163.32 174.75 Td (, ) Tj ET Q q 0 0 0 rg BT 168.37 174.75 Td (constitute ) Tj ET Q q 0 0 0 rg BT 211.62 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.87 174.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 254.96 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 266.12 174.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 307.62 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 318.78 174.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 342.78 174.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 373.79 174.75 Td (or ) Tj ET Q q 0 0 0 rg BT 384.96 174.75 Td (who ) Tj ET Q q 0 0 0 rg BT 405.46 174.75 Td (are ) Tj ET Q q 0 0 0 rg BT 420.70 174.75 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 463.34 174.75 Td (nominated ) Tj ET Q q 0 0 0 rg BT 510.09 174.75 Td (as ) Tj ET Q q 0 0 0 rg BT 521.26 174.75 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (by ) Tj ET Q q 0 0 0 rg BT 62.35 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 69.35 162.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 107.27 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 118.37 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 133.54 162.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 161.55 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 172.64 162.15 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.05 162.15 Td (cease ) Tj ET Q q 0 0 0 rg BT 239.13 162.15 Td (for ) Tj ET Q q 0 0 0 rg BT 253.72 162.15 Td (any ) Tj ET Q q 0 0 0 rg BT 271.22 162.15 Td (reason ) Tj ET Q q 0 0 0 rg BT 300.97 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 311.49 162.15 Td (constitute ) Tj ET Q q 0 0 0 rg BT 354.66 162.15 Td (at ) Tj ET Q q 0 0 0 rg BT 364.58 162.15 Td (least ) Tj ET Q q 0 0 0 rg BT 386.17 162.15 Td (a ) Tj ET Q q 0 0 0 rg BT 393.18 162.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 431.10 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 442.19 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 457.37 162.15 Td (Board. ) Tj ET Q q 0 0 0 rg BT 488.00 162.15 Td (Notwithstanding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (anything ) Tj ET Q q 0 0 0 rg BT 87.99 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 97.89 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 112.46 149.55 Td (contrary) Tj ET Q q 0 0 0 rg BT 146.76 149.55 Td (, ) Tj ET Q q 0 0 0 rg BT 151.13 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 161.04 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 175.61 149.55 Td (extent ) Tj ET Q q 0 0 0 rg BT 203.00 149.55 Td (that ) Tj ET Q q 0 0 0 rg BT 220.49 149.55 Td (Section ) Tj ET Q q 0 0 0 rg BT 253.73 149.55 Td (409A) Tj ET Q q 0 0 0 rg BT 276.48 149.55 Td ( ) Tj ET Q q 0 0 0 rg BT 278.22 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 288.71 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 303.28 149.55 Td (Code, ) Tj ET Q q 0 0 0 rg BT 329.81 149.55 Td (applies ) Tj ET Q q 0 0 0 rg BT 361.29 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 371.20 149.55 Td (an ) Tj ET Q q 0 0 0 rg BT 382.85 149.55 Td (award ) Tj ET Q q 0 0 0 rg BT 410.24 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 420.73 149.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 457.44 149.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 477.84 149.55 Td (units, ) Tj ET Q q 0 0 0 rg BT 502.63 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 517.20 149.55 Td (definition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 62.08 136.95 Td (�change ) Tj ET Q q 0 0 0 rg BT 100.31 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 112.31 136.95 Td (control� ) Tj ET Q q 0 0 0 rg BT 150.55 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 162.55 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 179.21 136.95 Td (award ) Tj ET Q q 0 0 0 rg BT 208.70 136.95 Td (agreement ) Tj ET Q q 0 0 0 rg BT 256.26 136.95 Td (shall ) Tj ET Q q 0 0 0 rg BT 279.93 136.95 Td (control ) Tj ET Q q 0 0 0 rg BT 313.50 136.95 Td (for ) Tj ET Q q 0 0 0 rg BT 329.58 136.95 Td (purposes ) Tj ET Q q 0 0 0 rg BT 370.75 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 383.33 136.95 Td (vesting ) Tj ET Q q 0 0 0 rg BT 417.50 136.95 Td (an ) Tj ET Q q 0 0 0 rg BT 431.24 136.95 Td (award, ) Tj ET Q q 0 0 0 rg BT 463.35 136.95 Td (but ) Tj ET Q q 0 0 0 rg BT 480.60 136.95 Td (shall ) Tj ET Q q 0 0 0 rg BT 504.27 136.95 Td (not ) Tj ET Q q 0 0 0 rg BT 521.52 136.95 Td (trigger ) Tj ET Q q 0 0 0 rg BT 553.35 136.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.35 Td (distribution ) Tj ET Q q 0 0 0 rg BT 101.01 124.35 Td (unless ) Tj ET Q q 0 0 0 rg BT 130.34 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 146.25 124.35 Td (event ) Tj ET Q q 0 0 0 rg BT 172.08 124.35 Td (also ) Tj ET Q q 0 0 0 rg BT 192.08 124.35 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 240.08 124.35 Td (a ) Tj ET Q q 0 0 0 rg BT 247.82 124.35 Td (change ) Tj ET Q q 0 0 0 rg BT 280.64 124.35 Td (in ) Tj ET Q q 0 0 0 rg BT 291.89 124.35 Td (control ) Tj ET Q q 0 0 0 rg BT 324.72 124.35 Td (within ) Tj ET Q q 0 0 0 rg BT 354.64 124.35 Td (the ) Tj ET Q q 0 0 0 rg BT 370.55 124.35 Td (meaning ) Tj ET Q q 0 0 0 rg BT 409.79 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.63 124.35 Td (Section ) Tj ET Q q 0 0 0 rg BT 456.21 124.35 Td (409A\(a\)\(2\)\(A\)\(v\) ) Tj ET Q q 0 0 0 rg BT 533.34 124.35 Td (of ) Tj ET Q q 0 0 0 rg BT 545.17 124.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.75 Td (Code.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 86.55 Td (Severance ) Tj ET Q q 0 0 0 rg BT 97.03 86.55 Td (Arrangements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.95 Td (During ) Tj ET Q q 0 0 0 rg BT 80.91 73.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 105.30 73.95 Td (year ) Tj ET Q q 0 0 0 rg BT 125.03 73.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 147.69 73.95 Td (our ) Tj ET Q q 0 0 0 rg BT 163.34 73.95 Td (Board ) Tj ET Q q 0 0 0 rg BT 190.66 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 201.07 73.95 Td (Directors ) Tj ET Q q 0 0 0 rg BT 241.80 73.95 Td (authorized ) Tj ET Q q 0 0 0 rg BT 287.77 73.95 Td (a ) Tj ET Q q 0 0 0 rg BT 294.09 73.95 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 349.40 73.95 Td (of ) Tj ET Q q 0 0 0 rg BT 359.80 73.95 Td (the ) Tj ET Q q 0 0 0 rg BT 374.29 73.95 Td (executive ) Tj ET Q q 0 0 0 rg BT 416.17 73.95 Td (team ) Tj ET Q q 0 0 0 rg BT 438.24 73.95 Td (in ) Tj ET Q q 0 0 0 rg BT 448.07 73.95 Td (connection ) Tj ET Q q 0 0 0 rg BT 495.79 73.95 Td (with ) Tj ET Q q 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(incentive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.25 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 103.08 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 118.50 565.35 Td (months ) Tj ET Q q 0 0 0 rg BT 152.02 565.35 Td (worked ) Tj ET Q q 0 0 0 rg BT 186.10 565.35 Td (in ) Tj ET Q q 0 0 0 rg BT 196.86 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 212.28 565.35 Td (year ) Tj ET Q q 0 0 0 rg BT 232.94 565.35 Td (of ) Tj ET Q q 0 0 0 rg BT 244.28 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 259.70 565.35 Td (executive�) Tj ET Q q 0 0 0 rg BT 302.84 565.35 Td (s ) Tj ET Q q 0 0 0 rg BT 309.52 565.35 Td (separation ) Tj ET Q q 0 0 0 rg BT 355.26 565.35 Td (\(9 ) Tj ET Q q 0 0 0 rg BT 366.60 565.35 Td (months, ) Tj ET Q q 0 0 0 rg BT 402.74 565.35 Td (for ) Tj ET Q q 0 0 0 rg BT 417.57 565.35 Td (departing ) Tj ET Q q 0 0 0 rg BT 459.82 565.35 Td (employees\), ) Tj ET Q q 0 0 0 rg BT 513.43 565.35 Td (which ) Tj ET Q q 0 0 0 rg BT 541.69 565.35 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (based ) Tj ET Q q 0 0 0 rg BT 76.70 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 90.50 552.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 118.86 552.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 160.64 552.75 Td (payments ) Tj ET Q q 0 0 0 rg BT 204.18 552.75 Td (received ) Tj ET Q q 0 0 0 rg BT 243.03 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 258.57 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.69 552.75 Td (most ) Tj ET Q q 0 0 0 rg BT 298.41 552.75 Td (recently ) Tj ET Q q 0 0 0 rg BT 335.52 552.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 382.55 552.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 408.58 552.75 Td (year; ) Tj ET Q q 0 0 0 rg BT 432.86 552.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 448.40 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 464.53 552.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 509.23 552.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 542.85 552.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 540.15 Td (expiration ) Tj ET Q q 0 0 0 rg BT 95.06 540.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 110.29 540.15 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 159.92 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 171.65 540.15 Td (all ) Tj ET Q q 0 0 0 rg BT 185.14 540.15 Td (of ) Tj ET Q q 0 0 0 rg BT 196.87 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 212.69 540.15 Td (executive�) Tj ET Q q 0 0 0 rg BT 255.83 540.15 Td (s ) Tj ET Q q 0 0 0 rg BT 262.91 540.15 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 314.89 540.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 340.05 540.15 Td (options ) Tj ET Q q 0 0 0 rg BT 373.96 540.15 Td (as ) Tj ET Q q 0 0 0 rg BT 385.69 540.15 Td (if ) Tj ET Q q 0 0 0 rg BT 395.09 540.15 Td (the ) Tj ET Q q 0 0 0 rg BT 410.91 540.15 Td (executive�) Tj ET Q q 0 0 0 rg BT 454.05 540.15 Td (s ) Tj ET Q q 0 0 0 rg BT 461.13 540.15 Td (employment ) Tj ET Q q 0 0 0 rg BT 516.61 540.15 Td (continued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (through ) Tj ET Q q 0 0 0 rg BT 85.53 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 101.73 527.55 Td (expiration ) Tj ET Q q 0 0 0 rg BT 147.66 527.55 Td (date ) Tj ET Q q 0 0 0 rg BT 168.52 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 180.63 527.55 Td (such ) Tj ET Q q 0 0 0 rg BT 203.25 527.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.78 527.55 Td (options ) Tj ET Q q 0 0 0 rg BT 263.07 527.55 Td (and ) Tj ET Q q 0 0 0 rg BT 281.60 527.55 Td (the ) Tj ET Q q 0 0 0 rg BT 297.79 527.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 342.56 527.55 Td (vesting ) Tj ET Q q 0 0 0 rg BT 376.26 527.55 Td (of ) Tj ET Q q 0 0 0 rg BT 388.38 527.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 444.79 527.55 Td (share ) Tj ET Q q 0 0 0 rg BT 470.32 527.55 Td (units ) Tj ET Q q 0 0 0 rg BT 494.10 527.55 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 533.63 527.55 Td (to ) Tj ET Q q 0 0 0 rg BT 545.17 527.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 514.95 Td (schedule ) Tj ET Q q 0 0 0 rg BT 88.20 514.95 Td (and ) Tj ET Q q 0 0 0 rg BT 105.32 514.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 150.42 514.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 205.43 514.95 Td (goals ) Tj ET Q q 0 0 0 rg BT 229.56 514.95 Td (as ) Tj ET Q q 0 0 0 rg BT 240.26 514.95 Td (if ) Tj ET Q q 0 0 0 rg BT 248.64 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 263.42 514.95 Td (executive�) Tj ET Q q 0 0 0 rg BT 306.57 514.95 Td (s ) Tj ET Q q 0 0 0 rg BT 312.62 514.95 Td (employment ) Tj ET Q q 0 0 0 rg BT 367.07 514.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 410.43 514.95 Td (through ) Tj ET Q q 0 0 0 rg BT 445.06 514.95 Td (the ) Tj ET Q q 0 0 0 rg BT 459.85 514.95 Td (applicable ) Tj ET Q q 0 0 0 rg BT 504.95 514.95 Td (performance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 502.35 Td (period, ) Tj ET Q q 0 0 0 rg BT 81.50 502.35 Td (in ) Tj ET Q q 0 0 0 rg BT 92.22 502.35 Td (each ) Tj ET Q q 0 0 0 rg BT 114.00 502.35 Td (case ) Tj ET Q q 0 0 0 rg BT 134.61 502.35 Td (under ) Tj ET Q q 0 0 0 rg BT 161.07 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 176.45 502.35 Td (applicable ) Tj ET Q q 0 0 0 rg BT 222.14 502.35 Td (award ) Tj ET Q q 0 0 0 rg BT 250.34 502.35 Td (agreement; ) Tj ET Q q 0 0 0 rg BT 299.53 502.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 314.33 502.35 Td (confirmation ) Tj ET Q q 0 0 0 rg BT 371.11 502.35 Td (that ) Tj ET Q q 0 0 0 rg BT 389.41 502.35 Td (the ) Tj ET Q q 0 0 0 rg BT 404.78 502.35 Td (executive�) Tj ET Q q 0 0 0 rg BT 447.93 502.35 Td (s ) Tj ET Q q 0 0 0 rg BT 454.56 502.35 Td (employment ) Tj ET Q q 0 0 0 rg BT 509.60 502.35 Td (termination ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (will ) Tj ET Q q 0 0 0 rg BT 68.71 489.75 Td (be ) Tj ET Q q 0 0 0 rg BT 81.50 489.75 Td (treated ) Tj ET Q q 0 0 0 rg BT 112.93 489.75 Td (as ) Tj ET Q q 0 0 0 rg BT 124.56 489.75 Td (being ) Tj ET Q q 0 0 0 rg BT 150.76 489.75 Td (part ) Tj ET Q q 0 0 0 rg BT 169.96 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 181.58 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 189.12 489.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 231.64 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 242.69 489.75 Td (force ) Tj ET Q q 0 0 0 rg BT 267.13 489.75 Td (for ) Tj ET Q q 0 0 0 rg BT 282.24 489.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 322.45 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 334.07 489.75 Td (all ) Tj ET Q q 0 0 0 rg BT 347.44 489.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 389.38 489.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 414.42 489.75 Td (units, ) Tj ET Q q 0 0 0 rg BT 440.34 489.75 Td (which ) Tj ET Q q 0 0 0 rg BT 468.88 489.75 Td (results ) Tj ET Q q 0 0 0 rg BT 499.17 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 510.21 489.75 Td (full ) Tj ET Q q 0 0 0 rg BT 527.67 489.75 Td (vesting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 477.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 115.12 477.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 138.95 477.15 Td (units ) Tj ET Q q 0 0 0 rg BT 161.03 477.15 Td (under ) Tj ET Q q 0 0 0 rg BT 186.60 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.09 477.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 226.08 477.15 Td (of ) Tj ET Q q 0 0 0 rg BT 236.49 477.15 Td (the ) Tj ET Q q 0 0 0 rg BT 250.97 477.15 Td (awards; ) Tj ET Q q 0 0 0 rg BT 285.29 477.15 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 299.19 477.15 Td (outplacement ) Tj ET Q q 0 0 0 rg BT 357.42 477.15 Td (services ) Tj ET Q q 0 0 0 rg BT 392.90 477.15 Td (and ) Tj ET Q q 0 0 0 rg BT 409.72 477.15 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 423.62 477.15 Td (a ) Tj ET Q q 0 0 0 rg BT 429.95 477.15 Td (COBRA) Tj ET Q q 0 0 0 rg BT 465.54 477.15 Td ( ) Tj ET Q q 0 0 0 rg BT 467.20 477.15 Td (subsidy ) Tj ET Q q 0 0 0 rg BT 500.96 477.15 Td (in ) Tj ET Q q 0 0 0 rg BT 510.78 477.15 Td (accordance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.55 Td (with ) Tj ET Q q 0 0 0 rg BT 71.51 464.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 118.00 464.55 Td (law) Tj ET Q q 0 0 0 rg BT 132.48 464.55 Td (. ) Tj ET Q q 0 0 0 rg BT 138.45 464.55 Td (In ) Tj ET Q q 0 0 0 rg BT 150.54 464.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 190.93 464.55 Td (under ) Tj ET Q q 0 0 0 rg BT 218.18 464.55 Td (the ) Tj ET Q q 0 0 0 rg BT 234.35 464.55 Td (transition ) Tj ET Q q 0 0 0 rg BT 277.36 464.55 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 331.14 464.55 Td (each ) Tj ET Q q 0 0 0 rg BT 353.72 464.55 Td (departing ) Tj ET Q q 0 0 0 rg BT 396.72 464.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 440.29 464.55 Td (of) Tj ET Q q 0 0 0 rg BT 448.85 464.55 Td (ficer ) Tj ET Q q 0 0 0 rg BT 471.43 464.55 Td (received ) Tj ET Q q 0 0 0 rg BT 510.33 464.55 Td (a ) Tj ET Q q 0 0 0 rg BT 518.33 464.55 Td (transition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.95 Td (payment ) Tj ET Q q 0 0 0 rg BT 88.22 451.95 Td (for ) Tj ET Q q 0 0 0 rg BT 103.03 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 118.42 451.95 Td (period ) Tj ET Q q 0 0 0 rg BT 147.81 451.95 Td (from ) Tj ET Q q 0 0 0 rg BT 170.79 451.95 Td (July ) Tj ET Q q 0 0 0 rg BT 190.86 451.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 201.30 451.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 224.86 451.95 Td (through ) Tj ET Q q 0 0 0 rg BT 260.09 451.95 Td (January ) Tj ET Q q 0 0 0 rg BT 295.31 451.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 305.75 451.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 329.31 451.95 Td (equal ) Tj ET Q q 0 0 0 rg BT 354.62 451.95 Td (to ) Tj ET Q q 0 0 0 rg BT 365.35 451.95 Td (50% ) Tj ET Q q 0 0 0 rg BT 387.16 451.95 Td (of ) Tj ET Q q 0 0 0 rg BT 398.47 451.95 Td (the ) Tj ET Q q 0 0 0 rg BT 413.87 451.95 Td (executive�) Tj ET Q q 0 0 0 rg BT 457.01 451.95 Td (s ) Tj ET Q q 0 0 0 rg BT 463.66 451.95 Td (total ) Tj ET Q q 0 0 0 rg BT 484.89 451.95 Td (compensation ) Tj ET Q q 0 0 0 rg BT 545.78 451.95 Td (for ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 74.86 439.35 Td (year ) Tj ET Q q 0 0 0 rg BT 95.56 439.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 121.81 439.35 Td (pro ) Tj ET Q q 0 0 0 rg BT 138.43 439.35 Td (rated ) Tj ET Q q 0 0 0 rg BT 162.04 439.35 Td (for ) Tj ET Q q 0 0 0 rg BT 176.91 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 192.36 439.35 Td (six ) Tj ET Q q 0 0 0 rg BT 207.24 439.35 Td (months ) Tj ET Q q 0 0 0 rg BT 240.79 439.35 Td (worked ) Tj ET Q q 0 0 0 rg BT 274.90 439.35 Td (in ) Tj ET Q q 0 0 0 rg BT 285.69 439.35 Td (the ) Tj ET Q q 0 0 0 rg BT 301.15 439.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 326.51 439.35 Td (year ) Tj ET Q q 0 0 0 rg BT 347.20 439.35 Td (since ) Tj ET Q q 0 0 0 rg BT 371.40 439.35 Td (July ) Tj ET Q q 0 0 0 rg BT 391.53 439.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 402.03 439.35 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 414.15 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.48 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.04 414.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 120.11 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.59 414.15 Td (each ) Tj ET Q q 0 0 0 rg BT 153.56 414.15 Td (of ) Tj ET Q q 0 0 0 rg BT 165.05 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 180.61 414.15 Td (letter ) Tj ET Q q 0 0 0 rg BT 204.92 414.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 255.47 414.15 Td (with ) Tj ET Q q 0 0 0 rg BT 276.88 414.15 Td (our ) Tj ET Q q 0 0 0 rg BT 293.61 414.15 Td (other ) Tj ET Q q 0 0 0 rg BT 317.92 414.15 Td (executives, ) Tj ET Q q 0 0 0 rg BT 367.60 414.15 Td (if ) Tj ET Q q 0 0 0 rg BT 376.75 414.15 Td (the ) Tj ET Q q 0 0 0 rg BT 392.32 414.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 435.28 414.15 Td (of) Tj ET Q q 0 0 0 rg BT 443.84 414.15 Td (ficer ) Tj ET Q q 0 0 0 rg BT 465.81 414.15 Td (is ) Tj ET Q q 0 0 0 rg BT 475.55 414.15 Td (terminated ) Tj ET Q q 0 0 0 rg BT 523.19 414.15 Td (by ) Tj ET Q q 0 0 0 rg BT 536.43 414.15 Td (Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 81.23 401.55 Td (without ) Tj ET Q q 0 0 0 rg BT 116.46 401.55 Td (�Cause� ) Tj ET Q q 0 0 0 rg BT 154.58 401.55 Td (\(as ) Tj ET Q q 0 0 0 rg BT 169.97 401.55 Td (defined ) Tj ET Q q 0 0 0 rg BT 204.60 401.55 Td (in ) Tj ET Q q 0 0 0 rg BT 215.91 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 231.88 401.55 Td (letter ) Tj ET Q q 0 0 0 rg BT 256.59 401.55 Td (agreement\) ) Tj ET Q q 0 0 0 rg BT 306.95 401.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 330.51 401.55 Td (to ) Tj ET Q q 0 0 0 rg BT 341.82 401.55 Td (September ) Tj ET Q q 0 0 0 rg BT 389.87 401.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 406.13 401.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 432.90 401.55 Td (the ) Tj ET Q q 0 0 0 rg BT 448.87 401.55 Td (executive ) Tj ET Q q 0 0 0 rg BT 492.24 401.55 Td (will ) Tj ET Q q 0 0 0 rg BT 511.72 401.55 Td (receive ) Tj ET Q q 0 0 0 rg BT 545.17 401.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 388.95 Td (same ) Tj ET Q q 0 0 0 rg BT 73.92 388.95 Td (Severance ) Tj ET Q q 0 0 0 rg BT 119.90 388.95 Td (Package ) Tj ET Q q 0 0 0 rg BT 157.73 388.95 Td (as ) Tj ET Q q 0 0 0 rg BT 169.32 388.95 Td (those ) Tj ET Q q 0 0 0 rg BT 194.32 388.95 Td (executives ) Tj ET Q q 0 0 0 rg BT 241.48 388.95 Td (who ) Tj ET Q q 0 0 0 rg BT 262.41 388.95 Td (entered ) Tj ET Q q 0 0 0 rg BT 296.14 388.95 Td (into ) Tj ET Q q 0 0 0 rg BT 315.32 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 330.99 388.95 Td (transition ) Tj ET Q q 0 0 0 rg BT 373.50 388.95 Td (agreements ) Tj ET Q q 0 0 0 rg BT 424.15 388.95 Td (\(but ) Tj ET Q q 0 0 0 rg BT 443.91 388.95 Td (not ) Tj ET Q q 0 0 0 rg BT 460.17 388.95 Td (including ) Tj ET Q q 0 0 0 rg BT 502.68 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 518.35 388.95 Td (transition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 376.35 Td (payment\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 351.15 Td (Effect ) Tj ET Q q 0 0 0 rg BT 78.94 351.15 Td (of ) Tj ET Q q 0 0 0 rg BT 90.31 351.15 Td (the ) Tj ET Q q 0 0 0 rg BT 106.93 351.15 Td (Merger) Tj ET Q q 0 0 0 rg BT 140.55 351.15 Td ( ) Tj ET Q q 0 0 0 rg BT 142.59 351.15 Td (Agr) Tj ET Q q 0 0 0 rg BT 159.90 351.15 Td (eement) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 78.08 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 93.25 338.55 Td (terms ) Tj ET Q q 0 0 0 rg BT 118.92 338.55 Td (of ) Tj ET Q q 0 0 0 rg BT 130.00 338.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.17 338.55 Td (Mer) Tj ET Q q 0 0 0 rg BT 162.47 338.55 Td (ger ) Tj ET Q q 0 0 0 rg BT 177.70 338.55 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 229.31 338.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 253.82 338.55 Td (options, ) Tj ET Q q 0 0 0 rg BT 289.70 338.55 Td (restricted ) Tj ET Q q 0 0 0 rg BT 331.11 338.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 355.61 338.55 Td (units ) Tj ET Q q 0 0 0 rg BT 378.37 338.55 Td (and ) Tj ET Q q 0 0 0 rg BT 395.87 338.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 451.26 338.55 Td (share ) Tj ET Q q 0 0 0 rg BT 475.75 338.55 Td (units ) Tj ET Q q 0 0 0 rg BT 498.52 338.55 Td (will ) Tj ET Q q 0 0 0 rg BT 517.19 338.55 Td (be ) Tj ET Q q 0 0 0 rg BT 529.44 338.55 Td (treated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.95 Td (as ) Tj ET Q q 0 0 0 rg BT 60.87 325.95 Td (follows ) Tj ET Q q 0 0 0 rg BT 95.00 325.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 118.62 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 134.08 325.95 Td (completion ) Tj ET Q q 0 0 0 rg BT 183.94 325.95 Td (of ) Tj ET Q q 0 0 0 rg BT 195.31 325.95 Td (the ) Tj ET Q q 0 0 0 rg BT 210.77 325.95 Td (mer) Tj ET Q q 0 0 0 rg BT 226.90 325.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 242.93 325.95 Td (transaction:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 72.85 300.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 124.21 300.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 148.74 300.75 Td (option, ) Tj ET Q q 0 0 0 rg BT 180.56 300.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 216.75 300.75 Td (vested ) Tj ET Q q 0 0 0 rg BT 245.94 300.75 Td (or ) Tj ET Q q 0 0 0 rg BT 257.05 300.75 Td (unvested, ) Tj ET Q q 0 0 0 rg BT 299.36 300.75 Td (will ) Tj ET Q q 0 0 0 rg BT 318.06 300.75 Td (automatically ) Tj ET Q q 0 0 0 rg BT 377.57 300.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 389.84 300.75 Td (if ) Tj ET Q q 0 0 0 rg BT 398.62 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 413.81 300.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 450.57 300.75 Td (price ) Tj ET Q q 0 0 0 rg BT 473.92 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.03 300.75 Td (such ) Tj ET Q q 0 0 0 rg BT 506.64 300.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 531.17 300.75 Td (option ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.15 Td (is ) Tj ET Q q 0 0 0 rg BT 60.34 288.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 86.91 288.15 Td (to ) Tj ET Q q 0 0 0 rg BT 98.91 288.15 Td (or ) Tj ET Q q 0 0 0 rg BT 111.49 288.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 144.46 288.15 Td (than ) Tj ET Q q 0 0 0 rg BT 166.37 288.15 Td (the ) Tj ET Q q 0 0 0 rg BT 183.03 288.15 Td ($50.00 ) Tj ET Q q 0 0 0 rg BT 215.74 288.15 Td (per ) Tj ET Q q 0 0 0 rg BT 232.98 288.15 Td (share ) Tj ET Q q 0 0 0 rg BT 258.97 288.15 Td (mer) Tj ET Q q 0 0 0 rg BT 275.10 288.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 292.34 288.15 Td (consideration ) Tj ET Q q 0 0 0 rg BT 352.74 288.15 Td (\(the ) Tj ET Q q 0 0 0 rg BT 372.90 288.15 Td (�Mer) Tj ET Q q 0 0 0 rg BT 394.86 288.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 412.10 288.15 Td (Consideration�\), ) Tj ET Q q 0 0 0 rg BT 485.63 288.15 Td (terminate ) Tj ET Q q 0 0 0 rg BT 529.11 288.15 Td (and ) Tj ET Q q 0 0 0 rg BT 548.10 288.15 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.55 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 91.28 275.55 Td (immediately ) Tj ET Q q 0 0 0 rg BT 145.91 275.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 168.46 275.55 Td (to ) Tj ET Q q 0 0 0 rg BT 178.77 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 193.74 275.55 Td (ef) Tj ET Q q 0 0 0 rg BT 201.71 275.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 232.41 275.55 Td (time ) Tj ET Q q 0 0 0 rg BT 253.22 275.55 Td (of ) Tj ET Q q 0 0 0 rg BT 264.10 275.55 Td (the ) Tj ET Q q 0 0 0 rg BT 279.07 275.55 Td (mer) Tj ET Q q 0 0 0 rg BT 295.21 275.55 Td (ger) Tj ET Q q 0 0 0 rg BT 308.20 275.55 Td (, ) Tj ET Q q 0 0 0 rg BT 312.96 275.55 Td (without ) Tj ET Q q 0 0 0 rg BT 347.19 275.55 Td (any ) Tj ET Q q 0 0 0 rg BT 364.49 275.55 Td (consideration ) Tj ET Q q 0 0 0 rg BT 423.20 275.55 Td (being ) Tj ET Q q 0 0 0 rg BT 448.67 275.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 483.46 275.55 Td (in ) Tj ET Q q 0 0 0 rg BT 493.77 275.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 525.65 275.55 Td (thereof, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 66.70 262.95 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 81.56 262.95 Td (if ) Tj ET Q q 0 0 0 rg BT 90.01 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 104.88 262.95 Td (exercise ) Tj ET Q q 0 0 0 rg BT 141.31 262.95 Td (price ) Tj ET Q q 0 0 0 rg BT 164.33 262.95 Td (of ) Tj ET Q q 0 0 0 rg BT 175.11 262.95 Td (a ) Tj ET Q q 0 0 0 rg BT 181.81 262.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 206.01 262.95 Td (option ) Tj ET Q q 0 0 0 rg BT 234.88 262.95 Td (is ) Tj ET Q q 0 0 0 rg BT 243.92 262.95 Td (less ) Tj ET Q q 0 0 0 rg BT 261.71 262.95 Td (than ) Tj ET Q q 0 0 0 rg BT 281.83 262.95 Td (the ) Tj ET Q q 0 0 0 rg BT 296.69 262.95 Td (Mer) Tj ET Q q 0 0 0 rg BT 313.99 262.95 Td (ger ) Tj ET Q q 0 0 0 rg BT 329.44 262.95 Td (Consideration, ) Tj ET Q q 0 0 0 rg BT 393.01 262.95 Td (terminate ) Tj ET Q q 0 0 0 rg BT 434.69 262.95 Td (and ) Tj ET Q q 0 0 0 rg BT 451.89 262.95 Td (be ) Tj ET Q q 0 0 0 rg BT 463.84 262.95 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 505.51 262.95 Td (immediately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 250.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.46 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 83.18 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 98.57 250.35 Td (ef) Tj ET Q q 0 0 0 rg BT 106.53 250.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 137.65 250.35 Td (time ) Tj ET Q q 0 0 0 rg BT 158.87 250.35 Td (of ) Tj ET Q q 0 0 0 rg BT 170.17 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 185.55 250.35 Td (mer) Tj ET Q q 0 0 0 rg BT 201.68 250.35 Td (ger ) Tj ET Q q 0 0 0 rg BT 217.64 250.35 Td (and ) Tj ET Q q 0 0 0 rg BT 235.36 250.35 Td (be ) Tj ET Q q 0 0 0 rg BT 247.82 250.35 Td (converted ) Tj ET Q q 0 0 0 rg BT 291.77 250.35 Td (into ) Tj ET Q q 0 0 0 rg BT 310.66 250.35 Td (the ) Tj ET Q q 0 0 0 rg BT 326.04 250.35 Td (right ) Tj ET Q q 0 0 0 rg BT 348.42 250.35 Td (to ) Tj ET Q q 0 0 0 rg BT 359.15 250.35 Td (receive ) Tj ET Q q 0 0 0 rg BT 392.01 250.35 Td (a ) Tj ET Q q 0 0 0 rg BT 399.22 250.35 Td (lump ) Tj ET Q q 0 0 0 rg BT 423.36 250.35 Td (sum ) Tj ET Q q 0 0 0 rg BT 443.41 250.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 464.63 250.35 Td (payment ) Tj ET Q q 0 0 0 rg BT 503.33 250.35 Td (in ) Tj ET Q q 0 0 0 rg BT 514.06 250.35 Td (an ) Tj ET Q q 0 0 0 rg BT 526.52 250.35 Td (amount ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 75.28 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 86.48 237.75 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 104.09 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.96 237.75 Td (number ) Tj ET Q q 0 0 0 rg BT 155.07 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.85 237.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 196.13 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 207.91 237.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 232.52 237.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 264.14 237.75 Td (common ) Tj ET Q q 0 0 0 rg BT 303.93 237.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 329.13 237.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 377.66 237.75 Td (such ) Tj ET Q q 0 0 0 rg BT 399.94 237.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 425.14 237.75 Td (option ) Tj ET Q q 0 0 0 rg BT 455.01 237.75 Td (immediately ) Tj ET Q q 0 0 0 rg BT 510.54 237.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 533.98 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 545.19 237.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 225.15 Td (ef) Tj ET Q q 0 0 0 rg BT 57.47 225.15 Td (fective ) Tj ET Q q 0 0 0 rg BT 89.15 225.15 Td (time ) Tj ET Q q 0 0 0 rg BT 110.94 225.15 Td (of ) Tj ET Q q 0 0 0 rg BT 122.81 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 138.76 225.15 Td (mer) Tj ET Q q 0 0 0 rg BT 154.89 225.15 Td (ger) Tj ET Q q 0 0 0 rg BT 167.88 225.15 Td (, ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 173.63 225.15 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 219.33 225.15 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 232.37 225.15 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 249.48 225.15 Td (an ) Tj ET Q q 0 0 0 rg BT 262.52 225.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 297.14 225.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 323.00 225.15 Td (to ) Tj ET Q q 0 0 0 rg BT 334.29 225.15 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 349.65 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 365.60 225.15 Td (Mer) Tj ET Q q 0 0 0 rg BT 382.91 225.15 Td (ger ) Tj ET Q q 0 0 0 rg BT 399.44 225.15 Td (Consideration, ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 464.10 225.15 Td (minus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.31 225.15 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 507.67 225.15 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 225.15 Td (exercise ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 212.55 Td (price ) Tj ET Q q 0 0 0 rg BT 73.11 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 84.48 212.55 Td (such ) Tj ET Q q 0 0 0 rg BT 106.35 212.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 131.14 212.55 Td (option, ) Tj ET Q q 0 0 0 rg BT 163.23 212.55 Td (net ) Tj ET Q q 0 0 0 rg BT 178.68 212.55 Td (of ) Tj ET Q q 0 0 0 rg BT 190.05 212.55 Td (any ) Tj ET Q q 0 0 0 rg BT 207.84 212.55 Td (taxes ) Tj ET Q q 0 0 0 rg BT 232.04 212.55 Td (withheld. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 187.35 Td (Each ) Tj ET Q q 0 0 0 rg BT 73.34 187.35 Td (unvested ) Tj ET Q q 0 0 0 rg BT 113.52 187.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 155.45 187.35 Td (stock ) Tj ET Q q 0 0 0 rg BT 180.47 187.35 Td (unit ) Tj ET Q q 0 0 0 rg BT 199.66 187.35 Td (will ) Tj ET Q q 0 0 0 rg BT 218.85 187.35 Td (automatically ) Tj ET Q q 0 0 0 rg BT 278.86 187.35 Td (terminate ) Tj ET Q q 0 0 0 rg BT 321.36 187.35 Td (and ) Tj ET Q q 0 0 0 rg BT 339.38 187.35 Td (be ) Tj ET Q q 0 0 0 rg BT 352.15 187.35 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 394.64 187.35 Td (immediately ) Tj ET Q q 0 0 0 rg BT 449.98 187.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 473.25 187.35 Td (to ) Tj ET Q q 0 0 0 rg BT 484.28 187.35 Td (the ) Tj ET Q q 0 0 0 rg BT 499.96 187.35 Td (ef) Tj ET Q q 0 0 0 rg BT 507.93 187.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 539.35 187.35 Td (time ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 174.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.77 174.75 Td (mer) Tj ET Q q 0 0 0 rg BT 91.91 174.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 107.67 174.75 Td (and ) Tj ET Q q 0 0 0 rg BT 125.18 174.75 Td (be ) Tj ET Q q 0 0 0 rg BT 137.44 174.75 Td (converted ) Tj ET Q q 0 0 0 rg BT 181.18 174.75 Td (into ) Tj ET Q q 0 0 0 rg BT 199.87 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.04 174.75 Td (right ) Tj ET Q q 0 0 0 rg BT 237.23 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 247.74 174.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 280.40 174.75 Td (a ) Tj ET Q q 0 0 0 rg BT 287.41 174.75 Td (lump ) Tj ET Q q 0 0 0 rg BT 311.34 174.75 Td (sum ) Tj ET Q q 0 0 0 rg BT 331.20 174.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 352.20 174.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 390.71 174.75 Td (in ) Tj ET Q q 0 0 0 rg BT 401.23 174.75 Td (an ) Tj ET Q q 0 0 0 rg BT 413.49 174.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 447.33 174.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 472.42 174.75 Td (to ) Tj ET Q q 0 0 0 rg BT 482.94 174.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 495.20 174.75 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 512.12 174.75 Td (the ) Tj ET Q q 0 0 0 rg BT 527.30 174.75 Td (Mer) Tj ET Q q 0 0 0 rg BT 544.61 174.75 Td (ger ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 162.15 Td (Consideration, ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 113.71 162.15 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 158.96 162.15 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 171.54 162.15 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 188.20 162.15 Td (the ) Tj ET Q q 0 0 0 rg BT 203.70 162.15 Td (number ) Tj ET Q q 0 0 0 rg BT 238.45 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 249.86 162.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.77 162.15 Td (of ) Tj ET Q q 0 0 0 rg BT 290.19 162.15 Td (Legg ) Tj ET Q q 0 0 0 rg BT 314.43 162.15 Td (Mason ) Tj ET Q q 0 0 0 rg BT 345.69 162.15 Td (common ) Tj ET Q q 0 0 0 rg BT 385.10 162.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 409.94 162.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 442.35 162.15 Td (to ) Tj ET Q q 0 0 0 rg BT 453.19 162.15 Td (such ) Tj ET Q q 0 0 0 rg BT 475.10 162.15 Td (restricted ) Tj ET Q q 0 0 0 rg BT 516.84 162.15 Td (stock ) Tj ET Q q 0 0 0 rg BT 541.67 162.15 Td (unit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.55 Td (immediately ) Tj ET Q q 0 0 0 rg BT 104.75 149.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 127.91 149.55 Td (to ) Tj ET Q q 0 0 0 rg BT 138.84 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 154.43 149.55 Td (ef) Tj ET Q q 0 0 0 rg BT 162.39 149.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 193.72 149.55 Td (time ) Tj ET Q q 0 0 0 rg BT 215.14 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 226.64 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 242.23 149.55 Td (mer) Tj ET Q q 0 0 0 rg BT 258.36 149.55 Td (ger) Tj ET Q q 0 0 0 rg BT 271.35 149.55 Td (, ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 276.73 149.55 Td (plus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.00 149.55 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 312.58 149.55 Td (the ) Tj ET Q q 0 0 0 rg BT 328.17 149.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 362.42 149.55 Td (of ) Tj ET Q q 0 0 0 rg BT 373.93 149.55 Td (any ) Tj ET Q q 0 0 0 rg BT 391.85 149.55 Td (accrued ) Tj ET Q q 0 0 0 rg BT 427.24 149.55 Td (but ) Tj ET Q q 0 0 0 rg BT 443.42 149.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 474.76 149.55 Td (dividend ) Tj ET Q q 0 0 0 rg BT 514.26 149.55 Td (equivalent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.95 Td (rights ) Tj ET Q q 0 0 0 rg BT 76.04 136.95 Td (under ) Tj ET Q q 0 0 0 rg BT 102.58 136.95 Td (such ) Tj ET Q q 0 0 0 rg BT 124.45 136.95 Td (restricted ) Tj ET Q q 0 0 0 rg BT 166.14 136.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 190.93 136.95 Td (unit, ) Tj ET Q q 0 0 0 rg BT 212.51 136.95 Td (net ) Tj ET Q q 0 0 0 rg BT 227.96 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 239.34 136.95 Td (any ) Tj ET Q q 0 0 0 rg BT 257.12 136.95 Td (taxes ) Tj ET Q q 0 0 0 rg BT 281.32 136.95 Td (withheld.) 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Tj ET Q endstream endobj 367 0 obj <> endobj 368 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (181) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 97.62 741.90 Td (Post-T) Tj ET Q q 0 0 0 rg BT 126.41 741.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 178.61 741.90 Td (Payments ) Tj ET Q q 0 0 0 rg BT 224.79 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 230.83 741.90 Td (able) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.30 Td (The ) Tj ET Q q 0 0 0 rg BT 67.73 729.30 Td (following ) Tj ET Q q 0 0 0 rg BT 110.48 729.30 Td (table ) Tj ET Q q 0 0 0 rg BT 132.79 729.30 Td (sets ) Tj ET Q q 0 0 0 rg BT 150.45 729.30 Td (forth ) Tj ET Q q 0 0 0 rg BT 172.77 729.30 Td (information ) Tj ET Q q 0 0 0 rg BT 224.26 729.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 266.40 729.30 Td (potential ) Tj ET Q q 0 0 0 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Mer) Tj ET Q q 0 0 0 rg BT 122.43 331.59 Td (chant) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 147.51 336.35 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 317.97 Td (Upon ) Tj ET Q q 0 0 0 rg BT 77.61 317.97 Td (T) Tj ET Q q 0 0 0 rg BT 83.57 317.97 Td (ermination) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.75 317.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.25 317.97 Td (1,267,706) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 459.75 321.54 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.75 317.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 302.97 Td (Upon Death or Disability) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.10 302.97 Td (293,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.25 302.97 Td (1,267,706) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.10 302.97 Td (966,432) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 542.75 306.54 Td (\(8\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 287.97 Td (Upon a Change in Control) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 162.57 292.73 Td (\(9\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 326.10 287.97 Td (293,442) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.25 287.97 Td (1,267,706) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 502.10 287.97 Td (966,432) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.75 272.99 Td (Frances L. 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Hoops) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 132.56 247.75 Td (\(3\)\(10\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 227.97 Td (Upon ) Tj ET Q q 0 0 0 rg BT 77.52 227.97 Td (T) Tj ET Q q 0 0 0 rg BT 83.20 227.97 Td (ermination) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 349.75 227.97 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 411.25 227.97 Td (1,346,81) Tj ET Q q 0 0 0 rg BT 448.00 227.97 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.75 227.97 Td (�) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (The ) Tj ET Q q 0 0 0 rg BT 81.90 214.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 110.98 214.10 Td (include ) Tj ET Q q 0 0 0 rg BT 136.49 214.10 Td (unvested, ) Tj ET Q q 0 0 0 rg BT 168.89 214.10 Td (in-the-money ) Tj ET Q q 0 0 0 rg BT 213.96 214.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 232.81 214.10 Td (options ) Tj ET Q q 0 0 0 rg BT 258.33 214.10 Td (that ) Tj ET Q q 0 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208.77 204.50 Td (product ) Tj ET Q q 0 0 0 rg BT 234.76 204.50 Td (of ) Tj ET Q q 0 0 0 rg BT 242.98 204.50 Td (the ) Tj ET Q q 0 0 0 rg BT 254.30 204.50 Td (number ) Tj ET Q q 0 0 0 rg BT 280.29 204.50 Td (of ) Tj ET Q q 0 0 0 rg BT 288.50 204.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 310.05 204.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 346.26 204.50 Td (the ) Tj ET Q q 0 0 0 rg BT 357.58 204.50 Td (options ) Tj ET Q q 0 0 0 rg BT 382.69 204.50 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 417.13 204.50 Td (by ) Tj ET Q q 0 0 0 rg BT 426.68 204.50 Td (the ) Tj ET Q q 0 0 0 rg BT 438.00 204.50 Td (dif) Tj ET Q q 0 0 0 rg BT 446.75 204.50 Td (ference ) Tj ET Q q 0 0 0 rg BT 471.83 204.50 Td (between ) Tj ET Q q 0 0 0 rg BT 500.03 204.50 Td ($48.85 ) Tj ET Q q 0 0 0 rg BT 523.58 204.50 Td (the ) Tj ET Q q 0 0 0 rg BT 534.91 204.50 Td (closing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 194.90 Td (price ) Tj ET Q q 0 0 0 rg BT 85.44 194.90 Td (of ) Tj ET Q q 0 0 0 rg BT 94.05 194.90 Td (our ) 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0 0 rg BT 449.22 194.90 Td (In ) Tj ET Q q 0 0 0 rg BT 457.83 194.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 488.00 194.90 Td (as ) Tj ET Q q 0 0 0 rg BT 496.61 194.90 Td (of ) Tj ET Q q 0 0 0 rg BT 505.23 194.90 Td (March ) Tj ET Q q 0 0 0 rg BT 528.05 194.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.00 194.90 Td (2020, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 185.30 Td (Mr) Tj ET Q q 0 0 0 rg BT 76.84 185.30 Td (. ) Tj ET Q q 0 0 0 rg BT 80.65 185.30 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 109.13 185.30 Td (and ) Tj ET Q q 0 0 0 rg BT 122.50 185.30 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 136.54 185.30 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 168.13 185.30 Td (held ) Tj ET Q q 0 0 0 rg BT 183.71 185.30 Td ($13,398,949 ) Tj ET Q q 0 0 0 rg BT 225.53 185.30 Td (and ) Tj ET Q q 0 0 0 rg BT 238.89 185.30 Td ($12,070, ) Tj ET Q q 0 0 0 rg BT 268.71 185.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 306.84 185.30 Td (, ) Tj ET Q q 0 0 0 rg BT 310.65 185.30 Td (of ) Tj ET Q q 0 0 0 rg BT 319.13 185.30 Td (in-the-money) Tj ET Q q 0 0 0 rg BT 361.71 185.30 Td (, ) Tj ET Q q 0 0 0 rg BT 365.52 185.30 Td (unexercised, ) Tj ET Q q 0 0 0 rg BT 407.54 185.30 Td (vested ) Tj ET Q q 0 0 0 rg BT 429.79 185.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 448.49 185.30 Td (options ) Tj ET Q q 0 0 0 rg BT 473.87 185.30 Td (\(using ) Tj ET Q q 0 0 0 rg BT 495.68 185.30 Td (the ) Tj ET Q q 0 0 0 rg BT 507.27 185.30 Td (same ) Tj ET Q q 0 0 0 rg BT 525.52 185.30 Td (method ) Tj ET Q q 0 0 0 rg BT 551.33 185.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 175.70 Td (calculation\) ) Tj ET Q q 0 0 0 rg BT 106.86 175.70 Td (which ) Tj ET Q q 0 0 0 rg BT 128.00 175.70 Td (can ) Tj ET Q q 0 0 0 rg BT 140.70 175.70 Td (be ) Tj ET Q q 0 0 0 rg BT 149.85 175.70 Td (exercised ) Tj ET Q q 0 0 0 rg BT 181.65 175.70 Td (at ) Tj ET Q q 0 0 0 rg BT 189.02 175.70 Td (any ) Tj ET Q q 0 0 0 rg BT 202.17 175.70 Td (time, ) Tj ET Q q 0 0 0 rg BT 219.99 175.70 Td (including ) Tj ET Q q 0 0 0 rg BT 251.80 175.70 Td (following ) Tj ET Q q 0 0 0 rg BT 284.51 175.70 Td (termination ) Tj ET Q q 0 0 0 rg BT 322.99 175.70 Td (\(other ) Tj ET Q q 0 0 0 rg BT 343.69 175.70 Td (than ) Tj ET Q q 0 0 0 rg BT 359.06 175.70 Td (a ) Tj ET Q q 0 0 0 rg BT 364.21 175.70 Td (termination ) Tj ET Q q 0 0 0 rg BT 402.68 175.70 Td (for ) Tj ET Q q 0 0 0 rg BT 413.61 175.70 Td (cause\), ) Tj ET Q q 0 0 0 rg BT 437.64 175.70 Td (death ) Tj ET Q q 0 0 0 rg BT 456.56 175.70 Td (or ) Tj ET Q q 0 0 0 rg BT 464.82 175.70 Td (disability) Tj ET Q q 0 0 0 rg BT 494.08 175.70 Td (, ) Tj ET Q q 0 0 0 rg BT 497.68 175.70 Td (a ) Tj ET Q q 0 0 0 rg BT 502.82 175.70 Td (change ) Tj ET Q q 0 0 0 rg BT 527.07 175.70 Td (of ) Tj ET Q q 0 0 0 rg BT 535.34 175.70 Td (control ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 166.10 Td (or) Tj ET Q q 0 0 0 rg BT 73.84 166.10 Td (, ) Tj ET Q q 0 0 0 rg BT 77.74 166.10 Td (for ) Tj ET Q q 0 0 0 rg BT 88.97 166.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 98.30 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.20 166.10 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 130.77 166.10 Td (retirement. ) Tj ET Q q 0 0 0 rg BT 167.40 166.10 Td (The ) Tj ET Q q 0 0 0 rg BT 181.73 166.10 Td (following ) Tj ET Q q 0 0 0 rg BT 214.74 166.10 Td (table ) Tj ET Q q 0 0 0 rg BT 232.18 166.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 272.29 166.10 Td (how ) Tj ET Q q 0 0 0 rg BT 287.97 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.64 166.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 333.97 166.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 352.30 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.86 166.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 379.65 166.10 Td (options ) Tj ET Q q 0 0 0 rg BT 405.10 166.10 Td (may ) Tj ET Q q 0 0 0 rg BT 420.78 166.10 Td (change ) Tj ET Q q 0 0 0 rg BT 445.33 166.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 463.22 166.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.67 166.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 507.45 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.01 166.10 Td (employment, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 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0 0 0 rg BT 339.20 542.20 Td (the ) Tj ET Q q 0 0 0 rg BT 350.72 542.20 Td (definition ) Tj ET Q q 0 0 0 rg BT 383.58 542.20 Td (in ) Tj ET Q q 0 0 0 rg BT 391.56 542.20 Td (the ) Tj ET Q q 0 0 0 rg BT 403.08 542.20 Td (Legg ) Tj ET Q q 0 0 0 rg BT 421.27 542.20 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 446.80 542.20 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 460.77 542.20 Td (Profit ) Tj ET Q q 0 0 0 rg BT 480.75 542.20 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 507.39 542.20 Td (and ) Tj ET Q q 0 0 0 rg BT 520.69 542.20 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 543.77 542.20 Td (Plan ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 532.60 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 532.60 Td (T) Tj ET Q q 0 0 0 rg BT 85.13 532.60 Td (rust, ) Tj ET Q q 0 0 0 rg BT 100.71 532.60 Td (or ) Tj ET Q q 0 0 0 rg BT 108.96 532.60 Td (a ) Tj ET Q q 0 0 0 rg BT 114.10 532.60 Td (successor ) Tj ET Q q 0 0 0 rg BT 146.34 532.60 Td (provision. ) Tj ET Q q 0 0 0 rg BT 179.80 532.60 Td (An ) Tj ET Q q 0 0 0 rg BT 191.16 532.60 Td 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) Tj ET Q q 0 0 0 rg BT 190.41 511.00 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 219.75 511.00 Td (and ) Tj ET Q q 0 0 0 rg BT 233.97 511.00 Td (Nachtwey ) Tj ET Q q 0 0 0 rg BT 269.07 511.00 Td (issued ) Tj ET Q q 0 0 0 rg BT 291.75 511.00 Td (in ) Tj ET Q q 0 0 0 rg BT 300.64 511.00 Td (2016 ) Tj ET Q q 0 0 0 rg BT 319.32 511.00 Td (and ) Tj ET Q q 0 0 0 rg BT 333.54 511.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 352.21 511.00 Td (that ) Tj ET Q q 0 0 0 rg BT 366.88 511.00 Td (would ) Tj ET Q q 0 0 0 rg BT 389.55 511.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 419.77 511.00 Td (to ) Tj ET Q q 0 0 0 rg BT 428.67 511.00 Td (vest ) Tj ET Q q 0 0 0 rg BT 444.23 511.00 Td (under ) Tj ET Q q 0 0 0 rg BT 465.12 511.00 Td (their ) Tj ET Q q 0 0 0 rg BT 482.45 511.00 Td (vesting ) Tj ET Q q 0 0 0 rg BT 508.23 511.00 Td (schedules ) Tj ET Q q 0 0 0 rg BT 542.01 511.00 Td (upon ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 501.40 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 104.17 501.40 Td (provided ) Tj ET Q q 0 0 0 rg BT 134.41 501.40 Td (that ) Tj ET Q q 0 0 0 rg BT 148.20 501.40 Td (the ) Tj ET Q q 0 0 0 rg BT 159.77 501.40 Td (termination ) Tj ET Q q 0 0 0 rg BT 198.45 501.40 Td (of ) Tj ET Q q 0 0 0 rg BT 206.91 501.40 Td (employment ) Tj ET Q q 0 0 0 rg BT 248.71 501.40 Td (at ) Tj ET Q q 0 0 0 rg BT 256.28 501.40 Td (retirement ) Tj ET Q q 0 0 0 rg BT 290.95 501.40 Td (is ) Tj ET Q q 0 0 0 rg BT 298.08 501.40 Td (without ) Tj ET Q q 0 0 0 rg BT 324.33 501.40 Td (cause, ) Tj ET Q q 0 0 0 rg BT 345.89 501.40 Td (and ) Tj ET Q q 0 0 0 rg BT 359.24 501.40 Td (that ) Tj ET Q q 0 0 0 rg BT 373.04 501.40 Td (the ) Tj ET Q q 0 0 0 rg BT 384.61 501.40 Td (executive ) Tj ET Q q 0 0 0 rg BT 417.05 501.40 Td (signs ) Tj ET Q q 0 0 0 rg BT 435.30 501.40 Td (and ) Tj ET Q q 0 0 0 rg BT 448.65 501.40 Td (delivers ) Tj ET Q q 0 0 0 rg BT 475.78 501.40 Td (a ) Tj ET Q q 0 0 0 rg BT 481.13 501.40 Td (non-compete ) Tj ET Q q 0 0 0 rg BT 524.69 501.40 Td (agreement ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 491.80 Td (with ) Tj ET Q q 0 0 0 rg BT 83.98 491.80 Td (Legg ) Tj ET Q q 0 0 0 rg BT 102.68 491.80 Td (Mason ) Tj ET Q q 0 0 0 rg BT 126.72 491.80 Td (and ) Tj ET Q q 0 0 0 rg BT 140.54 491.80 Td (does ) Tj ET Q q 0 0 0 rg BT 157.46 491.80 Td (not ) Tj ET Q q 0 0 0 rg BT 169.95 491.80 Td (engage ) Tj ET Q q 0 0 0 rg BT 194.86 491.80 Td (in ) Tj ET Q q 0 0 0 rg BT 203.34 491.80 Td (competitive ) Tj ET Q q 0 0 0 rg BT 243.37 491.80 Td (activity ) Tj ET Q q 0 0 0 rg BT 269.63 491.80 Td (as ) Tj ET Q q 0 0 0 rg BT 278.55 491.80 Td (provided ) Tj ET Q q 0 0 0 rg BT 309.25 491.80 Td (in ) Tj ET Q q 0 0 0 rg BT 317.73 491.80 Td (that ) Tj ET Q q 0 0 0 rg BT 331.99 491.80 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 369.57 491.80 Td (During ) Tj ET Q q 0 0 0 rg BT 394.49 491.80 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 431.63 491.80 Td (if ) Tj ET Q q 0 0 0 rg BT 438.77 491.80 Td (the ) Tj ET Q q 0 0 0 rg BT 450.81 491.80 Td (executive ) Tj ET Q q 0 0 0 rg BT 483.72 491.80 Td (engages ) Tj ET Q q 0 0 0 rg BT 511.75 491.80 Td (in ) Tj ET Q q 0 0 0 rg BT 520.23 491.80 Td (competitive ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 482.20 Td (activity) Tj ET Q q 0 0 0 rg BT 90.97 482.20 Td (, ) Tj ET Q q 0 0 0 rg BT 95.02 482.20 Td (the ) Tj ET Q q 0 0 0 rg BT 106.83 482.20 Td (portion ) Tj ET Q q 0 0 0 rg BT 131.98 482.20 Td (of ) Tj ET Q q 0 0 0 rg BT 140.69 482.20 Td (stock ) Tj ET Q q 0 0 0 rg BT 159.62 482.20 Td (options ) Tj ET Q q 0 0 0 rg BT 185.22 482.20 Td (that ) Tj ET Q q 0 0 0 rg BT 199.26 482.20 Td (are ) Tj ET Q q 0 0 0 rg BT 211.07 482.20 Td (unvested ) Tj ET Q q 0 0 0 rg BT 241.55 482.20 Td (at ) Tj ET Q q 0 0 0 rg BT 249.37 482.20 Td (the ) Tj ET Q q 0 0 0 rg BT 261.18 482.20 Td (time ) Tj ET Q q 0 0 0 rg BT 277.45 482.20 Td (of ) Tj ET Q q 0 0 0 rg BT 286.15 482.20 Td (such ) Tj ET Q q 0 0 0 rg BT 302.86 482.20 Td (activity ) Tj ET Q q 0 0 0 rg BT 328.89 482.20 Td (will ) Tj ET Q q 0 0 0 rg BT 343.38 482.20 Td (be ) Tj ET Q q 0 0 0 rg BT 352.98 482.20 Td (immediately ) Tj ET Q q 0 0 0 rg BT 395.01 482.20 Td (forfeited. ) Tj ET Q q 0 0 0 rg BT 426.59 482.20 Td (In ) Tj ET Q q 0 0 0 rg BT 435.30 482.20 Td (the ) Tj ET Q q 0 0 0 rg BT 447.11 482.20 Td (event ) Tj ET Q q 0 0 0 rg BT 466.48 482.20 Td (of ) Tj ET Q q 0 0 0 rg BT 475.19 482.20 Td (death ) Tj ET Q q 0 0 0 rg BT 494.55 482.20 Td (during ) Tj ET Q q 0 0 0 rg BT 517.48 482.20 Td (the ) Tj ET Q q 0 0 0 rg BT 529.30 482.20 Td (period ) Tj ET Q q 0 0 0 rg BT 551.78 482.20 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 472.60 Td (which ) Tj ET Q q 0 0 0 rg BT 89.05 472.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 119.49 472.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 138.38 472.60 Td (options ) Tj ET Q q 0 0 0 rg BT 163.93 472.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 193.48 472.60 Td (to ) Tj ET Q q 0 0 0 rg BT 201.70 472.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 216.59 472.60 Td (after ) Tj ET Q q 0 0 0 rg BT 233.24 472.60 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 270.11 472.60 Td (the ) Tj ET Q q 0 0 0 rg BT 281.89 472.60 Td (unvested ) Tj ET Q q 0 0 0 rg BT 312.32 472.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 331.21 472.60 Td (options ) Tj ET Q q 0 0 0 rg BT 356.77 472.60 Td (will ) Tj ET Q q 0 0 0 rg BT 371.21 472.60 Td (become ) Tj ET Q q 0 0 0 rg BT 398.09 472.60 Td (100% ) Tj ET Q q 0 0 0 rg BT 418.75 472.60 Td (vested.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 460.60 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 460.60 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 460.60 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.73 460.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 136.63 460.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 155.64 460.60 Td (units ) Tj ET Q q 0 0 0 rg BT 173.33 460.60 Td (that ) Tj ET Q q 0 0 0 rg BT 187.46 460.60 Td (immediately ) Tj ET Q q 0 0 0 rg BT 229.58 460.60 Td (vest ) Tj ET Q q 0 0 0 rg BT 244.60 460.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 262.73 460.60 Td (a ) Tj ET Q q 0 0 0 rg BT 268.41 460.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 307.42 460.60 Td (that ) Tj ET Q q 0 0 0 rg BT 321.54 460.60 Td (is ) Tj ET Q q 0 0 0 rg BT 329.01 460.60 Td (not ) Tj ET Q q 0 0 0 rg BT 341.37 460.60 Td (for ) Tj ET Q q 0 0 0 rg BT 352.82 460.60 Td (cause ) Tj ET Q q 0 0 0 rg BT 372.72 460.60 Td (or) Tj ET Q q 0 0 0 rg BT 379.06 460.60 Td (, ) Tj ET Q q 0 0 0 rg BT 383.20 460.60 Td (for ) Tj ET Q q 0 0 0 rg BT 394.65 460.60 Td (Messrs. ) Tj ET Q q 0 0 0 rg BT 421.45 460.60 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 450.25 460.60 Td (and ) Tj ET Q q 0 0 0 rg BT 463.93 460.60 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 495.84 460.60 Td (, ) Tj ET Q q 0 0 0 rg BT 499.97 460.60 Td (would ) Tj ET Q q 0 0 0 rg BT 522.11 460.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 551.78 460.60 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 451.00 Td (vest ) Tj ET Q q 0 0 0 rg BT 82.08 451.00 Td (under ) Tj ET Q q 0 0 0 rg BT 101.99 451.00 Td (their ) Tj ET Q q 0 0 0 rg BT 118.35 451.00 Td (vesting ) Tj ET Q q 0 0 0 rg BT 143.16 451.00 Td (schedules ) Tj ET Q q 0 0 0 rg BT 175.95 451.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 193.65 451.00 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 230.22 451.00 Td (provided ) Tj ET Q q 0 0 0 rg BT 260.35 451.00 Td (that ) Tj ET Q q 0 0 0 rg BT 274.04 451.00 Td (the ) Tj ET Q q 0 0 0 rg BT 285.51 451.00 Td (termination ) Tj ET Q q 0 0 0 rg BT 324.09 451.00 Td (of ) Tj ET Q q 0 0 0 rg BT 332.45 451.00 Td (employment ) Tj ET Q q 0 0 0 rg BT 374.14 451.00 Td (at ) Tj ET Q q 0 0 0 rg BT 381.61 451.00 Td (retirement ) Tj ET Q q 0 0 0 rg BT 416.17 451.00 Td (is ) Tj ET Q q 0 0 0 rg BT 423.21 451.00 Td (without ) Tj ET Q q 0 0 0 rg BT 449.35 451.00 Td (cause, ) Tj ET Q q 0 0 0 rg BT 470.81 451.00 Td (and ) Tj ET Q q 0 0 0 rg BT 484.06 451.00 Td (that ) Tj ET Q q 0 0 0 rg BT 497.75 451.00 Td (the ) Tj ET Q q 0 0 0 rg BT 509.22 451.00 Td (executive ) Tj ET Q q 0 0 0 rg BT 541.56 451.00 Td (signs ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 441.40 Td (and ) Tj ET Q q 0 0 0 rg BT 81.07 441.40 Td (delivers ) Tj ET Q q 0 0 0 rg BT 108.42 441.40 Td (a ) Tj ET Q q 0 0 0 rg BT 113.99 441.40 Td (non-compete ) Tj ET Q q 0 0 0 rg BT 157.77 441.40 Td (agreement ) Tj ET Q q 0 0 0 rg BT 193.10 441.40 Td (with ) Tj ET Q q 0 0 0 rg BT 209.35 441.40 Td (Legg ) Tj ET Q q 0 0 0 rg BT 227.80 441.40 Td (Mason ) Tj ET Q q 0 0 0 rg BT 251.60 441.40 Td (and ) Tj ET Q q 0 0 0 rg BT 265.17 441.40 Td (does ) Tj ET Q q 0 0 0 rg BT 281.86 441.40 Td (not ) Tj ET Q q 0 0 0 rg BT 294.10 441.40 Td (engage ) Tj ET Q q 0 0 0 rg BT 318.77 441.40 Td (in ) Tj ET Q q 0 0 0 rg BT 327.02 441.40 Td (competitive ) Tj ET Q q 0 0 0 rg BT 366.80 441.40 Td (activity ) Tj ET Q q 0 0 0 rg BT 392.82 441.40 Td (as ) Tj ET Q q 0 0 0 rg BT 401.50 441.40 Td (provided ) Tj ET Q q 0 0 0 rg BT 431.96 441.40 Td (in ) Tj ET Q q 0 0 0 rg BT 440.20 441.40 Td (that ) Tj ET Q q 0 0 0 rg BT 454.22 441.40 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 491.55 441.40 Td (During ) Tj ET Q q 0 0 0 rg BT 516.24 441.40 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 553.13 441.40 Td (if ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 431.80 Td (the ) Tj ET Q q 0 0 0 rg BT 78.87 431.80 Td (executive ) Tj ET Q q 0 0 0 rg BT 111.11 431.80 Td (engages ) Tj ET Q q 0 0 0 rg BT 138.47 431.80 Td (in ) Tj ET Q q 0 0 0 rg BT 146.29 431.80 Td (competitive ) Tj ET Q q 0 0 0 rg BT 185.65 431.80 Td (activity) Tj ET Q q 0 0 0 rg BT 209.13 431.80 Td (, ) Tj ET Q q 0 0 0 rg BT 212.72 431.80 Td (the ) Tj ET Q q 0 0 0 rg BT 224.09 431.80 Td (portion ) Tj ET Q q 0 0 0 rg BT 248.80 431.80 Td (of ) Tj ET Q q 0 0 0 rg BT 257.06 431.80 Td (restricted ) Tj ET Q q 0 0 0 rg BT 288.41 431.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 306.90 431.80 Td (units ) Tj ET Q q 0 0 0 rg BT 324.05 431.80 Td (that ) Tj ET Q q 0 0 0 rg BT 337.64 431.80 Td (are ) Tj ET Q q 0 0 0 rg BT 349.00 431.80 Td (unvested ) Tj ET Q q 0 0 0 rg BT 379.04 431.80 Td (at ) Tj ET Q q 0 0 0 rg BT 386.41 431.80 Td (the ) Tj ET Q q 0 0 0 rg BT 397.78 431.80 Td (time ) Tj ET Q q 0 0 0 rg BT 413.59 431.80 Td (of ) Tj ET Q q 0 0 0 rg BT 421.85 431.80 Td (such ) Tj ET Q q 0 0 0 rg BT 438.11 431.80 Td (activity ) Tj ET Q q 0 0 0 rg BT 463.70 431.80 Td (will ) Tj ET Q q 0 0 0 rg BT 477.74 431.80 Td (be ) Tj ET Q q 0 0 0 rg BT 486.88 431.80 Td (immediately ) Tj ET Q q 0 0 0 rg BT 528.47 431.80 Td (forfeited. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 422.20 Td (In ) Tj ET Q q 0 0 0 rg BT 76.51 422.20 Td (the ) Tj ET Q q 0 0 0 rg BT 88.62 422.20 Td (event ) Tj ET Q q 0 0 0 rg BT 108.29 422.20 Td (of ) Tj ET Q q 0 0 0 rg BT 117.29 422.20 Td (death ) Tj ET Q q 0 0 0 rg BT 136.96 422.20 Td (during ) Tj ET Q q 0 0 0 rg BT 160.19 422.20 Td (the ) Tj ET Q q 0 0 0 rg BT 172.30 422.20 Td (period ) Tj ET Q q 0 0 0 rg BT 195.08 422.20 Td (in ) Tj ET Q q 0 0 0 rg BT 203.65 422.20 Td (which ) Tj ET Q q 0 0 0 rg BT 225.54 422.20 Td (unvested ) Tj ET Q q 0 0 0 rg BT 256.32 422.20 Td (restricted ) Tj ET Q q 0 0 0 rg BT 288.42 422.20 Td (stock ) Tj ET Q q 0 0 0 rg BT 307.65 422.20 Td (units ) Tj ET Q q 0 0 0 rg BT 325.55 422.20 Td (continue ) Tj ET Q q 0 0 0 rg BT 355.44 422.20 Td (to ) Tj ET Q q 0 0 0 rg BT 364.00 422.20 Td (vest ) Tj ET Q q 0 0 0 rg BT 379.23 422.20 Td (after ) Tj ET Q q 0 0 0 rg BT 396.23 422.20 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 433.44 422.20 Td (the ) Tj ET Q q 0 0 0 rg BT 445.55 422.20 Td (unvested ) Tj ET Q q 0 0 0 rg BT 476.33 422.20 Td (restricted ) Tj ET Q q 0 0 0 rg BT 508.44 422.20 Td (stock ) Tj ET Q q 0 0 0 rg BT 527.67 422.20 Td (units ) Tj ET Q q 0 0 0 rg BT 545.57 422.20 Td (will ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 412.60 Td (become ) Tj ET Q q 0 0 0 rg BT 94.38 412.60 Td (100% ) Tj ET Q q 0 0 0 rg BT 115.04 412.60 Td (vested ) Tj ET Q q 0 0 0 rg BT 137.48 412.60 Td (as ) Tj ET Q q 0 0 0 rg BT 146.14 412.60 Td (of ) Tj ET Q q 0 0 0 rg BT 154.80 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 166.58 412.60 Td (date ) Tj ET Q q 0 0 0 rg BT 181.90 412.60 Td (Legg ) Tj ET Q q 0 0 0 rg BT 200.34 412.60 Td (Mason ) Tj ET Q q 0 0 0 rg BT 224.12 412.60 Td (becomes ) Tj ET Q q 0 0 0 rg BT 254.11 412.60 Td (aware ) Tj ET Q q 0 0 0 rg BT 275.20 412.60 Td (of ) Tj ET Q q 0 0 0 rg BT 283.86 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 295.64 412.60 Td (death.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 400.60 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 400.60 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 400.60 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 105.26 400.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 131.47 400.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 166.12 400.60 Td (the ) Tj ET Q q 0 0 0 rg BT 178.11 400.60 Td (total ) Tj ET Q q 0 0 0 rg BT 194.54 400.60 Td (number ) Tj ET Q q 0 0 0 rg BT 221.19 400.60 Td (of ) Tj ET Q q 0 0 0 rg BT 230.07 400.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 272.71 400.60 Td (share ) Tj ET Q q 0 0 0 rg BT 291.80 400.60 Td (units ) Tj ET Q q 0 0 0 rg BT 309.58 400.60 Td (at ) Tj ET Q q 0 0 0 rg BT 317.57 400.60 Td (tar) Tj ET Q q 0 0 0 rg BT 325.86 400.60 Td (get ) Tj ET Q q 0 0 0 rg BT 337.85 400.60 Td (for ) Tj ET Q q 0 0 0 rg BT 349.39 400.60 Td (the ) Tj ET Q q 0 0 0 rg BT 361.38 400.60 Td (May ) Tj ET Q q 0 0 0 rg BT 378.26 400.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 396.48 400.60 Td (awards, ) Tj ET Q q 0 0 0 rg BT 423.35 400.60 Td (which ) Tj ET Q q 0 0 0 rg BT 445.12 400.60 Td (were ) Tj ET Q q 0 0 0 rg BT 462.87 400.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 486.41 400.60 Td (at ) Tj ET Q q 0 0 0 rg BT 494.40 400.60 Td (141% ) Tj ET Q q 0 0 0 rg BT 515.28 400.60 Td (of ) Tj ET Q q 0 0 0 rg BT 524.16 400.60 Td (tar) Tj ET Q q 0 0 0 rg BT 532.46 400.60 Td (get, ) Tj ET Q q 0 0 0 rg BT 546.45 400.60 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 79.57 391.00 Td (total ) Tj ET Q q 0 0 0 rg BT 96.09 391.00 Td (number ) Tj ET Q q 0 0 0 rg BT 122.83 391.00 Td (of ) Tj ET Q q 0 0 0 rg BT 131.79 391.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 174.51 391.00 Td (share ) Tj ET Q q 0 0 0 rg BT 193.69 391.00 Td (units ) Tj ET Q q 0 0 0 rg BT 211.55 391.00 Td (at ) Tj ET Q q 0 0 0 rg BT 219.62 391.00 Td (tar) Tj ET Q q 0 0 0 rg BT 227.91 391.00 Td (get, ) Tj ET Q q 0 0 0 rg BT 241.99 391.00 Td (for ) Tj ET Q q 0 0 0 rg BT 253.62 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 265.69 391.00 Td (May ) Tj ET Q q 0 0 0 rg BT 282.65 391.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 300.95 391.00 Td (awards ) Tj ET Q q 0 0 0 rg BT 325.91 391.00 Td (which ) Tj ET Q q 0 0 0 rg BT 347.76 391.00 Td (were ) Tj ET Q q 0 0 0 rg BT 365.60 391.00 Td (valued ) Tj ET Q q 0 0 0 rg BT 389.23 391.00 Td (at ) Tj ET Q q 0 0 0 rg BT 397.30 391.00 Td (125%, ) Tj ET Q q 0 0 0 rg BT 420.26 391.00 Td (and ) Tj ET Q q 0 0 0 rg BT 434.11 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 446.19 391.00 Td (total ) Tj ET Q q 0 0 0 rg BT 462.71 391.00 Td (number ) Tj ET Q q 0 0 0 rg BT 489.44 391.00 Td (of ) Tj ET Q q 0 0 0 rg BT 498.41 391.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 541.12 391.00 Td (share ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 381.40 Td (units ) Tj ET Q q 0 0 0 rg BT 84.74 381.40 Td (at ) Tj ET Q q 0 0 0 rg BT 92.20 381.40 Td (tar) Tj ET Q q 0 0 0 rg BT 100.49 381.40 Td (get ) Tj ET Q q 0 0 0 rg BT 111.95 381.40 Td (for ) Tj ET Q q 0 0 0 rg BT 122.96 381.40 Td (the ) Tj ET Q q 0 0 0 rg BT 134.42 381.40 Td (May ) Tj ET Q q 0 0 0 rg BT 150.77 381.40 Td (2019 ) Tj ET Q q 0 0 0 rg BT 168.46 381.40 Td (awards, ) Tj ET Q q 0 0 0 rg BT 194.80 381.40 Td (which ) Tj ET Q q 0 0 0 rg BT 216.03 381.40 Td (were ) Tj ET Q q 0 0 0 rg BT 233.26 381.40 Td (valued ) Tj ET Q q 0 0 0 rg BT 256.27 381.40 Td (at ) Tj ET Q q 0 0 0 rg BT 263.73 381.40 Td (125% ) Tj ET Q q 0 0 0 rg BT 284.08 381.40 Td (of ) Tj ET Q q 0 0 0 rg BT 292.42 381.40 Td (tar) Tj ET Q q 0 0 0 rg BT 300.72 381.40 Td (get. ) Tj ET Q q 0 0 0 rg BT 314.17 381.40 Td (Upon ) Tj ET Q q 0 0 0 rg BT 333.64 381.40 Td (retirement, ) Tj ET Q q 0 0 0 rg BT 370.19 381.40 Td (the ) Tj ET Q q 0 0 0 rg BT 381.65 381.40 Td (entire ) Tj ET Q q 0 0 0 rg BT 401.55 381.40 Td (value ) Tj ET Q q 0 0 0 rg BT 420.55 381.40 Td (of ) Tj ET Q q 0 0 0 rg BT 428.90 381.40 Td (the ) Tj ET Q q 0 0 0 rg BT 440.36 381.40 Td (May ) Tj ET Q q 0 0 0 rg BT 456.71 381.40 Td (2019, ) Tj ET Q q 0 0 0 rg BT 476.39 381.40 Td (May ) Tj ET Q q 0 0 0 rg BT 492.74 381.40 Td (2018, ) Tj ET Q q 0 0 0 rg BT 512.43 381.40 Td (and ) Tj ET Q q 0 0 0 rg BT 525.66 381.40 Td (May ) Tj ET Q q 0 0 0 rg BT 542.01 381.40 Td (2017 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 371.80 Td (awards ) Tj ET Q q 0 0 0 rg BT 92.05 371.80 Td (at ) Tj ET Q q 0 0 0 rg BT 99.72 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 111.38 371.80 Td (end ) Tj ET Q q 0 0 0 rg BT 124.83 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 133.39 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 145.05 371.80 Td (respective ) Tj ET Q q 0 0 0 rg BT 179.37 371.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 221.68 371.80 Td (periods ) Tj ET Q q 0 0 0 rg BT 247.13 371.80 Td (would ) Tj ET Q q 0 0 0 rg BT 269.02 371.80 Td (vest ) Tj ET Q q 0 0 0 rg BT 283.80 371.80 Td (and ) Tj ET Q q 0 0 0 rg BT 297.25 371.80 Td (be ) Tj ET Q q 0 0 0 rg BT 306.69 371.80 Td (earned, ) Tj ET Q q 0 0 0 rg BT 331.90 371.80 Td (and ) Tj ET Q q 0 0 0 rg BT 345.34 371.80 Td (paid ) Tj ET Q q 0 0 0 rg BT 361.01 371.80 Td (out ) Tj ET Q q 0 0 0 rg BT 373.13 371.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 397.68 371.80 Td (to ) Tj ET Q q 0 0 0 rg BT 405.80 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 417.46 371.80 Td (determination ) Tj ET Q q 0 0 0 rg BT 463.79 371.80 Td (and ) Tj ET Q q 0 0 0 rg BT 477.23 371.80 Td (certification ) Tj ET Q q 0 0 0 rg BT 517.77 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 526.33 371.80 Td (payout ) Tj ET Q q 0 0 0 rg BT 550.00 371.80 Td (by ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 362.20 Td (the ) Tj ET Q q 0 0 0 rg BT 79.44 362.20 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 127.82 362.20 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 167.38 362.20 Td (The ) Tj ET Q q 0 0 0 rg BT 181.98 362.20 Td (May ) Tj ET Q q 0 0 0 rg BT 198.80 362.20 Td (2019 ) Tj ET Q q 0 0 0 rg BT 216.97 362.20 Td (and ) Tj ET Q q 0 0 0 rg BT 230.68 362.20 Td (2018 ) Tj ET Q q 0 0 0 rg BT 248.84 362.20 Td (awards ) Tj ET Q q 0 0 0 rg BT 273.66 362.20 Td (were ) Tj ET Q q 0 0 0 rg BT 291.37 362.20 Td (valued ) Tj ET Q q 0 0 0 rg BT 314.86 362.20 Td (based ) Tj ET Q q 0 0 0 rg BT 335.23 362.20 Td (on ) Tj ET Q q 0 0 0 rg BT 345.40 362.20 Td (the ) Tj ET Q q 0 0 0 rg BT 357.18 362.20 Td (TSR ) Tj ET Q q 0 0 0 rg BT 374.01 362.20 Td (and ) Tj ET Q q 0 0 0 rg BT 387.73 362.20 Td (or) Tj ET Q q 0 0 0 rg BT 394.25 362.20 Td (ganic ) Tj ET Q q 0 0 0 rg BT 413.73 362.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 438.56 362.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 452.71 362.20 Td (rankings ) Tj ET Q q 0 0 0 rg BT 482.43 362.20 Td (at ) Tj ET Q q 0 0 0 rg BT 490.36 362.20 Td (March ) Tj ET Q q 0 0 0 rg BT 513.40 362.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 525.57 362.20 Td (2020. ) Tj ET Q q 0 0 0 rg BT 545.57 362.20 Td (The ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 352.60 Td (payout ) Tj ET Q q 0 0 0 rg BT 91.43 352.60 Td (for ) Tj ET Q q 0 0 0 rg BT 102.91 352.60 Td (the ) Tj ET Q q 0 0 0 rg BT 114.84 352.60 Td (May ) Tj ET Q q 0 0 0 rg BT 131.66 352.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 149.82 352.60 Td (awards ) Tj ET Q q 0 0 0 rg BT 174.63 352.60 Td (was ) Tj ET Q q 0 0 0 rg BT 189.22 352.60 Td (tracking ) Tj ET Q q 0 0 0 rg BT 217.59 352.60 Td (at ) Tj ET Q q 0 0 0 rg BT 225.52 352.60 Td (141% ) Tj ET Q q 0 0 0 rg BT 246.34 352.60 Td (of ) Tj ET Q q 0 0 0 rg BT 255.16 352.60 Td (tar) Tj ET Q q 0 0 0 rg BT 263.45 352.60 Td (get ) Tj ET Q q 0 0 0 rg BT 275.38 352.60 Td (based ) Tj ET Q q 0 0 0 rg BT 295.75 352.60 Td (on ) Tj ET Q q 0 0 0 rg BT 305.90 352.60 Td (the ) Tj ET Q q 0 0 0 rg BT 317.68 352.60 Td (TSR ) Tj ET Q q 0 0 0 rg BT 334.50 352.60 Td (rankings ) Tj ET Q q 0 0 0 rg BT 364.21 352.60 Td (at ) Tj ET Q q 0 0 0 rg BT 372.14 352.60 Td (March ) Tj ET Q q 0 0 0 rg BT 395.17 352.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 407.33 352.60 Td (2020. ) Tj ET Q q 0 0 0 rg BT 427.33 352.60 Td (These ) Tj ET Q q 0 0 0 rg BT 448.58 352.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 477.85 352.60 Td (were ) Tj ET Q q 0 0 0 rg BT 495.55 352.60 Td (vested ) Tj ET Q q 0 0 0 rg BT 518.14 352.60 Td (and ) Tj ET Q q 0 0 0 rg BT 531.85 352.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 547.78 352.60 Td (out ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 343.00 Td (following ) Tj ET Q q 0 0 0 rg BT 100.61 343.00 Td (certification ) Tj ET Q q 0 0 0 rg BT 141.25 343.00 Td (by ) Tj ET Q q 0 0 0 rg BT 151.25 343.00 Td (the ) Tj ET Q q 0 0 0 rg BT 163.03 343.00 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 211.25 343.00 Td (Committee ) Tj ET Q q 0 0 0 rg BT 248.80 343.00 Td (at ) Tj ET Q q 0 0 0 rg BT 256.57 343.00 Td (105% ) Tj ET Q q 0 0 0 rg BT 277.23 343.00 Td (of ) Tj ET Q q 0 0 0 rg BT 285.90 343.00 Td (tar) Tj ET Q q 0 0 0 rg BT 294.19 343.00 Td (get.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 331.00 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 331.00 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 331.00 Td (Death ) Tj ET Q q 0 0 0 rg BT 88.93 331.00 Td (or ) Tj ET Q q 0 0 0 rg BT 97.92 331.00 Td (disability ) Tj ET Q q 0 0 0 rg BT 130.02 331.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 159.45 331.00 Td (and ) Tj ET Q q 0 0 0 rg BT 173.33 331.00 Td (change ) Tj ET Q q 0 0 0 rg BT 198.31 331.00 Td (of ) Tj ET Q q 0 0 0 rg BT 207.30 331.00 Td (control ) Tj ET Q q 0 0 0 rg BT 232.28 331.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.72 331.00 Td (represent ) Tj ET Q q 0 0 0 rg BT 293.36 331.00 Td (the ) Tj ET Q q 0 0 0 rg BT 305.46 331.00 Td (product ) Tj ET Q q 0 0 0 rg BT 332.22 331.00 Td (of ) Tj ET Q q 0 0 0 rg BT 341.21 331.00 Td (the ) Tj ET Q q 0 0 0 rg BT 353.31 331.00 Td (pro-rata ) Tj ET Q q 0 0 0 rg BT 380.95 331.00 Td (portion ) Tj ET Q q 0 0 0 rg BT 406.38 331.00 Td (of ) Tj ET Q q 0 0 0 rg BT 415.37 331.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 458.12 331.00 Td (share ) Tj ET Q q 0 0 0 rg BT 477.32 331.00 Td (units ) Tj ET Q q 0 0 0 rg BT 495.20 331.00 Td (at ) Tj ET Q q 0 0 0 rg BT 503.30 331.00 Td (tar) Tj ET Q q 0 0 0 rg BT 511.59 331.00 Td (get ) Tj ET Q q 0 0 0 rg BT 523.69 331.00 Td (that ) Tj ET Q q 0 0 0 rg BT 538.01 331.00 Td (would ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 321.40 Td (immediately ) Tj ET Q q 0 0 0 rg BT 109.49 321.40 Td (vest ) Tj ET Q q 0 0 0 rg BT 124.38 321.40 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 159.26 321.40 Td (by ) Tj ET Q q 0 0 0 rg BT 169.26 321.40 Td ($48.85, ) Tj ET Q q 0 0 0 rg BT 195.26 321.40 Td (the ) Tj ET Q q 0 0 0 rg BT 207.04 321.40 Td (closing ) Tj ET Q q 0 0 0 rg BT 232.14 321.40 Td (price ) Tj ET Q q 0 0 0 rg BT 250.13 321.40 Td (of ) Tj ET Q q 0 0 0 rg BT 258.80 321.40 Td (our ) Tj ET Q q 0 0 0 rg BT 271.46 321.40 Td (common ) Tj ET Q q 0 0 0 rg BT 301.46 321.40 Td (stock ) Tj ET Q q 0 0 0 rg BT 320.34 321.40 Td (on ) Tj ET Q q 0 0 0 rg BT 330.34 321.40 Td (March ) Tj ET Q q 0 0 0 rg BT 353.22 321.40 Td (31, ) Tj ET Q q 0 0 0 rg BT 365.22 321.40 Td (2020.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 309.40 Td (\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.83 309.40 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 309.40 Td (The ) Tj ET Q q 0 0 0 rg BT 82.05 309.40 Td (definition ) Tj ET Q q 0 0 0 rg BT 115.27 309.40 Td (of ) Tj ET Q q 0 0 0 rg BT 124.05 309.40 Td (�change ) Tj ET Q q 0 0 0 rg BT 152.36 309.40 Td (of ) Tj ET Q q 0 0 0 rg BT 161.14 309.40 Td (control� ) Tj ET Q q 0 0 0 rg BT 189.46 309.40 Td (of ) Tj ET Q q 0 0 0 rg BT 198.24 309.40 Td (Legg ) Tj ET Q q 0 0 0 rg BT 216.79 309.40 Td (Mason ) Tj ET Q q 0 0 0 rg BT 240.68 309.40 Td (dif) Tj ET Q q 0 0 0 rg BT 249.43 309.40 Td (fers ) Tj ET Q q 0 0 0 rg BT 263.53 309.40 Td (for ) Tj ET Q q 0 0 0 rg BT 274.97 309.40 Td (the ) Tj ET Q q 0 0 0 rg BT 286.86 309.40 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 327.61 309.40 Td (of ) Tj ET Q q 0 0 0 rg BT 336.39 309.40 Td (stock ) Tj ET Q q 0 0 0 rg BT 355.39 309.40 Td (options, ) Tj ET Q q 0 0 0 rg BT 383.06 309.40 Td (restricted ) Tj ET Q q 0 0 0 rg BT 414.93 309.40 Td (stock ) Tj ET Q q 0 0 0 rg BT 433.93 309.40 Td (units ) Tj ET Q q 0 0 0 rg BT 451.61 309.40 Td (and ) Tj ET Q q 0 0 0 rg BT 465.27 309.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 507.80 309.40 Td (share ) Tj ET Q q 0 0 0 rg BT 526.79 309.40 Td (units. ) Tj ET Q q 0 0 0 rg BT 546.46 309.40 Td (See ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 299.80 Td (the ) Tj ET Q q 0 0 0 rg BT 79.51 299.80 Td (discussion ) Tj ET Q q 0 0 0 rg BT 115.07 299.80 Td (preceding ) Tj ET Q q 0 0 0 rg BT 148.85 299.80 Td (this ) Tj ET Q q 0 0 0 rg BT 162.64 299.80 Td (table ) Tj ET Q q 0 0 0 rg BT 180.42 299.80 Td (under ) Tj ET Q q 0 0 0 rg BT 200.86 299.80 Td (�Potential ) Tj ET Q q 0 0 0 rg BT 235.09 299.80 Td (Payments ) Tj ET Q q 0 0 0 rg BT 268.43 299.80 Td (on ) Tj ET Q q 0 0 0 rg BT 278.50 299.80 Td (T) Tj ET Q q 0 0 0 rg BT 282.83 299.80 Td (ermination ) Tj ET Q q 0 0 0 rg BT 319.72 299.80 Td (or ) Tj ET Q q 0 0 0 rg BT 328.61 299.80 Td (a ) Tj ET Q q 0 0 0 rg BT 334.40 299.80 Td (Change ) Tj ET Q q 0 0 0 rg BT 361.07 299.80 Td (of ) Tj ET Q q 0 0 0 rg BT 369.96 299.80 Td (Control ) Tj ET Q q 0 0 0 rg BT 396.64 299.80 Td (or ) Tj ET Q q 0 0 0 rg BT 405.54 299.80 Td (Retirement.� ) Tj ET Q q 0 0 0 rg BT 448.86 299.80 Td (For ) Tj ET Q q 0 0 0 rg BT 462.21 299.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 481.33 299.80 Td (options, ) Tj ET Q q 0 0 0 rg BT 509.12 299.80 Td (restricted ) Tj ET Q q 0 0 0 rg BT 541.11 299.80 Td (stock ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 290.20 Td (units ) Tj ET Q q 0 0 0 rg BT 84.70 290.20 Td (and ) Tj ET Q q 0 0 0 rg BT 97.89 290.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 139.94 290.20 Td (share ) Tj ET Q q 0 0 0 rg BT 158.46 290.20 Td (units, ) Tj ET Q q 0 0 0 rg BT 177.66 290.20 Td (assumes ) Tj ET Q q 0 0 0 rg BT 205.96 290.20 Td (termination ) Tj ET Q q 0 0 0 rg BT 244.48 290.20 Td (of ) Tj ET Q q 0 0 0 rg BT 252.78 290.20 Td (employment ) Tj ET Q q 0 0 0 rg BT 294.41 290.20 Td (on ) Tj ET Q q 0 0 0 rg BT 304.05 290.20 Td (the ) Tj ET Q q 0 0 0 rg BT 315.46 290.20 Td (change ) Tj ET Q q 0 0 0 rg BT 339.75 290.20 Td (of ) Tj ET Q q 0 0 0 rg BT 348.06 290.20 Td (control ) Tj ET Q q 0 0 0 rg BT 372.36 290.20 Td (date ) Tj ET Q q 0 0 0 rg BT 387.32 290.20 Td (without ) Tj ET Q q 0 0 0 rg BT 413.40 290.20 Td (cause ) Tj ET Q q 0 0 0 rg BT 432.81 290.20 Td (or ) Tj ET Q q 0 0 0 rg BT 441.11 290.20 Td (for ) Tj ET Q q 0 0 0 rg BT 452.08 290.20 Td (good ) Tj ET Q q 0 0 0 rg BT 469.71 290.20 Td (reason ) Tj ET Q q 0 0 0 rg BT 492.23 290.20 Td (for ) Tj ET Q q 0 0 0 rg BT 503.20 290.20 Td (awards ) Tj ET Q q 0 0 0 rg BT 527.49 290.20 Td (for ) Tj ET Q q 0 0 0 rg BT 538.46 290.20 Td (which ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 280.60 Td (such ) Tj ET Q q 0 0 0 rg BT 84.16 280.60 Td (a ) Tj ET Q q 0 0 0 rg BT 89.71 280.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 128.59 280.60 Td (is ) Tj ET Q q 0 0 0 rg BT 135.93 280.60 Td (a ) Tj ET Q q 0 0 0 rg BT 141.48 280.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 173.70 280.60 Td (to ) Tj ET Q q 0 0 0 rg BT 181.92 280.60 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 219.89 280.60 Td (vesting ) Tj ET Q q 0 0 0 rg BT 245.00 280.60 Td (following ) Tj ET Q q 0 0 0 rg BT 278.11 280.60 Td (a ) Tj ET Q q 0 0 0 rg BT 283.66 280.60 Td (change ) Tj ET Q q 0 0 0 rg BT 308.31 280.60 Td (of ) Tj ET Q q 0 0 0 rg BT 316.97 280.60 Td (control.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 271.00 Td (\(10\) ) Tj ET Q q 0 0 0 rg BT 65.06 271.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.29 271.00 Td (Severance ) Tj ET Q q 0 0 0 rg BT 102.38 271.00 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 147.70 271.00 Td (approved ) Tj ET Q q 0 0 0 rg BT 179.70 271.00 Td (for ) Tj ET Q q 0 0 0 rg BT 191.26 271.00 Td (executive ) Tj ET Q q 0 0 0 rg BT 224.13 271.00 Td (of) Tj ET Q q 0 0 0 rg BT 230.65 271.00 Td (ficers ) Tj ET Q q 0 0 0 rg BT 250.65 271.00 Td (on ) Tj ET Q q 0 0 0 rg BT 260.88 271.00 Td (May ) Tj ET Q q 0 0 0 rg BT 277.77 271.00 Td (20, ) Tj ET Q q 0 0 0 rg BT 290.00 271.00 Td (2019 ) Tj ET Q q 0 0 0 rg BT 308.23 271.00 Td (modified ) Tj ET Q q 0 0 0 rg BT 339.34 271.00 Td (unvested ) Tj ET Q q 0 0 0 rg BT 370.01 271.00 Td (stock ) Tj ET Q q 0 0 0 rg BT 389.13 271.00 Td (option ) Tj ET Q q 0 0 0 rg BT 411.80 271.00 Td (awards ) Tj ET Q q 0 0 0 rg BT 436.69 271.00 Td (and ) Tj ET Q q 0 0 0 rg BT 450.47 271.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 493.11 271.00 Td (share ) Tj ET Q q 0 0 0 rg BT 512.22 271.00 Td (unit ) Tj ET Q q 0 0 0 rg BT 526.90 271.00 Td (awards ) Tj ET Q q 0 0 0 rg BT 551.78 271.00 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 261.40 Td (provide ) Tj ET Q q 0 0 0 rg BT 93.46 261.40 Td (for ) Tj ET Q q 0 0 0 rg BT 104.32 261.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.62 261.40 Td (continued ) Tj ET Q q 0 0 0 rg BT 148.69 261.40 Td (vesting ) Tj ET Q q 0 0 0 rg BT 173.33 261.40 Td (and ) Tj ET Q q 0 0 0 rg BT 186.40 261.40 Td (expiration ) Tj ET Q q 0 0 0 rg BT 220.36 261.40 Td (\(as ) Tj ET Q q 0 0 0 rg BT 231.22 261.40 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 268.28 261.40 Td (of ) Tj ET Q q 0 0 0 rg BT 276.47 261.40 Td (such ) Tj ET Q q 0 0 0 rg BT 292.66 261.40 Td (awards ) Tj ET Q q 0 0 0 rg BT 316.84 261.40 Td (after ) Tj ET Q q 0 0 0 rg BT 333.02 261.40 Td (termination ) Tj ET Q q 0 0 0 rg BT 371.43 261.40 Td (of ) Tj ET Q q 0 0 0 rg BT 379.62 261.40 Td (employment, ) Tj ET Q q 0 0 0 rg BT 423.14 261.40 Td (and ) Tj ET Q q 0 0 0 rg BT 436.21 261.40 Td (for ) Tj ET Q q 0 0 0 rg BT 447.07 261.40 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 487.23 261.40 Td (of ) Tj ET Q q 0 0 0 rg BT 495.42 261.40 Td (vesting ) Tj ET Q q 0 0 0 rg BT 520.06 261.40 Td (of ) Tj ET Q q 0 0 0 rg BT 528.25 261.40 Td (restricted ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 251.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 86.36 251.80 Td (unit ) Tj ET Q q 0 0 0 rg BT 100.77 251.80 Td (awards ) Tj ET Q q 0 0 0 rg BT 125.39 251.80 Td (upon ) Tj ET Q q 0 0 0 rg BT 143.36 251.80 Td (termination ) Tj ET Q q 0 0 0 rg BT 182.21 251.80 Td (of ) Tj ET Q q 0 0 0 rg BT 190.84 251.80 Td (employment. ) Tj ET Q q 0 0 0 rg BT 234.37 251.80 Td (As ) Tj ET Q q 0 0 0 rg BT 245.23 251.80 Td (of ) Tj ET Q q 0 0 0 rg BT 253.86 251.80 Td (January ) Tj ET Q q 0 0 0 rg BT 280.71 251.80 Td (1, ) Tj ET Q q 0 0 0 rg BT 288.68 251.80 Td (2020, ) Tj ET Q q 0 0 0 rg BT 308.65 251.80 Td (all ) Tj ET Q q 0 0 0 rg BT 318.61 251.80 Td (unvested ) Tj ET Q q 0 0 0 rg BT 349.02 251.80 Td (restricted ) Tj ET Q q 0 0 0 rg BT 380.75 251.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 399.60 251.80 Td (unit ) Tj ET Q q 0 0 0 rg BT 414.02 251.80 Td (awards ) Tj ET Q q 0 0 0 rg BT 438.64 251.80 Td (held ) Tj ET Q q 0 0 0 rg BT 454.39 251.80 Td (by ) Tj ET Q q 0 0 0 rg BT 464.35 251.80 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 478.55 251.80 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 510.29 251.80 Td (and ) Tj ET Q q 0 0 0 rg BT 523.81 251.80 Td (Mr) Tj ET Q q 0 0 0 rg BT 533.15 251.80 Td (. ) Tj ET Q q 0 0 0 rg BT 537.12 251.80 Td (Hoops ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 242.20 Td (were ) Tj ET Q q 0 0 0 rg BT 85.80 242.20 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 124.53 242.20 Td (in ) Tj ET Q q 0 0 0 rg BT 133.51 242.20 Td (connection ) Tj ET Q q 0 0 0 rg BT 171.36 242.20 Td (with ) Tj ET Q q 0 0 0 rg BT 188.34 242.20 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 203.33 242.20 Td (Cashman�) Tj ET Q q 0 0 0 rg BT 235.33 242.20 Td (s ) Tj ET Q q 0 0 0 rg BT 241.20 242.20 Td (and ) Tj ET Q q 0 0 0 rg BT 255.51 242.20 Td (Mr) Tj ET Q q 0 0 0 rg BT 264.84 242.20 Td (. ) Tj ET Q q 0 0 0 rg BT 269.60 242.20 Td (Hoops�) Tj ET Q q 0 0 0 rg BT 292.56 242.20 Td ( ) Tj ET Q q 0 0 0 rg BT 295.32 242.20 Td (termination ) Tj ET Q q 0 0 0 rg BT 334.96 242.20 Td (of ) Tj ET Q q 0 0 0 rg BT 344.38 242.20 Td (employment. ) Tj ET Q q 0 0 0 rg BT 388.52 242.20 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 420.62 242.20 Td (shown ) Tj ET Q q 0 0 0 rg BT 444.27 242.20 Td (in ) Tj ET Q q 0 0 0 rg BT 453.25 242.20 Td (the ) Tj ET Q q 0 0 0 rg BT 465.78 242.20 Td (table ) Tj ET Q q 0 0 0 rg BT 484.09 242.20 Td (reflect ) Tj ET Q q 0 0 0 rg BT 507.27 242.20 Td (awards ) Tj ET Q q 0 0 0 rg BT 532.69 242.20 Td (actually ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 232.60 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 105.46 232.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.02 232.60 Td (distributed ) Tj ET Q q 0 0 0 rg BT 155.23 232.60 Td (to ) Tj ET Q q 0 0 0 rg BT 163.46 232.60 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 177.68 232.60 Td (Cashman ) Tj ET Q q 0 0 0 rg BT 209.46 232.60 Td (and ) Tj ET Q q 0 0 0 rg BT 223.01 232.60 Td (Mr) Tj ET Q q 0 0 0 rg BT 232.34 232.60 Td (. ) Tj ET Q q 0 0 0 rg BT 236.34 232.60 Td (Hoops ) Tj ET Q q 0 0 0 rg BT 259.23 232.60 Td (as ) Tj ET Q q 0 0 0 rg BT 267.90 232.60 Td (of ) Tj ET Q q 0 0 0 rg BT 276.56 232.60 Td (January ) Tj ET Q q 0 0 0 rg BT 303.44 232.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 311.44 232.60 Td (2020. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 207.40 Td (CEO ) Tj ET Q q 0 0 0 rg BT 74.88 207.40 Td (Pay ) Tj ET Q q 0 0 0 rg BT 94.42 207.40 Td (Ratio) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 194.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.76 194.80 Td (CEO ) Tj ET Q q 0 0 0 rg BT 92.69 194.80 Td (pay ) Tj ET Q q 0 0 0 rg BT 110.78 194.80 Td (ratio ) Tj ET Q q 0 0 0 rg BT 132.95 194.80 Td (is ) Tj ET Q q 0 0 0 rg BT 142.89 194.80 Td (calculated ) Tj ET Q q 0 0 0 rg BT 188.37 194.80 Td (in ) Tj ET Q q 0 0 0 rg BT 199.47 194.80 Td (accordance ) Tj ET Q q 0 0 0 rg BT 249.61 194.80 Td (with ) Tj ET Q q 0 0 0 rg BT 271.21 194.80 Td (Item ) Tj ET Q q 0 0 0 rg BT 293.38 194.80 Td (402\(u\) ) Tj ET Q q 0 0 0 rg BT 324.31 194.80 Td (of ) Tj ET Q q 0 0 0 rg BT 335.98 194.80 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 384.99 194.80 Td (S-K, ) Tj ET Q q 0 0 0 rg BT 407.46 194.80 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 446.56 194.80 Td (to ) Tj ET Q q 0 0 0 rg BT 457.65 194.80 Td (a ) Tj ET Q q 0 0 0 rg BT 465.24 194.80 Td (mandate ) Tj ET Q q 0 0 0 rg BT 503.74 194.80 Td (of ) Tj ET Q q 0 0 0 rg BT 515.42 194.80 Td (the ) Tj ET Q q 0 0 0 rg BT 531.18 194.80 Td (Dodd-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 182.20 Td (Frank ) Tj ET Q q 0 0 0 rg BT 77.20 182.20 Td (W) Tj ET Q q 0 0 0 rg BT 86.27 182.20 Td (all ) Tj ET Q q 0 0 0 rg BT 100.22 182.20 Td (Street ) Tj ET Q q 0 0 0 rg BT 128.17 182.20 Td (Reform ) Tj ET Q q 0 0 0 rg BT 163.70 182.20 Td (and ) Tj ET Q q 0 0 0 rg BT 182.31 182.20 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 228.93 182.20 Td (Protection ) Tj ET Q q 0 0 0 rg BT 274.78 182.20 Td (Act, ) Tj ET Q q 0 0 0 rg BT 296.02 182.20 Td (and ) Tj ET Q q 0 0 0 rg BT 314.64 182.20 Td (provides ) Tj ET Q q 0 0 0 rg BT 354.25 182.20 Td (a ) Tj ET Q q 0 0 0 rg BT 362.37 182.20 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 410.72 182.20 Td (estimate ) Tj ET Q q 0 0 0 rg BT 449.16 182.20 Td (of ) Tj ET Q q 0 0 0 rg BT 461.36 182.20 Td (the ) Tj ET Q q 0 0 0 rg BT 477.64 182.20 Td (ratio ) Tj ET Q q 0 0 0 rg BT 500.34 182.20 Td (of ) Tj ET Q q 0 0 0 rg BT 512.54 182.20 Td (our ) Tj ET Q q 0 0 0 rg BT 529.99 182.20 Td (CEO�) Tj ET Q q 0 0 0 rg BT 553.91 182.20 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 169.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 79.96 169.60 Td (total ) Tj ET Q q 0 0 0 rg BT 101.09 169.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 161.88 169.60 Td (to ) Tj ET Q q 0 0 0 rg BT 172.52 169.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.82 169.60 Td (median ) Tj ET Q q 0 0 0 rg BT 221.19 169.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.41 169.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.71 169.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 278.17 169.60 Td (total ) Tj ET Q q 0 0 0 rg BT 299.30 169.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 360.09 169.60 Td (of ) Tj ET Q q 0 0 0 rg BT 371.31 169.60 Td (all ) Tj ET Q q 0 0 0 rg BT 384.27 169.60 Td (employees ) Tj ET Q q 0 0 0 rg BT 431.64 169.60 Td (of ) Tj ET Q q 0 0 0 rg BT 442.86 169.60 Td (Legg ) Tj ET Q q 0 0 0 rg BT 466.90 169.60 Td (Mason, ) Tj ET Q q 0 0 0 rg BT 500.58 169.60 Td (other ) Tj ET Q q 0 0 0 rg BT 524.63 169.60 Td (than ) Tj ET Q q 0 0 0 rg BT 545.17 169.60 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 157.00 Td (CEO.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 131.80 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.75 131.80 Td (. ) Tj ET Q q 0 0 0 rg BT 66.76 131.80 Td (Sullivan ) Tj ET Q q 0 0 0 rg BT 104.14 131.80 Td (had ) Tj ET Q q 0 0 0 rg BT 121.69 131.80 Td (annual ) Tj ET Q q 0 0 0 rg BT 152.06 131.80 Td (total ) Tj ET Q q 0 0 0 rg BT 173.10 131.80 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.80 131.80 Td (for ) Tj ET Q q 0 0 0 rg BT 248.43 131.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 273.55 131.80 Td (year ) Tj ET Q q 0 0 0 rg BT 294.00 131.80 Td (2020 ) Tj ET Q q 0 0 0 rg BT 317.38 131.80 Td (of ) Tj ET Q q 0 0 0 rg BT 328.51 131.80 Td ($8,719,987 ) Tj ET Q q 0 0 0 rg BT 378.14 131.80 Td (as ) Tj ET Q q 0 0 0 rg BT 389.27 131.80 Td (reflected ) Tj ET Q q 0 0 0 rg BT 428.37 131.80 Td (in ) Tj ET Q q 0 0 0 rg BT 438.92 131.80 Td (the ) Tj ET Q q 0 0 0 rg BT 454.13 131.80 Td (Summary ) Tj ET Q q 0 0 0 rg BT 497.34 131.80 Td (Compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 119.20 Td (T) Tj ET Q q 0 0 0 rg BT 55.18 119.20 Td (able ) Tj ET Q q 0 0 0 rg BT 75.69 119.20 Td (on ) Tj ET Q q 0 0 0 rg BT 89.21 119.20 Td (page ) Tj ET Q q 0 0 0 rg BT 112.06 119.20 Td (167. ) Tj ET Q q 0 0 0 rg BT 133.46 119.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 152.81 119.20 Td (median ) Tj ET Q q 0 0 0 rg BT 186.74 119.20 Td (employee�) Tj ET Q q 0 0 0 rg BT 230.47 119.20 Td (s ) Tj ET Q q 0 0 0 rg BT 237.58 119.20 Td (annual ) Tj ET Q q 0 0 0 rg BT 268.59 119.20 Td (total ) Tj ET Q q 0 0 0 rg BT 290.28 119.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 351.62 119.20 Td (for ) Tj ET Q q 0 0 0 rg BT 366.89 119.20 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 392.65 119.20 Td (year ) Tj ET Q q 0 0 0 rg BT 413.74 119.20 Td (2020 ) Tj ET Q q 0 0 0 rg BT 437.76 119.20 Td (was ) Tj ET Q q 0 0 0 rg BT 457.11 119.20 Td ($180,500. ) Tj ET Q q 0 0 0 rg BT 501.92 119.20 Td (The ) Tj ET Q q 0 0 0 rg BT 521.26 119.20 Td (resulting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 106.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 70.80 106.60 Td (of ) Tj ET Q q 0 0 0 rg BT 81.60 106.60 Td (our ) Tj ET Q q 0 0 0 rg BT 97.65 106.60 Td (CEO�) Tj ET Q q 0 0 0 rg BT 121.57 106.60 Td (s ) Tj ET Q q 0 0 0 rg BT 127.71 106.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 157.76 106.60 Td (total ) Tj ET Q q 0 0 0 rg BT 178.48 106.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.86 106.60 Td (to ) Tj ET Q q 0 0 0 rg BT 249.08 106.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.96 106.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 294.01 106.60 Td (total ) Tj ET Q q 0 0 0 rg BT 314.73 106.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.10 106.60 Td (of ) Tj ET Q q 0 0 0 rg BT 385.91 106.60 Td (our ) Tj ET Q q 0 0 0 rg BT 401.96 106.60 Td (median ) Tj ET Q q 0 0 0 rg BT 434.92 106.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 477.80 106.60 Td (for ) Tj ET Q q 0 0 0 rg BT 492.09 106.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 516.89 106.60 Td (year ) Tj ET Q q 0 0 0 rg BT 537.01 106.60 Td (2020 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 94.00 Td (is ) Tj ET Q q 0 0 0 rg BT 59.13 94.00 Td (48 ) Tj ET Q q 0 0 0 rg BT 72.25 94.00 Td (to ) Tj ET Q q 0 0 0 rg BT 83.05 94.00 Td (1.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 68.80 Td (During ) Tj ET Q q 0 0 0 rg BT 81.59 68.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 106.67 68.80 Td (year ) Tj ET Q q 0 0 0 rg BT 127.08 68.80 Td (2020, ) Tj ET Q q 0 0 0 rg BT 153.05 68.80 Td (Legg ) Tj ET Q q 0 0 0 rg BT 176.97 68.80 Td (Mason ) Tj ET Q q 0 0 0 rg BT 207.90 68.80 Td (made ) Tj ET Q q 0 0 0 rg BT 232.98 68.80 Td (a ) Tj ET Q q 0 0 0 rg BT 239.98 68.80 Td (reduction ) Tj ET Q q 0 0 0 rg BT 281.98 68.80 Td (in ) Tj ET Q q 0 0 0 rg BT 292.49 68.80 Td (staf) Tj ET Q q 0 0 0 rg BT 307.46 68.80 Td (f ) Tj ET Q q 0 0 0 rg BT 313.30 68.80 Td (in ) Tj ET Q q 0 0 0 rg BT 323.81 68.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 372.22 68.80 Td (with ) Tj ET Q q 0 0 0 rg BT 393.23 68.80 Td (a ) Tj ET Q q 0 0 0 rg BT 400.24 68.80 Td (strategic ) Tj ET Q q 0 0 0 rg BT 438.15 68.80 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 496.77 68.80 Td (which ) Tj ET Q q 0 0 0 rg BT 524.77 68.80 Td (resulted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 56.20 Td (in ) Tj ET Q q 0 0 0 rg BT 59.59 56.20 Td (a ) Tj ET Q q 0 0 0 rg BT 66.18 56.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 112.43 56.20 Td (change ) Tj ET Q q 0 0 0 rg BT 144.09 56.20 Td (to ) Tj ET Q q 0 0 0 rg BT 154.18 56.20 Td (our ) Tj ET Q q 0 0 0 rg BT 170.11 56.20 Td (employee ) Tj ET Q q 0 0 0 rg BT 212.85 56.20 Td (population. ) Tj ET Q q 0 0 0 rg BT 262.17 56.20 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 308.11 56.20 Td (as ) Tj ET Q q 0 0 0 rg BT 318.79 56.20 Td (of ) Tj ET Q q 0 0 0 rg BT 329.46 56.20 Td (March ) Tj ET Q q 0 0 0 rg BT 358.79 56.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 373.84 56.20 Td (2020, ) Tj ET Q q 0 0 0 rg BT 399.39 56.20 Td (we ) Tj ET Q q 0 0 0 rg BT 413.56 56.20 Td (identified ) Tj ET Q q 0 0 0 rg BT 455.73 56.20 Td (a ) Tj ET Q q 0 0 0 rg BT 462.31 56.20 Td (new ) Tj ET Q q 0 0 0 rg BT 481.73 56.20 Td (median ) Tj ET Q q 0 0 0 rg BT 514.56 56.20 Td (employee.) Tj ET Q endstream endobj 371 0 obj <> endobj 372 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (183) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 729.15 Td (W) Tj ET Q q 0 0 0 rg BT 58.57 729.15 Td (e ) Tj ET Q q 0 0 0 rg BT 65.53 729.15 Td (identified ) Tj ET Q q 0 0 0 rg BT 108.07 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 123.19 729.15 Td (median ) Tj ET Q q 0 0 0 rg BT 156.40 729.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 199.52 729.15 Td (by ) Tj ET Q q 0 0 0 rg BT 212.32 729.15 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 256.60 729.15 Td (the ) Tj ET Q q 0 0 0 rg BT 271.73 729.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 296.77 729.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 320.07 729.15 Td (salary ) Tj ET Q q 0 0 0 rg BT 347.44 729.15 Td (\(or ) Tj ET Q q 0 0 0 rg BT 361.98 729.15 Td (wages ) Tj ET Q q 0 0 0 rg BT 390.52 729.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 410.32 729.15 Td (overtime, ) Tj ET Q q 0 0 0 rg BT 452.57 729.15 Td (as ) Tj ET Q q 0 0 0 rg BT 463.61 729.15 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 512.55 729.15 Td (and ) Tj ET Q q 0 0 0 rg BT 530.01 729.15 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 716.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.55 716.55 Td (bonus ) Tj ET Q q 0 0 0 rg BT 98.03 716.55 Td (paid ) Tj ET Q q 0 0 0 rg BT 118.51 716.55 Td (to ) Tj ET Q q 0 0 0 rg BT 129.07 716.55 Td (all ) Tj ET Q q 0 0 0 rg BT 141.96 716.55 Td (employees ) Tj ET Q q 0 0 0 rg BT 189.26 716.55 Td (of ) Tj ET Q q 0 0 0 rg BT 200.40 716.55 Td (Legg ) Tj ET Q q 0 0 0 rg BT 224.37 716.55 Td (Mason ) Tj ET Q q 0 0 0 rg BT 255.34 716.55 Td (and ) Tj ET Q q 0 0 0 rg BT 272.90 716.55 Td (its ) Tj ET Q q 0 0 0 rg BT 285.22 716.55 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 337.19 716.55 Td (worldwide, ) Tj ET Q q 0 0 0 rg BT 387.12 716.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 430.92 716.55 Td (our ) Tj ET Q q 0 0 0 rg BT 447.31 716.55 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 473.33 716.55 Td (who ) Tj ET Q q 0 0 0 rg BT 493.81 716.55 Td (were ) Tj ET Q q 0 0 0 rg BT 516.60 716.55 Td (employed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (on ) Tj ET Q q 0 0 0 rg BT 62.57 703.95 Td (March ) Tj ET Q q 0 0 0 rg BT 92.55 703.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.25 703.95 Td (2020, ) Tj ET Q q 0 0 0 rg BT 134.44 703.95 Td (which ) Tj ET Q q 0 0 0 rg BT 162.68 703.95 Td (is ) Tj ET Q q 0 0 0 rg BT 172.25 703.95 Td (the ) Tj ET Q q 0 0 0 rg BT 187.65 703.95 Td (last ) Tj ET Q q 0 0 0 rg BT 204.81 703.95 Td (day ) Tj ET Q q 0 0 0 rg BT 222.54 703.95 Td (of ) Tj ET Q q 0 0 0 rg BT 233.86 703.95 Td (Legg ) Tj ET Q q 0 0 0 rg BT 258.01 703.95 Td (Mason�) Tj ET Q q 0 0 0 rg BT 289.51 703.95 Td (s ) Tj ET Q q 0 0 0 rg BT 296.17 703.95 Td (last ) Tj ET Q q 0 0 0 rg BT 313.32 703.95 Td (completed ) Tj ET Q q 0 0 0 rg BT 359.63 703.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 384.94 703.95 Td (year) Tj ET Q q 0 0 0 rg BT 402.43 703.95 Td (. ) Tj ET Q q 0 0 0 rg BT 407.44 703.95 Td (W) Tj ET Q q 0 0 0 rg BT 416.51 703.95 Td (e ) Tj ET Q q 0 0 0 rg BT 423.74 703.95 Td (included ) Tj ET Q q 0 0 0 rg BT 462.47 703.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 509.95 703.95 Td (working ) Tj ET Q q 0 0 0 rg BT 547.52 703.95 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 55.80 691.35 Td (full-time, ) Tj ET Q q 0 0 0 rg BT 96.81 691.35 Td (part-time, ) Tj ET Q q 0 0 0 rg BT 139.57 691.35 Td (or ) Tj ET Q q 0 0 0 rg BT 149.96 691.35 Td (interim ) Tj ET Q q 0 0 0 rg BT 181.93 691.35 Td (basis, ) Tj ET Q q 0 0 0 rg BT 207.19 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 217.58 691.35 Td (well ) Tj ET Q q 0 0 0 rg BT 237.31 691.35 Td (as ) Tj ET Q q 0 0 0 rg BT 247.70 691.35 Td (contractual ) Tj ET Q q 0 0 0 rg BT 295.98 691.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 342.53 691.35 Td (\(as ) Tj ET Q q 0 0 0 rg BT 356.41 691.35 Td (determined ) Tj ET Q q 0 0 0 rg BT 405.29 691.35 Td (by ) Tj ET Q q 0 0 0 rg BT 417.43 691.35 Td (the ) Tj ET Q q 0 0 0 rg BT 431.90 691.35 Td (legal ) Tj ET Q q 0 0 0 rg BT 453.95 691.35 Td (framework ) Tj ET Q q 0 0 0 rg BT 501.66 691.35 Td (in ) Tj ET Q q 0 0 0 rg BT 511.47 691.35 Td (a ) Tj ET Q q 0 0 0 rg BT 517.77 691.35 Td (particular ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 678.75 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 99.52 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 113.96 678.75 Td (contractual ) Tj ET Q q 0 0 0 rg BT 162.79 678.75 Td (status\). ) Tj ET Q q 0 0 0 rg BT 194.87 678.75 Td (W) Tj ET Q q 0 0 0 rg BT 203.94 678.75 Td (e ) Tj ET Q q 0 0 0 rg BT 210.79 678.75 Td (annualized ) Tj ET Q q 0 0 0 rg BT 258.46 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 273.48 678.75 Td (base ) Tj ET Q q 0 0 0 rg BT 294.33 678.75 Td (salary) Tj ET Q q 0 0 0 rg BT 318.72 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 323.53 678.75 Td (but ) Tj ET Q q 0 0 0 rg BT 339.14 678.75 Td (not ) Tj ET Q q 0 0 0 rg BT 354.75 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 369.77 678.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 390.62 678.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 431.30 678.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 451.57 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 466.00 678.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.02 678.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 505.95 678.75 Td (year) Tj ET Q q 0 0 0 rg BT 523.60 678.75 Td (, ) Tj ET Q q 0 0 0 rg BT 528.42 678.75 Td (for ) Tj ET Q q 0 0 0 rg BT 542.85 678.75 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 666.15 Td (fulltime ) Tj ET Q q 0 0 0 rg BT 85.52 666.15 Td (employees ) Tj ET Q q 0 0 0 rg BT 133.20 666.15 Td (who ) Tj ET Q q 0 0 0 rg BT 154.06 666.15 Td (were ) Tj ET Q q 0 0 0 rg BT 177.24 666.15 Td (hired ) Tj ET Q q 0 0 0 rg BT 201.59 666.15 Td (in ) Tj ET Q q 0 0 0 rg BT 212.53 666.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 238.05 666.15 Td (year ) Tj ET Q q 0 0 0 rg BT 258.89 666.15 Td (2020 ) Tj ET Q q 0 0 0 rg BT 282.67 666.15 Td (but ) Tj ET Q q 0 0 0 rg BT 298.86 666.15 Td (did ) Tj ET Q q 0 0 0 rg BT 315.06 666.15 Td (not ) Tj ET Q q 0 0 0 rg BT 331.25 666.15 Td (work ) Tj ET Q q 0 0 0 rg BT 355.61 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 370.63 666.15 Td (us ) Tj ET Q q 0 0 0 rg BT 382.74 666.15 Td (for ) Tj ET Q q 0 0 0 rg BT 397.76 666.15 Td (the ) Tj ET Q q 0 0 0 rg BT 413.36 666.15 Td (entire ) Tj ET Q q 0 0 0 rg BT 440.04 666.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 465.56 666.15 Td (year) Tj ET Q q 0 0 0 rg BT 483.05 666.15 Td (. ) Tj ET Q q 0 0 0 rg BT 488.45 666.15 Td (However) Tj ET Q q 0 0 0 rg BT 526.51 666.15 Td (, ) Tj ET Q q 0 0 0 rg BT 531.91 666.15 Td (due ) Tj ET Q q 0 0 0 rg BT 549.85 666.15 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 64.12 653.55 Td (timing ) Tj ET Q q 0 0 0 rg BT 93.33 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 103.87 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 653.55 Td (payment ) Tj ET Q q 0 0 0 rg BT 156.44 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 166.98 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.43 653.55 Td (incentives ) Tj ET Q q 0 0 0 rg BT 231.79 653.55 Td (by ) Tj ET Q q 0 0 0 rg BT 244.08 653.55 Td (one ) Tj ET Q q 0 0 0 rg BT 261.03 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 271.57 653.55 Td (our ) Tj ET Q q 0 0 0 rg BT 287.36 653.55 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 341.36 653.55 Td (we ) Tj ET Q q 0 0 0 rg BT 355.39 653.55 Td (made ) Tj ET Q q 0 0 0 rg BT 379.92 653.55 Td (a ) Tj ET Q q 0 0 0 rg BT 386.38 653.55 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 433.06 653.55 Td (estimate ) Tj ET Q q 0 0 0 rg BT 469.84 653.55 Td (of ) Tj ET Q q 0 0 0 rg BT 480.38 653.55 Td (the ) Tj ET Q q 0 0 0 rg BT 495.00 653.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.45 653.55 Td (incentives ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (paid ) Tj ET Q q 0 0 0 rg BT 69.89 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 84.44 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 99.57 640.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 124.62 640.95 Td (year ) Tj ET Q q 0 0 0 rg BT 144.99 640.95 Td (to ) Tj ET Q q 0 0 0 rg BT 155.47 640.95 Td (employees ) Tj ET Q q 0 0 0 rg BT 202.68 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 213.73 640.95 Td (that ) Tj ET Q q 0 0 0 rg BT 231.78 640.95 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 274.27 640.95 Td (. ) Tj ET Q q 0 0 0 rg BT 279.20 640.95 Td (Cost ) Tj ET Q q 0 0 0 rg BT 300.76 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 311.82 640.95 Td (living ) Tj ET Q q 0 0 0 rg BT 338.63 640.95 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 391.10 640.95 Td (are ) Tj ET Q q 0 0 0 rg BT 406.22 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 421.95 640.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 468.58 640.95 Td (and ) Tj ET Q q 0 0 0 rg BT 486.05 640.95 Td (were ) Tj ET Q q 0 0 0 rg BT 508.75 640.95 Td (not ) Tj ET Q q 0 0 0 rg BT 524.48 640.95 Td (applied. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (In ) Tj ET Q q 0 0 0 rg BT 60.93 628.35 Td (order ) Tj ET Q q 0 0 0 rg BT 85.77 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 96.62 628.35 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 136.03 628.35 Td (an ) Tj ET Q q 0 0 0 rg BT 148.63 628.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 197.97 628.35 Td (of ) Tj ET Q q 0 0 0 rg BT 209.40 628.35 Td (all ) Tj ET Q q 0 0 0 rg BT 222.58 628.35 Td (employee ) Tj ET Q q 0 0 0 rg BT 266.08 628.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 327.09 628.35 Td (in ) Tj ET Q q 0 0 0 rg BT 337.94 628.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 359.30 628.35 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 393.18 628.35 Td (we ) Tj ET Q q 0 0 0 rg BT 408.11 628.35 Td (applied ) Tj ET Q q 0 0 0 rg BT 441.70 628.35 Td (to ) Tj ET Q q 0 0 0 rg BT 452.55 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 468.07 628.35 Td (compensation ) Tj ET Q q 0 0 0 rg BT 529.07 628.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 549.83 628.35 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.64 615.75 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 105.69 615.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 152.74 615.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.54 615.75 Td (local ) Tj ET Q q 0 0 0 rg BT 182.08 615.75 Td (currency-to-U.S. ) Tj ET Q q 0 0 0 rg BT 254.78 615.75 Td (dollar ) Tj ET Q q 0 0 0 rg BT 281.41 615.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 323.19 615.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 341.07 615.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 365.95 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 376.25 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.22 615.75 Td (year ) Tj ET Q q 0 0 0 rg BT 411.43 615.75 Td (to ) Tj ET Q q 0 0 0 rg BT 421.73 615.75 Td (date ) Tj ET Q q 0 0 0 rg BT 441.36 615.75 Td (for ) Tj ET Q q 0 0 0 rg BT 455.74 615.75 Td (the ) Tj ET Q q 0 0 0 rg BT 470.71 615.75 Td (twelve-month ) Tj ET Q q 0 0 0 rg BT 531.17 615.75 Td (period ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 603.15 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.05 603.15 Td (March ) Tj ET Q q 0 0 0 rg BT 104.93 603.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 119.53 603.15 Td (2020, ) Tj ET Q q 0 0 0 rg BT 144.63 603.15 Td (divided ) Tj ET Q q 0 0 0 rg BT 177.60 603.15 Td (by ) Tj ET Q q 0 0 0 rg BT 189.57 603.15 Td (twelve. ) Tj ET Q q 0 0 0 rg BT 221.66 603.15 Td (Once ) Tj ET Q q 0 0 0 rg BT 245.29 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 259.01 603.15 Td (identified ) Tj ET Q q 0 0 0 rg BT 300.72 603.15 Td (the ) Tj ET Q q 0 0 0 rg BT 315.03 603.15 Td (median ) Tj ET Q q 0 0 0 rg BT 347.41 603.15 Td (employee, ) Tj ET Q q 0 0 0 rg BT 392.32 603.15 Td (we ) Tj ET Q q 0 0 0 rg BT 406.04 603.15 Td (calculated ) Tj ET Q q 0 0 0 rg BT 450.07 603.15 Td (annual ) Tj ET Q q 0 0 0 rg BT 479.54 603.15 Td (total ) Tj ET Q q 0 0 0 rg BT 499.68 603.15 Td (compensation ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 64.37 590.55 Td (that ) Tj ET Q q 0 0 0 rg BT 82.74 590.55 Td (employee ) Tj ET Q q 0 0 0 rg BT 126.18 590.55 Td (using ) Tj ET Q q 0 0 0 rg BT 151.56 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.01 590.55 Td (same ) Tj ET Q q 0 0 0 rg BT 191.21 590.55 Td (methodology ) Tj ET Q q 0 0 0 rg BT 249.25 590.55 Td (we ) Tj ET Q q 0 0 0 rg BT 264.12 590.55 Td (use ) Tj ET Q q 0 0 0 rg BT 280.74 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 295.61 590.55 Td (our ) Tj ET Q q 0 0 0 rg BT 312.23 590.55 Td (NEOs ) Tj ET Q q 0 0 0 rg BT 340.52 590.55 Td (as ) Tj ET Q q 0 0 0 rg BT 351.90 590.55 Td (shown ) Tj ET Q q 0 0 0 rg BT 381.94 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 392.73 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 408.19 590.55 Td (Summary ) Tj ET Q q 0 0 0 rg BT 451.64 590.55 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 514.74 590.55 Td (T) Tj ET Q q 0 0 0 rg BT 520.42 590.55 Td (able. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 565.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.96 565.35 Td (CEO ) Tj ET Q q 0 0 0 rg BT 93.10 565.35 Td (pay ) Tj ET Q q 0 0 0 rg BT 111.39 565.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 133.77 565.35 Td (is ) Tj ET Q q 0 0 0 rg BT 143.91 565.35 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 186.12 565.35 Td (to ) Tj ET Q q 0 0 0 rg BT 197.42 565.35 Td (comply ) Tj ET Q q 0 0 0 rg BT 232.05 565.35 Td (with ) Tj ET Q q 0 0 0 rg BT 253.85 565.35 Td (rules ) Tj ET Q q 0 0 0 rg BT 277.40 565.35 Td (adopted ) Tj ET Q q 0 0 0 rg BT 313.77 565.35 Td (under ) Tj ET Q q 0 0 0 rg BT 340.81 565.35 Td (the ) Tj ET Q q 0 0 0 rg BT 356.77 565.35 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 411.01 565.35 Td (W) Tj ET Q q 0 0 0 rg BT 420.08 565.35 Td (all ) Tj ET Q q 0 0 0 rg BT 433.71 565.35 Td (Street ) Tj ET Q q 0 0 0 rg BT 461.33 565.35 Td (Reform ) Tj ET Q q 0 0 0 rg BT 496.54 565.35 Td (and ) Tj ET Q q 0 0 0 rg BT 514.83 565.35 Td (Consumer ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Protection ) Tj ET Q q 0 0 0 rg BT 94.71 552.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 112.49 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 130.28 552.75 Td (is ) Tj ET Q q 0 0 0 rg BT 139.91 552.75 Td (not ) Tj ET Q q 0 0 0 rg BT 155.95 552.75 Td (intended ) Tj ET Q q 0 0 0 rg BT 194.73 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 206.10 552.75 Td (a ) Tj ET Q q 0 0 0 rg BT 213.39 552.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 251.00 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.37 552.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 313.98 552.75 Td (with ) Tj ET Q q 0 0 0 rg BT 335.27 552.75 Td (any ) Tj ET Q q 0 0 0 rg BT 353.06 552.75 Td (other ) Tj ET Q q 0 0 0 rg BT 377.26 552.75 Td (company) Tj ET Q q 0 0 0 rg BT 415.07 552.75 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 527.55 Td (Compensation of Dir) Tj ET Q q 0 0 0 rg BT 143.23 527.55 Td (ectors) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 504.85 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.47 504.85 Td (ector) Tj ET Q q 0 0 0 rg BT 87.01 504.85 Td ( Compensation ) Tj ET Q q 0 0 0 rg BT 156.83 504.85 Td (T) Tj ET Q q 0 0 0 rg BT 162.87 504.85 Td (able) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 49.50 484.50 Td (The following table provides information about the compensation earned by our non-employee directors during fiscal ) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 49.50 471.90 Td (year 2020.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 414.4 m 233.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.25 414.4 m 326.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.25 414.4 m 348.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.25 414.4 m 404.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.25 414.4 m 430.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.25 414.4 m 503.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.25 414.4 m 557.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.25 414.4 m 326.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.25 414.4 m 348.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.25 414.4 m 404.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.25 414.4 m 430.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.25 414.4 m 503.25 414.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.25 414.4 m 557.25 414.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 399.4 m 233.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 399.4 m 326.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 399.4 m 348.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 399.4 m 404.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 399.4 m 430.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 399.4 m 503.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 399.4 m 557.25 399.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 384.4 m 233.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 384.4 m 326.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 384.4 m 348.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 367.4 m 348.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 384.4 m 404.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 384.4 m 430.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 384.4 m 503.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 384.4 m 557.25 384.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 367.4 m 233.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 367.4 m 326.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 367.4 m 404.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 367.4 m 430.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 367.4 m 503.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 367.4 m 557.25 367.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 352.4 m 233.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 352.4 m 326.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 352.4 m 348.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 352.4 m 404.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 352.4 m 430.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 352.4 m 503.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 352.4 m 557.25 352.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 334.4 m 233.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 334.4 m 326.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 334.4 m 348.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 334.4 m 404.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 334.4 m 430.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 334.4 m 503.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 334.4 m 557.25 334.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 319.4 m 233.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 319.4 m 326.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 319.4 m 348.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 319.4 m 404.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 319.4 m 430.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 319.4 m 503.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 319.4 m 557.25 319.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 304.4 m 233.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 304.4 m 326.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 304.4 m 348.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 304.4 m 404.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 304.4 m 430.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 304.4 m 503.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 304.4 m 557.25 304.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 286.4 m 233.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 286.4 m 326.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 286.4 m 348.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 286.4 m 404.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 286.4 m 430.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 286.4 m 503.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 286.4 m 557.25 286.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 271.4 m 233.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 271.4 m 326.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 271.4 m 348.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 271.4 m 404.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 271.4 m 430.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 271.4 m 503.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 271.4 m 557.25 271.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 256.4 m 233.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 256.4 m 326.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 256.4 m 348.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 256.4 m 404.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 256.4 m 430.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 256.4 m 503.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 256.4 m 557.25 256.4 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 241.39999999999998 m 233.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 49.25 226.39999999999998 m 233.25 226.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 241.39999999999998 m 326.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 233.25 226.39999999999998 m 326.25 226.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 241.39999999999998 m 348.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 326.25 226.39999999999998 m 348.25 226.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 241.39999999999998 m 404.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 348.25 226.39999999999998 m 404.25 226.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 241.39999999999998 m 430.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 404.25 226.39999999999998 m 430.25 226.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 241.39999999999998 m 503.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 430.25 226.39999999999998 m 503.25 226.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 241.39999999999998 m 557.25 241.39999999999998 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 503.25 226.39999999999998 m 557.25 226.39999999999998 l s BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.75 419.19 Td (Name) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 254.70 429.69 Td (Fees Earned or) Tj ET Q q 0 0 0 rg BT 322.75 429.69 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 242.70 419.19 Td (Paid in Cash \($\)) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 314.76 423.95 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 322.71 419.19 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 375.65 429.69 Td (Stock ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 354.25 419.19 Td (A) Tj ET Q q 0 0 0 rg BT 361.05 419.19 Td (wards\($\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 457.05 440.19 Td (All Other) Tj ET Q q 0 0 0 rg BT 499.73 440.19 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 434.95 429.69 Td (Compensation) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 476.90 419.19 Td (\($\) ) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 491.77 423.95 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.90 419.19 Td (T) Tj ET Q q 0 0 0 rg BT 521.94 419.19 Td (otal \($\)) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 404.17 Td (Robert E. ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 94.33 404.17 Td (Angelica) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 404.17 Td (220,500) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 328.75 407.39 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 371.35 404.17 Td (74,984) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 407.39 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 404.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 404.17 Td (295,484) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 389.17 Td (Carol ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 77.41 389.17 Td (Anthony �John� Davidson) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 389.17 Td (225,875) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 328.75 392.39 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 389.17 Td (125,012) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 392.39 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 470.35 389.17 Td (33,323) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 389.17 Td (384,210) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 372.17 Td (Edward P) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 91.71 372.17 Td (. Garden ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 130.48 376.93 Td (\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 372.17 Td (250,833) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 328.75 377.39 Td (\(3\)\(8\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 372.17 Td (149,980) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 377.39 Td (\(4\)\(9\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 372.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 372.17 Td (400,813) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 357.17 Td (Michelle J. Goldber) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 135.35 357.17 Td (g) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 357.17 Td (173,500) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 357.17 Td (125,012) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 360.39 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 470.35 357.17 Td (13,301) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 357.17 Td (31) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 529.60 357.17 Td (1,813) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 339.17 Td (Stephen C. Hooley ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 133.99 343.93 Td (\(10\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 339.17 Td (129,500) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 339.17 Td (125,007) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 345.39 Td (\(1) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 412.04 345.39 Td (1\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 339.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 339.17 Td (254,507) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 324.17 Td (Barry ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 78.09 324.17 Td (W) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 87.04 324.17 Td (. Huf) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 108.43 324.17 Td (f ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 114.55 328.93 Td (\(12\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 293.35 324.17 Td (37,499) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 389.75 324.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 324.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 524.35 324.17 Td (37,499) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 309.17 Td (John ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 74.12 309.17 Td (V) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 80.93 309.17 Td (. Murphy) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 309.17 Td (195,750) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 328.75 312.39 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 309.17 Td (125,012) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 312.39 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 309.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 309.17 Td (320,762) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 291.17 Td (Nelson Peltz ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 107.74 295.93 Td (\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 291.17 Td (240,833) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 328.75 297.39 Td (\(3\)\(8\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 291.17 Td (149,980) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 297.39 Td (\(4\)\(9\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 291.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 291.17 Td (390,813) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 276.17 Td (Alison ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 81.80 276.17 Td (A. Quirk) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 288.10 276.17 Td (180,500) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 366.10 276.17 Td (125,012) Tj ET Q BT /F1 6.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 406.75 279.39 Td (\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 276.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 519.10 276.17 Td (305,512) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 261.17 Td (W) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 60.70 261.17 Td (. ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 65.37 261.17 Td (Allen Reed ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 115.52 265.93 Td (\(12\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 293.35 261.17 Td (36,999) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 389.75 261.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 488.75 261.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 524.35 261.17 Td (36,999) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 246.17 Td (Mar) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 69.05 246.17 Td (garet Milner Richardson ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 174.32 250.93 Td (\(12\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 293.35 246.17 Td (31,692) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 389.75 246.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 470.35 246.17 Td (23,701) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 524.35 246.17 Td (55,393) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.75 231.17 Td (Kurt L. Schmoke ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 126.99 235.93 Td (\(12\)) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 293.35 231.17 Td (28,008) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 389.75 231.17 Td (�) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 470.35 231.17 Td (30,085) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 524.35 231.17 Td (58,093) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 217.30 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 217.30 Td (In addition, non-employee directors receive reimbursement of actual expenses incurred for attendance at meetings or participating in company business.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 207.70 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 207.70 Td (Represents dividend equivalents paid on restricted stock units and reinvested in additional restricted stock units.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 198.10 Td (Includes $50,000 paid as a portion of the annual award under the Legg Mason, Inc. Non-Employee Director Equity Plan.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 188.50 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 188.50 Td (Includes value of 1,965 shares of common stock granted on July 30, 2019 as a portion of the annual award under the Legg Mason, Inc. Non-Employee ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 178.90 Td (Director Equity Plan.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 169.30 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 169.30 Td (Includes $18,750 paid to Mr) Tj ET Q q 0 0 0 rg BT 157.93 169.30 Td (. Davidson and $6,250 paid to Mr) Tj ET Q q 0 0 0 rg BT 265.48 169.30 Td (. Murphy for the Lead Independent Director Retainer) Tj ET Q q 0 0 0 rg BT 435.20 169.30 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 159.70 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 159.70 Td (Represents value of 3,276 restricted stock units or common stock granted on July 30, 2019 for the annual award under the Legg Mason, Inc. Non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 150.10 Td (Employee Director Equity Plan.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 140.50 Td (\(7\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 140.50 Td (Messrs. Garden and Peltz were appointed to the Board of Directors ef) Tj ET Q q 0 0 0 rg BT 290.39 140.50 Td (fective May 20, 2019.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 130.90 Td (\(8\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 130.90 Td (Includes $50,000 paid as an appointment award under the Legg Mason, Inc. Non-Employee Director Equity Plan.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 121.30 Td (\(9\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 121.30 Td (Includes value of 2,028 shares of common stock granted on June 20, 2019 as an appointment award under the Legg Mason, Inc. Non-Employee Director ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 111.70 Td (after Messrs. Garden and Peltz joined the Board.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (\(10\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 102.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 76.84 102.10 Td (. Hooley was appointed to the Board of Directors ef) Tj ET Q q 0 0 0 rg BT 242.42 102.10 Td (fective July 30, 2019.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 92.50 Td (\(1) Tj ET Q q 0 0 0 rg BT 55.87 92.50 Td (1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 92.50 Td (Represents value of 3,396 shares of common stock granted on ) Tj ET Q q 0 0 0 rg BT 267.68 92.50 Td (August 30, 2019 as an appointment award under the Legg Mason, Inc. Non-Employee ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 82.90 Td (Director Equity Plan after Mr) Tj ET Q q 0 0 0 rg BT 161.70 82.90 Td (. Hooley joined the Board.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 73.30 Td (\(12\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 73.30 Td (Messrs. Huf) Tj ET Q q 0 0 0 rg BT 106.46 73.30 Td (f, Reed, Schmoke and Ms. Richardson's terms as directors expired on July 30, 2019. Messrs. Huf) Tj ET Q q 0 0 0 rg BT 418.82 73.30 Td (f, Reed, Schmoke and Ms. Richardson's ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 63.70 Td (reported compensation reflects amount received during fiscal year 2020 through the end of their Board service.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 54.10 Td ( ) Tj ET Q endstream endobj 373 0 obj <> endobj 374 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (184) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 49.50 741.75 Td (As of March 31, 2020, two of our non-employee directors held the following restricted stock units:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.75 716.25 m 202.75 716.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.75 716.25 m 557.75 716.25 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 701.25 m 202.75 701.25 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 202.75 701.25 m 557.75 701.25 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 701.25 m 202.75 701.25 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 48.75 686.25 m 202.75 686.25 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 202.75 701.25 m 557.75 701.25 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 202.75 686.25 m 557.75 686.25 l s BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 51.25 720.93 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.00 720.93 Td (Number) Tj ET Q q 0 0 0 rg BT 445.37 720.93 Td ( of Restricted Stock Units) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.25 706.02 Td (Carol ) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 76.91 706.02 Td (Anthony �John� Davidson) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 524.85 706.02 Td (23,789) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 51.25 691.02 Td (Michelle J. Goldber) Tj ET Q q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 134.75 691.02 Td (g) Tj ET Q BT /F1 10.50 Tf ET q 0.2549019607843137 0.25098039215686274 0.25882352941176473 rg BT 524.85 691.02 Td (10,451) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 661.55 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 82.73 661.55 Td (12. ) Tj ET Q q 0 0 0 rg BT 101.08 661.55 Td ( ) Tj ET Q q 0 0 0 rg BT 106.31 661.55 Td (SECURITY) Tj ET Q q 0 0 0 rg BT 160.18 661.55 Td ( ) Tj ET Q q 0 0 0 rg BT 165.41 661.55 Td (OWNERSHIP) Tj ET Q q 0 0 0 rg BT 230.17 661.55 Td ( ) Tj ET Q q 0 0 0 rg BT 235.40 661.55 Td (OF) Tj ET Q q 0 0 0 rg BT 249.59 661.55 Td ( ) Tj ET Q q 0 0 0 rg BT 254.81 661.55 Td (CER) Tj ET Q q 0 0 0 rg BT 276.62 661.55 Td (T) Tj ET Q q 0 0 0 rg BT 282.84 661.55 Td (AIN ) Tj ET Q q 0 0 0 rg BT 307.32 661.55 Td (BENEFICIAL) Tj ET Q q 0 0 0 rg BT 372.09 661.55 Td ( ) Tj ET Q q 0 0 0 rg BT 377.31 661.55 Td (OWNERS ) Tj ET Q q 0 0 0 rg BT 428.06 661.55 Td (AND ) Tj ET Q q 0 0 0 rg BT 456.04 661.55 Td (MANAGEMENT) Tj ET Q q 0 0 0 rg BT 535.18 661.55 Td ( ) Tj ET Q q 0 0 0 rg BT 539.25 661.55 Td (AND ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 648.95 Td (RELA) Tj ET Q q 0 0 0 rg BT 77.89 648.95 Td (TED ) Tj ET Q q 0 0 0 rg BT 102.11 648.95 Td (ST) Tj ET Q q 0 0 0 rg BT 114.76 648.95 Td (OCKHOLDER ) Tj ET Q q 0 0 0 rg BT 186.81 648.95 Td (MA) Tj ET Q q 0 0 0 rg BT 203.53 648.95 Td (TTERS.) 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rg BT 467.95 611.75 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 485.78 611.75 Td (all ) Tj ET Q q 0 0 0 rg BT 498.36 611.75 Td (of ) Tj ET Q q 0 0 0 rg BT 509.19 611.75 Td (our ) Tj ET Q q 0 0 0 rg BT 525.27 611.75 Td (directors ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 599.15 Td (and ) Tj ET Q q 0 0 0 rg BT 67.74 599.15 Td (executive ) Tj ET Q q 0 0 0 rg BT 111.04 599.15 Td (of) Tj ET Q q 0 0 0 rg BT 119.60 599.15 Td (ficers ) Tj ET Q q 0 0 0 rg BT 145.99 599.15 Td (as ) Tj ET Q q 0 0 0 rg BT 157.82 599.15 Td (a ) Tj ET Q q 0 0 0 rg BT 165.55 599.15 Td (group ) Tj ET Q q 0 0 0 rg BT 193.13 599.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.36 599.15 Td (\(iv\)�each ) Tj ET Q q 0 0 0 rg BT 251.46 599.15 Td (person ) Tj ET Q q 0 0 0 rg BT 282.53 599.15 Td (known ) Tj ET Q q 0 0 0 rg BT 314.18 599.15 Td (by ) Tj ET Q q 0 0 0 rg BT 327.76 599.15 Td (us ) Tj ET Q q 0 0 0 rg BT 340.17 599.15 Td (to ) Tj ET Q q 0 0 0 rg BT 351.42 599.15 Td (be ) Tj ET Q q 0 0 0 rg BT 364.40 599.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.31 599.15 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 424.78 599.15 Td (owner ) Tj ET Q q 0 0 0 rg BT 454.09 599.15 Td (of ) Tj ET Q q 0 0 0 rg BT 465.92 599.15 Td (more ) Tj ET Q q 0 0 0 rg BT 490.57 599.15 Td (than ) Tj ET Q q 0 0 0 rg BT 511.72 599.15 Td (five ) Tj ET Q q 0 0 0 rg BT 531.12 599.15 Td (percent ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 586.55 Td (\(5%\) ) Tj ET Q q 0 0 0 rg BT 73.90 586.55 Td (of ) Tj ET Q q 0 0 0 rg BT 86.06 586.55 Td (the ) Tj ET Q q 0 0 0 rg BT 102.30 586.55 Td (number ) Tj ET Q q 0 0 0 rg BT 137.78 586.55 Td (of ) Tj ET Q q 0 0 0 rg BT 149.94 586.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 202.35 586.55 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 236.13 586.55 Td (The ) Tj ET Q q 0 0 0 rg BT 255.87 586.55 Td (table ) Tj ET Q q 0 0 0 rg BT 279.69 586.55 Td (is ) Tj ET Q q 0 0 0 rg BT 290.10 586.55 Td (based ) Tj ET Q q 0 0 0 rg BT 317.42 586.55 Td (on ) Tj ET Q q 0 0 0 rg BT 331.33 586.55 Td (information ) Tj ET Q q 0 0 0 rg BT 384.31 586.55 Td (we ) Tj ET Q q 0 0 0 rg BT 399.97 586.55 Td (received ) Tj ET Q q 0 0 0 rg BT 438.93 586.55 Td (from ) Tj ET Q q 0 0 0 rg BT 462.76 586.55 Td (the ) Tj ET Q q 0 0 0 rg BT 478.99 586.55 Td (directors, ) Tj ET Q q 0 0 0 rg BT 521.77 586.55 Td (executive ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 573.95 Td (of) Tj ET Q q 0 0 0 rg BT 58.06 573.95 Td (ficers ) Tj ET Q q 0 0 0 rg BT 84.07 573.95 Td (and ) Tj ET Q q 0 0 0 rg BT 101.92 573.95 Td (filings ) Tj ET Q q 0 0 0 rg BT 131.45 573.95 Td (made ) Tj ET Q q 0 0 0 rg BT 156.88 573.95 Td (with ) Tj ET Q q 0 0 0 rg BT 178.24 573.95 Td (the ) Tj ET Q q 0 0 0 rg BT 193.76 573.95 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 218.14 573.95 Td (W) Tj ET Q q 0 0 0 rg BT 227.21 573.95 Td (e ) Tj ET Q q 0 0 0 rg BT 234.56 573.95 Td (are ) Tj ET Q q 0 0 0 rg BT 250.07 573.95 Td (not ) Tj ET Q q 0 0 0 rg BT 266.18 573.95 Td (aware ) Tj ET Q q 0 0 0 rg BT 293.93 573.95 Td (of ) Tj ET Q q 0 0 0 rg BT 305.37 573.95 Td (any ) Tj ET Q q 0 0 0 rg BT 323.22 573.95 Td (other ) Tj ET Q q 0 0 0 rg BT 347.49 573.95 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 391.57 573.95 Td (owner ) Tj ET Q q 0 0 0 rg BT 420.51 573.95 Td (of ) Tj ET Q q 0 0 0 rg BT 431.94 573.95 Td (more ) Tj ET Q q 0 0 0 rg BT 456.21 573.95 Td (than ) Tj ET Q q 0 0 0 rg BT 476.98 573.95 Td (five ) Tj ET Q q 0 0 0 rg BT 496.00 573.95 Td (percent ) Tj ET Q q 0 0 0 rg BT 529.59 573.95 Td (\(5%\) ) Tj ET Q q 0 0 0 rg BT 553.27 573.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 561.35 Td (the ) Tj ET Q q 0 0 0 rg BT 65.84 561.35 Td (number ) Tj ET Q q 0 0 0 rg BT 101.42 561.35 Td (of ) Tj ET Q q 0 0 0 rg BT 113.68 561.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 166.19 561.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 197.69 561.35 Td (as ) Tj ET Q q 0 0 0 rg BT 209.95 561.35 Td (of ) Tj ET Q q 0 0 0 rg BT 222.20 561.35 Td (March ) Tj ET Q q 0 0 0 rg BT 253.12 561.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.75 561.35 Td (2020. ) Tj ET Q q 0 0 0 rg BT 296.88 561.35 Td (Unless ) Tj ET Q q 0 0 0 rg BT 328.98 561.35 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 373.31 561.35 Td (indicated, ) Tj ET Q q 0 0 0 rg BT 417.93 561.35 Td (each ) Tj ET Q q 0 0 0 rg BT 440.67 561.35 Td (of ) Tj ET Q q 0 0 0 rg BT 452.92 561.35 Td (our ) Tj ET Q q 0 0 0 rg BT 470.43 561.35 Td (directors ) Tj ET Q q 0 0 0 rg BT 510.68 561.35 Td (and ) Tj ET Q q 0 0 0 rg BT 529.35 561.35 Td (�) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 534.01 561.35 Td (named ) Tj ET Q BT /F5 10.50 Tf ET q 0 0 0 rg BT 49.50 548.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 91.30 548.75 Td (officers) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 122.79 548.75 Td (� ) Tj ET Q q 0 0 0 rg BT 130.21 548.75 Td (has ) Tj ET Q q 0 0 0 rg BT 146.95 548.75 Td (\(a\)�the ) Tj ET Q q 0 0 0 rg BT 176.81 548.75 Td (same ) Tj ET Q q 0 0 0 rg BT 201.13 548.75 Td (business ) Tj ET Q q 0 0 0 rg BT 239.47 548.75 Td (address ) Tj ET Q q 0 0 0 rg BT 273.71 548.75 Td (as ) Tj ET Q q 0 0 0 rg BT 285.21 548.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 309.53 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q 0 0 0 rg BT 313.10 536.15 Td (have ) Tj ET Q q 0 0 0 rg BT 335.55 536.15 Td (been ) Tj ET Q q 0 0 0 rg BT 358.00 536.15 Td (rounded ) Tj ET Q q 0 0 0 rg BT 395.03 536.15 Td (to ) Tj ET Q q 0 0 0 rg BT 405.82 536.15 Td (the ) Tj ET Q q 0 0 0 rg BT 421.28 536.15 Td (nearest ) Tj ET Q q 0 0 0 rg BT 453.63 536.15 Td (whole ) Tj ET Q q 0 0 0 rg BT 481.92 536.15 Td (number) Tj ET Q q 0 0 0 rg BT 513.41 536.15 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 479.65 m 374.25 479.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 479.65 m 452.25 479.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.25 479.65 m 556.25 479.65 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.75 484.44 Td (Name of Owner) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 394.00 515.94 Td (Common ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.20 505.44 Td (Stock ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 388.50 494.94 Td (Beneficially ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 390.70 484.44 Td (Owned) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 422.79 489.20 Td (\(1\)\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 491.95 515.94 Td (Per) Tj ET Q q 0 0 0 rg BT 507.50 515.94 Td (cent of ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 486.70 505.44 Td (Outstanding ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 494.00 494.94 Td (Common ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 498.20 484.44 Td (Stock) Tj ET Q BT /F2 10.50 Tf ET BT /F2 6.82 Tf ET q 0 0 0 rg BT 523.29 489.20 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 469.42 Td (BlackRock, Inc.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.25 469.42 Td (8,290,080) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 474.85 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 469.42 Td (9.44) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 469.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 454.42 Td (V) Tj ET Q q 0 0 0 rg BT 58.75 454.42 Td (anguard) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.25 454.42 Td (7,821,495) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 459.85 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 454.42 Td (8.91) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 454.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 439.42 Td (Nelson Peltz) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.25 439.42 Td (3,881,704) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.75 439.42 Td (**) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 439.42 Td (4.42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 439.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 424.42 Td (Ed Garden) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.25 424.42 Td (3,881,704) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 454.75 424.42 Td (**) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 424.42 Td (4.42) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 424.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 409.42 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 82.67 409.42 Td (A. Sullivan) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.25 409.42 Td (1,988,81) Tj ET Q q 0 0 0 rg BT 443.00 409.42 Td (1) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 414.85 Td (\(5\)\(6\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 409.42 Td (2.27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 409.42 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 394.42 Td (Peter H. Nachtwey) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.10 394.42 Td (266,676) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 399.85 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 394.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 379.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.80 379.42 Td (erence ) Tj ET Q q 0 0 0 rg BT 87.16 379.42 Td (A. Johnson) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.10 379.42 Td (236,470) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 384.85 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 379.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 364.42 Td (Thomas C. Merchant) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 414.10 364.42 Td (148,733) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 369.85 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 364.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 349.42 Td (Patricia Lattin) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 349.42 Td (62,238) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 354.85 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 349.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 334.42 Td (Thomas K. Hoops***) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 334.42 Td (50,357) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 339.85 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 334.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 319.42 Td (John ) Tj ET Q q 0 0 0 rg BT 74.12 319.42 Td (V) Tj ET Q q 0 0 0 rg BT 80.93 319.42 Td (. Murphy) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 319.42 Td (31,450) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 319.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 304.42 Td (Robert ) Tj ET Q q 0 0 0 rg BT 82.66 304.42 Td (Angelica) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 304.42 Td (27,772) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 304.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 289.42 Td (Carol ) Tj ET Q q 0 0 0 rg BT 77.41 289.42 Td (Anthony \("John"\) Davidson) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 289.42 Td (26,789) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 294.85 Td (\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 289.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 274.42 Td (Frances L. Cashman***) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 274.42 Td (21,729) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 279.85 Td (\(5\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 259.42 Td (Michelle J. Goldber) Tj ET Q q 0 0 0 rg BT 135.35 259.42 Td (g) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 419.35 259.42 Td (10,451) Tj ET Q BT /F1 6.82 Tf ET q 0 0 0 rg BT 454.75 264.85 Td (\(7\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 259.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 244.42 Td (Alison ) Tj ET Q q 0 0 0 rg BT 82.09 244.42 Td (A. Quirk) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.60 244.42 Td (7,237) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 244.42 Td (*) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 51.75 229.42 Td (Stephen Hooley) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 424.60 229.42 Td (3,396) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.50 229.42 Td (*) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.75 214.44 Td (All curr) Tj ET Q q 0 0 0 rg BT 87.42 214.44 Td (ent executive officers and dir) Tj ET Q q 0 0 0 rg BT 216.71 214.44 Td (ectors as a gr) Tj ET Q q 0 0 0 rg BT 275.70 214.44 Td (oup \(13 persons\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 406.25 214.42 Td (6,691,727) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 528.60 214.42 Td (7.62) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.00 214.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 199.95 Td (* ) Tj ET Q q 0 0 0 rg BT 67.50 199.95 Td (Less than one percent \(1%\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.95 Td (** ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 187.95 Td (These ) Tj ET Q q 0 0 0 rg BT 90.48 187.95 Td (Shares ) Tj ET Q q 0 0 0 rg BT 115.82 187.95 Td (are ) Tj ET Q q 0 0 0 rg BT 128.88 187.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 154.23 187.95 Td (by ) Tj ET Q q 0 0 0 rg BT 165.41 187.95 Td (certain ) Tj ET Q q 0 0 0 rg BT 191.22 187.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 212.79 187.95 Td (and ) Tj ET Q q 0 0 0 rg BT 227.75 187.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 267.73 187.95 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 298.26 187.95 Td (\(which ) Tj ET Q q 0 0 0 rg BT 324.55 187.95 Td (we ) Tj ET Q q 0 0 0 rg BT 337.15 187.95 Td (refer ) Tj ET Q q 0 0 0 rg BT 355.87 187.95 Td (to ) Tj ET Q q 0 0 0 rg BT 365.16 187.95 Td (as ) Tj ET Q q 0 0 0 rg BT 374.93 187.95 Td (the ) Tj ET Q q 0 0 0 rg BT 387.99 187.95 Td (�) Tj ET Q BT /F5 8.50 Tf ET q 0 0 0 rg BT 391.77 187.95 Td (T) Tj ET Q q 0 0 0 rg BT 396.02 187.95 Td (rian ) Tj ET Q q 0 0 0 rg BT 412.88 187.95 Td (Funds) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 434.13 187.95 Td (�\) ) Tj ET Q q 0 0 0 rg BT 443.42 187.95 Td (managed ) Tj ET Q q 0 0 0 rg BT 476.78 187.95 Td (by ) Tj ET Q q 0 0 0 rg BT 487.77 187.95 Td (T) Tj ET Q q 0 0 0 rg BT 492.66 187.95 Td (rian, ) Tj ET Q q 0 0 0 rg BT 510.69 187.95 Td (an ) Tj ET Q q 0 0 0 rg BT 521.39 187.95 Td (institutional ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 177.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 106.21 177.75 Td (manager) Tj ET Q q 0 0 0 rg BT 135.14 177.75 Td (, ) Tj ET Q q 0 0 0 rg BT 138.67 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 152.26 177.75 Td (T) Tj ET Q q 0 0 0 rg BT 157.15 177.75 Td (rian. ) Tj ET Q q 0 0 0 rg BT 173.90 177.75 Td (None ) Tj ET Q q 0 0 0 rg BT 193.73 177.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.22 177.75 Td (such ) Tj ET Q q 0 0 0 rg BT 219.22 177.75 Td (Shares ) Tj ET Q q 0 0 0 rg BT 243.29 177.75 Td (are ) Tj ET Q q 0 0 0 rg BT 255.08 177.75 Td (held ) Tj ET Q q 0 0 0 rg BT 271.13 177.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 298.50 177.75 Td (by ) Tj ET Q q 0 0 0 rg BT 308.42 177.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 318.34 177.75 Td (.�Peltz ) Tj ET Q q 0 0 0 rg BT 341.00 177.75 Td (or ) Tj ET Q q 0 0 0 rg BT 349.49 177.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 359.41 177.75 Td (.�Garden. ) Tj ET Q q 0 0 0 rg BT 392.21 177.75 Td (Of ) Tj ET Q q 0 0 0 rg BT 402.60 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.39 177.75 Td (Shares ) Tj ET Q q 0 0 0 rg BT 438.47 177.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 462.54 177.75 Td (by ) Tj ET Q q 0 0 0 rg BT 472.46 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 484.15 177.75 Td (T) Tj ET Q q 0 0 0 rg BT 489.05 177.75 Td (rian ) Tj ET Q q 0 0 0 rg BT 503.68 177.75 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 528.00 177.75 Td (3,881,704 ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 167.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 90.73 167.55 Td (are ) Tj ET Q q 0 0 0 rg BT 103.08 167.55 Td (held ) Tj ET Q q 0 0 0 rg BT 119.70 167.55 Td (in ) Tj ET Q q 0 0 0 rg BT 128.30 167.55 Td (commingled ) Tj ET Q q 0 0 0 rg BT 172.77 167.55 Td (mar) Tj ET Q q 0 0 0 rg BT 185.84 167.55 Td (gin ) Tj ET Q q 0 0 0 rg BT 198.68 167.55 Td (accounts ) Tj ET Q q 0 0 0 rg BT 230.40 167.55 Td (with ) Tj ET Q q 0 0 0 rg BT 247.50 167.55 Td (a ) Tj ET Q q 0 0 0 rg BT 253.25 167.55 Td (prime ) Tj ET Q q 0 0 0 rg BT 275.06 167.55 Td (broker) Tj ET Q q 0 0 0 rg BT 296.78 167.55 Td (. ) Tj ET Q q 0 0 0 rg BT 300.89 167.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 310.81 167.55 Td (.�Peltz ) Tj ET Q q 0 0 0 rg BT 334.04 167.55 Td (and ) Tj ET Q q 0 0 0 rg BT 348.29 167.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 358.21 167.55 Td (.�Garden ) Tj ET Q q 0 0 0 rg BT 389.46 167.55 Td (are ) Tj ET Q q 0 0 0 rg BT 401.82 167.55 Td (members ) Tj ET Q q 0 0 0 rg BT 434.96 167.55 Td (of ) Tj ET Q q 0 0 0 rg BT 443.88 167.55 Td (T) Tj ET Q q 0 0 0 rg BT 448.77 167.55 Td (rian ) Tj ET Q q 0 0 0 rg BT 463.97 167.55 Td (Fund ) Tj ET Q q 0 0 0 rg BT 483.43 167.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.79 167.55 Td (GP) Tj ET Q q 0 0 0 rg BT 539.71 167.55 Td (, ) Tj ET Q q 0 0 0 rg BT 543.82 167.55 Td (LLC, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 157.35 Td (which ) Tj ET Q q 0 0 0 rg BT 90.69 157.35 Td (is ) Tj ET Q q 0 0 0 rg BT 98.78 157.35 Td (the ) Tj ET Q q 0 0 0 rg BT 111.58 157.35 Td (general ) Tj ET Q q 0 0 0 rg BT 139.01 157.35 Td (partner ) Tj ET Q q 0 0 0 rg BT 165.50 157.35 Td (of ) Tj ET Q q 0 0 0 rg BT 174.82 157.35 Td (T) Tj ET Q q 0 0 0 rg BT 179.71 157.35 Td (rian, ) Tj ET Q q 0 0 0 rg BT 197.47 157.35 Td (and ) Tj ET Q q 0 0 0 rg BT 212.16 157.35 Td (therefore ) Tj ET Q q 0 0 0 rg BT 245.25 157.35 Td (are ) Tj ET Q q 0 0 0 rg BT 258.04 157.35 Td (in ) Tj ET Q q 0 0 0 rg BT 267.07 157.35 Td (a ) Tj ET Q q 0 0 0 rg BT 273.26 157.35 Td (position ) Tj ET Q q 0 0 0 rg BT 303.08 157.35 Td (to ) Tj ET Q q 0 0 0 rg BT 312.10 157.35 Td (determine ) Tj ET Q q 0 0 0 rg BT 348.51 157.35 Td (the ) Tj ET Q q 0 0 0 rg BT 361.31 157.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.03 157.35 Td (and ) Tj ET Q q 0 0 0 rg BT 415.72 157.35 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.86 157.35 Td (decisions ) Tj ET Q q 0 0 0 rg BT 473.91 157.35 Td (made ) Tj ET Q q 0 0 0 rg BT 494.74 157.35 Td (by ) Tj ET Q q 0 0 0 rg BT 505.48 157.35 Td (T) Tj ET Q q 0 0 0 rg BT 510.38 157.35 Td (rian ) Tj ET Q q 0 0 0 rg BT 526.01 157.35 Td (on ) Tj ET Q q 0 0 0 rg BT 536.93 157.35 Td (its ) Tj ET Q q 0 0 0 rg BT 547.37 157.35 Td (own ) Tj ET Q q 0 0 0 rg BT 564.14 157.35 Td ( ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 147.15 Td (behalf ) Tj ET Q q 0 0 0 rg BT 90.60 147.15 Td (and ) Tj ET Q q 0 0 0 rg BT 104.73 147.15 Td (on ) Tj ET Q q 0 0 0 rg BT 115.08 147.15 Td (behalf ) Tj ET Q q 0 0 0 rg BT 138.18 147.15 Td (of ) Tj ET Q q 0 0 0 rg BT 147.12 147.15 Td (the ) Tj ET Q q 0 0 0 rg BT 159.23 147.15 Td (T) Tj ET Q q 0 0 0 rg BT 164.12 147.15 Td (rian ) Tj ET Q q 0 0 0 rg BT 179.19 147.15 Td (Funds. ) Tj ET Q q 0 0 0 rg BT 203.55 147.15 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 245.49 147.15 Td (, ) Tj ET Q q 0 0 0 rg BT 249.47 147.15 Td (each ) Tj ET Q q 0 0 0 rg BT 266.90 147.15 Td (of ) Tj ET Q q 0 0 0 rg BT 275.83 147.15 Td (Mr) Tj ET Q q 0 0 0 rg BT 285.75 147.15 Td (.�Peltz ) Tj ET Q q 0 0 0 rg BT 308.86 147.15 Td (and ) Tj ET Q q 0 0 0 rg BT 322.99 147.15 Td (Mr) Tj ET Q q 0 0 0 rg BT 332.91 147.15 Td (.�Garden ) Tj ET Q q 0 0 0 rg BT 364.03 147.15 Td (may ) Tj ET Q q 0 0 0 rg BT 380.52 147.15 Td (be ) Tj ET Q q 0 0 0 rg BT 390.40 147.15 Td (deemed ) Tj ET Q q 0 0 0 rg BT 418.69 147.15 Td (to ) Tj ET Q q 0 0 0 rg BT 427.16 147.15 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 461.59 147.15 Td (beneficially ) Tj ET Q q 0 0 0 rg BT 503.57 147.15 Td (own ) Tj ET Q q 0 0 0 rg BT 520.06 147.15 Td (\(as ) Tj ET Q q 0 0 0 rg BT 531.83 147.15 Td (that ) Tj ET Q q 0 0 0 rg BT 546.44 147.15 Td (term ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 136.95 Td (is ) Tj ET Q q 0 0 0 rg BT 75.76 136.95 Td (defined ) Tj ET Q q 0 0 0 rg BT 103.84 136.95 Td (in ) Tj ET Q q 0 0 0 rg BT 113.04 136.95 Td (Rule�13d-3�under ) Tj ET Q q 0 0 0 rg BT 175.12 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 188.09 136.95 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 223.62 136.95 Td (Act\) ) Tj ET Q q 0 0 0 rg BT 241.32 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 254.29 136.95 Td (Shares ) Tj ET Q q 0 0 0 rg BT 279.54 136.95 Td (owned ) Tj ET Q q 0 0 0 rg BT 304.79 136.95 Td (by ) Tj ET Q q 0 0 0 rg BT 315.88 136.95 Td (the ) Tj ET Q q 0 0 0 rg BT 328.67 136.95 Td (T) Tj ET Q q 0 0 0 rg BT 333.56 136.95 Td (rian ) Tj ET Q q 0 0 0 rg BT 349.37 136.95 Td (Funds ) Tj ET Q q 0 0 0 rg BT 372.75 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 387.42 136.95 Td (T) Tj ET Q q 0 0 0 rg BT 392.31 136.95 Td (rian. ) Tj ET Q q 0 0 0 rg BT 410.25 136.95 Td (Each ) Tj ET Q q 0 0 0 rg BT 429.82 136.95 Td (of ) Tj ET Q q 0 0 0 rg BT 439.49 136.95 Td (Mr) Tj ET Q q 0 0 0 rg BT 449.41 136.95 Td (.�Peltz ) Tj ET Q q 0 0 0 rg BT 473.25 136.95 Td (and ) Tj ET Q q 0 0 0 rg BT 488.11 136.95 Td (Mr) Tj ET Q q 0 0 0 rg BT 498.03 136.95 Td (.�Garden ) Tj ET Q q 0 0 0 rg BT 529.89 136.95 Td (disclaims ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 126.75 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 103.13 126.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 140.67 126.75 Td (of ) Tj ET Q q 0 0 0 rg BT 149.88 126.75 Td (such ) Tj ET Q q 0 0 0 rg BT 167.58 126.75 Td (Shares ) Tj ET Q q 0 0 0 rg BT 192.37 126.75 Td (for ) Tj ET Q q 0 0 0 rg BT 204.40 126.75 Td (all ) Tj ET Q q 0 0 0 rg BT 215.03 126.75 Td (other ) Tj ET Q q 0 0 0 rg BT 234.62 126.75 Td (purposes.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 116.55 Td (*** ) Tj ET Q q 0 0 0 rg BT 67.50 116.55 Td (Ms.�Cashman ) Tj ET Q q 0 0 0 rg BT 116.38 116.55 Td (and ) Tj ET Q q 0 0 0 rg BT 130.77 116.55 Td (Mr) Tj ET Q q 0 0 0 rg BT 140.69 116.55 Td (.�Hoops ) Tj ET Q q 0 0 0 rg BT 169.27 116.55 Td (terminated ) Tj ET Q q 0 0 0 rg BT 207.74 116.55 Td (their ) Tj ET Q q 0 0 0 rg BT 225.44 116.55 Td (employment ) Tj ET Q q 0 0 0 rg BT 270.06 116.55 Td (with ) Tj ET Q q 0 0 0 rg BT 287.30 116.55 Td (the ) Tj ET Q q 0 0 0 rg BT 299.81 116.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 334.98 116.55 Td (ef) Tj ET Q q 0 0 0 rg BT 341.43 116.55 Td (fective ) Tj ET Q q 0 0 0 rg BT 366.68 116.55 Td (January�1, ) Tj ET Q q 0 0 0 rg BT 403.74 116.55 Td (2020.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 94.95 Td (�) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 72.75 Td ( ) Tj ET Q endstream endobj 375 0 obj <> endobj 376 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (185) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 743.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 743.15 Td (Except as otherwise indicated and except for Shares held by members of an individual�) Tj ET Q q 0 0 0 rg BT 363.26 743.15 Td (s family or in trust, all Shares are held with sole ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 732.95 Td (dispositive and voting power) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 722.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 67.50 722.75 Td (Includes, for the individuals listed below) Tj ET Q q 0 0 0 rg BT 205.76 722.75 Td (, the following number of Shares subject to Company Options exercisable within sixty \(60\)�days from ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 712.55 Td (March 31, 2020:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 127.25 680.05 m 421.25 680.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.25 680.05 m 483.25 680.05 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 129.75 684.39 Td (Name) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 434.10 692.89 Td (Number) Tj ET Q q 0 0 0 rg BT 464.17 692.89 Td ( of) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 441.50 684.39 Td (Shar) Tj ET Q q 0 0 0 rg BT 458.82 684.39 Td (es) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 671.41 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 154.78 671.41 Td (A. Sullivan) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 445.90 671.41 Td (1,139,584) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 658.41 Td (T) Tj ET Q q 0 0 0 rg BT 134.65 658.41 Td (erence ) Tj ET Q q 0 0 0 rg BT 158.41 658.41 Td (A. Johnson) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 658.41 Td (67,144) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 645.41 Td (Peter H. Nachtwey) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 645.41 Td (47,106) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 632.41 Td (Thomas K. Hoops) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 632.41 Td (38,557) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 619.41 Td (Frances Cashman) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 619.41 Td (21,729) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 606.41 Td (Thomas C. Merchant) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 606.41 Td (21,505) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 593.41 Td (Patricia Lattin) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 460.75 593.41 Td (5,628) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 129.75 580.39 Td (All curr) Tj ET Q q 0 0 0 rg BT 158.63 580.39 Td (ent executive officers and dir) Tj ET Q q 0 0 0 rg BT 263.29 580.39 Td (ectors as a gr) Tj ET Q q 0 0 0 rg BT 311.05 580.39 Td (oup \(13 persons\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 445.90 580.39 Td (1,280,697) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 550.15 Td (Also ) Tj ET Q q 0 0 0 rg BT 86.19 550.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 117.15 550.15 Td (for ) Tj ET Q q 0 0 0 rg BT 129.70 550.15 Td (the ) Tj ET Q q 0 0 0 rg BT 142.72 550.15 Td (individuals ) Tj ET Q q 0 0 0 rg BT 183.13 550.15 Td (listed ) Tj ET Q q 0 0 0 rg BT 204.18 550.15 Td (below) Tj ET Q q 0 0 0 rg BT 224.40 550.15 Td (, ) Tj ET Q q 0 0 0 rg BT 229.16 550.15 Td (the ) Tj ET Q q 0 0 0 rg BT 242.17 550.15 Td (following ) Tj ET Q q 0 0 0 rg BT 277.86 550.15 Td (number ) Tj ET Q q 0 0 0 rg BT 306.46 550.15 Td (of ) Tj ET Q q 0 0 0 rg BT 316.17 550.15 Td (deferred ) Tj ET Q q 0 0 0 rg BT 347.12 550.15 Td (but ) Tj ET Q q 0 0 0 rg BT 360.61 550.15 Td (vested ) Tj ET Q q 0 0 0 rg BT 384.96 550.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 420.65 550.15 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 457.75 550.15 Td (Stock ) Tj ET Q q 0 0 0 rg BT 479.74 550.15 Td (Units. ) Tj ET Q q 0 0 0 rg BT 502.92 550.15 Td (Included ) Tj ET Q q 0 0 0 rg BT 535.29 550.15 Td (in ) Tj ET Q q 0 0 0 rg BT 544.54 550.15 Td (these ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 539.95 Td (numbers ) Tj ET Q q 0 0 0 rg BT 99.13 539.95 Td (are ) Tj ET Q q 0 0 0 rg BT 111.86 539.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 142.52 539.95 Td (awards ) Tj ET Q q 0 0 0 rg BT 168.95 539.95 Td (that ) Tj ET Q q 0 0 0 rg BT 184.05 539.95 Td (will ) Tj ET Q q 0 0 0 rg BT 199.63 539.95 Td (be ) Tj ET Q q 0 0 0 rg BT 210.00 539.95 Td (distributed ) Tj ET Q q 0 0 0 rg BT 248.71 539.95 Td (in ) Tj ET Q q 0 0 0 rg BT 257.16 539.95 Td (April ) Tj ET Q q 0 0 0 rg BT 277.46 539.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 296.81 539.95 Td (for ) Tj ET Q q 0 0 0 rg BT 309.07 539.95 Td (�Messrs. ) Tj ET Q q 0 0 0 rg BT 339.76 539.95 Td (Sullivan, ) Tj ET Q q 0 0 0 rg BT 372.58 539.95 Td (Nachtwey) Tj ET Q q 0 0 0 rg BT 406.48 539.95 Td (, ) Tj ET Q q 0 0 0 rg BT 410.96 539.95 Td (and ) Tj ET Q q 0 0 0 rg BT 425.59 539.95 Td (Merchant�in ) Tj ET Q q 0 0 0 rg BT 469.25 539.95 Td (the ) Tj ET Q q 0 0 0 rg BT 481.99 539.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 509.84 539.95 Td (of ) Tj ET Q q 0 0 0 rg BT 519.27 539.95 Td (9,445, ) Tj ET Q q 0 0 0 rg BT 542.88 539.95 Td (2,527 ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 529.75 Td (and ) Tj ET Q q 0 0 0 rg BT 81.90 529.75 Td (1,093 ) Tj ET Q q 0 0 0 rg BT 103.15 529.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 128.64 529.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 169.15 529.75 Td (. ) Tj ET Q q 0 0 0 rg BT 173.40 529.75 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 209.99 529.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 231.48 529.75 Td (Units ) Tj ET Q q 0 0 0 rg BT 252.02 529.75 Td (are ) Tj ET Q q 0 0 0 rg BT 264.53 529.75 Td (not ) Tj ET Q q 0 0 0 rg BT 277.51 529.75 Td (held ) Tj ET Q q 0 0 0 rg BT 294.27 529.75 Td (with ) Tj ET Q q 0 0 0 rg BT 311.51 529.75 Td (voting ) Tj ET Q q 0 0 0 rg BT 335.36 529.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 356.85 529.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.24 529.75 Td (cannot ) Tj ET Q q 0 0 0 rg BT 396.03 529.75 Td (be ) Tj ET Q q 0 0 0 rg BT 406.17 529.75 Td (transferred.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 127.25 497.25 m 421.25 497.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.25 497.25 m 483.25 497.25 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 129.75 501.59 Td (Name) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 434.10 510.09 Td (Number) Tj ET Q q 0 0 0 rg BT 464.17 510.09 Td ( of) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 441.50 501.59 Td (Shar) Tj ET Q q 0 0 0 rg BT 458.82 501.59 Td (es) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 488.61 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 154.78 488.61 Td (A. Sullivan) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 452.25 488.61 Td (195,541) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 475.61 Td (Peter H. Nachtwey) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 475.61 Td (14,591) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 129.75 462.61 Td (Thomas C. Merchant) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.50 462.61 Td (20,078) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 129.75 449.59 Td (All curr) Tj ET Q q 0 0 0 rg BT 158.63 449.59 Td (ent executive officers and dir) Tj ET Q q 0 0 0 rg BT 263.29 449.59 Td (ectors as a gr) Tj ET Q q 0 0 0 rg BT 311.05 449.59 Td (oup \(13 persons\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 452.25 449.59 Td (230,010) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 428.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 428.35 Td (Represents ) Tj ET Q q 0 0 0 rg BT 106.86 428.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 131.59 428.35 Td (held ) Tj ET Q q 0 0 0 rg BT 148.29 428.35 Td (by ) Tj ET Q q 0 0 0 rg BT 158.86 428.35 Td (BlackRock, ) Tj ET Q q 0 0 0 rg BT 200.82 428.35 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 217.99 428.35 Td (40 ) Tj ET Q q 0 0 0 rg BT 228.55 428.35 Td (East ) Tj ET Q q 0 0 0 rg BT 245.25 428.35 Td (52nd ) Tj ET Q q 0 0 0 rg BT 264.32 428.35 Td (Street, ) Tj ET Q q 0 0 0 rg BT 288.34 428.35 Td (New ) Tj ET Q q 0 0 0 rg BT 306.15 428.35 Td (Y) Tj ET Q q 0 0 0 rg BT 311.44 428.35 Td (ork, ) Tj ET Q q 0 0 0 rg BT 326.96 428.35 Td (NY) Tj ET Q q 0 0 0 rg BT 338.92 428.35 Td ( ) Tj ET Q q 0 0 0 rg BT 340.99 428.35 Td (10022, ) Tj ET Q q 0 0 0 rg BT 366.43 428.35 Td (in ) Tj ET Q q 0 0 0 rg BT 375.10 428.35 Td (its ) Tj ET Q q 0 0 0 rg BT 385.20 428.35 Td (capacity ) Tj ET Q q 0 0 0 rg BT 415.58 428.35 Td (as ) Tj ET Q q 0 0 0 rg BT 424.73 428.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 464.10 428.35 Td (advisor) Tj ET Q q 0 0 0 rg BT 488.65 428.35 Td (. ) Tj ET Q q 0 0 0 rg BT 492.39 428.35 Td (All ) Tj ET Q q 0 0 0 rg BT 505.32 428.35 Td (of ) Tj ET Q q 0 0 0 rg BT 514.46 428.35 Td (the ) Tj ET Q q 0 0 0 rg BT 526.91 428.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 551.64 428.35 Td (are ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 418.15 Td (held ) Tj ET Q q 0 0 0 rg BT 84.25 418.15 Td (with ) Tj ET Q q 0 0 0 rg BT 101.47 418.15 Td (sole ) Tj ET Q q 0 0 0 rg BT 117.28 418.15 Td (dispositive ) Tj ET Q q 0 0 0 rg BT 156.23 418.15 Td (power ) Tj ET Q q 0 0 0 rg BT 179.58 418.15 Td (and ) Tj ET Q q 0 0 0 rg BT 193.97 418.15 Td (none ) Tj ET Q q 0 0 0 rg BT 212.60 418.15 Td (of ) Tj ET Q q 0 0 0 rg BT 221.80 418.15 Td (the ) Tj ET Q q 0 0 0 rg BT 234.29 418.15 Td (Shares ) Tj ET Q q 0 0 0 rg BT 259.07 418.15 Td (are ) Tj ET Q q 0 0 0 rg BT 271.56 418.15 Td (held ) Tj ET Q q 0 0 0 rg BT 288.31 418.15 Td (with ) Tj ET Q q 0 0 0 rg BT 305.53 418.15 Td (shared ) Tj ET Q q 0 0 0 rg BT 329.83 418.15 Td (dispositive ) Tj ET Q q 0 0 0 rg BT 368.78 418.15 Td (power) Tj ET Q q 0 0 0 rg BT 389.55 418.15 Td (. ) Tj ET Q q 0 0 0 rg BT 393.79 418.15 Td (7,940,085 ) Tj ET Q q 0 0 0 rg BT 429.90 418.15 Td (Shares ) Tj ET Q q 0 0 0 rg BT 454.68 418.15 Td (are ) Tj ET Q q 0 0 0 rg BT 467.17 418.15 Td (held ) Tj ET Q q 0 0 0 rg BT 483.91 418.15 Td (with ) Tj ET Q q 0 0 0 rg BT 501.14 418.15 Td (sole ) Tj ET Q q 0 0 0 rg BT 516.94 418.15 Td (voting ) Tj ET Q q 0 0 0 rg BT 540.78 418.15 Td (power ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 407.95 Td (and ) Tj ET Q q 0 0 0 rg BT 82.42 407.95 Td (none ) Tj ET Q q 0 0 0 rg BT 101.58 407.95 Td (are ) Tj ET Q q 0 0 0 rg BT 114.60 407.95 Td (held ) Tj ET Q q 0 0 0 rg BT 131.88 407.95 Td (with ) Tj ET Q q 0 0 0 rg BT 149.64 407.95 Td (shared ) Tj ET Q q 0 0 0 rg BT 174.47 407.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 198.84 407.95 Td (power) Tj ET Q q 0 0 0 rg BT 219.61 407.95 Td (. ) Tj ET Q q 0 0 0 rg BT 224.19 407.95 Td (The ) Tj ET Q q 0 0 0 rg BT 240.05 407.95 Td (number ) Tj ET Q q 0 0 0 rg BT 268.66 407.95 Td (of ) Tj ET Q q 0 0 0 rg BT 278.38 407.95 Td (Shares ) Tj ET Q q 0 0 0 rg BT 303.69 407.95 Td (in ) Tj ET Q q 0 0 0 rg BT 312.94 407.95 Td (the ) Tj ET Q q 0 0 0 rg BT 325.97 407.95 Td (preceding ) Tj ET Q q 0 0 0 rg BT 362.13 407.95 Td (information ) Tj ET Q q 0 0 0 rg BT 404.90 407.95 Td (is ) Tj ET Q q 0 0 0 rg BT 413.22 407.95 Td (based ) Tj ET Q q 0 0 0 rg BT 435.21 407.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 454.86 407.95 Td (a ) Tj ET Q q 0 0 0 rg BT 461.28 407.95 Td (Schedule ) Tj ET Q q 0 0 0 rg BT 495.08 407.95 Td (13G ) Tj ET Q q 0 0 0 rg BT 512.36 407.95 Td (report ) Tj ET Q q 0 0 0 rg BT 535.30 407.95 Td (filed ) Tj ET Q q 0 0 0 rg BT 553.52 407.95 Td (by ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 397.75 Td (BlackRock, ) Tj ET Q q 0 0 0 rg BT 109.82 397.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 125.23 397.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 158.82 397.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 196.66 397.75 Td (as ) Tj ET Q q 0 0 0 rg BT 206.17 397.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.67 397.75 Td (December�31, ) Tj ET Q q 0 0 0 rg BT 265.77 397.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 287.15 397.75 Td (The ) Tj ET Q q 0 0 0 rg BT 302.80 397.75 Td (percentages ) Tj ET Q q 0 0 0 rg BT 345.34 397.75 Td (are ) Tj ET Q q 0 0 0 rg BT 358.14 397.75 Td (based ) Tj ET Q q 0 0 0 rg BT 379.93 397.75 Td (on ) Tj ET Q q 0 0 0 rg BT 390.85 397.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 410.75 397.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 436.25 397.75 Td (s ) Tj ET Q q 0 0 0 rg BT 441.99 397.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 484.08 397.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 507.75 397.75 Td (as ) Tj ET Q q 0 0 0 rg BT 517.26 397.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.77 397.75 Td (March ) Tj ET Q q 0 0 0 rg BT 551.38 397.75 Td (31, ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 387.55 Td (2020.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 377.35 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 67.50 377.35 Td (Represents ) Tj ET Q q 0 0 0 rg BT 106.81 377.35 Td (Shares ) Tj ET Q q 0 0 0 rg BT 131.49 377.35 Td (held ) Tj ET Q q 0 0 0 rg BT 148.15 377.35 Td (by ) Tj ET Q q 0 0 0 rg BT 158.52 377.35 Td (The ) Tj ET Q q 0 0 0 rg BT 173.60 377.35 Td (V) Tj ET Q q 0 0 0 rg BT 178.80 377.35 Td (anguard ) Tj ET Q q 0 0 0 rg BT 208.19 377.35 Td (Group, ) Tj ET Q q 0 0 0 rg BT 234.05 377.35 Td (100 ) Tj ET Q q 0 0 0 rg BT 248.68 377.35 Td (V) Tj ET Q q 0 0 0 rg BT 253.87 377.35 Td (anguard ) Tj ET Q q 0 0 0 rg BT 283.27 377.35 Td (Boulevard, ) Tj ET Q q 0 0 0 rg BT 322.82 377.35 Td (Malvern, ) Tj ET Q q 0 0 0 rg BT 355.75 377.35 Td (P) Tj ET Q q 0 0 0 rg BT 359.70 377.35 Td (A) Tj ET Q q 0 0 0 rg BT 365.37 377.35 Td ( ) Tj ET Q q 0 0 0 rg BT 367.39 377.35 Td (19355, ) Tj ET Q q 0 0 0 rg BT 392.78 377.35 Td (in ) Tj ET Q q 0 0 0 rg BT 401.41 377.35 Td (its ) Tj ET Q q 0 0 0 rg BT 411.46 377.35 Td (capacity ) Tj ET Q q 0 0 0 rg BT 441.79 377.35 Td (as ) Tj ET Q q 0 0 0 rg BT 450.89 377.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.21 377.35 Td (advisor) Tj ET Q q 0 0 0 rg BT 514.76 377.35 Td (. ) Tj ET Q q 0 0 0 rg BT 518.90 377.35 Td (7,777,182 ) Tj ET Q q 0 0 0 rg BT 554.92 377.35 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 367.15 Td (the ) Tj ET Q q 0 0 0 rg BT 79.81 367.15 Td (Shares ) Tj ET Q q 0 0 0 rg BT 104.40 367.15 Td (are ) Tj ET Q q 0 0 0 rg BT 116.70 367.15 Td (held ) Tj ET Q q 0 0 0 rg BT 133.26 367.15 Td (with ) Tj ET Q q 0 0 0 rg BT 150.29 367.15 Td (sole ) Tj ET Q q 0 0 0 rg BT 165.91 367.15 Td (dispositive ) Tj ET Q q 0 0 0 rg BT 204.67 367.15 Td (power ) Tj ET Q q 0 0 0 rg BT 227.84 367.15 Td (and ) Tj ET Q q 0 0 0 rg BT 242.04 367.15 Td (44,313 ) Tj ET Q q 0 0 0 rg BT 267.34 367.15 Td (of ) Tj ET Q q 0 0 0 rg BT 276.34 367.15 Td (the ) Tj ET Q q 0 0 0 rg BT 288.65 367.15 Td (Shares ) Tj ET Q q 0 0 0 rg BT 313.24 367.15 Td (are ) Tj ET Q q 0 0 0 rg BT 325.54 367.15 Td (held ) Tj ET Q q 0 0 0 rg BT 342.10 367.15 Td (with ) Tj ET Q q 0 0 0 rg BT 359.14 367.15 Td (shared ) Tj ET Q q 0 0 0 rg BT 383.25 367.15 Td (dispositive ) Tj ET Q q 0 0 0 rg BT 422.01 367.15 Td (power) Tj ET Q q 0 0 0 rg BT 442.78 367.15 Td (. ) Tj ET Q q 0 0 0 rg BT 446.83 367.15 Td (42,803 ) Tj ET Q q 0 0 0 rg BT 472.13 367.15 Td (of ) Tj ET Q q 0 0 0 rg BT 481.14 367.15 Td (the ) Tj ET Q q 0 0 0 rg BT 493.45 367.15 Td (Shares ) Tj ET Q q 0 0 0 rg BT 518.03 367.15 Td (are ) Tj ET Q q 0 0 0 rg BT 530.33 367.15 Td (held ) Tj ET Q q 0 0 0 rg BT 546.89 367.15 Td (with ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 356.95 Td (sole ) Tj ET Q q 0 0 0 rg BT 83.04 356.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 106.60 356.95 Td (power ) Tj ET Q q 0 0 0 rg BT 129.69 356.95 Td (and ) Tj ET Q q 0 0 0 rg BT 143.81 356.95 Td (12,258 ) Tj ET Q q 0 0 0 rg BT 169.03 356.95 Td (are ) Tj ET Q q 0 0 0 rg BT 181.25 356.95 Td (held ) Tj ET Q q 0 0 0 rg BT 197.72 356.95 Td (with ) Tj ET Q q 0 0 0 rg BT 214.68 356.95 Td (shared ) Tj ET Q q 0 0 0 rg BT 238.71 356.95 Td (voting ) Tj ET Q q 0 0 0 rg BT 262.28 356.95 Td (power) Tj ET Q q 0 0 0 rg BT 283.05 356.95 Td (. ) Tj ET Q q 0 0 0 rg BT 286.89 356.95 Td (The ) Tj ET Q q 0 0 0 rg BT 301.94 356.95 Td (number ) Tj ET Q q 0 0 0 rg BT 329.75 356.95 Td (of ) Tj ET Q q 0 0 0 rg BT 338.68 356.95 Td (Shares ) Tj ET Q q 0 0 0 rg BT 363.18 356.95 Td (in ) Tj ET Q q 0 0 0 rg BT 371.64 356.95 Td (the ) Tj ET Q q 0 0 0 rg BT 383.87 356.95 Td (preceding ) Tj ET Q q 0 0 0 rg BT 419.22 356.95 Td (information ) Tj ET Q q 0 0 0 rg BT 461.20 356.95 Td (is ) Tj ET Q q 0 0 0 rg BT 468.71 356.95 Td (based ) Tj ET Q q 0 0 0 rg BT 489.91 356.95 Td (upon ) Tj ET Q q 0 0 0 rg BT 508.75 356.95 Td (a ) Tj ET Q q 0 0 0 rg BT 514.37 356.95 Td (Schedule ) Tj ET Q q 0 0 0 rg BT 547.37 356.95 Td (13G ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 346.75 Td (report ) Tj ET Q q 0 0 0 rg BT 89.63 346.75 Td (filed ) Tj ET Q q 0 0 0 rg BT 107.05 346.75 Td (by ) Tj ET Q q 0 0 0 rg BT 117.25 346.75 Td (The ) Tj ET Q q 0 0 0 rg BT 132.17 346.75 Td (V) Tj ET Q q 0 0 0 rg BT 137.37 346.75 Td (anguard ) Tj ET Q q 0 0 0 rg BT 166.58 346.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 190.14 346.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 223.14 346.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 260.38 346.75 Td (as ) Tj ET Q q 0 0 0 rg BT 269.30 346.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.22 346.75 Td (December�31, ) Tj ET Q q 0 0 0 rg BT 327.73 346.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 348.56 346.75 Td (The ) Tj ET Q q 0 0 0 rg BT 363.61 346.75 Td (percentages ) Tj ET Q q 0 0 0 rg BT 405.57 346.75 Td (are ) Tj ET Q q 0 0 0 rg BT 417.78 346.75 Td (based ) Tj ET Q q 0 0 0 rg BT 438.97 346.75 Td (on ) Tj ET Q q 0 0 0 rg BT 449.31 346.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 468.61 346.75 Td (Mason�) Tj ET Q q 0 0 0 rg BT 494.11 346.75 Td (s ) Tj ET Q q 0 0 0 rg BT 499.26 346.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 540.76 346.75 Td (shares ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 336.55 Td (as ) Tj ET Q q 0 0 0 rg BT 76.71 336.55 Td (of ) Tj ET Q q 0 0 0 rg BT 85.91 336.55 Td (March ) Tj ET Q q 0 0 0 rg BT 110.22 336.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 122.97 336.55 Td (2020.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 326.35 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 67.50 326.35 Td (Includes, for the individuals listed below) Tj ET Q q 0 0 0 rg BT 205.76 326.35 Td (, the following number of unvested Company Restricted Stock Units. Company Restricted Stock Units ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 316.15 Td (are not held with voting rights and cannot be transferred. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136.25 275.65 m 430.25 275.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 275.65 m 492.25 275.65 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 138.75 279.99 Td (Name) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 443.10 296.99 Td (Number) Tj ET Q q 0 0 0 rg BT 473.17 296.99 Td ( of) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 444.10 288.49 Td (Restricted) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 441.80 279.99 Td (Stock Units) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 267.01 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 163.78 267.01 Td (A. Sullivan) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.25 267.01 Td (103,083) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 254.01 Td (Peter H. Nachtwey) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.50 254.01 Td (29,485) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 241.01 Td (Thomas C. Merchant) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.50 241.01 Td (16,557) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 228.01 Td (T) Tj ET Q q 0 0 0 rg BT 143.65 228.01 Td (erence ) Tj ET Q q 0 0 0 rg BT 167.41 228.01 Td (A. Johnson) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.50 228.01 Td (16,508) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 215.01 Td (Patricia Lattin) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 469.75 215.01 Td (9,417) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 190.75 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 67.50 190.75 Td (Does ) Tj ET Q q 0 0 0 rg BT 87.04 190.75 Td (not ) Tj ET Q q 0 0 0 rg BT 99.97 190.75 Td (include ) Tj ET Q q 0 0 0 rg BT 127.06 190.75 Td (6,620.03 ) Tj ET Q q 0 0 0 rg BT 158.88 190.75 Td (units ) Tj ET Q q 0 0 0 rg BT 177.48 190.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.63 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.09 190.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 218.62 190.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 243.83 190.75 Td (Common ) Tj ET Q q 0 0 0 rg BT 277.54 190.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 298.98 190.75 Td (Fund ) Tj ET Q q 0 0 0 rg BT 318.52 190.75 Td (held ) Tj ET Q q 0 0 0 rg BT 335.23 190.75 Td (in ) Tj ET Q q 0 0 0 rg BT 343.91 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 356.36 190.75 Td (Legg ) Tj ET Q q 0 0 0 rg BT 375.90 190.75 Td (Mason ) Tj ET Q q 0 0 0 rg BT 401.11 190.75 Td (Profit ) Tj ET Q q 0 0 0 rg BT 422.54 190.75 Td (Sharing ) Tj ET Q q 0 0 0 rg BT 451.05 190.75 Td (and ) Tj ET Q q 0 0 0 rg BT 465.40 190.75 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 490.13 190.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 507.31 190.75 Td (and ) Tj ET Q q 0 0 0 rg BT 521.50 190.75 Td (T) Tj ET Q q 0 0 0 rg BT 526.40 190.75 Td (rust ) Tj ET Q q 0 0 0 rg BT 541.22 190.75 Td (which ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 180.55 Td (translate ) Tj ET Q q 0 0 0 rg BT 98.42 180.55 Td (into ) Tj ET Q q 0 0 0 rg BT 113.77 180.55 Td (4,406.89 ) Tj ET Q q 0 0 0 rg BT 145.64 180.55 Td (Shares.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 170.35 Td (\(7\) ) Tj ET Q q 0 0 0 rg BT 67.50 170.35 Td (Includes, for the individuals listed below) Tj ET Q q 0 0 0 rg BT 205.76 170.35 Td (, the following number of Company Restricted Stock Units. Company Restricted Stock Units are ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 67.50 160.15 Td (payable on a one-for) Tj ET Q q 0 0 0 rg BT 137.42 160.15 Td (-one basis in Shares within sixty \(60\) days of the date on which the individual stops serving as a director of Legg Mason. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136.25 113.64999999999998 m 430.25 113.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 113.64999999999998 m 492.25 113.64999999999998 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 138.75 117.99 Td (Name) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 443.10 134.99 Td (Number) Tj ET Q q 0 0 0 rg BT 473.17 134.99 Td ( of) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 444.10 126.49 Td (Restricted) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 441.80 117.99 Td (Stock Units) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 103.01 Td (Carol ) Tj ET Q q 0 0 0 rg BT 159.53 103.01 Td (Anthony "John" Davidson) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.50 103.01 Td (23,789) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 138.75 88.01 Td (Michelle J. Goldber) Tj ET Q q 0 0 0 rg BT 206.35 88.01 Td (g) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 465.50 88.01 Td (10,451) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 377 0 obj <> endobj 378 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (186) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 741.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 82.47 741.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 149.86 741.90 Td (Plan ) Tj ET Q q 0 0 0 rg BT 172.90 741.90 Td (Information ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 45.00 717.30 Td (The following table provides information about our equity compensation plans as of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 401.35 717.30 Td (March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.13 717.30 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173 694.8 m 283 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 694.8 m 410 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 694.8 m 535 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 614.8 m 169 614.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173 614.8 m 283 614.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 694.8 m 410 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 614.8 m 410 614.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 614.8 m 535 614.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 614.8 m 410 614.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 614.8 m 535 614.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173 545.8 m 283 545.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173 531.8 m 283 531.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173 529.8 m 283 529.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 545.8 m 410 545.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 531.8 m 410 531.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 529.8 m 410 529.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 545.8 m 535 545.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.8 m 535 531.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 529.8 m 535 529.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.65 697.53 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.35 697.53 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.95 697.53 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 619.48 Td (Plan category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.70 652.48 Td (Number) Tj ET Q q 0 0 0 rg BT 213.07 652.48 Td ( of securities to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 641.48 Td (be issued upon exer) Tj ET Q q 0 0 0 rg BT 261.44 641.48 Td (cise) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.70 630.48 Td (of outstanding options,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.95 619.48 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.85 649.48 Td (W) Tj ET Q q 0 0 0 rg BT 325.30 649.48 Td (eighted-average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 639.48 Td (exer) Tj ET Q q 0 0 0 rg BT 338.28 639.48 Td (cise price of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 629.48 Td (outstanding options,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.95 619.48 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 685.48 Td (Number) Tj ET Q q 0 0 0 rg BT 470.52 685.48 Td ( of securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 674.48 Td (r) Tj ET Q q 0 0 0 rg BT 433.91 674.48 Td (emaining available for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.25 663.48 Td (futur) Tj ET Q q 0 0 0 rg BT 455.29 663.48 Td (e issuance under) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.45 652.48 Td (equity compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.60 641.48 Td (plans \(excluding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 630.48 Td (securities r) Tj ET Q q 0 0 0 rg BT 481.04 630.48 Td (eflected in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.90 619.48 Td (column \(a\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 604.47 Td (Equity compensation plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 594.47 Td (approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 584.47 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 584.47 Td (6,977,045) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 285.50 589.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 584.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 584.47 Td (41.41) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 415.70 589.63 Td (\(2) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 421.15 589.63 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 584.47 Td (8,349,362) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 537.50 589.63 Td (\(3\)\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 570.37 Td (Equity compensation plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 560.37 Td (not approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 550.37 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 550.47 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 550.47 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 550.47 Td (�) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.47 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 535.47 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 535.47 Td (6,977,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 535.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 535.47 Td (41.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 535.47 Td (8,349,362) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 537.50 540.63 Td (\(3\)\(4\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 494.10 Td (Includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.71 494.10 Td (427,094 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 128.75 494.10 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.40 494.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 161.90 494.10 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.78 494.10 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.33 494.10 Td (Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.39 494.10 Td (Stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.16 494.10 Td (\(�Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.82 494.10 Td (Stock�\) ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 332.20 494.10 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.36 494.10 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.15 494.10 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.20 494.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.23 494.10 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 392.41 494.10 Td (trust ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 409.94 494.10 Td (pending ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 439.74 494.10 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 481.35 494.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 490.84 494.10 Td (phantom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.00 494.10 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 543.36 494.10 Td (units. ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 483.90 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.96 483.90 Td (phantom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 112.94 483.90 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.12 483.90 Td (units, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.02 483.90 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.03 483.90 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 185.65 483.90 Td (converted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 220.40 483.90 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.86 483.90 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.35 483.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 265.67 483.90 Td (Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 298.55 483.90 Td (Stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.15 483.90 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.89 483.90 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 333.90 483.90 Td (one-for) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 358.75 483.90 Td (-one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.09 483.90 Td (basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.33 483.90 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 411.57 483.90 Td (distribution, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.14 483.90 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 471.89 483.90 Td (granted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 498.62 483.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.47 483.90 Td (plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.34 483.90 Td (participants ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 473.70 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.98 473.70 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.03 473.70 Td (deferral ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.93 473.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 139.49 473.70 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.18 473.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.74 473.70 Td (dividends ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 231.27 473.70 Td (paid ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 247.38 473.70 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.36 473.70 Td (phantom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 288.58 473.70 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 308.00 473.70 Td (units. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 328.03 473.70 Td (When ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.81 473.70 Td (amounts ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.09 473.70 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.94 473.70 Td (deferred, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.86 473.70 Td (participants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 464.99 473.70 Td (receive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 491.00 473.70 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 496.25 473.70 Td (number ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 523.69 473.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 532.25 473.70 Td (phantom ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 463.50 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 86.97 463.50 Td (units ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.03 463.50 Td (equal ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 124.97 463.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.11 463.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 145.02 463.50 Td (deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.86 463.50 Td (amount ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.88 463.50 Td (divided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.91 463.50 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 238.94 463.50 Td (90% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 256.05 463.50 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.19 463.50 Td (95% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.30 463.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 289.90 463.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 301.82 463.50 Td (fair ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 315.14 463.50 Td (market ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 340.27 463.50 Td (value ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.21 463.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.81 463.50 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 374.12 463.50 Td (share ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.58 463.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 402.19 463.50 Td (Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.36 463.50 Td (Stock. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.04 463.50 Td (Also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 475.63 463.50 Td (includes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.48 463.50 Td (34,240 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.38 463.50 Td (restricted ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 453.30 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.28 453.30 Td (units ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 105.65 453.30 Td (granted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.98 453.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 141.43 453.30 Td (non-employee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 191.89 453.30 Td (directors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.47 453.30 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.39 453.30 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 255.48 453.30 Td (compensation ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 304.53 453.30 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 319.11 453.30 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 331.33 453.30 Td (converted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 366.68 453.30 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 381.74 453.30 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 404.82 453.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 413.74 453.30 Td (Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 447.22 453.30 Td (Stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 468.42 453.30 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.76 453.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.37 453.30 Td (one-for) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.22 453.30 Td (-one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.16 453.30 Td (basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.00 453.30 Td (upon ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 443.10 Td (distribution.) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 432.90 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 432.90 Td (W) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 74.84 432.90 Td (eighted-average ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.94 432.90 Td (exercise ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.60 432.90 Td (price ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 179.41 432.90 Td (does ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.82 432.90 Td (not ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 209.50 432.90 Td (include ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 236.34 432.90 Td (phantom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 267.91 432.90 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 287.68 432.90 Td (units ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.03 432.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.93 432.90 Td (restricted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.38 432.90 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 368.14 432.90 Td (units ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.50 432.90 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.07 432.90 Td (will ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.11 432.90 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.96 432.90 Td (converted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.29 432.90 Td (into ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 476.34 432.90 Td (Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 509.80 432.90 Td (Stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 530.99 432.90 Td (on ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 541.31 432.90 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 546.90 432.90 Td (one-) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 422.70 Td (for) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 77.24 422.70 Td (-one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 94.47 422.70 Td (basis ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.60 422.70 Td (upon ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.72 422.70 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 174.04 422.70 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.30 422.70 Td (no ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.93 422.70 Td (additional ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 229.05 422.70 Td (cost, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 246.99 422.70 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 261.39 422.70 Td (were ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 280.03 422.70 Td (granted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 307.64 422.70 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 316.85 422.70 Td (described ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.54 422.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.28 422.70 Td (footnote ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.73 422.70 Td (\(1\).) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 412.50 Td (\(3\) ) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 412.50 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.40 412.50 Td (addition, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.20 412.50 Td (201,125 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.64 412.50 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 160.70 412.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 169.60 412.50 Td (Common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 203.06 412.50 Td (Stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 224.24 412.50 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.69 412.50 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.53 412.50 Td (issued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.60 412.50 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 294.77 412.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 306.97 412.50 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.25 412.50 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 351.21 412.50 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 359.63 412.50 Td (Co, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.50 412.50 Td (LLC ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.37 412.50 Td (Deferred ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 423.38 412.50 Td (Compensation/Phantom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.89 412.50 Td (Stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 528.07 412.50 Td (Plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.00 412.50 Td (upon ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 402.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.01 402.30 Td (distribution ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 121.33 402.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 130.54 402.30 Td (phantom ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.41 402.30 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.48 402.30 Td (units ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 201.13 402.30 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.01 402.30 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 232.77 402.30 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.91 402.30 Td (acquired ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.30 402.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 283.04 402.30 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 295.55 402.30 Td (future ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.97 402.30 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 327.17 402.30 Td (described ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 361.87 402.30 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.60 402.30 Td (footnote ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 401.06 402.30 Td (\(1\).) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 392.10 Td (\(4\) ) Tj ET Q BT /F1 8.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 392.10 Td (6,331,155 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.76 392.10 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.09 392.10 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.82 392.10 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 156.32 392.10 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 173.21 392.10 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 183.49 392.10 Td (issued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 207.00 392.10 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 228.61 392.10 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.19 392.10 Td (omnibus ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.73 392.10 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.24 392.10 Td (plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 314.13 392.10 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 323.46 392.10 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.66 392.10 Td (options, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.08 392.10 Td (restricted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 406.96 392.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 416.30 392.10 Td (unrestricted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.68 392.10 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 478.88 392.10 Td (grants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.91 392.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.24 392.10 Td (any ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 525.77 392.10 Td (other ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 545.50 392.10 Td (form ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 381.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.76 381.90 Td (equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.18 381.90 Td (compensation. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 151.69 381.90 Td (102,014 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 181.50 381.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.75 381.90 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 210.40 381.90 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 233.82 381.90 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 250.63 381.90 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 260.83 381.90 Td (issued ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.25 381.90 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 305.79 381.90 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.35 381.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.99 381.90 Td (Mason, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 365.43 381.90 Td (Inc. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 380.58 381.90 Td (Equity ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.43 381.90 Td (Plan ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 422.72 381.90 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 434.80 381.90 Td (Non-Employee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 488.91 381.90 Td (Directors ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 522.72 381.90 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 531.97 381.90 Td (grants ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 554.92 381.90 Td (of ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 371.70 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.36 371.70 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.36 371.70 Td (restricted ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 129.91 371.70 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 149.77 371.70 Td (units. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 170.35 371.70 Td (1,916,193 ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 206.27 371.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.27 371.70 Td (these ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 234.66 371.70 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.82 371.70 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.37 371.70 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 284.32 371.70 Td (purchased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 320.70 371.70 Td (under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 341.97 371.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 355.22 371.70 Td (employee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 390.18 371.70 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 410.05 371.70 Td (purchase ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.17 371.70 Td (plan, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.85 371.70 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 483.55 371.70 Td (acquires ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.79 371.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 526.09 371.70 Td (shares ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.26 371.70 Td (that ) Tj ET Q BT /F1 8.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 67.50 361.50 Td (are ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 80.00 361.50 Td (purchased ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 116.58 361.50 Td (thereunder ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 155.05 361.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 163.79 361.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.30 361.50 Td (open ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.95 361.50 Td (market.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 338.70 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 79.03 338.70 Td (13. ) Tj ET Q q 0 0 0 rg BT 93.67 338.70 Td ( ) Tj ET Q q 0 0 0 rg BT 95.19 338.70 Td (CER) Tj ET Q q 0 0 0 rg BT 116.99 338.70 Td (T) Tj ET Q q 0 0 0 rg BT 123.22 338.70 Td (AIN ) Tj ET Q q 0 0 0 rg BT 143.99 338.70 Td (RELA) Tj ET Q q 0 0 0 rg BT 172.39 338.70 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 230.76 338.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 255.03 338.70 Td (RELA) Tj ET Q q 0 0 0 rg BT 283.42 338.70 Td (TED ) Tj ET Q q 0 0 0 rg BT 306.42 338.70 Td (TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 393.67 338.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 417.94 338.70 Td (DIRECT) Tj ET Q q 0 0 0 rg BT 458.60 338.70 Td (OR ) Tj ET Q q 0 0 0 rg BT 475.87 338.70 Td (INDEPENDENCE.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 313.50 Td (Under ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 115.73 313.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.71 313.50 Td (written ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 167.44 313.50 Td (policies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 204.09 313.50 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.24 313.50 Td (procedures ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 273.29 313.50 Td (regarding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 317.51 313.50 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.06 313.50 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 375.63 313.50 Td (transactions, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.39 313.50 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 449.21 313.50 Td (Nominating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 503.36 313.50 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 515.52 313.50 Td (Corporate ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 300.90 Td (Governance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 103.07 300.90 Td (Committee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.59 300.90 Td (must ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.86 300.90 Td (approve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 212.53 300.90 Td (all ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.88 300.90 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 257.29 300.90 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 281.72 300.90 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.73 300.90 Td (between ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.56 300.90 Td (Legg ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.99 300.90 Td (Mason ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 428.42 300.90 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 440.02 300.90 Td (one ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.04 300.90 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.63 300.90 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.41 300.90 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 534.84 300.90 Td (and ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.85 300.90 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 288.30 Td (director) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 81.73 288.30 Td (, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 87.83 288.30 Td (executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 131.52 288.30 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 140.08 288.30 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 162.78 288.30 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 175.00 288.30 Td (immediate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 222.79 288.30 Td (family ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.67 288.30 Td (member ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 291.55 288.30 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 303.77 288.30 Td (a ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.90 288.30 Td (director ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 348.02 288.30 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 360.24 288.30 Td (executive ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 403.93 288.30 Td (of) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 412.49 288.30 Td (ficer ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.19 288.30 Td (that ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 454.41 288.30 Td (would ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 484.13 288.30 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 497.51 288.30 Td (required ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 535.97 288.30 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 547.61 288.30 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 275.70 Td (disclosed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 91.46 275.70 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 102.50 275.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.38 275.70 Td (proxy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 146.75 275.70 Td (statements. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 196.37 275.70 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 215.57 275.70 Td (policy ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 244.69 275.70 Td (also ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 264.49 275.70 Td (authorizes ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 310.51 275.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 326.22 275.70 Td (Chairman ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 370.50 275.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 382.13 275.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.83 275.70 Td (Nominating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 450.87 275.70 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 461.92 275.70 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 506.78 275.70 Td (Governance ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 263.10 Td (Committee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 98.47 263.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 108.94 263.10 Td (approve, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 147.69 263.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 158.74 263.10 Td (reject, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 186.98 263.10 Td (proposed ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.78 263.10 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.65 263.10 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 282.53 263.10 Td (transactions ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 334.99 263.10 Td (subject ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 367.03 263.10 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 377.50 263.10 Td (ratification ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 425.87 263.10 Td (by ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 438.68 263.10 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 453.81 263.10 Td (full ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 470.70 263.10 Td (committee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.32 263.10 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.20 263.10 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.43 263.10 Td (next ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 250.50 Td (regularly ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 89.56 250.50 Td (scheduled ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.70 250.50 Td (meeting. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 172.15 250.50 Td (The ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 190.64 250.50 Td (Nominating ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 242.96 250.50 Td (& ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 253.29 250.50 Td (Corporate ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.43 250.50 Td (Governance ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 350.31 250.50 Td (Committee ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 399.13 250.50 Td (uses ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 419.37 250.50 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 431.45 250.50 Td (business ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.20 250.50 Td (judgment ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 511.02 250.50 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 521.35 250.50 Td (deciding ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 237.90 Td (whether ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.94 237.90 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 96.74 237.90 Td (approve ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 133.18 237.90 Td (related ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 164.37 237.90 Td (party ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 188.57 237.90 Td (transactions.) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.50 212.70 Td (In ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 97.40 212.70 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.38 212.70 Td (ordinary ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 152.10 212.70 Td (course ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.66 212.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 194.56 212.70 Td (their ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 216.95 212.70 Td (asset ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 240.51 212.70 Td (management ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 297.31 212.70 Td (businesses, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.42 212.70 Td (certain ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 379.14 212.70 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 391.04 212.70 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.18 212.70 Td (subsidiaries ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 460.92 212.70 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.15 212.70 Td (from ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 505.71 212.70 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 527.52 212.70 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 538.84 212.70 Td (time ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 200.10 Td (invest ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 76.08 200.10 Td (client ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 100.90 200.10 Td (assets ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 126.90 200.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 136.57 200.10 Td (companies ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 182.97 200.10 Td (in ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 192.64 200.10 Td (which ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 219.69 200.10 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 225.74 200.10 Td (rian ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 243.56 200.10 Td (Fund ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 266.65 200.10 Td (Management, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.59 200.10 Td (L.P) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 339.30 200.10 Td (. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 343.43 200.10 Td (\(�T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 357.63 200.10 Td (rian�\), ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 386.24 200.10 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 397.66 200.10 Td (af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 405.63 200.10 Td (filiates ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 435.70 200.10 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 445.95 200.10 Td (its ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 457.37 200.10 Td (funds ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 482.20 200.10 Td (may ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 501.78 200.10 Td (be ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 513.19 200.10 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 187.50 Td (stockholders. ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 107.64 187.50 Td (T) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 113.68 187.50 Td (rian ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 132.63 187.50 Td (beneficially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 184.81 187.50 Td (held ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 205.52 187.50 Td (4.5% ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.01 187.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 241.39 187.50 Td (our ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 258.01 187.50 Td (outstanding ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 309.63 187.50 Td (common ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 349.00 187.50 Td (stock ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 373.79 187.50 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 385.16 187.50 Td (of ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 396.54 187.50 Td (March ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 426.57 187.50 Td (31, ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 442.32 187.50 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 85.50 162.30 Td (Certain ) Tj ET Q q 0 0 0 rg BT 120.70 162.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 148.32 162.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 190.51 162.30 Td (by ) Tj ET Q q 0 0 0 rg BT 205.30 162.30 Td (EnT) Tj ET Q q 0 0 0 rg BT 223.01 162.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 243.05 162.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 275.91 162.30 Td (\(�EnT) Tj ET Q q 0 0 0 rg BT 301.78 162.30 Td (rust ) Tj ET Q q 0 0 0 rg BT 321.82 162.30 Td (Global ) Tj ET Q q 0 0 0 rg BT 354.69 162.30 Td (Funds�\) ) Tj ET Q q 0 0 0 rg BT 392.81 162.30 Td (have ) Tj ET Q q 0 0 0 rg BT 416.92 162.30 Td (made ) Tj ET Q q 0 0 0 rg BT 443.95 162.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 498.40 162.30 Td (and/or ) Tj ET Q q 0 0 0 rg BT 529.52 162.30 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 149.70 Td (contributions ) Tj ET Q q 0 0 0 rg BT 107.20 149.70 Td (in ) Tj ET Q q 0 0 0 rg BT 117.65 149.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 148.50 149.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 174.12 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 191.56 149.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.93 149.70 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 276.62 149.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 295.23 149.70 Td (�T) Tj ET Q q 0 0 0 rg BT 305.93 149.70 Td (rian ) Tj ET Q q 0 0 0 rg BT 324.54 149.70 Td (Funds�\) ) Tj ET Q q 0 0 0 rg BT 360.66 149.70 Td (managed ) Tj ET Q q 0 0 0 rg BT 400.84 149.70 Td (by ) Tj ET Q q 0 0 0 rg BT 413.46 149.70 Td (T) Tj ET Q q 0 0 0 rg BT 419.51 149.70 Td (rian ) Tj ET Q q 0 0 0 rg BT 438.12 149.70 Td (and ) Tj ET Q q 0 0 0 rg BT 455.56 149.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.41 149.70 Td (management ) Tj ET Q q 0 0 0 rg BT 542.34 149.70 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 89.97 137.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 108.87 137.10 Td (have ) Tj ET Q q 0 0 0 rg BT 130.68 137.10 Td (been ) Tj ET Q q 0 0 0 rg BT 152.49 137.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 172.56 137.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.29 137.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 223.18 137.10 Td (by ) Tj ET Q q 0 0 0 rg BT 235.67 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.34 137.10 Td (T) Tj ET Q q 0 0 0 rg BT 256.38 137.10 Td (rian ) Tj ET Q q 0 0 0 rg BT 274.70 137.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 302.36 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.38 137.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.42 137.10 Td (rian ) Tj ET Q q 0 0 0 rg BT 336.74 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.89 137.10 Td (its ) Tj ET Q q 0 0 0 rg BT 365.80 137.10 Td (af) Tj ET Q q 0 0 0 rg BT 373.76 137.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 404.33 137.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.48 137.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 462.54 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 483.20 137.10 Td (those ) Tj ET Q q 0 0 0 rg BT 507.35 137.10 Td (investments ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (and/or ) Tj ET Q q 0 0 0 rg BT 79.70 124.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 111.06 124.50 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 172.47 124.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 184.72 124.50 Td (. ) Tj ET Q q 0 0 0 rg BT 190.72 124.50 Td (Peltz, ) Tj ET Q q 0 0 0 rg BT 217.72 124.50 Td (as ) Tj ET Q q 0 0 0 rg BT 229.84 124.50 Td (CEO ) Tj ET Q q 0 0 0 rg BT 254.21 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 272.74 124.50 Td (a ) Tj ET Q q 0 0 0 rg BT 280.78 124.50 Td (Founding ) Tj ET Q q 0 0 0 rg BT 324.41 124.50 Td (Partner ) Tj ET Q q 0 0 0 rg BT 358.10 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 369.98 124.50 Td (T) Tj ET Q q 0 0 0 rg BT 376.03 124.50 Td (rian, ) Tj ET Q q 0 0 0 rg BT 398.35 124.50 Td (and ) Tj ET Q q 0 0 0 rg BT 416.88 124.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 429.14 124.50 Td (. ) Tj ET Q q 0 0 0 rg BT 435.14 124.50 Td (Garden, ) Tj ET Q q 0 0 0 rg BT 472.04 124.50 Td (as ) Tj ET Q q 0 0 0 rg BT 484.16 124.50 Td (Chief ) Tj ET Q q 0 0 0 rg BT 510.86 124.50 Td (Investment ) Tj ET Q BT /F1 10.50 Tf 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61.50 Td (clients�) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 227.69 61.50 Td ( ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 230.32 61.50 Td (investments.) 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0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 337.59 703.95 Td (substantially ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.19 703.95 Td (the ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 408.55 703.95 Td (same ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 432.65 703.95 Td (terms ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 458.50 703.95 Td (as ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 469.78 703.95 Td (those ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 494.47 703.95 Td (prevailing ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 539.57 703.95 Td (at ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 549.67 703.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 691.35 Td (time ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 70.79 691.35 Td (for ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 85.66 691.35 Td (comparable ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 137.26 691.35 Td (products ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 176.04 691.35 Td (or ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 187.41 691.35 Td (services ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 223.86 691.35 Td (provided ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 263.81 691.35 Td (to ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 274.60 691.35 Td (unaf) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 293.07 691.35 Td (filiated ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 325.43 691.35 Td (third ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 347.89 691.35 Td (parties.) Tj ET Q BT /F2 10.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 666.15 Td (ITEM ) Tj ET Q q 0 0 0 rg BT 80.13 666.15 Td (14. ) Tj ET Q q 0 0 0 rg BT 95.88 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 666.15 Td (PRINCIP) Tj ET Q q 0 0 0 rg BT 141.47 666.15 Td (AL) Tj ET Q q 0 0 0 rg BT 155.48 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 157.53 666.15 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 209.83 666.15 Td (ANT) Tj ET Q q 0 0 0 rg BT 231.81 666.15 Td ( ) Tj ET Q q 0 0 0 rg BT 234.44 666.15 Td (FEES ) Tj ET Q q 0 0 0 rg BT 262.75 666.15 Td (AND ) Tj ET Q q 0 0 0 rg BT 288.12 666.15 Td (SER) Tj ET Q q 0 0 0 rg BT 308.18 666.15 Td (VICES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 640.95 Td (The ) Tj ET Q q 0 0 0 rg BT 68.83 640.95 Td (following ) Tj ET Q q 0 0 0 rg BT 112.66 640.95 Td (table ) Tj ET Q q 0 0 0 rg BT 136.07 640.95 Td (presents ) Tj ET Q q 0 0 0 rg BT 173.48 640.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 193.39 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 208.64 640.95 Td (professional ) Tj ET Q q 0 0 0 rg BT 262.96 640.95 Td (services ) Tj ET Q q 0 0 0 rg BT 299.78 640.95 Td (rendered ) Tj ET Q q 0 0 0 rg BT 339.51 640.95 Td (by ) Tj ET Q q 0 0 0 rg BT 353.01 640.95 Td (PricewaterhouseCoopers ) Tj ET Q q 0 0 0 rg BT 460.40 640.95 Td (LLP) Tj ET Q q 0 0 0 rg BT 478.68 640.95 Td ( ) Tj ET Q q 0 0 0 rg BT 481.69 640.95 Td (for ) Tj ET Q q 0 0 0 rg BT 496.93 640.95 Td (the ) Tj ET Q q 0 0 0 rg BT 512.76 640.95 Td (audit ) Tj ET Q q 0 0 0 rg BT 536.76 640.95 Td (of ) Tj ET Q q 0 0 0 rg BT 548.51 640.95 Td (our ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 628.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 105.51 628.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.18 628.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 192.44 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 207.62 628.35 Td (the ) Tj ET Q q 0 0 0 rg BT 223.39 628.35 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 249.06 628.35 Td (years ) Tj ET Q q 0 0 0 rg BT 274.16 628.35 Td (ended ) Tj ET Q q 0 0 0 rg BT 302.17 628.35 Td (March ) Tj ET Q q 0 0 0 rg BT 332.51 628.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.57 628.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 372.51 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 628.35 Td (March ) Tj ET Q q 0 0 0 rg BT 420.95 628.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 437.01 628.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 460.95 628.35 Td (and ) Tj ET Q q 0 0 0 rg BT 479.05 628.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 498.89 628.35 Td (billed ) Tj ET Q q 0 0 0 rg BT 525.74 628.35 Td (for ) Tj ET Q q 0 0 0 rg BT 540.92 628.35 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 615.75 Td (services ) Tj ET Q q 0 0 0 rg BT 85.94 615.75 Td (rendered ) Tj ET Q q 0 0 0 rg BT 125.29 615.75 Td (by ) Tj ET Q q 0 0 0 rg BT 138.42 615.75 Td (PricewaterhouseCoopers ) Tj ET Q q 0 0 0 rg BT 245.43 615.75 Td (LLP) Tj ET Q q 0 0 0 rg BT 263.71 615.75 Td ( ) Tj ET Q q 0 0 0 rg BT 266.33 615.75 Td (during ) Tj ET Q q 0 0 0 rg BT 296.37 615.75 Td (those ) Tj ET Q q 0 0 0 rg BT 321.16 615.75 Td (periods.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 109 590.25 m 360 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 590.25 m 428 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 590.25 m 497 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 590.25 m 497 590.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 109 530.25 m 360 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 109 515.25 m 360 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 530.25 m 428 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 515.25 m 428 515.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 530.25 m 497 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 515.25 m 497 515.25 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 385.00 595.04 Td (2020) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 453.50 595.04 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.50 580.02 Td (Audit Fees) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 157.29 584.78 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.50 580.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.00 580.02 Td (7,494,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.50 580.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 580.02 Td (7,096,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.50 565.02 Td (Audit-Related Fees) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 192.86 569.78 Td (\(2\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.00 565.02 Td (1,060,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 565.02 Td (1,257,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.50 550.02 Td (T) Tj ET Q q 0 0 0 rg BT 117.18 550.02 Td (ax Fees) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 148.96 554.78 Td (\(3\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 382.00 550.02 Td (1,120,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.00 550.02 Td (1,330,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.50 535.02 Td (All Other Fees) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 173.32 539.78 Td (\(4\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.85 535.02 Td (813,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.85 535.02 Td (877,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 111.50 520.02 Td (T) Tj ET Q q 0 0 0 rg BT 117.18 520.02 Td (otal Fees) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.50 520.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 376.75 520.02 Td (10,487,000) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 434.50 520.02 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 445.75 520.02 Td (10,560,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 48.50 493.55 Td (\(1\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 493.55 Td (Audit ) Tj ET Q q 0 0 0 rg BT 84.62 493.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 100.06 493.55 Td (consisted ) Tj ET Q q 0 0 0 rg BT 133.45 493.55 Td (of ) Tj ET Q q 0 0 0 rg BT 142.29 493.55 Td (fees ) Tj ET Q q 0 0 0 rg BT 157.73 493.55 Td (for ) Tj ET Q q 0 0 0 rg BT 169.40 493.55 Td (the ) Tj ET Q q 0 0 0 rg BT 181.54 493.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 205.96 493.55 Td (audit, ) Tj ET Q q 0 0 0 rg BT 226.83 493.55 Td (including ) Tj ET Q q 0 0 0 rg BT 260.70 493.55 Td (an ) Tj ET Q q 0 0 0 rg BT 270.48 493.55 Td (audit ) Tj ET Q q 0 0 0 rg BT 289.23 493.55 Td (of ) Tj ET Q q 0 0 0 rg BT 298.07 493.55 Td (internal ) Tj ET Q q 0 0 0 rg BT 325.79 493.55 Td (controls ) Tj ET Q q 0 0 0 rg BT 354.93 493.55 Td (over ) Tj ET Q q 0 0 0 rg BT 371.79 493.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.28 493.55 Td (reporting ) Tj ET Q q 0 0 0 rg BT 436.20 493.55 Td (and ) Tj ET Q q 0 0 0 rg BT 450.23 493.55 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 482.66 493.55 Td (reviews ) Tj ET Q q 0 0 0 rg BT 510.86 493.55 Td (of ) Tj ET Q q 0 0 0 rg BT 519.69 493.55 Td (our ) Tj ET Q q 0 0 0 rg BT 532.78 493.55 Td (financial ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 483.35 Td (statements, ) Tj ET Q q 0 0 0 rg BT 103.63 483.35 Td (and ) Tj ET Q q 0 0 0 rg BT 118.03 483.35 Td (services ) Tj ET Q q 0 0 0 rg BT 147.53 483.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 179.87 483.35 Td (for ) Tj ET Q q 0 0 0 rg BT 191.91 483.35 Td (statutory ) Tj ET Q q 0 0 0 rg BT 223.78 483.35 Td (audits ) Tj ET Q q 0 0 0 rg BT 246.21 483.35 Td (of ) Tj ET Q q 0 0 0 rg BT 255.42 483.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 280.66 483.35 Td (subsidiaries.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 48.50 473.15 Td (\(2\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 473.15 Td (Audit-related ) Tj ET Q q 0 0 0 rg BT 111.24 473.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 127.35 473.15 Td (consisted ) Tj ET Q q 0 0 0 rg BT 161.41 473.15 Td (of ) Tj ET Q q 0 0 0 rg BT 170.92 473.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 187.03 473.15 Td (for ) Tj ET Q q 0 0 0 rg BT 199.37 473.15 Td (assurance ) Tj ET Q q 0 0 0 rg BT 234.83 473.15 Td (and ) Tj ET Q q 0 0 0 rg BT 249.53 473.15 Td (related ) Tj ET Q q 0 0 0 rg BT 275.08 473.15 Td (services ) Tj ET Q q 0 0 0 rg BT 304.88 473.15 Td (that ) Tj ET Q q 0 0 0 rg BT 320.05 473.15 Td (are ) Tj ET Q q 0 0 0 rg BT 332.86 473.15 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 372.10 473.15 Td (related ) Tj ET Q q 0 0 0 rg BT 397.65 473.15 Td (to ) Tj ET Q q 0 0 0 rg BT 406.69 473.15 Td (the ) Tj ET Q q 0 0 0 rg BT 419.50 473.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 464.87 473.15 Td (of ) Tj ET Q q 0 0 0 rg BT 474.38 473.15 Td (the ) Tj ET Q q 0 0 0 rg BT 487.19 473.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 506.61 473.15 Td (or ) Tj ET Q q 0 0 0 rg BT 516.12 473.15 Td (review ) Tj ET Q q 0 0 0 rg BT 541.67 473.15 Td (of ) Tj ET Q q 0 0 0 rg BT 551.17 473.15 Td (our ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 462.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 96.02 462.95 Td (statements, ) Tj ET Q q 0 0 0 rg BT 136.81 462.95 Td (attest ) Tj ET Q q 0 0 0 rg BT 157.53 462.95 Td (services ) Tj ET Q q 0 0 0 rg BT 187.69 462.95 Td (related ) Tj ET Q q 0 0 0 rg BT 213.60 462.95 Td (to ) Tj ET Q q 0 0 0 rg BT 222.99 462.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 264.95 462.95 Td (with ) Tj ET Q q 0 0 0 rg BT 282.85 462.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 322.93 462.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 368.66 462.95 Td (standards, ) Tj ET Q q 0 0 0 rg BT 405.67 462.95 Td (fees ) Tj ET Q q 0 0 0 rg BT 422.14 462.95 Td (for ) Tj ET Q q 0 0 0 rg BT 434.83 462.95 Td (reviews ) Tj ET Q q 0 0 0 rg BT 464.05 462.95 Td (of ) Tj ET Q q 0 0 0 rg BT 473.91 462.95 Td (controls ) Tj ET Q q 0 0 0 rg BT 504.08 462.95 Td (related ) Tj ET Q q 0 0 0 rg BT 529.99 462.95 Td (to ) Tj ET Q q 0 0 0 rg BT 539.38 462.95 Td (certain ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 452.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 98.12 452.75 Td (at ) Tj ET Q q 0 0 0 rg BT 106.30 452.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 124.87 452.75 Td (management ) Tj ET Q q 0 0 0 rg BT 170.34 452.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 212.52 452.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.84 452.75 Td (services ) Tj ET Q q 0 0 0 rg BT 256.26 452.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 288.52 452.75 Td (in ) Tj ET Q q 0 0 0 rg BT 297.18 452.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 336.52 452.75 Td (with ) Tj ET Q q 0 0 0 rg BT 353.67 452.75 Td (other ) Tj ET Q q 0 0 0 rg BT 373.18 452.75 Td (statutory ) Tj ET Q q 0 0 0 rg BT 404.97 452.75 Td (or ) Tj ET Q q 0 0 0 rg BT 414.10 452.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 451.08 452.75 Td (filings ) Tj ET Q q 0 0 0 rg BT 474.84 452.75 Td (or ) Tj ET Q q 0 0 0 rg BT 483.97 452.75 Td (engagements ) Tj ET Q q 0 0 0 rg BT 530.39 452.75 Td (including ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 442.55 Td (consents ) Tj ET Q q 0 0 0 rg BT 94.90 442.55 Td (related ) Tj ET Q q 0 0 0 rg BT 120.15 442.55 Td (to ) Tj ET Q q 0 0 0 rg BT 128.88 442.55 Td (SEC ) Tj ET Q q 0 0 0 rg BT 146.60 442.55 Td (filings.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 48.50 432.35 Td (\(3\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 432.35 Td (T) Tj ET Q q 0 0 0 rg BT 68.10 432.35 Td (ax ) Tj ET Q q 0 0 0 rg BT 78.25 432.35 Td (fees ) Tj ET Q q 0 0 0 rg BT 94.06 432.35 Td (consisted ) Tj ET Q q 0 0 0 rg BT 127.82 432.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 161.57 432.35 Td (of ) Tj ET Q q 0 0 0 rg BT 170.78 432.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.29 432.35 Td (advice ) Tj ET Q q 0 0 0 rg BT 207.59 432.35 Td (and ) Tj ET Q q 0 0 0 rg BT 221.99 432.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 263.29 432.35 Td (for ) Tj ET Q q 0 0 0 rg BT 275.33 432.35 Td (domestic ) Tj ET Q q 0 0 0 rg BT 308.14 432.35 Td (and ) Tj ET Q q 0 0 0 rg BT 322.54 432.35 Td (international ) Tj ET Q q 0 0 0 rg BT 367.63 432.35 Td (matters.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 48.50 422.15 Td (\(4\) ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 63.50 422.15 Td (All ) Tj ET Q q 0 0 0 rg BT 75.92 422.15 Td (other ) Tj ET Q q 0 0 0 rg BT 94.95 422.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 110.20 422.15 Td (included ) Tj ET Q q 0 0 0 rg BT 141.03 422.15 Td (custody ) Tj ET Q q 0 0 0 rg BT 169.04 422.15 Td (audits ) Tj ET Q q 0 0 0 rg BT 190.90 422.15 Td (at ) Tj ET Q q 0 0 0 rg BT 198.60 422.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.29 422.15 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 264.99 422.15 Td (and ) Tj ET Q q 0 0 0 rg BT 278.82 422.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 297.38 422.15 Td (and ) Tj ET Q q 0 0 0 rg BT 311.22 422.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 323.16 422.15 Td (services ) Tj ET Q q 0 0 0 rg BT 352.10 422.15 Td (of ) Tj ET Q q 0 0 0 rg BT 360.75 422.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 405.27 422.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.13 422.15 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 473.55 422.15 Td (and ) Tj ET Q q 0 0 0 rg BT 487.38 422.15 Td (due ) Tj ET Q q 0 0 0 rg BT 501.22 422.15 Td (diligence ) Tj ET Q q 0 0 0 rg BT 533.94 422.15 Td (reviews.) Tj ET Q endstream endobj 381 0 obj <> endobj 382 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (188) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 285.30 741.90 Td (P) Tj ET Q q 0 0 0 rg BT 290.93 741.90 Td (AR) Tj ET Q q 0 0 0 rg BT 305.73 741.90 Td (T) Tj ET Q q 0 0 0 rg BT 312.55 741.90 Td ( IV) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 49.50 716.70 Td (ITEM 15. EXHIBITS ) Tj ET Q q 0 0 0 rg BT 148.70 716.70 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 233.00 716.70 Td ( ST) Tj ET Q q 0 0 0 rg BT 247.69 716.70 Td (A) Tj ET Q q 0 0 0 rg BT 254.49 716.70 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 299.81 716.70 Td ( SCHEDULES.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 691.50 Td (\(a\) Documents filed as a part of the report:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.00 666.30 Td (1. ) Tj ET Q q 0 0 0 rg BT 121.50 666.30 Td (The following consolidated financial statements are included in Item�8 of this Report:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 617.8 m 562 617.8 l s BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.80 634.09 Td (Page Number) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 483.55 622.59 Td (in this Report) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 608.02 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 226.29 608.02 Td (Accounting Firm) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 608.02 Td (84) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 594.02 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 594.02 Td (87) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 580.02 Td (Consolidated Statements of Income \(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 580.02 Td (88) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 566.02 Td (Consolidated Statements of Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 566.02 Td (89) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 552.02 Td (Consolidated Statements of Changes in Stockholders' Equity) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 552.02 Td (90) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 538.02 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 538.02 Td (91) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 524.02 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 509.25 524.02 Td (93) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 495.70 Td (All schedules to the consolidated financial statements for which provision is made in the accounting regulations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (of the SEC are not applicable or are not required and therefore have been omitted.) 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691.77 Td (Y) Tj ET Q q 0 0 0 rg BT 143.88 691.77 Td (ork Mellon, as ) Tj ET Q q 0 0 0 rg BT 207.27 691.77 Td (T) Tj ET Q q 0 0 0 rg BT 213.31 691.77 Td (rustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 681.27 Td (filed on March 22, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 666.72 Td (4.14) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 665.77 Td (Form of 4.750% Senior Note due 2026 \(incorporated by reference to Legg Mason's Current Report on Form 8-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 655.27 Td (K filed on March 22, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 640.72 Td (4.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 640.27 Td (Form of Indenture for Junior Subordinated Notes between Legg Mason, Inc., as Issuer and ) Tj ET Q q 0 0 0 rg BT 473.18 640.27 Td (The Bank of New ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 629.77 Td (Y) Tj ET Q q 0 0 0 rg BT 97.03 629.77 Td (ork Mellon, as ) Tj ET Q q 0 0 0 rg BT 160.42 629.77 Td (T) Tj ET Q q 0 0 0 rg BT 166.46 629.77 Td (rustee \(incorporated by reference to Exhibit 4.2 to the Company�) Tj ET Q q 0 0 0 rg BT 438.21 629.77 Td (s Registration Statement ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 619.27 Td (\(Registration No. 333-209616\) on Form S-3ASR, dated February 19, 2016\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 604.72 Td (4.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 604.27 Td (First Supplemental Indenture, dated as of March 14, 2016, between Legg Mason, Inc., as Issuer) Tj ET Q q 0 0 0 rg BT 491.32 604.27 Td (, and ) Tj ET Q q 0 0 0 rg BT 514.17 604.27 Td (The Bank ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 593.77 Td (New ) Tj ET Q q 0 0 0 rg BT 112.56 593.77 Td (Y) Tj ET Q q 0 0 0 rg BT 119.09 593.77 Td (ork Mellon, as ) Tj ET Q q 0 0 0 rg BT 182.48 593.77 Td (T) Tj ET Q q 0 0 0 rg BT 188.52 593.77 Td (rustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 583.27 Td (March 14, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 568.72 Td (4.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 567.77 Td (Form of 6.375% Junior Subordinated Note due 2056 \(incorporated by reference to Legg Mason's Current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 557.27 Td (Report on Form 8-K filed on March 14, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 542.72 Td (4.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 542.27 Td (Second Supplemental Indenture, dated as of ) Tj ET Q q 0 0 0 rg BT 277.41 542.27 Td (August 8, 2016, between Legg Mason, Inc., as Issuer) Tj ET Q q 0 0 0 rg BT 500.08 542.27 Td (, and ) Tj ET Q q 0 0 0 rg BT 522.92 542.27 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 531.77 Td (Bank New ) Tj ET Q q 0 0 0 rg BT 137.35 531.77 Td (Y) Tj ET Q q 0 0 0 rg BT 143.88 531.77 Td (ork Mellon, as ) Tj ET Q q 0 0 0 rg BT 207.27 531.77 Td (T) Tj ET Q q 0 0 0 rg BT 213.31 531.77 Td (rustee \(incorporated by reference to Legg Mason's Current Report on Form 8-K ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 521.27 Td (filed on ) Tj ET Q q 0 0 0 rg BT 124.91 521.27 Td (August 8, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 506.72 Td (4.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 506.72 Td (Form of 5.45% Junior Subordinated Note due 2056 \(incorporated by reference to Legg Mason's Current Report ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 496.22 Td (on Form 8-K filed on ) Tj ET Q q 0 0 0 rg BT 182.37 496.22 Td (August 8, 2016 \)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 480.72 Td (10.1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 479.77 Td (Legg Mason,�Inc. 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Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 278.72 Td (10.8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 278.27 Td (Form of Non-Qualified Stock Option ) Tj ET Q q 0 0 0 rg BT 248.87 278.27 Td (Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 267.77 Td (\(incorporated by reference to Legg Mason's ) Tj ET Q q 0 0 0 rg BT 276.07 267.77 Td (Annual Report on Form�10-K for the fiscal year ended March 31, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 257.27 Td (2015\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 65.60 242.72 Td (10.9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 242.27 Td (Non-Qualified Stock Option ) Tj ET Q q 0 0 0 rg BT 212.11 242.27 Td (Agreement dated as of May 2, 2013 between Legg Mason, Inc. and Joseph ) Tj ET Q q 0 0 0 rg BT 528.20 242.27 Td (A. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 231.77 Td (Sullivan \(incorporated by reference to Legg Mason's Current Report on Form 8-K for the event on May 2, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 221.27 Td (2013\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 206.72 Td (10.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 205.77 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 219.70 205.77 Td (Agreement under the Legg Mason,�Inc. 1996 Equity Incentive Plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 195.27 Td (\(Incorporated by reference to Legg Mason's ) Tj ET Q q 0 0 0 rg BT 276.65 195.27 Td (Annual Report on Form 10-K for the year ended March 31, 2016\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 180.72 Td (10.1) Tj ET Q q 0 0 0 rg BT 78.72 180.72 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 180.27 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 219.70 180.27 Td (Agreement for Non-U.S. Resident Executive under the Legg Mason,�Inc. 1996 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 169.77 Td (Equity Incentive Plan, \(Incorporated by reference to Legg Mason's ) Tj ET Q q 0 0 0 rg BT 372.88 169.77 Td (Annual Report on Form 10-K for the year ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 159.27 Td (ended March 31, 2016\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 144.72 Td (10.12) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 144.27 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 219.70 144.27 Td (Agreement under the Legg Mason, Inc. 1996 Equity Incentive Plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 133.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended June 30, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 123.27 Td (2017\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 108.72 Td (10.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 108.27 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 219.70 108.27 Td (Agreement for Non-U.S. Resident 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Tj ET Q q 0 0 0 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 298.10 31.25 Td (190) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 738.72 Td (10.15) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 738.27 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 219.70 738.27 Td (Agreement under the Legg Mason, Inc. 2017 Equity Incentive Plan ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 727.77 Td (\(incorporated by reference to the Legg Mason ) Tj ET Q q 0 0 0 rg BT 285.55 727.77 Td (Annual Report on Form 10-K for the fiscal year ended March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 717.27 Td (31, 2018\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 702.72 Td (10.16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 702.27 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 219.70 702.27 Td (Agreement for Non-U.S. Resident Executive under the Legg Mason, Inc. 2017 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 691.77 Td (Equity Incentive Plan \(incorporated by reference to the Legg Mason ) Tj ET Q q 0 0 0 rg BT 379.15 691.77 Td (Annual Report on Form 10-K for the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 681.27 Td (fiscal year ended March 31, 2018\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 666.72 Td (10.17) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 665.77 Td (Form of Performance Share Unit ) Tj ET Q q 0 0 0 rg BT 230.76 665.77 Td (A) Tj ET Q q 0 0 0 rg BT 237.38 665.77 Td (ward ) Tj ET Q q 0 0 0 rg BT 260.42 665.77 Td (Agreement \(incorporated by reference to the Legg Mason ) Tj ET Q q 0 0 0 rg BT 504.74 665.77 Td (Annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 655.27 Td (Report on Form 10-K for the fiscal year ended March 31, 2018\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 640.72 Td (10.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 639.77 Td (Form of Letter ) Tj ET Q q 0 0 0 rg BT 154.36 639.77 Td (Agreement with Executives \(incorporated by reference to the Legg Mason ) Tj ET Q q 0 0 0 rg BT 468.67 639.77 Td (Annual Report on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 629.27 Td (Form 10-K for the fiscal year ended March 31, 2019\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 614.72 Td (10.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 613.77 Td (Form of ) Tj ET Q q 0 0 0 rg BT 127.06 613.77 Td (T) Tj ET Q q 0 0 0 rg BT 133.11 613.77 Td (ransition ) Tj ET Q q 0 0 0 rg BT 171.90 613.77 Td (Agreement with Executives \(incorporated by reference to the Legg Mason ) Tj ET Q q 0 0 0 rg BT 486.20 613.77 Td (Annual Report ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 603.27 Td (on Form 10-K for the fiscal year ended March 31, 2019\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 588.72 Td (10.20) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 587.77 Td (Lease ) Tj ET Q q 0 0 0 rg BT 117.03 587.77 Td (Agreement, dated ) Tj ET Q q 0 0 0 rg BT 193.71 587.77 Td (August�16, 2006, between Legg Mason and FC Eighth ) Tj ET Q q 0 0 0 rg BT 424.99 587.77 Td (A) Tj ET Q q 0 0 0 rg BT 431.79 587.77 Td (ve.,�LLC \(incorporated by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 577.27 Td (reference to Legg Mason's Quarterly Report on Form�10-Q for the quarter ended September�30, 2006\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 562.72 Td (10.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 561.77 Td (Credit ) Tj ET Q q 0 0 0 rg BT 118.79 561.77 Td (Agreement, dated as of June 27, 2012, between Legg Mason, Inc., as Borrower; Citibank, N.A., as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 551.27 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 155.54 551.27 Td (Agent; ) Tj ET Q q 0 0 0 rg BT 186.55 551.27 Td (The Bank of New ) Tj ET Q q 0 0 0 rg BT 263.72 551.27 Td (Y) Tj ET Q q 0 0 0 rg BT 270.26 551.27 Td (ork Mellon and State Street Bank and ) Tj ET Q q 0 0 0 rg BT 430.74 551.27 Td (T) Tj ET Q q 0 0 0 rg BT 436.79 551.27 Td (rust Company) Tj ET Q q 0 0 0 rg BT 495.31 551.27 Td (, as Joint ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 540.77 Td (Documentation ) Tj ET Q q 0 0 0 rg BT 157.28 540.77 Td (Agents; and the other banks party thereto \(incorporated by reference to Legg Mason's Current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 530.27 Td (Report on Form 8-K filed on June 28, 2012\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 515.72 Td (10.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 515.27 Td (Incremental Revolving Facility ) Tj ET Q q 0 0 0 rg BT 223.76 515.27 Td (Agreement, dated as of January 31, 2014, among Legg Mason, Inc., as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 504.77 Td (Borrower) Tj ET Q q 0 0 0 rg BT 130.32 504.77 Td (, Citibank, N.A., as ) Tj ET Q q 0 0 0 rg BT 213.44 504.77 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 278.48 504.77 Td (Agent, and the other banks party thereto \(incorporated by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 494.27 Td (reference to Legg Mason's Current Report on Form 8-K filed on February 4, 2014\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 479.72 Td (10.23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 479.27 Td (Legg Mason, Inc. Deferred Compensation Fund Plan, amended and restated ef) Tj ET Q q 0 0 0 rg BT 420.09 479.27 Td (fective September 1, 2014 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 468.77 Td (\(incorporated by reference to Legg Mason's Quarterly Report on Form 10-Q for the quarter ended September ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 458.27 Td (30, 2014\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 443.72 Td (10.24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 443.27 Td (Form of director's service agreement dated ) Tj ET Q q 0 0 0 rg BT 271.99 443.27 Td (April 1, 2013 between Legg Mason & Co \(UK\) Limited and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 432.77 Td (T) Tj ET Q q 0 0 0 rg BT 96.18 432.77 Td (erence Johnson, \(incorporated by reference to Legg Mason's ) Tj ET Q q 0 0 0 rg BT 351.44 432.77 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 422.27 Td (March 31, 2013\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 407.72 Td (10.25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 407.27 Td (Form of director's service agreement dated ) Tj ET Q q 0 0 0 rg BT 271.99 407.27 Td (April 1, 2015 between Legg Mason & Co \(UK\) Limited and Ursula ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 396.77 Td (Schliessler \(incorporated by reference to Legg Mason's ) Tj ET Q q 0 0 0 rg BT 324.19 396.77 Td (Annual Report on Form 10-K for the year ended March ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 386.27 Td (31, 2015\)*) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 371.72 Td (10.26) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 371.27 Td (Credit ) Tj ET Q q 0 0 0 rg BT 118.79 371.27 Td (Agreement, dated as of December 29, 2015, between Legg Mason, Inc., as Borrower; Citibank, N.A., as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 360.77 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 155.54 360.77 Td (Agent; and the other banks party thereto \(incorporated by reference to Legg Mason's Current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 350.27 Td (Report on Form 8-K filed on December 31, 2015\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 335.72 Td (10.27) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 334.77 Td (First ) Tj ET Q q 0 0 0 rg BT 111.80 334.77 Td (Amendment, dated as of March 31, 2016, to the Credit ) Tj ET Q q 0 0 0 rg BT 343.63 334.77 Td (Agreement, dated as of December 29, 2015, by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 324.27 Td (and among Legg Mason, Inc., as Borrower) Tj ET Q q 0 0 0 rg BT 269.99 324.27 Td (, Citibank, N.A., as ) Tj ET Q q 0 0 0 rg BT 353.12 324.27 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 418.16 324.27 Td (Agent, and each of the lenders ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 313.77 Td (from time to time party thereto \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 303.27 Td (on ) Tj ET Q q 0 0 0 rg BT 103.05 303.27 Td (April 1, 2016\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 288.72 Td (10.28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 288.27 Td (Second ) Tj ET Q q 0 0 0 rg BT 123.46 288.27 Td (Amendment, dated as of September 7, 2016, to the Credit ) Tj ET Q q 0 0 0 rg BT 367.54 288.27 Td (Agreement, dated as of December 29, 2015 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 277.77 Td (\(as amended by the First ) Tj ET Q q 0 0 0 rg BT 195.77 277.77 Td (Amendment to the Credit ) Tj ET Q q 0 0 0 rg BT 304.84 277.77 Td (Agreement, dated as of March 31, 2016\), by and among ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 267.27 Td (Legg Mason, Inc., as Borrower) Tj ET Q q 0 0 0 rg BT 221.00 267.27 Td (, Citibank, N.A., as ) Tj ET Q q 0 0 0 rg BT 304.13 267.27 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 369.17 267.27 Td (Agent, and each of the lenders from time to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 256.77 Td (time party thereto \(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on September ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 246.27 Td (7, 2016\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 231.72 Td (10.29) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 231.27 Td (Third ) Tj ET Q q 0 0 0 rg BT 115.87 231.27 Td (Amendment, dated as of March 31, 2017, to the Credit ) Tj ET Q q 0 0 0 rg BT 347.70 231.27 Td (Agreement, dated as of December 29, 2015 \(as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 220.77 Td (amended by the First ) Tj ET Q q 0 0 0 rg BT 180.91 220.77 Td (Amendment to the Credit ) Tj ET Q q 0 0 0 rg BT 289.98 220.77 Td (Agreement, dated as of March 31, 2016, and the Second ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 210.27 Td (Amendment to the Credit ) Tj ET Q q 0 0 0 rg BT 199.57 210.27 Td (Agreement, dated as of September 7, 2016\), by and among Legg Mason, Inc., as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 199.77 Td (Borrower) Tj ET Q q 0 0 0 rg BT 130.32 199.77 Td (, Citibank, N.A., as ) Tj ET Q q 0 0 0 rg BT 213.44 199.77 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 278.48 199.77 Td (Agent, and each of the lenders from time to time party thereto ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 189.27 Td (\(incorporated by reference to Legg Mason's Current Report on Form 8-K filed on March 31, 2017\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 174.72 Td (10.30) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 173.77 Td (T) Tj ET Q q 0 0 0 rg BT 96.54 173.77 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 141.74 173.77 Td (Agreement, dated as of January 22, 2016, by and among EnT) Tj ET Q q 0 0 0 rg BT 398.85 173.77 Td (rustPermal Group Holdings LLC, a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 163.27 Td (Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 238.82 163.27 Td (, EP) Tj ET Q q 0 0 0 rg BT 255.93 163.27 Td ( Partners Holdings LLC, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 517.41 163.27 Td (, GH ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 152.77 Td (Onshore GP) Tj ET Q q 0 0 0 rg BT 141.73 152.77 Td ( LLC, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 325.05 152.77 Td (, and GH EP) Tj ET Q q 0 0 0 rg BT 377.74 152.77 Td ( Holdings LLC, a Delaware limited ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 142.27 Td (liability company and EnT) Tj ET Q q 0 0 0 rg BT 202.40 142.27 Td (rustPermal LLC, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 431.20 142.27 Td (, and solely for certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 131.77 Td (purposes specified therein, �Gregg S. Hymowitz and Legg Mason, Inc. \(incorporated by reference to Legg ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 90.50 121.27 Td (Mason's Quarterly Report on Form 10-Q filed on February 9, 2016\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 106.72 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 106.17 Td (Form of Retention Letter ) Tj ET Q q 0 0 0 rg BT 192.70 106.17 Td (Agreement with each Peter H. Nachtwey) Tj ET Q q 0 0 0 rg BT 355.88 106.17 Td (, Patricia Lattin and ) Tj ET Q q 0 0 0 rg BT 437.06 106.17 Td (Thomas C. Merchant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 96.17 Td (\(incorporated by reference to Legg Mason�) Tj ET Q q 0 0 0 rg BT 262.37 96.17 Td (s Current Report on Form 8-K for the events on ) Tj ET Q q 0 0 0 rg BT 455.12 96.17 Td (April 29, 2020\)*) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.35 81.72 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 81.17 Td (Form of Non-Competition ) Tj ET Q q 0 0 0 rg BT 198.00 81.17 Td (Agreement by and between Joseph ) Tj ET Q q 0 0 0 rg BT 339.35 81.17 Td (A. 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